/raid1/www/Hosts/bankrupt/TCR_Public/060610.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 10, 2006, Vol. 10, No. 137
Headlines
ALLIED HOLDINGS: Files Monthly Operating Report for April 2006
CALPINE CORPORATION: Posts $370 Million Net Loss in January 2006
CALPINE CORP: Baytown Energy Files Schedules Of Assets & Debts
CALPINE CORP: Bethpage Energy Files Schedules Of Assets & Debts
CALPINE CORP: Channel Energy Files Schedules Of Assets & Debts
CALPINE CORP: Delta Energy Files Schedules Of Assets & Liabilities
CALPINE CORP: Los Medanos Files Schedules Of Assets & Liabilities
CATHOLIC CHURCH: Portland Files Operating Report for April 2006
CATHOLIC CHURCH: Spokane Files Operating Report for April 2006
DANA CORPORATION: Posts $62 Million Net Loss in March 2006
DANA CORPORATION: Posts $16 Million Net Loss in April 2006
DELPHI CORPORATION: Posts $192 Million Net Loss in April 2006
DELTA AIR: Posts $27 Million Net Loss for the Month of April 2006
INTEGRATED ELECTRICAL: Posts $4.7 Million Net Loss in April 2006
LARGE SCALE: Posts $111,668 Net Loss for Month Ended Feb. 28
LARGE SCALE: Posts $1 Million Net Loss for Month Ended March 31
LARGE SCALE: Posts $238,636 Net Loss for Month Ended April 30
MERIDIAN AUTOMOTIVE: Posts $10.5 Million Net Loss in April 2006
NORTHWEST AIRLINES: Posts $226 Million Net Loss in March 2006
NORTHWEST AIRLINES: Posts $295 Million Net Loss in April 2006
PERFORMANCE TRANSPORTATION: Files Operating Report for April 2006
PLIANT CORPORATION: Posts $62.9 Million Net Loss in April 2006
SAINT VINCENTS: Files Monthly Operating Report for April 2006
THAXTON GROUP: Posts $226,432 Cumulative Net Loss in March 2006
THAXTON GROUP: Earns $132,623 for the Month of April 2006
TOWER AUTOMOTIVE: Posts $13.4 Million Net Loss in April 2006
USG CORPORATION: Earns $48.2 Million for the Month of April 2006
*********
ALLIED HOLDINGS: Files Monthly Operating Report for April 2006
--------------------------------------------------------------
Allied Holdings, Inc., and its Debtor Subsidiaries
Unaudited Consolidated Balance Sheet
As of April 30, 2006
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $406
Receivables, net of allowances 58,145
Related party receivables 14,727
Inventories 5,179
Deferred income taxes 202
Prepayments and other current assets 42,840
---------
Total current assets 121,499
Property and equipment, net 121,113
Goodwill, net 3,545
Other noncurrent assets 22,263
Investment in related parties 26,402
---------
TOTAL ASSETS $294,822
=========
Liabilities and Stockholders' Deficit
Current liabilities not subject to compromise
DIP facility $153,326
Accounts and notes payable 48,552
Accrued liabilities 58,318
---------
Total current liabilities 260,196
Long-term liabilities not subject to compromise
Postretirement benefits 4,311
Deferred income taxes 218
Other long term liabilities 20,418
---------
Total long term liabilities 24,947
Liabilities subject to compromise 199,486
Stockholders deficit (189,807)
---------
Total liabilities & stockholders deficit $294,822
=========
Allied Holdings, Inc., and its Debtor Subsidiaries
Unaudited Consolidated Statement of Operations
For the Month Ended April 30, 2006
(In Thousands)
Revenues $78,066
Operating Expenses
Salaries, Wages & Fringe benefits 37,744
Operating supplies & expenses 16,169
Purchased transportation 10,556
Insurance, claims 3,291
Operating tax & licenses 2,503
Depreciation & amortization 2,215
Rents 600
Communications & utilities 540
Other operating expenses 483
Gain on disposal of operating expenses 10
---------
Total Operating Expenses 74,111
---------
Operating Income (Loss) 3,955
Other Income (Expense)
Interest expense (3,620)
Investment income 4
Foreign exchange 1,812
---------
(1,804)
---------
Income before reorganization items and income taxes 2,151
Reorganization items (1,501)
---------
Income before income taxes 650
Income tax expense (2)
---------
NET INCOME (LOSS) $648
=====
The Debtors disclose cash disbursements totaling $5,190,304
during April 2006.
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537). Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor. Anthony J. Smits,
Esq., at Bingham McCutchen LLP, provides the Official Committee of
Unsecured Creditors with legal advice and Russell A. Belinsky at
Chanin Capital Partners, LLC, provides financial advisory services
to the Committee. When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts. (Allied Holdings Bankruptcy News, Issue No. 23;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORPORATION: Posts $370 Million Net Loss in January 2006
----------------------------------------------------------------
Calpine Corporation
Condensed Consolidating Balance Sheet
As of January 31, 2006
ASSETS
Current assets $3,042,176,000
Restricted cash, net 614,562,000
Investments 82,031,000
Property, plant & equipment, net 14,086,569,000
Other assets 2,237,595,000
---------------
TOTAL ASSETS $20,062,933,000
===============
LIABILITIES & STOCKHOLDERS' DEFICIT
Liabilities not subject to compromise:
Current liabilities $7,065,494,000
Long-term debt 2,418,954,000
Long-term derivative liabilities 855,616,000
Other liabilities 652,437,000
Liabilities subject to compromise 14,646,412,000
Minority interest 275,384,000
Stockholders' equity (deficit) (5,851,364,000)
---------------
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT $20,062,933,000
===============
Calpine Corporation
Condensed Consolidating Statement of Operations
For month ended January 31, 2006
Total revenue $470,055,000
Total cost of revenue 464,662,000
---------------
Gross profit (loss) 5,393,000
Operating expenses 14,262,000
---------------
Income (loss) from operations (8,869,000)
Interest expense, net 81,775,000
Other (income) expense, net 20,565,000
---------------
Income (loss) from continuing operations
before reorganization items & income taxes (111,209,000)
Reorganization items 260,530,000
Benefit from income taxes -
---------------
Income (loss) from continuing operations
before discontinued operations & cumulative
effect of change in accounting principle (371,739,000)
Income from discontinued operations -
Cumulative effect of change in accounting
principle, net 817,000
---------------
Net income (loss) ($370,922,000)
===============
Headquartered in San Jose, California, Calpine Corporation --
http://www.calpine.com/-- supplies customers and communities with
electricity from clean, efficient, natural gas-fired and
geothermal power plants. Calpine owns, leases and operates
integrated systems of plants in 21 U.S. states and in three
Canadian provinces. Its customized products and services include
wholesale and retail electricity, gas turbine components and
services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services. The Company filed for chapter 11 protection on
Dec. 20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard
M. Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq.,
and Robert G. Burns, Esq., Kirkland & Ellis LLP represent the
Debtors in their restructuring efforts. Michael S. Stamer, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors. As of Dec. 19, 2005, the
Debtors listed $26,628,755,663 in total assets and $22,535,577,121
in total liabilities. (Calpine Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Baytown Energy Files Schedules Of Assets & Debts
--------------------------------------------------------------
A. Real Property
Generation Facility $39,344,581
Easements, Grants of Right of Way, etc. undetermined
See http://ResearchArchives.com/t/s?b25
B. Personal Property
B.1 Cash on Hand 0
B.2 Bank Accounts 3,727
B.13 Stock interests undetermined
See http://ResearchArchives.com/t/s?b27
B.14 Interests in partnerships undetermined
See http://ResearchArchives.com/t/s?b27
B.16 Accounts receivable 12,274,731
B.25 Automobiles, trucks, trailers 5,091
B.28 Office equipment and supplies 211,584
B.29 Machinery, fixtures, equipment 373,113,935
See http://ResearchArchives.com/t/s?b28
B.30 Inventory 1,483,446
B.35 Other personal property 263,629
TOTAL SCHEDULED ASSETS $426,700,725
============
C. Property Claimed as Exempt None
D. Secured Claims
Morgan Stanley, notes due 2009 610,277,752
Morgan Stanley, notes due 2010 101,088,003
Wilmington Trust FSB, notes due 2009 239,075,226
Wilmington Trust FSB, notes due 2010 647,134,331
Wilmington Trust FSB, notes due 2011 699,970,844
Wilmington Trust FSB, notes due 2011 153,833,333
E. Unsecured priority claims undetermined
See http://ResearchArchives.com/t/s?b26
F. Unsecured non-priority claims
Trade payables 611,802
Intercompany claims
CalGen Expansion Company, LLC (29,085)
Calpine Generating Company, LLC 176,368,744
Calpine Oneta Power, L.P. (3,657)
Carville Energy LLC 900
Columbia Energy LLC (778)
Corpus Christi Cogeneration L.P. (873)
Decatur Energy Center, LLC 505
Freestone Power Generation LP (667)
Metcalf Energy Center, LLC (25,295)
Morgan Energy Center, LLC 263
TOTAL SCHEDULED LIABILITIES $2,628,301,349
==============
Headquartered in San Jose, California, Calpine Corporation --
http://www.calpine.com/-- supplies customers and communities with
electricity from clean, efficient, natural gas-fired and
geothermal power plants. Calpine owns, leases and operates
integrated systems of plants in 21 U.S. states and in three
Canadian provinces. Its customized products and services include
wholesale and retail electricity, gas turbine components and
services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services. The Company filed for chapter 11 protection on
Dec. 20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard
M. Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq.,
and Robert G. Burns, Esq., Kirkland & Ellis LLP represent the
Debtors in their restructuring efforts. Michael S. Stamer, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors. As of Dec. 19, 2005, the
Debtors listed $26,628,755,663 in total assets and $22,535,577,121
in total liabilities. (Calpine Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Bethpage Energy Files Schedules Of Assets & Debts
---------------------------------------------------------------
A. Real Estate $0
B. Personal Property
B.1 Cash on Hand 0
B.2 Bank Accounts
Wilmington Trust Co. - Construction Acct. 7,898,404
Wilmington Trust Co. - Revenue Acct. 3,621,159
Wilmington Trust Co. - Operating Acct. 112
Wilmington Trust Co. - Major Maintenance 159,384
Wilmington Trust Co. - MRT Reserve Acct. 584,176
Wilmington Trust Co. - Completion Reserve 13,327
Wilmington Trust Co. - Condemnation Reserve 7,967,189
Wilmington Trust Co. - Site Lease Reserve 1,232,036
Union Bank of California - Site Checking 2,500
Union Bank of California - O&M Account 102,527
B.13 Stock interests undetermined
See http://ResearchArchives.com/t/s?b29
B.14 Interests in partnerships undetermined
See http://ResearchArchives.com/t/s?b29
B.15 Government & corporate bonds 0
B.16 Accounts receivable 2,602,817
B.18 Other liquidated debts 68,889
B.29 Machinery, fixtures, equipment 124,326,852
See http://ResearchArchives.com/t/s?b2a
B.30 Inventory 149,637
B.35 Other personal property 448,951
TOTAL SCHEDULED ASSETS $149,177,960
============
C. Property Claimed as Exempt None
D. Secured Claims
Wilmington Trust - 1st Lien Credit Deal 109,709,027
Wilmington Trust - 2nd Lien Credit Deal 14,839,349
E. Unsecured priority claims undetermined
See http://ResearchArchives.com/t/s?b2b
F. Unsecured non-priority claims
Trade payables 3,325,127
Senior Notes 1,119,730
TOTAL SCHEDULED LIABILITIES $128,993,233
