TCR_Public/060415.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 15, 2006, Vol. 10, No. 89

                             Headlines

ACCEPTANCE INSURANCE: Posts $155,720 Net Loss in March 2006
ALLIED HOLDINGS: Posts $2.82 Million Net Loss in February 2006
ANCHOR GLASS: Earns $1.14 Million for the Month of February 2006
DELTA AIRLINES: Posts $209 Million Net Loss in February 2006
KAISER ALUMINUM: Earns $7.1 Million for the Month of February 2006

PLIANT CORPORATION: Posts $6.77 Million Net Loss in February 2006
REFCO INC: Files Operating Report for Period Ended Oct. 31, 2005
SOLUTIA INC: Posts $8 Million Net Loss in February 2006
THAXTON GROUP: Posts $77.5 Mil. Cumulative Net Loss in Feb. 2006

                             *********

ACCEPTANCE INSURANCE: Posts $155,720 Net Loss in March 2006
-----------------------------------------------------------
On April 6, 2006, Acceptance Insurance Companies Inc. filed its
monthly operating report for March 2006 with the U.S.
Bankruptcy Court for the District of Nebraska.

The Debtor reports a $155,720 net loss on $10,099 of total revenue
for March 2006.

At March 31, 2006, Acceptance Insurance Companies Inc.'s balance
sheet showed:

       Total Current Assets                   $2,426,876
       Total Assets                          $31,885,882
       Total Liabilities                    $138,178,797
       Total Shareholders' Equity Deficit  ($106,292,915)

A full-text copy of Acceptance Insurance Companies Inc.'s March
2006 Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?7d3

Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.  The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059).  The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance, Inc. -- filed separate
chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 & 05-
80058) on Jan. 7, 2005.  John J. Jolley, Esq., at Kutak Rock LLP,
represents the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it listed
$33,069,446 in total assets and $137,120,541 in total debts.


ALLIED HOLDINGS: Posts $2.82 Million Net Loss in February 2006
--------------------------------------------------------------

          Allied Holdings, Inc., and its Debtor Subsidiaries
                 Unaudited Consolidated Balance Sheet
                        As of February 28, 2006
                            (In Thousands)

                                Assets

Current Assets:
     Cash and cash equivalents                              $384
     Receivables, net                                     57,519
     Related party receivables                            14,430
     Inventories                                           4,907
     Deferred income taxes                                   118
     Prepayments and other current assets                 51,013
                                                       ---------
        Total current assets                             128,371

Property and equipment, net                              120,516
Goodwill, net                                              3,545
Other noncurrent assets                                   26,762
Investment in related parties                             36,402
                                                       ---------
TOTAL ASSETS                                            $305,596
                                                       =========

                Liabilities and Stockholders' Deficit

Current Liabilities not subject to compromise:
     Revolving credit facilities                          $1,090
     DIP term borrowings                                 157,715
     Accounts and notes payable                           50,265
     Accrued liabilities                                  62,877
                                                       ---------
        Total current liabilities                        271,947

Long-term liabilities not subject to compromise:
     Postretirement benefits                               4,313
     Deferred income taxes                                   111
     Other long-term liabilities                          20,396
                                                       ---------
        Total long-term liabilities                       24,820

Liabilities subject to compromise                        199,075
Stockholders' deficit                                   (190,246)
                                                       ---------
Total liabilities and stockholders' deficit             $305,596
                                                       =========

          Allied Holdings, Inc., and its Debtor Subsidiaries
            Unaudited Consolidated Statement of Operations
                For the Month Ended February 28, 2006
                            (In Thousands)

Revenues                                                 $72,299

Operating expenses:
     Salaries, wages and fringe benefits                  38,068
     Operating supplies and expenses                      14,681
     Purchased transportation                              9,590
     Insurance and claims                                  3,030
     Operating taxes and licenses                          2,439
     Depreciation and amortization                         2,167
     Rents                                                   523
     Communications and utilities                            591
     Other operating expenses                                611
     Gain on disposal of operating assets, net               (27)
                                                       ---------
        Total operating expenses                          71,673
                                                       ---------
        Operating income                                     626

