/raid1/www/Hosts/bankrupt/TCR_Public/060708.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, July 8, 2006, Vol. 10, No. 161
Headlines
ALLIED HOLDINGS: Files May 2006 Monthly Operating Report
ASARCO LLC: Files May 2006 Monthly Operating Report
CALPINE CORP: Gen. Company Files Schedules of Assets and Debts
CALPINE CORP: Gilroy Cogen Files Schedules of Assets and Debts
CALPINE CORP: Goldendale Energy Files Schedules of Assets & Debts
CALPINE CORP: Hillabee Energy Files Schedules of Assets and Debts
CALPINE CORP: KIAC Partners Files Schedules of Assets & Debts
CALPINE CORP: Nissequogue Cogen Files Schedules of Assets & Debts
CALPINE CORP: Power Systems Files Schedules of Assets and Debts
CALPINE CORP: 118 Debtor-Affiliates File Schedules
CATHOLIC CHURCH: Portland Files May 2006 Monthly Operating Report
CATHOLIC CHURCH: Spokane Files May 2006 Monthly Operating Report
COLLINS & AIKMAN: Posts $19 Mil. Net Loss for Period Ended May 28
DANA CORP: Files Schedules of Assets And Liabilities
DANA CORP: Dana Atlantic Files Schedules of Assets and Debts
DANA CORP: Dana IT Files Schedules of Assets and Debts
DANA CORP: Posts $9 Million Net Loss in May 2006
DELPHI CORP: Posts $249 Million Net Loss in May 2006
ENTERGY NEW ORLEANS: Earns $2.3 Million in May 2006
FLYI INC: Files May 2006 Monthly Operating Report
FLYI INC: Independence Air Posts $1 Million Net Loss in May 2006
FOAMEX INTERNATIONAL: Earns $2.9 Million in May 2006
MERIDIAN AUTOMOTIVE: Incurs $10.7 Million Net Loss in May 2006
PERFORMANCE TRANSPORTATION: Files May 2006 Operating Report
SILICON GRAPHICS: Cray A/P Files Schedules of Assets and Debts
SILICON GRAPHICS: Cray Int'l. Files Schedules of Assets and Debts
SILICON GRAPHICS: Federal Files Schedules of Assets and Debts
SILICON GRAPHICS: SG World Files Schedules Of Assets And Debts
SILICON GRAPHICS: Nine Debtor-Affiliates File Schedules
SOLUTIA CORP: Post $3 Million Net Loss in May 2006
TOWER AUTOMOTIVE: Incurs $7.3 Million Net Loss in May 2006
USG CORP: Files May 2006 Monthly Operating Report
*********
ALLIED HOLDINGS: Files May 2006 Monthly Operating Report
--------------------------------------------------------
Allied Holdings, Inc., and its Debtor Subsidiaries
Unaudited Consolidated Balance Sheet
As of May 31, 2006
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $1,810
Receivables, net of allowances 52,923
Related party receivables 16,016
Inventories 5,227
Deferred income taxes 202
Prepayments and other current assets 37,730
--------
Total current assets 113,908
Property and equipment, net 121,273
Goodwill, net 3,545
Other noncurrent assets 22,039
Investment in related parties 26,402
--------
TOTAL ASSETS $287,167
========
Liabilities and Stockholders' Deficit
Current liabilities not subject to compromise
DIP facility $148,587
Accounts and notes payable 42,796
Accrued liabilities 60,546
--------
Total current liabilities 251,929
Long-term liabilities not subject to compromise
Postretirement benefits 4,330
Deferred income taxes 218
Other long term liabilities 20,468
--------
Total long term liabilities 25,016
Liabilities subject to compromise 199,560
Stockholders deficit (189,338)
--------
Total liabilities & stockholders deficit $287,167
========
Allied Holdings, Inc., and its Debtor Subsidiaries
Unaudited Consolidated Statement of Operations
For the Month Ended May 31, 2006
(In Thousands)
Revenues $83,129
Operating Expenses
Salaries, Wages & Fringe benefits 39,233
Operating supplies & expenses 17,822
Purchased transportation 11,473
Insurance, claims 3,566
Operating tax & licenses 2,431
Depreciation & amortization 2,230
Rents 583
Communications & utilities 477
Other operating expenses 735
Gain on disposal of operating expenses 2
--------
Total Operating Expenses 78,552
--------
Operating Income (Loss) 4,577
Other Income (Expense)
Interest expense (3,108)
Investment income 4
Foreign exchange 516
--------
(2,588)
--------
Income before reorganization items and income taxes 1,989
Reorganization items (1,418)
--------
Income before income taxes 571
Income tax expense -
--------
NET INCOME (LOSS) $571
========
The Debtors disclose cash disbursements totaling $6,109,515
during May 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. 25;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
ASARCO LLC: Files May 2006 Monthly Operating Report
---------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of May 31, 2006
ASSETS
Current assets:
Cash $93,035,000
Net accounts receivable 183,802,000
Inventory: lower of cost or market 252,462,000
Prepaid expenses 29,625,000
Deferred income tax assets 0
-------------
Total current assets 558,923,000
Net property, plant and equipment 415,806,000
Other assets
Investment in subs 102,886,000
Prepaid pension and retirement plan 77,085,000
Non-current deferred tax asset 40,952,000
Other 94,416,000
-------------
Total assets $1,290,068,000
=============
LIABILITIES
Postpetition liabilities:
Accounts payable 54,932,000
Accrued liabilities 13,586,000
Debtor-in-possession financing 0
-------------
Total postpetition liabilities 68,517,000
Prepetition liabilities:
Not subject to compromise - credit 930,000
Not subject to compromise - other 133,897,000
Subject to compromise 903,079,000
-------------
Total prepetition liabilities 1,037,905,000
-------------
Total liabilities $1,106,423,000
=============
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 245,311,000
-------------
Total owners' equity (net worth) 183,645,000
Total liabilities and owners' equity $1,290,068,000
=============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ending May 31, 2006
Sales $144,064,000
Cost of products and services 61,682,000
-------------
Gross profit 82,382,000
Operating expenses:
Selling and general & admin expenses 3,952,000
Depreciation & amortization 2,376,000
Provision accretion expense of asset
retirement obligation 143,000
-------------
Operating income 75,911,000
Interest expense 370,000
Interest Income (536,000)
Reorganization Expenses 1,116,000
Other miscellaneous (income) expenses (8,974,000)
-------------
Income (loss) before taxes 83,935,000
Income taxes 1,679,000
-------------
Net income $82,256,000
=============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ending May 31, 2006
Receipts $103,910,000
Disbursements:
Inventory material 25,250,000
Operating disbursements 42,838,000
Capital expenditures 1,503,000
-------------
Total disbursements 69,591,000
Operating cash flow 34,319,000
Reorganization disbursements 1,914,000
-------------
Net cash flow 32,404,000
Net payments to secured Lenders 0
-------------
Net change in cash 32,404,000
Beginning cash balance 60,630,000
-------------
Ending cash balances $93,035,000
=============
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. 24; Bankruptcy
Creditors' Service, Inc., 215/945-7000).