============
Headquartered in San Jose, California, Calpine Corporation --
http://www.calpine.com/-- supplies customers and communities with
electricity from clean, efficient, natural gas-fired and
geothermal power plants. Calpine owns, leases and operates
integrated systems of plants in 21 U.S. states and in three
Canadian provinces. Its customized products and services include
wholesale and retail electricity, gas turbine components and
services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services. The Company filed for chapter 11 protection on
Dec. 20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard
M. Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq.,
and Robert G. Burns, Esq., Kirkland & Ellis LLP represent the
Debtors in their restructuring efforts. Michael S. Stamer, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors. As of Dec. 19, 2005, the
Debtors listed $26,628,755,663 in total assets and $22,535,577,121
in total liabilities. (Calpine Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Channel Energy Files Schedules Of Assets & Debts
--------------------------------------------------------------
A. Real Property
Generation Facility, Pasadena, TX $33,373,747
B. Personal Property
B.1 Cash on hand 0
B.2 Bank Accounts
Bank of America Site Checking Account 723
B.13 Interests in partnerships or joint venture undetermined
See http://ResearchArchives.com/t/s?b2c
B.14 Government and Corporate Bonds undetermined
See http://ResearchArchives.com/t/s?b2c
B.15 Accounts Receivable 24,627,238
B.25 Vehicles 2,577
B.28 Office equipment, furnishings and supplies 128,108
B.29 Machinery 286,357,245
See http://ResearchArchives.com/t/s?b2e
B.30 Inventory 1,884,459
B.35 Other Personal Property 613,491
TOTAL SCHEDULED ASSETS $346,987,588
============
C. Property Claimed as Exempt None
D. Secured Claim
Morgan Stanley-1st Priority Term Loan 610,277,752
Morgan Stanley-2nd Priority Term Loan 101,088,003
Wilmington Trust-1st Priority Notes 239,075,226
Wilmington Trust-2nd Priority Notes 647,134,331
Wilmington Trust-3rd Priority Notes 699,970,844
Wilmington Trust-3rd Priority Fixed Notes 153,833,333
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims
Trade payable 244,853
Intercompany Claims 174,861,269
TOTAL SCHEDULED LIABILITIES $2,626,485,612
==============
Headquartered in San Jose, California, Calpine Corporation --
http://www.calpine.com/-- supplies customers and communities with
electricity from clean, efficient, natural gas-fired and
geothermal power plants. Calpine owns, leases and operates
integrated systems of plants in 21 U.S. states and in three
Canadian provinces. Its customized products and services include
wholesale and retail electricity, gas turbine components and
services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services. The Company filed for chapter 11 protection on
Dec. 20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard
M. Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq.,
and Robert G. Burns, Esq., Kirkland & Ellis LLP represent the
Debtors in their restructuring efforts. Michael S. Stamer, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors. As of Dec. 19, 2005, the
Debtors listed $26,628,755,663 in total assets and $22,535,577,121
in total liabilities. (Calpine Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Delta Energy Files Schedules Of Assets & Liabilities
------------------------------------------------------------------
A. Real Property
Generation Facility, Pittsburg, CA $53,482,131
Generation Facility Access Road, CA 39,529
B. Personal Property
B.1 Cash on hand 0
B.13 Interests in partnerships or joint venture undetermined
See http://ResearchArchives.com/t/s?b2f
B.14 Government and Corporate Bonds undetermined
See http://ResearchArchives.com/t/s?b2f
B.16 Accounts Receivable 4,660,181
B.28 Office equipment, furnishings and supplies 676,720
B.29 Machinery 499,767,136
See http://ResearchArchives.com/t/s?b30
B.30 Inventory
1200 Arcy Lane, Pittsburgh, CA 2,208,751
B.35 Other Personal Property 1,435,486
TOTAL SCHEDULED ASSETS $562,269,934
============
C. Property Claimed as Exempt None
D. Secured Claim
Morgan Stanley-1st Priority Term Loan 610,277,752
Morgan Stanley-2nd Priority Term Loan 101,088,003
Wilmington Trust-1st Priority Notes 239,075,226
Wilmington Trust-2nd Priority Notes 647,134,331
Wilmington Trust-3rd Priority Notes 699,970,844
Wilmington Trust-3rd Priority Fixed Notes 153,833,333
E. Unsecured Priority Claims undetermined
See http://ResearchArchives.com/t/s?b31
F. Unsecured Non-priority Claims
Contra Costa County Water District 2,184,338
Trade payables 310,514
See http://ResearchArchives.com/t/s?b32
Intercompany claims
CalGen Expansion Co. LLC 85,721,274
CalGen Project Eqpt. Finance 85,278,340
Calpine Corporation (86,400,002)
Calpine Generating Co. LLC 198,103,598
Corpus Christi Cogeneration LP 455
Los Medanos Energy Center LLC (481,441)
Morgan Energy Center LLC (578)
Pasadena Cogeneration LP 2,139,094
Pastoria Energy Facility LLC (2,666)
TOTAL SCHEDULED LIABILITIES $2,738,231,507
==============
Headquartered in San Jose, California, Calpine Corporation --
http://www.calpine.com/-- supplies customers and communities with
electricity from clean, efficient, natural gas-fired and
geothermal power plants. Calpine owns, leases and operates
integrated systems of plants in 21 U.S. states and in three
Canadian provinces. Its customized products and services include
wholesale and retail electricity, gas turbine components and
services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services. The Company filed for chapter 11 protection on
Dec. 20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard
M. Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq.,
and Robert G. Burns, Esq., Kirkland & Ellis LLP represent the
Debtors in their restructuring efforts. Michael S. Stamer, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors. As of Dec. 19, 2005, the
Debtors listed $26,628,755,663 in total assets and $22,535,577,121
in total liabilities. (Calpine Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Los Medanos Files Schedules Of Assets & Liabilities
-----------------------------------------------------------------
A. Real Property
Generation Facility, Pittsburgh, CA $47,908,768
B. Personal Property
B.1 Cash on hand 0
B.13 Interests in partnerships or joint venture undetermined
See http://ResearchArchives.com/t/s?b33
B.14 Government and Corporate Bonds undetermined
See http://ResearchArchives.com/t/s?b33
B.16 Accounts Receivable 6,840,436
B.28 Office equipment, furnishings and supplies 157,181
B.29 Machinery 367,138,472
See http://ResearchArchives.com/t/s?b34
B.30 Inventory 1,485,436
B.35 Other Personal Property 2,424,774
TOTAL SCHEDULED ASSETS $425,955,068
============
C. Property Claimed as Exempt None
D. Secured Claim
Morgan Stanley-1st Priority Term Loan 610,277,752
Morgan Stanley-2nd Priority Term Loan 101,088,003
Wilmington Trust-1st Priority Notes 239,075,226
Wilmington Trust-2nd Priority Notes 647,134,331
Wilmington Trust-3rd Priority Notes 699,970,844
Wilmington Trust-3rd Priority Fixed Notes 153,833,333
E. Unsecured Priority Claims undetermined
See http://ResearchArchives.com/t/s?b35
F. Unsecured Non-priority Claims
Contra Costa County Water District 2,184,338
Trade payables 307,126
See http://ResearchArchives.com/t/s?b36
Intercompany claims
CalGen Expansion Company LLC 77,891,364
CalGen Project Eqpt. Finance 84,488,378
Calpine Corporation (77,985,734)
Calpine Generation Company LLC 150,227,797
Calpine Oneta Power LP (200,000)
Delta Energy Center LLC 481,441
Pastoria Energy Facility LLC (66,382)
Thomassen Turbine Systems America (21,805)
TOTAL SCHEDULED LIABILITIES $2,688,686,013
==============
Headquartered in San Jose, California, Calpine Corporation --
http://www.calpine.com/-- supplies customers and communities with
electricity from clean, efficient, natural gas-fired and
geothermal power plants. Calpine owns, leases and operates
integrated systems of plants in 21 U.S. states and in three
Canadian provinces. Its customized products and services include
wholesale and retail electricity, gas turbine components and
services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services. The Company filed for chapter 11 protection on
Dec. 20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard
M. Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq.,
and Robert G. Burns, Esq., Kirkland & Ellis LLP represent the
Debtors in their restructuring efforts. Michael S. Stamer, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors. As of Dec. 19, 2005, the
Debtors listed $26,628,755,663 in total assets and $22,535,577,121
in total liabilities. (Calpine Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland Files Operating Report for April 2006
---------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of April 30, 2006
ASSETS
Cash and cash equivalents $17,193,758
Accounts receivable, net 1,300,131
Notes, estates and other receivables 11,642,892
Loans receivable from Archdiocesan entities, net 7,547,111
Loans receivable from Archdiocesan housing entities 536,219
Interest receivable and other assets 247,164
Inventories 1,667,584
Real Property 226,688
Deposits and prepaid expenses 48,693
Investments 99,602,213
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,773,120
--------------
Total Assets $149,425,573
=============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable 822,302
Accrued liabilities 2,236,486
Funds held for others
Second Collections (12)
Short-term investments payable 14,831,769
Long-term pool investments payable 18,856,187
Reserve for insurance claims 2,343,946
Notes payable 10,850,972
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 58,005,182
--------------
Postpetition
Accounts payable 448,646
Accrued liabilities 6,058,872
Funds held for others
Second Collections 289,328
Short-term investments payable 2,922,970
Long-term pool investments 5,120,563
Reserve for insurance claims (15,922)
Notes payable -
Pre-need liability and reserve 34,416
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 15,263,394
--------------
Total Liabilities 73,268,576
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,963,455
Other Assets (3,573,694)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 7,616,637
Other Assets 2,150,599
--------------
Total Postpetition Net Assets 9,767,236
--------------
Total Net Assets 76,156,997
--------------
Total liabilities & net assets $149,425,573
=============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending April 30, 2006
Revenues, gains and other support
Annual Catholic Appeal income $568
Gross profit on cemetery sales 59,246
Contributions, gifts, annuities and bequests 13,971
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 481,914
Change in unrealized gains (losses) 785,312
Insurance premiums, net 490
Interest income from loans 35,922
Parish assessments 251,797
Other income 148,438
Departmental revenues (1,879)
Net assets released from restrictions -
--------------
Total revenues, gains, and other support $1,775,779
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 311,742
Clergy Services 51,773
Catholic Schools 32,059
Pastoral Services 77,947
Evangelization Services 43,371
Public Services 9,422
Tribunal Services 20,445
Deposit and loan interest 151,150
Insurance program 401,175
Cemetery operating expenses 70,881
High School grants/charitable annuities 11,406
Other program expenses 69,924
--------------
