/raid1/www/Hosts/bankrupt/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.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
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than a balance sheet solvency test.
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related conferences are encouraged. Send announcements to
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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
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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
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herein is obtained from sources believed to be reliable, but is
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*** End of Transmission ***