/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/060617.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 17, 2006, Vol. 10, No. 143 Headlines ASARCO LLC: Reports $47.6 Million Net Income in April 2006 DELTA AIR: Comair Files Schedules of Assets and Liabilities DELTA AIR: DAL Global Files Schedules of Assets and Liabilities DELTA AIR: Delta Airelite Files Schedules of Assets & Liabilities DELTA AIR: Delta Corporate Files Schedules of Assets & Liabilities DELTA AIR: Delta Loyalty Files Schedules of Assets & Liabilities DELTA AIR: Delta Tech Files Schedules of Assets and Liabilities DELTA AIR: Epsilon Trading Files Schedules of Assets & Liabilities INTERSTATE BAKERIES: Earns $7.5 Million for Period Ended April 29 KAISER ALUMINUM: Reports $16.7 Million Net Income in April 2006 REFCO INC: Files April 2006 Monthly Operating Report WERNER LADDER: Sept. 30 Balance Sheet Upside-Down by $312 Million WINN-DIXIE: Posts $81.7 Million Net Loss for Period Ended May 3 ********* ASARCO LLC: Reports $47.6 Million Net Income in April 2006 ---------------------------------------------------------- ASARCO LLC, et al. Balance Sheet As of April 30, 2006 ASSETS Current assets: Cash $60,630,000 Net accounts receivable 132,256,000 Inventory: lower of cost or market 236,827,000 Prepaid expenses 28,723,000 Deferred income tax assets 0 ------------- Total current assets 458,437,000 Net property, plant and equipment 416,655,000 Other assets Investment in subs 93,965,000 Prepaid pension and retirement plan 78,447,000 Non-current deferred tax asset 40,952,000 Other 107,177,000 -------------- Total assets $1,195,632,000 ============== LIABILITIES Postpetition liabilities: Accounts payable 45,361,000 Accrued liabilities 12,736,000 Debtor-in-possession financing 0 ------------- Total postpetition liabilities 58,098,000 Prepetition liabilities: Not subject to compromise - credit 4,085,000 Not subject to compromise - other 134,904,000 Subject to compromise 897,156,000 -------------- Total prepetition liabilities 1,036,146,000 -------------- Total liabilities $1,094,244,000 ============== OWNERS' EQUITY (DEFICIT) Common stock 508,325,000 Additional paid-in capital 104,578,000 Other comprehensive income (137,878,000) Retained earnings: filing Date (536,691,000) ------------- Total prepetition owners' equity (61,667,000) Retained earnings: post-filing Date 163,055,000 ------------- Total owners' equity (net worth) 101,388,000 Total liabilities and owners' equity $1,195,632,000 ============== ASARCO LLC, et al. Consolidated Statement of Operations Month Ending April 30, 2006 Sales $90,021,000 Cost of products and services 40,941,000 ------------- Gross profit 49,081,000 Operating expenses: Selling and general & admin expenses 2,893,000 Depreciation & amortization 2,140,000 Provision accretion expense of asset retirement obligation 143,000 ------------- Operating income 43,904,000 Interest expense 267,000 Interest Income (454,000) Reorganization Expenses 1,113,000 Other miscellaneous (income) expenses (5,609,000) ------------- Income (loss) before taxes 48,588,000 Income taxes 972,000 ------------- Net income $47,617,000 ============= ASARCO LLC, et al. Consolidated Cash Receipts & Disbursements Month Ending April 30, 2006 Receipts $64,280,000 Disbursements: Inventory material 12,610,000 Operating disbursements 31,053,000 Capital expenditures 1,934,000 ------------- Total disbursements 45,597,000 Operating cash flow 18,683,000 Reorganization disbursements 1,199,000 ------------- Net cash flow 17,484,000 Net payments to secured Lenders 0 ------------- Net change in cash 17,484,000 Beginning cash balance 43,147,000 ------------- Ending cash balances $60,630,000 ============= Headquartered in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/-- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. Lehman Brothers Inc. provides the ASARCO with financial advisory services and investment banking services. Paul M. Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the Official Committee of Unsecured Creditors and David J. Beckman at FTI Consulting, Inc., gives financial advisory services to the Committee. When the Debtor filed for protection from its creditors, it listed $600 million in total assets and $1 billion in total debts. The Debtor has five affiliates that filed for chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about their asbestos-driven chapter 11 filings have appeared in the Troubled Company Reporter since Apr. 