Total program services 1,251,295
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 69,843
Finance & Administration:
Resource Development 9,800
Business Affairs 9,520
Financial Services 20,811
Human Resources 26,631
Shared Services 28,186
Occupancy and physical plant expenses 12,519
Designated funds expense 111,726
Bankruptcy expense 356,835
Depreciation expense -
--------------
Total supporting services 645,871
--------------
Total expenses and program support 1,897,166
--------------
Increase (decrease) in net assets before
transfers and designations of net assets (121,387)
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets (121,387)
Net assets at beginning of year 76,278,384
--------------
Net assets at end of year $76,156,997
============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending April 30, 2006
Beginning Cash Balance: $16,553,128
Add:
Transfers in 768,861
Receipts Deposited 2,314,550
Other (Return of Direct Deposits) -
Other (Interest Income) 56,383
--------------
Total Cash Receipts 3,139,794
Subtract:
Transfers out (768,861)
Disbursements by check or debit (1,724,135)
Cash withdrawn -
Other (Service Charges) (5,110)
Other (Misc Check Correction) 35
Other (NSF Checks) (1,091)
Other (Clear Interfund Rec/Pay) 0
--------------
Total Cash Disbursements (2,499,163)
--------------
Ending Cash Balance $17,193,758
============
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. Albert N. Kennedy, Esq., at Tonkon Torp, LLP, represents
the Official Tort Claimants Committee in Portland, and scores of
abuse victims are represented by other lawyers. David A. Foraker
serves as the Future Claimants Representative appointed in the
Archdiocese of Portland's Chapter 11 case. In its Schedules of
Assets and Liabilities filed with the Court on July 30, 2004, the
Portland Archdiocese reports $19,251,558 in assets and
$373,015,566 in liabilities. (Catholic Church Bankruptcy News,
Issue No. 60; Bankruptcy Creditors' Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Spokane Files Operating Report for April 2006
--------------------------------------------------------------
Catholic Diocese of Spokane
Balance Sheet
As of April 30, 2006
ASSETS
Total Cash Accounts $2,685,745
Total Investments 3,881,198
Total Property 495,004
Total Loans Receivable 2,774,888
Total Interfund Loan Receivable 396,887
Total Accounts Receivable 66,355
Total Land and Buildings & Equip 2,474,977
Total Prepaid Expenses 55,684
--------------
Total Assets $12,830,738
============
LIABILITIES AND NET ASSETS
Liabilities
Total Deposits Payable 7,694,436
Total Interest Payable -
Total Accounts Payable 11,675
Total Long-term Liabilities 9,335,400
Net Assets
Total Unrestricted - Fund Balance (17,368,462)
Total Unrestricted Net Assets (17,368,462)
T.R. - Guse Grant Funds 321,873
T.R. - Bishop's School Grants Funds 122,531
Total Replacement Fund 10,505,389
Total Diocesan D&L Funding 2,176,115
Total Guatemala Funds 606,186
Temporarily Restricted (80)
--------------
Total liabilities & net assets 12,960,738
===========
Catholic Diocese of Spokane
Income and Expense Statement
For the month ending April 30, 2006
Total Income $2,772,490
Total Expenses 5,596,963
--------------
Net Excess or Deficit $2,824,472
===========
The Diocese of Spokane's Statement of Cash Receipts and
Disbursements for the period April 1 to 30, 2006, shows ending
balance of $2,647,091. Total cash receipts for the period is
$470,119, while total cash disbursements is $88,848.
A full-text copy of the Diocese's April 2006 Operating Report is
available for free at:
http://ResearchArchives.com/t/s?b20
The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 60; Bankruptcy Creditors' Service, Inc., 215/945-7000)
DANA CORPORATION: Posts $62 Million Net Loss in March 2006
----------------------------------------------------------
Dana Corporation
Unaudited Condensed Balance Sheet
At March 31, 2006
ASSETS
CURRENT ASSETS
Cash and cash equivalent assets $815,000,000
Accounts receivable
Trade 1,285,000,000
Other 299,000,000
Inventories 680,000,000
Assets of discontinued operations 528,000,000
Other current assets 166,000,000
----------------
Total current assets $3,773,000,000
----------------
Investments and other assets 1,320,000,000
Investments in equity affiliates 908,000,000
Property, plant and equipment, net 1,641,000,000
----------------
TOTAL ASSETS $7,642,000,000
================
LIABILITY AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable, including current portion
of long-term debt $29,000,000
Accounts payable 797,000,000
Liabilities of discontinued operations 228,000,000
Other accrued liabilities 609,000,000
----------------
Total current liabilities $1,663,000,000
----------------
Liabilities subject to compromise $4,505,000,000
Deferred employee benefits and other
non-current liabilities 218,000,000
Long-term debt 15,000,000
DIP financing 700,000,000
Minority interest in consolidates subsidiaries 85,000,000
Shareholder' equity 456,000,000
----------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $7,642,000,000
===============
Dana Corporation
Unaudited Condensed Statement of Operations
For the Month Ended March 31, 2006
Net Sales $826,000,000
Costs and expenses
Costs of sales 770,000,000
Selling, general and administrative expenses 22,000,000
Other income, net 12,000,000
----------------
Income (loss) from operations $46,000,000
Interest expense 6,000,000
Reorganization charges 55,000,000
----------------
Income (loss) before income taxes (15,000,000)
Income tax (expense) benefit (13,000,000)
Minority interest -
Equity in earnings of affiliates (7,000,000)
----------------
Income (loss) before continuing operations (35,000,000)
Income (loss) from discontinued operations (27,000,000)
----------------
Net income (loss) ($62,000,000)
=============
Dana Corporation
Unaudited Condensed Statement of Cash Flow
For the Month Ended March 31, 2006
OPERATING ACTIVITIES
Net income (loss) ($62,000,000)
Depreciation and amortization 22,000,000
Charges related to divestitures and asset sales 28,000,000
Reorganization charges 55,000,000
Payment of reorganization charges (28,000,000)
Working capital 81,000,000
Other 98,000,000
----------------
Net cash flow provided by
(used for) operating activities $194,000,000
INVESTING ACTIVITIES
Purchases of property, plant and equipment (40,000,000)
Others 14,000,000
----------------
Net cash flow provided by
(used for) operating activities ($26,000,000)
FINANCING ACTIVITIES
Net change in short-term debt (609,000,000)
Payments of long-term debt (4,000,000)
Proceeds from DIP facility 700,000,000
Issuance of long-term debt -
----------------
Net cash flow provided by
(used for) operating activities $87,000,000
Net increase in cash equivalents 255,000,000
----------------
Cash and cash equivalents, beginning of period 560,000,000
----------------
Cash and cash equivalents, end of period $815,000,000
=============
Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies. Dana
employs 46,000 people in 28 countries. Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60 million
vehicles annually. The company and its affiliates filed for
chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No.
06-10354). Corinne Ball, Esq., and Richard H. Engman, Esq., at
Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B.
Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at
Jones Day in Cleveland, Ohio, represent the Debtors. Henry S.
Miller at Miller Buckfire & Co., LLC, serves as the Debtors'
financial advisor and investment banker. Ted Stenger from
AlixPartners serves as Dana's Chief Restructuring Officer. Thomas
Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP,
represents the Official Committee of Unsecured Creditors. When
the Debtors filed for protection from their creditors, they listed
$7.9 billion in assets and $6.8 billion in liabilities as of Sept.
30, 2005. (Dana Corporation Bankruptcy News, Issue No. 11;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
DANA CORPORATION: Posts $16 Million Net Loss in April 2006
----------------------------------------------------------
Dana Corporation
Unaudited Condensed Balance Sheet
At April 30, 2006
ASSETS
CURRENT ASSETS
Cash and cash equivalent assets $812,000,000
Accounts receivable
Trade 1,354,000,000
Other 341,000,000
Inventories 704,000,000
Assets of discontinued operations 554,000,000
Other current assets 166,000,000
----------------
Total current assets $3,931,000,000
----------------
Investments and other assets 1,355,000,000
Investments in equity affiliates 922,000,000
Property, plant and equipment, net 1,674,000,000
----------------
TOTAL ASSETS $7,882,000,000
================
LIABILITY AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable, including current portion
of long-term debt $34,000,000
Accounts payable 978,000,000
Liabilities of discontinued operations 238,000,000
Other accrued liabilities 686,000,000
----------------
Total current liabilities $1,936,000,000
----------------
Liabilities subject to compromise $4,413,000,000
Deferred employee benefits and other
non-current liabilities 232,000,000
Long-term debt 15,000,000
DIP financing 700,000,000
Minority interest in consolidates subsidiaries 87,000,000
Shareholder' equity 499,000,000
----------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $7,882,000,000
================
Dana Corporation
Unaudited Condensed Statement of Operations
For the Month Ended April 30, 2006
Net Sales $693,000,000
Costs and expenses
Costs of sales 659,000,000
Selling, general and administrative expenses 35,000,000
Other income, net 12,000,000
----------------
Income (loss) from operations $11,000,000
Interest expense 7,000,000
Reorganization charges 7,000,000
----------------
Income (loss) before income taxes (3,000,000)
Income tax (expense) benefit (8,000,000)
Minority interest (1,000,000)
Equity in earnings of affiliates (1,000,000)
----------------
Income (loss) before continuing operations (13,000,000)
Income (loss) from discontinued operations (3,000,000)
----------------
Net income (loss) ($16,000,000)
================
Dana Corporation
Unaudited Condensed Statement of Cash Flow
For the Month Ended April 30, 2006
OPERATING ACTIVITIES
Net income (loss) ($16,000,000)
Depreciation and amortization 21,000,000
Charges related to divestitures and asset sales -
Reorganization charges 7,000,000
Payment of reorganization charges -
Working capital 24,000,000
Other (1,000,000)
----------------
Net cash flow provided by
(used for) operating activities $35,000,000
INVESTING ACTIVITIES
Purchases of property, plant and equipment (26,000,000)
Proceeds from sale of other assets 1,000,000
Others (18,000,000)
----------------
Net cash flow provided by
(used for) operating activities ($43,000,000)
FINANCING ACTIVITIES
Net change in short-term debt (5,000,000)
Payments of long-term debt -
Proceeds from DIP facility -
Issuance of long-term debt -
----------------
Net cash flow provided by
(used for) operating activities $5,000,000
Net increase in cash equivalents (3,000,000)
----------------
Cash and cash equivalents, beginning of period 815,000,000
----------------
Cash and cash equivalents, end of period $812,000,000
================
Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies. Dana
employs 46,000 people in 28 countries. Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60 million
vehicles annually. The company and its affiliates filed for
chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No.