CALPINE CORP: Gen. Company Files Schedules of Assets and Debts
--------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.2 Bank Accounts
Wilmington Trust Co, revenue account $83,303,211
Wilmington Trust Co, revenue account 10,359,358
Wilmington Trust Co, revenue account 24,736,249
Wilmington Trust Co, revenue account 10,823,312
Union Bank of California, construction 3,103,884
B.13 Business Stock and Interests undetermined
see http://researcharchives.com/t/s?d3d
B.14 Interests in partnerships/joint ventures undetermined
see http://researcharchives.com/t/s?d3d
B.18 Other Liquidated Debts
Interest Receivable 402,096
B.35 Other Personal Property
BNS Annual Agency Fees 33,333
Wilmington Annual Collateral Agency Fees 3,333
Wilmington Annual Trustee Fees 4,000
Morgan Stanley Annual Admin Fee 33,334
TOTAL SCHEDULED ASSETS $132,802,110
============
C. Property Claimed as Exempt 0
D. Secured Claim
Morgan Stanley, 1st Priority Term Loan $610,277,752
Morgan Stanley, 2nd Priority Term Loan 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
Taxing authorities
see http://researcharchives.com/t/s?d3c
F. Unsecured Non-priority Claims
Trade Payables
Nixon Peabody LLP 13,649
Wilmington Trust Co 62,325
Intercompany Claims
Baytown Energy Center LP (176,368,744)
Calpine Oneta Power LP (237,083,901)
Channel Energy Center LP (168,498,269)
Columbia Energy LLC (179,958,825)
Decatur Energy Center LLC (175,302,745)
Delta Energy Center LLC (198,103,598)
Freestone Power Generation LP (152,804,082)
Los Medanos Energy Center LLC (150,227,797)
Morgan Energy Center LLC (164,281,443)
Pastoria Energy Facility LLC (313,929,662)
Zion Energy LLC (181,545,511)
Others (263,355,367)
TOTAL SCHEDULED LIABILITIES $89,995,519
===========
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. 20;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Gilroy Cogen Files Schedules of Assets and Debts
--------------------------------------------------------------
A. Real Property
Generation Facility, Gilroy, CA $6,845,314
Easements undetermined
B. Personal Property
B.1 Cash on hand 1,000
B.2 Bank Accounts
Union Bank of California 391
B.13 Business Stock and Interests undetermined
see http://researcharchives.com/t/s?d38
B.14 Interests in partnerships/joint ventures undetermined
see http://researcharchives.com/t/s?d38
B.16 Accounts Receivable 66,631
B.28 Office equipment, furnishings and supplies 150,557
B.29 Machinery 54,924,604
see http://researcharchives.com/t/s?d39
B.30 Inventory 2,187,795
B.35 Other Personal Property 518,882
TOTAL SCHEDULED ASSETS $64,695,174
===========
C. Property Claimed as Exempt -
D. Secured Claim
Bank of New York Sales Receivables undetermined
E. Unsecured Priority Claims undetermined
Taxing Authorities
see http://researcharchives.com/t/s?d3a
F. Unsecured Non-priority Claims
Trade Payables
see http://researcharchives.com/t/s?d3b
Intercompany Claims
Calpine Corporation ($252,719,314)
Calpine Energy Services, L.P. 72,572
Calpine Operating Services Co, Inc. (15,105)
Calpine Unrestricted Holdings, LLC 348,633
Gilroy Energy Center, LLC 46
Potential Litigation Claims
California Power Exchange Corp undetermined
California Public Util Commission undetermined
TOTAL SCHEDULED LIABILITIES ($252,196,949)
============
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. 20;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Goldendale Energy Files Schedules of Assets & Debts
-----------------------------------------------------------------
A. Real Property
Generation Facility, Goldendale, WA $6,179,336
Generation Facility (Land) 2,978,967
Generation Facility (Roads) 620,553
Easements undetermined
B. Personal Property
B.2 Bank Accounts
Sterling Savings Bank 2,970
Union Bank of California 151,573
B.13 Business Stock and Interests undetermined
see http://researcharchives.com/t/s?d40
B.14 Interests in partnerships/joint ventures undetermined
see http://researcharchives.com/t/s?d40
B.16 Accounts Receivable 196,324
B.28 Office equipment, furnishings and supplies 15,136
B.29 Machinery 58,596,622
see http://researcharchives.com/t/s?d41
B.30 Inventory 1,067,323
B.35 Other Personal Property 221,265
TOTAL SCHEDULED ASSETS $70,030,069
===========
C. Property Claimed as Exempt -
D. Secured Claim
Credit Suisse -- UCC Financing Statement -
E. Unsecured Priority Claims undetermined
Taxing Authorities
see http://researcharchives.com/t/s?d42
F. Unsecured Non-priority Claims
Trade Payables
Avista Utilities 16,346
Intercompany Claims
Calpine Generating Company, LLC 141,208,627
Columbia Energy LLC 4,655
Corpus Christi Cogeneration L.P. 2,401
Pastoria Energy Facility L.L.C. 42,603
TOTAL SCHEDULED LIABILITIES $141,274,632
============
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. 20;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Hillabee Energy Files Schedules of Assets and Debts
-----------------------------------------------------------------
A. Real Property
1878 Campground Rd, Tallapoosa County, AL $332,274
1922 Campground Rd, Tallapoosa County, AL 574,500
Easements undetermined
B. Personal Property
B.1 Cash on hand 145
B.13 Business Stock and Interests undetermined
see http://researcharchives.com/t/s?d43
B.14 Interests in partnerships/joint ventures undetermined
see http://researcharchives.com/t/s?d43
B.29 Machinery 84,093,226
B.35 Other Personal Property 49,719
TOTAL SCHEDULED ASSETS $85,049,864
===========
C. Property Claimed as Exempt $0
D. Secured Claim 0
E. Unsecured Priority Claims undetermined
Taxing Authorities
see http://researcharchives.com/t/s?d44
F. Unsecured Non-priority Claims
Trade Payables
Capital Refrigeration Co Inc 38,630
Intercompany Claims
Calpine Construction Management Co 24,620
Calpine Corporation 456,522,781
Calpine Eastern Corporation 12,982
Calpine Energy Services, L.P. 3,041,022
Lone Oak Energy Center, LLC 4,824
Others (314,785)
TOTAL SCHEDULED LIABILITIES $459,330,074
============