Other income (expense):
     Interest expense                                     (2,302)
     Investment income                                         4
     Foreign exchange gains, net                              (6)
                                                       ---------
                                                          (2,304)
                                                       ---------
Income before reorganization items and income taxes       (1,678)
Reorganization items                                      (1,148)
                                                       ---------
Income before income taxes                                (2,826)
Income tax provision                                          -
                                                       ---------
NET INCOME                                               ($2,826)
                                                       =========

The Debtors disclose cash disbursements totaling $8,078,142
during February 2006.

Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services.  The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537).  Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts.  Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor.  Anthony J. Smits,
Esq., at Bingham McCutchen LLP, provides the Official Committee of
Unsecured Creditors with legal advice and Russell A. Belinsky at
Chanin Capital Partners, LLC, provides financial advisory services
to the Committee.  When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts.  (Allied Holdings Bankruptcy News, Issue No. 19;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


ANCHOR GLASS: Earns $1.14 Million for the Month of February 2006
----------------------------------------------------------------

                 Anchor Glass Container Corporation
      Unaudited Statement of Operations and Comprehensive Loss
                For the month ending February 28, 2006
                            (In Thousands)

Net Sales                                             $50,412

Costs and Expenses
   Costs of products sold                              45,177
   Selling and administrative expenses                  1,636
   Restructuring charges

Income (Loss) from operations                           3,599

Reorganization items                                   (1,063)
Other expense, net                                         (2)
Interest expense                                       (1,390)

Net Income (Loss)                                      $1,144
                                                  ===========

The Debtor did not file its balance sheet as of February 28,
2006.

Headquartered in Tampa, Florida, Anchor Glass Container
Corporation is the third-largest manufacturer of glass containers
in the United States.  Anchor manufactures a diverse line of flint
(clear), amber, green and other colored glass containers for the
beer, beverage, food, liquor and flavored alcoholic beverage
markets.  The Company filed for chapter 11 protection on Aug. 8,
2005 (Bankr. M.D. Fla. Case No. 05-15606).  Robert A. Soriano,
Esq., at Carlton Fields PA, represents the Debtor in its
restructuring efforts.  Edward J. Peterson, III, Esq., at
Bracewell & Guiliani, represents the Official Committee of
Unsecured Creditors.  When the Debtor filed for protection from
its creditors, it listed $661.5 million in assets and $666.6
million in debts. (Anchor Glass Bankruptcy News, Issue No. 22;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


DELTA AIRLINES: Posts $209 Million Net Loss in February 2006
------------------------------------------------------------
Delta Air Lines, Inc. (Other OTC: DALRQ), filed its Monthly
Operating Report for February 2006 with the U.S. Bankruptcy Court
for the Southern District of New York.  Key points are Delta:

     -- reported a net loss of $209 million, including
        $71 million in reorganization items.

     -- reduced its operating loss to $71 million, a $112 million
        improvement over February 2005.

     -- ended the month with $2.2 billion of unrestricted cash.

Delta reported a net loss of $209 million for February 2006,
compared to a net loss of $267 million in February 2005.
Excluding reorganization items totaling $71 million, the net loss
was $138 million in February 2006, a $129 million improvement
versus the prior year period.  The February 2006 reorganization
items reflect estimated bankruptcy claims for aircraft lease
matters and professional fees in the company's Chapter 11 case.

Operating loss for the month was $71 million, a $112 million
improvement compared to February 2005.  On February 28, 2006,
Delta had $3 billion of cash and cash equivalents, of which
$2.2 billion was unrestricted.

"Six months into our reorganization, we are seeing tangible
results from the various initiatives implemented under our
business plan," said Edward H. Bastian, executive vice president
and chief financial officer.  "While we are encouraged by the
progress we are making, we are still in the early stages of our
turnaround efforts.  We need to remain focused to ensure flawless
execution of all elements of our business plan."

