TCR_Public/060513.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 13, 2006, Vol. 10, No. 113

                             Headlines

ASARCO LLC: Earns $25.6 Million for the Month of March 2006
ASARCO LLC: Encycle/Texas Amends Schedules of Assets & Liabilities
COLLINS & AIKMAN: Posts $15.3 Million Net Loss in March 2006
DELPHI CORP: Posts $56 Million Net Loss in March 2006
FLYI INC: Files Monthly Operating Report for March 2006

FLYI INC: Independence Air Earns $18 Million in March 2006
KAISER ALUMINUM: Earns $21.7 Million for the Month of March 2006
NORTHWEST AIRLINES: NWA Aircraft Finance Files Schedules
NORTHWEST AIRLINES: MLT Inc. Files Schedules of Assets & Debts
NORTHWEST AIR: NWA Fuel Services Files Schedules of Assets & Debts

NORTHWEST AIR: NWA Retail Sales Files Schedules of Assets & Debts
NORTHWEST AIR: Aircraft Foreign Files Schedules of Assets & Debts
REFCO INC: Files Monthly Operating Report for January 2006
SOLUTIA INC: Posts $22 Million Net Loss in March 2006
SONICBLUE INC: Files March 2006 Monthly Operating Report

                             *********

ASARCO LLC: Earns $25.6 Million for the Month of March 2006
-----------------------------------------------------------

                         ASARCO LLC, et al.
                           Balance Sheet
                       As of March 31, 2006

ASSETS
     Current assets:
     Cash                                          $43,147,000
     Net accounts receivable                       110,232,000
     Inventory: lower of cost or market            217,447,000
     Prepaid expenses                               32,579,000
     Deferred income tax assets                              0
                                                --------------
Total current assets                               403,405,000

Net property, plant and equipment                  416,861,000
Other assets
     Investment in subs                             83,372,000
     Prepaid pension and retirement plan            76,956,000
     Non-current deferred tax asset                 40,952,000
     Other                                         107,021,000
                                                --------------
Total assets                                    $1,128,566,000
                                                ==============

LIABILITIES
Postpetition liabilities:
     Accounts payable                              $36,988,000
     Accrued liabilities                            20,596,000
     Debtor-in-possession financing                          0
                                                --------------
Total postpetition liabilities                      57,584,000

Prepetition liabilities:
     Not subject to compromise - credit                973,000
     Not subject to compromise - other             134,241,000
     Subject to compromise                         887,441,000
                                                --------------
Total prepetition liabilities                    1,022,655,000
                                                --------------
Total liabilities                               $1,080,239,000
                                                ==============

OWNERS' EQUITY (DEFICIT)
Common stock                                       508,325,000
Additional paid-in capital                         104,578,000
Other comprehensive income                        (143,322,000)
Retained earnings: filing Date                    (536,691,000)
                                                --------------
Total prepetition owners' equity                   (67,111,000)
Retained earnings: post-filing Date                115,439,000
                                                --------------
Total owners' equity (net worth)                    48,327,000
                                                --------------
Total liabilities and owners' equity            $1,128,566,000
                                                ==============


                         ASARCO LLC, et al.
                 Consolidated Statement of Operations
                     Month Ending March 31, 2006

Sales                                              $68,261,000
Cost of products and services                       49,151,000
                                                 -------------
Gross profit                                        19,110,000

Operating expenses:
Selling and general & admin expenses                 2,253,000
Depreciation & amortization                          2,172,000
Provision accretion expense of asset
retirement obligation                                 143,000
                                                 -------------
Operating income                                    14,542,000

Interest expense                                      (174,000)
Interest Income                                       (515,000)
Reorganization Expenses                              1,711,000
Other miscellaneous (income) expenses              (12,664,000)
                                                 -------------
Income (loss) before taxes                          26,183,000
Income taxes                                           524,000
                                                 -------------
Net income                                         $25,660,000
                                                 =============
                                              

                         ASARCO LLC, et al.
             Consolidated Cash Receipts & Disbursements
                   Month Ending March 31, 2006

Receipts                                           $77,930,000
Disbursements:
Inventory material                                  20,330,000
Operating disbursements                             48,196,000
Capital expenditures                                 1,149,000
                                                 -------------
Total disbursements                                 69,675,000

Operating cash flow                                  8,255,000
Reorganization disbursements                         1,131,000
                                                 -------------
Net cash flow                                        7,124,000
Net payments to secured Lenders                              0
                                                 -------------
Net change in cash                                   7,124,000
Beginning cash balance                              36,023,000
                                                 -------------
Ending cash balances                               $43,147,000
                                                 =============

Headquartered in Tucson, Arizona, ASARCO LLC --
http://www.asarco.com/-- is an integrated copper mining,
smelting and refining company.  Grupo Mexico S.A. de C.V. is
ASARCO's ultimate parent.  The Company filed for chapter 11
protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207).
James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A.
Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter
Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq.,
at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor
in its restructuring efforts.  Lehman Brothers Inc. provides the
ASARCO with financial advisory services and investment banking
services.  Paul M. Singer, Esq., James C. McCarroll, Esq., and
Derek J. Baker, Esq., at Reed Smith LLP give legal advice to
the Official Committee of Unsecured Creditors and David J.
Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.  When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and
$1 billion in total debts.

