/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/060603.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, June 3, 2006, Vol. 10, No. 131 Headlines ADELPHIA COMMS: Files Monthly Operating Report for April 2006 ADELPHIA COMMS: Century/ML Files Operating Report for April 2006 DELPHI CORPORATION: Posts $56 Million Net Loss in March 2006 ENTERGY NEW ORLEANS: Earns $6.9 Mil. for the Month of March 2006 FEDERAL-MOGUL: Posts $37.1 Million Net Loss in April 2006 FOAMEX INTERNATIONAL: Posts $1.5 Million Net Loss in April 2006 INTEGRATED ELECTRICAL: Posts $18 Million Net Loss in March 2006 INTERSTATE BAKERIES: Files Monthly Operating Report for March 2006 KUSHNER-LOCKE: Files March 2006 Monthly Operating Reports MUSICLAND HOLDING: Posts $12.5 Million Net Loss in April 2006 O'SULLIVAN INDUSTRIES: Files Operating Report for February 2006 O'SULLIVAN INDUSTRIES: Virginia Files Feb. 2006 Operating Report SOLUTIA INC: Posts $22 Mil. Net Loss in Four Weeks Ended March 31 SOLUTIA INC: Posts $8 Mil. Net Loss in Four Weeks Ended April 30 TELEVIDEO INC: Files Monthly Operating Report for April 2006 ********* ADELPHIA COMMS: Files Monthly Operating Report for April 2006 ------------------------------------------------------------- Adelphia Communications Corporation, et al. Unaudited Consolidated Balance Sheet As of April 30, 2006 (Dollars in thousands) ASSETS Cash and cash equivalents $475,220 Restricted cash 265,122 Accounts receivables - net 112,840 Receivable for securities 10,029 Other current assets 169,114 ----------- Total current assets 1,032,325 Restricted cash 2,735 Investments in equity affiliates 5,984 Property and equipment - net 4,274,534 Intangible assets - net 7,495,998 Other noncurrent assets - net 117,542 ----------- Total Assets $12,929,118 ============ LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $71,005 Subscriber advance payments and deposits 35,967 Payable to non-filing entities 1,904 Accrued liabilities 560,094 Deferred income 21,114 Current portion of parent and subsidiary debt 941,239 ----------- Total current liabilities 1,631,323 Other liabilities 32,014 Deferred income 55,645 Deferred income taxes 883,135 ----------- Total noncurrent liabilities 970,794 Liabilities subject to compromise 18,523,049 ----------- Total liabilities 21,125,166 Minority interests in equity of subsidiary 69,805 Stockholders' equity: Series preferred stock 397 Class A and Class B common stock 2,548 Additional paid-in capital 9,516,510 Accumulated other comprehensive income 94 Accumulated deficit (17,757,465) Treasury stock, at cost (27,937) ----------- Total stockholders' equity (8,265,853) ----------- Total liabilities and stockholders' equity $12,929,118 ============ Adelphia Communications Corporation, et al. Unaudited Consolidated Statement of Operations Month Ended April 30, 2006 (Dollars in thousands) Revenue $394,265 Cost and expenses: Direct operating and programming 223,617 Selling, general and administrative 29,576 Investigation, re-audit and sale transaction co 1,337 Depreciation and amortization 73,200 Impairment of long-lived assets - Provision for uncollectible amounts from Rigases - Gains on dispositions of long-lived assets (238) --------- Operating income (loss) 66,773 Other income (expense): Interest expense (54,802) Impairment of cost & available for sale investment - Other income (expense) - net (2,978) ----------- Total other expense - net (57,780) ----------- Loss from continuing operations before reorganization 8,993 Reorganization expenses due to bankruptcy (9,521) ----------- Loss from continuing operations before income taxe (528) Income tax benefit - Share of losses of equity affiliates - net (283) Minority's interest in subsidiary losses - net 569 ----------- Net loss (242) Beneficial conversion feature - ----------- Net loss applicable to common stockholders ($242) ====== Adelphia Communications Corporation, et al. Unaudited Consolidated Statement of Cash Flows For the Month Ended April 30, 2006 (Dollars in thousands) Cash flows from operating activities: Net loss ($242) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 73,200 Impairment of long-lived assets - Provision for uncollectible amounts from Rig - Gains on disposition of long-lived assets (238) Amortization of debt issuance costs 224 Impairment of cost & available for sale investments - Reorganization expenses due to bankruptcy 9,521 Deferred tax expense (benefit) - Share in losses of equity affiliates - net 283 Minority interest in losses of subsidiaries (569) Other noncash gains 2,825 Depreciation, amortization and other non-cash items from discontinued operations - Change in operating assets & liabilities (29,636) ----------- Net cash provided by operating activities before payment of reorganization expenses 55,368 Reorganization expenses paid during the period (10,935) ----------- Net cash provided by (used in) operating activities 44,433 Cash flows from investing activities: Expenditures for property, plant and equipment (44,889) Changes in restricted cash (591) Proceeds from sale of investments - Other (437) ----------- Net cash used in investing activities (45,917) Cash flows from financing activities: Proceeds from debt 16,000 Repayments of debt (968) Payment of debt issuance costs - ----------- Net cash provided by financing activities 15,032 Change in cash and cash equivalents cash 13,548 Cash, beginning of period 461,672 ----------- Cash, end of period $475,220 ========= Based in Coudersport, Pa., Adelphia Communications Corporation -- http://www.adelphia.com/-- is the fifth-largest cable television company in the country. Adelphia serves customers in 30 states and Puerto Rico, and offers analog and digital video services, high-speed Internet access and other advanced services over its broadband networks. The Company and its more than 200 affiliates filed for Chapter 11 protection in the Southern District of New York on June 25, 2002. Those cases are jointly administered under case number 02-41729. Willkie Farr & Gallagher represents the ACOM Debtors. PricewaterhouseCoopers serves as the Debtors' financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP represent the Official Committee of Unsecured Creditors. (Adelphia Bankruptcy News, Issue No. 134; Bankruptcy Creditors' Service, Inc., 215/945-7000) ADELPHIA COMMS: Century/ML Files Operating Report for April 2006 ---------------------------------------------------------------- Century/ML Cable Venture delivered to the Court on May 24, 2006, a Statement of Account for April: Statement of Account For the Month ended April 30, 2006 Beginning Balance $1,483,471 Additions 6,673 Disbursements 217,906 ---------- Closing Balance $1,272,238 =========== Richard S. Toder, Esq., at Morgan Lewis & Bockius LLP, in New York, notes that the Beginning Balance includes only those funds that were held back as of the closing on Oct. 31, 2005, that were applicable to potential liabilities of the Debtor. The Balance excludes the $10,000,000 related to the Highland Holdings claim. Based in Coudersport, Pa., Adelphia Communications Corporation -- http://www.adelphia.com/-- is the fifth-largest cable television company in the country. Adelphia serves customers in 30 states and Puerto Rico, and offers analog and digital video services, high-speed Internet access and other advanced services over its broadband networks. The Company and its more than 200 affiliates filed for Chapter 11 protection in the Southern District of New York on June 25, 2002. Those cases are jointly administered under case number 02-41729. Willkie Farr & Gallagher represents the ACOM Debtors. PricewaterhouseCoopers serves as the Debtors' financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP represent the Official Committee of Unsecured Creditors. (Adelphia Bankruptcy News, Issue No. 134; Bankruptcy Creditors' Service, Inc., 215/945-7000) DELPHI CORPORATION: 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 ====== Headquartered in Troy, Michigan, Delphi Corporation -- http://www.delphi.com/-- is the single largest global supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The Company's technology and products are present in more than 75 million vehicles on the road worldwide. The Company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Aug. 31, 2005, the Debtors' balance sheet showed $17,098,734,530 in total assets and $22,166,280,476 in total debts. (Delphi Bankruptcy News, Issue No. 24; Bankruptcy Creditors' Service, Inc., 215/945-7000) ENTERGY NEW ORLEANS: Earns $6.9 Mil. for the Month of March 2006 ---------------------------------------------------------------- Entergy New Orleans, Inc. Balance Sheet As of March 31, 2006 (in thousands) ASSETS Current Assets: Cash and cash equivalents $25,530 Temporary cash investments - ---------- Total cash and cash equivalents 25,530 Accounts receivable: Customer 85,005 Allowance for doubtful accounts (23,637) Associated companies 12,894 Other 7,313 Accrued unbilled revenues 16,385 ---------- Total accounts receivable 97,960 Deferred fuel costs 26,012 Fuel inventory 1,228 Materials and supplies 6,769 Prepayments and other 62,412 ---------- Total current assets 219,911 Other Property and Investments Investment in affiliates 3,259 Non-utility property at cost 1,107 ---------- Total other property and investments 4,366 Utility Plant Electric 745,260 Natural gas 191,720 Construction work in progress 33,706 ---------- Total Utility Plant 970,686 Less - accumulated depreciation and amortization 434,814 ---------- Utility plant - net 535,872 Deferred Debits and Other Assets Regulatory assets: Other regulatory assets 165,040 Long term receivables 1,812 Other 34,897 ---------- Total deferred debits and other assets 201,749 ---------- TOTAL ASSETS $961,898 ========== LIABILITIES: Postpetition liabilities: Taxes payable $3,431 Accounts payable 48,366 DIP credit facility 80,000 ---------- Total postpetition liabilities 131,797 Current liabilities: Currently maturing long-term debt - Notes payable 15,000 Accounts payable: Associated companies 56,824 Other 85,810 Customer deposits 13,343 Taxes accrued - Accumulated deferred income taxes 176 Interest