/raid1/www/Hosts/bankrupt/TCR_Public/060506.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, May 6, 2006, Vol. 10, No. 107
Headlines
ADELPHIA COMMS: West Palm Beach Files Schedules of Assets & Debts
ADELPHIA COMMUNICATIONS: West Palm Beach II Files Schedules
ADELPHIA COMMS: Desert Hot Files Schedules of Assets & Liabilities
ADELPHIA COMMUNICATIONS: Henderson Community Files Schedules
ADELPHIA COMMUNICATIONS: Highland Carlsbad Files Schedules
ADELPHIA COMMUNICATIONS: Highland Prestige Files Schedules
ADELPHIA COMMS: Highland Video Files Schedules of Assets & Debts
ADELPHIA COMMS: Hilton Head Files Schedules of Assets and Debts
ADELPHIA COMMUNICATIONS: Ionian Communications Files Schedules
ADELPHIA COMMUNICATIONS: Prestige Communications Files Schedules
ADELPHIA COMMS: 11 RME Debtors File Schedules of Assets And Debts
ADELPHIA COMMS: Debtors Amend Special Schedules of Assets & Debts
CATHOLIC CHURCH: Portland Files Operating Report for March 2006
CATHOLIC CHURCH: Spokane Files Operating Report for March 2006
FEDERAL-MOGUL: Posts $27.1 Million Net Loss in March 2006
FOAMEX INTERNATIONAL: Earns $4.2 Million in March 2006
MERIDIAN AUTOMOTIVE: Posts $12.5 Million Net Loss in March 2006
OWENS CORNING: Posts $1.77 Million Net Loss in January 2006
SAINT VINCENTS: Files Monthly Operating Report for February 2006
*********
ADELPHIA COMMS: West Palm Beach Files Schedules of Assets & Debts
-----------------------------------------------------------------
A. Real Property
West Palm Beach, Florida $26,588,895
Boynton Beach, Illinois $375,498
Greenacres, CL 8,080,352
B. Personal Property
Accounts Receivable 349,416
Franchise 27,863,905
Vehicles and accessories 38,715
Machinery, fixtures, equipment and supplies 9,593,219
Others 979,649
TOTAL SCHEDULED ASSETS $73,869,649
============
C. Property Claimed as Exempt Not applicable
D. Secured Claims
Bank of Montreal as Agent $1,265,000,000
John Clark, tax collector 194,974
Linda and Gary Brake 3,814
Lawrence Caplan 5,000
Stanley Polanski 926
E. Unsecured Priority Claims 249,654
F. Unsecured Non-priority Claim -
TOTAL SCHEDULED LIABILITIES $1,265,454,368
===============
Based in Coudersport, Pa., Adelphia Communications Corporation --
http://www.adelphia.com/-- 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. PricewaterhouseCoopers serves as the Debtors'
financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official
Committee of Unsecured Creditors. (Adelphia Bankruptcy News,
Issue No. 130; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMUNICATIONS: West Palm Beach II Files Schedules
-----------------------------------------------------------
A. Real Property $0
B. Personal Property
Accounts Receivable 134,620
Franchise 17,352,823
Vehicles and accessories 39,821
Office equipment, furnishings and supplies 4,856
Machinery, fixtures, equipment and supplies 2,281,564
Others 177,283
TOTAL SCHEDULED ASSETS $19,990,967
============
C. Property Claimed as Exempt Not applicable
D. Secured Claim $1,265,000
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims -
TOTAL SCHEDULED LIABILITIES $1,265,000
===========
Based in Coudersport, Pa., Adelphia Communications Corporation --
http://www.adelphia.com/-- 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. PricewaterhouseCoopers serves as the Debtors'
financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official
Committee of Unsecured Creditors. (Adelphia Bankruptcy News,
Issue No. 130; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMS: Desert Hot Files Schedules of Assets & Liabilities
------------------------------------------------------------------
A. Real Property
Desert Hot Springs, CA $1,820,000
B. Personal Property
Accounts Receivable 203,434
Franchise 9,416,001
Vehicles and accessories 68,186
Office equipment, furnishings and supplies 15,123
Machinery, fixtures, equipment and supplies 5,436,107
Inventory 288,496
Others 518,729
TOTAL SCHEDULED ASSETS $17,766,076
============
C. Property Claimed as Exempt Not applicable
D. Secured Claim
Bank of America as Agent $2,480,000,000
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims 19,357
TOTAL SCHEDULED LIABILITIES $2,480,019,357
===============
Based in Coudersport, Pa., Adelphia Communications Corporation --
http://www.adelphia.com/-- 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. PricewaterhouseCoopers serves as the Debtors'
financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official
Committee of Unsecured Creditors. (Adelphia Bankruptcy News,
Issue No. 130; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMUNICATIONS: Henderson Community Files Schedules
------------------------------------------------------------
A. Real Property $0
B. Personal Property
Accounts Receivable 279,036
Franchise 8,532,828
Vehicles and accessories 14,075
Machinery, fixtures, equipment and supplies 2,202,122
Others 7,736
TOTAL SCHEDULED ASSETS $11,035,797
============
C. Property Claimed as Exempt Not applicable
