/raid1/www/Hosts/bankrupt/TCR_Public/060325.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 25, 2006, Vol. 10, No. 72
Headlines
AMES DEPARTMENT: Posts $777,000 Net Loss in December 2005
ANCHOR GLASS: Posts $3 Million Net Loss in January 2006
AOL LATIN: Files Monthly Operating Report for January 2006
AOL LATIN: Files Monthly Operating Report for February 2006
FOAMEX INTERNATIONAL: Earns $4.4 Million in February 2006
GARDENBURGER INC: Posts $432,888 Net Loss in February 2006
KUSHNER-LOCKE: January 2006 Monthly Operating Reports
OWENS CORNING: Earns $228 Million for the Month of December 2005
SAINT VINCENTS: Posts $5.7 Million Net Loss in January 2006
*********
AMES DEPARTMENT: Posts $777,000 Net Loss in December 2005
---------------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheets
At December 31, 2005
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $13,439
Restricted cash 58,439
Receivables 1,560
----------
Total current assets 73,438
Fixed Assets -
----------
Total Assets $73,438
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable:
Trade 50,483
Other 10,474
----------
Total accounts payable 60,957
Self-insurance reserves 26,741
Accrued expenses 19,040
Liabilities subject to compromise 843,449
----------
Total liabilities 950,187
Stockholders' equity (deficit)
Common stock 295
Additional paid-in capital 533,393
Accumulated deficit (1,409,515)
Treasury stock (922)
----------
Total stockholders' deficit (876,749)
----------
Total liabilities and stockholders' deficit $73,438
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Operations
For the Five Weeks Ended December 31, 2005
(In Thousands)
Total revenue $657
Costs and expenses
Wind down expenses and other costs 1,359
Gain on Sale of Assets
Write off of excess reserves -
Professional fees 75
----------
Income (Loss) before income taxes (777)
Income tax provision -
----------
Net Income (Loss) ($777)
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Cash Flows
For the Five Weeks Ended December 31, 2005
(In Thousands)
Cash flows from operating activities:
Net income (loss) ($777)
Expenses not requiring the outlay of cash:
Gain on the sale of assets
Cash provided by operations (777)
Changes in working capital:
Increase in receivables (230)
Decrease in accrued exp. and other liabilities (309)
Decrease in accounts payable (2,199)
Decrease in Restricted Cash 20
----------
Net cash provided by operating activities (3,459)
Cash flows from financing activities:
Change in liabilities subject to compromise 2,803
Proceeds from the sale of assets
----------
Net cash used by financing activities 2,803
Decrease in cash and cash equivalents (692)
Cash and cash equivalents, beginning of period 14,131
----------
Cash and cash equivalents, end of period $13,439
==========
Ames Department Stores filed for chapter 11 protection on Aug. 20,
2001 (Bankr. S.D.N.Y. Case No. 01-42217). Albert Togut, Esq.,
Frank A. Oswald, Esq. at Togut, Segal & Segal LLP and Martin J.
Bienenstock, Esq., and Warren T. Buhle, Esq., at Weil, Gotshal &
Manges LLP represent the Debtors in their restructuring efforts.
Richard Nevins, Jr., at Jefferies & Company, Inc., gives financial
advisory services to the Debtors. Scott L. Hazan, Esq., at
Otterbourg Steindler Houston & Rosen P.C., gives legal advice to
the Official Committee of Unsecured Creditors and Dominic DiNapoli
at PriceWaterhouseCoopers LLP gives financial advisory services to
the Committee. When the Company filed for protection from their
creditors, they listed $1,901,573,000 in assets and $1,558,410,000
in liabilities. (AMES Bankruptcy News, Issue No. 76; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
ANCHOR GLASS: Posts $3 Million Net Loss in January 2006
-------------------------------------------------------
Anchor Glass Container Corporation
Unaudited Statement of Operations and Comprehensive Loss
For the month ending January 31, 2006
(In Thousands)
Net Sales $52,811
Costs and Expenses
Costs of products sold 50,945
Selling and administrative expenses 1,601
Restructuring charges 113
-----------
Income from operations 265
Reorganization items (1,692)
Other expense, net (70)
Interest expense (1,515)
-----------
Net Loss ($3,012)
===========
The Debtor did not file its balance sheet as of January 31, 2006.
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. 21;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
AOL LATIN: Files Monthly Operating Report for January 2006
----------------------------------------------------------
On Feb. 17, 2006, America Online Latin America, Inc., and its
debtor-affiliates, filed their monthly operating report for the
month ended January 2006, with the United States Bankruptcy
Court for the District of Delaware.