The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525).  They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No.
05-21346) also filed for chapter 11 protection, and ASARCO has
asked that the three subsidiary cases be jointly administered
with its chapter 11 case.  On Oct. 24, 2005, Encycle/Texas' case
was converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7
Trustee. (ASARCO Bankruptcy News, Issue No. 21; Bankruptcy
Creditors' Service, Inc., 215/945-7000).


ASARCO LLC: Encycle/Texas Amends Schedules of Assets & Liabilities
------------------------------------------------------------------
Encycle/Texas, Inc., amends its Schedules of Assets and
Liabilities to:

   (a) reflect that its real property in Nueces County/Corpus
       Christi is worth $1,118,950;

   (b) add two unsecured non-priority claims:

       Creditor                                  Claim Amount
       --------                                  ------------
       Asarco LLC                                 $32,665,214
       Society of Our Lady of the Holy Trinity        213,750

Headquartered in Tucson, Arizona, ASARCO LLC --
http://www.asarco.com/-- is an integrated copper mining,
smelting and refining company.  Grupo Mexico S.A. de C.V. is
ASARCO's ultimate parent.  The Company filed for chapter 11
protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207).
James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A.
Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter
Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq.,
at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor
in its restructuring efforts.  Lehman Brothers Inc. provides the
ASARCO with financial advisory services and investment banking
services.  Paul M. Singer, Esq., James C. McCarroll, Esq., and
Derek J. Baker, Esq., at Reed Smith LLP give legal advice to
the Official Committee of Unsecured Creditors and David J.
Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.  When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and
$1 billion in total debts.

The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525).  They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No.
05-21346) also filed for chapter 11 protection, and ASARCO has
asked that the three subsidiary cases be jointly administered
with its chapter 11 case.  On Oct. 24, 2005, Encycle/Texas' case
was converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7
Trustee. (ASARCO Bankruptcy News, Issue No. 21; Bankruptcy
Creditors' Service, Inc., 215/945-7000).


COLLINS & AIKMAN: Posts $15.3 Million Net Loss in March 2006
------------------------------------------------------------

                   Collins & Aikman Corporation
                          Balance Sheet
                       As of March 31, 2006

                              ASSETS

Cash                                                $87,663,195
Accounts receivable-trade, net                      133,540,723
Other non-trade receivables                           7,115,068
Inventories, net                                    103,573,789
Tooling and molding, net-current                     66,368,361
Prepaids & other current assets                      69,324,185
Deferred tax assets-current                             (87,825)
                                                ---------------
TOTAL CURRENT ASSETS                                467,497,497

Investments in subsidiaries                       2,534,708,519
Fixed assets, net                                   325,500,004
Goodwill, net                                       978,554,071
Deferred tax assets-long term                        25,938,826
Tooling and molding, net-long term                    7,283,077
Other noncurrent assets                              91,790,663
Intercompany accounts - net                         160,191,916
Prepetition intercompany - net                      666,919,114
                                                ---------------
TOTAL ASSETS                                     $5,258,383,687
                                                ===============

                        LIABILITIES & EQUITY

Notes payable                                                $0
Short term borrowings                                         0
Advance on receivables                                        0
Current portion-long term debt                      245,914,130
Current portion-capital leases                                0
Accounts payable                                     35,562,918
Accrued interest payable                              7,571,506
Accrued & other liabilities                          88,632,579
Income taxes payable                                 (4,880,504)
                                                ---------------
TOTAL CURRENT LIABILITIES                           372,800,629

Liabilities subject to compromise                 2,388,453,060
                                                ---------------
Total liabilities                                 2,761,253,690

Total equity                                      2,497,129,998
                                                ---------------
TOTAL LIABILITIES & EQUITY                       $5,258,383,687
                                                ===============



                   Collins & Aikman Corporation
                         Income Statement
                   Month Ending March 31, 2006

Net outside sales                                  $157,857,450
I/C Net sales                                        10,840,059
                                                ---------------
Total sales                                         168,697,509

Cost of goods sold                                  157,053,957
                                                ---------------
Gross profit                                         11,643,552

Selling, general & administrative expenses           22,243,588
                                                ---------------
Operating income                                    (10,600,036)

Interest expenses                                     7,241,489
Intercompany interest, net                           (2,385,801)
Preferred stock accretion                                     0
Miscellaneous (income)/expense                                0
Corporate allocation adjustment                               0
Commission income                                      (193,601)
Commission expense                                            0
Royalty income                                         (498,305)
Royalty expense                                               0
Joint Venture (Income)/Expense                                0
Minority interest in cons net income                          0
Dividend income                                               0
Discount/Income for Carcorp.                                  0
Gain/(Loss) early extinguishments of debt                     0
Discount/Premium on hedges                                    0
(Gain)/Loss on hedges                                         0
(Gain)/Loss on swaps                                          0
NAAIS Intercompany sales profit                               0
Loss on sale of receivables                                   0
Restructuring provision                                       0
Foreign transactions - (Gain)/Loss                      444,381
Amort of discount on NPV of liabilities                       0
(Gain)/Loss on sale-leaseback transaction                     0
                                                ---------------
Income from continuing operations before taxes      (15,208,200)