06-10354). Corinne Ball, Esq., and Richard H. Engman, Esq., at
Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B.
Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at
Jones Day in Cleveland, Ohio, represent the Debtors. Henry S.
Miller at Miller Buckfire & Co., LLC, serves as the Debtors'
financial advisor and investment banker. Ted Stenger from
AlixPartners serves as Dana's Chief Restructuring Officer. Thomas
Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP,
represents the Official Committee of Unsecured Creditors. When
the Debtors filed for protection from their creditors, they listed
$7.9 billion in assets and $6.8 billion in liabilities as of Sept.
30, 2005. (Dana Corporation Bankruptcy News, Issue No. 11;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
DELPHI CORPORATION: Posts $192 Million Net Loss in April 2006
-------------------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of April 30, 2006
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $993
Accounts receivable, net
General Motors and affiliates 1,820
Other third parties 1,315
Non-Debtor subsidiaries 305
Notes receivable from non-Debtor subsidiaries 366
Inventories, net
Productive material, work-in-process and supplies 865
Finished goods 341
Prepaid expenses and other 476
--------
TOTAL CURRENT ASSETS 6,481
Long-term assets:
Property, net 2,657
Goodwill 139
Other intangible assets 39
Pension intangible assets 871
Investments in non-Debtor subsidiaries 3,364
Other 723
--------
TOTAL ASSETS $14,274
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Secured debt in default 2,492
Accounts payable 1,174
Accounts payable to non-Debtor subsidiaries 493
Accrued liabilities 643
--------
TOTAL CURRENT LIABILITIES 4,802
Long-term liabilities not subject to compromise:
Debtor-in-possession financing 250
Employee benefit plan obligations and other 625
--------
TOTAL LONG-TERM LIABILITIES 875
Liabilities subject to compromise 15,218
--------
TOTAL LIABILITIES 20,895
Stockholders' deficit:
Common stock 6
Additional paid-in capital 2,755
Accumulated deficit (6,965)
Minimum pension liability (2,291)
Accumulated other comprehensive loss (74)
Treasury stock, at cost (3.2 million shares) (52)
--------
TOTAL STOCKHOLDERS' DEFICIT (6,621)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $14,274
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended April 30, 2006
(In Millions)
Net sales:
General Motors and affiliates $761
Other customers 548
Intercompany non-Debtor subsidiaries 48
--------
Total net sales 1,357
--------
Operating expenses:
Cost of sales, excluding items listed below 1,391
Selling, general and administrative 90
Depreciation and amortization 57
Goodwill and long-lived asset impairment charges -
--------
Total operating expenses 1,538
--------
Operating loss (181)
Interest expense (30)
Other expense, net (1)
Reorganization items (5)
Income tax benefit (expense) 1
Equity income from non-consolidated subsidiaries 2
Equity income from non-Debtor subsidiaries, net of tax 22
--------
NET LOSS ($192)
======
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended April 30, 2006
(In Millions)
Cash flows from operating activities:
Net loss ($192)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization 57
Pension and other postretirement benefit expenses 128
Equity income from unconsolidated subsidiaries, net (2)
Equity income from non-Debtor subsidiaries, net of tax (22)
Reorganization items 5
Changes in operating assets and liabilities:
Accounts receivable, net 85
Inventories, net (63)
Prepaid expenses and other 28
Accounts payable, accrued and other long-term debts 41
Pension contributions (59)
Other postretirement benefit payments (17)
Receipts (payments) for reorganization items, net 2
Other 51
--------
Net cash used in operating activities 42
Cash flows from investing activities:
Capital expenditures (32)
Proceeds from sale of property -
--------
Net cash used in investing activities (32)
Cash flows from financing activities:
Repayments of note payable to non-Debtor subsidiary (1)
Repayments of other debt -
--------
Net cash used in financing activities (1)
--------
Increase in cash and cash equivalents 9
Cash and cash equivalents at beginning of period 984
--------
Cash and cash equivalents at end of period $993
=====
Troy, Mich.-based, 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. 27; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
DELTA AIR: Posts $27 Million Net Loss for the Month of April 2006
-----------------------------------------------------------------
DELTA AIR LINES, INC.
Unaudited Consolidated Balance Sheet
As of April 30, 2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $2,123,000,000
Short-term investments $331,000,000
Restricted cash 940,000,000
Accounts receivable, net of an allowance for
uncollectible accounts of $38 1,056,000,000
Expendable parts and supplies inventories, net
of an allowance for obsolescence of $205 172,000,000
Prepaid expenses and other 607,000,000
---------------
Total current assets 5,229,000,000
PROPERTY AND EQUIPMENT:
Flight equipment 18,142,000,000
Accumulated depreciation (6,485,000,000)
---------------
Flight equipment, net 11,657,000,000
Flight and ground equipment
under capital leases 556,000,000
Accumulated amortization (176,000,000)
---------------
Flight and ground equipment
under capital leases, net 380,000,000
---------------
Ground property and equipment 4,769,000,000
Accumulated depreciation (2,913,000,000)
---------------
Ground property and equipment, net 1,856,000,000
Advance payments for equipment 44,000,000
---------------
Total property and equipment, net 13,937,000,000
OTHER ASSETS:
Goodwill 227,000,000
Operating rights and other intangibles,
net of accumulated amortization of $192 71,000,000
Other noncurrent assets 1,116,000,000
---------------
Total other assets 1,414,000,000
---------------
Total assets $20,580,000,000
================
LIABILITIES AND SHAREOWNERS' DEFICIT
CURRENT LIABILITIES:
Current maturities of long-term debt
and capital leases $1,330,000,000
Accounts payable, deferred credits
and other accrued liabilities 1,696,000,000
Air traffic liability 2,329,000,000
Taxes payable 611,000,000
Accrued salaries and related benefits 401,000,000
---------------
Total current liabilities 6,367,000,000
NONCURRENT LIABILITIES:
Long-term debt and capital leases 6,596,000,000
Deferred revenue and other credits 287,000,000
Other 249,000,000
---------------
Total noncurrent liabilities 7,132,000,000
LIABILITIES SUBJECT TO COMPROMISE 18,772,000,000
COMMITMENTS AND CONTINGENCIES
SHAREOWNERS' DEFICIT:
Common stock:
$0.01 par value; 900,000,000 shares
authorized; 202,081,648 shares issued 2,000,000
Additional paid-in capital 1,560,000,000
Accumulated deficit (10,307,000,000)
Accumulated other comprehensive loss (2,722,000,000)
Treasury stock at cost, 4,745,710 shares (224,000,000)
---------------
Total shareowners' deficit (11,691,000,000)
---------------
Total liabilities and shareowners' deficit $20,580,000,000
================
DELTA AIR LINES, INC.
Unaudited Consolidated Statement of Operations
For the Month Ended April 30, 2006
OPERATING REVENUES:
Passenger:
Mainline 1,006,000,000
Regional affiliates 326,000,000
Cargo 41,000,000
Other, net 97,000,000
---------------
Total operating revenues 1,470,000,000
OPERATING EXPENSES:
Salaries and related costs 344,000,000
Aircraft fuel 341,000,000
Contract carrier arrangements 212,000,000
Depreciation and amortization 100,000,000
Contracted services 87,000,000
Passenger commissions and
other selling expenses 75,000,000
Aircraft maintenance materials and
outside repairs 68,000,000
Landing fees and other rents 65,000,000
Passenger service 25,000,000
Aircraft rent 24,000,000
Other 45,000,000
---------------
Total operating expenses 1,386,000,000
---------------
OPERATING LOSS 84,000,000
---------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest
expense equals $102 for the Month ended
April 30, 2006) (76,000,000)
Miscellaneous income 9,000,000
Interest income 5,000,000
---------------
Total other expense, net (62,000,000)
---------------
LOSS BEFORE REORGANIZATION ITEMS, NET 22,000,000
REORGANIZATION ITEMS, NET (49,000,000)
---------------
LOSS BEFORE INCOME TAXES (27,000,000)
INCOME TAX PROVISION --
---------------
NET LOSS ($27,000,000)
=============
DELTA AIR LINES, INC.
Unaudited Consolidated Statements of Cash Flows
For the Month ended April 30, 2006
CASH FLOWS FROM OPERATING ACTIVITIES ($252,000,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
Flight equipment, including
advance payments (16,000,000)
Ground property and equipment (9,000,000)
---------------
Net cash provided by investing activities (25,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and
capital lease obligations (29,000,000)
---------------
Net cash used by financing activities (29,000,000)
---------------
Net increase in cash and cash equivalents (306,000,000)
Cash & cash equivalents at beginning of period 2,429,000,000
---------------
Cash & cash equivalents at end of period $2,123,000,000
===============
Headquartered in Atlanta, Georgia, Delta Air Lines, Inc. --
http://www.delta.com/-- is the world's second-largest airline in
terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities. (Delta Air Lines
Bankruptcy News, Issue No. 33; Bankruptcy Creditors' Service,
Inc., 215/945-7000).
INTEGRATED ELECTRICAL: Posts $4.7 Million Net Loss in April 2006
----------------------------------------------------------------
Integrated Electrical Services, Inc., et al.
Balance Sheet
As of April 30, 2006
ASSETS
Unrestricted Cash 12,463,000
Restricted Cash 20,132,000
---------------
Total Cash 32,595,000
Accounts Receivable (Net) 166,166,000
Inventory 24,402,000
Notes Receivable -
Prepaid Expenses 24,451,000
Other 69,585,000
---------------
Total Current Assets 317,199,000
============
Property, Plant & Equipment 80,981,000
Less: Accumulated Depreciation/Depletion 59,661,000
Net Property, Plant & Equipment 21,320,000
Due from Insiders -
Other Assets -- Net of Amortization 24,343,000
Other 7,045,000
---------------
Total Assets 369,907,000
============
POSTPETITION LIABILITIES
Accounts Payable 48,250,000
Taxes Payable 3,477,000
Notes Payable -
Professional Fees 4,355,000
Secured Debt -
Other 62,325,000
---------------
Total Postpetition Liabilities 118,407,000
============
PREPETITION LIABILITIES
Secured Debt 11,000
Priority Debt 41,000
Unsecured Debt 253,192,000
Other 19,246,000
---------------
Total Prepetition Liabilities 272,490,000
============
Total Liabilities 390,897,000
============
EQUITY
Prepetition Owner's Equity 6,034,000
Postpetition Cumulative Profit or (Loss) (27,024,000)
Direct Charges to Equity
---------------
Total Equity (20,990,000)
============
Total Liabilities & Owners' Equity 369,907,000
============
Integrated Electrical Services, Inc., et al.