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-21346) also filed for chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation proceeding. The Court appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7 Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee. (ASARCO Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service, Inc., 215/945-7000). DELTA AIR: Comair Files Schedules of Assets and Liabilities ----------------------------------------------------------- A. Real Property $0 B. Personal Property B.1 Cash on hand 38,661 B.2 Bank Accounts Bank of America -- GSO 13,892 Chase Manhatten, NY 1,000 Fifth Third GCI Account 80,376 Fifth Third Operating Account 13,757,250 Fifth Third Payroll Account 5,000 National City -- CMN 289 Star Bank 5,007 Suntrust -- MCO 3,775 UBS 2,443,928 Temporary Cash Investments 2,474,229 B.15 Accounts Receivable Code share 12,842,745 Interline 1,569,416 Trade 5,872,744 Employee 1,024,987 Government 825,247 Other 884,177 Intercompany Receivables 10,665,137 B.17 Other Liquidated Debts Owing Debtor 720-Excise Tax 3rd Qtr 05 fuel claims 1,929,142 Canadian goods & services tax refund 590,684 CY04 Overpayment to be refunded 5,000 Florida Aviation tax refund 3rd Q 05 14,178 MI Jet Fuel Refund 3rd Qtr 05 3,947 Property tax TY 2002-2004 Credit 9,252 Quebec sales tax refund 344,176 B.21 Intellectual Property Undetermined B.22 General Intangibles Undetermined B.25 Aircraft Airframes 1,585,659,581 Engines 6,459,289 Aircraft leasehold improvements 30,184,058 Airframe rotables -- CRJ 15,758,406 Purch rotable parts CRJ 700 Airframe 21,370,513 Engine rotables -- CRJ 773,411 Purch rotable parts CRJ 700 Engine 1,263,427 Flight equipment A/D (285,456,500) Advance deposits on aircraft (refund) (11,000) B.26 Office Equipment Furniture and Fixtures 3,331,152 AUC -- Building Improvements 493,168 Furniture and Fixtures A/D (2,273,848) B.27 Equipment and Supplies for Business Ground service / ramp equipment 65,094,138 Tooling 2,235,863 Other building improvements 42,860,746 A/D Ground service / ramp equipment (31,271,796) A/D Tooling (1,201,781) A/D Other building improvements (11,242,543) B.28 Inventory Inventory - general 197,929 Expendable inventory (net) 25,583,613 Aircraft fuel inventory at stations 3,682,483 B.33 Other Personal Property Intercompany Loan Receivables Delta Air Lines, Inc. 517,109,468 Miscellaneous prepaids 1,733,047 Prepaid fuel 7,392,940 Prepaid taxes 3,985,574 Prepaid rent -- aircraft leases 9,922,696 Prepaid insurance -- property 395,506 Domestic deposits paid 257,093 TOTAL SCHEDULED ASSETS $2,069,690,873 =============== C. Property Claimed as Exempt Not applicable D. Secured Claim Bank of Scotland Corporate Banking 205,621,453 Bayerische Landesbank Girozentrale 104,499,339 Bombardier Capital, Inc. 8,480,876 Commerzbank AG 16,446,321 DVB Bank 37,341,411 Export Dev't Canada Loans Operation 573,014,008 Royal Bank of Scotland 106,990,312 Societe Generale Chicago Branch 10,975,107 E. Unsecured Priority Claims Unknown F. Unsecured Non-priority Claims AAR Landing Gear Services 177,088 Adivex Technologies 185,068 BP Products North America Inc 175,535 Cincinnati Bell Telephone 163,545 Cintas Corporation 317,138 Command Security Corp 186,832 Dade County Aviation Dept. 154,347 FlightSafety International 496,934 Golden Touch Transportation Inc. 243,954 Goodrich Aerospace Canada Ltd. 326,625 Hewlett-Packard Company 142,930 Intercompany Payables -- Delta 33,760,732 Kenton Co. Airport Board 1,160,820 Lexington-Fayette 145,365 Massachusetts Port Authority 319,615 Metro Washington Airport 210,700 Minutemaid Company 148,608 Port Authority of NY & NJ 1,144,617 Professional Data Resources 170,283 Reebaire Aircraft, Inc. 558,401 Rockwell Collins 237,475 Rosemount Aerospace 162,544 South Carolina Dept. of Rev 445,536 Standard Aero Alliance Inc. 655,911 Sundstrand ATG 219,382 Systems Insight, Inc. 234,935 Transportation Security Admin 383,284 Transportation Solutions Inc. 252,565 Treasurer City St. Louis 227,630 Weber Aircraft Inc. 151,631 Others 15,729,355 Others Unknown TOTAL SCHEDULED LIABILITIES $1,122,258,214 =============== About Delta Air Headquartered in Atlanta, Georgia, Delta Air Lines -- 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. 