Federal income tax                                            0
State income tax                                              0
Foreign income tax                                       25,813
                                                ---------------
Income from continuing operations                   (15,234,013)

Discontinued operations                                 110,035
Gain/Loss on sale of divisions                                0
Extraordinary items                                           0
Integration                                                   0
                                                ---------------
NET INCOME (LOSS)                                  ($15,344,048)
                                                  =============

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in cockpit    
modules and automotive floor and acoustic systems and is a leading
supplier of instrument panels, automotive fabric, plastic-based
trim, and convertible top systems.  The Company has a workforce of
approximately 23,000 and a network of more than 100 technical
centers, sales offices and manufacturing sites in 17 countries
throughout the world.  The Company and its debtor-affiliates filed
for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case
No. 05-55927).  Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring.  Lazard Freres & Co., LLC,
provides the Debtor with investment banking services.  Michael S.
Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents
the Official Committee of Unsecured Creditors Committee.  When the
Debtors filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total debts.
(Collins & Aikman Bankruptcy News, Issue No. 30; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


DELPHI CORP: Posts $56 Million Net Loss in March 2006
-----------------------------------------------------

                    Delphi Corporation, et al.
               Unaudited Consolidated Balance Sheet
                      As of March 31, 2006
                          (In Millions)

                              ASSETS

Current assets:
   Cash and cash equivalents                               $984
   Accounts receivable, net:
      General Motors and affiliates                       1,967
      Other third parties                                 1,408
      Non-Debtor subsidiaries                               316
   Notes receivable from non-Debtor subsidiaries            355
   Inventories, net:
      Productive material, work-in-process and supplies     830
      Finished goods                                        310
   Prepaid expenses and other                               313
                                                       --------
      TOTAL CURRENT ASSETS                                6,483
                                                       --------
Long-term assets:         
   Property, net                                          2,562
   Goodwill                                                  40
   Other intangible assets                                   40
   Pension intangible assets                                871
   Investments in non-Debtor subsidiaries                 3,127
   Other                                                    719
                                                       --------
TOTAL ASSETS                                            $13,842
                                                       ========

              LIABILITIES AND STOCKHOLDERS' DEFICIT         

Current liabilities not subject to compromise:
   Accounts payable                                       1,189
   Accounts payable to non-Debtor subsidiaries              465
   Accrued liabilities                                      495
                                                       --------
   TOTAL CURRENT LIABILITIES                              2,149
                                                       --------
Long-term liabilities not subject to compromise:         
   Debtor-in-possession financing                           250
   Employee benefit plan obligations and other              523
                                                       --------
   TOTAL LONG-TERM LIABILITIES                              773
                                                       --------
Liabilities subject to compromise                        17,505
                                                       --------
   TOTAL LIABILITIES                                     20,427
                                                       --------
Stockholders' deficit:
   Common stock                                               6
   Additional paid-in capital                             2,683
   Accumulated deficit                                   (7,035)
   Minimum pension liability                             (2,052)
   Accumulated other comprehensive loss                    (135)
   Treasury stock, at cost                                  (52)
                                                       --------
   TOTAL STOCKHOLDERS' DEFICIT                           (6,585)
                                                       --------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT             $13,842
                                                       ========


                   Delphi Corporation, et al.
          Unaudited Consolidated Statement of Operations
                   Month Ended March 31, 2006
                          (In Millions)

Net sales:                  
   General Motors and affiliates                         $1,054
   Other customers                                          644
   Intercompany non-Debtor subsidiaries                      54
                                                       --------
Total net sales                                           1,752
                                                       --------
Operating expenses:                  
   Cost of sales, excluding items listed below            1,711
   Selling, general and administrative                       89
   Depreciation and amortization                             45
   Goodwill and long-lived asset impairment charges           -
                                                       --------
Total operating expenses                                  1,845
                                                       --------
Operating loss                                              (93)

Interest expense                                            (31)
Other expense, net                                           (3)

Reorganization items                                         (3)
Income tax expense                                           (2)
Equity income from non-consolidated subsidiaries              6
Equity income from non-Debtor subsidiaries, net of tax       70
                                                       --------
NET LOSS                                                   ($56)
                                                       ========


                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Cash Flows
                  Month Ended March 31, 2006
                          (In Millions)

