/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/060408.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, April 8, 2006, Vol. 10, No. 84 Headlines ADELPHIA COMMS: Incurs $10.2 Million Net Loss in February 2006 ADELPHIA COMMS: Century/ML Files February 2006 Operating Report ASARCO LLC: Earns $19.4 Million for the Month of February 2006 CATHOLIC CHURCH: Portland Files February 2006 Operating Report CATHOLIC CHURCH: Spokane Files February 2006 Operating Report DELPHI CORP: Incurs $136 Million Net Loss in February 2006 ENTERGY NEW ORLEANS: Incurs $3.4 Million Net Loss in February 2006 FLYI INC: Incurs $3,421 Net Loss for the Month of February 2006 FLYI INC: Independence Incurs $5.9 Mil. Net Loss in February 2006 INTEGRATED ELECTRICAL: Incurs $5.4 Mil. Net Loss in February 2006 MERIDIAN AUTOMOTIVE: Incurs $22.8 Mil. Net Loss in December 2005 MERIDIAN AUTOMOTIVE: Incurs $12.7 Million Net Loss in January 2006 MERIDIAN AUTOMOTIVE: Incurs $9.7 Million Net Loss in February 2006 MUSICLAND HOLDING: Files Schedules of Assets and Liabilities MUSICLAND HOLDING: Purchasing's Schedule of Assets and Liabilities MUSICLAND HOLDING: Media Play's Schedules of Assets & Liabilities MUSICLAND HOLDING: Retail's Schedules of Assets and Liabilities MUSICLAND HOLDING: Group's Schedules of Assets and Liabilities NORTHWEST AIRLINES: Incurs $496 Million Net Loss in February 2006 TOWER AUTOMOTIVE: Incurs $11.1 Million Net Loss in February 2006 USG CORP: Earns $40.9 Million for the Month of February 2006 WINN-DIXIE: Incurs $7.5 Million Net Loss in March 2006 XYBERNAUT CORP: Incurs $709,388 Net Loss in February 2006 ********* ADELPHIA COMMS: Incurs $10.2 Million Net Loss in February 2006 -------------------------------------------------------------- Adelphia Communications Corporation, et al. Unaudited Consolidated Balance Sheet As of February 28, 2006 (Dollars in thousands) ASSETS Cash and cash equivalents $465,028 Restricted cash 25,917 Accounts receivables - net 114,610 Receivable for securities 10,029 Other current assets 195,558 ----------- Total current assets 811,142 Restricted cash 264,254 Investments in equity affiliates 7,128 Receivables from non-filing entities 717,915 Property and equipment - net 4,181,172 Intangible assets - net 7,035,222 Other noncurrent assets - net 100,360 ----------- Total Assets $13,117,193 =========== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $155,329 Subscriber advance payments and deposits 33,323 Accrued liabilities 541,325 Deferred income 20,537 Current portion of parent and subsidiary debt 916,082 ----------- Total current liabilities 1,666,596 Other liabilities 26,529 Deferred income 56,220 Deferred income taxes 749,421 ----------- Total noncurrent liabilities 832,170 Liabilities subject to compromise 18,415,463 ----------- Total liabilities 20,914,229 Minority interests in equity of subsidiary 71,124 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 (17,410,369) Treasury stock, at cost (27,937) ----------- Total stockholders' equity (7,868,160) ----------- Total liabilities and stockholders' equity $13,117,193 =========== Adelphia Communications Corporation, et al. Unaudited Consolidated Statements of Operations Month Ended February 28, 2006 (Dollars in thousands) Revenue $362,550 Cost and expenses: Direct operating and programming 208,813 Selling, general and administrative 28,970 Investigation, re-audit and sale transaction co 6,326 Depreciation and amortization 69,126 Impairment of long-lived assets - Provision for uncollectible amounts from Rigases - Gains on dispositions of long-lived assets (1,104) ----------- Operating income (loss) 50,419 Other income (expense): Interest expense (49,702) Impairment of cost & available for sale investment - Other income (expense) - net 1,738 ----------- Total other expense - net (47,964) ----------- Loss from continuing operations before reorganization 2,455 Reorganization expenses due to bankruptcy 7,021 ----------- Loss from continuing operations before income taxes 9,476 Income tax benefit - Share of losses of equity affiliates - net (9) Minority's interest in subsidiary losses - net 744 ----------- Net loss 10,211 Beneficial conversion feature - ----------- Net loss applicable to common stockholders $10,211 =========== Adelphia Communications Corporation, et al. Unaudited Consolidated Statements of Cash Flows For the Month Ended February 28, 2006 (Dollars in thousands) Cash flows from operating activities: Net loss $10,211 Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 69,126 Impairment of long-lived assets - Provision for uncollectible amounts from Rigases - Gains on disposition of long-lived assets (1,104) Amortization of debt issuance costs 282 Impairment of cost & available for sale investments - Provision for settlements - Reorganization expenses due to bankruptcy (7,021) Deferred tax expense (benefit) - Share in losses of equity affiliates - net 9 Minority interest in losses of subsidiaries (744) Other noncash gains - Depreciation, amortization and other non-cash items from discontinued operations - Change in operating assets & liabilities 15,155 ----------- Net cash provided by operating activities before payment of reorganization expenses 85,914 Reorganization expenses paid during the period (2,601) ----------- Net cash provided by (used in) operating activities 83,313 Cash flows from investing activities: Expenditures for property, plant and equipment (40,992) Changes in restricted cash (1,922) Proceeds from sale of investments 1,104 Other 2,656 ----------- Net cash used in investing activities (39,154) Cash flows from financing activities: Proceeds from debt 44,000 Repayments of debt (3,529) Payment of debt issuance costs - ----------- Net cash provided by financing activities 40,471 Change in cash and cash equivalents cash 84,630 Cash, beginning of period 380,398 ----------- Cash, end of period $ 465,028 =========== 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. 126; Bankruptcy Creditors' Service, Inc., 215/945-7000) ADELPHIA COMMS: Century/ML Files February 2006 Operating Report --------------------------------------------------------------- On March 24, 2006, Century/ML Cable Venture delivered to the Court a Statement of Account for February: Statement of Account For the Month ended February 28, 2005 Beginning Balance $2,097,844 Additions 6,446 Disbursements 635,036 ---------- Closing Balance $1,469,254 ========== Richard S. Toder, Esq., at Morgan Lewis & Bockius LLP, in New York, notes that the Beginning Balance includes only those funds that were held back as of the closing on October 31, 2005, that were applicable to potential liabilities of the Debtor. The Balance excludes the $10,000,000 related to the Highland Holdings claim. Century Communications Corporation filed for Chapter 11 protection on June 10, 2002. Century's case has been jointly administered to proceedings of Adelphia Communications Corporation. Century operates cable television services in Colorado, California and Puerto Rico. CENTURY is an indirect wholly owned subsidiary of ACOM and an affiliate of Adelphia Business Solutions, Inc. Lawyers at Willkie, Farr & Gallagher represent CENTURY. 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. 126; Bankruptcy Creditors' Service, Inc., 215/945-7000) ASARCO LLC: Earns $19.4 Million for the Month of February 2006 -------------------------------------------------------------- ASARCO LLC, et al. Balance Sheet As of February 28, 2006 ASSETS Current assets: Cash $36,023,000 Net accounts receivable 107,575,000 Inventory: lower of cost or market 211,945,000 Prepaid expenses 32,201,000 Deferred income tax assets 0 -------------- Total current assets 387,745,000 Net property, plant and equipment 417,921,000 Other assets Investment in subs 78,431,000 Prepaid pension and retirement plan 74,743,000 Non-current deferred tax asset 40,952,000 Other 108,843,000 -------------- Total assets $1,108,635,000 ============== LIABILITIES Postpetition liabilities: Accounts payable $41,173,000 Accrued liabilities 19,074,000 Debtor-in-possession financing 0 -------------- Total postpetition liabilities 60,247,000 Prepetition liabilities: Not subject to compromise - credit 995,000 Not subject to compromise - other 137,573,000 Subject to compromise 883,125,000 -------------- Total prepetition liabilities 1,021,692,000 -------------- Total liabilities $1,081,939,000 ============== OWNERS' EQUITY (DEFICIT) Common stock 508,325,000 Additional paid-in capital 104,578,000 Other comprehensive income (144,217,000) Retained earnings: filing Date (531,769,000) -------------- Total prepetition owners' equity (63,083,000) Retained earnings: post-filing Date 89,779,000 -------------- Total owners' equity (net worth) 26,696,000 -------------- Total liabilities and owners' equity $1,108,635,000 ============== ASARCO LLC, et al. Consolidated Statement of Operations Month Ending February 28, 2006 Sales $55,542,000 Cost of products and services 34,404,000 -------------- Gross profit 21,138,000 Operating expenses: Selling and general & admin expenses 2,243,000 Depreciation & amortization 2,024,000 Provision accretion expense of asset retirement obligation 143,000 -------------- Operating income 16,727,000 Interest expense 180,000 Interest Income (358,000) Reorganization Expenses 1,054,000 Other miscellaneous (income) expenses (4,034,000) -------------- Income (loss) before taxes 19,885,000 Income taxes 398,000 -------------- Net income $19,487,000 ============== ASARCO LLC, et al. Consolidated Cash Receipts & Disbursements Month Ending February 28, 2006 Receipts $55,991,000 Disbursements: Inventory material 8,148,000 Operating disbursements 26,458,000 Capital expenditures 644,000 -------------- Total disbursements 35,250,000 Operating cash flow 20,741,000 Reorganization disbursements 1,047,000 -------------- Net cash flow 19,694,000 Net payments to secured Lenders 0 -------------- Net change in cash 19,694,000 Beginning cash balance 16,329,000 -------------- Ending cash balances $36,023,000 ============== Headquartered in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/-- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. Lehman Brothers Inc. provides the ASARCO with financial advisory services and investment banking services. Paul M. Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the Official Committee of Unsecured Creditors and David J. Beckman at FTI Consulting, Inc., gives financial advisory services to the Committee. When the Debtor filed for protection from its creditors, it listed $600 million in total assets and $1 billion in total debts. The Debtor has five affiliates that filed for chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about their asbestos-driven chapter 11 filings have appeared in the Troubled Company Reporter since Apr. 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-21346) also filed for chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation proceeding. The Court appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7 Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee. (ASARCO Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service, Inc., 215/945-7000). CATHOLIC CHURCH: Portland Files February 2006 Operating Report -------------------------------------------------------------- Pastoral Center Archdiocese of Portland in Oregon Statement of Financial Position As of February 28, 2006 ASSETS Cash and cash equivalents $16,050,888 Accounts receivable, net 2,189,724 Notes, estates and other receivables 11,970,227 Loans receivable from Archdiocesan entities, net 7,767,060 Loans receivable from Archdiocesan housing entities 531,741 Interest receivable and other assets 219,954 Inventories 1,651,482 Real Property 226,688 Deposits and prepaid expenses 40,532 Investments 97,191,986 Advances to Archdiocesan housing entities 1,640,000 Land, buildings, and equipment, net 7,771,419 -------------- Total Assets $147,252,701 ============== 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 15,200,680 Long-term pool investments payable 18,996,236 Reserve for insurance claims 2,343,946 Notes payable 10,910,451 Pre-need liability and reserve 456,268 Accrued post-retirement liability 7,607,264 -------------- Total Prepetition Liabilities $58,559,361 -------------- Postpetition Accounts payable 640,818 Accrued liabilities 3,928,754 Funds held for others Second Collections 376,372 Short-term investments payable 2,736,074 Long-term pool investments 4,530,614 Reserve for insurance claims (15,922) Notes payable - Pre-need liability and reserve 28,881 Accrued post-retirement liability 404,521 -------------- Total Postpetition Liabilities $12,630,112 -------------- Total Liabilities $71,189,473 -------------- Net Assets: Prepetition Net Assets: Charitable Trust Assets 69,963,947 Other Assets (3,574,186) -------------- Total Prepetition Net Assets 66,389,761 -------------- Postpetition Net Assets: Charitable Trust Assets 6,500,599 Other Assets 3,172,868 -------------- Total Postpetition Net Assets 9,673,467 -------------- Total Net Assets 76,063,228 -------------- Total liabilities & net assets $147,252,701 ============== Pastoral Center Archdiocese of Portland in Oregon Statement of Activities For the month ending February 28, 2006 Revenues, gains and other support Annual Catholic Appeal income $4,802 Gross profit on cemetery sales 56,685 Contributions, gifts, annuities and bequests 10,641 Operating support - Oregon Catholic Press - Investment income and realized gains (losses), net of expenses 1,137,144 Change in unrealized gains (losses) (1,464,389) Insurance premiums, net 1 Interest income from loans 34,262 Parish assessments 251,797 Other income 47,205 Departmental revenues 25,127 Net assets released from restrictions - -------------- Total revenues, gains, and other support $103,275 -------------- Expenses and program support: Program Services: Annual Catholic Appeal program support, grants and parish subsidies 239,952 Clergy Services 155,791 Catholic Schools 41,250 Pastoral Services 46,588 Evangelization Services 48,464 Public Services 8,716 Tribunal Services 17,811 Deposit and loan interest 31,736 Insurance program 359,707 Cemetery operating expenses 69,435 High School grants/charitable annuities 12,039 Other program expenses 66,915 -------------- Total program services $1,098,404 -------------- Supporting Services: Archbishop, Vicar General and Chancellor Services 52,158 Finance & Administration: Resource Development 69,053 Business Affairs 9,350 Financial Services 63,612 Human Resources 25,737 Shared Services 25,536 Occupancy and physical plant expenses 13,282 Designated funds expense 10,843 Bankruptcy expense 359,305 Depreciation expense - -------------- Total supporting services $628,876 -------------- Total expenses and program support $1,727,280 -------------- Increase (decrease) in net assets before transfers and designations of net assets (1,624,005) Fund transfers - in (out) - Designation of net assets - -------------- Increase (decrease) in net assets (1,624,005) Net assets at beginning of year 77,687,233 -------------- Net assets at end of year $76,063,228 ============== Archdiocese of Portland in Oregon Statement of Cash Receipts and Disbursements For the month ending February 28, 2006 Beginning Cash Balance: $15,951,278 Add: Transfers in 693,267 Receipts Deposited 1,925,939 Other (Return of Direct Deposits) - Other (Interest Income) 47,932 -------------- Total Cash Receipts $2,667,138 Subtract: Transfers out (693,267) Disbursements by check or debit (1,873,253) Cash withdrawn - Other (Service Charges) (827) Other (Misc Check Correction) - Other (NSF Checks) (180) Other (Clear Interfund Rec/Pay) - -------------- Total Cash Disbursements ($2,567,527) -------------- Ending Cash Balance $16,050,890 ============== 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. Albert N. Kennedy, Esq., at Tonkon Torp, LLP, represents the Official Tort Claimants Committee in Portland, and scores of abuse victims are represented by other lawyers. David A. Foraker serves as the Future Claimants Representative appointed in the Archdiocese of Portland's Chapter 11 case. 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. 55; Bankruptcy Creditors' Service, Inc., 215/945-7000) CATHOLIC CHURCH: Spokane Files February 2006 Operating Report ------------------------------------------------------------- Catholic Diocese of Spokane Balance Sheet As of February 28, 2006 ASSETS Total Cash Accounts $2,195,840 Total Investments 3,879,365 Total Property 495,004 Total Loans Receivable 2,845,362 Total Interfund Loan Receivable 396,887 Total Accounts Receivable 54,116 Total Land and Buildings & Equip 2,474,977 Total Prepaid Expenses 37,911 -------------- Total Assets $12,379,461 ============== LIABILITIES AND NET ASSETS Liabilities Total Deposits Payable 6,640,354 Total Interest Payable 0 Total Accounts Payable 7,613 Total Long-term Liabilities 9,335,400 Net Assets Total Unrestricted - Fund Balance (16,138,387) Total Unrestricted Net Assets (16,138,387) T.R. - Guse Grant Funds 274,293 T.R. - Bishop's School Grants Funds 122,428 Total Replacement Fund 9,883,357 Total Diocesan D&L Funding 2,176,115 Total Guatemala Funds 604,586 Temporarily Restricted 422 -------------- Total liabilities & net assets $12,509,461 ============== Catholic Diocese of Spokane Income and Expense Statement For the month ending February 28, 2006 Total Income $2,356,719 Total Expenses 3,951,117 -------------- Net Excess or Deficit $1,594,398 ============== The Diocese of Spokane's Statement of Cash Receipts and Disbursements for the period February 1 to 28, 2006, shows ending balance of $2,157,888. Total cash receipts for the period is $563,559, while total cash disbursements is $109,598. A full-text copy of the Diocese's February 2006 monthly operating report is available for free at: http://researcharchives.com/t/s?798 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. 55; Bankruptcy Creditors' Service, Inc., 215/945-7000) DELPHI CORP: Incurs $136 Million Net Loss in February 2006 ---------------------------------------------------------- Delphi Corporation, et al. Unaudited Consolidated Balance Sheet As of February 28, 2006 (In Millions) ASSETS CURRENT ASSETS: Cash and cash equivalents $1,129 Accounts receivable, net: General Motors and affiliates 1,762 Other third parties 1,608 Non-Debtor subsidiaries 280 Notes receivable from non-Debtor subsidiaries 350 Inventories, net: Productive material, work-in-process and supplies 885 Finished goods 304 Prepaid expenses and other 230 -------- TOTAL CURRENT ASSETS 6,548 -------- Long-term assets: Property, net 2,562 Goodwill 40 Other intangible assets 40 Pension intangible assets 871 Investments in non-Debtor subsidiaries 3,050 Other 719 -------- TOTAL ASSETS $13,830 ======== LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities not subject to compromise: Note payable to non-Debtor subsidiary 2 Accounts payable 1,118 Accounts payable to non-Debtor subsidiaries 479 Accrued liabilities 456 -------- TOTAL CURRENT LIABILITIES 2,055 -------- Long-term liabilities not subject to compromise: Debtor-in-possession financing 250 Employee benefit plan obligations and other 530 -------- TOTAL LONG-TERM LIABILITIES 780 -------- Liabilities subject to compromise 17,518 -------- TOTAL LIABILITIES 20,353 -------- Stockholders' deficit: Common stock 6 Additional paid-in capital 2,680 Accumulated deficit (6,979) Minimum pension liability (2,052) Accumulated other comprehensive loss (126) Treasury stock (52) -------- TOTAL STOCKHOLDERS' DEFICIT (6,523) -------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $13,830 ======== Delphi Corporation, et al. Unaudited Consolidated Statement of Operations Month Ended February 28, 2006 (In Millions) Net sales: General Motors and affiliates $903 Other customers 579 Intercompany non-Debtor subsidiaries 52 -------- Total net sales 1,534 -------- Operating expenses: Cost of sales, excluding items listed below 1,523 Selling, general and administrative 81 Depreciation and amortization 59 Goodwill and long-lived asset impairment charges - -------- Total operating expenses 1,663 -------- Operating loss (129) Interest expense (27) Other expense, net 4 -------- Loss before reorganization items, income taxes, and equity income (152) Reorganization items (3) Income tax expense - Equity income from non-consolidated subsidiaries 3 Equity income from non-Debtor subsidiaries, net of tax 16 -------- NET LOSS ($136) ======== Delphi Corporation, et al. Unaudited Consolidated Statement of Cash Flows Month Ended February 28, 2006 (In Millions) Cash flows