D. Secured Claim
Bank of America as Agent $1,265,000,000
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims 879
TOTAL SCHEDULED LIABILITIES $1,265,000,879
===============
Based in Coudersport, Pa., Adelphia Communications Corporation --
http://www.adelphia.com/-- 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. PricewaterhouseCoopers serves as the Debtors'
financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official
Committee of Unsecured Creditors. (Adelphia Bankruptcy News,
Issue No. 130; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMUNICATIONS: Highland Carlsbad Files Schedules
----------------------------------------------------------
A. Real Property
Carlsbad, California $8,507,709
Fallbrook, California 75,873
B. Personal Property
Security deposit for Brookwood Carlsbad 9,888
Accounts receivable 1,844,160
Franchise 115,559,700
Vehicles and accessories 403,078
Office equipment, furnishings and supplies 4,608
Machinery, fixtures, equipment and supplies 24,760,739
Inventory 1,468,663
Others 1,661,946
TOTAL SCHEDULED ASSETS [$154,296,364]
==============
C. Property Claimed as Exempt Not applicable
D. Secured Claims
Bank of America, N.A. $2,480,042,086
W.C. Communications, Inc. 19,996
Cable Crafters Construction, Inc. 22,090
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims 185,692
TOTAL SCHEDULED LIABILITIES [$2,480,251,864]
================
Based in Coudersport, Pa., Adelphia Communications Corporation --
http://www.adelphia.com/-- 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. PricewaterhouseCoopers serves as the Debtors'
financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official
Committee of Unsecured Creditors. (Adelphia Bankruptcy News,
Issue No. 130; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMUNICATIONS: Highland Prestige Files Schedules
----------------------------------------------------------
A. Real Property $0
B. Personal Property
Accounts receivable 1,608,362
Vehicles and accessories 411,658
Office equipment, furnishings and supplies 47,924
Machinery, fixtures, equipment and supplies 33,210,332
Inventory 779,218
Others 2,943,843
TOTAL SCHEDULED ASSETS $39,001,337
============
C. Property Claimed as Exempt Not applicable
D. Secured Claim
Bank of America, N.A. $2,480,000,000
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims 149,928
TOTAL SCHEDULED LIABILITIES $2,480,149,928
===============
Based in Coudersport, Pa., Adelphia Communications Corporation --
http://www.adelphia.com/-- 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. PricewaterhouseCoopers serves as the Debtors'
financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official
Committee of Unsecured Creditors. (Adelphia Bankruptcy News,
Issue No. 130; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMS: Highland Video Files Schedules of Assets & Debts
----------------------------------------------------------------
A. Real Property $0
B. Personal Property
Bank account -- PNC Bank 33,721
Accounts receivable 441,354
Franchise 4,025,220
Vehicles and accessories 185,175
Office equipment, furnishings and supplies 19,357
Machinery, fixtures, equipment and supplies 12,023,577
Inventory (10,034)
Others 189,265
TOTAL SCHEDULED ASSETS $16,907,635
============
C. Property Claimed as Exempt Not applicable
D. Secured Claim
Bank of Montreal $1,265,000,000
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims 77,920
TOTAL SCHEDULED LIABILITIES $1,265,077,920
===============
Based in Coudersport, Pa., Adelphia Communications Corporation --
http://www.adelphia.com/-- 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. PricewaterhouseCoopers serves as the Debtors'
financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official
Committee of Unsecured Creditors. (Adelphia Bankruptcy News,
Issue No. 130; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMS: Hilton Head Files Schedules of Assets and Debts
---------------------------------------------------------------
A. Real Property
Hilton Head, South Carolina $2,737,993
B. Personal Property
Accounts receivable 412,389
Franchise 13,593,873
Vehicles and accessories 108,397
Office equipment, furnishings and supplies 33,281
Machinery, fixtures, equipment and supplies 7,742,902
Inventory 310,578
Others 716,430
TOTAL SCHEDULED ASSETS $25,655,843
============
C. Property Claimed as Exempt Not applicable
D. Secured Claims
Wachovia Securities $831,375,000
The Associated Press 12,027
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims 38,066
TOTAL SCHEDULED LIABILITIES $831,425,093
=============
Based in Coudersport, Pa., Adelphia Communications Corporation --
http://www.adelphia.com/-- 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. PricewaterhouseCoopers serves as the Debtors'
financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official
Committee of Unsecured Creditors. (Adelphia Bankruptcy News,
Issue No. 130; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMUNICATIONS: Ionian Communications Files Schedules