For the month ending Jan. 31, 2006, the Company's Income
Statement shows:
Net Income/
Revenue (Net Loss)
------- -----------
America Online Latin $0 ($922)
America, Inc.
AOL Latin America Management, $24,473 ($998,152)
LLC
AOL Puerto Rico Management $64,354 ($101,529)
Services, Inc.
America Online Caribbean Basin, $929,628 $443,157
Inc.
At Jan. 31, 2006, the Company's balance sheet shows:
America Online Latin America, Inc.
__________________________________
Current Assets $17,403,164
Total Assets 611,240,974
Current Liabilities 6,130,621
Total Liabilities 166,130,621
Total Stockholders' Equity $445,110,353
AOL Latin America Management, LLC
_________________________________
Current Assets $14,100,443
Total Assets 14,171,199
Current Liabilities 27,282,726
Total Liabilities 27,282,726
Total Stockholders' Deficit ($13,111,527)
AOL Puerto Rico Management Services, Inc.
_________________________________________
Current Assets ($268)
Total Assets 122,363
Current Liabilities 6,436,156
Total Liabilities 6,452,605
Total Stockholders' Deficit [($6,330,242)]
America Online Caribbean Basin, Inc.
____________________________________
Current Assets $20,285,300
Total Assets 20,305,625
Current Liabilities (478,170)
Total Liabilities (478,170)
Total Stockholders' Equity [$20,783,795]
A full-text copy of America Online Latin America, Inc., and its
debtor-affiliates' Monthly Operating Report for the month ended
Jan. 31, 2006, is available at no charge at:
http://researcharchives.com/t/s?6e3
Headquartered in Fort Lauderdale, Florida, America Online
LatinAmerica, Inc. -- http://www.aola.com/-- offers AOL-branded
Internet service in Argentina, Brazil, Mexico, and Puerto Rico,
as well as localized content and online shopping over its
proprietary network. Principal shareholders in AOLA are
Cisneros Group, one of Latin America's largest media firms,
Brazil's Banco Itau, and Time Warner, through America Online.
The Company and its debtor-affiliates filed for Chapter 11
protection on June 24, 2005 (Bankr. D. Del. Case No. 05-11778).
Pauline K. Morgan, Esq., and Edmon L. Morton, Esq., at Young
Conaway Stargatt & Taylor, LLP and Douglas P. Bartner, Esq., at
Shearman & Sterling LLP represent the Debtors in their
restructuring efforts. When the Debtors filed for protection
from their creditors, they listed total assets of $28,500,000
and total debts of $181,774,000.
AOL LATIN: Files Monthly Operating Report for February 2006
-----------------------------------------------------------
On March 21, 2006, America Online Latin America, Inc., and its
debtor-affiliates, filed their monthly operating report for the
month ended February 2006, with the United States Bankruptcy
Court for the District of Delaware.
For the month ending Feb. 28, 2006, the Company's Income
Statement shows:
Net Income/
Revenue (Net Loss)
------- -----------
America Online Latin $0 $8
America, Inc.
AOL Latin America Management, $25,000 ($722,002)
LLC
AOL Puerto Rico Management $64,307 ($110,656)
Services, Inc.
America Online Caribbean Basin, $910,540 $441,620
Inc.
At Feb. 28, 2006, the Company's balance sheet shows:
America Online Latin America, Inc.
__________________________________
Current Assets $17,403,172
Total Assets 611,240,972
Current Liabilities 6,130,621
Total Liabilities 166,130,621
Total Stockholders' Equity [$445,110,351]
AOL Latin America Management, LLC
_________________________________
Current Assets $13,266,400
Total Assets 13,319,167
Current Liabilities 27,152,695
Total Liabilities 27,152,695
Total Stockholders' Deficit ($13,833,528)
AOL Puerto Rico Management Services, Inc.
_________________________________________
Current Assets ($266)
Total Assets 114,800
Current Liabilities 6,543,235
Total Liabilities 6,557,160
Total Stockholders' Deficit [($6,442,360)]
America Online Caribbean Basin, Inc.