from operating activities: Net loss ($136) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 59 Pension and other postretirement benefit expenses 132 Equity income from unconsolidated subsidiaries, net (3) Equity income from non-Debtor subsidiaries, net (16) Reorganization items 3 Changes in operating assets and liabilities: Accounts receivable, net (196) Inventories, net (4) Prepaid expenses and other (41) Accounts payable, accrued and other long-term debt 91 Pension contributions (1) Other postretirement benefit payments (19) Receipts (payments) for reorganization items, net (7) Other (2) -------- Net cash used in operating activities (140) -------- Cash flows from investing activities: Capital expenditures (24) Proceeds from sale of property 4 -------- Net cash used in investing activities (20) -------- Cash flows from financing activities: Proceeds from revolving credit facility, net - Proceeds from note payable to non-Debtor subsidiary - Repayments of other debt (1) Repayment of cash overdraft - -------- Net cash used in financing activities (1) -------- Decrease in cash and cash equivalents (161) Cash and cash equivalents at beginning of period 1,290 -------- Cash and cash equivalents at end of period $1,129 ======== Headquartered in Troy, Michigan, Delphi Corporation -- http://www.delphi.com/-- is the single largest global supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The Company's technology and products are present in more than 75 million vehicles on the road worldwide. The Company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Aug. 31, 2005, the Debtors' balance sheet showed $17,098,734,530 in total assets and $22,166,280,476 in total debts. (Delphi Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., 215/945-7000) ENTERGY NEW ORLEANS: Incurs $3.4 Million Net Loss in February 2006 ------------------------------------------------------------------ Entergy New Orleans, Inc. Balance Sheet As of February 28, 2006 (in thousands) ASSETS Current Assets: Cash and cash equivalents $37,504 Temporary cash investments - ----------- Total cash and cash equivalents 37,504 Accounts receivable: Customer 87,697 Allowance for doubtful accounts (25,422) Associated companies 16,912 Other 7,478 Accrued unbilled revenues 14,248 ----------- Total accounts receivable 100,913 Deferred fuel costs 28,709 Fuel inventory 4,714 Materials and supplies 8,065 Prepayments and other 12,780 ----------- Total current assets 192,685 Other Property and Investments Investment in affiliates 3,259 Non-utility property at cost 1,107 ----------- Total other property and investments 4,366 Utility Plant Electric 692,561 Natural gas 189,584 Construction work in progress 198,084 ----------- Total Utility Plant 1,080,229 Less - accumulated depreciation and amortization 433,215 ----------- Utility plant - net 647,014 Deferred Debits and Other Assets Regulatory assets: Other regulatory assets 169,576 Long term receivables 1,812 Other 26,557 ----------- Total deferred debits and other assets 197,945 ----------- TOTAL ASSETS $1,042,010 =========== LIABILITIES: Postpetition liabilities: Taxes payable $9,538 Accounts payable 48,866 DIP credit facility 90,000 ----------- Total postpetition liabilities 148,404 Current liabilities: Currently maturing long-term debt - Notes payable 15,000 Accounts payable: Associated companies 47,670 Other 234,031 Customer deposits 14,934 Taxes accrued - Accumulated deferred income taxes 1,895 Interest accrued 2,907 Energy efficiency program provision - Other 1,468 ----------- Total current liabilities 317,905 Non-current liabilities: Accumulated deferred income taxes & taxes accrued 65,968 Accumulated deferred investment tax credits 3,500 SFAS 109 regulatory liability - net 54,300 Other regulatory liabilities 591 Accumulated provisions 8,121 Pension liability 37,625 Long-term debt 229,862 Other 7,320 ----------- Total non-current liabilities 407,287 ----------- Total Liabilities 873,596 Commitments and Contingencies: SHAREHOLDERS' EQUITY Preferred stock without sinking fund 19,780 Common stock, $4 par value, authorized 10,000,000 shares; issued and outstanding 8,435,900 shares in 2005 and 2004 33,744 Paid-in capital 36,294 Retained earnings -- prepetition 99,593 Retained earnings -- postpetition (20,997) ----------- Total shareholders equity 168,414 ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,042,010 =========== Entergy New Orleans, Inc. Statement of Operations Month Ended February 2006 (in thousands) Operating Revenues Domestic electric $28,835 Natural gas 14,673 ----------- Total operating revenues 43,508 Operating Expenses: Operation and maintenance Fuel 15,639 Purchased power 22,903 Other operation and maintenance 5,369 Taxes other than income taxes 3,187 Depreciation and amortization 2,742 Other regulatory charges - net 445 ----------- Total operating expenses 50,285 ----------- Operating income (6,777) Other income: Allowance for equity funds used during construction 724 Interest and dividend income 272 Miscellaneous - net (69) ----------- Total other income 967 Interest and other charges: Interest on long-term debt 61 Other interest-net 673 Allowance for borrowed funds used during construction (600) ----------- Total interest and other charges 134 Income (loss) before income taxes (5,944) Income taxes (2,468) ----------- NET INCOME ($3,476) =========== Entergy New Orleans, Inc. Cash Receipts and Disbursement Statement Month Ended February 2006 Beginning cash balance $34,221,589 Cash receipts 51,927,241 Cash disbursements (48,644,462) ----------- Net cash flow 3,282,779 ----------- ENDING CASH BALANCE $37,504,368 =========== Headquartered in Baton Rouge, Louisiana, Entergy New Orleans Inc. -- http://www.entergy-neworleans.com/-- is a wholly owned subsidiary of Entergy Corporation. Entergy New Orleans provides electric and natural gas service to approximately 190,000 electric and 147,000 gas customers within the city of New Orleans. Entergy New Orleans is the smallest of Entergy Corporation's five utility companies and represents about 7% of the consolidated revenues and 3% of its consolidated earnings in 2004. Neither Entergy Corporation nor any of Entergy's other utility and non-utility subsidiaries were included in Entergy New Orleans' bankruptcy filing. Entergy New Orleans filed for chapter 11 protection on Sept. 23, 2005 (Bankr. E.D. La. Case No. 05-17697). Elizabeth J. Futrell, Esq., and R. Partick Vance, Esq., at Jones, Walker, Waechter, Poitevent, Carrere & Denegre, L.L.P., represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed total assets of $703,197,000 and total debts of $610,421,000. (Entergy New Orleans Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000) FLYI INC: Incurs $3,421 Net Loss for the Month of February 2006 --------------------------------------------------------------- FLYi Inc. Consolidated Balance Sheet As of February 28, 2006 ASSETS Current assets Cash $185,983 Short term investments 1,000,000 Net accounts receivable 379,627,553 IC Notes receivable 4,252,000 ------------- Total Current Assets $385,065,536 ------------- Other assets Restricted cash 0 Long term investments 7,435,000 Property and equipment, net of depreciation 250 Intangible assets 0 Debt issuance cost 0 Aircraft deposits 0 Long term deferred tax 0 Other assets 14,055,412 ------------- Total Other Assets $21,490,662 ------------- TOTAL ASSETS $406,556,198 ============= LIABILITIES Liabilities not subject to compromise $0 Liabilities subject to compromise Secured debt 0 Priority debt 0 Unsecured debt 244,526,299 ------------- Total Liabilities $244,526,299 ------------- Owner Equity Common stock 1,088,716 Additional paid in capital 158,254,512 Treasury stock (35,717,477) Pre-petition retained earnings 39,858,773 Postpetition retained earnings (1,454,625) ------------- Net Owners' Equity $162,029,899 ------------- TOTAL LIABILITIES AND OWNER'S EQUITY $406,556,198 ============= FLYi Inc. Statement of Operations February 2006 Revenues $0 Other income and expenses Interest income (3,421) Interest expense - Other miscellaneous - ------------- Net Profit(Loss) ($3,421) ============= Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent of Independence Air Inc., a small airline based at Washington Dulles International Airport. The Debtor and its six affiliates filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del. Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon, Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. Brett H. Miller, Esq., at Otterbourg, Steindler, Houston & Rosen, P.C., represents the Official Committee of Unsecured Creditors. As of Sept. 30, 2005, the Debtors listed assets totaling $378,500,000 and debts totaling $455,400,000. (FLYi Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service, Inc., 215/945-7000) FLYI INC: Independence Incurs $5.9 Mil. Net Loss in February 2006 ----------------------------------------------------------------- Independence Air Inc. Consolidated Balance Sheet As of February 28, 2006 ASSETS Current assets Cash $18,708,345 Short term investments 6,300,000 Restricted cash 7,180,117 Net accounts receivable 95,717,198 Net expandable parts and fuel 1,776,152 Net prepaid expenses 10,267,047 Deferred tax asset (1) ------------- Total current assets $139,948,858 ------------- Other assets: Restricted cash 17,612,095 Property and equipment, net of depreciation 21,079,663 Aircraft deposits 21,912,000 Other assets 1,787,886 ------------- Total other assets $62,391,644 ------------- TOTAL ASSETS $202,340,502 ============= LIABILITIES Liabilities not subject to compromise Accounts payable $5,243,917 Air traffic liability 2,200,695 Accrued liabilities 5,067,853 Amounts due to insiders 16,667 ------------- Total postpetition liabilities $12,529,132 ------------- Liabilities subject to compromise Secured debt 2,010,411 Priority debt 1,026,969 Unsecured debt 420,350,395 Other accruals 34,788,497 ------------- Total prepetition liabilities $458,176,254 ------------- Total Liabilities $472,705,386 ------------- Owner Equity Common stock - Additional paid in capital - Treasury stock 7,435,000 Owner's equity account - Pre-petition retained earnings (243,575,614) Postpetition retained earnings (32,224,270) Adjustment to owner equity - ------------- Net Owners' Equity (268,364,884) ------------- TOTAL LIABILITIES AND OWNER'S EQUITY $202,340,502 ============= Independence Air Inc. Statement of Operations February 2006 Revenues Operating Revenue Passenger revenue $288 In-flight Sales 9,618 Other revenue 22,893 ------------- Total operating revenues $32,799 ------------- Operating expenses Insider compensation 16,667 Wages 794,326 Fringes and benefits 921,434 Aircraft fuel (12,083) Aircraft maintenance and materials 369,949 Traffic commissions (4,999) Facilities rent 112,693 Landing fees 7,841 Depreciation and amortization 449,889 Others 3,027,305 Retirement and restructuring charge 402,335 ------------- Total operating expense $6,085,357 ------------- Net operating income (6,052,558) ------------- Net Profit (Loss) before other income & expenses (6,052,558) ------------- Other income and expenses Interest income (136,782) Interest expense 5,518 ------------- Total other (income) expense (131,264) ------------- Net Profit (Loss) before reorganization items (5,921,294) ------------- Reorganization items Professional fees (248,638) ------------- Net Profit (Loss) ($5,916,090) ============= Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent of Independence Air Inc., a small airline based at Washington Dulles International Airport. The Debtor and its six affiliates filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del. Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon, Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. Brett H. Miller, Esq., at Otterbourg, Steindler, Houston & Rosen, P.C., represents the Official Committee of Unsecured Creditors. As of Sept. 30, 2005, the Debtors listed assets totaling $378,500,000 and debts totaling $455,400,000. (FLYi Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service, Inc., 215/945-7000) INTEGRATED ELECTRICAL: Incurs $5.4 Mil. Net Loss in February 2006 ----------------------------------------------------------------- Integrated Electrical Services, Inc., et al. Balance Sheet As of February 28, 2006 Assets: Unrestricted Cash $12,764,000 Restricted Cash 20,000,000 Total Cash 32,764,000 Accounts Receivable 168,646,000 Inventory 23,935,000 Notes Receivable - Prepaid Expenses 30,659,000 Other 69,740,000 Total Current Assets 325,744,000 Property, Plant, Equipment 81,027,000 Less: Accumulated Depreciation 58,445,000 Net Property, Plant, Equipment 22,582,000 Due From Insiders - Other Assets - Net of Amortization 24,343,000 Other 12,066,000 ------------- TOTAL ASSETS $384,735,000 ============= Postpetition Liabilities: Accounts Payable $25,081,000 Taxes Payable 2,394,000 Notes Payable 0 Professional Fees 1,250,000 Secured Debt 0 Other 43,121,000 ------------- Total Postpetition Liabilities 71,846,000 Prepetition Liabilities: Secured Debt 41,000 Priority Debt 32,762,000 Unsecured Debt 257,425,000 Other 22,050,000 ------------- Total Prepetition Liabilities 312,278,000 ------------- Total Liabilities 384,124,000 Equity: Prepetition Owners' Equity 6,014,000 Postpetition Cumulative Profit (5,403,000) Direct Charges to Equity ------------- Total Equity 611,000 ------------- TOTAL LIABILITIES AND OWNERS' EQUITY $384,735,000 ============= Integrated Electrical Services, Inc., et al. Income Statement Period From February 14 to 28, 2006 Revenues: Gross Revenues $38,799,000 Less: Returns & Discounts 0 ------------- Net Revenue 38,799,000 Cost of Goods Sold: Material 18,619,000 Direct Labor 8,826,000 Direct Overhead 6,144,000 ------------- Total Cost of Goods Sold 33,588,000 ------------- Gross Profit 5,211,000 Operating Expenses: Officer/Inside Compensation 127,000 Selling & Marketing 165,000 General & Administrative 4,967,000 Rent & Lease 425,000 Other 0 ------------- Total Operating Expenses 5,683,000 ------------- Income Before Non-Operating Income & Expense (473,000) Other Income & Expenses: Non-Operating Income 82,000 Non-Operating Expense 10,000 Interest Expense 821,000 Depreciation/Depletion 0 Other 57,000 ------------- Net Other Income & Expenses $4,856,000 Reorganization Expenses Professional Fees - U.S. Trustee Fees - Other - ------------- Total Reorganization Expenses 0 Income Tax 75,000 ------------- Net Profit (Loss) ($5,403,000) ============= Integrated Electrical Services, Inc., et al. Statement of Cash Receipts & Disbursements For the Month Ended February 28, 2006 Cash, Beginning of Month $39,842,000 Receipts from Operations: Cash Sales 314,000 Collection of Accounts Receivable Prepetition 65,174,000 Postpetition 16,050,000 ------------- Total Operating Receipts $81,538,000 Non-Operating Receipts: Loans & Advances $120,000 Sales of Assets 6,000 Other (404,000) ------------- Total Non-Operating Receipts (278,000) ------------- Total Receipts 81,260,000 ------------- Total Cash Available $121,102,000 Operating Disbursements: Net Payroll $19,944,000 Payroll Taxes Paid 6,848,000 Sales, Use & Other Taxes Paid 786,000 Secured/Rental/Leases 1,219,000 Utilities 257,000 Insurance 1,555,000 Inventory Purchases 32,260,000 Vehicle Expenses 1,214,000 Travel 195,000 Entertainment 149,000 Repairs & Maintenance 117,000 Supplies 511,000 Advertising 62,000 Other 21,091,000 ------------- Total Operating Disbursements $86,208,000 Reorganization Expenses: Professional Fees $2,130,000 U.S. Trustee Fees - Other - ------------- Total Reorganization Expenses 2,130,000 ------------- Total Disbursements $88,338,000 ------------- Net Cash Flow $7,078,000 ------------- Cash -- End of Month $32,764,000 ============= Headquartered in Houston, Texas, Integrated Electrical Services, Inc. -- http://www.ielectric.com/and http://www.ies-co.com/-- is an electrical and communications service provider with national roll-out capabilities across the U.S. Integrated Electrical Services offers seamless solutions and project delivery of electrical and low-voltage services, including communications, network, and security solutions. The Company provides everything from system design, installation, and testing to long-term service and maintenance on a wide array of projects. With approximately 140 locations nationwide, the Company is prepared to seamlessly manage and deliver all your electrical, security, and communication requirements. The Debtor and 132 of its affiliates filed for chapter 11 protection on Feb. 14, 2006 (Bankr. N.D. Tex. Lead Case No. 06-30602). Daniel C. Stewart, Esq., and Michaela C. Crocker, Esq., at Vinson & Elkins, L.L.P., represent the Debtors in their restructuring efforts. As of Dec. 31, 2005, Integrated Electrical reported assets totaling $400,827,000 and debts totaling $385,540,000. (Integrated Electrical Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc. 215/945-7000) MERIDIAN AUTOMOTIVE: Incurs $22.8 Mil. Net Loss in December 2005 ---------------------------------------------------------------- The Debtors revised their monthly operating report ending December 31, 2005, to include final year and accounting adjustments. Meridian Automotive Systems - Composites Operations, Inc. and Subsidiaries Unaudited Consolidated Balance Sheet As of December 31, 2005 (In Thousands) CURRENT ASSETS: Cash - Accounts receivable, net $97,884 Intercompany receivable 14,099 Inventories 77,100 Tooling costs in excess of billings and others 22,851 ---------- TOTAL CURRENT ASSETS 211,934 ---------- Property, plant and equipment, net 233,064 Intangible assets 15,346 Investment in subsidiaries 23,863 Other assets 12,993 ---------- TOTAL ASSETS $497,200 ========== CURRENT LIABILITIES NOT SUBJECT TO COMPRISE: Current portion of long term debt $324,088 Accounts payable 45,121 Accrued expenses 43,885 Tooling billings in excess of costs 5,840 ---------- TOTAL CURENT LIABILITIES 418,934 ---------- Liabilities subject to comprise 463,535 Non-Current Liabilities Not Subject to Compromise: Other long-term liabilities 9,223 Accumulated post-retirement benefit obligation 25,079 ---------- TOTAL LIABILITIES 916,771 STOCKHOLDERS' EQUITY (419,571) ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $497,200 ========== Meridian Automotive Systems - Composite Operations, Inc. and Subsidiaries Unaudited Statement of Operations December 1 to 31, 2005 (In Thousands) Net sales $58,057 Cost of sales 62,250 ---------- Gross profit (4,193) Selling, general and administrative expenses 4,188 Restructuring charges 3,013 ---------- Operating income (loss) (11,394) Interest expense, net 2,674 Other (expense) income 60 Chapter 11 and related reorganization items 8,913 ---------- Loss before provision for income taxes (22,291) (Benefit) Provision for income taxes (51) ---------- NET LOSS ($22,870) ========== Meridian Automotive Systems - Composite Operations, Inc. and Subsidiaries Unaudited Statement of Cash Flows December 1 to 31, 2005 (In Thousands) OPERATING ACTIVITIES: Net loss ($22,870) Adjustments required to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, amortization, and impairment 3,580 Change in working capital and other operating items 19,502 ---------- Net cash provided by (used for) operating activities before reorganization items 212 ---------- Operating cash flows from reorganization items: Chapter 11 and related reorganization items 8,913 Payments on Chapter 11 and related reorg items (2,980) ---------- Net cash provided by Chapter 11 and related reorg items 5,933 Net cash provided by (used for) operating activities 6,145 INVESTING ACTIVITIES: Additions to property and equipment (5,805) Proceeds from sale or property and equipment 60 ---------- Net cash used for investing activities (5,745) ---------- FINANCING ACTIVITIES: Proceeds from prepetition borrowings - Repayments of prepetition borrowings - Proceeds from DIP credit facility 29,000 Repayments of DIP credit facility (29,400) Repayments on prepetition long-term debt - Deferred financing costs capitalized - ---------- Net cash (used for) provided by financing activities ($400) ---------- Net increase (decrease) in cash - ---------- Cash and Cash Equivalents, beginning of period - Cash and Cash Equivalents, end of period - ========== Headquartered in Dearborn, Mich., Meridian Automotive Systems, Inc. -- http://www.meridianautosystems.com/-- supplies technologically advanced front and rear end modules, lighting, exterior composites, console modules, instrument panels and other interior systems to automobile and truck manufacturers. Meridian operates 22 plants in