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. 20;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: KIAC Partners Files Schedules of Assets & Debts
-------------------------------------------------------------
A. Real Property -
B. Personal Property
B.1 Cash on hand $133
B.2 Bank Accounts
Bank of New York Debt Service (Principal) 1,501,016
Bank of New York Debt Service (Interest) 2,306,561
Bank of New York Working Capital Fund 9,218,855
Bank of New York Debt Service Reserve 17,572,632
Bank of New York Major Maintenance 1,947,776
JP Morgan Chase Operating Account 12,474,018
B.3 Security Deposits 6,707
B.13 Business Stock and Interests undetermined
see http://researcharchives.com/t/s?d46
B.14 Interests in partnerships/joint ventures undetermined
see http://researcharchives.com/t/s?d46
B.16 Accounts Receivable 720,571
B.18 Other Liquidated Debts 636,234
B.28 Office equipment, furnishings and supplies 56,861
B.29 Machinery 21,848,678
see http://researcharchives.com/t/s?d47
B.30 Inventory 2,237,775
B.35 Other Personal Property 295,664
TOTAL SCHEDULED ASSETS $70,823,481
===========
C. Property Claimed as Exempt -
D. Secured Claim -
E. Unsecured Priority Claims
Employees -
see
http://bankrupt.com/misc/kiac_employeeClaims.pdf
Taxing Authorities undetermined
see http://researcharchives.com/t/s?d48
F. Unsecured Non-priority Claims
Reliance Insurance Co, New York, NY undetermined
Trade Payables 1,778,067
see http://researcharchives.com/t/s?d49
Intercompany Claims
see Schedule F3
Calpine Central, L.P. 1,172,516
Calpine Corporation 112,689,149
Calpine Eastern Corporation 728,628
Calpine Energy Services, L.P. (3,004,680)
Calpine Kennedy Operators Inc. 158,482
Idlewild Fuel Management Corp. 151,945
TBG Cogen Partners (291,800)
TOTAL SCHEDULED LIABILITIES $113,382,307
============
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. 20;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Nissequogue Cogen Files Schedules of Assets & Debts
-----------------------------------------------------------------
A. Real Property
Turbine & Plant Impr, Stony Brook, NY $4,463,115
B. Personal Property
B.1 Cash on hand 534
B.2 Bank Accounts
Bank of New York Major Maintenance 1,157,989
Bank of New York Revenue Fund 3,834,253
Bank of New York Debt Service 1,114,157
Bank of New York Debt Service (Interest) 1,629,659
Bank of New York Debt Service 7,393,006
Bank of New York Rev. Stabilization Fund 511,837
Bank of New York Subordinated Expense Fund 614,219
JP Morgan Site Checking 3,895
Bank of New York O&M Account 1
B.3 Security Deposits
Overpayment of CT-186 Taxes, New York 25,328
B.13 Business Stock and Interests undetermined
see http://researcharchives.com/t/s?d4a
B.14 Interests in partnerships/joint ventures undetermined
see http://researcharchives.com/t/s?d4a
B.16 Accounts Receivable 9,711,993
B.18 Other Liquidated Debts 7,000
B.28 Office equipment, furnishings and supplies 4,791
B.29 Machinery 76,811,732
see http://researcharchives.com/t/s?d4b
B.30 Inventory 2,590,488
see http://researcharchives.com/t/s?d4c
B.35 Other Personal Property 97,524
TOTAL SCHEDULED ASSETS $109,971,521
============
C. Property Claimed as Exempt -
D. Secured Claim -
E. Unsecured Priority Claims undetermined
Taxing Authorities
see http://researcharchives.com/t/s?d4d
F. Unsecured Non-priority Claims
Trade Payables 1,671,870
see http://researcharchives.com/t/s?d4e
Intercompany Claims
Calpine Corporation 64,997,946
Calpine Eastern Corporation 370,606
Calpine Energy Services, L.P. (1,003,468)
Calpine Stony Brook Operators, Inc. 386,886
Stony Brook Fuel Management Corp. 4,014,720
TBG Cogen Partners (338,173)
TOTAL SCHEDULED LIABILITIES $70,100,387
===========
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. 20;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Power Systems Files Schedules of Assets and Debts
---------------------------------------------------------------
A. Real Property -
B. Personal Property
B.1 Cash on hand $500
B.2 Bank Accounts
Bank of America, Dallas, TX 1,433,668
B.3 Security Deposits
Windsor Commerce Centre Pompano, FL 28,385
B.13 Business Stock and Interests undetermined
see http://researcharchives.com/t/s?d4f
B.14 Interests in partnerships/joint ventures undetermined
see http://researcharchives.com/t/s?d4f
B.16 Accounts Receivable 6,403,955
B.29 Machinery 11,363,737
see http://researcharchives.com/t/s?d50
B.30 Inventory 29,310,621
see http://researcharchives.com/t/s?d51
B.35 Other Personal Property 5,065,065
TOTAL SCHEDULED ASSETS $53,605,931
===========
C. Property Claimed as Exempt -
D. Secured Claim
Stuers Inc -- UCC Financing Statement -
E. Unsecured Priority Claims
Employees Claims
see http://researcharchives.com/t/s?d52
Taxing Authorities
see http://researcharchives.com/t/s?d53
F. Unsecured Non-priority Claims
Trade Payables $5,558,790
see http://researcharchives.com/t/s?d54
Intercompany Claims
Calpine Corporation 114,559,573
Calpine Development Holdings, Inc. 11,038
Calpine Eastern Corporation 1,081,923
Calpine European Finance LLC (46,428)
Calpine Operating Services Company (6,991,425)
Calpine Operations Management Co (5,331,497)
Calpine Parlin, LLC (12,900)
Rumford Power Associates (129)
South Point Energy Center, LLC 19,852
Thomassen Turbine Systems America (24,500)
Thomassen Turbine Systems B.V. (14,627,835)
Various Unsecured Employee Claims
Alfredo Cires 26,000
Charles M. Biondo 5,181,668
Michael Abbot 12,000
Miguel Garrido 12,000
Plazi Ricklin 18,000
Robert J. Kraft 6,150,915
Thomas K. Churbuck 5,181,668
Vincent Martling 180,000
Wayne Garret 2,985,749
Zhenhua Xiao 60,000
Others 28,000
TOTAL SCHEDULED LIABILITIES $114,032,462
============
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. 20;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: 118 Debtor-Affiliates File Schedules
--------------------------------------------------
Twenty-four debtor-affiliates of Calpine Corporation reported