____________________________________
Current Assets $19,915,795
Total Assets 19,936,120
Current Liabilities (1,289,295)
Total Liabilities (1,289,295)
Total Stockholders' Equity [$21,225,415]
A full-text copy of America Online Latin America, Inc., and its
debtor-affiliates' Monthly Operating Report for the month ended
Feb. 28, 2006, is available at no charge at:
http://researcharchives.com/t/s?6e2
Headquartered in Fort Lauderdale, Florida, America Online
LatinAmerica, Inc. -- http://www.aola.com/-- offers AOL-branded
Internet service in Argentina, Brazil, Mexico, and Puerto Rico,
as well as localized content and online shopping over its
proprietary network. Principal shareholders in AOLA are
Cisneros Group, one of Latin America's largest media firms,
Brazil's Banco Itau, and Time Warner, through America Online.
The Company and its debtor-affiliates filed for Chapter 11
protection on June 24, 2005 (Bankr. D. Del. Case No. 05-11778).
Pauline K. Morgan, Esq., and Edmon L. Morton, Esq., at Young
Conaway Stargatt & Taylor, LLP and Douglas P. Bartner, Esq., at
Shearman & Sterling LLP represent the Debtors in their
restructuring efforts. When the Debtors filed for protection
from their creditors, they listed total assets of $28,500,000
and total debts of $181,774,000.
FOAMEX INTERNATIONAL: Earns $4.4 Million in February 2006
---------------------------------------------------------
Foamex International, et al., as Debtors
Consolidated Balance Sheet
As of February 28, 2006
ASSETS
Current Assets
Cash $4,563,000
Accounts Receivable, net 192,845,000
Inventory 106,996,000
Other current assets 21,903,000
------------
Total current assets 326,307,000
Land & land improvements 4,951,000
Buildings 36,619,000
Leasehold improvement 4,885,000
Machinery & Equipment 213,719,000
Furniture & Fixtures 5,144,000
Auto equipment 7,869,000
Computer equipment 8,090,000
Construction in progress 1,598,000
Accumulated depreciation (234,049,000
------------
Total property plant & equipment, net 98,825,000
Goodwill, net 86,191,000
Debt Issuance costs, net 4,788,000
Investment in subsidiaries 21,466,000
Long-term intercompany receivable 4,850,000
Other Assets 47,775,000
------------
Total Assets $590,202,000
============
LIABILITIES & STOCKHOLDERS' DEFICIENCY
Current Liabilities
Revolver borrowings $126,485,000
Current portion of long-term debt 86,205,000
Accounts payable 73,648,000
Intercompany 415,000
Accrued employee costs 15,984,000
Accrued rebates 9,428,000
Accrued interest 1,470,000
Other current liabilities 22,169,000
------------
Total current liabilities 335,805,000
Long-term debt 331,000
Intercompany debt 0
Liability Subject to Compromise 640,399,000
Other liabilities 20,847,000
------------
Total Long-Term Liabilities 661,578,000
------------
Total Liabilities 997,383,000
Common stock 280,000
Preferred stock 15,000
Additional paid-in capital 102,555,000
Treasury stock (27,780,000)
Partners capital 0
Other comprehensive income (loss) (36,103,000)
Shareholder loans (9,221,000)
Accumulated deficit (436,927,000)
------------
(407,181,000)
------------
Liabilities & Stockholders Deficiency $590,202,000
============
Foamex International, et al., as Debtors
Consolidated Income Statement
Month Ended February 28, 2006
Gross Sales $114,641,000
Rebates, Discount & Sale Allowance (5,823,000
------------
Net Sales 108,818,000
Material 68,842,000
Labor 3,940,000
Overhead 12,916,000
Freight/Shipping 4,463,000
------------
Cost of Sales 90,161,000
------------
Gross Profit 18,657,000
Labor & Employee Expense 3,095,000
Indirect Materials & Samples (14,000)
Equipment & Maintenance Expense 28,000
Facility Expense 198,000
Asset Disposal Gain (Loss) 0
Travel & Entertainment 241,000
Technology 188,000
Professional Fees & Services 1,674,000
Other Miscellaneous Expense 347,000
Insurance & Tax 196,000
Bad debt expense 147,000
Bank/Collection Costs 80,000
Transportation Cost 12,000
Depreciation/Amortization 301,000
Corp. Cost to COS (685,000)
------------
Selling, general & admin expenses 5,806,000
Restructuring & Impairment Charges 1,708,000
------------
Income from operations 11,143,000
Interest Expense 5,321,000
Equity in earnings of JV & non-debtor subs 153,000
Other Income & (Expense) 1,000
Professional Fees 1,364,000
Provision/(Gains) - Rejected Contracts 0
Bankruptcy Filing Fees 1,000
Other Expense 134,000
Debt Adjustment Gain/Loss 0
------------
Reorganization Expense (Income) 1,499,000
Income before Tax 4,478,000
Tax Provision 1,000
------------
Net Income $4,477,000
============
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 International Bankruptcy
News, Issue No. 15; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
GARDENBURGER INC: Posts $432,888 Net Loss in February 2006
----------------------------------------------------------
On March 17, 2006, Gardenburger, Inc., filed its monthly operating
report for February 2006, with the U.S. Bankruptcy Court for the
Central District of California, Santa Ana Division.