Cash flows from operating activities:         
   Net loss                                                ($56)
   Adjustments to reconcile net loss
    to net cash provided by operating activities:         
    Depreciation and amortization                            45
    Pension and other postretirement benefit expenses       125
    Equity income from unconsolidated subsidiaries, net      (6)
    Equity income from non-Debtor subsidiaries, net of tax  (70)
    Reorganization items                                      3
   Changes in operating assets and liabilities:         
    Accounts receivable, net                               (240)
    Inventories, net                                         49
    Prepaid expenses and other                               17
    Accounts payable, accrued and other long-term debts      66
    Pension contributions                                    (1)
    Other postretirement benefit payments                   (21)
    Receipts (payments) for reorganization items, net        (2)
    Other                                                   (10)
                                                       --------
Net cash used in operating activities                      (101)
        
Cash flows from investing activities:
   Capital expenditures                                     (42)
   Proceeds from sale of property                             1
                                                       --------
Net cash used in investing activities                       (41)

Cash flows from financing activities:         
   Repayments of note payable to non-Debtor subsidiary       (2)
   Repayments of other debt                                  (1)
                                                       --------
Net cash used in financing activities                        (3)
                                                       --------
Decrease in cash and cash equivalents                      (145)
Cash and cash equivalents at beginning of period          1,129
                                                       --------
Cash and cash equivalents at end of period                 $984
                                                       ========

Based in Troy, Mich., Delphi Corporation -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology.  The Company's technology and
products are present in more than 75 million vehicles on the road
worldwide.  The Company filed for chapter 11 protection on Oct. 8,
2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler
Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in
their restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell
A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins
LLP, represents the Official Committee of Unsecured Creditors.  
As of Aug. 31, 2005, the Debtors' balance sheet showed
$17,098,734,530 in total assets and $22,166,280,476 in total
debts.  (Delphi Bankruptcy News, Issue No. 24; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


FLYI INC: Files Monthly Operating Report for March 2006
-------------------------------------------------------

                              FLYi Inc.
                     Consolidated Balance Sheet
                       As of March 31, 2006

ASSETS

Current assets
      Cash                                               $189,887
      Short term investments                            1,000,000
      Net accounts receivable                         379,627,553
      IC Notes receivable                               4,252,000
                                                    -------------
      Total Current Assets                           $385,069,440
                                                    -------------
Other assets
      Restricted cash                                           0
      Long term investments                             7,435,000
      Property and equipment, net of depreciation             250
      Intangible assets                                         0
      Debt issuance cost                                        0
      Aircraft deposits                                         0
      Long term deferred tax                                    0
      Other assets                                     14,055,412
                                                    -------------
      Total Other Assets                              $21,490,662
                                                    -------------
      TOTAL ASSETS                                   $406,560,102
                                                    =============
LIABILITIES
Liabilities not subject to compromise                          $0
Liabilities subject to compromise
      Secured debt                                              0
      Priority debt                                             0
      Unsecured debt                                  244,926,756
                                                    -------------
      Total Liabilities                              $244,926,756
                                                    -------------
Owner Equity
      Common stock                                      1,088,716
      Additional paid in capital                      158,254,512
      Treasury stock                                  (35,717,477)
      Pre-petition retained earnings                   39,858,773
      Postpetition retained earnings                   (1,851,178)
                                                    -------------
      Net Owners' Equity                             $161,633,346
                                                    -------------
      TOTAL LIABILITIES AND OWNER'S EQUITY           $406,560,102
                                                    =============


                              FLYi Inc.
                      Statement of Operations
                             March 2006

Revenues                                                       $0
Other income and expenses
      Interest income                                      (3,904)
      Interest expense                                          -
      Other miscellaneous                                       -
                                                    -------------
       Net Profit(Loss)                                   ($3,904)
                                                    =============

Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport.  The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017).  Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts.  Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors.  As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000. (FLYi Bankruptcy News, Issue No. 17; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


FLYI INC: Independence Air Earns $18 Million in March 2006
----------------------------------------------------------

                        Independence Air Inc.
                     Consolidated Balance Sheet
                        As of March 31, 2006

ASSETS

Current assets
      Cash                                            $20,689,439
      Short term investments                            6,300,000
      Restricted cash                                   6,765,464
      Net accounts receivable                          94,856,277
      Net expandable parts and fuel                     1,799,189
      Net prepaid expenses                              9,620,027
      Deferred tax asset                                       (1)
                                                    -------------
Total current assets                                 $140,030,395
                                                    -------------
Other assets:
      Restricted cash                                  15,385,953
      Property and equipment, net of depreciation      20,620,807
      Aircraft deposits                                12,662,000
      Other assets                                      1,298,063
                                                    -------------
Total other assets                                    $49,966,823
                                                    -------------
      TOTAL ASSETS                                   $189,997,218
                                                    =============
LIABILITIES

Liabilities not subject to compromise
      Accounts payable                                 $8,807,332
      Air traffic liability                             1,184,086
      Accrued liabilities                               1,834,810
                                                    -------------
Total postpetition liabilities                        $11,826,228
                                                    -------------