--------------------------------------------------------------
A. Real Property $0
B. Personal Property
Bank Accounts
Wachovia Bank 5,111
Citizens Bank 7,601
Security deposits 576
Accounts receivable 1,148,709
Franchise 33,161,126
Vehicles and accessories 570,770
Office equipment, furnishings and supplies 86,944
Machinery, fixtures, equipment and supplies 9,386,275
Inventory (23,722)
Others 680,221
TOTAL SCHEDULED ASSETS $45,023,611
============
C. Property Claimed as Exempt Not applicable
D. Secured Claim
Wachovia Securities $831,375,000
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims 50,189
TOTAL SCHEDULED LIABILITIES $831,425,189
=============
Based in Coudersport, Pa., Adelphia Communications Corporation --
http://www.adelphia.com/-- 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. PricewaterhouseCoopers serves as the Debtors'
financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official
Committee of Unsecured Creditors. (Adelphia Bankruptcy News,
Issue No. 130; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMUNICATIONS: Prestige Communications Files Schedules
----------------------------------------------------------------
A. Real Property
Canton, Georgia $187,000
Cartersville, Georgia 2,910,000
Adairsville, Georgia 10,000
Taylorsville, Georgia 5,000
Cumming, Georgia 1,930,000
B. Personal Property
Franchise 106,594,674
TOTAL SCHEDULED ASSETS $111,636,674
=============
C. Property Claimed as Exempt Not applicable
D. Secured Claim
Bank of America, N.A. $2,480,000,000
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims -
TOTAL SCHEDULED LIABILITIES $2,480,000,000
===============
Based in Coudersport, Pa., Adelphia Communications Corporation --
http://www.adelphia.com/-- 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. PricewaterhouseCoopers serves as the Debtors'
financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official
Committee of Unsecured Creditors. (Adelphia Bankruptcy News,
Issue No. 130; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMS: 11 RME Debtors File Schedules of Assets And Debts
-----------------------------------------------------------------
In their Schedules of Assets and Liabilities, 11 Rigas Managed
Entities Debtors reported zero assets and these liabilities:
Total Scheduled
RME Debtor Liabilities
---------- ---------------
Cablevision Business Services Inc. $2,480,000,000
Century MCE LLC 2,480,000,000
Highland Carlsbad Cablevision Inc. 2,480,000,000
Montgomery Cablevision Associates L.P. 1,265,000,000
Adelphia Cablevision Associates of Radnor LP 1,265,000,000
Olympus MCE I LLC 1,265,000,000
Olympus MCE II LLC 1,265,000,000
UCA MCE I LLC 831,375,000
UCA MCE II LLC 831,375,000
OFE I LLC 0
OFE II LLC 0
Each of the 11 RME Debtors' scheduled liabilities relates to a
joinder guaranty agreement effective as of June 7, 2005.
Based in Coudersport, Pa., Adelphia Communications Corporation --
http://www.adelphia.com/-- 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. PricewaterhouseCoopers serves as the Debtors'
financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official
Committee of Unsecured Creditors. (Adelphia Bankruptcy News,
Issue No. 130; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMS: Debtors Amend Special Schedules of Assets & Debts
-----------------------------------------------------------------
The ACOM Debtors have determined that the RME Debtors' Schedules
of Assets and Liabilities reflects certain executory contracts
and unexpired leases that were previously included in the ACOM
Debtors' Schedules.
Accordingly, the ACOM Debtors removed around 228 executory
contracts and unexpired leases from Schedule G of their Special
Schedules of Liabilities.
A full-text copy of ACOM's Amended Schedule G is available at no
charge at http://researcharchives.com/t/s?8a2
Based in Coudersport, Pa., Adelphia Communications Corporation --
http://www.adelphia.com/-- 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. PricewaterhouseCoopers serves as the Debtors'
financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official
Committee of Unsecured Creditors. (Adelphia Bankruptcy News,
Issue No. 130; Bankruptcy Creditors' Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland Files Operating Report for March 2006
---------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of March 31, 2006
ASSETS
Cash and cash equivalents $16,553,125
Accounts receivable, net 1,773,469
Notes, estates and other receivables 11,916,888
Loans receivable from Archdiocesan entities, net 7,671,893
Loans receivable from Archdiocesan housing entities 533,845
Interest receivable and other assets 231,947
Inventories 1,670,356
Real Property 226,688
Deposits and prepaid expenses 48,587
Investments 98,416,662
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,773,120
--------------
Total Assets $148,456,580
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $822,302
Accrued liabilities 2,221,637