The Company reported a $432,888 net loss in $4,045,602 of net
revenue for February 2006.
At Feb. 28, 2006, Gardenburger, Inc.'s balance sheet shows:
Current Assets $11,673,149
Total Assets 19,937,948
Total Postpetition Liabilities 11,750,991
Total Prepetition Liabilities 31,683,395
Total Liabilities 43,434,387
Total Stockholders' Deficit [($23,496,439)]
A full-text copy of Gardenburger, Inc.'s Monthly Operating Report
for February 2006 is available at no charge at:
http://researcharchives.com/t/s?6e7
Headquartered in Los Angeles, California, Gardenburger, Inc. --
http://www.gardenburger.com/-- makes original veggie burgers and
innovates in meatless, 100% natural, low-fat food products. The
company distributes its meatless products to more than 35,000
foodservice outlets throughout the United States and Canada.
Retail customers include more than 30,000 grocery, natural food
and club stores. The company filed for chapter 11 protection on
Oct. 14, 2005 (Bankr. C.D. Calif. Case No. 05-19539). David S.
Kupetz, Esq., at SulmeyerKupetz, represent the Debtor in its
restructuring efforts. Marc J. Winthrop, Esq., Robert E. Opera,
Esq., Sean A. O'Keefe, Esq., and Paul J. Couchot, Esq., at
Winthrop Couchot, P.C., represent the Official Committee of
Unsecured Creditors. When the Debtor filed for protection from
its creditors, it listed $21,379,886 in assets and $39,338,646 in
debts.
KUSHNER-LOCKE: January 2006 Monthly Operating Reports
-----------------------------------------------------
On March 20, 2006, The Kushner-Locke Company and its debtor-
affiliates filed their unaudited January 2006 Monthly Operating
Reports with the U.S. Bankruptcy Court for the Central District of
California, Los Angeles Division.
For the month ending Jan. 31, 2006, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 82,921
Total Non-Operating Expenses 50,000
Net Income (Loss) ($132,921)
For the period from Jan. 1, 2006, through Jan. 31, 2006, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $1,411,522 $101,768
Total Receipts 224,680 85,000
Total Disbursements 85,000 128,117
Ending Balance $1,551,203 $58,650
Full-text copies of The Kushner-Locke Company's January 2006
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://researcharchives.com/t/s?6e6
Cash Receipts and Disbursements Report:
http://researcharchives.com/t/s?6e5
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
OWENS CORNING: Earns $228 Million for the Month of December 2005
----------------------------------------------------------------
Owens Corning
Balance Sheet
As of December 31, 2005
(In Thousands)
Current Assets:
Cash and cash equivalents $1,105,263
Receivables 344,804
Receivables - intercompany 1,005,742
Inventories, net of LIFO reserve 197,828
Insurance for asbestos litigation claims -
Deferred income taxes -
Income tax receivable 926
Other current assets 43,056
-----------
Total Current Assets 2,697,619
Other Assets:
Insurance for asbestos litigation claims 84,220
Restricted cash 189,135
Restricted cash and securities - Fibreboard -
Deferred income taxes 1,430,314
Goodwill 48,568
Investment in affiliates 31,413
Investment in subsidiaries 2,022,050
Notes receivable - intercompany 5,270
Other non-current assets 470,480
-----------
Total Other Assets 4,281,450
Plant & Equipment:
Land 34,268
Buildings & leasehold improvements 549,039
Machinery & equipment 2,236,188
Construction in progress 118,811
Less: Accumulated Depreciation 1,638,869
-----------
Net Plant & Equipment 1,299,437
-----------
TOTAL ASSETS $8,278,506
===========
Liabilities not Subject to Compromise:
Accounts payable & accrued liabilities $666,441
