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/raid1/www/Hosts/bankrupt/TCR_Public/060311.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, March 11, 2006, Vol. 10, No. 60 Headlines ADELPHIA COMMS: Posts $21.8 Million Net Loss in January 2006 ANCHOR GLASS: Posts $21.4 Million Net Loss in December 2005 CATHOLIC CHURCH: Portland's January 2006 Monthly Operating Report CATHOLIC CHURCH: Spokane's January 2006 Monthly Operating Report DANA CORPORATION: Files September 30, 2005, Balance Sheet DELTA AIRLINES: Posts $300 Million Net Loss in January 2006 FEDERAL-MOGUL: Incurs $286.3 Million Net Loss in December 2005 FEDERAL-MOGUL: Incurs $19 Million Net Loss in January 2006 FOAMEX INTERNATIONAL: Earns $3.782 Million in January 2006 KAISER ALUMINUM: Earns $9.1 Million in January 2006 LARGE SCALE: Posts $66,496 Net Loss in January 2006 NORTHWEST AIRLINES: Posts $1.03 Billion Net Loss in December 2005 NORTHWEST AIRLINES: Posts $382 Million Net Loss in January 2006 PERFORMANCE TRANSPORTATION: Files Schedules of Assets & Debts PERFORMANCE TRANSPORTATION: Leaseway Motorcar Files Schedules PHARMACEUTICAL FORMULATIONS: Posts $972,000 Net Loss as of Oct. 29 PHARMACEUTICAL FORMULATIONS: Posts $1 Mil. Net Loss as of Nov. 26 PHARMACEUTICAL FORMULATIONS: Posts $663,000 Net Loss as of Dec. 31 UAL CORPORATION: Files January 2006 Monthly Operating Report USG CORPORATION: Earns $45 Million in January 2006 XYBERNAUT CORP: Amends January 2006 Monthly Operating Report ********* ADELPHIA COMMS: Posts $21.8 Million Net Loss in January 2006 ------------------------------------------------------------ Adelphia Communications Corporation, et al. Unaudited Consolidated Balance Sheet As of January 31, 2006 (Dollars in thousands) ASSETS Cash and cash equivalents $380,398 Restricted cash 25,849 Accounts receivables - net 93,469 Receivable for securities 10,029 Other current assets 204,911 ----------- Total current assets 714,656 Restricted cash 262,400 Investments in equity affiliates 6,779 Receivables from non-filing entities 721,729 Property and equipment - net 4,198,937 Intangible assets - net 7,043,206 Other noncurrent assets - net 102,340 ----------- Total Assets $13,050,047 =========== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $107,206 Subscriber advance payments and deposits 32,700 Accrued liabilities 539,806 Deferred income 20,537 Current portion of parent and subsidiary debt 875,610 ----------- Total current liabilities 1,575,859 Other liabilities 26,529 Deferred income 57,539 Deferred income taxes 749,421 ----------- Total noncurrent liabilities 833,489 Liabilities subject to compromise 18,447,202 ----------- Total liabilities 20,856,550 Minority interests in equity of subsidiary 71,868 Stockholders' equity: Series preferred stock 397 Class A and Class B common stock 2,548 Additional paid-in capital 9,567,154 Accumulated other comprehensive income 47 Accumulated deficit (17,420,580) Treasury stock, at cost (27,937) ----------- Total stockholders' equity (7,878,371) ----------- Total liabilities and stockholders' equity $13,050,047 =========== Adelphia Communications Corporation, et al. Unaudited Consolidated Statements of Operations Month Ended January 31, 2006 (Dollars in thousands) Revenue $353,623 Cost and expenses: Direct operating and programming 215,822 Selling, general and administrative 32,268 Investigation, re-audit and sale transaction co 6,090 Depreciation and amortization 67,850 Impairment of long-lived assets - Provision for uncollectible amounts from Rigases - Gains on dispositions of long-lived assets - ----------- Operating income (loss) 31,593 Other income (expense): Interest expense (53,184) Impairment of cost & available for sale investments - Other income (expense) - net 161 ----------- Total other expense - net (53,023) ----------- Loss from continuing operations before reorganization (21,430) Reorganization expenses due to bankruptcy (1,257) ----------- Loss from continuing operations before income taxes (22,687) Income tax benefit - Share of losses of equity affiliates - net (60) Minority's interest in subsidiary losses - net 927 ----------- Net loss (21,820) Beneficial conversion feature - ----------- Net loss applicable to common stockholders ($21,820) =========== Adelphia Communications Corporation, et al. Unaudited Consolidated Statements of Cash Flows For the Month Ended January 31, 2006 (Dollars in thousands) Cash flows from operating activities: Net loss ($21,820) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 67,850 Impairment of long-lived assets - Provision for uncollectible amounts from Rigases - Gains on disposition of long-lived assets - Amortization of debt issuance costs 281 Impairment of cost & available for sale investment - Provision for settlements - Reorganization expenses due to bankruptcy 1,257 Deferred tax expense (benefit) - Share in losses of equity affiliates - net 60 Minority interest in losses of subsidiaries (927) Other noncash gains - Depreciation, amortization and other non-cash items from discontinued operations - Change in operating assets & liabilities (14,851) ----------- Net cash provided by operating activities before payment of reorganization expenses 31,850 Reorganization expenses paid during the period (3,409) ----------- Net cash provided by (used in) operating activities 28,441 Cash flows from investing activities: Expenditures for property, plant and equipment (47,239) Changes in restricted cash (73) Proceeds from sale of investments - Other 5,110 ----------- Net cash used in investing activities (42,202) Cash flows from financing activities: Proceeds from debt 8,000 Repayments of debt (1,292) Payment of debt issuance costs - ----------- Net cash provided by financing activities 6,708 Change in cash and cash equivalents cash (7,053) Cash, beginning of period 387,451 ----------- Cash, end of period $380,398 =========== Headquartered in Coudersport, Pa., Adelphia Communications Corporation (OTC: ADELQ) is the fifth-largest cable television company in the country. Adelphia serves customers in 30 states and Puerto Rico, and offers analog and digital video services, high-speed Internet access and other advanced services over its broadband networks. The Company and its more than 200 affiliates filed for Chapter 11 protection in the Southern District of New York on June 25, 2002. Those cases are jointly administered under case number 02-41729. Willkie Farr & Gallagher represents the ACOM Debtors. Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP represent the Official Committee of Unsecured Creditors. (Adelphia Bankruptcy News, Issue No. 123; Bankruptcy Creditors' Service, Inc., 215/945-7000) ANCHOR GLASS: Posts $21.4 Million Net Loss in December 2005 ----------------------------------------------------------- Anchor Glass Container Corporation Unaudited Statement of Operations and Comprehensive Loss For the month ending December 31, 2005 (In Thousands) Net Sales $44,300 Costs and Expenses Costs of products sold 58,931 Selling and administrative expenses 2,342 Restructuring charges 113 ----------- Loss from operations (17,086) Reorganization items (1,995) Other expense, net (633) Interest expense (1,750) ----------- Net Loss ($21,464) =========== The Debtor did not file its balance sheet as of December 31, 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. Edward J. Peterson, III, Esq., at Bracewell & Guiliani, represents the Official Committee of Unsecured Creditors. 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. 