Income Statement
For the Month of April 2006
REVENUES
Gross Revenues 81,888,000
Less: Returns & Discounts -
---------------
Net Revenue 81,888,000
===========
COST OF GOODS SOLD
Material 34,760,000
Direct Labor 20,873,000
Direct Overhead 15,395,000
---------------
Total Cost of Goods Sold 71,028,000
---------------
Gross Profit 10,860,000
===========
OPERATING EXPENSES
Officer/Insider Compensation 253,000
Selling & Marketing 606,000
General & Administrative 9,073,000
Rent & Lease 300,000
Other -
---------------
Total Operating Expenses 10,232,000
---------------
Income Before Non-operating Income & Expense 628,000
========
OTHER INCOME & EXPENSES
Non-Operating Income 172,000
Non-Operating Expense -
Interest Expense 464,000
Depreciation/Depletion -
Amortization 447,000
Other (32,000)
---------------
Net Other Income & Expenses 707,000
========
REORGANIZATION EXPENSES
Professional Fees 3,585,000
U.S. Trustee Fees -
Other 945,000
---------------
Total Reorganization Expenses 4,530,000
Income Tax 150,000
---------------
Net Profit (Loss) (4,759,000)
===========
Integrated Electrical Services, Inc., et al.
Statement of Cash Receipts & Disbursements
For the Month of April 2006
CASH RECEIPTS & DISBURSEMENTS
Cash -- Beginning of Month 34,556,000
===========
RECEIPTS FROM OPERATIONS
Cash Sales 30,000
COLLECTION OF ACCOUNTS RECEIVABLE
Prepetition 20,166,000
Postpetition 58,284,000
---------------
Total Operating Receipts 78,480,000
===========
NON-OPERATING RECEIPTS
Loans & Advances -
Sale of Assets (1,000)
Other -
---------------
Total Non-Operating Receipts (1,000)
Total Receipts 78,479,000
===========
Total Cash Available 113,035,000
============
OPERATING DISBURSEMENTS
Net Payroll 17,926,000
Payroll Taxes Paid 7,424,000
Sales, Use & Other Taxes Paid 549,000
Secured/Rental/Leases 1,124,000
Utilities 310,000
Insurance 1,158,000
Inventory Purchases 26,215,000
Vehicle Expenses 1,361,000
Travel 264,000
Entertainment 121,000
Repairs & Maintenance 158,000
Supplies 498,000
Advertising 13,000
Other 22,118,000
---------------
Total Operating Disbursements 79,239,000
===========
REORGANIZATION EXPENSES
Professional Fees 1,201,000
U.S. Trustee Fees -
Other -
---------------
Total Reorganization Expenses 1,201,000
Total Disbursements 80,440,000
===========
Net Cash Flow (1,961,000)
===========
Cash - End of Month 32,595,000
===========
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. 12; Bankruptcy Creditors' Service, Inc.
215/945-7000)
LARGE SCALE: Posts $111,668 Net Loss for Month Ended Feb. 28
------------------------------------------------------------
Large Scale Biology Corporation filed its Monthly Operating Report
for the month ended Feb. 28, 2006, with the U.S. Bankruptcy Court
for the Eastern District of California.
The Company reported a $111,668 net loss on $12,595 of revenues
for the month ended Feb. 28, 2006.
For the month ended Feb. 28, 2006, Large Scale Biology
Corporation's balance sheet shows:
Current Assets $22,159,894
Total Assets 25,148,066
Current Liabilities 898,152
Total Liabilities 13,004,922
Total Stockholders' Equity 12,143,145
A full-text copy of the Company's Monthly Operating Report for the
month ended Feb. 28, 2006, is available for free at:
http://ResearchArchives.com/t/s?af8
Headquartered in Vacaville, California, Large Scale Biology
Corporation -- http://www.lsbc.com/-- develops, manufactures and
sells plant-made pharmaceutical proteins and vaccines. LSBC and
its debtor-affiliates filed for chapter 11 protection on Jan. 9,
2006. (Bankr. E.D. Calif. Case No. 06-20046). Paul J. Pascuzzi,
Esq., at Felderstein Fitzgerald Willoughby & Pascuzzi, represent
the Debtors in their restructuring efforts. As of Nov. 30, 2005,
the LSBC had $9,760,000 in total assets and $7,836,000 in total
debts.
LARGE SCALE: Posts $1 Million Net Loss for Month Ended March 31
---------------------------------------------------------------
Large Scale Biology Corporation filed its Monthly Operating Report
for the month ended March 31, 2006, with the U.S. Bankruptcy Court
for the Eastern District of California.
The Company reported a $1,091,226 net loss on $177,201 of revenues
for the month ended March 31, 2006.
For the month ended March 31, 2006, Large Scale Biology
Corporation's balance sheet shows:
Current Assets $17,365,244
Total Assets 20,215,023
Current Liabilities 935,512
Total Liabilities 9,118,608
Total Stockholders' Equity 11,096,415
A full-text copy of the Company's Monthly Operating Report for the
month ended March 31, 2006, is available for free at:
http://ResearchArchives.com/t/s?af9
Headquartered in Vacaville, California, Large Scale Biology
Corporation -- http://www.lsbc.com/-- develops, manufactures and
sells plant-made pharmaceutical proteins and vaccines. LSBC and
its debtor-affiliates filed for chapter 11 protection on Jan. 9,
2006. (Bankr. E.D. Calif. Case No. 06-20046). Paul J. Pascuzzi,
Esq., at Felderstein Fitzgerald Willoughby & Pascuzzi, represent
the Debtors in their restructuring efforts. As of Nov. 30, 2005,
the LSBC had $9,760,000 in total assets and $7,836,000 in total
debts.
LARGE SCALE: Posts $238,636 Net Loss for Month Ended April 30
-------------------------------------------------------------
On May 30, 2006, Large Scale Biology Corporation filed its
Monthly Operating Report for the month ended April 30, 2006, with
the U.S. Bankruptcy Court for the Eastern District of
California.
The Company reported a $238,636 net loss on $164,456 of revenues
for the month ended April 30, 2006.
For the month ended April 30, 2006, Large Scale Biology
Corporation's balance sheet shows:
Current Assets $17,257,738
Total Assets 20,061,100
Current Liabilities 998,159
Total Liabilities 9,161,689
Total Stockholders' Equity 10,899,411
A full-text copy of the Company's Monthly Operating Report for the
month ended April 30, 2006, is available for free at:
http://ResearchArchives.com/t/s?af3
Headquartered in Vacaville, California, Large Scale Biology
Corporation -- http://www.lsbc.com/-- develops, manufactures and
sells plant-made pharmaceutical proteins and vaccines. LSBC and
its debtor-affiliates filed for chapter 11 protection on Jan. 9,
2006. (Bankr. E.D. Calif. Case No. 06-20046). Paul J. Pascuzzi,
Esq., at Felderstein Fitzgerald Willoughby & Pascuzzi, represent
the Debtors in their restructuring efforts. As of Nov. 30, 2005,
the LSBC had $9,760,000 in total assets and $7,836,000 in total
debts.