Accrued postpetition interest 735,042
Intercompany liabilities 1,140,949
Short-term debt -
Long-term debt - current portion 1,367
-----------
Total Current Liabilities 2,543,799
Long-Term Debt 9,429
Other:
Other employee benefits liability 237,374
Pension plan liability 577,334
Other liability 173,286
-----------
Total Non-Current Liabilities 987,994
-----------
Total Postpetition Liabilities 3,541,222
Prepetition Liabilities:
Accounts payable and accrued liabilities 270,354
Other employee benefits liability 184,107
Pension plan liability -
Debt - US bank credit facility 1,450,986
Debt - bonds & other 1,501,013
Asbestos-related liability 6,166,734
Intercompany 2,452,666
Other -
-----------
Total Prepetition Liabilities 12,025,860
Total Liabilities 15,567,082
Minority Interest -
Stockholder's Equity:
Common stock 697,252
Retained deficit (7,656,806)
Accumulated Comprehensive (Loss) (6,287)
Other (322,735)
-----------
Net Stockholder's Equity (7,288,576)
-----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $8,278,506
===========
Owens Corning
Statement of Operations
For the Month Ended December 31, 2005
(In Thousands)
Net sales $342,166
Cost of Sales 295,729
-----------
Gross Margin 46,437
Operating Expenses:
Marketing & administrative expenses 46,099
Science & technology expenses (290)
Provision for asbestos litigation claims -
Insider compensation 823
Restructure costs -
Other expenses (40,778)
-----------
Income (Loss) from Operations 40,583
Other Expenses:
Cost of borrowed funds 199,888
Other -
-----------
Income (Loss) Before Reorganization Items (159,305)
Reorganization Items:
Professional fees 3,547
U.S. Trustee quarterly fees 12
Interest earned on accum. cash from Chapter 11 (2,859)
(Gain) Loss from sale of equipment -
(Gain) Loss from settlement of liabilities -
Other reorganization expenses 3,746
-----------
Total Reorganization Expenses 4,446
-----------
Loss Before Income Taxes (163,750)
Credit for Income Tax (391,960)
-----------
Income (Loss) Before Minority Interest and
Equity in Net Income of Affiliates 228,210
Minority interest -
Equity in net income (loss) of affiliates 142
-----------
Net Income (Loss) $228,352
===========
Owens Corning
Statement of Cash Receipts & Disbursements
For the Month Ended December 31, 2005
(In Thousands)
Cash, Beginning of Month $966,280
Receipts:
Customer receipts 443,327
Intercompany sales 5,999
Loans & advances -
Sale of assets -
Other receipts 22,441
Intercompany transfers 108,504
Transfers from DIP 235,477
-----------
Total Receipts $815,748
Disbursements:
Net payroll 33,977
Payroll taxes -
Sales use & other taxes 6,713
Inventory purchases 143,082
Insurance 2,316
Administrative & selling 56,999
Other 110,000
Intercompany transfers 84,156
Transfers to DIP 235,499
Professional Fees 4,023
U.S. Trustee Quarterly Fees -
Court costs -
Adjustment -
-----------
Total Disbursements $676,765
Net Cash Flow 138,983
-----------
Cash -- End of Month $1,105,263
===========
Owens Corning -- http://www.owenscorning.com/-- manufactures
fiberglass insulation, roofing materials, vinyl windows and
siding, patio doors, rain gutters and downspouts. Headquartered
in Toledo, Ohio, the Company filed for chapter 11 protection on
October 5, 2000 (Bankr. Del. Case. No. 00-03837). Norman L.
Pernick, Esq., at Saul Ewing LLP, represents the Debtors. Elihu
Inselbuch, Esq., at Caplin & Drysdale, Chartered, represents the
Official Committee of Asbestos Creditors. James J. McMonagle
serves as the Legal Representative for Future Claimants and is
represented by Edmund M. Emrich, Esq., at Kaye Scholer LLP.