                      DELTA AIR LINES, INC.
            Unaudited Consolidated Balance Sheets
                     As of February 28, 2006

                             ASSETS

CURRENT ASSETS:
Cash and cash equivalents                        $2,170,000,000
Restricted cash                                     841,000,000
Accounts receivable, net of an allowance for
   uncollectible accounts of $41                  1,005,000,000
Expendable parts and supplies inventories, net
   of an allowance for obsolescence of $203         172,000,000
Deferred income taxes                               101,000,000
Prepaid expenses and other                          546,000,000
                                                ---------------
Total current assets                              4,835,000,000

PROPERTY AND EQUIPMENT:
Flight equipment                                 18,579,000,000
Accumulated depreciation                         (6,709,000,000)
                                                ---------------
Flight equipment, net                            11,870,000,000

Flight and ground equipment
   under capital leases                             577,000,000
Accumulated amortization                           (191,000,000)
                                                ---------------
Flight and ground equipment
   under capital leases, net                        386,000,000
                                                ---------------

Ground property and equipment                     4,797,000,000
Accumulated depreciation                         (2,890,000,000)
                                                ---------------
Ground property and equipment, net                1,907,000,000

Advance payments for equipment                       44,000,000
                                                ---------------
Total property and equipment, net                14,207,000,000

OTHER ASSETS:
Goodwill                                            227,000,000
Operating rights and other intangibles,
   net of accumulated amortization of $191           72,000,000
Other noncurrent assets                             979,000,000
                                                ---------------
Total other assets                                1,278,000,000
                                                ---------------
Total assets                                    $20,320,000,000
                                                ===============

             LIABILITIES AND SHAREOWNERS' DEFICIT

CURRENT LIABILITIES:
Current maturities of long-term debt
   and capital leases                            $1,261,000,000
Accounts payable, deferred credits
   and other accrued liabilities                  1,428,000,000
Air traffic liability                             2,195,000,000
Taxes payable                                       594,000,000
Accrued salaries and related benefits               405,000,000
                                                ---------------
Total current liabilities                         5,883,000,000

NONCURRENT LIABILITIES:
Long-term debt and capital leases                 6,520,000,000
Other                                               297,000,000
Deferred revenue and other credits                  184,000,000
                                                ---------------
Total noncurrent liabilities                      7,001,000,000

LIABILITIES SUBJECT TO COMPROMISE                17,597,000,000

COMMITMENTS AND CONTINGENCIES

SHAREOWNERS' DEFICIT:
Common stock:
$0.01 par value; 900,000,000 shares
   authorized; 202,081,648 shares issued              2,000,000
Additional paid-in capital                        1,503,000,000
Accumulated deficit                              (8,720,000,000)
Accumulated other comprehensive loss             (2,722,000,000)
Treasury stock at cost, 4,747,718 shares           (224,000,000)
                                                ---------------
Total shareowners' deficit                      (10,161,000,000)
                                                ---------------
Total liabilities and shareowners' deficit      $20,320,000,000
                                                ===============


                      DELTA AIR LINES, INC.
          Unaudited Consolidated Statement of Operations
              For the Month Ended February 28, 2006

OPERATING REVENUES:
Passenger:
   Mainline                                        $812,000,000
   Regional affiliates                              264,000,000
   Cargo                                             39,000,000
   Other, net                                        94,000,000
                                                ---------------
Total operating revenues                          1,209,000,000

OPERATING EXPENSES:
Salaries and related costs                          346,000,000
Aircraft fuel                                       282,000,000
Contract carrier arrangements                       187,000,000
Depreciation and amortization                        99,000,000
Contracted services                                  82,000,000
Passenger commissions and
   other selling expenses                            66,000,000
Landing fees and other rents                         60,000,000
Aircraft maintenance materials and
   outside repairs                                   59,000,000
Aircraft rent                                        34,000,000
Passenger service                                    21,000,000
Other                                                44,000,000
                                                ---------------
Total operating expenses                          1,280,000,000
                                                ---------------
OPERATING LOSS                                       71,000,000
                                                ---------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest
   expense equals $104 for the Month ended
   February 28, 2006)                               (70,000,000)
Interest income                                       4,000,000
Miscellaneous, net                                   (1,000,000)
                                                ---------------
Total other expense, net                            (67,000,000)
                                                ---------------
LOSS BEFORE REORGANIZATION ITEMS, NET              (138,000,000)