20; Bankruptcy Creditors' Service, Inc., 215/945-7000). CATHOLIC CHURCH: Portland's January 2006 Monthly Operating Report ----------------------------------------------------------------- Pastoral Center Archdiocese of Portland in Oregon Statement of Financial Position As of January 31, 2006 ASSETS Cash and cash equivalents $15,951,277 Accounts receivable, net 2,776,959 Notes, estates and other receivables 11,999,076 Loans receivable from Archdiocesan entities, net 7,870,542 Loans receivable from Archdiocesan housing entities 529,401 Interest receivable and other assets 245,063 Inventories 1,654,689 Real Property 226,688 Deposits and prepaid expenses 32,074 Investments 98,189,656 Advances to Archdiocesan housing entities 1,640,000 Land, buildings, and equipment, net 7,772,450 -------------- Total Assets 148,887,875 ============== LIABILITIES AND NET ASSETS Liabilities: Prepetition Accounts payable 822,302 Accrued liabilities 2,222,226 Funds held for others Second Collections (12) Short-term investments payable 15,437,970 Long-term pool investments payable 19,137,118 Reserve for insurance claims 2,343,946 Notes payable 10,940,179 Pre-need liability and reserve 456,268 Accrued post-retirement liability 7,607,264 -------------- Total Prepetition Liabilities 58,967,261 -------------- Postpetition Accounts payable 576,842 Accrued liabilities 3,510,728 Funds held for others Second Collections 385,311 Short-term investments payable 2,711,762 Long-term pool investments 4,630,667 Reserve for insurance claims (15,922) Notes payable - Pre-need liability and reserve 29,472 Accrued post-retirement liability 404,521 -------------- Total Postpetition Liabilities 12,233,381 -------------- Total Liabilities 71,200,642 -------------- Net Assets: Prepetition Net Assets: Charitable Trust Assets 69,965,507 Other Assets (3,575,746) -------------- Total Prepetition Net Assets 66,389,761 -------------- Postpetition Net Assets: Charitable Trust Assets 7,402,707 Other Assets 3,894,765 -------------- Total Postpetition Net Assets 11,297,472 -------------- Total Net Assets 77,687,233 -------------- Total liabilities & net assets 148,887,875 ============== Pastoral Center Archdiocese of Portland in Oregon Statement of Activities For the month ending January 31, 2006 Revenues, gains and other support Annual Catholic Appeal income 1,258 Gross profit on cemetery sales 84,372 Contributions, gifts, annuities and bequests 185,385 Operating support - Oregon Catholic Press - Investment income and realized gains (losses), net of expenses 1,030,603 Change in unrealized gains (losses) 1,676,295 Insurance premiums, net 1,100 Interest income from loans 39,671 Parish assessments 249,986 Other income 51,791 Departmental revenues 51,267 Net assets released from restrictions - -------------- Total revenues, gains, and other support 3,371,728 -------------- Expenses and program support: Program Services: Annual Catholic Appeal program support, grants and parish subsidies 316,035 Clergy Services 70,080 Catholic Schools 33,179 Pastoral Services 46,454 Evangelization Services 41,356 Public Services 9,317 Tribunal Services 20,204 Deposit and loan interest 241,062 Insurance program 287,847 Cemetery operating expenses 71,939 High School grants/charitable annuities 304,653 Other program expenses 58,295 -------------- Total program services 1,500,421 -------------- Supporting Services: Archbishop, Vicar General and Chancellor Services 72,130 Finance & Administration: Resource Development 97,165 Business Affairs 11,813 Financial Services 68,655 Human Resources 26,261 Shared Services 23,413 Occupancy and physical plant expenses 17,424 Designated funds expense 17,126 Bankruptcy expense 392,581 Depreciation expense - -------------- Total supporting services 726,568 -------------- Total expenses and program support 2,226,989 -------------- Increase (decrease) in net assets before transfers and designations of net assets 1,144,739 Fund transfers - in (out) - Designation of net assets - -------------- Increase (decrease) in net assets 1,144,739 Net assets at beginning of year 76,542,494 -------------- Net assets at end of year 77,687,233 ============== Archdiocese of Portland in Oregon Statement of Cash Receipts and Disbursements For the month ending January 31, 2006 Beginning Cash Balance: 15,442,177 Add: Transfers in 290,362 Receipts Deposited 3,460,507 Other (Return of Direct Deposits) - Other (Interest Income) 48,738 -------------- Total Cash Receipts 3,799,607 Subtract: Transfers out (290,362) Disbursements by check or debit (2,997,665) Cash withdrawn - Other (Service Charges) (2,467) Other (Misc Check Correction) - Other (NSF Checks) (11) Other (Clear Interfund Rec/Pay) - -------------- Total Cash Disbursements (3,290,505) -------------- Ending Cash Balance 15,951,278 ============== The Archdiocese of Portland in Oregon filed for chapter 11 protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004. Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman Shank LLP, represent the Portland Archdiocese in its restructuring efforts. In its Schedules of Assets and Liabilities filed with the Court on July 30, 2004, the Portland Archdiocese reports $19,251,558 in assets and $373,015,566 in liabilities. (Catholic Church Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service, Inc., 215/945-7000). CATHOLIC CHURCH: Spokane's January 2006 Monthly Operating Report ---------------------------------------------------------------- Catholic Diocese of Spokane Balance Sheet As of January 31, 2006 ASSETS Total Cash Accounts $2,016,257 Total Investments 3,879,209 Total Property 495,004 Total Loans Receivable 2,869,056 Total Interfund Loan Receivable 396,887 Total Accounts Receivable 57,297 Total Land and Buildings & Equip 2,474,977 Total Prepaid Expenses 61,788 -------------- Total Assets $12,250,474 ============== LIABILITIES AND NET ASSETS Liabilities Total Deposits Payable 6,581,880 Total Interest Payable 0 Total Accounts Payable 7,832 Total Long-term Liabilities 9,335,400 Net Assets Total Unrestricted - Fund Balance (15,956,140) Total Unrestricted Net Assets (15,956,140) T.R. - Guse Grant Funds 274,146 T.R. - Bishop's School Grants Funds 122,331 Total Replacement Fund 9,630,288 Total Diocesan D&L Funding 2,176,115 Total Guatemala Funds 605,100 Temporarily Restricted (80) -------------- Total liabilities & net assets $12,380,474 ============== Catholic Diocese of Spokane Income and Expense Statement For the month ending January 31, 2006 Total Income $2,138,591 Total Expenses 3,550,742 -------------- Net Excess or Deficit $1,412,151 ============== Catholic Diocese of Spokane Statement of Cash Receipts and Disbursements January 1, 2006 to January 31, 2006 Total Cash Receipts $305,164 Total Cash Disbursements ($246,268) A full-text copy of the Diocese of Spokane's January 2006 monthly operating report is available for free at: http://ResearchArchives.com/t/s?658 The Roman Catholic Church of the Diocese of Spokane filed for chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen, Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $11,162,938 in total assets and $81,364,055 in total debts. (Catholic Church Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service, Inc., 215/945-7000) DANA CORPORATION: Files September 30, 2005, Balance Sheet --------------------------------------------------------- DANA CORPORATION Unaudited Consolidated Balance Sheet As of September 30, 2005 ASSETS Current assets Cash and cash equivalents $730,000,000 Accounts receivable Trade 1,454,000,000 Other 274,000,000 Inventories Raw materials 280,000,000 Work in process and finished goods 598,000,000 Other current assets 146,000,000 --------------- Total current assets 3,482,000,000 Property, plant and equipment, net 1,742,000,000 Investments in leases 256,000,000 Investments and other assets 2,397,000,000 --------------- Total assets $7,877,000,000 =============== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Notes payable, including current portion of long-term debt $2,304,000,000 Accounts payable 1,322,000,000 Other current liabilities 1,082,000,000 --------------- Total current liabilities 4,708,000,000 Long-term debt 280,000,000 Deferred employee benefits and other noncurrent liabilities 1,747,000,000 Minority interest in consolidated subsidiaries 85,000,000 Shareholders' equity 1,057,000,000 --------------- Total liabilities and shareholders' equity $7,877,000,000 =============== Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. When the Debtors filed for protection from their creditors, they listed $7.9 billion in assets and $6.8 billion in liabilities as of Sept. 30, 2005. (Dana Corporation Bankruptcy News, Issue No. 1, Bankruptcy Creditors' Service, Inc., 215/945-7000) DELTA AIRLINES: Posts $300 Million Net Loss in January 2006 ----------------------------------------------------------- DELTA AIR LINES, INC. Unaudited Consolidated Balance Sheets As of January 31, 2006 ASSETS CURRENT ASSETS: Cash and cash equivalents $2,100,000,000 Restricted cash 728,000,000 Accounts receivable, net of an allowance for uncollectible accounts of $41 963,000,000 Expendable