Funds held for others
Second Collections (12)
Short-term investments payable 14,910,472
Long-term pool investments payable 18,942,265
Reserve for insurance claims 2,343,946
Notes payable 10,880,807
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities $58,184,949
--------------
Postpetition
Accounts payable 488,449
Accrued liabilities 5,112,606
Funds held for others
Second Collections 231,159
Short-term investments payable 2,922,719
Long-term pool investments 4,817,027
Reserve for insurance claims (15,922)
Notes payable -
Pre-need liability and reserve 32,688
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities $13,993,247
--------------
Total Liabilities $72,178,196
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,963,649
Other Assets (3,573,888)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 7,129,183
Other Assets 2,759,440
--------------
Total Postpetition Net Assets 9,888,623
--------------
Total Net Assets 76,278,384
--------------
Total liabilities & net assets $148,456,580
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending March 31, 2006
Revenues, gains and other support
Annual Catholic Appeal income $579
Gross profit on cemetery sales 134,636
Contributions, gifts, annuities and bequests 27,447
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 638,005
Change in unrealized gains (losses) 662,328
Insurance premiums, net -
Interest income from loans 37,525
Parish assessments 251,797
Other income 41,786
Departmental revenues 20,731
Net assets released from restrictions -
--------------
Total revenues, gains, and other support $1,814,834
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 141,931
Clergy Services 42,955
Catholic Schools 48,470
Pastoral Services 50,861
Evangelization Services 44,917
Public Services 9,980
Tribunal Services 17,397
Deposit and loan interest 137,732
Insurance program 347,668
Cemetery operating expenses 74,237
High School grants/charitable annuities 15,358
Other program expenses 83,858
--------------
Total program services $1,015,364
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 45,667
Finance & Administration:
Resource Development 47,041
Business Affairs 10,761
Financial Services 59,309
Human Resources 27,814
Shared Services 21,161
Occupancy and physical plant expenses 10,458
Designated funds expense 15,484
Bankruptcy expense 346,619
Depreciation expense -
--------------
Total supporting services $584,314
--------------
Total expenses and program support $1,599,678
--------------
Increase (decrease) in net assets before
transfers and designations of net assets 215,156
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets 215,156
Net assets at beginning of year 76,063,228
--------------
Net assets at end of year $76,278,384
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending March 31, 2006
Beginning Cash Balance: $16,050,890
Add:
Transfers in 1,968,861
Receipts Deposited 2,797,346
Other (Return of Direct Deposits) -
Other (Interest Income) 58,165
--------------
Total Cash Receipts $4,824,372
Subtract:
Transfers out (1,968,861)
Disbursements by check or debit (2,348,756)
Cash withdrawn -
Other (Service Charges) (1,972)
Other (Misc Check Correction) (46)
Other (NSF Checks) (2,499)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements ($4,322,134)
--------------
Ending Cash Balance $16,553,128
==============
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. 57; Bankruptcy Creditors' Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Spokane Files Operating Report for March 2006
--------------------------------------------------------------
Catholic Diocese of Spokane
Balance Sheet
As of March 31, 2006
ASSETS
Total Cash Accounts $2,595,340
Total Investments 3,879,834
Total Property 495,004
Total Loans Receivable 2,797,264
Total Interfund Loan Receivable 396,887
Total Accounts Receivable 56,290
Total Land and Buildings & Equip 2,474,977
Total Prepaid Expenses 38,076
--------------
Total Assets $12,733,672
==============
LIABILITIES AND NET ASSETS
Liabilities
Total Deposits Payable 6,640,354
Total Interest Payable 0
Total Accounts Payable 2,035
Total Long-term Liabilities 9,335,400
Net Assets
Total Unrestricted - Fund Balance (16,258,299)
Total Unrestricted Net Assets (16,258,299)
T.R. - Guse Grant Funds 274,293
T.R. - Bishop's School Grants Funds 122,428
Total Replacement Fund 10,361,691
Total Diocesan D&L Funding 2,176,115
Total Guatemala Funds 606,376
Temporarily Restricted (80)
--------------
Total liabilities & net assets $12,863,672
==============
Catholic Diocese of Spokane
Income and Expense Statement
For the month ending March 31, 2006
Total Income $2,540,682
Total Expenses 4,254,992
--------------
Net Excess or Deficit $1,714,310
==============
The Diocese of Spokane's Statement of Cash Receipts and
Disbursements for the period March 1 to 31, 2006, shows ending
balance of $2,558,243. Total cash receipts for the period is
$797,864, while total cash disbursements is $400,355.