REORGANIZATION ITEMS, NET                           (71,000,000)
                                                ---------------
LOSS BEFORE INCOME TAXES                           (209,000,000)

INCOME TAX PROVISION                                         --
                                                ---------------
NET LOSS                                          ($209,000,000)
                                                ===============


                      DELTA AIR LINES, INC.
         Unaudited Consolidated Statements of Cash Flows
              For the Month ended February 28, 2006

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss                                          ($209,000,000)
Adjustments to reconcile net loss to cash
   provided by operating activities, net            220,000,000
Changes in certain assets and liabilities, net      211,000,000
                                                ---------------
Net cash used by operating activities               222,000,000

CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
   Flight equipment, including
      advance payments                              (33,000,000)
   Ground property and equipment                    (10,000,000)
Proceeds from sale of flight equipment                7,000,000
Decrease in restricted cash                        (113,000,000)
                                                ---------------
Net cash provided by investing activities          (149,000,000)

CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and
   capital lease obligations                         (3,000,000)
                                                ---------------
Net cash used by financing activities                (3,000,000)
                                                ---------------
Net increase in cash and cash equivalents            70,000,000

Cash & cash equivalents at beginning of period    2,100,000,000
                                                ---------------
Cash & cash equivalents at end of period         $2,170,000,000
                                                ===============

Headquartered in Atlanta, Georgia, Delta Air Lines, Inc. --
http://www.delta.com/-- is the world's second-largest airline in
terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners.  The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923).  Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts.  Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice.  Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice.  John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors.  As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities.  (Delta Air Lines
Bankruptcy News, Issue No. 27; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


KAISER ALUMINUM: Earns $7.1 Million for the Month of February 2006
------------------------------------------------------------------

             Kaiser Aluminum Corporation -- All Debtors
                      Unaudited Balance Sheet
                      As of February 28, 2006
                           (In Thousands)

                              ASSETS

Cash                                                     $48,607

Receivables:
    Trade                                                113,119
    Other                                                  5,983
                                                      ----------
Total Receivables                                        119,102

Inventories                                              121,879
Prepaid expenses and other current assets                 24,188
                                                      ----------
Total current assets                                     313,776

Investments in and advances to subsidiaries               19,950
Intercompany receivables/payables, net                    (4,482)
Property, plant, and equipment - net                     228,833
Deferred income taxes
Restricted proceeds from sale of commodity interests           -
Other assets                                           1,017,334
                                                      ----------
Total Assets                                          $1,575,411
                                                      ==========

                LIABILITIES & STOCKHOLDERS' EQUITY

Liabilities not subject to compromise:
    Accounts Payable                                      65,401
    Accrued interest                                       1,070
    Accrued salaries, wages and related expenses          42,441
    Accrued post retirement benefit - current                  -
    Other accrued liabilities                             55,542
    Payable to affiliates                                 16,876
    Long term debt - current portion                       1,147
                                                      ----------
Total current liabilities                                182,477

Long-term liabilities                                     42,040
Accrued postretirement benefit obligation
Long-term debt                                             1,212
Liabilities subject to compromise                      4,467,848
Minority interests                                           655

Stockholders' equity:
    Preference stock
    Common stock                                             789
    Additional capital                                   538,009
Accumulated deficit - As of filing date                 (932,038)
Accumulated deficit - Post filing date                (2,723,090)
Accumulated other comprehensive income (loss)             (2,491)
Note receivable from parent                                    -
                                                      ----------
Total Liabilities & Stockholders' Equity              $1,575,411
                                                      ==========