Liabilities subject to compromise
      Secured debt                                     $1,837,598
      Priority debt                                     1,269,674
      Unsecured debt                                  402,027,387
      Other accruals                                   23,381,926
                                                    -------------
Total prepetition liabilities                        $428,516,585
                                                    -------------
Total Liabilities                                    $440,342,813
                                                    -------------
Owner Equity
      Common stock                                              0
      Treasury stock                                    7,435,000
      Owner's equity account                                    -
      Pre-petition retained earnings                 (243,575,613)
      Postpetition retained earnings                  (14,204,982)
      Adjustment to owner equity                                0
                                                    -------------
Net Owners' Equity                                  ($250,345,595)
                                                    -------------
      TOTAL LIABILITIES AND OWNER'S EQUITY           $189,997,218
                                                    =============


                        Independence Air Inc.
                       Statement of Operations
                           February 2006

Revenues
Operating Revenue
      Passenger revenue                                      $547
      Other revenue                                        18,365
                                                    -------------
Total operating revenues                                  $18,912
                                                    -------------
Operating expenses
Insider compensation                                       $8,333
      Wages                                              (105,799)
      Fringes and benefits                              1,426,934
      Aircraft fuel                                        16,112
      Aircraft maintenance and materials                  346,626
      Traffic commissions                                   8,750
      CRS fees                                             15,509
      Facilities rent                                     298,542
      Landing fees                                           (151)
      Depreciation and amortization                       448,107
      Others                                             (134,393)
      Retirement and restructuring charge             (21,312,765)
                                                    -------------
Total operating expense                               $18,981,195
                                                    -------------
Net operating income                                   19,000,107
                                                    -------------
Net Profit (Loss) before other income & expenses       19,000,107
                                                    -------------
Other income and expenses
      Interest income                                    (152,604)
      Interest expense                                      5,287
                                                    -------------
      Total other (income) expense                       (147,317)
                                                    -------------
Net Profit (Loss) before reorganization items          19,147,424
                                                    -------------
Reorganization items
      Professional fees                                 1,128,135
                                                    -------------
Net Profit (Loss)                                     $18,019,289
                                                    =============

Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport.  The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017).  Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts.  Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors.  As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000. (FLYi Bankruptcy News, Issue No. 17; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


KAISER ALUMINUM: Earns $21.7 Million for the Month of March 2006
----------------------------------------------------------------

             Kaiser Aluminum Corporation -- All Debtors
                      Unaudited Balance Sheet
                      As of March 31, 2006
                           (In Thousands)

                              ASSETS

Cash                                                     $36,270

Receivables:
    Trade                                                113,552
    Other                                                 15,242
                                                      ----------
Total Receivables                                        128,794

Inventories                                              137,557
Prepaid expenses and other current assets                 24,119
                                                      ----------
Total current assets                                     326,740

Investments in and advances to subsidiaries               19,320
Intercompany receivables/payables, net                    (2,608)
Property, plant, and equipment - net                     233,767
Deferred income taxes                                          -
Restricted proceeds from sale of commodity interests           -
Other assets                                           1,017,977
                                                      ----------
Total Assets                                          $1,595,196
                                                     ===========

                LIABILITIES & STOCKHOLDERS' EQUITY

Liabilities not subject to compromise:
    Accounts Payable                                      72,890
    Accrued interest                                       1,101
    Accrued salaries, wages and related expenses          36,408
    Accrued post retirement benefit - current                  -
    Other accrued liabilities                             65,063
    Payable to affiliates                                 15,512
    Long term debt - current portion                       1,142
                                                      ----------
Total current liabilities                                192,116

Long-term liabilities                                     43,900
Accrued postretirement benefit obligation                      1
Long-term debt                                             1,212
Liabilities subject to compromise                      4,460,672
Minority interests                                           655

Stockholders' equity:
    Preference stock
    Common stock                                             789
    Additional capital                                   538,008
Accumulated deficit - As of filing date                 (932,025)
Accumulated deficit - Post filing date                (2,701,364)
Accumulated other comprehensive income (loss)             (8,768)
Note receivable from parent                                    -
                                                      ----------
Total Liabilities & Stockholders' Equity              $1,595,196
                                                     ===========


             Kaiser Aluminum Corporation -- All Debtors
                 Unaudited Statement of Operations
                For the Month Ending March 31, 2006
                           (In Thousands)

Net Sales                                               $116,275

Costs and expenses:
    Cost of products sold                                 90,954
    Depreciation & amortization                            1,559
    Selling, administrative, R&D and general               3,204
    Other operating charges (benefits), net                    -
                                                      ----------
Total costs and expenses                                  95,717
                                                      ----------
Operating income (loss)                                   20,558

Other income (expense):
    Interest expenses, net                                   (62)
    Reorganization items                                  (2,252)
    Other-net                                              8,994
                                                      ----------
Income (loss) before
    income taxes and minority interest                    27,238
(Provision) benefit for income taxes                      (5,562)
Minority interests                                             -
Equity in income (loss) of subsidiaries                       50
                                                      ----------
Net income (loss)                                        $21,726
                                                      ==========


             Kaiser Aluminum Corporation -- All Debtors
      Schedule of Consolidated Cash Receipts and Disbursements
               For the Month Ending March 31, 2006
                           (In Thousands)