assets ranging from $10,000,000 to $50,000,000:
Debtor Assets Debts
------ ------ -----
Auburndale Peaker Energy Center $45,487,951 $4,114,157
CalGen Project Equipment Finance 1 14,513,709 2,354,864,020
Calpine Central LP 12,282,463 (6,580,736)
Calpine Greenleaf, Inc. 34,413,855 (35,777,312)
Calpine International Holdings, Inc. 38,651,755 51,124,533
Calpine Philadelphia, Inc. 13,936,443 244,382
Calpine Pittsburg LLC 21,423,419 249,311
Calpine Power Management LP 17,407,473 8,694,974
Calpine Power America, LP 13,397,599 (377,487)
Calpine Producer Services, LP 10,223,722 (21,638,457)
Calpine Texas Pipeline LP 20,268,790 16,991,168
Calpine Unrestricted Holdings LLC 22,971,189 (18,994,809)
CPN Bethpage 3rd Turbine, Inc. 47,942,836 29,902,407
CPN Pipeline Company 42,167,071 43,415,501
Dighton Power Associates LP 14,284,471 189,747,237
Lone Oak Energy Center LLC 25,880,325 103,530,111
Magic Valley Pipeline LP 10,602,594 9,411,753
O.L.S. Energy-Agnews, Inc. 21,777,615 (16,100,392)
Pine Bluff Energy LLC 30,068,127 182,890,498
Russell City Energy Center LLC 13,817,616 19,048,687
San Joaquin Valley Energy Center 11,201,911 15,135,425
South Point Energy Center LLC 42,315,625 28,862,273
TBG Cogen Partners 43,839,987 (18,155,251)
Texas City Cogeneration LP 17,044,519 77,665,978
Eighteen debtor-affiliates of Calpine Corporation reported assets
ranging from $1,000,000 to $9,000,000:
Debtor Assets Debts
------ ------ -----
Anacapa Land Company, LLC $8,164,043 $946,709
Anderson Springs Energy Co. 3,302,757 (5,764,806)
Androscoggin Energy, Inc. 2,018,388 14,588,727
CalGen Equipment Project Finance 2 4,823,760 2,353,508,060
Calpine Global Services Company 4,057,000 842,456
Calpine Cogeneration Corporation 2,417,279 (25,477,682)
Calpine Eastern Corporation 1,080,206 113,092,682
Calpine Greenleaf Holdings, Inc. 3,047,792 (48,460,974)
Calpine Monterey Cogeneration, Inc. 5,015,384 (12,042,926)
Calpine Northbrook Corp. of Maine 2,418,340 14,600,355
Calpine Power Services, Inc. 4,400,347 9,632,196
Clear Lake Cogeneration Limited 6,079,685 264,545,563
CPN 3rd Turbine, Inc. 1,100,000 9,429,812
CPN Pryor Funding Corporation 5,453,141 36,317,191
CPN Telephone Flat, Inc. 8,902,034 30,533,736
East Altamont Energy Center LLC 9,200,353 42,012,811
Rockgen Energy LLC 6,740,353 21,789,750
Rumford Power Associates, LP 3,588,626 122,154,652
Seventeen debtor-affiliates of Calpine Corporation reported
assets below $1,000,000:
Debtor Assets Debts
------ ------ -----
Calpine Calistoga Holdings, LLC $654,866 25,037,521
Calpine Fuels Corporation 13,365 (32,817,885)
Calpine PowerAmerica-CA LLC 700 (621,295)
Calpine International LLC 933,192 17,688,112
Calpine Kennedy Operators, Inc. 3,888 (5,241,826)
Calpine Siskiyou Geothermal Partners 55,576 12,470,218
CPN Funding, Inc. 295,798 25,464,443
CPN Pleasant Hill, LLC 500 90,871,457
MOAPA Energy Center LLC 618,600 41,008,580
Quintana Canada Holdings, LLC 460,496 4,240,447,259
Silverado Geothermal Resources, Inc. 374,192 25,523,815
Sutter Dryers, Inc. 34,477 2,080,257
Texas Cogeneration Five, Inc. 233 123,393,165
Thermal Power Company 25,151 67,195,796
Thomassen Turbine Systems America 609,548 (3,395,398)
Tiverton Power Associates LP 131,612 71,804,941
Wawayanda Energy Center LLC 500,000 13,060,898
Fifty-nine debtor-affiliates reported zero assets and these
liabilities:
Debtor Liabilities
------ -----------
Aviation Funding Corp. ($81,818,225)
Baytown Power GP, LLC 2,451,379,490
CalGen Equipment Finance Company, LLC 2,451,379,490
CalGen Equipment Finance Holdings, LLC 2,451,379,490
Calpine Acadia Holdings LLC 168,016,854
Calpine Administrative Services Co., Inc. 445,235
Calpine Agnews, Inc. 4,972,482
Calpine Auburndale Holdings, LLC (30,780,567)
Calpine Baytown Energy Center GP, LLC 2,451,379,490
Calpine Baytown Energy Center LP, LLC 2,451,379,490
Calpine Central, Inc. (144,384,773)
Calpine Central Texas GP, LLC (423,678)
Calpine Central-Texas, Inc. 268
Calpine Channel Energy Center LP, LLC 2,451,379,490
Calpine Channel Energy Center GP, LLC 2,451,379,490
Calpine Corpus Christi Energy LP 2,451,379,490
Calpine Corpus Christi Energy GP, LLC 2,451,379,490
Calpine Dighton, Inc. (7,669,589)
Calpine Energy Services Holdings, Inc. 851,950,207
Calpine Freestone Energy LP 2,451,379,490
Calpine Freestone LLC 2,451,379,490
Calpine Freestone GP, LLC 2,451,379,490
Calpine Gilroy 1, Inc. 263,322
Calpine Gilroy 2, Inc. 26,165,356
Calpine Gordonsville, LLC (1,033,871)
Calpine Hidalgo Design, LP (21,221,328)
Calpine Hidalgo Holdings, Inc. 169,406,963
Calpine Hidalgo, Inc. (525)
Calpine KIA, Inc. (22,163,605)
Calpine Northbrook Energy Holdings LLC 12,527
Calpine Northbrook Energy LLC (25,363,777)
Calpine Northbrook Holdings Corporation 8,204,597
Calpine Northbrook Investors, LLC (2,168,588)
Calpine Northbrook Project Holdings, LLC 19,894,407
Calpine Northbrook Services LLC (3,890,632)
Calpine Northbrook Southcoast Investors LLC 2,451,379,490
Calpine Oneta Power I, LLC 2,451,379,490
Calpine Oneta Power II, LLC 2,451,379,490
Calpine Operations Management Company, Inc. 16,462,425
Calpine Pastoria Holdings LLC 2,451,379,490
Calpine Power Equipment LP 2,451,379,490
Calpine Power Management, Inc. (29,424)
Calpine PowerAmerica, Inc. (55,999)
Calpine Power America-ME, LLC 876,670
Calpine Project Holdings, Inc. 3,957,552
Calpine Pryor, Inc. 20,312,071
Calpine Rumford I, Inc. (1,107,626)
Calpine Rumford, Inc. (197,675)
Calpine Schuylkill, Inc. 1,592
Calpine Stony Brook, Inc. (7,685,585)
Calpine Stony Brook Operators, Inc. (4,827,835)
Calpine Sumas, Inc. (3,742,455)
Calpine TCCL Holdings, Inc. 128,386,664
Calpine Tiverton I, Inc. 1,108,444
Calpine Tiverton, Inc. 1,368,899
Calpine Unrestricted Funding, LLC (419,190,814)
Calpine Vapor, Inc. (2,467,201)
Newsouth Energy LLC 5,797,569
Texas Cogeneration Company (115,762,338)
About Calpine Corporation
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. 20;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland Files May 2006 Monthly Operating Report