parts and supplies inventories, net of an allowance for obsolescence of $202 172,000,000 Deferred income taxes 99,000,000 Prepaid fuel 244,000,000 Prepaid expenses and other 291,000,000 --------------- Total current assets 4,597,000,000 PROPERTY AND EQUIPMENT: Flight equipment 18,582,000,000 Accumulated depreciation (6,676,000,000) --------------- Flight equipment, net 11,906,000,000 Flight and ground equipment under capital leases 539,000,000 Accumulated amortization (184,000,000) --------------- Flight and ground equipment under capital leases, net 355,000,000 --------------- Ground property and equipment 4,787,000,000 Accumulated depreciation (2,862,000,000) --------------- Ground property and equipment, net 1,925,000,000 Advance payments for equipment 44,000,000 --------------- Total property and equipment, net 14,230,000,000 OTHER ASSETS: Goodwill 227,000,000 Operating rights and other intangibles, net of accumulated amortization of $191 72,000,000 Restricted investments for Boston airport terminal project 47,000,000 Other noncurrent assets 943,000,000 --------------- Total other assets 1,289,000,000 --------------- Total assets $20,116,000,000 =============== LIABILITIES AND SHAREOWNERS' DEFICIT CURRENT LIABILITIES: Current maturities of long-term debt and capital leases $1,212,000,000 Accounts payable, deferred credits and other accrued liabilities 1,425,000,000 Air traffic liability 1,933,000,000 Taxes payable 576,000,000 Accrued salaries and related benefits 417,000,000 --------------- Total current liabilities 5,563,000,000 NONCURRENT LIABILITIES: Long-term debt and capital leases 6,528,000,000 Other 298,000,000 Deferred revenue and other credits 186,000,000 --------------- Total noncurrent liabilities 7,012,000,000 LIABILITIES SUBJECT TO COMPROMISE 17,484,000,000 COMMITMENTS AND CONTINGENCIES EMPL STOCK OWNERSHIP PLAN PREFERRED STOCK: Series B ESOP Convertible Preferred Stock, $1.00 par value, $72.00 stated and liquidation value; 4,540,235 shares issued and outstanding 327,000,000 Unearned compensation under employee stock ownership plan (89,000,000) --------------- Total Employee Stock Ownership Plan Preferred Stock 238,000,000 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 1,639,000,000 Accumulated deficit (8,509,000,000) Accumulated other comprehensive loss (2,722,000,000) Treasury stock at cost, 12,525,059 shares (591,000,000) --------------- Total shareowners' deficit (10,181,000,000) --------------- Total liabilities and shareowners' deficit $20,116,000,000 =============== DELTA AIR LINES, INC. Unaudited Consolidated Statement of Operations For the Month Ended January 31, 2006 OPERATING REVENUES: Passenger: Mainline $834,000,000 Regional affiliates 257,000,000 Cargo 37,000,000 Other, net 88,000,000 --------------- Total operating revenues 1,216,000,000 OPERATING EXPENSES: Salaries and related costs 361,000,000 Aircraft fuel 311,000,000 Contract carrier arrangements 203,000,000 Depreciation and amortization 99,000,000 Contracted services 92,000,000 Passenger commissions and other selling expenses 70,000,000 Landing fees and other rents 61,000,000 Aircraft maintenance materials and outside repairs 62,000,000 Aircraft rent 33,000,000 Passenger service 25,000,000 Other 46,000,000 --------------- Total operating expenses 1,363,000,000 --------------- OPERATING LOSS (147,000,000) --------------- OTHER INCOME (EXPENSE): Interest expense (contractual interest expense equals $104 for the Month ended January 31, 2006) (70,000,000) Interest income 3,000,000 Miscellaneous, net 1,000,000 --------------- Total other expense, net (66,000,000) --------------- LOSS BEFORE REORGANIZATION ITEMS, NET (213,000,000) REORGANIZATION ITEMS, NET (87,000,000) --------------- LOSS BEFORE INCOME TAXES (300,000,000) INCOME TAX PROVISION -- --------------- NET LOSS ($300,000,000) =============== DELTA AIR LINES, INC. Unaudited Consolidated Statements of Cash Flows For the Month ended January 31, 2006 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss ($300,000,000) Adjustments to reconcile net loss to cash provided by operating activities, net 236,000,000 Changes in certain assets and liabilities, net 110,000,000 --------------- Net cash used by operating activities 46,000,000 CASH FLOWS FROM INVESTING ACTIVITIES: Property and equipment additions: Flight equipment, including advance payments (20,000,000) Ground property and equipment (7,000,000) Decrease in restricted investments related to Boston airport terminal project 4,000,000 Decrease in restricted cash 142,000,000 --------------- Net cash provided by investing activities 119,000,000 CASH FLOWS FROM FINANCING ACTIVITIES: Payments on long-term debt and capital lease obligations (73,000,000) --------------- Net cash used by financing activities (73,000,000) --------------- Net increase in cash and cash equivalents 92,000,000 Cash & cash equivalents at beginning of period 2,008,000,000 --------------- Cash & cash equivalents at end of period $2,100,000,000 =============== 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. Timothy R. Coleman at The Blackstone Group L.P. provides the Debtors with financial advice. Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss Hauer & Feld LLP, provide the Official Committee of Unsecured Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James S. Feltman at Mesirow Financial Consulting, LLC, serve as the Committee's financial advisors. 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. 23; Bankruptcy Creditors' Service, Inc., 215/945-7000). FEDERAL-MOGUL: Incurs $286.3 Million Net Loss in December 2005 -------------------------------------------------------------- Federal-Mogul Global, Inc., et al. Unaudited Balance Sheet As of December 31, 2005 (In millions) Assets Cash and equivalents $746.3 Accounts receivable 596.0 Inventories 438.5 Deferred taxes 95.1 Prepaid expenses and other current assets 89.7 ---------- Total current assets 1,965.6 Summary of Unpaid Postpetition Debits (55.5) Intercompany Loans Receivable (Payable) 2,115.2 ---------- Intercompany Balances 2,059.6 Property, plant and equipment 919.1 Goodwill 945.5 Other intangible assets 408.0 Insurance recoverable 777.4 Other non-current assets 981.0 ---------- Total Assets $8,056.2 ========== Liabilities and Shareholders' Equity Short-term debt $570.7 Accounts payable 187.2 Accrued compensation 74.0 Restructuring and rationalization reserves 8.6 Current portion of asbestos liability - Interest payable 2.3 Other accrued liabilities 278.1 ---------- Total current liabilities 1,120.9 Long-term debt - Post-employment benefits 1,890.2 Other accrued liabilities 805.5 Liabilities subject to compromise 5,988.8 Shareholders' equity: Preferred stock 1,050.6 Common stock 565.8 Additional paid-in capital 8,049.9 Accumulated deficit (10,134.3) Accumulated other comprehensive income (1,281.1) Other - ---------- Total Shareholders' Equity (1,749.2) ---------- Total Liabilities and Shareholders' Equity $8,056.2 ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Operations For the month ended December 31, 2005 (In millions) Net sales $245.3 Cost of products sold 200.7 ---------- Gross margin 44.6 Selling, general & administrative expenses (23.3) Amortization (1.2) Reorganization items (40.2) Interest income (expense), net (12.1) Other income (expense), net (316.0) ---------- Earnings before Income Taxes (348.2) Income Tax (Expense) Benefit (61.9) ---------- Earnings before effect of change in acctg principle (286.3) Cumulative effect of change in acctg principle - ---------- Net Earnings (loss) ($286.3) ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Cash Flows For the month ended December 31, 2005 (In millions) Cash Provided From (Used By) Operating Activities: Net earnings (loss) ($286.3) Adjustments to reconcile net earnings (loss): Depreciation and amortization 14.0 Adjustments of assets held for sale to fair value 38.5 Asbestos Charge - Summary of unpaid postpetition debits - Cumulative effect of change in acctg principle - Change in post-employment benefits (1.6) Decrease/(increase) in accounts receivable (25.3) Decrease/(increase) in inventories 9.8 Increase/(decrease) in accounts payable (14.7) Change in other assets and other liabilities 191.4 Change in restructuring charge (0.3) Refunds (payments) against asbestos liability - ---------- Net Cash Provided From Operating Activities (24.0) Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (13.7) Proceeds from sale of property, plant & equipment - Proceeds from sale of businesses - Business acquisitions, net of cash acquired - Other - ---------- Net Cash Provided From (Used By) Investing Activities (13.7) Cash Provided From (Used By) Financing Activities: Increase (decrease) in debt 281.0 Sale of accounts receivable under securitization - Dividends - Other (1.6) ---------- Net Cash Provided From Financing Activities 279.5 Increase (Decrease) in Cash and Equivalents 241.7 Cash and equivalents at beginning of period 504.6 ---------- Cash and equivalents at end of period $746.3 ========== Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is one of the world's largest automotive parts companies with worldwide revenue of some US$6 billion. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. At Dec. 31, 2004, Federal-Mogul's balance sheet showed a US$1.925 billion stockholders' deficit. At Nov. 30, 2005, Federal-Mogul's balance sheet showed a US$1,450.4 billion stockholders' deficit, compared to a US$1.926 billion deficit at Dec. 31, 2004. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. (Federal-Mogul Bankruptcy News, Issue No. 104; Bankruptcy Creditors' Service, Inc., 215/945-7000) FEDERAL-MOGUL: Incurs $19 Million Net Loss in January 2006 ---------------------------------------------------------- Federal-Mogul Global, Inc., et al. Unaudited Balance Sheet As of January 31, 2006 (In millions) Assets Cash and equivalents $773.1 Accounts receivable 571.1 Inventories 454.0 Deferred taxes 95.5 Prepaid expenses and other current assets 91.8 ---------- Total current assets 1,985.5 Summary of Unpaid Postpetition Debits (58.4) Intercompany Loans Receivable (Payable) 2,115.6 ---------- Intercompany Balances 2,057.2 Property, plant and equipment 887.3 Goodwill 946.3 Other intangible assets 410.2 Insurance recoverable 791.7 Other non-current assets 989.0 ---------- Total Assets $8,067.2 ========== Liabilities and Shareholders' Equity Short-term debt $523.3 Accounts payable 211.9 Accrued compensation 82.3 Restructuring and rationalization reserves 7.7 Current portion of asbestos liability - Interest payable 0.3 Other accrued liabilities 243.3 ---------- Total current liabilities 1,068.8 Long-term debt - Post-employment benefits 1,924.0 Other accrued liabilities 808.3 Liabilities subject to compromise 5,996.2 Shareholders' equity: Preferred stock 1,050.6 Common stock 565.8 Additional paid-in capital 8,052.9 Accumulated deficit (10,179.5) Accumulated other comprehensive income (1,219.7) Other - ---------- Total Shareholders' Equity (1,730.0) ---------- Total Liabilities and Shareholders' Equity $8,067.2 ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Operations For the month ended January 31, 2006 (In millions) Net sales $265.6 Cost of products sold 223.3 ---------- Gross margin 42.3 Selling, general & administrative expenses (51.1) Amortization (1.2) Reorganization items (7.0) Interest income (expense), net (13.3) Other income (expense), net 11.8 ---------- Earnings before Income Taxes (18.4) Income Tax (Expense) Benefit (0.6) ---------- Earnings before effect of change in acctg principle (19.0) Cumulative effect of change in acctg principle - ---------- Net Earnings (loss) ($19.0) ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Cash Flows For the month ended January 31, 2006 (In millions) Cash Provided From (Used By) Operating Activities: Net earnings (loss) ($19.0) Adjustments to reconcile net earnings (loss): Depreciation and amortization 13.0 Adjustments of assets held for sale to fair value - Asbestos Charge - Summary of unpaid postpetition debits - Cumulative effect of change in acctg principle - Change in post-employment benefits 3.7 Decrease/(increase) in accounts receivable 27.3 Decrease/(increase) in inventories (15.6) Increase/(decrease) in accounts payable (23.7) Change in other assets and other liabilities 22.0 Change in restructuring charge (1.0) Refunds (payments) against asbestos liability - ---------- Net Cash Provided From Operating Activities 54.1 Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (3.5) Proceeds from sale of property, plant & equipment - Proceeds from sale of businesses 3.5 Business acquisitions, net of cash acquired - Other - ---------- Net Cash Provided From (Used By) Investing Activities (0.0) Cash Provided From (Used By) Financing Activities: Increase (decrease) in debt 46.4 Sale of accounts receivable under securitization - Dividends - Other 19.1 ---------- Net Cash Provided From Financing Activities (27.2) Increase (Decrease) in Cash and Equivalents 26.9 Cash and equivalents at beginning of period 746.3 ---------- Cash and equivalents at end of period $773.1 ========== eadquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is one of the world's largest automotive parts companies with worldwide revenue of some US$6 billion. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. At Dec. 31, 2004, Federal-Mogul's balance sheet showed a US$1.925 billion stockholders' deficit. At Nov. 30, 2005, Federal-Mogul's balance sheet showed a US$1,450.4 billion stockholders' deficit, compared to a US$1.926 billion deficit at Dec. 31, 2004. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. (Federal-Mogul Bankruptcy News, Issue No. 104; Bankruptcy Creditors' Service, Inc., 215/945-7000) FOAMEX INTERNATIONAL: Earns $3.782 Million in January 2006 ---------------------------------------------------------- Foamex International, et al., as Debtors Consolidated Balance Sheet As of January 31, 2006 ASSETS Current Assets Cash $5,319,000 Accounts Receivable, net 182,486,000 Inventory 107,495,000 Other current assets 23,260,000 ------------ Total current assets 318,561,000 Land & land improvements 5,100,000 Buildings 92,259,000 Leasehold improvement 5,302,000 Machinery & Equipment 227,665,000 Furniture & Fixtures 5,180,000 Auto equipment 7,966,000 Computer equipment 7,904,000 Construction in progress 1,452,000 Accumulated depreciation (253,551,000) ------------ Total property plant & equipment, net 99,277,000 Goodwill, net 86,191,000 Debt Issuance costs, net 5,169,000 Investment in subsidiaries 21,779,000 Long-term intercompany receivable 4,850,000 Other Assets 48,389,000 ------------- Total Assets $584,216,000 ============= LIABILITIES & STOCKHOLDERS' DEFICIENCY Current Liabilities Revolver borrowings $142,319,000 Current portion of long-term 86,210,000 Accounts payable 64,886,000 Intercompany 341,000 Accrued employee costs 15,975,000 Accrued rebates 7,568,000 Accrued interest 1,735,000 Other current liabilities 19,588,000 ------------ Total current liabilities 338,622,000 Long-term debt 341,000 Intercompany debt - Liability Subject to Compromise 637,200,000 Other liabilities 14,696,000 ------------ Total Long-Term Liabilities 652,237,000 ------------ Total Liabilities 990,859,000 Common stock 280,000 Preferred stock 15,000 Additional paid-in capital 102,555,000 Treasury stock (27,780,000) Other comprehensive income (loss) (34,867,000) Shareholder loans (9,221,000) Accumulated deficit (437,625,000) ------------ Stockholders' Deficiency (406,643,000) ------------ Liabilities & Stockholders' Deficiency $584,216,000 ============ Foamex International, et al., as Debtors Consolidated Income Statement Month Ended January 31, 2006 Gross Sales $110,227,000 Rebates, Discount & Sale Allowance (6,372,000) ------------- Net Sales 103,855,000 Material 65,540,000 Labor 3,964,000 Overhead 12,597,000 Freight/Shipping 4,389,000 ------------- Cost of Sales 86,490,000 Gross Profit 17,365,000 Labor & Employee Expense 3,388,000 Indirect Materials & Samples (14,000) Equipment & Maintenance Expense 5,000 Facility Expense 207,000 Travel & Entertainment 144,000 Technology 127,000 Professional Fees & Services 1,651,000 Other Miscellaneous Expense 248,000 Insurance & Tax 196,000 Bad debt expense 498,000 Bank/Collection Costs 67,000 Transportation Cost 11,000 Depreciation/Amortization 302,000 Corp. Cost to COS (685,000) ------------- Selling, general & admin expenses 6,171,000 Restructuring & Impairment Charges 227,000 ------------- Income from operations 10,966,000 Interest Expense 5,470,000 Equity in earnings of JV & non-debtor subs 214,000 Other Income & (Expense) 29,000 Professional Fees 1,528,000 Provision/(Gains) - Rejected Contracts 283,000 Bankruptcy Filing Fees 12,000 Other Expense 134,000 ------------- Reorganization Expense (Income) 1,957,000 Income before Tax 3,782,000 Tax Provision - ------------- Net Income $3,782,000 ============= Headquartered in Linwood, Pa., Foamex International Inc. -- http://www.foamex.com/-- is the world's leading producer of comfort cushioning for bedding, furniture, carpet cushion and automotive markets. The Company also manufactures high- performance polymers for diverse applications in the industrial, aerospace, defense, electronics and computer industries. The Company and eight affiliates filed for chapter 11 protection on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-12693). Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison LLP, represent the Debtors in their restructuring efforts. Houlihan, Lokey, Howard and Zukin and O'Melveny & Myers LLP are advising the ad hoc committee of Senior Secured Noteholders. As of July 3, 2005, the Debtors reported $620,826,000 in total assets and $744,757,000 in total debts. (Foamex Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000). KAISER ALUMINUM: Earns $9.1 Million in January 2006 --------------------------------------------------- Kaiser Aluminum Corporation -- All Debtors Unaudited Balance Sheets As of January 31, 2006 (In Thousands) ASSETS Cash $58,916 Receivables: Trade 113,038 Other 14,313 ---------- Total Receivables 127,351 Inventories 120,091 Prepaid expenses and other current assets 26,129 ---------- Total current assets 332,487 Investments in and advances to subsidiaries 21,167 Intercompany receivables/payables, net (4,536) Property, plant, and equipment - net 224,463 Deferred income taxes - Restricted proceeds from sale of commodity interests - Other assets 1,018,506 ---------- Total Assets $1,592,087 ========== LIABILITIES & STOCKHOLDERS' EQUITY Liabilities not subject to compromise: Accounts Payable $70,037 Accrued interest 1,056 Accrued salaries, wages and related expenses 41,060 Accrued post retirement benefit - current - Other accrued liabilities 64,350 Payable to affiliates 15,930 Long term debt - current portion 1,152 ---------- Total current liabilities 193,585 Long-term liabilities 42,374 Accrued postretirement benefit obligation (1) Long-term debt 1,212 Liabilities subject to compromise 4,497,339 Minority interests 655 Stockholders' equity: Preference stock - Common stock 789 Additional capital 538,009 Accumulated deficit - As of filing date (946,933) Accumulated deficit - Post filing date (2,730,243) Accumulated other comprehensive income (loss) (4,699) Note receivable from parent - ---------- Total Liabilities & Stockholders' Equity $1,592,087 ========== Kaiser Aluminum Corporation -- All Debtors Unaudited Statements of Operations For the Month Ending January 31, 2006 (In Thousands) Net Sales $112,283 Costs and expenses: Cost of products sold 93,160 Depreciation & amortization 1,593 Selling, administrative, R&D and general 4,757 Other operating charges (benefits), net - ---------- Total costs and expenses 99,510 ---------- Operating income (loss) 12,773 Other income (expense): Interest expenses, net (318) Reorganization items (2,295) Other-net (122) ---------- Income (loss) before income taxes and minority interest 10,038 (Provision) benefit for income taxes (881) Minority interests - Equity in income (loss) of subsidiaries (56) ---------- Net income (loss) $9,101 ========== Kaiser Aluminum Corporation -- All Debtors Schedule of Consolidated Cash Receipts and Disbursements For the Month Ending January 31, 2006 (In Thousands) Receipts: Trade Receivables KACC Receivables $74,278 KAII Receivables 27,786 ---------- Total Trade Receivables 102,064 Asbestos insurance recoveries 1,800 COBRA receipts 650 Proceeds from Hedging Settlement 1,232 ---------- Total Receipts 105,746 Disbursements: Inventory/Raw Materials 42,399 Capital Expenditures 2,118 Domestic Income Tax Payment - Maintenance, Materials, etc. 4,313 Freight 5,193 Utilities/Energy 6,880 Hourly Payroll 8,567 Salaried Payroll 3,581 Pension Contributions 2,021 VEBA Advances 1,915 Medical - Current Employees 2,594 Annual Insurance Premiums - Workmen's Compensation 455 Corporate General and Administrative 4,413 JV Fundings - Primary, Net of Reimbursements 12,522 Other Disbursements 3,505 ---------- Total Operating and G&A Disbursements 100,476 Reorganization Items 2,022 ---------- Total Disbursements 102,498 ---------- Net Cash Flow 3,248 Beginning Bank Cash Balances 56,262 ---------- Ending Bank Cash Balances 59,510 Reconciling Items (594) ---------- Ending Book Cash Balances $58,916 ========== Headquartered in Foothill Ranch, California, Kaiser Aluminum Corporation -- http://www.kaiseraluminum.com/-- is a leading producer of fabricated aluminum products for aerospace and high- strength, general engineering, automotive, and custom industrial applications. The Company filed for chapter 11 protection on February 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold off a number of its commodity businesses during course of its cases. Corinne Ball, Esq., at Jones Day, represents the Debtors in their restructuring efforts. On June 30, 2004, the Debtors listed $1.619 billion in assets and $3.396 billion in debts. (Kaiser Bankruptcy News, Issue No. 91; Bankruptcy Creditors' Service, Inc., 215/945-7000) LARGE SCALE: Posts $66,496 Net Loss in January 2006 --------------------------------------------------- On March 1, 2006, Large Scale Biology Corporation filed its monthly operating report for the month ended January 2006, with the United States Bankruptcy Court for the Eastern District of California. The Company reported a $66,496 net loss on $25,398 of revenues for the month ended January 2006. For the month ended January 2006, Pharmaceutical Formulations, Inc.'s balance sheet shows: Current Assets $22,221,120 Total Assets 25,209,293 Current Liabilities 889,819 Total Liabilities 12,996,589 Total Stockholders' Equity 12,212,704 A full-text copy of Pharmaceutical Formulations, Inc.'s Monthly Operating Report for the month ended January 2006, is available at no charge at http://researcharchives.com/t/s?652 Headquartered in Vacaville, California, Large Scale Biology Corporation -- http://www.lsbc.com/-- develops, manufactures and sells plant-made pharmaceutical proteins and vaccines. LSBC and its debtor-affiliates filed for chapter 11 protection on Jan. 9, 2006. (Bankr. E.D. Calif. Case No. 06-20046). Paul J. Pascuzzi, Esq., at Felderstein Fitzgerald Willoughby & Pascuzzi, represent the Debtors in their restructuring efforts. As of Nov. 30, 2005, the LSBC had $9,760,000 in total assets and $7,836,000 in total debts. NORTHWEST AIRLINES: Posts $1.03 Billion Net Loss in December 2005 ----------------------------------------------------------------- Northwest Airlines Corporation Unaudited Condensed Consolidated Balance Sheets As of December 31, 2005 ASSETS Current assets: Cash and cash equivalents $684,000,000 Unrestricted short-term investments 578,000,000 Restricted cash, cash equivalents & short-term investments 600,000,000 Accounts receivable, net 592,000,000 Flight equipment spare parts, net 136,000,000 Prepaid expenses & other 403,000,000 --------------- Total current assets 2,993,000,000 Property and equipment: Flight equipment, net 7,394,000,000 Other property & equipment, net 753,000,000 --------------- Total property & equipment 8,147,000,000 Flight Equipment under capital leases, net 100,000,000 Other assets: Intangible pension asset 363,000,000 International routes 634,000,000 Investments in affiliated companies 41,000,000 Other 805,000,000 --------------- Total other assets 1,843,000,000 --------------- Total assets $13,083,000,000 =============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Air traffic liability $1,586,000,000 Accounts payable & other liabilities 1,119,000,000 Current maturities of long-term debt & capital lease obligations 85,000,000 --------------- Total current liabilities 2,790,000,000 Long-term debt 1,085,000,000 Deferred Credits & other liabilities: Long-term pension & postretirement Health care benefits 292,000,000 Other 102,000,000 --------------- Total deferred credits & other liabilities 394,000,000 Liabilities Subject to Compromise 