Receipts:
    Trade Receivables
       KACC Receivables                                  $70,780
       KAII Receivables                                   46,451
                                                      ----------
    Total Trade Receivables                              117,231

    Proceeds from Insurance Settlements                    7,460
    COBRA Receipts                                           578
    Proceeds from Hedging Settlements                        802
                                                      ----------
Total Receipts                                           126,071

Disbursements:
    Inventory/Raw Materials                               69,556
    Capital Expenditures                                   6,010
    Maintenance, Materials, etc.                           3,733
    Freight                                                6,873
    Utilities/Energy                                       5,576
    Hourly Payroll                                         9,443
    Salaried Payroll                                       7,558
    Hedging Activities                                       645
    Pension Contributions                                    674
    VEBA Advances                                          1,900
    Medical - Current Employees                            2,518
    Annual Insurance Premiums                                  -
    Workmen's Compensation                                   471
    Corporate General and Administrative                   7,031
    JV Fundings - Primary, Net of Reimbursements          10,708
    Other Disbursements                                    5,685
                                                      ----------
Total Operating and G&A Disbursements                    138,381

Reorganization Items                                         862
                                                      ----------
Total Disbursements                                      139,243
                                                      ----------
Net Cash Flow                                            (13,172)

Beginning Bank Cash Balances                              48,607
                                                      ----------
Ending Bank Cash Balances                                $35,435

Reconciling Items                                            835
                                                      ----------
Ending Book Cash Balances                                $36,270
                                                      ==========

Based 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
Feb. 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. Lazard Freres & Co. serves as the Debtors'
financial advisor.  Lisa G. Beckerman, Esq., H. Rey Stroube, III,
Esq., and Henry J. Kaim, Esq., at Akin, Gump, Strauss, Hauer &
Feld, LLP, and William P. Bowden, Esq., at Ashby & Geddes
represent 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. 95;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


NORTHWEST AIRLINES: NWA Aircraft Finance Files Schedules
--------------------------------------------------------

A.     Real Property                                          $0

B.     Personal Property
B.2    Bank Accounts
           Piper Jaffray                               5,400,000
           U.S. Bank                                      76,950
B.15   Accounts Receivable
           InterCo - NW Airlines                      28,501,205
           Investment Interest Receivable                 15,737
B.25   Aircraft
           Owned Operating Airframes                  45,844,021
           Owned Operating Engines                     7,946,500
           Owned Operating Spare Engines               3,978,336
           Owned Non-Operating Airframes               3,168,050
           Owned Non-Operating Engines                   598,937

        TOTAL SCHEDULED ASSETS                       $95,529,735
                                                    ============

C.     Property Claimed as Exempt                 Not applicable

D.     Secured Claim                                          $0

E.     Unsecured Priority Claims                         Unknown

F.     Unsecured Non-priority Claims
           Northwest Airlines, Inc.                       82,547
           NWA, Inc.                                  64,860,514
           Others                                        Unknown

        TOTAL SCHEDULED LIABILITIES                  $64,943,061
                                                    ============

Northwest Airlines Corporation -- http://www.nwa.com/-- is
the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents.  The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930).  Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases.  When the Debtors filed for protection
from their creditors, they listed $14.4 billion in total assets
and $17.9 billion in total debts.  (Northwest Airlines Bankruptcy
News, Issue No. 26; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


NORTHWEST AIRLINES: MLT Inc. Files Schedules of Assets & Debts
--------------------------------------------------------------

A.     Real Property                                          $0

B.     Personal Property
B.1    Cash on hand                                          400
B.2    Bank Accounts
           USD-US Bank                                   950,000
           Others                                        117,503
B.3    Security Deposits
           Rental office in Las Vegas, Nevada                552
           Restricted Cash (Escrow Cash)              10,600,000
B.15   Accounts Receivable
           A/R-Other (9/30/05 balance)                 2,444,763
           Intercompany receivable INC                80,890,952
           Others                                      2,300,143
B.17   Other Liquidated Debts Owing Debtor                1,107
B.22   General Intangibles
           Software development (9/30/05 bal)            458,186
           Others                                        Unknown
B.26   Office Equipment                               1,783,674
B.27   Equipment and Supplies for Business
           Leasehold improvements (9/30/05 balance)      904,920

        TOTAL SCHEDULED ASSETS                      $100,452,199
                                                   =============

C.     Property Claimed as Exempt                 Not applicable

D.     Secured Claim                                           -

E.     Unsecured Priority Claims                         Unknown

F.     Unsecured Non-priority Claims
           1st Western Trust - MOT                     1,699,393
           Northwest Airlines, Inc.                   15,436,542
           NWA, Inc.                                  12,912,124
           Others                                      3,905,136

        TOTAL SCHEDULED LIABILITIES                  $33,953,195
                                                    ============

Northwest Airlines Corporation -- http://www.nwa.com/-- is
the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents.  The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930).  Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases.  When the Debtors filed for protection
from their creditors, they listed $14.4 billion in total assets
and $17.9 billion in total debts.  (Northwest Airlines Bankruptcy
News, Issue No. 26; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