MERIDIAN AUTOMOTIVE: Posts $10.5 Million Net Loss in April 2006
---------------------------------------------------------------
Meridian Automotive Systems - Composites
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of April 30, 2006
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $96,816
Intercompany receivable 16,744
Inventories 65,898
Tooling costs in excess of billings and others 28,205
----------
TOTAL CURRENT ASSETS 207,663
----------
Property, plant and equipment, net 224,731
Intangible assets 15,280
Investment in subsidiaries 23,863
Other assets 12,088
----------
TOTAL ASSETS $483,625
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current portion of long term debt $347,036
Accounts payable 47,536
Accrued expenses 41,516
Tooling billings in excess of costs 1,376
----------
TOTAL CURENT LIABILITIES 437,464
----------
Liabilities subject to comprise 478,061
Non-Current Liabilities Not Subject to Compromise:
Other long-term liabilities 9,058
Accumulated post-retirement benefit obligation 24,266
----------
TOTAL LIABILITIES 948,849
SHAREHOLDERS' EQUITY (465,224)
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $483,625
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operations
April 1 to 30, 2006
(In Thousands)
Net sales $58,418
Cost of sales 55,986
----------
Gross profit 2,432
Selling, general and administrative expenses 2,607
Restructuring charges 1,237
----------
Operating income (loss) (1,412)
Interest expense, net 8,325
Other (expense) income (1)
Chapter 11 and related reorganization items 833
----------
Loss before provision for income taxes (10,571)
(Benefit) Provision for income taxes 18
----------
NET LOSS ($10,589)
=========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
April 1 to 30, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($10,589)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization, and impairment 3,820
Change in working capital and other operating
items 7,157
----------
Net cash provided by (used for) operating
activities before reorganization items 388
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items 833
Payments on Chapter 11 and related reorg items (1,363)
----------
Net cash provided by Chapter 11 and related
reorg items (530)
Net cash provided by (used for) operating
activities (142)
INVESTING ACTIVITIES:
Additions to property and equipment (658)
Proceeds from sale or property and equipment -
----------
Net cash used for investing activities (658)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 26,000
Repayments of DIP credit facility (25,200)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized -
----------
Net cash (used for) provided by financing activities ($800)
----------
Net increase (decrease) in cash -
----------
Cash and Cash Equivalents, beginning of period -
Cash and Cash Equivalents, end of period -
=====
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. Eric E. Sagerman, Esq.,
at Winston & Strawn LLP represents the Official Committee of
Unsecured Creditors. The Committee also hired Ian Connor
Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A.,
to prosecute an adversary proceeding against Meridian's First Lien
Lenders and Second Lien Lenders to invalidate their liens. When
the Debtors filed for protection from their creditors, they listed
$530 million in total assets and approximately $815 million in
total liabilities. (Meridian Bankruptcy News, Issue No. 28;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
NORTHWEST AIRLINES: Posts $226 Million Net Loss in March 2006
-------------------------------------------------------------
Northwest Airlines Corporation
Unaudited Condensed Consolidated Balance Sheets
As of March 31, 2006
ASSETS
Current assets:
Cash and cash equivalents $677,000,000
Unrestricted short-term investments 602,000,000
Restricted cash, cash equivalents &
short-term investments 652,000,000
Accounts receivable, net 673,000,000
Flight equipment spare parts, net 133,000,000
Prepaid expenses & other 429,000,000
---------------
Total current assets 3,166,000,000
Property and equipment:
Flight equipment, net 7,459,000,000
Other property & equipment, net 746,000,000
---------------
Total property & equipment 8,205,000,000
Flight Equipment under capital leases, net 22,000,000
Other assets:
Intangible pension asset 363,000,000
International routes 634,000,000
Investments in affiliated companies 42,000,000
Other 920,000,000
---------------
Total other assets 1,959,000,000
---------------
Total assets $13,352,000,000
================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Air traffic liability $1,859,000,000
Accounts payable & other liabilities 1,371,000,000
Current maturities of long-term debt
& capital lease obligations 103,000,000
---------------
Total current liabilities 3,333,000,000
Long-term debt 1,437,000,000
Deferred Credits & other liabilities:
Long-term pension & postretirement
Health care benefits 329,000,000
Other 103,000,000
---------------
Total deferred credits & other liabilities 432,000,000
Liabilities Subject to Compromise 14,599,000,000
Preferred redeemable stock 279,000,000
Common Stockholders' Equity (Deficit)
Common stock 1,000,000
Additional paid-in capital 1,501,000,000
Accumulated deficit (5,652,000,000)
Accumulated other comprehensive
income (loss) (1,565,000,000)
Treasury stock (1,013,000,000)
---------------
Total common stockholders' equity (deficit) (6,728,000,000)
---------------
Total Liabilities &
Stockholders' Equity (deficit) $13,352,000,000
================
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statements of Operations
For Month Ended March 31, 2006
Operating Revenues
Passenger $802,000,000
Regional carrier revenues 131,000,000
Cargo 85,000,000
Other 93,000,000
---------------
Total Operating Revenues 1,111,000,000
Operating Expenses
Salaries, wages, and benefits 239,000,000
Aircraft fuel and taxes 270,000,000
Selling and marketing 67,000,000
Aircraft maintenance materials and repair 71,000,000
Other rentals and landing fees 50,000,000
Depreciation and amortization 44,000,000
Aircraft rentals 22,000,000
Regional carrier expenses 128,000,000
Other 140,000,000
---------------
Total Operating Expenses 1,031,000,000
Operating Income (Loss) 80,000,000
Other Income (Expense)
Interest expense, net (51,000,000)
Investment income 6,000,000
Reorganization items, net (265,000,000)
Other, net 4,000,000
---------------
Total other income (expense) (306,000,000)
---------------
Income (Loss) Before Income Taxes (226,000,000)
Income tax expense (benefit) --
---------------
Net Income (Loss) ($226,000,000)
==============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
For Month Ended March 31, 2006
Cash Flows from Operating Activities:
Net income (loss) ($226,000,000)
Adjustments to reconcile net loss to net
cash provided by (used in)
operating activities:
Depreciation and amortization 44,000,000
Pension and other postretirement benefit
contributions less than expense 30,000,000
Changes in certain assets & liabilities 50,000,000
Long-term vendor deposits/holdbacks (48,000,000)
Reorganization items 265,000,000
Other, net 11,000,000
---------------
Net cash provided by operating activities 126,000,000
Cash Flows from Reorganization Activities:
Net cash provided by (used in)
reorganization activities (3,000,000)
Cash Flows from Investing Activities:
Capital expenditures (25,000,000)
Purchase of short-term investments (18,000,000)
Proceeds from sales of short term investment --
Decrease (increase) in restricted cash,
cash equivalents & short-term investments (61,000,000)
Other --
---------------
Net cash provided by (used in) investing
activities (104,000,000)
Cash Flows from Financing Activities:
Proceeds from long-term debt --
Payments of long-term debt and capital
lease obligations (111,000,000)
---------------
Net cash provided by (used in)
financing activities (111,000,000)
---------------
Increase (Decrease) in Cash and
Cash Equivalents (92,000,000)
Cash & cash equivalents at beginning of period 769,000,000
---------------
Cash & cash equivalents at end of period $677,000,000
=============
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. 27; Bankruptcy
Creditors' Service, Inc., 215/945-7000).
NORTHWEST AIRLINES: Posts $295 Million Net Loss in April 2006
-------------------------------------------------------------
Northwest Airlines Corporation
Unaudited Condensed Consolidated Balance Sheets
As of April 30, 2006
ASSETS
Current assets:
Cash and cash equivalents $810,000,000
Unrestricted short-term investments 595,000,000
Restricted cash, cash equivalents &
short-term investments 591,000,000
Accounts receivable, net 713,000,000
Flight equipment spare parts, net 127,000,000
Prepaid expenses & other 398,000,000
---------------
Total current assets 3,234,000,000
Property and equipment:
Flight equipment, net 7,457,000,000
Other property & equipment, net 747,000,000
---------------
Total property & equipment 8,204,000,000
Flight Equipment under capital leases, net 22,000,000
Other assets:
Intangible pension asset 363,000,000
International routes 634,000,000
Investments in affiliated companies 43,000,000
Other 940,000,000
---------------
Total other assets 1,980,000,000
---------------
Total assets $13,440,000,000
================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Air traffic liability $1,888,000,000
Accounts payable & other liabilities 1,479,000,000
Current maturities of long-term debt
& capital lease obligations 104,000,000
---------------
Total current liabilities 3,471,000,000
Long-term debt 1,438,000,000
Deferred Credits & other liabilities:
Long-term pension & postretirement
Health care benefits 364,000,000
Other 98,000,000
---------------
Total deferred credits & other liabilities 462,000,000
Liabilities Subject to Compromise 14,811,000,000
Preferred redeemable stock 279,000,000
Common Stockholders' Equity (Deficit)
Common stock 1,000,000
Additional paid-in capital 1,502,000,000
Accumulated deficit (5,947,000,000)
Accumulated other comprehensive
income (loss) (1,564,000,000)
Treasury stock (1,013,000,000)
---------------
Total common stockholders' equity (deficit) (7,021,000,000)
---------------
Total Liabilities &
Stockholders' Equity (deficit) $13,440,000,000
================
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statements of Operations
For Month Ended April 30, 2006
Operating Revenues
Passenger $756,000,000
Regional carrier revenues 126,000,000
Cargo 77,000,000
Other 81,000,000
---------------
Total Operating Revenues 1,040,000,000
Operating Expenses
Salaries, wages, and benefits 220,000,000
Aircraft fuel and taxes 281,000,000
Selling and marketing 62,000,000
Aircraft maintenance materials and repair 57,000,000
Other rentals and landing fees 49,000,000
Depreciation and amortization 45,000,000
Aircraft rentals 18,000,000
Regional carrier expenses 122,000,000
Other 133,000,000
---------------
Total Operating Expenses 987,000,000
Operating Income (Loss) 53,000,000
Other Income (Expense)
Interest expense, net (46,000,000)
Investment income 6,000,000
Reorganization items, net (309,000,000)
Other, net 1,000,000
---------------
Total other income (expense) (348,000,000)
---------------
Income (Loss) Before Income Taxes (295,000,000)
Income tax expense (benefit) --
---------------
Net Income (Loss) ($295,000,000)
==============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statement of Cash Flows
For Month Ended April 30, 2006
Cash Flows from Operating Activities:
Net income (loss) ($295,000,000)
Adjustments to reconcile net loss to net
cash provided by (used in)
operating activities:
Depreciation and amortization 45,000,000
Pension and other postretirement benefit
contributions less than expense 17,000,000
Changes in certain assets & liabilities 59,000,000
Long-term vendor deposits/holdbacks (47,000,000)
Reorganization items 309,000,000
Other, net 12,000,000
---------------
Net cash provided by operating activities 100,000,000
Cash Flows from Reorganization Activities:
Net cash provided by (used in)
reorganization activities 23,000,000
Cash Flows from Investing Activities:
Capital expenditures (26,000,000)
Proceeds from sales of short term investment 9,000,000
Decrease (increase) in restricted
cash, cash equivalents &
short-term investments 61,000,000
---------------
Net cash provided by (used in) investing
activities 44,000,000
Cash Flows from Financing Activities:
Payments of long-term debt and capital
lease obligations (34,000,000)
---------------
Net cash provided by (used in)
financing activities (34,000,000)
---------------
Increase (Decrease) in Cash and
Cash Equivalents 133,000,000
Cash & cash equivalents at beginning of period 677,000,000
---------------
Cash & cash equivalents at end of period $810,000,000
=============
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. 28; Bankruptcy Creditors' Service, Inc.,
215/945-7000).
PERFORMANCE TRANSPORTATION: Files Operating Report for April 2006
-----------------------------------------------------------------
On May 30, 2006, Performance Transportation Services, Inc., and
its debtor-affiliates filed with the U.S. Bankruptcy Court for the
Western District of New York their Monthly Operating Statement for
the period April 1, 2006, to April 30, 2006.
The Operating Statements do not include a Balance Sheet or
Statement of Operations. The Debtors, however, disclose a
$1,291,700 operating loss for the period.
A full-text copy of the Debtors' April 2006 Operating Statements
is available for free at:
http://ResearchArchives.com/t/s?b21
Performance Logistics Group, Inc.
In re. Leaseway Motorcar Transport Company, et al.,
U.S. Operations Cash Flow
For the Month Ender April 30, 2006
Book balance:
Opening book balance, 04/01/06 $9,084,113
-----------
Receipts
Customers 20,999,114
Miscellaneous receipts 102,530
-----------
Total receipts 21,101,644
-----------
Disbursements
Payroll, payroll taxes & fringe benefits 13,923,241
Insurance & cargo losses 3,386,378
Fuel 4,012,288
Parts, tires, other operating supplies & expenses 2,841,152
Licenses, permits & tolls 433,294
Tractor, trailer lease payments 43,492
Building, land, service vehicles and other rents 379,411
Interest & bank fee payments 362,511
Income, franchise & property taxes 36,273
Bank term debt principal repayments 0
Misc/DIP Line (Draw) / Repayments 0
Capital expenditures 4,433
Professional Fees 770,830
-----------
Total Disbursements 26,193,303
-----------
Closing Book Balance, End of Month $3,992,454
===========
Headquartered in Wayne, Michigan, Performance Transportation
Services, Inc. -- http://www.pts-inc.biz/-- is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America. The Company provides transit stability,
cargo damage elimination and proactive customer relations that are
second to none in the finished vehicle market segment. The
company's chapter 11 case is administered jointly under Leaseway
Motorcar Transport Company.
Headquartered in Niagara Falls, New York, Leaseway Motorcar
Transport Company Debtor and 13 affiliates filed for chapter 11
protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Case No. 06-00107).