14,162,000,000 Preferred redeemable stock 280,000,000 Common Stockholders' Equity (Deficit) Common stock 1,000,000 Additional paid-in capital 1,500,000,000 Accumulated deficit (4,548,000,000) Accumulated other comprehensive income (loss) (1,568,000,000) Treasury stock (1,013,000,000) --------------- Total common stockholders' equity (deficit) (5,628,000,000) --------------- Total Liabilities & Stockholders' Equity $13,083,000,000 =============== Northwest Airlines Corporation Unaudited Condensed Consolidated Statements of Operations For the Month Ended December 31, 2005 Operating Revenues Passenger $685,000,000 Regional carrier revenues 110,000,000 Cargo 77,000,000 Other 97,000,000 --------------- Total Operating Revenues 969,000,000 Operating Expenses Salaries, wages, and benefits 257,000,000 Aircraft fuel and taxes 247,000,000 Selling and marketing 60,000,000 Aircraft maintenance materials and repair 75,000,000 Other rentals and landing fees 46,000,000 Depreciation and amortization 52,000,000 Aircraft rentals 23,000,000 Regional carrier expenses 128,000,000 Other 161,000,000 --------------- Total Operating Expenses 1,049,000,000 Operating Income (Loss) (80,000,000) Other Income (Expense) Interest expense, net (50,000,000) Investment income 10,000,000 Foreign currency gain (loss) (902,000,000) Other, net (9,000,000) --------------- Total other income (expense) (951,000,000) --------------- Income (Loss) Before Income Taxes (1,031,000,000) Income tax expense (benefit) 1,000,000 --------------- Net Income (Loss) ($1,032,000,000) =============== Northwest Airlines Corporation Unaudited Condensed Consolidated Statements of Cash Flows For the Month Ended December 31, 2005 Cash Flows from Operating Activities: Net income (loss) ($1,032,000,000) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 52,000,000 Pension and other postretirement benefit contributions less than expense 60,000,000 Changes in certain assets & liabilities (75,000,000) Reorganization items 902,000,000 Other, net (6,000,000) --------------- Net cash provided by operating activities (99,000,000) Cash Flows from Reorganization Activities: Net cash provided by (used in) reorganization activities (1,000,000) Cash Flows from Investing Activities: Capital expenditures (24,000,000) Decrease (increase) in restricted cash, cash equivalents & short-term investments (150,000,000) --------------- Net cash provided by (used in) investing activities (174,000,000) Cash Flows from Financing Activities: Payments of long-term debt and capital lease obligations (50,000,000) --------------- Net cash provided by (used in) financing activities (50,000,000) --------------- Increase (Decrease) in Cash and Cash Equivalents (324,000,000) Cash & cash equivalents at beginning of period 1,008,000,000 --------------- Cash & cash equivalents at end of period $684,000,000 =============== 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. 20; Bankruptcy Creditors' Service, Inc., 215/945-7000). NORTHWEST AIRLINES: Posts $382 Million Net Loss in January 2006 --------------------------------------------------------------- Northwest Airlines Corporation Unaudited Condensed Consolidated Balance Sheets As of January 31, 2006 ASSETS Current assets: Cash and cash equivalents $821,000,000 Unrestricted short-term investments 563,000,000 Restricted cash, cash equivalents & short-term investments 554,000,000 Accounts receivable, net 585,000,000 Flight equipment spare parts, net 137,000,000 Prepaid expenses & other 389,000,000 --------------- Total current assets 3,049,000,000 Property and equipment: Flight equipment, net 7,421,000,000 Other property & equipment, net 749,000,000 --------------- Total property & equipment 8,170,000,000 Flight Equipment under capital leases, net 86,000,000 Other assets: Intangible pension asset 363,000,000 International routes 634,000,000 Investments in affiliated companies 41,000,000 Other 893,000,000 --------------- Total other assets 1,931,000,000 --------------- Total assets $13,245,000,000 =============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Air traffic liability $1,727,000,000 Accounts payable & other liabilities 1,209,000,000 Current maturities of long-term debt & capital lease obligations 102,000,000 --------------- Total current liabilities 3,038,000,000 Long-term debt 1,356,000,000 Deferred Credits & other liabilities: Long-term pension & postretirement Health care benefits 308,000,000 Other 96,000,000 --------------- Total deferred credits & other liabilities 404,000,000 Liabilities Subject to Compromise 14,175,000,000 Preferred redeemable stock 280,000,000 Common Stockholders' Equity (Deficit) Common stock 1,000,000 Additional paid-in capital 1,500,000,000 Accumulated deficit (4,930,000,000) Accumulated other comprehensive income (loss) (1,566,000,000) Treasury stock (1,013,000,000) --------------- Total common stockholders' equity (deficit) (6,008,000,000) --------------- Total Liabilities & Stockholders' Equity $13,245,000,000 =============== Northwest Airlines Corporation Unaudited Condensed Consolidated Statements of Operations For the Month Ended January 31, 2006 Operating Revenues Passenger $635,000,000 Regional carrier revenues 104,000,000 Cargo 63,000,000 Other 88,000,000 --------------- Total Operating Revenues 890,000,000 Operating Expenses Salaries, wages, and benefits 222,000,000 Aircraft fuel and taxes 236,000,000 Selling and marketing 63,000,000 Aircraft maintenance materials and repair 66,000,000 Other rentals and landing fees 48,000,000 Depreciation and amortization 44,000,000 Aircraft rentals 24,000,000 Regional carrier expenses 123,000,000 Other 129,000,000 --------------- Total Operating Expenses 955,000,000 Operating Income (Loss) (65,000,000) Other Income (Expense) Interest expense, net (44,000,000) Investment income 5,000,000 Foreign currency gain (loss) (279,000,000) Other, net 1,000,000 --------------- Total other income (expense) (317,000,000) --------------- Income (Loss) Before Income Taxes (382,000,000) Income tax expense (benefit) -- --------------- Net Income (Loss) ($382,000,000) =============== Northwest Airlines Corporation Unaudited Condensed Consolidated Statements of Cash Flows For the Month Ended January 31, 2006 Cash Flows from Operating Activities: Net income (loss) ($382,000,000) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 44,000,000 Pension and other postretirement benefit contributions less than expense 14,000,000 Changes in certain assets & liabilities 210,000,000 Reorganization items 279,000,000 Other, net (41,000,000) --------------- Net cash provided by operating activities 124,000,000 Cash Flows from Reorganization Activities: Net cash provided by (used in) reorganization activities (2,000,000) Cash Flows from Investing Activities: Capital expenditures (56,000,000) Decrease (increase) in restricted cash, cash equivalents & short-term investments 63,000,000 Other (1,000,000) Net cash provided by (used in) investing activities 6,000,000 Cash Flows from Financing Activities: Proceeds from long-term debt 29,000,000 Payments of long-term debt and capital lease obligations (20,000,000) --------------- Net cash provided by (used in) financing activities 9,000,000 --------------- Increase (Decrease) in Cash and Cash Equivalents 137,000,000 Cash & cash equivalents at beginning of period 684,000,000 --------------- Cash & cash equivalents at end of period $821,000,000 =============== 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. 