NORTHWEST AIR: NWA Fuel Services Files Schedules of Assets & Debts
------------------------------------------------------------------

A.     Real Property                                          $0

B.     Personal Property
B.2    Bank accounts
           First Nat'l Bank of Bryan                      62,047
           U.S. Bank                                       1,064
B.9    Interests in insurance policies                   Unknown
B.15   Accounts receivables
           A/Re - off airport fuel                       179,426
           Unbilled receivables                           64,658
           Others                                         13,875
B.17   Other liquidated debts owing debtor                87,973
B.19   Contingent and non-contingent interests           Unknown
B.28   Inventory
           Fuel Inventory                              9,965,401
           Fuel tax prepaid                             (555,471)
           Prepaid aircraft fuel                       4,452,000

        TOTAL SCHEDULED ASSETS                       $14,270,973
                                                    ============

C.     Property Claimed as Exempt                 Not applicable

D.     Secured Claim                                           -

E.     Unsecured Priority Claims                         Unknown

F.     Unsecured Non-Priority Claims
           Northwest Airlines, Inc.                      690,409
           NWA, Inc.                                   1,353,175
           Others                                         52,543

        TOTAL SCHEDULED LIABILITIES                   $2,096,127
                                                     ===========

Northwest Airlines Corporation -- http://www.nwa.com/-- is
the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents.  The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930).  Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases.  When the Debtors filed for protection
from their creditors, they listed $14.4 billion in total assets
and $17.9 billion in total debts.  (Northwest Airlines Bankruptcy
News, Issue No. 26; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


NORTHWEST AIR: NWA Retail Sales Files Schedules of Assets & Debts
-----------------------------------------------------------------

A.     Real Property                                          $0
B.     Personal Property
B.2    Bank accounts
           U.S. Bank                                     967,868
           Others                                         55,507
B.15   Accounts receivable
           Trade Receivables                                 181
B.26   Office equipment
           Acc. depreciation computer equipment          (18,565)
           Computer equipment                             18,565
B.27   Equipment and supplies for business
           Acc. depreciation leasehold improvements      (23,263)
           Improvements to leased facilities              23,263
B.28   Inventory
           Maintenance & operating supplies              217,359

        TOTAL SCHEDULED ASSETS                        $1,240,914
                                                     ===========

C.     Property Claimed as Exempt                 Not applicable

D.     Secured Claim                                           -

E.     Unsecured Priority Claims                         Unknown

F.     Unsecured Non-Priority Claims
           Northwest Airlines, Inc.                      434,028
           NWA, Inc.                                     212,626

        TOTAL SCHEDULED LIABILITIES                     $646,654
                                                      ==========

Northwest Airlines Corporation -- http://www.nwa.com/-- is
the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents.  The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930).  Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases.  When the Debtors filed for protection
from their creditors, they listed $14.4 billion in total assets
and $17.9 billion in total debts.  (Northwest Airlines Bankruptcy
News, Issue No. 26; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


NORTHWEST AIR: Aircraft Foreign Files Schedules of Assets & Debts
-----------------------------------------------------------------

A.     Real Property                                          $0

B.     Personal Property
B.15   Accounts receivable
            InterCo -- Northwest Airlines, Inc           443,000

        TOTAL SCHEDULED ASSETS                          $443,000
                                                       =========

C.     Property Claimed as Exempt                 Not applicable

D.     Secured Claim                                           -

E.     Unsecured Priority Claims                         Unknown

F.     Unsecured Non-Priority Claim
           NWA, Inc.                                     212,566

        TOTAL SCHEDULED LIABILITIES                     $212,566
                                                       =========

Northwest Airlines Corporation -- http://www.nwa.com/-- is
the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents.  The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930).  Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases.  When the Debtors filed for protection
from their creditors, they listed $14.4 billion in total assets
and $17.9 billion in total debts.  (Northwest Airlines Bankruptcy
News, Issue No. 26; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


REFCO INC: Files Monthly Operating Report for January 2006
----------------------------------------------------------
Refco, Inc., and its debtor-affiliates delivered to the
Bankruptcy Court a monthly statement of their cash receipts and
disbursements for the period from January 1 to 31, 2006.

Peter F. James, controller of Refco, tells the Bankruptcy Court
that Refco 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.

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

During the Reporting Period, Refco discloses a beginning cash
balance of $445,102,000.  The company received $111,149,000 and
made disbursements totaling $9,918,000.  Refco's ending cash
balance aggregates $555,190,000.   

The Debtors serve as a paying agent for certain non-Debtors.  
During the Reporting Period, $5,600,000 was disbursed on behalf
of and reimbursed by the Non-Debtors.

Mr. James reports that there exists a Refco Capital Markets'
account that was not included in the October, November, and
December Monthly Operating Reports.  It has now been determined
that this account should be reflected within the Refco Capital
Markets' cash balance.  This account, held at Merrill Lynch, had a
closing balance of $8,900,000 on December 31, 2005, which is
reflected in the beginning balance on this schedule.