A full-text copy of the Diocese's March 2006 operating report is
available for free at http://researcharchives.com/t/s?8a3
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. 57; Bankruptcy Creditors' Service, Inc., 215/945-7000)
FEDERAL-MOGUL: Posts $27.1 Million Net Loss in March 2006
---------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of March 31, 2006
(In millions)
Assets
Cash and equivalents $755.5
Accounts receivable 623.4
Inventories 444.5
Deferred taxes 95.2
Prepaid expenses and other current assets 91.4
----------
Total current assets 2,010.1
Summary of Unpaid Postpetition Debits (54.2)
Intercompany Loans Receivable (Payable) 2,087.7
----------
Intercompany Balances 2,033.6
Property, plant and equipment 864.2
Goodwill 945.7
Other intangible assets 405.3
Insurance recoverable 779.9
Other non-current assets 937.3
----------
Total Assets $7,976.1
==========
Liabilities and Shareholders' Equity
Short-term debt $542.4
Accounts payable 230.5
Accrued compensation 65.3
Restructuring and rationalization reserves 22.4
Current portion of asbestos liability -
Interest payable 2.4
Other accrued liabilities 261.7
----------
Total current liabilities 1,124.7
Long-term debt -
Post-employment benefits 1,896.8
Other accrued liabilities 804.4
Liabilities subject to compromise 5,994.5
Shareholders' equity:
Preferred stock 1,050.6
Common stock 565.8
Additional paid-in capital 8,054.7
Accumulated deficit (10,248.2)
Accumulated other comprehensive income (1,267.1)
Other -
----------
Total Shareholders' Equity (1,844.2)
----------
Total Liabilities and Shareholders' Equity $7,976.1
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Three Months Ended March 31, 2006
(In millions)
Net sales $315.4
Cost of products sold 260.7
----------
Gross margin 54.6
Selling, general & administrative expenses (50.5)
Amortization (1.2)
Reorganization items (7.1)
Interest income (expense), net (13.4)
Other income (expense), net (4.3)
----------
Earnings before Income Taxes (21.9)
Income Tax (Expense) Benefit 5.2
----------
Earnings before effect of change in acctg principle (27.1)
Cumulative effect of change in acctg principle -
----------
Net Loss ($27.1)
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended February 28, 2006
(In millions)
Cash Provided From (Used By) Operating Activities:
Net loss ($27.1)
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 13.2
Adjustments of assets held for sale to fair value 10.4
Asbestos Charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg principle -
Change in post-employment benefits (9.6)
Decrease/(increase) in accounts receivable (52.6)
Decrease/(increase) in inventories 13.5
Increase/(decrease) in accounts payable 9.2
Change in other assets and other liabilities 55.1
Change in restructuring charge 2.5
Refunds (payments) against asbestos liability -
----------
Net Cash Provided From Operating Activities 14.6
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (8.2)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses (0.1)
Business acquisitions, net of cash acquired -
Other -
----------
Net Cash Provided From (Used By) Investing Activities (8.3)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (28.8)
Sale of accounts receivable under securitization -
Dividends -
Other (4.8)
----------
Net Cash Provided From Financing Activities (33.6)
Increase (Decrease) in Cash and Equivalents (27.2)
Cash and equivalents at beginning of period 782.7
----------
Cash and equivalents at end of period $755.5
==========
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of $6 billion.
The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors. (Federal-Mogul Bankruptcy News, Issue No.
108; Bankruptcy Creditors' Service, Inc., 215/945-7000)
FOAMEX INTERNATIONAL: Earns $4.2 Million in March 2006
------------------------------------------------------
Foamex International, et al., as Debtors
Consolidated Balance Sheet
As of March 31, 2006
ASSETS
Current Assets
Cash $3,227,000
Accounts Receivable, net 200,255,000
Inventory 107,415,000
Other current assets 26,485,000
-------------
Total current assets 337,382,000
Land & land improvements 4,951,000
Buildings 86,766,000
Leasehold improvement 5,910,000
Machinery & Equipment 202,474,000
Furniture & Fixtures 5,128,000
Auto equipment 7,869,000
Computer equipment 8,021,000
Construction in progress 1,471,000
Accumulated depreciation (224,654,000
------------
Total property plant & equipment, net 97,936,000
Goodwill, net 86,191,000
Debt Issuance costs, net 4,188,000
Investment in subsidiaries 15,071,000
Long-term intercompany receivable 4,850,000
Other Assets 49,476,000
------------
Total Assets $595,093,000
============
LIABILITIES & STOCKHOLDERS' DEFICIENCY
Current Liabilities
Revolver borrowings $109,323,000
Current portion of long-term debt 86,208,000
Accounts payable 79,793,000
Intercompany 210,000
Accrued employee costs 16,449,000
Accrued rebates 10,908,000
Accrued interest 1,892,000
Other current liabilities 22,503,000
------------
Total current liabilities 327,286,000
Long-term debt 307,000
Intercompany debt -
Liability Subject to Compromise 645,288,000
Other liabilities 23,446,000
------------
Total Long-Term Liabilities 669,041,000
------------
Total Liabilities 996,327,000
Common stock 280,000
Preferred stock 15,000
Additional paid-in capital 102,911,000
Treasury stock (27,780,000)
Partners capital -
Other comprehensive income (loss) (34,998,000)
Shareholder loans (9,221,000)
Accumulated deficit (432,441,000)
------------
(401,234,000)
------------
Liabilities & Stockholders Deficiency $595,093,000
============
Foamex International, et al., as Debtors
Consolidated Income Statement
Month Ended March 31, 2006
Gross Sales $142,764,000
Rebates, Discount & Sale Allowance (7,311,000)
------------
Net Sales 135,454,000
Material 87,881,000
Labor 5,022,000
Overhead 14,141,000
Freight/Shipping 5,367,000
------------
Cost of Sales 112,411,000
------------
Gross Profit 23,042,000
Labor & Employee Expense 4,578,000
Indirect Materials & Samples (63,000,000)
Equipment & Maintenance Expense 43,000,000
Facility Expense 192,000,000
Asset Disposal Gain (Loss) -
Travel & Entertainment 342,000
Technology 191,000
Professional Fees & Services 1,261,000
Other Miscellaneous Expense 545,000
Insurance & Tax (194,000)
Bad debt expense (317,000)
Bank/Collection Costs 93,000
Transportation Cost 13,000
Depreciation/Amortization 385,000
Corp. Cost to COS (856,000)
------------
Selling, general & admin expenses 6,214,000
Restructuring & Impairment Charges (1,265,000)
------------
Income from operations 18,093,000
Interest Expense 6,291,000
Equity in earnings of JV & non-debtor subs (6,309,000)
Other Income & (Expense) 307,000
Professional Fees 1,561,000
Provision/(Gains) - Rejected Contracts (300,000)
Bankruptcy Filing Fees -
Other Expense 65,000
Debt Adjustment Gain/Loss -
------------
Reorganization Expense (Income) 1,326,000
Income before Tax 4,475,000
Tax Provision 266,000
------------
Net Income $4,209,000
============
Headquartered in Linwood, Pa., Foamex International Inc.