34; Bankruptcy Creditors' Service, Inc., 215/945-7000). DELTA AIR: DAL Global Files Schedules of Assets and Liabilities --------------------------------------------------------------- A. Real Property $0 B. Personal Property B.1 Cash on hand 37,000 B.2 Bank Accounts Bank of America-DGS-Payroll 702,409 Citibank-DGS-Payroll 19,367 Wachovia/FirstUnion-DGS-Lockbox Dep 190,820 Temporary Cash Investments 21,403,763 Restricted Cash (short term) 3,844,591 B.12 Stock and Interests Undetermined B.15 Accounts Receivable Trade, net of reserve 10,087,852 Employee 95,583 Intercompany receivables (2,114,531) B.17 Other Liquidated Debts Owing Debtor CY03 Overpayments to be refunded 11,988 CY04 Overpayment to be refunded 14,563 New Mexico 2004 prepayment 7,891 Washington sales & use 2004 prepayment 6,790 B.21 Intellectual Property Undetermined B.22 General Intangibles Undetermined B.26 Office Equipment Furniture and Fixtures 245,055 Furniture and Fixtures A/D (244,858) B.27 Equipment and Supplies for Business Ground service / ramp equipment 13,405,788 Other building improvements 193,184 Asset under construction general 561,308 A/D Ground service / ramp equipment (2,249,388) A/D Other building improvements (81,923) A/D Asset under construction genera (463,859) B.33 Other Personal Property Intercompany Loan Receivable Delta Air Lines, Inc. 5,000,000 ACH Undistributed Charges 83,171 ACH OAL Rejects -- non-transport 847,260 Domestic Deposits Paid Recon 4,100 TOTAL SCHEDULED ASSETS $51,607,925 ============ C. Property Claimed as Exempt Not applicable D. Secured Claim $0 E. Unsecured Priority Claims Unknown F. Unsecured Non-priority Claims Intercompany Payables 2,913,640 Tug Technologies Corporation 152,387 Cintas Corp 134,412 Netaspx, Inc. 67,446 O.C. Tanner Recognition Company 65,558 Jacksonville Airport Authority 64,173 Port of Oakland 50,793 Global Technologies Int'l Corp. 43,890 Kronos Incorporated 41,766 Verifications Incorporated 40,791 Premium Services Management, LLC 36,390 Others 878,539 Others Unknown TOTAL SCHEDULED LIABILITIES $4,489,784 =========== About Delta Air Headquartered in Atlanta, Georgia, Delta Air Lines -- 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. 34; Bankruptcy Creditors' Service, Inc., 215/945-7000). DELTA AIR: Delta Airelite Files Schedules of Assets & Liabilities ----------------------------------------------------------------- A. Real Property Hebron, Kentucky $3,549,277 B. Personal Property B.1 Cash on hand 7,504 B.2 Bank Accounts Fifth Third Lockbox 4,601,732 PNC Bank Cash Account 6,754,058 B.3 Security Deposit 238,699 B.15 Accounts Receivable Trade, net of reserve 3,030,269 B.17 Other Liquidated Debts Owing Debtor 47,531 B.22 General Intangibles Undetermined B.25 Aircraft Airframes 44,858,174 Engines 108,997 Flight equipment A/D (3,024,673) B.26 Office Equipment Furniture and Fixtures 136,406 Furniture and Fixtures A/D (92,691) B.27 Equipment and Supplies for Business Ground service / ramp equipment 81,285 Tooling 39,687 Other building improvements 4,633,800 Technology 246,800 A/D Ground service / ramp equipment (59,850) A/D Tooling (38,644) A/D Other building improvements (955,624) A/D Technology (80,013) B.28 Inventory Aircraft fuel inventory at stations 29,332 B.33 Other Personal Property Miscellaneous prepaids 458,114 Vendor down payments 1,292 Prepaid insurance -- property 257,042 TOTAL SCHEDULED ASSETS $64,828,505 ============ C. Property Claimed as Exempt Not applicable D. Secured Claim $0 E. Unsecured Priority Claims Unknown F. Unsecured Non-priority Claims Averitt Air Inc. 37,009 Bombardier Aerospace Corp. 300,217 Bombardier/Flexjet 51,763 Executive Dlight Inc. 22,912 Honeywell 39,581 Indianapolis Jet Center Inc. 30,653 Jet Aviation 34,426 Jet Solutions, LLC 448,232 Jetrider Inc. 45,844 Learjet, Inc. 278,155 Pratt & Whitney Canada 38,030 Superstition Aviation 43,133 Swaps Aviation Programs LLC 30,048 Others 329,924 Others Unknown TOTAL SCHEDULED LIABILITIES [$1,729,927] ============ About Delta Air Headquartered in Atlanta, Georgia, Delta Air Lines -- 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. 34; Bankruptcy Creditors' Service, Inc., 215/945-7000). DELTA AIR: Delta Corporate Files Schedules of Assets & Liabilities ------------------------------------------------------------------ A. Real Property $0 B. Personal Property B.2 Bank Accounts Citibank-DCII Concentration-USD 335,983 B.12 Stock and Interests Undetermined B.15 Accounts Receivable Intercompany Receivables 188,606,465 B.21 Intellectual Property Undetermined B.22 General Intangibles Undetermined TOTAL SCHEDULED ASSETS $188,942,448 ============= C. Property Claimed as Exempt Not applicable D. Secured Claim $0 E. Unsecured Priority Claims Unknown F. Unsecured Non-priority Claims American Express Travel Related Svcs. Unknown GE Corporate Financial Services Unknown Intercompany payables 97,558,447 L.A. Models 4,740 TOTAL SCHEDULED LIABILITIES $97,563,187 ============ About Delta Air Headquartered in Atlanta, Georgia, Delta Air Lines -- 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. 