-----------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of May 31, 2006
ASSETS
Cash and cash equivalents $17,598,138
Accounts receivable, net 930,439
Notes, estates and other receivables 11,601,722
Loans receivable from Archdiocesan entities, net 7,340,504
Loans receivable from Archdiocesan housing entities 538,505
Interest receivable and other assets 254,528
Inventories 1,666,923
Real Property 226,688
Deposits and prepaid expenses 55,266
Investments 96,695,409
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,773,119
--------------
Total Assets $146,321,241
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable 822,302
Accrued liabilities 2,302,921
Funds held for others
Second Collections (12)
Short-term investments payable 14,714,507
Long-term pool investments payable 18,755,706
Reserve for insurance claims 2,343,946
Notes payable 10,820,985
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 57,823,887
--------------
Postpetition
Accounts payable 389,137
Accrued liabilities 6,613,771
Funds held for others
Second Collections 393,041
Short-term investments payable 3,030,408
Long-term pool investments 4,613,628
Reserve for insurance claims (15,922)
Notes payable -
Pre-need liability and reserve 32,304
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 15,460,888
--------------
Total Liabilities 73,284,775
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,963,132
Other Assets (3,573,371)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 5,388,113
Other Assets 1,258,592
--------------
Total Postpetition Net Assets 6,646,705
--------------
Total Net Assets 73,036,466
--------------
Total liabilities & net assets $146,321,241
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending May 31, 2006
Revenues, gains and other support
Annual Catholic Appeal income $10,430
Gross profit on cemetery sales 108,252
Contributions, gifts, annuities and bequests 47,577
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 804,787
Change in unrealized gains (losses) (2,905,426)
Insurance premiums, net (102)
Interest income from loans 35,975
Parish assessments 251,797
Other income 40,632
Departmental revenues 9,116
Net assets released from restrictions -
--------------
Total revenues, gains, and other support (1,596,962)
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 126,561
Clergy Services 55,492
Catholic Schools 32,471
Pastoral Services 43,883
Evangelization Services 52,722
Public Services 10,547
Tribunal Services 17,805
Deposit and loan interest (70,178)
Insurance program 447,204
Cemetery operating expenses 99,536
High School grants/charitable annuities 6,576
Other program expenses 131,656
--------------
Total program services 954,275
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 49,263
Finance & Administration:
Resource Development 46,362
Business Affairs 9,488
Financial Services 66,660
Human Resources 26,878
Shared Services 31,113
Occupancy and physical plant expenses 13,048
Designated funds expense 31,695
Bankruptcy expense 294,787
Depreciation expense -
--------------
Total supporting services 569,294
--------------
Total expenses and program support 1,523,569
--------------
Increase (decrease) in net assets before
transfers and designations of net assets (3,120,531)
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets (3,120,531)
Net assets at beginning of year 76,156,997
--------------
Net assets at end of year $73,036,466
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending May 31, 2006
Beginning Cash Balance: $17,193,758
Add:
Transfers in 4,633,607
Receipts Deposited 1,939,158
Other (Return of Direct Deposits) -
Other (Interest Income) 68,939
--------------
Total Cash Receipts 6,641,704
Subtract:
Transfers out (4,633,607)
Disbursements by check or debit (1,600,592)
Cash withdrawn -
Other (Service Charges) (3,055)
Other (Misc Check Correction) -
Other (NSF Checks) (70)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (6,237,324)
--------------
Ending Cash Balance $17,598,138
==============
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. 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. 63; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Spokane Files May 2006 Monthly Operating Report
----------------------------------------------------------------
Catholic Diocese of Spokane
Balance Sheet
As of May 31, 2006
ASSETS
Total Cash Accounts $2,636,067
Total Investments 3,878,727
Total Property 495,004
Total Loans Receivable 2,760,745
Total Interfund Loan Receivable 396,887
Total Accounts Receivable 69,395
Total Land and Buildings & Equip 2,474,977
Total Prepaid Expenses 55,541
--------------
Total Assets $12,767,343
==============
LIABILITIES AND NET ASSETS
Liabilities
Total Deposits Payable 8,416,495
Total Interest Payable 0
Total Accounts Payable 7,574
Total Long-term Liabilities 9,335,400
Net Assets
Total Unrestricted - Fund Balance (18,164,882)
Total Unrestricted Net Assets (18,164,882)
T.R. - Guse Grant Funds 321,873
T.R. - Bishop's School Grants Funds 72,354
Total Replacement Fund 10,520,708
Total Diocesan D&L Funding 2,176,115
Total Guatemala Funds 605,935
Temporarily Restricted (80)
--------------
Total liabilities & net assets $12,897,343
==============
Catholic Diocese of Spokane
Income and Expense Statement
For the month ending May 31, 2006
Total Income $183,670
Total Expenses 980,091
--------------
Net Excess or Deficit $796,421
==============
The Diocese of Spokane's Statement of Cash Receipts and
Disbursements for May 2006 shows ending balance of $2,584,202.
Cash receipts for the period total $342,845, while cash
disbursements total $62,889.
A full-text copy of the Diocese's May 2006 operating report is
available for free at:
http://researcharchives.com/t/s?d33
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. 63; Bankruptcy Creditors' Service, Inc., 215/945-7000).