20; Bankruptcy Creditors' Service, Inc., 215/945-7000). PERFORMANCE TRANSPORTATION: Files Schedules of Assets & Debts ------------------------------------------------------------- A. Real Property Ingham County, Michigan $1,920,000 Scott County, Kentucky 770,000 B. Personal Property B.1 Cash on hand 0 B.2 Bank Accounts US Bank - General Account 1,931,014 US Bank - Payroll Account (5,097) US Bank - Accounts Payable Account 73,210 B.3 Security Deposits Miscellaneous Special Deposits 50,000 B.4 Household goods and furnishings 0 B.5 Collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Hobby equipment 0 B.9 Interests in insurance policies 0 B.10 Annuities 0 B.11 Interest in an education IRA 0 B.12 Interest in pension plans 0 B.13 Stock and interests in businesses 0 100% Common stock E & L Transport, LLC unknown Hadley Auto Transport unknown LAC Holding Corp. unknown Transportation Releasing unknown B.14 Interests in partnerships or joint ventures 0 B.15 Government and Corporate Bonds 0 B.16 Accounts Receivable 918,265 B.17 Alimony 0 B.18 Other liquidated debts owing debtor 0 B.19 Equitable or future interests 0 B.20 Interests in estate of a decedent 0 B.21 Other Contingent & Unliquidated Claims 0 B.22 Intellectual property 0 B.23 General intangibles 0 B.24 Customer lists or compilations 0 B.25 Vehicles Trucks, Trailers and Upgrades 2,215,433 Accumulated depreciation (290,593) B.26 Boats, motors and accessories 0 B.27 Aircraft and accessories 0 B.28 Office Equipment Other equipment 2,396,795 Accumulated depreciation (114,492) B.29 Machinery, fixtures, equipment and supplies 0 B.30 Inventory 0 B.31 Animals 0 B.32 Crops 0 B.33 Farming equipment and implements 0 B.34 Farm supplies, chemicals and feed 0 B.35 Other Personal Property Deferred debits 4,823 Intercompany receivables 146,514,452 Investment in subsidiary 19,999,966 Long term prepayment 37,030 Prepaid items 1,268,922 TOTAL SCHEDULED ASSETS $177,689,728 ============= C. Property Claimed as Exempt $0 D. Secured Claim Credit Suisse First Boston 121,400,000 Wells Fargo Bank N.A. 35,000,000 GreatAmerica Leasing unknown US Bancorp unknown E. Unsecured Priority Claims 0 F. Unsecured Non-priority Claims Automotive Logistics Corp. 53,664 E & L Transport Company LLC 24,688,095 Hadley Auto Transport 46,425,077 Leaseway Motorcar Transport Co. of Canada 28,466,317 Transportation Releasing LLC 3,240,404 Corporate Lodging 140,180 Fleet Fuel 158,186 Others 1,351,404 TOTAL SCHEDULED LIABILITIES $260,923,327 ============= Headquartered in Wayne, Michigan, Performance Transportation Services, Inc. -- http://www.pts-inc.biz/-- is the second largest transporter of new automobiles, sport-utility vehicles and light trucks in North America. The Company provides transit stability, cargo damage elimination and proactive customer relations that are second to none in the finished vehicle market segment. The company's chapter 11 case is administered jointly under Leaseway Motorcar Transport Company. (Performance Bankruptcy News, Issue No. 5; Bankruptcy Creditors' Service, Inc., 215/945-7000) Headquartered in Niagara Falls, New York, Leaseway Motorcar Transport Company Debtor and 13 affiliates filed for chapter 11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Case No. 06-00107). James A. Stempel, Esq., James W. Kapp, III, Esq., and Jocelyn A. Hirsch, Esq., at Kirkland & Ellis, LLP, and Garry M. Graber, Esq., at Hodgson Russ LLP represent 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 more than $100 million in debts. PERFORMANCE TRANSPORTATION: Leaseway Motorcar Files Schedules ------------------------------------------------------------- A. Real Property $0 B. Personal Property B.1 Cash on hand Petty Cash Funds 87,750 B.2 Bank Accounts US Bank - General Account 3,895 US Bank - Payroll Account (27,438) US Bank - Accounts Payable Account 202,050 B.3 Security Deposits Miscellaneous Special Deposits 188,447 B.16 Accounts Receivable 14,824,365 B.21 Other Contingent & Unliquidated Claims Subrogated claims 93,618 B.25 Vehicles Trucks, Trailers and Upgrades 22,731,839 Accumulated depreciation (10,565,154) B.28 Office Equipment Other equipment 2,123,031 Accumulated depreciation (825,018) B.30 Inventory Materials & supplies 1,172,669 B.35 Other Personal Property Deferred debits 3,426 Intercompany receivables 29,748,785 Land 2,990,000 Other investments 669 Structures 1,440,000 Accumulated depreciation - structures (111,910) TOTAL SCHEDULED ASSETS $64,081,024 ============ C. Property Claimed as Exempt $0 D. Secured Claim Credit Suisse First Boston unknown The Firestone Tire & Rubber Company unknown Wells Fargo Bank N.A. unknown E. Unsecured Priority Claims 0 F. Unsecured Non-priority Claims Allied Freight Broker 29,317 Allied Systems (Canada) 64,462 Allied Systems 71,781 Armand Cerrone Inc. 44,236 Atlantic Detroit Diesel Allison LLC 26,067 B/A Products Co. 29,768 Brenner Oil Co. 60,545 Bridgestone/Firestone 25,375 Bridgestone/Firestone - Lease 154,907 Buffalo Truck Center 31,767 C.F. Bender Company Inc. 46,613 Cassens Transport Co. 35,840 Cottrell Inc. 42,880 Del-Val Int'l. Trucks, Inc. 33,590 Fleetwash Inc. 22,172 General Motors of Canada Ltd. 92,438 Great Lakes Petroleum 50,807 Hadley Auto Transport 768,916 Heating Oil Partners 31,404 Keystone Spring 22,439 LAC Holding Corp. 1,738,067 Larry's Truck Repair & Towing Center 21,836 Leaseway Motorcar Transport Co. of Canada 115,360 Leaseway of Puerto Rico Inc. 288,954 Logistics Computer Services 478,387 McCarthy Tire Service Co. Inc. 24,678 Penske Truck 184,125 R & R Inc. 26,062 Schafer's Inc. 22,782 Sentrex Security Systems Inc. 28,648 Southwest Brake 38,395 Superior Distributors 53,789 Tapco Industries 48,654 Toyota Motor Sales USA Inc. 104,707 U.S. Security Association 31,269 Others 1,075,322 TOTAL SCHEDULED LIABILITIES $5,966,359 =========== Headquartered in Wayne, Michigan, Performance Transportation Services, Inc. -- http://www.pts-inc.biz/-- is the second largest transporter of new automobiles, sport-utility vehicles and light trucks in North America. The Company provides transit stability, cargo damage elimination and proactive customer relations that are second to none in the finished vehicle market segment. The company's chapter 11 case is administered jointly under Leaseway Motorcar Transport Company. (Performance Bankruptcy News, Issue No. 5; Bankruptcy Creditors' Service, Inc., 215/945-7000) Headquartered in Niagara Falls, New York, Leaseway Motorcar Transport Company Debtor and 13 affiliates filed for chapter 11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Case No. 06-00107). James A. Stempel, Esq., James W. Kapp, III, Esq., and Jocelyn A. Hirsch, Esq., at Kirkland & Ellis, LLP, and Garry M. Graber, Esq., at Hodgson Russ LLP represent 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 more than $100 million in debts. PHARMACEUTICAL FORMULATIONS: Posts $972,000 Net Loss as of Oct. 29 ------------------------------------------------------------------ On March 2, 2006, Pharmaceutical Formulations, Inc., filed its monthly operating report for the period ended Oct. 29, 2005, with the United States Bankruptcy Court for the District of Delaware. The Company reported a $972,000 net loss on $1,783,000 of gross sales for the period ended Oct. 29, 2005. At Oct. 29, 2005, Pharmaceutical Formulations, Inc.'s balance sheet shows: Current Assets $12,126,000 Total Assets 21,380,000 Current Liabilities 31,637,000 Total Liabilities 53,286,000 Total Stockholders' Deficit ($31,906,000) A full-text copy of Pharmaceutical Formulations, Inc.'s Monthly Operating Report for the period ended Oct. 29, 2005, is available at no charge at http://researcharchives.com/t/s?624 Headquartered in Edison, New Jersey, Pharmaceutical Formulations, Inc. -- http://www.pfiotc.com/-- is a publicly traded private label manufacturer and distributor of nonprescription over-the- counter solid dose generic pharmaceutical products in the United States. The Company filed for chapter 11 protection on July 11, 2005 (Bankr. Del. Case No. 05-11910). Matthew Barry Lunn, Esq., and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor LLP, represent the Debtor in its chapter 11 proceeding. Christopher S. Sontchi, Esq., Gregory Alan Taylor, Esq., and William Pierce Bowden, Esq., at Ashby & Geddes, represent the Official Committee of Unsecured Creditors. As of Apr. 30, 2005, the Debtor reported $40,860,000 in total assets and $44,195,000 in total debts. PHARMACEUTICAL FORMULATIONS: Posts $1 Mil. Net Loss as of Nov. 26 ----------------------------------------------------------------- On March 2, 2006, Pharmaceutical Formulations, Inc., filed its monthly operating report for the period ended Nov. 26, 2005, with the United States Bankruptcy Court for the District of Delaware. The Company reported a $1,182,000 net loss on $518,000 of gross sales for the period ended Nov. 26, 2005. At Nov. 26, 2005, Pharmaceutical Formulations, Inc.'s balance sheet shows: Current Assets $9,640,000 Total Assets 18,894,000 Current Liabilities 30,458,000 Total Liabilities 51,982,018 Total Stockholders' Deficit ($33,088,000) A full-text copy of Pharmaceutical Formulations, Inc.'s Monthly Operating