(OTC: FMXIQ) -- http://www.foamex.com/-- is the world's leading
producer of comfort cushioning for bedding, furniture, carpet
cushion and automotive markets. The Company also manufactures
high-performance polymers for diverse applications in the
industrial, aerospace, defense, electronics and computer
industries. The Company and eight affiliates filed for chapter 11
protection on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685
through 05-12693). Attorneys at Paul, Weiss, Rifkind, Wharton &
Garrison LLP, represent the Debtors in their restructuring
efforts. Houlihan, Lokey, Howard and Zukin and O'Melveny & Myers
LLP are advising the ad hoc committee of Senior Secured
Noteholders. Kenneth A. Rosen, Esq., and Sharon L. Levine, Esq.,
at Lowenstein Sandler PC and Donald J. Detweiler, Esq., at Saul
Ewings, LP, represent the Official Committee of Unsecured
Creditors. As of July 3, 2005, the Debtors reported $620,826,000
in total assets and $744,757,000 in total debts. (Foamex
International Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
MERIDIAN AUTOMOTIVE: Posts $12.5 Million Net Loss in March 2006
---------------------------------------------------------------
Meridian Automotive Systems - Composites
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of March 31, 2006
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $105,135
Intercompany receivable 13,368
Inventories 66,360
Tooling costs in excess of billings and others 29,862
----------
TOTAL CURRENT ASSETS 217,725
----------
Property, plant and equipment, net 227,879
Intangible assets 15,296
Investment in subsidiaries 23,863
Other assets 12,317
----------
TOTAL ASSETS $497,077
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current portion of long term debt $345,609
Accounts payable 50,089
Accrued expenses 44,988
Tooling billings in excess of costs 2,997
----------
TOTAL CURENT LIABILITIES 443,683
----------
Liabilities subject to comprise 474,443
Non-Current Liabilities Not Subject to Compromise:
Other long-term liabilities 9,099
Accumulated post-retirement benefit obligation 24,487
----------
TOTAL LIABILITIES 951,712
SHAREHOLDERS' EQUITY (454,635)
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $497,077
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operations
March 1 to 31, 2006
(In Thousands)
Net sales $72,630
Cost of sales 67,854
----------
Gross profit 4,776
Selling, general and administrative expenses 5,547
Restructuring charges 2,716
----------
Operating income (loss) (3,487)
Interest expense, net 7,243
Other (expense) income 12
Chapter 11 and related reorganization items 1,802
----------
Loss before provision for income taxes (12,520)
(Benefit) Provision for income taxes 18
----------
NET LOSS ($12,538)
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
March 1 to 31, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($12,538)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization, and impairment 4,561
Change in working capital and other operating
items 14,154
----------
Net cash provided by (used for) operating
activities before reorganization items 6,177
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items 1,802
Payments on Chapter 11 and related reorg items (2,658)
----------
Net cash provided by Chapter 11 and related
reorg items (856)
Net cash provided by (used for) operating
activities 5,321
INVESTING ACTIVITIES:
Additions to property and equipment (4,532)
Proceeds from sale or property and equipment 11
----------
Net cash used for investing activities (4,521)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 35,200
Repayments of DIP credit facility (36,000)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized -
----------
Net cash (used for) provided by financing activities ($800)
----------
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. 26;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
OWENS CORNING: Posts $1.77 Million Net Loss in January 2006
-----------------------------------------------------------
Owens Corning
Balance Sheet
As of January 31, 2006
(In Thousands)
Current Assets:
Cash and cash equivalents $1,066,725
Receivables 393,154
Receivables, intercompany 999,239
Inventories, net of LIFO reserve 202,468
Insurance for asbestos litigation claims -
Deferred income taxes -
Income tax receivable 926
Other current assets 39,932
-----------
Total Current Assets 2,702,444
-----------
Other Assets:
Insurance for asbestos litigation claims 75,220
Restricted cash 198,298
Restricted cash and securities - Fibreboard -
Deferred income taxes 1,414,282
Goodwill 48,568
Investment in affiliates 32,663
Investment in subsidiaries 2,022,050
Notes receivable - intercompany 5,270
Other non-current assets 462,346
-----------
Total Other Assets 4,258,697
-----------
Plant & Equipment:
Land 34,268
Buildings & leasehold improvements 548,886
Machinery & equipment 2,190,937
Construction in progress 160,174
Less: Accumulated Depreciation 1,641,164
-----------
Net Plant & Equipment 1,293,101
-----------
TOTAL ASSETS $8,254,242
===========
Liabilities not Subject to Compromise:
Accounts payable & accrued liabilities $638,234
Accrued postpetition interest 735,042
Intercompany liabilities 1,150,631
Short-term debt -
Long-term debt - current portion 1,367
-----------
Total Current Liabilities 2,525,274
Long-Term Debt 9,382
Other:
Other employee benefits liability 239,607
Pension plan liability 577,445
Other liability 171,963
-----------
Total Non-Current Liabilities 989,015
-----------
Total Postpetition Liabilities 3,523,671
-----------
Prepetition Liabilities:
Accounts payable and accrued liabilities 270,400
Other employee benefits liability 181,874
Pension plan liability -
Debt - US bank credit facility 1,450,986
Debt - bonds & other 1,500,967
Asbestos-related liability 6,166,734
Intercompany 2,452,666
Other -
-----------
Total Prepetition Liabilities 12,023,627
-----------
Total Liabilities 15,547,298
-----------
Minority Interest -
Stockholder's Equity:
Common stock 697,252
Retained earnings (deficit) (7,658,580)
Accumulated Comprehensive Income (Loss) (6,287)
Other (325,441)
-----------
Net Stockholder's Equity (7,293,056)
-----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $8,254,242
===========
Owens Corning
Statement of Operations
For the Month Ended January 31, 2006
(In Thousands)
Net sales $368,778
Cost of Sales 313,208
-----------
Gross Margin 55,570
Operating Expenses:
Marketing & administrative expenses 28,639
Science & technology expenses 1,892
Provision for asbestos litigation claims -
Insider compensation 823
Restructure costs -
Other 6,138
-----------
Income from Operations 18,078
Other Expenses:
Cost of borrowed funds 127
Other -
-----------
Income Before Reorganization Items 17,951
Reorganization Items:
Professional fees 4,470
U.S. Trustee quarterly fees -
Interest earned on accum. cash from chapter 11 (2,860)
(Gain) Loss from sale of equipment -
(Gain) Loss from settlement of liabilities -
Other reorganization expenses 2,082
-----------
Total Reorganization Expenses 3,692
-----------
Income Before Income Taxes 14,259
Provision for Income Tax 16,033
-----------
Income (Loss) Before Minority Interest and
Equity in Net Loss of Affiliates (1,774)
Minority interest -
Equity in net income (loss) of affiliates -
-----------
Net Income (Loss) ($1,774)
===========
Owens Corning
Statement of Cash Receipts & Disbursements
For the Month Ended January 31, 2006
(In Thousands)
Cash, beginning of month $1,105,263
Receipts:
Customer receipts 329,754
Intercompany sales 5,833
Loans & advances -
Sale of assets -
Other receipts 22,308
Intercompany transfers 92,004
Transfers from DIP 312,492
-----------
Total Receipts $762,391
Disbursements:
Net payroll 49,730
Payroll taxes 28
Sales use & other taxes 12,079
Inventory purchases 137,732
Insurance 1,565
Administrative & selling 75,454
Other 119,255
Intercompany transfers 90,865
Transfers to DIP 312,492
Professional Fees 1,714
U.S. Trustee Quarterly Fees 14
Court costs -
Adjustment -
-----------
Total Disbursements $800,928
Net Cash Flow (38,537)
-----------
Cash, end of month $1,066,726
===========
Owens Corning -- http://www.owenscorning.com/-- manufactures
fiberglass insulation, roofing materials, vinyl windows and
siding, patio doors, rain gutters and downspouts. Headquartered
in Toledo, Ohio, the Company filed for chapter 11 protection on
October 5, 2000 (Bankr. Del. Case. No. 00-03837). Norman L.
Pernick, Esq., at Saul Ewing LLP, represents the Debtors. Elihu
Inselbuch, Esq., at Caplin & Drysdale, Chartered, represents the
Official Committee of Asbestos Creditors. James J. McMonagle
serves as the Legal Representative for Future Claimants and is
represented by Edmund M. Emrich, Esq., at Kaye Scholer LLP.
(Owens Corning Bankruptcy News, Issue No. 129; Bankruptcy
Creditors' Service, Inc., 215/945-7000).