accrued 2,950 Energy efficiency program provision - Other 993 ---------- Total current liabilities 175,096 Non-current liabilities: Accumulated deferred income taxes & taxes accrued 134,727 Accumulated deferred investment tax credits 3,464 SFAS 109 regulatory liability - net 58,295 Other regulatory liabilities - Accumulated provisions 7,904 Pension liability 37,159 Long-term debt 229,863 Other 8,240 ---------- Total non-current liabilities 479,652 ---------- Total Liabilities 786,545 Commitments and Contingencies: SHAREHOLDERS' EQUITY Preferred stock without sinking fund 19,780 Common stock, $4 par value, authorized 10,000,000 shares; issued and outstanding 8,435,900 shares in 2005 and 2004 33,744 Paid-in capital 36,294 Retained earnings -- prepetition 99,593 Retained earnings -- postpetition (14,058) ---------- Total shareholders equity 175,353 ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $961,898 ========== Entergy New Orleans, Inc. Statement of Operations Month Ended March 31, 2006 (in thousands) Operating Revenues Domestic electric $39,553 Natural gas 10,861 ---------- Total operating revenues 50,414 Operating Expenses: Operation and maintenance Fuel 10,152 Purchased power 16,816 Other operation and maintenance 5,426 Taxes other than income taxes 2,670 Depreciation and amortization 1,997 Other regulatory charges - net 348 ---------- Total operating expenses 37,409 ---------- Operating income 13,005 Other income: Allowance for equity funds used during construction (399) Interest and dividend income 286 Miscellaneous - net (57) ---------- Total other income (170) Interest and other charges: Interest on long-term debt 62 Other interest-net 760 Allowance for borrowed funds used during construction 321 ---------- Total interest and other charges 1,143 Income (loss) before income taxes 11,692 Income taxes 4,752 ---------- NET INCOME $6,940 ========== Entergy New Orleans, Inc. Cash Receipts and Disbursement Statement Month Ended March 31, 2006 Beginning cash balance $37,504,368 Cash receipts 60,372,565 Cash disbursements (72,347,250) ----------- Net cash flow (11,974,685) ----------- ENDING CASH BALANCE $25,529,683 =========== Headquartered in Baton Rouge, Louisiana, Entergy New Orleans Inc. -- http://www.entergy-neworleans.com/-- is a wholly owned subsidiary of Entergy Corporation. Entergy New Orleans provides electric and natural gas service to approximately 190,000 electric and 147,000 gas customers within the city of New Orleans. Entergy New Orleans is the smallest of Entergy Corporation's five utility companies and represents about 7% of the consolidated revenues and 3% of its consolidated earnings in 2004. Neither Entergy Corporation nor any of Entergy's other utility and non-utility subsidiaries were included in Entergy New Orleans' bankruptcy filing. Entergy New Orleans filed for chapter 11 protection on Sept. 23, 2005 (Bankr. E.D. La. Case No. 05-17697). Elizabeth J. Futrell, Esq., and R. Partick Vance, Esq., at Jones, Walker, Waechter, Poitevent, Carrere & Denegre, L.L.P., represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed total assets of $703,197,000 and total debts of $610,421,000. (Entergy New Orleans Bankruptcy News, Issue No. 17; Bankruptcy Creditors' Service, Inc., 215/945-7000) FEDERAL-MOGUL: Posts $37.1 Million Net Loss in April 2006 --------------------------------------------------------- Federal-Mogul Global, Inc., et al. Unaudited Balance Sheet As of April 30, 2006 (In millions) Assets Cash and equivalents $790.1 Accounts receivable 623.4 Inventories 443.9 Deferred taxes 95.7 Prepaid expenses and other current assets 96.3 ---------- Total current assets 2,049.4 Summary of Unpaid Postpetition Debits (71.3) Intercompany Loans Receivable 2,153.3 ---------- Intercompany Balances 2,082.0 Property, plant and equipment 863.8 Goodwill 946.6 Other intangible assets 407.9 Insurance recoverable 797.7 Other non-current assets 942.6 ---------- Total Assets $8,090.0 ========== Liabilities and Shareholders' Equity Short-term debt $550.5 Accounts payable 255.6 Accrued compensation 63.3 Restructuring and rationalization reserves 16.3 Current portion of asbestos liability - Interest payable 5.2 Other accrued liabilities 244.9 ---------- Total current liabilities 1,135.8 Long-term debt - Post-employment benefits 1,935.3 Other accrued liabilities 803.9 Liabilities subject to compromise 6,000.7 Shareholders' equity: Preferred stock 1,050.6 Common stock 565.8 Additional paid-in capital 8,057.8 Accumulated deficit (10,264.6) Accumulated other comprehensive income (1,195.2) Other - ---------- Total Shareholders' Equity (1,785.6) ---------- Total Liabilities and Shareholders' Equity $8,090.0 ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Operations For the Month Ended April 30, 2006 (In millions) Net sales $265.2 Cost of products sold 220.5 ---------- Gross margin 44.7 Selling, general & administrative expenses (46.7) Amortization (1.2) Reorganization items (5.7) Interest expense, net (12.7) Other expense, net (14.7) ---------- Earnings before Income Taxes (36.4) Income Tax