             Kaiser Aluminum Corporation -- All Debtors
                 Unaudited Statement of Operations
               For the Month Ending February 28, 2006
                           (In Thousands)

Net Sales                                               $107,810

Costs and expenses:
    Cost of products sold                                 89,648
    Depreciation & amortization                            1,598
    Selling, administrative, R&D and general               6,732
    Other operating charges (benefits), net                    -
                                                      ----------
Total costs and expenses                                  97,978
                                                      ----------
Operating income (loss)                                    9,832

Other income (expense):
    Interest expenses, net                                  (268)
    Reorganization items                                  (1,871)
    Other-net                                               (176)
                                                      ----------
Income (loss) before
    income taxes and minority interest                     7,517
(Provision) benefit for income taxes                        (746)
Minority interests                                             -
Equity in income (loss) of subsidiaries                      382
                                                      ----------
Net income (loss)                                         $7,153
                                                      ==========

             Kaiser Aluminum Corporation -- All Debtors
      Schedule of Consolidated Cash Receipts and Disbursements
               For the Month Ending February 28, 2006
                           (In Thousands)

Receipts:
    Trade Receivables
       KACC Receivables                                  $68,446
       KAII Receivables                                   42,465
                                                      ----------
    Total Trade Receivables                              110,911

    Return of Collateral-Workman's Compensation            1,511
    Asbestos Insurance Recoveries                              -
    COBRA Receipts                                           581
                                                             647
                                                      ----------
Total Receipts                                           113,650

Disbursements:
    Inventory/Raw Materials                               57,877
    Capital Expenditures                                   4,223
    Domestic Income Tax Payment                                -
    Maintenance, Materials, etc.                           3,421
    Freight                                                4,951
    Utilities/Energy                                       5,042
    Hourly Payroll                                         6,988
    Salaried Payroll                                       3,748
    Hedging Activities                                       119
    Pension Contributions                                  1,152
    VEBA Advances                                          1,915
    Medical - Current Employees                            2,327
    Annual Insurance Premiums                                  -
    Workmen's Compensation                                   470
    Corporate General and Administrative                   5,224
    JV Fundings - Primary, Net of Reimbursements          12,431
    Other Disbursements                                    6,644
                                                      ----------
Total Operating and G&A Disbursements                    116,532

Reorganization Items                                       1,295
                                                      ----------
Total Disbursements                                      117,827
                                                      ----------
Net Cash Flow                                             (4,177)

Beginning Bank Cash Balances                              58,916
                                                      ----------
Ending Bank Cash Balances                                $54,739

Reconciling Items                                         (6,132)
                                                      ----------
Ending Book Cash Balances                                $48,607
                                                      ==========

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corporation -- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company filed for chapter 11 protection on
February 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold
off a number of its commodity businesses during course of its
cases.  Corinne Ball, Esq., at Jones Day, represents the Debtors
in their restructuring efforts.  On June 30, 2004, the Debtors
listed $1.619 billion in assets and $3.396 billion in debts.
(Kaiser Bankruptcy News, Issue No. 93; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PLIANT CORPORATION: Posts $6.77 Million Net Loss in February 2006
-----------------------------------------------------------------

                Pliant Corporation and Subsidiaries
          Unaudited Condensed Consolidated Balance Sheet
                      As of February 28, 2006

                             ASSETS

CURRENT ASSETS:
   Cash and cash equivalents                         $3,127,000
   Receivables
      Trade accounts                                124,224,000
      Allowance for doubtful accounts                (5,692,000)
      Other                                           6,947,000
   Inventories                                      119,469,000
   Prepaid expenses and other                         5,710,000
   Income taxes receivable, net                               -
   Deferred income taxes                             12,360,000
                                                ---------------
Total Current Assets                                266,145,000
                                                ---------------

PLANT AND EQUIPMENT:
   Gross asset value                                516,019,000
   Less: accumulated depreciation                  (252,278,000)
                                                ---------------
Plant and equipment, net                            263,741,000
                                                ---------------