34; Bankruptcy Creditors' Service, Inc., 215/945-7000). DELTA AIR: Delta Loyalty Files Schedules of Assets & Liabilities ---------------------------------------------------------------- A. Real Property $0 B. Personal Property B.2 Bank Accounts Citibank-DLMS Concentration-USD 2,659,044 Wachovia/FirstUnion-DLMS-Lockbox Dep 5,595 Temporary cash investments 69,596,545 B.15 Accounts Receivable Trade 109,699,478 Intercompany Receivables 122,955,453 B.17 Other Liquidated Debts Owing Debtor GA NOL Carryback refund & CY04 over 62,006 B.22 General Intangibles Undetermined TOTAL SCHEDULED ASSETS $304,978,122 ============= C. Property Claimed as Exempt Not applicable D. Secured Claim American Express Travel Related Services $500,000,000 E. Unsecured Priority Claims Unknown F. Unsecured Non-priority Claims Intercompany payables 408,206,807 Others 62,834 Others Unknown TOTAL SCHEDULED LIABILITIES $908,269,641 ============= About Delta Air Headquartered in Atlanta, Georgia, Delta Air Lines -- 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. 34; Bankruptcy Creditors' Service, Inc., 215/945-7000). DELTA AIR: Delta Tech Files Schedules of Assets and Liabilities --------------------------------------------------------------- A. Real Property $0 B. Personal Property B.1 Cash on hand 500 B.2 Bank Accounts Chase-DT FSA-Disb. 91,552 Chase-DT Medial/UHC-Disb. 664,893 Chase-DT/Metlife Disb 9,665 Wachovia/FirstUnion-DT-Lockbox 5,595 Temporary Cash Investments 28,238,185 B.15 Accounts Receivable Trade 83,990 VAT 141,204 Intercompany Receivables 23,985,614 B.17 Other Liquidated Debts Owing Debtor CY04 Overpayment to be refunded 7,190 B.22 General Intangibles Undetermined B.26 Office Equipment IT Equipment under Capital Lease 30,193,810 Capital Lease A/D (14,021,126) Software Development 668,848,469 Furniture and Fixtures 6,071,773 Accumulated Amortization Software D (371,397,839) Furniture and Fixtures A/D (5,753,786) B.27 Equipment and Supplies for Business Ground service / ramp equipment 351,880 Tooling 224,571 Other building improvements 34,682,473 Technology 1,054,611,302 General equipment 7,413,352 Asset under construction general 82,019,541 A/D Ground service / ramp equipment (199,455) A/D Maintenance facility bldg improvements (61,421) A/D Other building improvements (18,182,985) A/D Technology (809,106,209) A/D General equipment (2,815,189) B.33 Other Personal Property Intercompany Loan Receivables Delta Air Lines, Inc. 270,000,000 Miscellaneous prepaids 14,596 Prepaid software maintenance 9,753,293 Cost-non-operating general improvements 44,419,504 A/D Cost-non-operating general improvements (17,403,456) TOTAL SCHEDULED ASSETS $1,022,891,485 =============== C. Property Claimed as Exempt Not applicable D. Secured Claim $0 E. Unsecured Priority Claims Unknown F. Unsecured Non-priority Claims ACT 1 Technical & Professional 288,548 CISCO Systems Capital Corp 491,443 Intercompany Payables 23,586,504 Oracle Corporation 314,994 Others 6,078,545 Others Unknown TOTAL SCHEDULED LIABILITIES $30,760,033 ============ About Delta Air Headquartered in Atlanta, Georgia, Delta Air Lines -- 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. 34; Bankruptcy Creditors' Service, Inc., 215/945-7000). DELTA AIR: Epsilon Trading Files Schedules of Assets & Liabilities ------------------------------------------------------------------ A. Real Property $0 B. Personal Property B.2 Bank Accounts Citibank-Epsilon Concentration-USD 1,116,797 Suntrust-Epsilon Master 122,957 B.15 Accounts Receivable Trade 15,752,667 Intercompany Receivables 41,932,329 B.17 Other Liquidated Debts Owing Debtor Kentucky sales & use 2004 prepayment 71,124 B.22 General Intangibles Undetermined B.28 Inventory Aircraft fuel inventory at stations 199,624,157 Aircraft fuel tax inventory at stations 2,057,184 Prepaid fuel 62,698,824 TOTAL SCHEDULED ASSETS $323,376,038 ============= C. Property Claimed as Exempt Not applicable D. Secured Claim $0 E. Unsecured Priority Claims Unknown F. Unsecured Non-priority Claims Kappa Capital Management, Inc. 149,400,000 Others 19,841,215 Others Unknown TOTAL SCHEDULED LIABILITIES $169,241,215 ============= About Delta Air Headquartered in Atlanta, Georgia, Delta Air Lines -- 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. 