the United States, Canada and Mexico, supplying Original Equipment Manufacturers and major Tier One parts suppliers. The Company and its debtor-affiliates filed for chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos. 05-11168 through 05-11176). James F. Conlan, Esq., Larry J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at Young Conaway Stargatt & Taylor, LLP, represent the Debtors in their restructuring efforts. Eric E. Sagerman, Esq., at Winston & Strawn LLP represents the Official Committee of Unsecured Creditors. The Committee also hired Ian Connor Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A., to prosecute an adversary proceeding against Meridian's First Lien Lenders and Second Lien Lenders to invalidate their liens. When the Debtors filed for protection from their creditors, they listed $530 million in total assets and approximately $815 million in total liabilities. (Meridian Bankruptcy News, Issue No. 24; Bankruptcy Creditors' Service, Inc., 215/945-7000). MERIDIAN AUTOMOTIVE: Incurs $12.7 Million Net Loss in January 2006 ------------------------------------------------------------------ Meridian Automotive Systems - Composites Operations, Inc. and Subsidiaries Unaudited Consolidated Balance Sheet As of January 31, 2006 (In Thousands) CURRENT ASSETS: Cash - Accounts receivable, net $94,538 Intercompany receivable 15,634 Inventories 78,591 Tooling costs in excess of billings and others 25,329 ---------- TOTAL CURRENT ASSETS 214,092 ---------- Property, plant and equipment, net 231,010 Intangible assets 15,330 Investment in subsidiaries 23,863 Other assets 12,770 ---------- TOTAL ASSETS $497,065 ========== CURRENT LIABILITIES NOT SUBJECT TO COMPRISE: Current portion of long term debt $331,704 Accounts payable 49,449 Accrued expenses 43,233 Tooling billings in excess of costs 3,982 ---------- TOTAL CURENT LIABILITIES 428,368 ---------- Liabilities subject to comprise 466,862 Non-Current Liabilities Not Subject to Compromise: Other long-term liabilities 9,182 Accumulated post-retirement benefit obligation 25,016 ---------- TOTAL LIABILITIES 929,428 SHAREHOLDERS' EQUITY (432,363) ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $497,065 ========== Meridian Automotive Systems - Composite Operations, Inc. and Subsidiaries Unaudited Statement of Operations January 1 to 31, 2006 (In Thousands) Net sales $60,759 Cost of sales 59,234 ---------- Gross profit 1,525 Selling, general and administrative expenses 2,528 Restructuring charges 1,924 ---------- Operating income (loss) (2,927) Interest expense, net 8,042 Other (expense) income 1 Chapter 11 and related reorganization items 1,806 ---------- Loss before provision for income taxes (12,774) (Benefit) Provision for income taxes 18 ---------- NET LOSS ($12,792) ========== Meridian Automotive Systems - Composite Operations, Inc. and Subsidiaries Unaudited Statement of Cash Flows January 1 to 31, 2006 (In Thousands) OPERATING ACTIVITIES: Net loss ($12,792) Adjustments required to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, amortization, and impairment 3,883 Change in working capital and other operating items 2,861 ---------- Net cash provided by (used for) operating activities before reorganization items (6,048) ---------- Operating cash flows from reorganization items: Chapter 11 and related reorganization items 1,806 Payments on Chapter 11 and related reorg items (963) ---------- Net cash provided by Chapter 11 and related reorg items 843 Net cash provided by (used for) operating activities (5,205) INVESTING ACTIVITIES: Additions to property and equipment (1,795) Proceeds from sale or property and equipment - ---------- Net cash used for investing activities (1,795) ---------- FINANCING ACTIVITIES: Proceeds from prepetition borrowings - Repayments of prepetition borrowings - Proceeds from DIP credit facility 34,800 Repayments of DIP credit facility (27,800) Repayments on prepetition long-term debt - Deferred financing costs capitalized - ---------- Net cash (used for) provided by financing activities $7,000 ---------- Net increase (decrease) in cash - ---------- Cash and Cash Equivalents, beginning of period - Cash and Cash Equivalents, end of period - ========== Headquartered in Dearborn, Mich., Meridian Automotive Systems, Inc. -- http://www.meridianautosystems.com/-- supplies technologically advanced front and rear end modules, lighting, exterior composites, console modules, instrument panels and other interior systems to automobile and truck manufacturers. Meridian operates 22 plants in the United States, Canada and Mexico, supplying Original Equipment Manufacturers and major Tier One parts suppliers. The Company and its debtor-affiliates filed for chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos. 05-11168 through 05-11176). James F. Conlan, Esq., Larry J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at Young Conaway Stargatt & Taylor, LLP, represent the Debtors in their restructuring efforts. Eric E. Sagerman, Esq., at Winston & Strawn LLP represents the Official Committee of Unsecured Creditors. The Committee also hired Ian Connor Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A., to prosecute an adversary proceeding against Meridian's First Lien Lenders and Second Lien Lenders to invalidate their liens. When the Debtors filed for protection from their creditors, they listed $530 million in total assets and approximately $815 million in total liabilities. (Meridian Bankruptcy News, Issue No. 24; Bankruptcy Creditors' Service, Inc., 215/945-7000). MERIDIAN AUTOMOTIVE: Incurs $9.7 Million Net Loss in February 2006 ------------------------------------------------------------------ Meridian Automotive Systems - Composites Operations, Inc. and Subsidiaries Unaudited Consolidated Balance Sheet As of February 28, 2006 (In Thousands) CURRENT ASSETS: Cash - Accounts receivable, net $109,019 Intercompany receivable 15,487 Inventories 74,243 Tooling costs in excess of billings and others 24,349 ---------- TOTAL CURRENT ASSETS 223,098 ---------- Property, plant and equipment, net 227,889 Intangible assets 15,313 Investment in subsidiaries 23,863 Other assets 12,554 ---------- TOTAL ASSETS $502,717 ========== CURRENT LIABILITIES NOT SUBJECT TO COMPRISE: Current portion of long term debt $345,860 Accounts payable 46,366 Accrued expenses 44,495 Tooling billings in excess of costs 3,877 ---------- TOTAL CURENT LIABILITIES 440,598 ---------- Liabilities subject to comprise 470,152 Non-Current Liabilities Not Subject to Compromise: Other long-term liabilities 9,140 Accumulated post-retirement benefit obligation 24,924 ---------- TOTAL LIABILITIES 944,814 SHAREHOLDERS' EQUITY (442,097) ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $502,717 ========== Meridian Automotive Systems - Composite Operations, Inc. and Subsidiaries Unaudited Statement of Operations February 1 to 28, 2006 (In Thousands) Net sales $65,656 Cost of sales 62,151 ---------- Gross profit 3,505 Selling, general and administrative expenses 2,457 Restructuring charges 1,604 ---------- Operating income (loss) (556) Interest expense, net 7,362 Other (expense) income - Chapter 11 and related reorganization items 1,798 ---------- Loss before provision for income taxes (9,716) (Benefit) Provision for income taxes 18 ---------- NET LOSS ($9,734) ========== Meridian Automotive Systems - Composite Operations, Inc. and Subsidiaries Unaudited Statement of Cash Flows February 1 to 28, 2006 (In Thousands) OPERATING ACTIVITIES: Net loss ($9,734) Adjustments required to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, amortization, and impairment 3,883 Change in working capital and other operating items (8,024) ---------- Net cash provided by (used for) operating activities before reorganization items (13,875) ---------- Operating cash flows from reorganization items: Chapter 11 and related reorganization items 1,798 Payments on Chapter 11 and related reorg items (778) ---------- Net cash provided by Chapter 11 and related reorg items 1,020 Net cash provided by (used for) operating activities (12,855) INVESTING ACTIVITIES: Additions to property and equipment (745) Proceeds from sale or property and equipment - ---------- Net cash used for investing activities (745) ---------- FINANCING ACTIVITIES: Proceeds from prepetition borrowings - Repayments of prepetition borrowings - Proceeds from DIP credit facility 34,600 Repayments of DIP credit facility (21,000) Repayments on prepetition long-term debt - Deferred financing costs capitalized - ---------- Net cash (used for) provided by financing activities $13,600 ---------- Net increase (decrease) in cash - ---------- Cash and Cash Equivalents, beginning of period - Cash and Cash Equivalents, end of period - ========== Headquartered in Dearborn, Mich., Meridian Automotive Systems, Inc. -- http://www.meridianautosystems.com/-- supplies technologically advanced front and rear end modules, lighting, exterior composites, console modules, instrument panels and other interior systems to automobile and truck manufacturers. Meridian operates 22 plants in the United States, Canada and Mexico, supplying Original Equipment Manufacturers and major Tier One parts suppliers. The Company and its debtor-affiliates filed for chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos. 05-11168 through 05-11176). James F. Conlan, Esq., Larry J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at Young Conaway Stargatt & Taylor, LLP, represent the Debtors in their restructuring efforts. Eric E. Sagerman, Esq., at Winston & Strawn LLP represents the Official Committee of Unsecured Creditors. The Committee also hired Ian Connor Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A., to prosecute an adversary proceeding against Meridian's First Lien Lenders and Second Lien Lenders to invalidate their liens. When the Debtors filed for protection from their creditors, they listed $530 million in total assets and approximately $815 million in total liabilities. (Meridian Bankruptcy News, Issue No. 24; Bankruptcy Creditors' Service, Inc., 215/945-7000). MUSICLAND HOLDING: Files Schedules of Assets and Liabilities ------------------------------------------------------------ A. Real Property Leasehold improvements $23,069,672 CIP fixed assets 12,152,535 Accumulated depreciation (6,703,696) B. Personal Property B.1 Cash on hand B.13 Interests in partnerships Cash register funds 928,640 Investments 536,611 Petty Cash 500 B.2 Bank accounts Wells Fargo tax disbursements (23,125) A/P disbursement -- Norwest (7,307,233) Payroll -- Norwest (2,245,434) Norwest concentration 648,187 ACH -- Norwest 284 Wells Fargo purchasing collection 2,192,170 UHC benefit disbursement 200,000 Cash in bank-stores 3,349,574 Cash clearing (169,963) Credit cards 1,960,457 B.9 Interest in insurance policies St. Paul/Travelers 49,000 Royal 40,000 ESIS 30,598 REM 12,500 B.13 Stocks and interests MLG Internet, Inc. Undetermined Request Media, Inc. Undetermined Musicland Purchasing Corp. Undetermined Media Play, Inc. Undetermined Sam Goody Holdings Corp. Undetermined Suncoast Holdings Corp. Undetermined B.16 Accounts receivable Employee advances 273,519 A/R-in-store charge 214,133 A/R-freight claims 370,758 Other receivables 57,442 A/R-other 2,412,336 WCD carrier blng receivables 36 New bus. dev receivables 1,591,888 Manufacturer coupons 340,838 Layaway due 191,204 Sub-tenant receivable 1,668,333 Marsh class action suit 54,765 Allowance for doubtful accounts (227,000) B.18 Other Liquidated Debts Tax refund from Philadelphia City 11,851 B.22 Intellectual property Undetermined B.28 Office Equipment Office furniture 2,699,631 Accumulated depreciation (1,286,726) B.29 Machinery, fixtures, equipment - B.35 Others Lease deposit 35,490 Other long-term assets (2,152,736) Deferred lease acquisition 155,625 Prepaid expenses 7,798,926 TOTAL SCHEDULED ASSETS $42,931,591 ============ C. Property Claimed As Exempt Not applicable D. Secured Claims 20th Century Fox Home Entertainment $27,612,242 Warner Home Video Inc. 26,941,787 Sony BMG Music Distribution 24,187,156 Warner/Elektra/Atlantic Corp. 23,542,339 Universal Music and Video Distribution 17,570,019 Paramount Pictures, Home Video Div. 13,450,961 Sony Pictures Home Entertainment 11,342,636 Buena Vista Home Entertainment Inc. 7,976,515 EMI Recorded Music, North America 7,705,060 V.D.P IV, Inc. 5,990,510 Fleet Retail Finance, Inc. 5,714,663 Wachovia Bank, National Association 5,714,663 National City Business Credit, Inc. 4,444,865 The CIT Group/Business Credit, Inc. 4,444,865 GMAC Commercial Finance LLC 3,174,686 Westernbank Business Credit 3,174,686 Lasalle Retail Finance 2,539,977 Textron Financial Corporation 2,222,242 Wells Fargo Retail Finance, LLC 2,222,242 Burdale Financial Limited 1,904,888 Grayson & Co. 1,523,910 Investment Advisor, Boston Management 889,202 Eaton Vance Senior Income Trust 126,866 The Bank of New York Undetermined Congress Financial Corp., Florida Undetermined Ingram Book Undetermined E. Unsecured Priority Claims None F. Unsecured Non-priority Claims Undetermined TOTAL SCHEDULED LIABILITIES $204,416,981 ============= Headquartered in New York, New York, Musicland Holding Corp., is a specialty retailer of music, movies and entertainment-related products. The Debtor and 14 of its affiliates filed for chapter 11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the Debtors in their restructuring efforts. Mark T. Power, Esq., at Hahn & Hessen LLP, represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they estimated more than $100 million in assets and debts. (Musicland Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc., 215/945-7000) MUSICLAND HOLDING: Purchasing's Schedule of Assets and Liabilities ------------------------------------------------------------------ A. Real Property $0 B. Personal Property B.1 Cash on hand - B.2 Bank accounts - B.16 Accounts receivable - B.28 Office Equipment - B.29 Machinery, fixtures, equipment Store fixtures/equipment 13,627,376 Software 4,314,779 Others 5,687,235 Accumulated depreciation (5,429,535) B.30 Inventory Audio 84,867,463 Accessories 59,083,627 Video 131,175,347 Books/magazines 10,852,552 Trend 11,922,821 Used 6,255,670 Inventory reserves (34,073,965) TOTAL SCHEDULED ASSETS $288,283,370 ============= C. Property Claimed As Exempt Not applicable D. Secured Claims 20th Century Fox Home Entertainment $27,612,242 Warner Home Video Inc. 26,941,787 Sony BMG Music Distribution 24,187,156 Warner/Elektra/Atlantic Corp. 23,542,339 Universal Music and Video Distribution 17,570,019 Paramount Pictures, Home Video Div. 13,450,961 Sony Pictures Home Entertainment 11,342,636 Buena Vista Home Entertainment Inc. 7,976,516 EMI Recorded Music, North America 7,705,060 V.D.P IV, Inc. 5,990,510 Fleet Retail Finance, Inc. 5,714,663 Wachovia Bank, National Association 5,714,663 National City Business Credit, Inc. 4,444,865 The CIT Group/Business Credit, Inc. 4,444,865 GMAC Commercial Finance LLC 3,174,686 Westernbank Business Credit 3,174,686 Lasalle Retail Finance 2,539,977 Textron Financial Corporation 2,222,242 Wells Fargo Retail Finance, LLC 2,222,242 Burdale Financial Limited 1,904,888 Grayson & Co. 1,523,910 Investment Advisor, Boston Management 889,202 Eaton Vance Senior Income Trust 126,866 E. Unsecured Priority Claims City of Chandler 12,109 Michigan Dept of Treasury 10,454 Baton Rouge Parish & City Revenue Div 31,751 Bureau of Internal Revenue 27,705 City Hall Records 226,879 City of Durango 11,606 IBM Lockbox 22,622 Idaho State Tax Commission 20,308 North Carolina Dept. of Revenue 29,606 Jefferson City Revenue Dept. 12,446 Others 94,404 F. Unsecured Non-priority Claims A.D. Vision Inc. 3,240,492 Activision 2,921,298 AEC One Stop Group 1,965,998 Cingular Wireless 1,213,897 Fender Musical Instrument 33,038,860 Funimation Productions 3,077,992 Geneon Entertainment 2,252,950 Graphic Communications 1,845,466 Graphic Resource Group 1,154,976 Hal Leonard Corporation 1,029,433 Hasbro toy Group 1,270,781 In Minn/Ingram Book 2,210,864 Simmerman Partners Advertising 5,204,064 The Good Bead 1,046,335 Thomas Grace Construction 1,003,750 UBI soft Inc. 1,296,747 Universal Home Video 5,155,853 US Music Corp 1,337,870 Ventura 7,220,864 Virgin Mobile USA LLC 1,223,342 Vivendi Universal 1,765,594 Others 99,852,068 TOTAL SCHEDULED LIABILITIES $385,246,365 ============= Headquartered in New York, New York, Musicland Holding Corp., is a specialty retailer of music, movies and entertainment-related products. The Debtor and 14 of its affiliates filed for chapter 11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the Debtors in their restructuring efforts. Mark T. Power, Esq., at Hahn & Hessen LLP, represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they estimated more than $100 million in assets and debts. (Musicland Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc., 215/945-7000) MUSICLAND HOLDING: Media Play's Schedules of Assets & Liabilities ----------------------------------------------------------------- A. Real Property $0 B. Personal Property - TOTAL SCHEDULED ASSETS $0 ==== C. Property Claimed As Exempt Not Applicable D. Secured Claims 20th Century Fox Home Entertainment $27,612,242 Warner Home Video Inc. 26,941,787 Sony BMG Music Distribution 24,187,156 Warner/Elektra/Atlantic Corp. 23,542,339 Universal Music and Video Distribution 17,570,019 Paramount Pictures, Home Video Div. 13,450,961 Sony Pictures Home Entertainment 11,342,636 Buena Vista Home Entertainment Inc.. 7,976,516 EMI Recorded Music, North America 7,705,060 V.D.P IV, Inc. 5,990,510 Fleet Retail Finance, Inc. 5,714,663 Wachovia Bank, National Association 5,714,663 National City Business Credit, Inc. 4,444,865 The CIT Group/Business Credit, Inc. 4,444,865 GMAC Commercial Finance LLC 3,174,686 Westernbank Business Credit 3,174,686 Lasalle Retail Finance 2,539,977 Textron Financial Corporation 2,222,242 Wells Fargo Retail Finance, LLC 2,222,242 Burdale Financial Limited 1,904,888 Grayson & Co. 1,523,910 Investment Advisor, Boston Management 889,202 Eaton Vance Senior Income Trust 126,866 E. Unsecured Priority Claims Chattanooga City Tax Collector 3,567 Mecklenburg County Treasurer 7,003 Ohio Dept. of Taxation 33,610 IBM Lockbox 185 North Carolina Dept of Revenue 70 F. Unsecured Non-priority Claims Undetermined TOTAL SCHEDULED LIABILITIES $204,461,416 ============= Headquartered in New York, New York, Musicland Holding Corp., is a specialty retailer of music, movies and entertainment-related products. The Debtor and 14 of its affiliates filed for chapter 11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the Debtors in their restructuring efforts. Mark T. Power, Esq., at Hahn & Hessen LLP, represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they estimated more than $100 million in assets and debts. (Musicland Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc., 215/945-7000) MUSICLAND HOLDING: Retail's Schedules of Assets and Liabilities --------------------------------------------------------------- A. Real Property $0 B. Personal Property - TOTAL SCHEDULED ASSETS $0 ===== C. Property Claimed As Exempt Not applicable D. Secured Claims 20th Century Fox Home Entertainment $27,612,242 Warner Home Video Inc. 26,941,787 Sony BMG Music Distribution 24,187,156 Warner/Elektra/Atlantic Corp. 23,542,339 Universal Music and Video Distribution 17,570,019 Paramount Pictures, Home Video Div. 13,450,961 Sony Pictures Home Entertainment 11,342,636 Buena Vista Home Entertainment Inc.. 7,976,516 EMI Recorded Music, North America 7,705,060 V.D.P IV, Inc. 5,990,510 Fleet Retail Finance, Inc. 5,714,663 Wachovia Bank, National Association 5,714,663 National City Business Credit, Inc. 4,444,865 The CIT Group/Business Credit, Inc. 4,444,865 GMAC Commercial Finance LLC 3,174,686 Westernbank Business Credit 3,174,686 Lasalle Retail Finance 2,539,977 Textron Financial Corporation 2,222,242 Wells Fargo Retail Finance, LLC 2,222,242 Burdale Financial Limited 1,904,888 Grayson & Co. 1,523,910 Investment Advisor, Boston Management 889,202 Eaton Vance Senior Income Trust 126,866 E. Unsecured Priority Claims East Baton Rouge Parish 7,208 IBM Lockbox 185 F. Unsecured Non-priority Claims Undetermined TOTAL SCHEDULED LIABILITIES $204,424,374 ============= Headquartered in New York, New York, Musicland Holding Corp., is a specialty retailer of music, movies and entertainment-related products. The Debtor and 14 of its affiliates filed for chapter 11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the Debtors in their restructuring efforts. Mark T. Power, Esq., at Hahn & Hessen