GOODWILL, net                                       181,075,000
INTANGIBLE ASSETS, net                               14,420,000
INVESTMENT IN SUBSIDIARIES                          (15,851,000)
OTHER ASSETS                                         43,944,000
                                                ---------------
TOTAL ASSETS                                       $753,474,000
                                                ===============

               LIABILITIES & STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES:
   Trade accounts payable                           $56,591,000
   Accrued liabilities:
      Customer rebates                                6,379,000
      Interest payable                               38,987,000
      Other                                          41,503,000
   Current portion of long-term debt                978,720,000
   Due to affiliates                                (67,016,000)
   Deferred income taxes                                      -
   Income taxes payable                                (918,000)
                                                ---------------
       Total current liabilities                  1,054,246,000
                                                ---------------

LONG-TERM DEBT, net of current portion
   Revolving credit facility                        130,924,000
   DIP Credit facility                                        -
   Sr. subordinated bonds - 13%                     314,306,000
   Sr. secured notes - 11 1/8%                      250,000,000
   Sr. secured notes discount notes - 11 1/8%         7,163,000
   Sr. secured notes discount notes - 11 5/8%       274,982,000
   Other                                              5,172,000
   Reclassification to current liabilities         (978,720,000)
                                                ---------------
Total long-term debt, net                             3,827,000

LOANS FROM AFFILIATES                                         -
OTHER LIABILITIES                                    30,870,000
DEFERRED INCOME TAXES                                29,018,000
SHARES SUBJECT TO MANDATORY REDEMPTION              270,688,000
                                                ---------------
       Total Liabilities                          1,388,649,000
                                                ---------------
COMMITMENTS & CONTINGENCIES
   Restricted common stock, net shareholder loans     6,645,000
   Redeemable series B preferred stock                  102,000

STOCKHOLDERS' EQUITY:
   Common stock                                     104,983,000
   Additional paid-in capital                        19,306,000
   Warrants                                          39,133,000
   Retained earnings                               (794,211,000)
   Stockholders' notes receivable                      (660,000)
   Other comprehensive income                       (10,473,000)
                                                ---------------
Total stockholders' equity                         (641,922,000)
                                                ---------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY           $753,474,000
                                                ===============


                Pliant Corporation and Subsidiaries
          Unaudited Consolidated Statement of Operations
               For the month ended February 28, 2006

Sales                                              $176,295,000
Cost of sales                                       155,762,000
                                                ---------------
   Gross profit                                      20,533,000

Operating expenses
   Selling, general & administrative                 10,851,000
   Research & development                             1,474,000
   Restructuring & other costs                        2,251,000
                                                ---------------
       Total operating expenses                      14,576,000
                                                ---------------
Operating Income                                      5,957,000

Interest (expense)                                   12,446,000
Other income (expense), net                            (137,000)
Equity in earnings of subsidiary                              -
                                                ---------------
   Income before income taxes                        (6,352,000)
                                                ---------------
Income tax expense (benefit)                            418,000
                                                ---------------
Net income before discontinued operations            (6,770,000)
Discontinued operations                                       -
                                                ---------------
NET LOSS                                            ($6,770,000)
                                                ===============


                Pliant Corporation and Subsidiaries
           Schedule of Cash Receipts and Disbursements
             For the Month Ended February 28, 2006

Receipts
   Total Receipts                                  $176,295,000

Disbursements
   Payroll                                           20,612,000
   Payroll benefits and taxes                         3,637,000
   Raw material                                     112,789,000
   Freight                                            6,731,000
   Packaging                                          6,037,000
   Utilities                                          4,250,000
   Other direct costs                                (3,355,000)
   Administration and selling                         6,196,000
   Other fixed costs                                  5,590,000
                                                ---------------
       Total disbursements                          162,487,000
                                                ---------------
       Cash from operating activities                13,808,000

   Working capital and other requirements           (19,591,000)

Capital expenditures and interest
   Capital expenditures                              (2,015,000)
   Repayment of capital leases                                -
   Cash interest                                              -
   Income taxes                                               -