James A. Stempel, Esq., James W. Kapp, III, Esq., and Jocelyn A.
Hirsch, Esq., at Kirkland & Ellis, LLP, and Garry M. Graber, Esq.,
at Hodgson Russ LLP represent the Debtors in their restructuring
efforts. David Neier, Esq., at Winston & Strawn LLP, represents
the Official Committee of Unsecured Creditors. When the Debtors
filed for protection from their creditors, they estimated assets
between $10 million and $50 million and more than $100 million in
debts. (Performance Bankruptcy News, Issue No. 9; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
PLIANT CORPORATION: Posts $62.9 Million Net Loss in April 2006
--------------------------------------------------------------
Pliant Corporation and Subsidiaries
Unaudited Balance Sheet
As of April 30, 2006
ASSETS
Current Assets:
Cash and cash equivalents $24,988,000
Receivables:
Trade accounts 133,279,000
Allowance for doubtful accounts (5,303,000)
Other 4,951,000
Inventories 100,328,000
Prepaid expenses and other 5,108,000
Income taxes receivable 1,009,000
Deferred income taxes 11,024,000
--------------
Total current assets 275,384,000
Plant and Equipment
Gross asset value 524,509,000
Less accumulated depreciation (258,291,000)
--------------
Plant and equipment -- net 266,218,000
Goodwill -- Net (of Prev Amort) 182,300,000
Intangible Assets, net 14,088,000
Investment in Subsidiaries (39,270,000)
Other Assets 26,060,000
--------------
Total Assets $724,780,000
=============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Trade accounts payable $62,596,000
Accrued liabilities:
Customer rebates 5,783,000
Interest payable 19,656,000
Other 43,953,000
Current Portion of long-term debt 538,788,000
Due to affiliates (68,028,000)
Deferred income taxes 0
Income taxes payable -
--------------
Total current liabilities 602,748,000
Long-Term Debt, net of current portion
Revolving Credit Facility -
DIP Credit Facility -
Sr. Subordinated Bonds, 13% -
Sr. Secured Notes, 11-1/8% 250,000,000
Sr. Secured Notes Discount Notes, 11-1/8% 7,293,000
Sr. Secured Notes, 11-5/8% 280,209,000
Other 4,960,000
Reclassification (538,788,000)
--------------
Total long-term debt,
net of current portion 3,674,000
Loans from Affiliates -
Other Liabilities 31,359,000
Deferred Income Taxes 28,144,000
Shares Subject to Mandatory Redemption -
Liabilities Subject to Compromise 770,987,000
--------------
Total Liabilities 1,436,912,000
--------------
Commitments and Contingencies:
Restricted Common Stock,
net of shareholder loans 6,645,000
Redeemable Series B Preferred Stock 102,000
Stockholders' Equity
Common stock 104,983,000
Additional Paid-in capital 19,305,000
Warrants 39,133,000
Retained earnings (865,824,000)
Stockholders' notes receivable (660,000)
Other Comprehensive Income (15,816,000)
--------------
Total Stockholders' Equity (718,879,000)
--------------
Total Liabilities and Stockholders' Equity $724,780,000
=============
Pliant Corporation and Subsidiaries
Unaudited Consolidated Statement of Operations
For the month ended April 30, 2006
Net Sales $375,098,000
Cost of Sales 330,691,000
--------------
Gross Profit 44,407,000
Operating Expenses:
Sales, General and Administrative 22,072,000
Research and Development 3,008,000
Restructuring and Other Costs 56,151,000
--------------
Total operating expenses 81,231,000
--------------
Operating Income (36,824,000)
Interest (Expense) 25,258,000
Other Income (Expense) -- Net (63,000)
Equity in Earnings of Subs (198,000)
--------------
Income Before Income Taxes (61,821,000)
--------------
Income Tax Expense (Benefit) 1,129,000
--------------
Net Income Before Discontinued Operations (62,950,000)
Discontinued Operations -
--------------
Net Income ($62,950,000)
=============
Pliant Corporation and Subsidiaries
Schedule of Cash Receipts and Disbursements
For the month ended April 30, 2006
Receipts
Total receipts $375,098,000
--------------
Disbursements
Payroll 41,566,000
Payroll benefits and taxes 7,335,000
Raw material 233,751,000
Freight 12,987,000
Packaging 11,782,000
Utilities 8,159,000
Other direct costs 4,177,000
Administration and Selling 12,364,000
Other fixed costs 11,988,000
--------------
Total disbursements 344,108,000
--------------
Cash from operating activities 30,990,000
Working capital changes
Working capital and other requirements 735,000
Capital expenditures and interest
Capital expenditures (9,663,000)
Repayment of capital leases -
Cash interest 23,000
Income Taxes 70,000
Professional fees (1,401,000)
U.S. Trustee Fees -
Court costs -
--------------
Net cash flow $19,284,000
--------------
Cash Beginning of Year $6,910,000
Net cash flow 19,284,000
Intercompany transfer (1,205,000
--------------
Cash End of Month $24,988,000
============
Headquartered in Schaumburg, Illinois, Pliant Corporation --
http://www.pliantcorp.com/-- produces value-added film and
flexible packaging products for personal care, medical, food,
industrial and agricultural markets. The Debtor and 10 of its
affiliates filed for chapter 11 protection on Jan. 3, 2006
(Bankr. D. Del. Lead Case No. 06-10001). James F. Conlan, Esq.,
at Sidley Austin LLP, and Edmon L. Morton, Esq., and Robert S.
Brady, Esq., at Young, Conaway, Stargatt & Taylor, represent the
Debtors in their restructuring efforts. The Debtors tapped
McMillan Binch Mendelsohn LLP, as their Canadian bankruptcy
counsel. The Ontario Superior Court of Justice named RSM
Richter, Inc., as the Debtors' information officer in their
restructuring proceeding under Companies Creditors Arrangement Act
in Canada. Kenneth A. Rosen, Esq., at Lowenstein Sandler, P.C.,
serves as counsel to the Official Committee of Unsecured
Creditors. Don A. Beskrone, Esq., at Ashby & Geddes, P.A., is
local counsel to the Creditors' Committee. As of Sept. 30, 2005,
the company had $604,275,000 in total assets and $1,197,438,000 in
total debts. (Pliant Bankruptcy News, Issue No. 15;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
SAINT VINCENTS: Files Monthly Operating Report for April 2006
-------------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of April 30, 2006
ASSETS
Cash & Cash Equivalents $36,177,085
Investments -
Patients Accounts Receivable, less allowance for
doubtful accounts 163,514,072
Accounts Receivable 33,541,218
Other Current Assets 72,178,230
--------------
Total Current Assets 305,410,605
Depreciation Reserve Funds & Collaterized Assets 18,399,925
Assets Designated for Self-Insurance
Investments at Market 45,249,051
Assets whose use is limited -
Investments at Market 54,069,395
Other Non-Current Assets 17,179,900
Land, Buildings & Equipment, net of
Accumulated Depreciation 275,103,605
--------------
Total Assets $715,412,481
=============
LIABILITIES AND NET ASSETS
Liabilities Subject to Compromise:
HFG Loan -
Accounts Payable & Accrued Expenses $234,975,020
Estimated Retroactive Payables to
Third Parties, net 69,144,457
Long-term Debt 128,669,089
Long-term Debt, excluding current installments -
Estimated Liability for Self-Insurance 256,007,789
--------------
Total Liabilities Subject to Compromise 688,796,355
Liabilities Not Subject to Compromise:
Accrued Salaries & Payroll Taxes Withheld 47,420,017
Accounts Payables & Accrued Expenses 108,567,813
Long-term Debt (GE) 169,000,000
--------------
Total Liabilities 1,013,784,185
Net Assets:
Unrestricted (359,216,710)
Temporarily Restricted 36,243,423
Permanently Restricted 24,601,583
--------------
Total Net Assets (298,371,704)
--------------
Total Liabilities & Net Assets $715,412,481
=============
SVCMC Debtors
Unaudited Consolidated Income Statement
From April 1 to April 30, 2006
Operating Revenue
Inpatient $56,845,669
Outpatient 29,014,231
--------------
Patient Service Revenue 85,859,900
--------------
Less Provision for Bad Debt 6,326,497
--------------
Net Patient Service Revenue 79,533,403
--------------
Pool Revenue 3,897,396
Capitation 6,981,206
Other 10,094,114
--------------
Total Operating Revenue 100,506,119
Operating Expenses:
Salaries and Wages 45,531,147
Fringe Benefits 13,376,797
Supplies and Other 32,584,404
Insurance 4,240,313
--------------
Total Direct Operating Costs 95,732,661
Salaries and Wages 2,596,331
Fringe Benefits 770,675
Supplies and Other 5,718,654
--------------
Total Corporate Allocated 9,085,660
--------------
Total Operating Expense 104,818,321
--------------
Interest 2,002,908
Depreciation 3,606,773
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items (9,921,883)
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) -
St. Mary's Op Pac Rate Adjustment -
ZBEC/HFE Recoveries -
Restructuring & Bankruptcy Related Costs (3,211,717)
Estimated Close-out of St. Mary's -
Hanys Investment Income (SFS INS) -
Prior Period Ambulance Revenue -
Transfer of Equity Foundation -
--------------
Total Non-Recurring and/or Unusual Items (3,211,717)
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (13,133,600)
--------------
Non-Operating Revenue 104,724
Change in Temporary Restricted Net Assets 767,117
--------------
Change in Net Assets ($12,261,759)
--------------
EBITDA ($4,312,202)
============
SVCMC Debtors
Unaudited Statement of Cash Flows
From April 1 to April 30, 2006
Cash Flows from Operation Activities:
Changes in Net Assets ($12,261,759)
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Depreciation & Amortization 3,606,773
Gain on Refinancing -
Change in Unrealized Gains & Losses 831,401
Change in Patient's Accounts Receivable 1,365,047
Change in Accounts Receivables, Other 3,690,849
Change in Prepaid Expenses & Other (1,740,805)
Change in Other Non-Current Assets 53,401
Change in Accounts Payable &
Accrued Exp-Prepetition -
Change in Accounts Payable &
Accrued Exp-Postpetition 7,882,681
Change in Accrued Salaries & P/R Taxes (4,213,063)
Change in Est. Retro rec/pay
from/to third parties 1,428,178
Change in Est. Liability for self-insurance -
Change in Other Non-Current Liabilities 1,817,405
--------------
Net Cash Provided by Operating Activities 2,460,108
Cash flows From Investment Activities:
Sale of Investments, Net (3,156)
Sale of Assets Whose Use is Limited (698,014)
Acquisition/Sale of Land, Building,
& Equipment (1,271,654)
--------------
Net Cash Provided by Investing Activities (1,972,824)
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Loan -
Proceed from issuance of Long-term debt -
Repayment of Long-term debt (503,921)
--------------
Net Cash (Used) in Financing Activities (503,921)
Net Increase (Decrease)
in Cash & Cash Equivalents (16,637)
Cash & Cash Equivalents at Beginning of Month 36,193,722
--------------
Cash & Cash Equivalents at End of the Month $36,177,085
============
Headquartered in New York, New York, Saint Vincents Catholic
Medical Centers of New York -- http://www.svcmc.org/-- the
largest Catholic healthcare providers in New York State, operate
hospitals, health centers, nursing homes and a home health agency.