COLLINS & AIKMAN: Posts $19 Mil. Net Loss for Period Ended May 28
-----------------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of May 28, 2006
ASSETS
Cash $95,181,925
Accounts receivable-trade, net 151,936,919
Other non-trade receivables 5,792,871
Inventories, net 98,253,887
Tooling and molding, net-current 56,122,379
Prepaids & other current assets 61,495,397
Deferred tax assets-current (87,825)
---------------
TOTAL CURRENT ASSETS 468,695,554
Investments in subsidiaries 2,534,708,519
Fixed assets, net 322,383,044
Goodwill, net 978,554,071
Deferred tax assets-long term 25,938,826
Tooling and molding, net-long term 7,387,976
Other noncurrent assets 89,771,201
Intercompany accounts - net 125,675,282
Prepetition intercompany - net 694,835,400
---------------
TOTAL ASSETS $5,247,949,873
===============
LIABILITIES & EQUITY
Notes payable $0
Short term borrowings 0
Advance on receivables 0
Current portion-long term debt 245,562,575
Current portion-capital leases 0
Accounts payable 40,877,129
Accrued interest payable 6,931,416
Accrued & other liabilities 99,250,369
Income taxes payable (6,047,583)
---------------
TOTAL CURRENT LIABILITIES 386,573,905
Liabilities subject to compromise 2,385,543,851
---------------
Total liabilities 2,772,117,756
Total equity 2,475,832,117
---------------
TOTAL LIABILITIES & EQUITY $5,247,949,873
===============
Collins & Aikman Corporation
Income Statement
Month Ending May 28, 2006
Net outside sales $134,442,876
I/C Net sales 9,769,136
---------------
Total sales 144,212,012
Cost of goods sold 136,271,219
---------------
Gross profit 7,940,793
Selling, general & administrative expenses 23,696,303
---------------
Operating income (15,755,511)
Interest expenses 7,103,206
Intercompany interest, net (2,426,953)
Preferred stock accretion 0
Miscellaneous (income)/expense (9,600)
Corporate allocation adjustment 0
Commission income (208,765)
Commission expense 0
Royalty income (495,000)
Royalty expense 0
Joint Venture (Income)/Expense 0
Minority interest in cons net income 0
Dividend income 0
Discount/Income for Carcorp. 0
Gain/(Loss) early extinguishments of debt 0
Discount/Premium on hedges 0
(Gain)/Loss on hedges 0
(Gain)/Loss on swaps 0
NAAIS Intercompany sales profit 0
Loss on sale of receivables 0
Restructuring provision 0
Foreign transactions - (Gain)/Loss (571,918)
Amort of discount on NPV of liabilities 0
(Gain)/Loss on sale-leaseback transaction 0
---------------
Income from continuing operations before taxes (19,146,480)
Federal income tax 0
State income tax 0
Foreign income tax 27,835
---------------
Income from continuing operations (19,174,315)
Discontinued operations 110,035
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME (LOSS) ($19,284,350)
===============
Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a leading
supplier of instrument panels, automotive fabric, plastic-based
trim, and convertible top systems. The Company has a workforce of
approximately 23,000 and a network of more than 100 technical
centers, sales offices and manufacturing sites in 17 countries
throughout the world. The Company and its debtor-affiliates filed
for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case
No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring. Lazard Freres & Co., LLC,
provides the Debtor with investment banking services. Michael S.
Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents
the Official Committee of Unsecured Creditors Committee. When the
Debtors filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total debts.
(Collins & Aikman Bankruptcy News, Issue No. 33; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
DANA CORP: Files Schedules of Assets And Liabilities
----------------------------------------------------
A. Real Property
1 Dana Way $27,056,186
100 Plumley Drive, Bldg No. 10 1,809,378
123 Phoenix Place 6,795,738
1293 Glenway Drive 8,697,546
1320 West Main Street 16,405,287
14161 Manchester Road 5,311,203
1801 Richards Road 10,394,235
899 Dana Drive 13,901,461
Others 47,830,169
B. Personal Property
B.1 Cash on hand
Corporate Office $20,000
Frederick Town 365,685
Hopkinsville 19,894
Longview 15,000
Lugoff Trailer 15,000
Sterling CFC 10,000
Others 86,573
B.2 Bank accounts
Bank One - Detroit 2,687,108
Comerica 2,875,141
Goldman Sachs 110,000,000
JP Morgan Chase 40,576,284
JP Morgan Chase - Texas 1,797,693
Suntrust Bank 1,440,728
Toronto Dominion 1,389,264
Others 3,434,572
B.3 Security deposits
Commercial Bank Trust 22,454
Huntington Bank 262,182
Lexington Corp Properties 52,855
Pennyrile 258,755
Others 55,906
B.4 Household goods Undetermined
B.5 Books, pictures, antiques, others
Furniture & antiques 182,600
Graphics 116,055
Paintings, Watercolors, Mixed media 922,350
Sculpture 36,350
B.6 Wearing apparel Undetermined
B.7 Furs and jewelry none
B.8 Firearms none
B.9 Interest in insurance policies
Connecticut General Life Insurance 627,133
Connecticut General Life Insurance 362,886
Connecticut General Life Insurance 373,365
Connecticut General Life Insurance 824,172
Connecticut General Life Insurance 301,129
Connecticut General Life Insurance 325,963
Connecticut General Life Insurance 304,231
Connecticut General Life Insurance 382,600
Prepaid insurance 16,225,485
Others 4,894,009
B.10 Annuitites none
B.11 Interests in an education IRA 0
B.12 Interests in profit sharing plans none
B.13 Stocks and interests in incorporated Undetermined
business
B.14 Interests in Partnerships Undetermined
A full-text copy of the Dana Corporation
Subsidiaries, affiliates, and ownership
interests including partnerships and
joint ventures is available for free at:
http://researcharchives.com/t/s?d6a
B.15 Government and corporate bonds
RLI - Various 4,100,000
Smith Barney - Dana Corp 64,119,670
Travelers' - Connecticut Self ins 1,000,000
Travelers' - Dana 25,000,000
Travelers' - Dana Canada 5,115,000
Travelers' - Indiana Self Ins. 8,180,000
Travelers' - North Carolina Self Ins. 2,898,000
Travelers' - Pennsylvania Self Ins. 15,000,000
Travelers' - Tennessee Self Ins. 8,350,000
Others 3,640,472
B.16 Accounts receivable 460,544,780
B.17 Alimony, Maintenance, Support none
B.18 Other Liquidated Debts
Angola note receivable 2,700,000
California Dept. of Revenue 1,217,406
Cameron Tool Corp. note receivable 2,767,804
Citibank 1,510,096
Daido note receivable 1,767,058
HYCO International Inc. 1,173,103
Internal Revenue Service 8,050,003
Michigan Dept of Revenue 1,530,941
Michigan Dept of Revenue 1,530,510
Primary Relocation LLC 4,917,053
Revenue Canada 8,439,053
Wolverine Tool & Engineering 1,000,000
Others 7,888,803
B.19 Equitable or future interests none