   Professional fees                                     29,000
   U.S. Trustee costs                                         -
   Court costs                                                -
                                                ---------------
Net Cash Flow                                        (7,769,000)

Cash, February 1, 2006                                11,348,000
Intercompany transfer                                  (452,000)
                                                ---------------
Cash, February 28, 2006                              $3,127,000
                                                ===============

Headquartered in Schaumburg, Illinois, Pliant Corporation --
http://www.pliantcorp.com/-- produces value-added film and
flexible packaging products for personal care, medical, food,
industrial and agricultural markets.  The Debtor and 10 of its
affiliates filed for chapter 11 protection on Jan. 3, 2006
(Bankr. D. Del. Lead Case No. 06-10001).  James F. Conlan, Esq.,
at Sidley Austin LLP, and Edmon L. Morton, Esq., and Robert S.
Brady, Esq., at Young, Conaway, Stargatt & Taylor, represent the
Debtors in their restructuring efforts.  The Debtors tapped
McMillan Binch Mendelsohn LLP, as their Canadian bankruptcy
counsel.   The Ontario Superior Court of Justice named RSM
Richter, Inc., as the Debtors' information officer in their
restructuring proceeding under Companies Creditors Arrangement Act
in Canada.  As of Sept. 30, 2005, the company had $604,275,000 in
total assets and $1,197,438,000 in total debts.  (Pliant
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


REFCO INC: Files Operating Report for Period Ended Oct. 31, 2005
----------------------------------------------------------------
Refco, Inc., and its debtor-affiliates delivered to the U.S.
Bankruptcy Court for the Southern District of New York a monthly
statement of their cash receipts and disbursements for the period
from October 18 to 31, 2005.

Refco discloses a beginning cash balance of $69,163,000 during
the Reporting Period.  The company received $191,381,000 during
the period and made disbursements totaling $6,696,000.  Refco's
ending cash balance total $253,847,000.

The Debtors serve as a paying agent for certain Non-Debtors.
During Reporting Period, $6,115,000 was disbursed on behalf of
and reimbursed by Non-Debtors.

Refco paid $6,393,000 in Gross Wages on October 31.  Of the Gross
Wages, $5,849,000 were paid on behalf of Non-Debtors and the
Debtors were reimbursed in cash for these disbursements.

Refco also reports that all taxes due and owing have been paid
for the current period.  In addition, all tax returns due during
the period have been filed.

All insurance policies are fully paid for the current period,
including amounts owed for workers' compensation and disability
insurance.

Peter F. James, controller of Refco Inc., relates that Refco Inc.
is unable to issue comprehensive financial statements at this
time.

He explains that on October 9, 2005, after consultation by the
Audit Committee with the company's independent accountants, Refco
determined that its financial statements, as of, and for the
periods ended, February 28, 2002, February 28, 2003, February 28,
2004, February 28, 2005, and May 31, 2005, taken as a whole, for
each of Refco Inc., Refco Group Ltd., LLC and Refco Finance,
Inc., should no longer be relied upon.

Refco prepared the Statement of Cash Receipts and Disbursements
in lieu of the comprehensive financial statements.

A full-text copy of Refco's Monthly Statement is available at no
charge at http://ResearchArchives.com/t/s?7d8

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In addition
to its futures brokerage activities, Refco is a major broker of
cash market products, including foreign exchange, foreign exchange
options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity
products.  Refco is one of the largest global clearing firms for
derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc A.
Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents
the Official Committee of Unsecured Creditors.  Refco reported
$16.5 billion in assets and $16.8 billion in debts to the
Bankruptcy Court on the first day of its chapter 11 cases.(Refco
Bankruptcy News, Issue No. 27; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


SOLUTIA INC: Posts $8 Million Net Loss in February 2006
-------------------------------------------------------

                   Solutia Chapter 11 Debtors
      Unaudited Statement of Consolidated Financial Position
                    As of February 28, 2006