34; Bankruptcy Creditors' Service, Inc., 215/945-7000). INTERSTATE BAKERIES: Earns $7.5 Million for Period Ended April 29 ----------------------------------------------------------------- Interstate Bakeries Corporation and Subsidiaries Unaudited Consolidated Monthly Operating Report Four Weeks Ended April 29, 2006 REVENUE Gross Income $225,659,272 Less Cost of Goods Sold Ingredients, Packaging & Outside Purchasing 56,000,847 Direct & Indirect Labor 42,923,470 Overhead & Production Administration 11,640,578 ------------ Total Cost of Goods Sold 110,564,895 ------------ Gross Profit $115,094,377 ------------ OPERATING EXPENSES Owner-Draws/Salaries - Selling & Delivery Employee Salaries $54,046,250 Advertising and Marketing 3,901,354 Insurance (Property, Casualty, & Medical) 11,743,545 Payroll Taxes 4,539,698 Lease and Rent 3,593,172 Telephone and Utilities 1,426,596 Corporate Expense (Including Salaries) 6,300,100 Other Expenses 29,540,791 ------------ Total Operating Expenses $115,091,506 ------------ EBITDA ($2,871) Restructuring & Reorganization Charges (1,925,179) Depreciation and Amortization 5,703,640 Other( Income)/Expense (1,884) Gain/Loss Sale of Property - Interest Expense 4,059,149 ------------ Operating Income (Loss) (7,832,855) Income Tax Expense (Benefit) (318,084) ------------ Net Income (Loss) $7,514,771 ============ CURRENT ASSETS Accounts Receivable at end of period $145,016,470 Increase (Dec.) in Accounts Receivable (3,539,409) Inventory at end of period 63,727,879 Increase (Decrease) in Inventory for period 1,697,472 Cash at end of period 93,944,637 Increase (Decrease) in Cash for period (2,071,939) Restricted Cash 83,864,426 Increase (Dec.) in Restricted Cash for period 7,186,490 LIABILITIES Increase (Decrease) in Liabilities Not Subject to Compromise 2,335,941 Increase (Decrease) in Liabilities Subject to Compromise 51,693 Taxes payable: Federal Payroll Taxes 10,048,672 State/Local Payroll Taxes 2,124,792 State Sales Taxes 771,413 Real Estate and Personal Property Taxes 15,731,359 Other 7,299,935 ------------ Total Taxes Payable $35,976,171 ============ About Interstate Bakeries Headquartered in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh baked bread and sweet goods, under various national brand names, including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R), Merita(R) and Drake's(R). The Company employs approximately 32,000 in 54 bakeries, more than 1,000 distribution centers and 1,200 thrift stores throughout the U.S. The Company and seven of its debtor-affiliates filed for chapter 11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Kenneth A. Rosen, Esq., at Lowenstein Sandler, PC, represents the Official Committee of Unsecured Creditors. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal, LLP, represents the Official Committee of Equity Security Holders. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior subordinated convertible notes due August 15, 2014, on August 12, 2004) in total debts. KAISER ALUMINUM: Reports $16.7 Million Net Income in April 2006 --------------------------------------------------------------- Kaiser Aluminum Corporation -- All Debtors Unaudited Balance Sheet As of April 30, 2006 (In Thousands) ASSETS Cash $36,790 Receivables: Trade 132,744 Other 8,429 ---------- Total Receivables 141,173 Inventories 137,829 Prepaid expenses and other current assets 36,985 ---------- Total current assets 352,777 Investments in and advances to subsidiaries 18,816 Intercompany receivables/payables, net (4,336) Property, plant, and equipment - net 234,750 Deferred income taxes - Restricted proceeds from sale of commodity interests - Other assets 1,027,159 ---------- Total Assets $1,629,166 ========== LIABILITIES & STOCKHOLDERS' EQUITY Liabilities not subject to compromise: Accounts Payable $71,906 Accrued interest 1,122 Accrued salaries, wages and related expenses 34,298 Accrued post retirement benefit - current - Other accrued liabilities 75,968 Payable to affiliates 17,857 Long term debt - current portion 1,137 ---------- Total current liabilities 202,288 Long-term liabilities 51,689 Accrued postretirement benefit obligation 1 Long-term debt 1,212 Liabilities subject to compromise 4,459,334 Minority interests 655 Stockholders' equity: Preference stock - Common stock 789 Additional capital 538,009 Accumulated deficit - As of filing date (931,400) Accumulated deficit - Post filing date (2,684,643) Accumulated other comprehensive income (loss) (8,768) Note receivable from parent - ---------- Total Liabilities & Stockholders' Equity $1,629,166 ========== Kaiser Aluminum Corporation -- All Debtors Unaudited