SAINT VINCENTS: Files Monthly Operating Report for February 2006
----------------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of February 28, 2006
ASSETS
Cash & Cash Equivalents $21,814,447
Investments -
Patients Accounts Receivable, less allowance for
doubtful accounts 182,407,749
Accounts Receivable 36,217,113
Other Current Assets 64,627,677
--------------
Total Current Assets 305,066,986
Depreciation Reserve Funds & Collaterized Assets 13,708,723
Assets Designated for Self-Insurance
Investments at Market 45,048,275
Assets whose use is limited -
Investments at Market 53,086,077
Other Non-Current Assets 22,571,970
Land, Buildings & Equipment, net of
Accumulated Depreciation 279,038,782
--------------
Total Assets $718,520,813
==============
LIABILITIES AND NET ASSETS
Liabilities Subject to Compromise:
HFG Loan -
Accounts Payable & Accrued Expenses $234,975,020
Estimated Retroactive Payables to
Third Parties, net 117,115,693
Long-term Debt 130,314,130
Long-term Debt, excluding current installments -
Estimated Liability for Self-Insurance 232,578,983
--------------
Total Liabilities Subject to Compromise 714,983,826
Liabilities Not Subject to Compromise:
Accrued Salaries & Payroll Taxes Withheld 51,881,573
Accounts Payables & Accrued Expenses 92,410,404
Long-term Debt (GE) 169,000,000
--------------
Total Liabilities 1,028,275,803
Net Assets:
Unrestricted (368,136,949)
Temporarily Restricted 32,742,415
Permanently Restricted 25,639,544
--------------
Total Net Assets (309,754,990)
--------------
Total Liabilities & Net Assets $718,520,813
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From February 1 to February 28, 2006
Operating Revenue
Inpatient $60,398,963
Outpatient 28,173,730
--------------
Patient Service Revenue 88,572,694
--------------
Less Provision for Bad Debt 8,840,476
--------------
Net Patient Service Revenue 79,732,218
--------------
Pool Revenue 3,851,914
Capitation 7,321,517
Other 8,788,767
--------------
Total Operating Revenue 99,694,416
Operating Expenses:
Salaries and Wages 42,673,592
Fringe Benefits 12,662,165
Supplies and Other 33,453,048
Insurance 4,224,754
--------------
Total Direct Operating Costs 93,013,559
Salaries and Wages 2,443,650
Fringe Benefits 748,717
Supplies and Other 5,983,889
--------------
Total Corporate Allocated 9,176,255
--------------
Total Operating Expense 102,189,814
--------------
Interest 2,236,017
Depreciation 3,601,055
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items (8,332,470)
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) -
St. Mary's Op Pac Rate Adjustment -
ZBEC/HFE Recoveries -
Restructuring & Bankruptcy Related Costs (1,806,479)
Estimated Close-out of St. Mary's -
Hanys Investment Income (SFS INS) -
Prior Period Ambulance Revenue -
Transfer of Equity Foundation -
--------------
Total Non-Recurring and/or Unusual Items (1,806,479)
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (10,138,949)
--------------
Non-Operating Revenue (775,855)
Change in Temporary Restricted Net Assets (126,395)
--------------
Change in Net Assets ($11,041,199)
--------------
EBITDA ($2,495,398)
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From February 1 to February 28, 2006
Cash Flows from Operation Activities:
Changes in Net Assets ($11,041,199)
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Depreciation & Amortization 3,601,055
Gain on Refinancing -
Change in Unrealized Gains & Losses (1,346,203)
Change in Patient's Accounts Receivable (1,518,231)
Change in Accounts Receivables, Other (314,595)
Change in Prepaid Expenses & Other 217,800
Change in Other Non-Current Assets (307,995)
Change in Accounts Payable &
Accrued Exp-Prepetition (970,440)
Change in Accounts Payable &
Accrued Exp-Postpetition -
Change in Accrued Salaries & P/R Taxes (478,905)
Change in Est. Retro rec/pay
from/to third parties 1,532,378
Change in Est. Liability for self-insurance -
Change in Other Non-Current Liabilities 3,034,604
--------------
Net Cash Provided by Operating Activities (7,591,731)
Cash flows From Investment Activities:
Sale of Investments, Net 18,844
Sale of Assets Whose Use is Limited 2,121,821
Acquisition/Sale of Land, Building,
& Equipment (1,191,214)
--------------
Net Cash Provided by Investing Activities 949,451
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Loan -
Proceed from issuance of Long-term debt -
Repayment of Long-term debt (245,968)
--------------
Net Cash (Used) in Financing Activities (245,968)
Net Increase (Decrease)
in Cash & Cash Equivalents (6,888,248)
Cash & Cash Equivalents at Beginning of Month 28,702,694
--------------
Cash & Cash Equivalents at End of the Month $21,814,446
==============
Headquartered in New York, New York, Saint Vincents Catholic
Medical Centers of New York -- http://www.svcmc.org/-- the
largest Catholic healthcare providers in New York State, operate
hospitals, health centers, nursing homes and a home health agency.
The hospital group consists of seven hospitals located throughout
Brooklyn, Queens, Manhattan, and Staten Island, along with four
nursing homes and a home health care agency. The Company and six
of its affiliates filed for chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary
Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will &
Emery, LLP, filed the Debtors' chapter 11 cases. On Sept. 12,
2005, John J. Rapisardi, Esq., at Weil, Gotshal & Manges LLP took
over representing the Debtors in their restructuring efforts.
Martin G. Bunin, Esq., at Thelen Reid & Priest LLP, represents the
Official Committee of Unsecured Creditors. As of Apr. 30, 2005,
the Debtors listed $972 million in total assets and $1 billion in
total debts. (Saint Vincent Bankruptcy News, Issue No. 24;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
*********
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
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public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
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, Joel Anthony
Lopez, 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 ***