                             Assets

Current Assets:
Cash                                                $28,000,000
Trade Receivables, net                              169,000,000
Account Receivables-Unconsolidated Subsidiaries      38,000,000
Inventories                                         186,000,000
Other Current Assets                                 62,000,000
                                                 --------------
Total Current Assets                                483,000,000

Property, Plant and Equipment, net                  666,000,000
Investment in Subsidiaries and Affiliates           544,000,000
Intangible Assets, net                              100,000,000
Other assets                                         63,000,000
                                                 --------------
TOTAL ASSETS                                     $1,856,000,000
                                                 ==============

              Liabilities and Shareholders' Deficit

Current Liabilities:
Accounts Payable                                   $160,000,000
Short Term Debt                                     357,000,000
Other Current Liabilities                           198,000,000
                                                 --------------
Total Current Liabilities                           715,000,000

Other Long-Term Liabilities                         199,000,000
                                                 --------------
Total Liabilities not Subject to Compromise         914,000,000
Liabilities Subject to Compromise                 2,260,000,000

Shareholders' Deficit                            (1,318,000,000)
                                                 --------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT        $1,856,000,000
                                                 ==============


                   Solutia Chapter 11 Debtors
          Unaudited Consolidated Statement of Operations
              For the Month Ended February 28, 2006

Total Net Sales                                    $176,000,000
Total Cost of Goods Sold                            164,000,000
                                                 --------------
Gross Profit                                         12,000,000
Total MAT Expense                                    18,000,000
                                                 --------------
Operating Income (Loss)                              (6,000,000)

Equity Earnings from Affiliates                       4,000,000
Interest Expense, net                                (5,000,000)
Other Income, net                                     3,000,000

Reorganization Items:
Professional fees                                    (5,000,000)
Adjustment to allowed claim amounts                   2,000,000

Other                                                (1,000,000)
                                                 --------------
Total Reorganization Items                           (4,000,000)
                                                 --------------
Loss Before Taxes                                    (8,000,000)
Income Taxes                                                  -
                                                 --------------
NET LOSS                                            ($8,000,000)
                                                 ==============

Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/-- with its subsidiaries, make and sell a
variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications.  The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949).  When the Debtors filed for
protection from their creditors, they listed $2,854,000,000 in
assets and $3,223,000,000 in debts.  Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis.  Daniel H. Golden,
Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin
Gump Strauss Hauer & Feld LLP represent the Official Committee of
Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey
Howard & Zukin Capital provides the Creditors' Committee with
financial advice.  (Solutia Bankruptcy News, Issue No. 58;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


THAXTON GROUP: Posts $77.5 Mil. Cumulative Net Loss in Feb. 2006
----------------------------------------------------------------
On April 7, 2006, The Thaxton Group filed its monthly operating
report for the month of February 2006 with the U.S. Bankruptcy
Court for the District of Delaware.

The company reported a cumulative net loss of $77,564,667 on
$128,341,531 of revenue for the period from Oct. 17, 2003 thru
Feb. 28, 2006.

At Feb. 28, 2006, the Company's balance sheet reflects:

          Total Assets                     $98,861,255
          Total Liabilities               $176,843,816
          Stockholders' Equity Deficit    ($77,982,561)

A full-text copy of Thaxton Group's February 2006 Monthly
Operating Report is available at no charge at:

               http://ResearchArchives.com/t/s?7d4

Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company.
The Company filed for Chapter 11 protection on October 17, 2003
(Bankr. Del. Case No. 03-13183).  Daniel B. Butz, Esq.,
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at
Morris, Nichols, Arsht & Tunnell, represent the Debtors in their
restructuring efforts.  Alan Kolod, Esq., at Moses & Singer LLP,
represents the Offical Committee of Unsecured Creditors.  As of
Dec. 31, 2005, the Debtors reported assets totaling $98,889,297
and debts totaling $175,693,613.


                             *********

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
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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
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Each Friday's edition of the TCR includes a review about a book of
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Monthly Operating Reports are summarized in every Saturday edition
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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.

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