Report for the period ended Nov. 26, 2005, is available at no charge at http://researcharchives.com/t/s?63a Headquartered in Edison, New Jersey, Pharmaceutical Formulations, Inc. -- http://www.pfiotc.com/-- is a publicly traded private label manufacturer and distributor of nonprescription over-the- counter solid dose generic pharmaceutical products in the United States. The Company filed for chapter 11 protection on July 11, 2005 (Bankr. Del. Case No. 05-11910). Matthew Barry Lunn, Esq., and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor LLP, represent the Debtor in its chapter 11 proceeding. Christopher S. Sontchi, Esq., Gregory Alan Taylor, Esq., and William Pierce Bowden, Esq., at Ashby & Geddes, represent the Official Committee of Unsecured Creditors. As of Apr. 30, 2005, the Debtor reported $40,860,000 in total assets and $44,195,000 in total debts. PHARMACEUTICAL FORMULATIONS: Posts $663,000 Net Loss as of Dec. 31 ------------------------------------------------------------------ On March 2, 2006, Pharmaceutical Formulations, Inc., filed its monthly operating report for the period ended Dec. 31, 2005, with the United States Bankruptcy Court for the District of Delaware. The Company reported a $663,000 net loss on $0 of gross sales for the period ended Dec. 31, 2005. At Dec. 31, 2005, Pharmaceutical Formulations, Inc.'s balance sheet shows: Current Assets $8,842,000 Total Assets 18,100,000 Current Liabilities 30,327,000 Total Liabilities 51,851,000 Total Stockholders' Equity Deficit ($33,751,000) A full-text copy of Pharmaceutical Formulations, Inc.'s Monthly Operating Report for the period ended Dec. 31, 2005, is available at no charge at http://researcharchives.com/t/s?63b Headquartered in Edison, New Jersey, Pharmaceutical Formulations, Inc. -- http://www.pfiotc.com/-- is a publicly traded private label manufacturer and distributor of nonprescription over-the- counter solid dose generic pharmaceutical products in the United States. The Company filed for chapter 11 protection on July 11, 2005 (Bankr. Del. Case No. 05-11910). Matthew Barry Lunn, Esq., and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor LLP, represent the Debtor in its chapter 11 proceeding. Christopher S. Sontchi, Esq., Gregory Alan Taylor, Esq., and William Pierce Bowden, Esq., at Ashby & Geddes, represent the Official Committee of Unsecured Creditors. As of Apr. 30, 2005, the Debtor reported $40,860,000 in total assets and $44,195,000 in total debts. UAL CORPORATION: Files January 2006 Monthly Operating Report ------------------------------------------------------------ UAL Corporation received $1,889,651,778 from operations and activities related to restricted cash for the one-month period ending January 31, 2006. UAL's disbursements for the period total $1,843,164,377: Net payroll Officers $554,927 Non-Officer 164,526,722 Taxes paid or deposited Federal Income Tax and FICA withholdings 65,009,228 State income tax w/held 7,616,652 State sales or use tax 263,393 Other 128,092,685 Necessary Operational Disbursements Operating Disbursements, net 1,182,100,770 Transferred to escrows/restricted cash 295,000,000 UAL reports an ending cash balance of $2,746,902,481 in January. Beginning Balance $2,701,393,381 Cash Receipts 1,889,651,778 Cash Disbursements 1,843,164,377 -------------- Ending Balance 2,747,880,783 Bank One Overnight Investment Account (978,301) -------------- Total Ending Balance $2,746,902,481 ============== UAL will file a consolidated Statement of Operations, Statements of Consolidated Financial Position, and Consolidated Cash Flows as part of its Form 10-K to be filed with the Securities and Exchange Commission on March 16, 2006. A full-text copy of UAL's January 2006 Monthly Operating Report is available for free at http://ResearchArchives.com/t/s?660 Headquartered in Chicago, Illinois, UAL Corporation -- http://www.united.com/-- through United Air Lines, Inc., is the holding company for United Airlines -- the world's second largest air carrier. The Company filed for chapter 11 protection on December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M. Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $24,190,000,000 in assets and $22,787,000,000 in debts. Judge Wedoff confirmed the Debtors' Second Amended Plan on Jan. 20, 2006. The Company emerged from bankruptcy protection on February 1, 2006. (United Airlines Bankruptcy News, Issue No. 119; Bankruptcy Creditors' Service, Inc., 215/945-7000) USG CORPORATION: Earns $45 Million in January 2006 -------------------------------------------------- USG Corporation, et al. Consolidated Balance Sheet As of January 31, 2006 Assets: Cash and cash equivalents $767,365,000 Marketable Securities 169,410,000 Restricted Cash 87,722,000 Receivables 412,739,000 Inventories 275,690,000 Income taxes receivable 5,669,000 Deferred income taxes 7,335,000 Other current assets 119,684,000 --------------- Total current assets 1,845,614,000 Property, plant and equipment, net 1,662,967,000 Marketable Securities 305,445,000 Deferred income taxes 1,425,138,000 Goodwill 63,711,000 Other assets 428,545,000 --------------- Total Assets $5,731,420,000 =============== Liabilities and Stockholders' Equity: Accounts payable $268,881,000 Accrued expenses 244,762,000 Taxes on income 64,803,000 --------------- Total current liabilities 578,446,000 Other liabilities 451,016,000 Liabilities subject to compromise 5,340,140,000 Stockholders' Equity: Common stock 4,998,000 Treasury stock (217,155,000) Capital received in excess of par value 146,016,000 Accumulated other comprehensive income/(loss) 25,070,000 Retained earnings (597,111,000) --------------- Total stockholders' equity (638,182,000) --------------- Total Liabilities and Stockholders' Equity $5,731,420,000 =============== USG Corporation, et al. Month Ending Consolidated Income Statement 31-Jan-2006 _____________________________ ____________ Net sales $416,028,000 Cost of products sold 317,472,000 Selling and administrative expenses 26,421,000 Chapter 11 reorganization expenses (4,442,000) Interest expense 510,000 Interest income (149,000) Other (income)/expense, net (219,000) --------------- Earnings before income taxes $76,435,000 Income taxes 31,118,000 --------------- Net Earnings $45,317,000 =============== Lewis Kruger, Esq., Kenneth Pasquale, Esq., and Denise Wildes, Esq., represent the Official Committee of Unsecured Creditors. Elihu Inselbuch, Esq., and peter Van N. Lockwood, Esq., at Caplin & Drysdale, Chartered, represent the Official Committee of Asbestos Personal Injury Claimants. Martin J. Bienenstock, Esq., Judy G. Z. Liu, Esq., Ralph I. Miller, Esq., and David A. Hickerson, Esq., at Weil Gotshal & Manges LLP represent the Statutory Committee of Equity Security Holders. Dean M. Trafelet is the Future Claimants Representative. Michael J. Crames, Esq., and Andrew A. Kress, Esq., at Kaye Scholer, LLP, represent the Future Claimants Representative. Scott Baena, Esq., and Jay Sakalo, Esq., at Bilzen Sumberg Baena Price & Axelrod LLP, represent the Asbestos Property Damage Claimants Committee. 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. 105; Bankruptcy Creditors' Service, Inc., 215/945-7000). XYBERNAUT CORP: Amends January 2006 Monthly Operating Report ------------------------------------------------------------ On March 7, 2006, Xybernaut Corporation filed an amended monthly operating report for the period ended Jan. 31, 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 2006. At Jan. 31, 2006, 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 Amended January 2006 Monthly Operating Report is available at no charge at http://researcharchives.com/t/s?63c The Company's affiliate, Xybernaut Solutions, Inc., also filed its amended monthly operating report for the month of January 2006 with the U.S. Bankruptcy Court for the Eastern District of Virginia. A full-text copy of Xybernaut Solution Inc.'s Amended January 2006 Monthly Operating Report is available at no charge at http://researcharchives.com/t/s?63e 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 trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* 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 Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Marie Therese V. 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