LLP, represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they estimated more than $100 million in assets and debts. (Musicland Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc., 215/945-7000) MUSICLAND HOLDING: Group's Schedules of Assets and Liabilities -------------------------------------------------------------- A. Real Property $0 B. Personal Property - TOTAL SCHEDULED ASSETS $0 ===== C. Property Claimed As Exempt Not applicable D. Secured Claims 20th Century Fox Home Entertainment $27,612,242 Warner Home Video Inc. 26,941,787 Sony BMG Music Distribution 24,187,156 Warner/Elektra/Atlantic Corp. 23,542,339 Universal Music and Video Distribution 17,570,019 Paramount Pictures, Home Video Div. 13,450,961 Sony Pictures Home Entertainment 11,342,636 Buena Vista Home Entertainment Inc. 7,976,516 EMI Recorded Music, North America 7,705,060 V.D.P IV, Inc. 5,990,510 Fleet Retail Finance, Inc. 5,714,663 Wachovia Bank, National Association 5,714,663 National City Business Credit, Inc. 4,444,865 The CIT Group/Business Credit, Inc. 4,444,865 GMAC Commercial Finance LLC 3,174,686 Westernbank Business Credit 3,174,686 Lasalle Retail Finance 2,539,977 Textron Financial Corporation 2,222,242 Wells Fargo Retail Finance, LLC 2,222,242 Burdale Financial Limited 1,904,888 Grayson & Co. 1,523,910 Investment Advisor, Boston Management 889,202 Eaton Vance Senior Income Trust 126,866 E. Unsecured Priority Claims Adams County Treasurer 259 Florida Dept of Revenue 1107 Franklin County Sheriff 4,254 IBM Lockbox 185 Iowa Dept. of Revenue 789 Phelps County Collector 547 Randolph County Collector 273 St. Joseph County Treasurer 1,424 State of Rhode Island 500 Virginia Dept. of Taxation 2,222 Wisconsin Dept. of Revenue 727 Pennsylvania Dept of Revenue 626 F. Unsecured Non-priority Claims Undetermined TOTAL SCHEDULED LIABILITIES $204,429,894 ============= Headquartered in New York, New York, Musicland Holding Corp., is a specialty retailer of music, movies and entertainment-related products. The Debtor and 14 of its affiliates filed for chapter 11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the Debtors in their restructuring efforts. Mark T. Power, Esq., at Hahn & Hessen LLP, represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they estimated more than $100 million in assets and debts. (Musicland Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc., 215/945-7000) NORTHWEST AIRLINES: Incurs $496 Million Net Loss in February 2006 ----------------------------------------------------------------- Northwest Airlines Corporation Unaudited Condensed Consolidated Balance Sheets As of February 28, 2006 ASSETS Current assets: Cash and cash equivalents $769,000,000 Unrestricted short-term investments 581,000,000 Restricted cash, cash equivalents & short-term investments 591,000,000 Accounts receivable, net 667,000,000 Flight equipment spare parts, net 135,000,000 Prepaid expenses & other 395,000,000 --------------- Total current assets 3,138,000,000 Property and equipment: Flight equipment, net 7,467,000,000 Other property & equipment, net 745,000,000 --------------- Total property & equipment 8,212,000,000 Flight Equipment under capital leases, net 35,000,000 Other assets: Intangible pension asset 363,000,000 International routes 634,000,000 Investments in affiliated companies 42,000,000 Other 860,000,000 --------------- Total other assets 1,899,000,000 --------------- Total Assets $13,284,000,000 =============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Air traffic liability $1,853,000,000 Accounts payable & other liabilities 1,214,000,000 Current maturities of long-term debt & capital lease obligations 97,000,000 --------------- Total current liabilities 3,164,000,000 Long-term debt 1,424,000,000 Deferred Credits & other liabilities: Long-term pension & postretirement Health care benefits 339,000,000 Other 117,000,000 --------------- Total deferred credits & other liabilities 456,000,000 Liabilities Subject to Compromise 14,463,000,000 Preferred redeemable stock 279,000,000 Common Stockholders' Equity (Deficit) Common stock 1,000,000 Additional paid-in capital 1,501,000,000 Accumulated deficit (5,426,000,000) Accumulated other comprehensive income (loss) (1,565,000,000) Treasury stock (1,013,000,000) --------------- Total common stockholders' equity (deficit) (6,502,000,000) --------------- Total Liabilities & Stockholders' Equity (deficit) $13,284,000,000 =============== Northwest Airlines Corporation Unaudited Condensed Consolidated Statements of Operations For the Month Ended February 28, 2006 Operating Revenues Passenger $612,000,000 Regional carrier revenues 104,000,000 Cargo 66,000,000 Other 107,000,000 --------------- Total Operating Revenues 889,000,000 Operating Expenses Salaries, wages, and benefits 215,000,000 Aircraft fuel and taxes 238,000,000 Selling and marketing 63,000,000 Aircraft maintenance materials and repair 53,000,000 Other rentals and landing fees 46,000,000 Depreciation and amortization 46,000,000 Aircraft rentals 22,000,000 Regional carrier expenses 114,000,000 Other 122,000,000 --------------- Total Operating Expenses 919,000,000 Operating Income (Loss) (30,000,000) Other Income (Expense) Interest expense, net (42,000,000) Investment income 7,000,000 Foreign currency gain (loss) (431,000,000) Other, net -- --------------- Total other income (expense) (466,000,000) --------------- Income (Loss) Before Income Taxes (496,000,000) Income tax expense (benefit) -- --------------- Net Income (Loss) ($496,000,000) =============== Northwest Airlines Corporation Unaudited Condensed Consolidated Statements of Cash Flows For the Month Ended February 28, 2006 Cash Flows from Operating Activities: Net income (loss) ($496,000,000) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 46,000,000 Pension and other postretirement benefit contributions less than expense 29,000,000 Changes in certain assets & liabilities 39,000,000 Reorganization items 431,000,000 Other, net 21,000,000 --------------- Net cash provided by operating activities 70,000,000 Cash Flows from Reorganization Activities: Net cash provided by (used in) reorganization activities (4,000,000) Cash Flows from Investing Activities: Capital expenditures (85,000,000) Proceeds from sales of short term investment (16,000,000) Decrease (increase) in restricted cash, cash equivalents & short-term investments (37,000,000) Other (1,000,000) --------------- Net cash provided by (used in) investing activities (139,000,000) Cash Flows from Financing Activities: Proceeds from long-term debt 72,000,000 Payments of long-term debt and capital lease obligations (51,000,000) --------------- Net cash provided by (used in) financing activities 21,000,000 --------------- Increase (Decrease) in Cash and Cash Equivalents (52,000,000) Cash & cash equivalents at beginning of period 821,000,000 --------------- Cash & cash equivalents at end of period $769,000,000 =============== 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. 23; Bankruptcy Creditors' Service, Inc., 215/945-7000). TOWER AUTOMOTIVE: Incurs $11.1 Million Net Loss in February 2006 ---------------------------------------------------------------- Tower Automotive, Inc. and Subsidiaries Unaudited Consolidated Balance Sheets As of February 28, 2006 (In Thousands) CURRENT ASSETS: Cash and cash equivalents $43,426 Accounts receivable, net 253,135 Inventories 73,143 Prepaid tooling and other 29,432 ---------- TOTAL CURRENT ASSETS 399,136 ---------- Property, plant and equipment, net 537,330 Investment in joint ventures - Investment in subsidiaries 727,854 Inter-company receivables - Other assets, net 57,878 ---------- TOTAL ASSETS $1,722,198 ========== CURRENT LIABILITIES NOT SUBJECT TO COMPRISE: Current maturities of long-term debt $14,257 Current maturities of DIP borrowings 619,000 Accounts payable 162,736 Accrued liabilities 153,418 ---------- TOTAL CURENT LIABILITIES 949,411 ---------- Liabilities subject to comprise 1,134,137 Non-Current Liabilities Not Subject to Compromise: Long-term debt, net of current maturities 84,753 DIP borrowings, net of current maturities - Other non-current liabilities 130,625 ---------- TOTAL LIABILITIES 2,298,926 STOCKHOLDERS' DEFICIT (576,728) ---------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,722,198 ========== Tower Automotive, Inc. and Subsidiaries Unaudited Statement of Operations February 1 to 28, 2006 (In Thousands) Revenues $139,151 Cost of sales 135,101 ---------- Gross profit 4,050 Selling, general and administrative expenses 8,077 Restructuring and asset impairment charges, net (346) ---------- Operating income (loss) (3,681) Interest expense 5,929 Interest income (2,107) Other income (259) Chapter 11 and related reorganization items 3,722 ---------- Income (loss) before provision for income taxes, equity in earnings of joint ventures, and minority interest (10,966) Provision (benefit) for income taxes 221 ---------- Income (loss) before equity in earnings (11,187) Equity in earnings of joint ventures, net of tax 63 ---------- NET INCOME/(LOSS) ($11,124) ========== Tower Automotive, Inc. and Subsidiaries Unaudited Statement of Cash Flows February 1 to 28, 2006 (In Thousands) OPERATING ACTIVITIES: Net loss ($11,124) Adjustments required to reconcile net loss to net Cash provided by (used in) operating activities: Chapter 11 & related reorganization items, net 1,840 Restructuring and asset impairment, net - Depreciation 8,109 Equity in earnings of joint ventures, net (63) Change in working capital and operating items 6,573 ---------- Net cash provided by operating activities 5,335 INVESTING ACTIVITIES: Cash disbursed for purchase of property, plant and equipment (4,365) ---------- Net cash used for investing activities (4,365) FINANCING ACTIVITIES: Proceeds from non-DIP borrowings - Repayments of non-DIP borrowings (1) Borrowings from DIP credit facility 85,500 Repayments of borrowings from DIP credit facility (45,000) ---------- Net cash provided by financing activities 40,499 ---------- Net change in cash and cash equivalents 41,469 Cash and Cash Equivalents, beginning of period 1,957 ---------- Cash and Cash Equivalents, end of period $43,426 ========== Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc. -- http://www.towerautomotive.com/-- is a global designer and producer of vehicle structural