(Owens Corning Bankruptcy News, Issue No. 127; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
SAINT VINCENTS: Posts $5.7 Million Net Loss in January 2006
-----------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of January 31, 2006
ASSETS
Cash & Cash Equivalents $28,760,171
Investments -
Patients Accounts Receivable, less allowance for
doubtful accounts 180,821,675
Accounts Receivable 27,900,350
Other Current Assets 72,639,484
--------------
Total Current Assets 310,121,680
Depreciation Reserve Funds & Collaterized Assets 13,727,567
Assets Designated for Self-Insurance
Investments at Market 45,166,711
Assets whose use is limited -
Investments at Market 53,743,259
Other Non-Current Assets 21,517,245
Land, Buildings & Equipment, net of
Accumulated Depreciation 281,448,624
--------------
Total Assets $725,725,086
==============
LIABILITIES AND NET ASSETS
Liabilities Subject to Compromise:
HFG Loan -
Accounts Payable & Accrued Expenses $234,975,020
Estimated Retroactive Payables to
Third Parties, net 115,538,829
Long-term Debt 130,655,505
Long-term Debt, excluding current installments -
Estimated Liability for Self-Insurance 228,797,993
--------------
Total Liabilities Subject to Compromise 709,967,347
Liabilities Not Subject to Compromise:
Accrued Salaries & Payroll Taxes Withheld 53,312,828
Accounts Payables & Accrued Expenses 92,601,236
Long-term Debt (GE) 169,000,000
--------------
Total Liabilities 1,024,881,411
Net Assets:
Unrestricted (356,591,240)
Temporarily Restricted 32,795,168
Permanently Restricted 24,639,747
--------------
Total Net Assets (299,156,325)
--------------
Total Liabilities & Net Assets $725,725,086
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From January 1 to January 31, 2006
Operating Revenue
Inpatient $63,137,469
Outpatient 30,468,697
--------------
Patient Service Revenue 93,606,166
--------------
Less Provision for Bad Debt 9,594,154
--------------
Net Patient Service Revenue 84,012,012
--------------
Pool Revenue 3,851,860
Capitation 7,409,005
Other 8,851,672
--------------
Total Operating Revenue 104,124,549
Operating Expenses:
Salaries and Wages 47,283,580
Fringe Benefits 14,591,786
Supplies and Other 33,475,104
Insurance 4,491,552
--------------
Total Direct Operating Costs 99,842,021
Salaries and Wages 2,907,568
Fringe Benefits 930,653
Supplies and Other 6,165,051
--------------
Total Corporate Allocated 10,003,272
--------------
Total Operating Expense 109,845,294
--------------
Interest 1,946,654
Depreciation 3,601,055
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items (11,268,454)
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) -
St. Mary's Op Pac Rate Adjustment -
ZBEC/HFE Recoveries -
Restructuring & Bankruptcy Related Costs (2,680,090)
Estimated Close-out of St. Mary's -
Hanys Investment Income (SFS INS) -
Prior Period Ambulance Revenue -
Transfer of Equity Foundation -
--------------
Total Non-Recurring and/or Unusual Items (2,680,090)
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (13,948,544)
--------------
Non-Operating Revenue 1,810,707
Change in Temporary Restricted Net Assets 93,797
--------------
Change in Net Assets ($12,044,040)
--------------
EBITDA ($5,720,745)
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From January 1 to January 31, 2006
Cash Flows from Operation Activities:
Changes in Net Assets ($12,044,040)
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Depreciation & Amortization 3,604,055
Gain on Refinancing -
Change in Unrealized Gains & Losses (1,346,203)
Change in Patient's Accounts Receivable (6,051,456)
Change in Accounts Receivables, Other 8,165,045
Change in Prepaid Expenses & Other (13,953,015)
Change in Other Non-Current Assets 792,595
Change in Accounts Payable &
Accrued Exp-Prepetition (745,276)
Change in Accounts Payable &
Accrued Exp-Postpetition -
Change in Accrued Salaries & P/R Taxes -
Change in Est. Retro rec/pay
from/to third parties 5,352,392
Change in Est. Liability for self-insurance 3,742,349
Change in Other Non-Current Liabilities (1,206,200)
--------------
Net Cash Provided by Operating Activities (13,689,754)
Cash flows From Investment Activities:
Sale of Investments, Net 135,599
Sale of Assets Whose Use is Limited (785,438)
Acquisition/Sale of Land, Building,
& Equipment (828,523)
--------------
Net Cash Provided by Investing Activities (1,478,362)
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Loan -
Proceed from issuance of Long-term debt -
Repayment of Long-term debt (1,092,136)
--------------
Net Cash (Used) in Financing Activities (1,092,136)
Net Increase (Decrease)
in Cash & Cash Equivalents (16,260,252)
Cash & Cash Equivalents at Beginning of Month 45,020,423
--------------
Cash & Cash Equivalents at End of the Month $28,760,171
==============
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. 22;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
*********
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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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USA. Marie Therese V. Profetana, Shimero Jainga, Emi Rose S.R.
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Patrick F. Casquejo, Christian Q. Salta, Jason A. Nieva, Lucilo
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Copyright 2006. All rights reserved. ISSN: 1520-9474.
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