Benefit 0.7 ---------- Earnings before effect of change in acctg. principle (37.1) Cumulative effect of change in acctg. principle - ---------- Net Loss ($37.1) ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Cash Flows For the month ended April 30, 2006 (In millions) Cash Provided From (Used By) Operating Activities: Net Loss ($37.1) Adjustments to reconcile net loss to net cash: Depreciation and amortization 12.8 Adjustments of assets held for sale to fair value 23.5 Asbestos Charge - Summary of unpaid postpetition debits - Cumulative effect of change in acctg. principle - Change in post-employment benefits 4.4 Decrease/(increase) in accounts receivable 2.8 Decrease/(increase) in inventories 2.1 Increase/(decrease) in accounts payable 23.9 Change in other assets and other liabilities (17.4) Change in restructuring charge (6.5) Refunds (payments) against asbestos liability - ---------- Net Cash Provided From Operating Activities 8.5 Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (5.1) Proceeds from sale of property, plant & equipment - Proceeds from sale of businesses - Business acquisitions, net of cash acquired - Other - ---------- Net Cash Used By Investing Activities (5.1) Cash Provided From (Used By) Financing Activities: Increase (decrease) in debt 9.8 Sale of accounts receivable under securitization - Dividends - Other 21.4 ---------- Net Cash Provided From Financing Activities 31.2 Increase in Cash and equivalents 34.6 Cash and equivalents at beginning of period 755.5 ---------- Cash and equivalents at end of period $790.1 ========== Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is one of the world's largest automotive parts companies with worldwide revenue of some $6 billion. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $10.15 billion in assets and $8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. (Federal-Mogul Bankruptcy News, Issue No. 109; Bankruptcy Creditors' Service, Inc., 215/945-7000) FOAMEX INTERNATIONAL: Posts $1.5 Million Net Loss in April 2006 --------------------------------------------------------------- Foamex International, et al., as Debtors Consolidated Balance Sheet As of April 30, 2006 ASSETS Current Assets Cash $5,859,000 Accounts Receivable, net 189,581,000 Inventory 108,815,000 Other current assets 24,848,000 ------------- Total current assets 329,103,000 Land & land improvements 4,951,000 Buildings 86,766,000 Leasehold improvement 5,910,000 Machinery & Equipment 201,827,000 Furniture & Fixtures 5,128,000 Auto equipment 7,774,000 Computer equipment 8,146,000 Construction in progress 1,576,000 Accumulated depreciation (224,781,000) ------------- Total property plant & equipment, net 97,297,000 Goodwill, net 86,191,000 Debt Issuance costs, net 3,419,000 Investment in subsidiaries 17,534,000 Long-term intercompany receivable 4,850,000 Other Assets 50,250,000 ------------- Total Assets $588,645,000 ============= LIABILITIES & STOCKHOLDERS' DEFICIENCY Current Liabilities Revolver borrowings $101,378,000 Current portion of long-term debt 86,220,000 Accounts payable 82,142,000 Intercompany 144,000 Accrued employee costs 14,555,000 Accrued rebates 6,784,000 Accrued interest 1,604,000 Other current liabilities 23,236,000 ------------- Total current liabilities 316,064,000 Long-term debt 306,000 Intercompany debt - Liability Subject to Compromise 646,517,000 Other liabilities 24,576,000 ------------- Total Long-Term Liabilities 671,399,000 ------------- Total Liabilities 987,463,000 Common stock 280,000 Preferred stock 15,000 Additional paid-in capital 102,911,000 Treasury stock (27,780,000) Partners capital - Other comprehensive income (loss) (38,079,000) Shareholder loans (9,221,000) Accumulated deficit (426,943,000) ------------- (398,818,000) ------------- Liabilities & Stockholders Deficiency $588,645,000 ============= Foamex International, et al., as Debtors Consolidated Income Statement Month Ended April 30, 2006 Gross Sales $103,188,000 Rebates, Discount & Sale Allowance (4,829,000) ------------- Net Sales 98,358,000 Material 64,625,000 Labor 3,760,000 Overhead 11,648,000 Freight/Shipping 4,278,000 ------------- Cost of Sales 84,312,000 ------------- Gross Profit 14,047,000 Labor & Employee Expense 3,108,000 Indirect Materials & Samples 12,000 Equipment & Maintenance Expense 43,000 Facility Expense 144,000 Asset Disposal Gain (Loss) - Travel & Entertainment 242,000 Technology 195,000 Professional Fees & Services 1,391,000 Other Miscellaneous Expense 273,000 Insurance & Tax 274,000 Bad debt expense (266,000) Bank/Collection Costs 51,000 Transportation Cost 11,000 Depreciation/Amortization 303,000 Corp. Cost to COS (685,000) ------------- Selling, general & admin expenses 5,096,000 Restructuring & Impairment Charges 50,000 ------------- Income from operations 8,901,000 Interest Expense 5,133,000 Equity in earnings of JV & non-debtor subs (730,000) Other Income & (Expense) 46,000 Professional Fees Provision/(Gains) - Rejected Contracts 1,568,000 Bankruptcy Filing Fees - Other Expense - Debt Adjustment Gain/Loss - ------------- Reorganization Expense (Income) 1,568,000 Income before Tax 1,516,000 Tax Provision - -- ----------- Net Income [$1,516,000] ============= Headquartered in Linwood, Pa., Foamex International Inc. -- http://www.foamex.com/-- is the world's leading producer of comfort cushioning for bedding, furniture, carpet cushion and automotive markets. The Company also manufactures high- performance polymers for diverse applications in the industrial, aerospace, defense, electronics and computer industries. The Company and eight affiliates filed for chapter 11 protection on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-12693). Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison LLP, represent the Debtors in their restructuring efforts. Houlihan, Lokey, Howard and Zukin and O'Melveny & Myers LLP are advising the ad hoc committee of Senior Secured Noteholders. Kenneth A. Rosen, Esq., and Sharon L. Levine, Esq., at Lowenstein Sandler PC and Donald J. Detweiler, Esq., at Saul Ewings, LP, represent the Official Committee of Unsecured Creditors. As of July 3, 2005, the Debtors reported $620,826,000 in total assets and $744,757,000 in total debts. (Foamex International Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service, Inc., 215/945-7000) INTEGRATED ELECTRICAL: Posts $18 Million Net Loss in March 2006 --------------------------------------------------------------- Integrated Electrical Services, Inc., et al. Balance Sheet As of March 31, 2006 Assets: Unrestricted Cash $14,496,000 Restricted Cash 20,060,000 -------------- Total Cash 34,556,000 Accounts Receivable (Net) 163,397,000 Inventory 23,579,000 Notes Receivable - Prepaid Expenses 24,518,000 Other 66,930,000 -------------- Total Current Assets 312,980,000 Property, Plant, Equipment 81,178,000 Less: Accumulated Depreciation 59,393,000 -------------- Net Property, Plant, & Equipment 21,785,000 Due From Insiders - Other Assets - Net of Amortization 24,343,000 Other 7,044,000 -------------- TOTAL ASSETS $366,152,000 ============== Postpetition Liabilities: Accounts Payable $40,397,000 Taxes Payable 3,968,000 Notes Payable - Professional Fees 1,519,000 Secured Debt - Other 54,200,000 -------------- Total Postpetition Liabilities 100,084,000 Prepetition Liabilities: Secured Debt 12,000 Priority Debt 6,361,000 Unsecured Debt 258,418,000 Other 18,680,000 -------------- Total Prepetition Liabilities 283,471,000 -------------- Total Liabilities 383,555,000 -------------- Equity: Prepetition Owners' Equity 6,034,000 Postpetition Cumulative Profit (23,437,000) Direct Charges to Equity - -------------- Total Equity (17,103,000) -------------- TOTAL LIABILITIES AND OWNERS' EQUITY $366,152,000 ============== Integrated Electrical Services, Inc., et al. Income Statement For the Month Ended March 31, 2006 Revenues: Gross Revenues $85,179,000 Less: Returns & Discounts - -------------- Net Revenue 85,179,000 Cost of Goods Sold: Material 40,424,000 Direct Labor 24,201,000 Direct Overhead 12,756,000 -------------- Total Cost of Goods Sold 77,381,000 -------------- Gross Profit 7,798,000 -------------- Operating Expenses: Officer/Inside Compensation 253,000 Selling & Marketing 493,000 General & Administrative 11,597,000 Rent & Lease 743,000 Other - -------------- Total Operating Expenses 13,086,000 -------------- Income Before Non-Operating Income & Expense (5,288,000) Other Income & Expenses: Non-Operating Income - Non-Operating Expense - Interest Expense (122,000) Depreciation/Depletion - Amortization 525,000 Other 232,000 -------------- Net Other Income & Expenses $635,000 Reorganization Expenses Professional Fees 8,151,000 U.S. Trustee Fees - Other 3,960,000 -------------- Total Reorganization Expenses 12,111,000 Income Tax - -------------- Net Profit (Loss) ($18,034,000) ============== Integrated Electrical Services, Inc., et al. Statement of Cash Receipts & Disbursements March 1 to 31, 2006 Cash, Beginning of Month $32,764,000 Receipts from Operations: Cash Sales 1,735,000 Collection of Accounts Receivable Prepetition 44,930,000 Postpetition 44,545,000 -------------- Total Operating Receipts $91,210,000 Non-Operating Receipts: Loans & Advances $30,000 Sales of Assets 42,000 Other 2,679,000 -------------- Total Non-Operating Receipts 2,751,000 -------------- Total Receipts 93,961,000 -------------- Total Cash Available $126,725,000 Operating Disbursements: Net Payroll $21,523,000 Payroll Taxes Paid 7,171,000 Sales, Use & Other Taxes Paid 734,000 Secured/Rental/Leases 888,000 Utilities 445,000 Insurance 1,327,000 Inventory Purchases 21,728,000 Vehicle Expenses 1,258,000 Travel 285,000 Entertainment 193,000 Repairs & Maintenance 205,000 Supplies 314,000 Advertising 61,000 Other 34,520,000 -------------- Total Operating Disbursements $90,650,000 Reorganization Expenses: Professional Fees $1,519,000 U.S. Trustee Fees - Other - -------------- Total Reorganization Expenses 1,519,000 -------------- Total Disbursements $92,168,000 -------------- Net Cash Flow $1,793,000 -------------- Cash -- End of Month $34,556,000 ============== Headquartered in Houston, Texas, Integrated