components and assemblies used by every major automotive original equipment manufacturer, including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo. Products include body structures and assemblies, lower vehicle frames and structures, chassis modules and systems, and suspension components. The Company and 25 of its debtor-affiliates filed voluntary chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through 05- 10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $787,948,000 in total assets and $1,306,949,000 in total debts. (Tower Automotive Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service, Inc., 215/945-7000). USG CORP: Earns $40.9 Million for the Month of February 2006 ------------------------------------------------------------ USG Corporation, et al. Consolidated Balance Sheet 28-Feb-2006 __________________________ ___________ Assets: Cash and cash equivalents $678,430,000 Marketable Securities 139,669,000 Restricted Cash 87,315,000 Receivables 459,332,000 Inventories 281,918,000 Income taxes receivable 5,669,000 Deferred income taxes 29,664,000 Other current assets 94,759,000 --------------- Total current assets 1,776,756,000 Property, plant and equipment, net 1,668,733,000 Marketable Securities 307,095,000 Deferred income taxes 1,430,609,000 Goodwill 110,532,000 Other assets 410,709,000 --------------- Total Assets $5,704,434,000 =============== Liabilities and Stockholders' Equity: Accounts payable $269,709,000 Accrued expenses 189,743,000 Taxes on income 91,044,000 --------------- Total current liabilities 550,496,000 Other liabilities 453,642,000 Liabilities subject to compromise 5,340,122,000 Stockholders' Equity: Common stock 4,998,000 Treasury stock (214,259,000) Capital received in excess of par value 146,791,000 Accumulated other comprehensive income/(loss) (21,240,000) Retained earnings (556,116,000) --------------- Total stockholders' equity (639,826,000) --------------- Total Liabilities and Stockholders' Equity $5,704,434,000 =============== USG Corporation, et al. Month Ending Consolidated Income Statement 28-Feb-2006 __________________________ ___________ Net sales $405,764,000 Cost of products sold 312,027,000 Selling and administrative expenses 28,393,000 Chapter 11 reorganization expenses (2,664,000) Interest expense 443,000 Interest income (153,000) Other (income)/expense, net (145,000) --------------- Earnings before income taxes $67,863,000 Income taxes 26,868,000 --------------- Net Earnings $40,995,000 =============== Headquartered in Chicago, Illinois, USG Corporation -- http://www.usg.com/-- through its subsidiaries, is a leading manufacturer and distributor of building materials producing a wide range of products for use in new residential, new nonresidential and repair and remodel construction, as well as products used in certain industrial processes. The Company filed for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No. 01-02094). David G. Heiman, Esq., Gus Kallergis, Esq., Brad B. Erens, Esq., Michelle M. Harner, Esq., Mark A. Cody, Esq., and Daniel B. Prieto, Esq., at Jones Day represent the Debtors in their restructuring efforts. 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. 107; Bankruptcy Creditors' Service, Inc., 215/945-7000) WINN-DIXIE: Incurs $7.5 Million Net Loss in March 2006 ------------------------------------------------------ Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Balance Sheet At March 8, 2006 (In thousands) Assets Current assets: Cash and cash equivalents $94,880 Marketable securities 14,377 Trade and other receivables, net 164,398 Insurance claims receivable 77,340 Income tax receivable 30,283 Merchandise inventories, net 504,174 Prepaid expenses and other current assets 57,286 ------------ Total current assets 942,738 Property, plant and equipment, net 537,780 Other assets, net 119,000 ------------ Total assets $1,599,518 ============ Liabilities and Shareholders' Deficit Current liabilities: Current portion of long-term debt $226 Current obligations under capital leases 3,906 Accounts payable 239,431 Reserve for self-insurance liabilities 87,833 Accrued wages and salaries 76,332 Accrued rent 27,258 Accrued expenses 126,032 ------------ Total current liabilities 561,018 Reserve for self-insurance liabilities 143,012 Long-term debt 224 Long-term borrowings under DIP Credit Facility 40,032 Obligations under capital leases 4,904 Other liabilities 16,617 ------------ Total liabilities not subject to compromise 765,807 Liabilities subject to compromise 1,112,567 ------------ Total liabilities 1,878,374 Shareholders' deficit: Common stock 141,872 Additional paid-in-capital 33,019 Accumulated deficit (418,794) Accumulated other comprehensive loss (34,953) ------------ Total shareholders' deficit (278,856) ------------ TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $1,599,518 ============ Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Statement of Operations Four Weeks Ended March 8, 2006 (In thousands) Net sales $600,451 Cost of sales 439,591 ------------ Gross profit on sales 160,860 Other operating and administrative expenses 165,140 Restructuring charges 30 ------------ Operating loss (4,310) Interest expense, net 618 ------------ Loss before reorganization items and income taxes (4,928) Reorganization items, net expense 4,242 Income tax expense - ------------ Net loss from continuing operations (9,170) Discontinued operations: Loss from discontinued operations (42) Gain on disposal of discontinued operations 1,629 Income tax expense - ------------ Net earnings from discontinued operations 1,587 ------------ Net loss ($7,583) ============ Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Statement of Cash Flows Four Weeks Ended March 8, 2006 (In thousands) Cash flows from operating activities: Net loss ($7,583) Adjustments to reconcile net loss to net cash provided by operating activities: Gain on sales of assets, net (2,161) Reorganization items, net expense 4,242 Depreciation and amortization 8,248 Stock compensation plans 706 Change in operating assets and liabilities: Trade and other receivables 9,413 Merchandise inventories 27,923 Prepaid expenses and other current assets (10,340) Accounts payable (14,496) Reserve for self-insurance liabilities 1,639 Lease liability on closed facilities (2,407) Income taxes receivable (23) Defined benefit plan (160) Other accrued expenses (6,841) ------------ Net cash provided by operating activities before reorganization items 8,160 Cash effect of reorganization items (2,823) ------------ Net cash provided by operating activities 5,337 Cash flows from investing activities: Purchases of property, plant and equipment (2,142) Increase in investments and other assets (1,903) Proceeds from sales of assets 5,146 Purchases of marketable securities (1,808) Sales of marketable securities 769 Other (72) ------------ Net cash used in investing activities (10) Cash flows from financing activities: Gross borrowings on DIP Credit Facility 315 Gross payments on DIP Credit Facility (375) Principal payments on long-term debt (18) Principal payments on capital lease obligations (118) Other 138 ------------ Net cash used in financing activities (58) ------------ Increase in cash and cash equivalents 5,269 Cash and cash equivalents at beginning of period 89,611 ------------ Cash and cash equivalents at end of period $94,880 ============ Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc. -- http://www.winn-dixie.com/-- is one of the nation's largest food retailers. The Company operates stores across the Southeastern United States and in the Bahamas and employs approximately 90,000 people. The Company, along with 23 of its U.S. subsidiaries, filed for chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063, transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos. 05-03817 through 05-03840). D.J. Baker, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders, Esq., and Brian C. Walsh, Esq., at King & Spalding LLP, represent the Debtors in their restructuring efforts. Paul P. Huffard at The Blackstone Group, LP, gives financial advisory services to the Debtors. Dennis F. Dunne, Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B. Macdonald, Esq., at Akerman Senterfitt give legal advice to the Official Committee of Unsecured Creditors. Houlihan Lokey & Zukin Capital gives financial advisory services to the Committee. When the Debtors filed for protection from their creditors, they listed $2,235,557,000 in total assets and $1,870,785,000 in total debts. (Winn-Dixie Bankruptcy News, Issue No. 35; Bankruptcy Creditors' Service, Inc., 215/945-7000) XYBERNAUT CORP: Incurs $709,388 Net Loss in February 2006 --------------------------------------------------------- On March 30, 2006, Xybernaut Corporation filed its monthly operating report for the month of February 2006 with the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division. The company reported a $709,388 net loss on $141,490 of revenue for the month of February 2006. At February 28, 2006, the Company's balance sheet reflects: Total Assets $3,395,665 Total Liabilities $4,997,080 Stockholders' Deficit ($1,601,415) A full-text copy of Xybernaut Corporation's February 2006 Monthly Operating Report is available at no charge at http://researcharchives.com/t/s?799 A full-text copy of Xybernaut Solution Inc.'s February 2006 Monthly Operating Report is available at no charge at http://researcharchives.com/t/s?79a 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. Paul M. Sweeney, Esq., at Linowes & Blocher LLP , represents the Official Committee of Unsecured Creditors. Craig Benson Young, Esq., at Connolly Bove Lodge & Hutz, represents the Official Committee of Equity Security Holders. 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/ On Thursdays, the TCR delivers a list of recently filed chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. 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. Profetana, Shimero Jainga, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Cherry A. Soriano-Baaclo, Christian Q. Salta, Jason A. Nieva, Lucilo Junior M. Pinili, Tara Marie A. Martin and Peter A. Chapman, Editors. Copyright 2006. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $725 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***