Statement of Operations For the Month Ending April 30, 2006 (In Thousands) Net Sales $111,680 Costs and expenses: Cost of products sold 86,817 Depreciation & amortization 1,584 Selling, administrative, R&D and general 4,246 Other operating charges (benefits), net (1,657) ---------- Total costs and expenses 90,990 ---------- Operating income (loss) 20,690 Other income (expense): Interest expenses, net (60) Reorganization items (2,933) Other-net 120 ---------- Income (loss) before income taxes and minority interest 17,817 (Provision) benefit for income taxes (986) Minority interests - Equity in income (loss) of subsidiaries (110) ---------- Net income (loss) $16,721 ========== Kaiser Aluminum Corporation -- All Debtors Schedule of Consolidated Cash Receipts and Disbursements For the Month Ending April 30, 2006 (In Thousands) Receipts: Trade Receivables KACC and Certain Other Entities' Receivables $80,396 KAII Receivables 30,433 ---------- Total Trade Receivables 110,829 COBRA Receipts 341 Proceeds from Hedging Settlements 482 ---------- Total Receipts 111,652 Disbursements: Inventory/Raw Materials 59,794 Capital Expenditures 3,509 Maintenance, Materials, etc. 3,216 Freight 5,685 Utilities/Energy 4,052 Hourly Payroll 7,097 Salaried Payroll 3,600 Hedging Activities 254 Pension Contributions 125 VEBA Advances 1,900 Medical - Current Employees 2,352 Annual Insurance Premiums - Workmen's Compensation 438 Corporate General and Administrative 4,583 JV Fundings - Primary, Net of Reimbursements 11,561 Other Disbursements 3,325 ---------- Total Operating and G&A Disbursements 111,491 Reorganization Items 5,295 ---------- Total Disbursements 116,786 ---------- Net Cash Flow (5,134) Beginning Bank Cash Balances 42,209 ---------- Ending Bank Cash Balances 37,075 Reconciling Items (285) ---------- Ending Book Cash Balances $36,790 ========== Headquartered in Foothill Ranch, California, Kaiser Aluminum Corporation -- http://www.kaiseraluminum.com/-- is a leading producer of fabricated aluminum products for aerospace and high- strength, general engineering, automotive, and custom industrial applications. The Company filed for chapter 11 protection on Feb. 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold off a number of its commodity businesses during course of its cases. Corinne Ball, Esq., at Jones Day, represents the Debtors in their restructuring efforts. Lazard Freres & Co. serves as the Debtors' financial advisor. Lisa G. Beckerman, Esq., H. Rey Stroube, III, Esq., and Henry J. Kaim, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, and William P. Bowden, Esq., at Ashby & Geddes represent the Debtors' Official Committee of Unsecured Creditors. On June 30, 2004, the Debtors listed $1.619 billion in assets and $3.396 billion in debts. (Kaiser Bankruptcy News, Issue No. 98; Bankruptcy Creditors' Service, Inc., 609/392-0900) REFCO INC: Files April 2006 Monthly Operating Report ---------------------------------------------------- In lieu of comprehensive financial statements, Refco, Inc., and its debtor-affiliates delivered to Judge Drain a monthly statement of their cash receipts and disbursements for the period from April 1 to 30, 2006. Peter F. James, controller of Refco, reports that the company holds a beginning cash balance of $1,036,570,000 during the reporting period. Refco received $47,566,000 in cash and made a $16,412,000 disbursement. Refco's ending cash balance totals $1,067,724,000. As paying agent for certain non-debtors, the Debtors disbursed approximately $3,900,000. Refco paid $3,298,000 in gross wages, of which $1,700,000 were paid on the Non-Debtors' behalf. The Debtors were reimbursed in cash for the disbursements. Mr. James discloses that Refco withheld $1,172,000 of employee payroll taxes, of which $152,000 was remitted to a third party vendor. Mr. James states that all taxes due and owing, as well as tax returns, have been paid and filed for the current period. Refco paid $2,531,000 in professional fees for April, and $7,645,000 since the Petition Date. All professional fee disbursements for April were allocated to Refco Capital Markets, Ltd. A full-text copy of Refco's April 2006 Monthly Statement is available at no charge at http://ResearchArchives.com/t/s?b67 About Refco Inc Based in New York, New York, Refco Inc. -- http://www.refco.com/ -- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported $16.5 billion in assets and $16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. Refco LLC, an affiliate, filed for chapter 7 protection on Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is a regulated commodity futures company that has businesses in the United States, London, Asia and Canada. Refco, LLC, filed for bankruptcy protection in order to consummate the sale of substantially all of its assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc. Three more affiliates of Refco, Westminster-Refco Management LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through 06-11262). (Refco Bankruptcy News, Issue No. 32; Bankruptcy Creditors' Service, Inc., 215/945-7000). WERNER LADDER: Sept. 30 Balance Sheet Upside-Down by $312 Million ----------------------------------------------------------------- WERNER HOLDING CO. (PA), INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET As of September 30, 2005 Assets Current assets: Cash and cash equivalents $718,000 Accounts receivable - Allowance for doubtful accounts - Note receivable from related party 51,007,000 Income taxes receivable 7,617,000 Inventories 66,902,000 Deferred income taxes - Other 3,887,000 ------------ Total current assets 130,131,000 ------------ Property, plant and equipment, net 108,964,000 ------------ Other assets: Deferred income taxes - Deferred financing fees, net 13,095,000 Other 7,333,000 ------------ Total other assets 20,428,000 ------------ Total assets $259,523,000 ============ Liabilities Current liabilities: Accounts payable $24,848,000 Accrued liabilities 34,313,000 Current maturities of long-term debt 1,563,000 ------------ Total current liabilities 60,724,000 ------------ Long-term obligations: Long-term debt 344,598,000 Reserve for product liability and workers' compensation claims 42,563,000 Other long-term obligations 34,804,000 ------------ Total liabilities 482,689,000 ------------ Convertible preferred stock 89,076,000 ------------ Shareholders' deficit: Common stock 1,000 Additional paid-in-capital 28,531,000 Accumulated deficit (326,054,000) Accumulated other comprehensive loss (14,344,000) Notes receivable arising from stock loan plan (376,000) ------------ Total shareholders' deficit (312,242,000) ------------ Total liabilities, preferred stock and shareholders' deficit $259,523,000 ============ Headquartered in Greenville, Pennsylvania, Werner Co. -- http://www.wernerladder.com/-- manufactures and distributes ladders, climbing equipment and ladder accessories. The company and three of its affiliates filed for chapter 11 protection on June 12, 2006 (Bankr. D. Del. Case No. 06-10578). Kara Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and Robert S. Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP, serves as the Debtors' counsel. The firm of Willkie Farr & Gallagher LLP represents the Debtors as its co-counsel. The Debtors hhave retained Rothschild Inc. as their financial advisor and invesement banker while Loughlin Meghji & Company serves as the Debtors' restructuring consultants. At March 31, 2006, the Debtors reported total assets of $201,042,000 and total debts of $473,447,000. (Werner Ladder Bankruptcy News, Issue No. 1; Bankruptcy Creditors' Service, Inc., 215/945-7000). WINN-DIXIE: Posts $81.7 Million Net Loss for Period Ended May 3 --------------------------------------------------------------- Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Balance Sheet At May 3, 2006 (In thousands) Assets Current assets: Cash and cash equivalents $156,314 Marketable securities 14,262 Trade and other receivables, net 155,838 Insurance claims receivable 44,652 Income tax receivable 30,382 Merchandise inventories, net 470,261 Prepaid expenses and other current assets 44,876 ------------ Total current assets 916,585 Property, plant and equipment, net 525,805 Other assets, net 116,617 ------------ Total assets $1,559,007 ============ Liabilities and Shareholders' Deficit Current liabilities: Current borrowings under DIP Credit Facility $40,969 Current portion of long-term debt 230 Current obligations under capital leases 3,832 Accounts payable 225,372 Reserve for self-insurance liabilities 90,355 Accrued wages and salaries 76,642 Accrued rent 29,677 Accrued expenses 112,115 ------------ Total current liabilities 579,192 Reserve for self-insurance liabilities 143,911 Long-term debt 184 Obligations under capital leases 4,672 Other liabilities 15,980 ------------ Total liabilities not subject to compromise 743,939 Liabilities subject to compromise 1,z180,520 ------------ Total liabilities 1,924,459 Shareholders' deficit: Common stock 141,858 Additional paid-in-capital 34,125 Accumulated deficit (507,126) Accumulated other comprehensive loss (34,309) ------------ Total shareholders' deficit (365,452) ------------ TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $1,559,007 ============ Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Statement of Operations Four Weeks Ended May 3, 2006 (In thousands) Net sales $575,138 Cost of sales 422,773 ------------ Gross profit on sales 152,365 Other operating and administrative expenses 161,016 Impairment charges - Restructuring charges 2,783 ------------ Operating loss (11,434) Interest expense, net 265 ------------ Loss before reorganization items and income taxes (11,699) Reorganization items, net expense 3,054 Income tax expense - ------------ Net loss from continuing operations (14,753) Discontinued operations: Loss from discontinued operations (8,177) Loss on disposal of discontinued operations (58,829) Income tax expense - ------------ Net loss from discontinued operations (67,006) ------------ Net loss ($81,759) ============ Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Statement of Cash Flows Four Weeks Ended May 3, 2006 (In thousands) Cash flows from operating activities: Net loss ($81,759) Adjustments to reconcile net loss to net cash provided by operating activities: Loss on sales of assets, net 1,914 Reorganization items, net expense 3,054 Depreciation and amortization 8,007 Impairment charges - Stock compensation plans 546 Change in operating assets and liabilities: Trade and other receivables 10,482 Merchandise inventories 23,628 Prepaid expenses and other current assets (4,023) Accounts payable (1,207) Reserve for self-insurance liabilities 1,327 Lease liability on closed facilities 63,284 Income taxes receivable (16) Defined benefit plan (89) Other accrued expenses 3,829 ------------ Net cash provided by operating activities before reorganization items 28,977 Cash effect of reorganization items (5,576) ------------ Net cash provided by operating activities 23,401 Cash flows from investing activities: Purchases of property, plant and equipment (2,840) Decrease in investments and other assets 3,273 Proceeds from sales of assets 1,237 Purchases of marketable securities (251) Sales of marketable securities 1,264 Other (1,859) ------------ Net cash used in investing activities 824 Cash flows from financing activities: Gross borrowings on DIP Credit Facility 1,056 Gross payments on DIP Credit Facility (639) Principal payments on long-term debt (18) Principal payments on capital lease obligations (118) Other 94 ------------ Net cash used in financing activities 375 ------------ Increase in cash and cash equivalents 24,600 Cash and cash equivalents at beginning of period 131,714 ------------ Cash and cash equivalents at end of period $156,314 ============ Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc. -- http://www.winn-dixie.com/-- is one of the nation's largest food retailers. The Company operates stores across the Southeastern United States and in the Bahamas and employs approximately 90,000 people. The Company, along with 23 of its U.S. subsidiaries, filed for chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063, transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos. 05-03817 through 05-03840). D.J. Baker, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders, Esq., and Brian C. Walsh, Esq., at King & Spalding LLP, represent the Debtors in their restructuring efforts. Paul P. Huffard at The Blackstone Group, LP, gives financial advisory services to the Debtors. Dennis F. Dunne, Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B. Macdonald, Esq., at Akerman Senterfitt give legal advice to the Official Committee of Unsecured Creditors. Houlihan Lokey & Zukin Capital gives financial advisory services to the Committee. When the Debtors filed for protection from their creditors, they listed $2,235,557,000 in total assets and $1,870,785,000 in total debts. (Winn-Dixie Bankruptcy News, Issue No. 40; Bankruptcy Creditors' Service, Inc., 215/945-7000). ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. 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For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Marie Therese V. Profetana, Shimero Jainga, Joel Anthony G. Lopez, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Cherry A. Soriano-Baaclo, Christian Q. Salta, Jason A. Nieva, Lucilo M. Pinili, Jr., Tara Marie A. Martin and Peter A. Chapman, Editors. Copyright 2006. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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