Mr. James relates that Refco Capital Markets' cash balance
includes approximately $117,600,000, which currently resides in a
JPMorgan Chase account under the name Refco Securities, LLC/Refco
Capital Markets, Ltd.  There is a dispute as to whether these
funds are property of Refco Capital Markets, Ltd. or Refco
Securities, LLC.

Mr. James further discloses that of the $4,700,000 in receipts
listed for Refco F/X Associates, LLC, over $190,000 is
attributable to fluctuations in foreign exchange rates.

Refco Global Holdings, LLC's cash balance includes $2,600,000,
which is held in an escrow account at Citibank pursuant to the
Refco Canada sale.  These funds are being held in escrow in
support of general and tax holdbacks and will be released when tax
clearances are obtained and the January 31, 2006 balance sheet is
finalized.

Cash receipts at Refco Capital LLC includes $4,300,000 of funds
received on behalf of other Refco entities as part of the Refco
Canada sale.  These funds were subsequently transferred to the
proper entities in March.

Refco paid $2,471,000 in gross wages in January 2006.  Of the
Gross Wages, $1,778 were paid on behalf of Non-Debtors and the
Debtors were reimbursed in cash for 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.

A full-text copy of Refco's January 2006 Monthly Statement is
available at no charge at http://ResearchArchives.com/t/s?900

Based in New York City, Refco Inc. -- http://www.refco.com/-- is  
a diversified financial services organization with operationsin 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 LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC, is
a regulated commodity futures company that has businesses in the
United States, London, Asia and Canada.  Refco, LLC, filed for
bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.


SOLUTIA INC: Posts $22 Million Net Loss in March 2006
-----------------------------------------------------

                     Solutia Chapter 11 Debtors
       Unaudited Statement of Consolidated Financial Position
                        As of March 31, 2006

                              Assets

Current Assets:
Cash                                                $233,000,000
Trade Receivables, net                               151,000,000
Account Receivables-Unconsolidated Subsidiaries       54,000,000
Inventories                                          196,000,000
Other Current Assets                                  75,000,000
                                                  --------------
Total Current Assets                                 709,000,000

Property, Plant and Equipment, net                   665,000,000
Investment in Subsidiaries and Affiliates            567,000,000
Intangible Assets, net                               100,000,000
Other assets                                          61,000,000
                                                  --------------
TOTAL ASSETS                                      $2,102,000,000
                                                 ===============

               Liabilities and Shareholders' Deficit

Current Liabilities:
Accounts Payable                                    $167,000,000
Short Term Debt                                      650,000,000
Other Current Liabilities                            165,000,000
                                                  --------------
Total Current Liabilities                            982,000,000

Other Long-Term Liabilities                          200,000,000
                                                  --------------
Total Liabilities not Subject to Compromise        1,182,000,000
Liabilities Subject to Compromise                  2,258,000,000

Shareholders' Deficit                             (1,338,000,000)
                                                  --------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT         $2,102,000,000
                                                 ===============


                     Solutia Chapter 11 Debtors
           Unaudited Consolidated Statement of Operations
                 For the Month Ended March 31, 2006

Total Net Sales                                     $192,000,000
Total Cost of Goods Sold                             182,000,000
                                                  --------------
Gross Profit                                          10,000,000
Total MAT Expense                                     17,000,000
                                                  --------------
Operating Income (Loss)                               (7,000,000)

Equity Earnings from Affiliates                        5,000,000
Interest Expense, net                                 (8,000,000)
Other Income, net                                      2,000,000
Loss on Debt Modification                             (8,000,000)

Reorganization Items:
Professional fees                                     (4,000,000)
Employee severance and retention costs                (1,000,000)
Adjustment to allowed claim amounts                    1,000,000
Other                                                          -
                                                  --------------
Total Reorganization Items                            (4,000,000)
                                                  --------------
Loss Before Taxes                                    (20,000,000)
Income Taxes                                           2,000,000
                                                  --------------
NET LOSS                                            ($22,000,000)
                                                   =============

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. 60;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


SONICBLUE INC: Files March 2006 Monthly Operating Report
-----------------------------------------------------------
On May 5, 2006, SONICblue Incorporated reports that it is
sitting on $78,417,604 of cash, has accrued $756,757 in
postpetition liabilities and faces a $236,604,166 mountain of
prepetition debts.

A full-text copy of SONICblue Inc.'s March 2006 Operating
Report is available at no charge at

               http://ResearchArchives.com/t/s?901

Headquartered in Santa Clara, California, SONICblue Incorporated
is involved in the converging Internet, digital media,
entertainment and consumer electronics markets.  The Company,
together with three of its wholly owned subsidiaries, Diamond
Multimedia Systems, Inc., ReplayTV, Inc., and Sensory Science
Corporation, filed for chapter 11 protection on Mar. 21, 2003
(Bankr. N.D. Calif. Case Nos. 03-51775 to 03-51778).  Craig A.
Barbarosh, Esq., at the LAw Offices of Pillsbury Winthrop,
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
assets totaling $342,871,000 and debts totaling $335,473,000.

                             *********

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                             *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
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
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