B.20 Contingent and non-contingent interests 86,870
B.21 Other contingent and liquidated claims Undetermined
B.22 Intellectual property Undetermined
B.23 Intangibles Undetermined
B.24 Personally identifiable information none
B.25 Automobiles
1997 Dodge Caravan 21,699
2000 Jeep Grand Cherokee 7,034
Daewoo Lift-truck 5,810
Hyster E100XL Forklift Truck 11,574
Raymond Forklift 12,833
B.26 Boats none
B.27 Aircraft none
B.28 Office Equipment
Clevite-Collierville, Tennessee 180,469
Corporate Office 484,014
Corporate Office 4,495,497
Frederick Town 239,169
Heavy Axle - Glasgow, Kentucky 168,000
Heavy Axle - Henderson, Kentucky 195,273
Heavy Axle - Henderson, Kentucky 292,852
SCMG 595,833
Statesville Plant 3,615,455
Others 1,269,277
B.29 Machinery, fixtures, equipment
Composite Sealing Center 7,007,198
Corporate Office 7,887,504
Corporate Office (110,909,471)
Danville Gasket 12,580,382
Elizabethtown 13,531,723
Elizabethtown 44,956,434
Heavy Axle - Glasgow, Kentucky 36,976,382
Heavy Axle - Glasgow, Kentucky 5,764,077
Heavy Axle - Glasgow, Kentucky 9,192,921
Heavy Axle - Humboldt, Tennessee 19,249,891
Hopkinsville 20,934,849
Hopkinsville 21,385,159
Longview 56,084,535
Owensboro, Kentucky 9,201,970
Owensboro, Kentucky 7,550,413
Parish U.S. Division Office 5,738,328
Russellville 12,206,901
Spicer Heavy Axle Div Office 5,044,779
Stockton 16,847,987
Others 74,929,355
B.30 Inventory
Churubusco D.C. 17,561,018
Clevite-Collierville, Tennessee 33,518,367
Corporate Office (107,431,731)
Crossville Distribution Center 37,181,862
Garland, Texas 12,246,970
Heavy Axle - Henderson, Kentucky 52,354,479
Heavy Axle - Humboldt, Tennessee 16,882,165
Lugoff Trailer 12,205,003
Lugoff Trailer 15,179,486
Product Distribution Center 15,564,004
Spicer Heavy Axle Div Office 15,560,819
Others 119,503,487
B.31 Animals none
B.32 Crops none
B.33 Farming Equipments none
B.34 Farm supplies none
B.35 Others
Corporate and other prepaid 11,302,472
Customer tooling 40,352,738
Promissory note 240,000
Vendors with debit balances
Citation Biscoe 3,469,723
Metal Dyne Co. LLC 2,753,194
Rex Forge Division 1,384,720
TRW Fayette 8,133,917
TRW Fremont Kingsway 15,355,568
TRW Jackson 2,292,246
Worthington Steel Company 1,139,287
Others 6,731,351
TOTAL SCHEDULED ASSETS [$1,593,228,498]
==============
C. Property Claimed As Exempt -
D. Secured Claims
UCC Liens $0
E. Unsecured Priority Claims
Kentucky Dept. of Revenue 175
Louisiana Dept. of Revenue 90,000
F. Unsecured Non-priority Claims
Accounts Payable
Bruckner Supply Co. Inc. 5,821,336
Eaton Corporation 2,554,001
Excel Polymers LLC 2,005,153
Federal Mogul Corporation 2,900,397
IBM Corporation 2,932,524
Macsteel 2,011,747
Metokote Corporation 2,555,978
Nationwide Precision Product Corp. 2,133,527
Toyota Tsusho America Inc. 10,699,043
Toyota Tsusho Corporation 12,038,712
Others 138,548,828
Litigation claims & disputes Undetermined
Intercompany - Debtor
Dana Technology 191,018,293
Echlin-Ponce Inc. 14,049,522
Torque Traction Integration 44,781,126
Others 25,644,096
Intercompany - Non-Debtor
Dana Canada Corporation 12,919,282
Dana Canada Holding Company 10,219,883
Danaven 41,522,766
UK 24,070,989
Others 52,521,173
Unsecured Funded Debt
Wilmington Trust Company 1,633,993,211
TOTAL SCHEDULED LIABILITIES $2,235,031,762
==============
Headquartered 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. 14;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
DANA CORP: Dana Atlantic Files Schedules of Assets and Debts
------------------------------------------------------------
A. Real Property
Land and Building in Atlantic, Iowa $3,193,198
B. Personal Property
B.1 Cash on hand
Petty Cash Funds 310
B.2 Bank Accounts
M&T Bank 485,882
B.9 Interests in insurance policies
Prepaid Insurance 92,547
B.14 Interests in partnerships undetermined
See http://researcharchives.com/t/s?d6b
B.16 Accounts Receivable 3,952,566
B.28 Office Equipment
Office equipment 66,739
Software 4,067
B.29 Machinery, fixtures, equipment and supplies
Computer hardware 33,424
Construction in progress 2,696,111
Machinery & Equipment 9,401,560
Tooling 13,315
B.30 Inventory
Finished Goods 1,212,598
Reserve/Reconciling Item (241,746)
Work in Progress 2,256,920
B.35 Other Personal Property
Corporate and other prepaids 10,877
Vendors with debit balances
Pingston, Larry/B. Phipps 431
TOTAL SCHEDULED ASSETS [$23,178,799]
===========
C. Property Claimed as Exempt $0
D. Secured Claim
CCA Financial LLC undetermined
E. Unsecured Priority Claims
Iowa Department of Revenue undetermined
Cass County Treasurer undetermined
F. Unsecured Non-priority Claims
Accounts Payable 1,399,896
Bruckner Supply Co. Inc. 159,117
C&W Grinding Inc. 40,349
Daido Metal BelleFontaine LLC 314,112
Engineered Production Equipment 121,598
Gabriel India Ltd. 52,810
Oneal Electric Company 60,590
Ramco Innovations 66,658
Univar USA, Inc. 95,344
Others 489,318
Intercompany - Debtor
DTF Trucking, Inc. 75,923
Glacier Vandervell, Inc. 2,292,336
Torque-Traction Technologies 9,470
Intercompany - Non-Debtor
Dana Glacier Vandervell Europe 12,230
Dana Industrias Ltda 9,815
Dana Italia Spa. 1,284
Dana Spicer Limited 475,904
TOTAL SCHEDULED LIABILITIES $4,276,858
==========
Headquartered 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. 14;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
DANA CORP: Dana IT Files Schedules of Assets and Debts
------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on hand
Dana Global IT Group 861
B.16 Accounts Receivable 9,778,108
B.28 Office Equipment
Dana Global IT Group 879,178
B.29 Machinery, fixtures, equipment and supplies
Dana Global IT Group 390,336
B.35 Other Personal Property
Corporate and other prepaids 2,445,007
Vendors with debit balances
Hewlett Packard 2,344
TOTAL SCHEDULED ASSETS [$13,495,834]
===========
C. Property Claimed as Exempt $0
D. Secured Claim 0
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims
Accounts Payable
12 Technologies 111,930
AT&T 62,811
CCA Financial LLC 112,085
Global Exchange Services 75,185
Hewlett Packard 133,901
IBM Corporation 179,082
ICSA Software International 84,000
Niku Corporation 68,800
Oracle Corporation 1,129,572
Sprint 320,109
Sungard Availability Services Inc. 167,755
Tiburon Technologies 129,970
UGS Corporation 999,053
Unisys 139,573
Xede Consulting Group Inc. 89,467
Others 999,321
Intercompany - Debtor
Dana Corporation 8,744,767
Torque-Traction Technologies LLC 10,093
Intercompany - Non-Debtor
Dana India Technical Centre Ltd. 81,948
Dana Investment GMBH 494,944
TOTAL SCHEDULED LIABILITIES $14,134,366
===========
Headquartered 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. 14;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