Electrical Services, Inc. -- http://www.ielectric.com/and http://www.ies-co.com/-- is an electrical and communications service provider with national roll-out capabilities across the U.S. Integrated Electrical Services offers seamless solutions and project delivery of electrical and low-voltage services, including communications, network, and security solutions. The Company provides everything from system design, installation, and testing to long-term service and maintenance on a wide array of projects. With approximately 140 locations nationwide, the Company is prepared to seamlessly manage and deliver all your electrical, security, and communication requirements. The Debtor and 132 of its affiliates filed for chapter 11 protection on Feb. 14, 2006 (Bankr. N.D. Tex. Lead Case No. 06-30602). Daniel C. Stewart, Esq., and Michaela C. Crocker, Esq., at Vinson & Elkins, L.L.P., represent the Debtors in their restructuring efforts. Marcia L. Goldstein, Esq., and Alfredo R. Perez, Esq., at Weil, Gotshal & Manges LLP, represent the Official Committee of Unsecured Creditors. As of Dec. 31, 2005, Integrated Electrical reported assets totaling $400,827,000 and debts totaling $385,540,000. The Court confirmed the Debtors' Modified Second Amended Joint Plan of Reorganization on Apr. 26, 2006. That plan became effective on May 12, 2006. (Integrated Electrical Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc. 215/945-7000) INTERSTATE BAKERIES: Files Monthly Operating Report for March 2006 ------------------------------------------------------------------ Interstate Bakeries Corporation and Subsidiaries Unaudited Consolidated Monthly Operating Report Four Weeks Ended April 1, 2006 REVENUE Gross Income $224,868,134 Less Cost of Goods Sold Ingredients, Packaging & Outside Purchasing 55,413,478 Direct & Indirect Labor 42,638,547 Overhead & Production Administration 13,396,539 ------------ Total Cost of Goods Sold 111,448,564 ------------ Gross Profit $113,419,570 ------------ OPERATING EXPENSES Owner-Draws/Salaries - Selling & Delivery Employee Salaries $55,778,847 Advertising and Marketing 3,772,406 Insurance (Property, Casualty, & Medical) 12,450,439 Payroll Taxes 4,598,803 Lease and Rent 3,491,602 Telephone and Utilities 1,758,430 Corporate Expense (Including Salaries) 6,300,100 Other Expenses 28,603,691 ------------ Total Operating Expenses $116,754,318 ------------ EBITDA ($3,334,748) Restructuring & Reorganization Charges 2,171,966 Depreciation and Amortization 5,703,640 Other (Income)/Expense (1,890) Gain/Loss Sale of Property - Interest Expense 4,303,157 ------------ Operating Income (Loss) (15,511,621) Income Tax Expense (Benefit) (318,084) ------------ Net Income (Loss) ($15,193,537) ============ CURRENT ASSETS Accounts Receivable at end of period $148,555,879 Increase (Dec.) in Accounts Receivable (6,074,022) Inventory at end of period 62,031,406 Increase (Decrease) in Inventory for period 3,186,482 Cash at end of period 96,016,576 Increase (Decrease) in Cash for period (2,597,185) Restricted Cash 76,677,936 Increase (Dec.) in Restricted Cash for period 1,996,460 LIABILITIES Increase (Decrease) in Liabilities Not Subject to Compromise 1,200,296 Increase (Decrease) in Liabilities Subject to Compromise 956,622 Taxes payable: Federal Payroll Taxes 10,685,739 State/Local Payroll Taxes 8,868,464 State Sales Taxes 739,571 Real Estate and Personal Property Taxes 15,723,087 Other 7,037,271 ------------ Total Taxes Payable $43,054,132 ============ Based in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh bakedbread and sweet goods, under various national brand names, including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R), Merita(R) and Drake's(R). The Company employs approximately 32,000 in 54 bakeries, more than 1,000 distribution centers and 1,200 thrift stores throughout the U.S. The Company and seven debtor-affiliates filed for chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Kenneth A. Rosen, Esq., at Lowenstein Sandler, PC, represents the Official Committee of Unsecured Creditors. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal, LLP, represents the Official Committee of Equity Security Holders. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6% senior subordinated convertible notes due Aug. 15, 2014, on Aug. 12, 2004) in total debts. (Interstate Bakeries Bankruptcy News, Issue No. 41; Bankruptcy Creditors' Service, Inc., 215/945-7000) KUSHNER-LOCKE: Files March 2006 Monthly Operating Reports --------------------------------------------------------- On May 26, 2006, The Kushner-Locke Company and its debtor- affiliates filed their March 2006 Monthly Operating Reports with the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division. For the month ending March 31, 2006, The Kushner-Locke Company's Profit & Loss Statement shows: Gross Profit $0 Total Operating Expenses 90,595 Total Non-Operating Expenses 6,366 Net Income (Loss) ($96,960) For the period from March 1, 2006, through March 31, 2006, The Kushner-Locke Company's Cash Receipts and Disbursements Report shows: Collateral