The hospital group consists of seven hospitals located throughout
Brooklyn, Queens, Manhattan, and Staten Island, along with four
nursing homes and a home health care agency. The Company and six
of its affiliates filed for chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary
Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will &
Emery, LLP, filed the Debtors' chapter 11 cases. On Sept. 12,
2005, John J. Rapisardi, Esq., at Weil, Gotshal & Manges LLP took
over representing the Debtors in their restructuring efforts.
Martin G. Bunin, Esq., at Thelen Reid & Priest LLP, represents the
Official Committee of Unsecured Creditors. As of Apr. 30, 2005,
the Debtors listed $972 million in total assets and $1 billion in
total debts. (Saint Vincent Bankruptcy News, Issue No. 27;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
THAXTON GROUP: Posts $226,432 Cumulative Net Loss in March 2006
---------------------------------------------------------------
The Thaxton Group filed its monthly operating report for the month
of March 2006 with the U.S. Bankruptcy Court for the District of
Delaware.
The company reported a cumulative net loss of $226,432 on
$4,901,195 of revenue for the period from Oct. 17, 2003 thru
March 31, 2006.
At March 31, 2006, the Company's balance sheet reflects:
Total Assets $98,980,741
Total Liabilities $177,189,734
Stockholders' Equity (Deficit) ($78,208,993)
A full-text copy of Thaxton Group's March 2006 Monthly
Operating Report is available for free at:
http://ResearchArchives.com/t/s?b0d
Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company.
The Company filed for Chapter 11 protection on October 17, 2003
(Bankr. Del. Case No. 03-13183). Daniel B. Butz, Esq.,
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at
Morris, Nichols, Arsht & Tunnell, represent the Debtors in their
restructuring efforts. Alan Kolod, Esq., at Moses & Singer LLP,
represents the Offical Committee of Unsecured Creditors. As of
Dec. 31, 2005, the Debtors reported assets totaling $98,889,297
and debts totaling $175,693,613.
THAXTON GROUP: Earns $132,623 for the Month of April 2006
---------------------------------------------------------
The Thaxton Group filed its monthly operating report for the month
of April 2006 with the U.S. Bankruptcy Court for the District of
Delaware.
The company reported a cumulative net income of $132,623 on
$4,665,408 of revenue for the period from Oct. 17, 2003 thru
April 30, 2006.
At April 30, 2006, the Company's balance sheet reflects:
Total Assets $99,849,159
Total Liabilities $177,925,529
Stockholders' Equity (Deficit) ($78,076,370)
A full-text copy of Thaxton Group's April 2006 Monthly
Operating Report is available for free at:
http://ResearchArchives.com/t/s?b0f
Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company.
The Company filed for Chapter 11 protection on October 17, 2003
(Bankr. Del. Case No. 03-13183). Daniel B. Butz, Esq.,
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at
Morris, Nichols, Arsht & Tunnell, represent the Debtors in their
restructuring efforts. Alan Kolod, Esq., at Moses & Singer LLP,
represents the Offical Committee of Unsecured Creditors. As of
Dec. 31, 2005, the Debtors reported assets totaling $98,889,297
and debts totaling $175,693,613.
TOWER AUTOMOTIVE: Posts $13.4 Million Net Loss in April 2006
------------------------------------------------------------
Tower Automotive, Inc., and Subsidiaries
Unaudited Consolidated Balance Sheet
As of April 30, 2006
(In Thousands)
CURRENT ASSETS:
Cash and cash equivalents $65,025
Accounts receivable 191,226
Inventories 67,478
Prepaid tooling and other 24,971
----------
TOTAL CURRENT ASSETS 348,700
----------
Property, plant and equipment, net 522,161
Investment in joint ventures -
Investment in subsidiaries 753,463
Inter-company receivables -
Other assets, net 54,841
----------
TOTAL ASSETS $1,679,165
===========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current maturities of long-term debt $14,257
Current maturities of DIP borrowings 621,000
Accounts payable 134,635
Accrued liabilities 141,401
----------
TOTAL CURENT LIABILITIES 911,293
----------
Liabilities subject to comprise 1,147,023
Non-Current Liabilities Not Subject to Compromise:
Long-term debt, net of current maturities 84,751
DIP borrowings, net of current maturities -
Other non-current liabilities 137,032
----------
TOTAL LIABILITIES 2,280,099
STOCKHOLDERS' DEFICIT (600,934)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,679,165
===========
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Operations
April 1 to 30, 2006
(In Thousands)
Revenues $127,054
Cost of sales 123,225
----------
Gross profit 3,829
Selling, general and administrative expenses 5,651
Restructuring and asset impairment charges, net (2)
----------
Operating income (loss) (1,820)
Interest expense 6,469
Interest income (2,311)
Other income (275)
Chapter 11 and related reorganization items 7,553
----------
Income (loss) before provision for income taxes,
equity in earnings of joint ventures, and
minority interest (13,256)
Provision (benefit) for income taxes 268
----------
Income (loss) before equity in earnings (13,524)
Equity in earnings of joint ventures, net of tax 49
----------
NET INCOME/(LOSS) ($13,475)
=========
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Cash Flows
April 1 to 30, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($13,475)
Adjustments required to reconcile net loss to net
Cash provided by (used in) operating activities:
Chapter 11 & related reorganization items, net 1,686
Restructuring and asset impairment, net 356
Depreciation 8,038
Equity in earnings of joint ventures, net (49)
Change in working capital and operating items 7,752
----------
Net cash provided by operating activities 4,308
INVESTING ACTIVITIES:
Cash disbursed for purchase of property, plant
and equipment (349)
----------
Net cash used for investing activities (349)
FINANCING ACTIVITIES:
Proceeds from non-DIP borrowings -
Repayments of non-DIP borrowings (1)
Borrowings from DIP credit facility 37,500
Repayments of borrowings from DIP credit facility (28,500)
----------
Net cash provided by financing activities 8,999
----------
Net change in cash and cash equivalents 12,958
Cash and Cash Equivalents, beginning of period 52,067
----------
Cash and Cash Equivalents, end of period $65,025
========
Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan,
Toyota, Volkswagen and Volvo. Products include body structures
and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components. The Company and
25 of its debtor-affiliates filed voluntary chapter 11 petitions
on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through
05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq.,
Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet,
Esq., at Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts. Ira S. Dizengoff, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors. When the Debtors filed for protection from
their creditors, they listed $787,948,000 in total assets and
$1,306,949,000 in total debts. (Tower Automotive Bankruptcy News,
Issue No. 35; Bankruptcy Creditors' Service, Inc., 215/945-7000).
USG CORPORATION: Earns $48.2 Million for the Month of April 2006
----------------------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet 30-Apr-2006
Assets:
Cash and cash equivalents $957,719,000
Marketable Securities 221,515,000
Restricted Cash 93,090,000
Receivables 530,432,000
Inventories 299,731,000
Income taxes receivable 5,618,000
Deferred income taxes 30,410,000
Other current assets 137,522,000
---------------
Total current assets 2,276,037,000
Property, plant and equipment, net 1,671,252,000
Deferred income taxes 1,622,828,000
Goodwill 104,931,000
Other assets 432,624,000
---------------
Total Assets $6,107,672,000
===============
Liabilities and Stockholders' Equity:
Accounts payable $283,350,000
Accrued expenses 198,760,000
Taxes on income 166,357,000
---------------
Total current liabilities 648,467,000
Other liabilities 450,517,000
Liabilities subject to compromise 5,830,693,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (212,961,000)
Capital received in excess of par value 149,151,000
Accumulated other comprehensive income/(loss) (6,348,000)
Retained earnings (756,845,000)
---------------
Total stockholders' equity (822,005,000)
---------------
Total Liabilities and Stockholders' Equity $6,107,672,000
===============
USG Corporation, et al. Month Ending
Consolidated Income Statement 30-Apr-2006
Net sales $440,614,000
Cost of products sold 332,264,000
Selling and administrative expenses 26,537,000
Chapter 11 reorganization expenses (1,234,000)
Interest expense 441,000
Interest income (149,000)
Other (income)/expense, net (419,000)
---------------
Earnings (loss) before income taxes $83,174,000
Income taxes (benefit) 34,745,000
---------------
Net Earnings (loss) $48,429,000
============
Headquartered in Chicago, Illinois, USG Corporation --
http://www.usg.com/-- through its subsidiaries, is a leading
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes.
The Company filed for chapter 11 protection on June 25, 2001
(Bankr. Del. Case No. 01-02094). David G. Heiman, Esq., Gus
Kallergis, Esq., Brad B. Erens, Esq., Michelle M. Harner, Esq.,
Mark A. Cody, Esq., and Daniel B. Prieto, Esq., at Jones Day
represent the Debtors in their restructuring efforts.
Lewis Kruger, Esq., Kenneth Pasquale, Esq., and Denise Wildes,
Esq., represent the Official Committee of Unsecured Creditors.
Elihu Inselbuch, Esq., and peter Van N. Lockwood, Esq., at Caplin
& Drysdale, Chartered, represent the Official Committee of
Asbestos Personal Injury Claimants. Martin J. Bienenstock, Esq.,
Judy G. Z. Liu, Esq., Ralph I. Miller, Esq., and David A.
Hickerson, Esq., at Weil Gotshal & Manges LLP represent the
Statutory Committee of Equity Security Holders. Dean M. Trafelet
is the Future Claimants Representative. Michael J. Crames, Esq.,
and Andrew A. Kress, Esq., at Kaye Scholer, LLP, represent the
Future Claimants Representative. Scott Baena, Esq., and Jay
Sakalo, Esq., at Bilzen Sumberg Baena Price & Axelrod LLP,
represent the Asbestos Property Damage Claimants Committee.
When the Debtors filed for protection from their creditors, they
listed $3,252,000,000 in assets and $2,739,000,000 in debts.
(USG Bankruptcy News, Issue No. 112; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
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however, be complete or accurate. The Monday Bond Pricing table
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Each Tuesday edition of the TCR contains a list of companies with
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*********
S U B S C R I P T I O N I N F O R M A T I O N
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