Concentration Account Account ---------- ------------- Beginning Balance $1,909,099 $72,043 Total Receipts 15,197 131,250 Total Disbursements 120,000 96,910 Ending Balance $1,804,296 $106,383 Full-text copies of The Kushner-Locke Company's March 2006 Monthly Operating Reports are available at no charge at: Profit & Loss Statement: http://ResearchArchives.com/t/s?a78 Cash Receipts and Disbursements Report: http://ResearchArchives.com/t/s?a79 Headquartered in Los Angeles, California, The Kushner-Locke Company is a low-budget movie production studio. The Company, along with its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central District of California. The cases are jointly administered under case number 01-44828. MUSICLAND HOLDING: Posts $12.5 Million Net Loss in April 2006 ------------------------------------------------------------- Musicland Holding Corp. Consolidated Balance Sheet As of April 30, 2006 ASSETS Current assets Cash $65,863,000 Other Final Installment due to TransWorld 26,040,000 Final Reimbursement to TransWorld 404,000 Receivables from Entertainment Weekly 1,225,000 Receivables from Sub-Leases 800,000 Prepaid expenses 1,340,000 Receivables from Hilco 2,060,000 Miscellaneous CC 110,000 Vendor Deposits 6,186,000 Other assets Transport Logistic deposit 600,000 Utility and tax deposit 331,000 ------------- TOTAL ASSETS $104,961,000 ============= LIABILITIES & SHAREHOLDERS DEFICIT Current liabilities Accounts payable Due to TransWorld 1,705,000 April Expenses unpaid until May 536,000 Other accrued liabilities Accrued Bank Fee 375,000 Accrued Insurance 510,000 Hilco Payable 1,009,000 Logistic Accrual 1,338,000 Deferred Income 482,000 Insurance Reserve 3,640,000 Accrued Payroll & Employee Benefit 7,947,000 Sales Tax 767,000 Gift Card Liabilities 1 DIP financing 0 Other LT liabilities 13,958,000 Liabilities subject to compromise 354,836,000 Shareholders' deficit (282,142,000) ------------- TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $104,961,001 ============= Musicland Holding Corp. Statement of Operations Period from April 1 to 30, 2006 Store operating expenses Payroll $8,000 Others 164,000 Other operating expenses Net advertising expense (87,000) Logistics 1,013,000 Field administration & others 1,871,000 General & administrative expenses 1,331,000 EBITDA (Loss) (4,300,000) Hilco 340 Store GOB Unrecoverable Liquidation Expense (3,080,000) Miscellaneous Asset (263,000) Chapter 11 & related charges Professional/Legal fees (3,513,000) Severance (1,088,000) Sale to TransWorld Proceeds (816,000) Occupancy cure costs 345,000 Book Value of Assets 638,000 Media Play Wind down (130,000) ------------- Operating income (loss) (12,541,000) ------------- Interest expense (5,000) Other non-operating charges (5,000) ------------- Net Earnings (Loss) ($12,551,000) ============= Musicland Holding Corp. Statements of Cash Flow Period from April 1 to 30, 2006 Operating activities Net earnings (Loss) ($12,551,000) Other current assets 8,281,000 Accounts payable (647,000) Other operating liabilities (3,784,000) Liabilities subject to compromise 435,000 ------------- Net Cash provided by (used in) operating activities (8,266,000) ------------- Investing activities Change in other long term asset/liabilities (17,000) ------------- Net Cash provided by (used in) Investing activities (17,000) ------------- Financing Activities Revolver borrowings 0 ------------- Increase (Decrease) in Cash (8,283,000) Cash at beginning of period 74,146,000 ------------- Cash at end of Period $65,863,000 ============= Headquartered in New York, New York, Musicland Holding Corp., is a specialty retailer of music, movies and entertainment-related products. The Debtor and 14 of its affiliates filed for chapter 11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the Debtors in their restructuring efforts. Mark T. Power, Esq., at Hahn & Hessen LLP, represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they estimated more than $100 million in assets and debts. (Musicland Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service, Inc., 215/945-7000) O'SULLIVAN INDUSTRIES: Files Operating Report for February 2006 --------------------------------------------------------------- O'Sullivan Industries, Inc. Cash Receipts and Disbursements Month Ended February 28, 2006 Funds at the beginning of period $42,943 Receipts: Cash sales - Less: Refunds - ----------- Net cash sales - Collection of postpetition accounts receivable - Collection of prepetition accounts receivable 18,604,219 Other receipts 28,234,707 ----------- Total receipts 46,838,926 ----------- Total Cash Available for Operations $46,881,869 =========== Disbursements: U.S. Trustee quarterly fee $10,500 Net payroll 3,258,536 Payroll taxes paid 125 Professional fees 1,345,953 Other taxes 128,507 Rent & equipment rent 151,214 Other leases 87,157 Telephone 29,422 Utilities 254,148 Travel & Entertainment 82,106 Vehicle expenses - Office Expenses 12,628 Advertising - Insurance 913,356 Freight 1,624,032 Job-Cost raw materials 8,432,349 Foreign bank fees 17 Repairs & maintenance 902,538 Payments to secured creditors - Employee benefits 286,483 Other expenses 1,867,878 Transfers 26,997,732 ----------- Total Disbursements 46,384,681 ----------- Ending Cash Balance $497,188 =========== Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 18; Bankruptcy Creditors' Service, Inc., 215/945-7000) O'SULLIVAN INDUSTRIES: Virginia Files Feb. 2006 Operating Report ---------------------------------------------------------------- O'Sullivan Industries Virginia, Inc. Cash Receipts and Disbursements Month Ended February 28, 2006 Funds at the beginning of period $16,597 Receipts: Cash sales - Less: Refunds - Net cash sales - Collection of postpetition accounts receivable - Collection of prepetition accounts receivable - Other receipts 4,930 ----------- Total receipts 4,930 ----------- Total Cash Available for Operations $21,527 =========== Disbursements: Freight $264 Repairs & maintenance 1,920 Other expenses 2718 ----------- Total Disbursements 4,902 ----------- Ending Cash Balance $16,625 =========== Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 18; Bankruptcy Creditors' Service, Inc., 215/945-7000) SOLUTIA INC: Posts $22 Mil. Net Loss in Four Weeks Ended March 31 ----------------------------------------------------------------- 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) SOLUTIA INC: Posts $8 Mil. Net Loss in Four Weeks Ended April 30 ---------------------------------------------------------------- Solutia Chapter 11 Debtors Unaudited Statement of Consolidated Financial Position As of April 30, 2006 Assets Current Assets: Cash $155,000,000 Trade Receivables, net 171,000,000 Account Receivables-Unconsolidated Subsidiaries 53,000,000 Inventories 191,000,000 Other Current Assets 87,000,000 -------------- Total Current Assets 657,000,000 Property, Plant and Equipment, net 661,000,000 Investment in Subsidiaries and Affiliates 572,000,000 Intangible Assets, net 100,000,000 Other assets 60,000,000 -------------- TOTAL ASSETS $2,050,000,000 =============== Liabilities and Shareholders' Deficit Current Liabilities: Accounts Payable $164,000,000 Short Term Debt 650,000,000 Other Current Liabilities 161,000,000 -------------- Total Current Liabilities 975,000,000 Other Long-Term Liabilities 198,000,000 -------------- Total Liabilities not Subject to Compromise 1,173,000,000 Liabilities Subject to Compromise 2,220,000,000 Shareholders' Deficit (1,343,000,000) -------------- TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $2,050,000,000 =============== Solutia Chapter 11 Debtors Unaudited Consolidated Statement of Operations For the Month Ended March 31, 2006 Total Net Sales $187,000,000 Total Cost of Goods Sold 171,000,000 -------------- Gross Profit 16,000,000 Total MAT Expense 18,000,000 -------------- Operating Income (Loss) (2,000,000) Equity Earnings from Affiliates 3,000,000 Interest Expense, net (7,000,000) Other Income, net 3,000,000 Reorganization Items: Professional fees (5,000,000) Other - -------------- Total Reorganization Items (5,000,000) -------------- Loss Before Taxes (8,000,000) Income Taxes - -------------- NET LOSS ($8,000,000) ============= Headquartered in St. Louis, Missouri, Solutia, Inc. -- http://www.solutia.com/-- with its subsidiaries, make and sell a variety of high-performance chemical-based materials used in a broad range of consumer and industrial applications. The Company filed for chapter 11 protection on December 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed $2,854,000,000 in assets and $3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., at Kirkland & Ellis. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. TELEVIDEO INC: Files Monthly Operating Report for April 2006 ------------------------------------------------------------ On May 26, 2006, TeleVideo, Inc., filed its April 2006 Monthly Operating Report with the U.S. Bankruptcy Court for the District of Delaware. From April 1 to 30, 2006, TeleVideo, Inc.'s Profit & Loss Statement shows: Gross Profit $51,643 Total Operating Expenses 57,133 Net Income (Loss) ($22,413) For the period from April 1, 2006, through April 30, 2006, TeleVideo, Inc.'s Cash Receipts and Disbursements Report shows: Beginning Balance $731,416 Total Receipts 278,046 Total Disbursements 201,685 Ending Balance $807,777 A full-text copy of the Company's April 2006 Monthly Operating Reports are available for free at: http://ResearchArchives.com/t/s?a77 Headquartered in San Jose, California, TeleVideo, Inc. -- http://www.televideo.com/-- develops and manufactures Windows- based network terminals, and specializes in the video display terminal industry. The Company filed for chapter 11 protection on March 14, 2006 (Bankr. D. Del. Case No. 06-10242). Jami B. Nimeroff, Esq., at Buchanan Ingersoll, P.C., in Wilmington, Delaware, represents the Debtor. When the Debtor filed for protection from its creditors, it listed assets totaling $2,284,670 and debts totaling $2,692,712. ********* 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. 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