DANA CORP: Posts $9 Million Net Loss in May 2006
------------------------------------------------
Dana Corporation
Unaudited Condensed Balance Sheet
At May 31 2006
ASSETS
CURRENT ASSETS
Cash and cash equivalent assets $761,000,000
Accounts receivable
Trade 1,380,000,000
Other 344,000,000
Inventories 703,000,000
Assets of discontinued operations 545,000,000
Other current assets 160,000,000
----------------
Total current assets $3,893,000,000
----------------
Investments and other assets 1,355,000,000
Investments in equity affiliates 931,000,000
Property, plant and equipment, net 1,674,000,000
----------------
TOTAL ASSETS $7,853,000,000
================
LIABILITY AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable, including current portion
of long-term debt $34,000,000
Accounts payable 999,000,000
Liabilities of discontinued operations 236,000,000
Other accrued liabilities 755,000,000
----------------
Total current liabilities $2,024,000,000
----------------
Liabilities subject to compromise $4,295,000,000
Deferred employee benefits and other
non-current liabilities 259,000,000
Long-term debt 17,000,000
DIP financing 700,000,000
Minority interest in consolidates subsidiaries 84,000,000
Shareholder' equity 474,000,000
----------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $7,853,000,000
================
Dana Corporation
Unaudited Condensed Statement of Operations
For the Month Ended May 31, 2006
Net Sales $813,000,000
Costs and expenses
Costs of sales 758,000,000
Selling, general and administrative expenses 37,000,000
Other income, net 8,000,000
----------------
Income (loss) from operations $26,000,000
Interest expense 5,000,000
Reorganization charges 18,000,000
----------------
Income (loss) before income taxes 3,000,000
Income tax (expense) benefit (14,000,000)
Minority interest -
Equity in earnings of affiliates 3,000,000
----------------
Income (loss) before continuing operations (8,000,000)
Income (loss) from discontinued operations (1,000,000)
----------------
Net income (loss) ($9,000,000)
================
Dana Corporation
Unaudited Condensed Statement of Cash Flow
For the Month Ended May 31, 2006
OPERATING ACTIVITIES
Net income (loss) ($9,000,000)
Depreciation and amortization 22,000,000
Charges related to divestitures and asset sales 4,000,000
Reorganization charges 18,000,000
Payment of reorganization charges (7,000,000)
Working capital (51,000,000)
Other (8,000,000)
----------------
Net cash flow provided by
(used for) operating activities ($15,000,000)
INVESTING ACTIVITIES
Purchases of property, plant and equipment (33,000,000)
Proceeds from sale of other assets -
Others (4,000,000)
----------------
Net cash flow provided by
(used for) operating activities ($37,000,000)
FINANCING ACTIVITIES
Net change in short-term debt (1,000,000)
Payments of long-term debt -
Proceeds from DIP facility -
Increase (decrease) in long-term 2,000,000
----------------
Net cash flow provided by
(used for) financing activities $1,000,000
Net increase in cash equivalents (51,000,000)
----------------
Cash and cash equivalents, beginning of period 812,000,000
----------------
Cash and cash equivalents, end of period $761,000,000
================
Headquartered 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. 14;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
DELPHI CORP: Posts $249 Million Net Loss in May 2006
----------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of May 31, 2006
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $1,018
Restricted cash 75
Accounts receivable, net
General Motors and affiliates 1,695
Other third parties 1,567
Non-Debtor subsidiaries 304
Notes receivable from non-Debtor subsidiaries 384
Inventories, net
Productive material, work-in-process and supplies 924
Finished goods 291
Prepaid expenses and other 289
--------
TOTAL CURRENT ASSETS 6,547
Long-term assets:
Property, net 2,636
Goodwill 152
Other intangible assets 37
Pension intangible assets 871
Investments in non-Debtor subsidiaries 3,444
Other 703
--------
TOTAL ASSETS $14,390
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Secured debt in default 2,492
Accounts payable 1,187
Accounts payable to non-Debtor subsidiaries 440
Accrued liabilities 895
--------
TOTAL CURRENT LIABILITIES 5,014
Long-term liabilities not subject to compromise:
Debtor-in-possession financing 250
Employee benefit plan obligations and other 686
--------
TOTAL LONG-TERM LIABILITIES 936
Liabilities subject to compromise 15,267
--------
TOTAL LIABILITIES 21,217
Stockholders' deficit:
Common stock 6
Additional paid-in capital 2,758
Accumulated deficit (7,184)
Minimum pension liability (2,311)
Accumulated other comprehensive loss (44)
Treasury stock, at cost (3.2 million shares) (52)
--------
TOTAL STOCKHOLDERS' DEFICIT (6,827)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $14,390
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended May 31, 2006
(In Millions)
Net sales:
General Motors and affiliates $910
Other customers 641
Intercompany non-Debtor subsidiaries 51
--------
Total net sales 1,602
--------
Operating expenses:
Cost of sales 1,720
Selling, general and administrative 111
Depreciation and amortization 48
Goodwill and long-lived asset impairment charges -
--------
Total operating expenses 1,879
--------
Operating loss (277)
Interest expense (31)
Other expense, net (2)
Reorganization items (7)
Income tax benefit (expense) (1)
Equity income from non-consolidated subsidiaries 4
Equity income from non-Debtor subsidiaries, net of tax 65
--------
NET LOSS ($249)
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended May 31, 2006
(In Millions)
Cash flows from operating activities:
Net loss ($249)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization 48
Pension and other postretirement benefit expenses 129
Equity income from unconsolidated subsidiaries, net (4)
Equity income from non-Debtor subsidiaries, net of tax (65)
Reorganization items 7
Changes in operating assets and liabilities:
Accounts receivable, net 170
Inventories, net (9)
Prepaid expenses and other (60)
Accounts payable, accrued and other long-term debts 162
Pension contributions -
Other postretirement benefit payments (18)
Receipts (payments) for reorganization items, net 1
Other 19
--------
Net cash used in operating activities 131
Cash flows from investing activities:
Capital expenditures (24)
Increase in restricted cash (75)
Proceeds from sale of property -
Other (6)
--------
Net cash used in investing activities (105)
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 25
Cash and cash equivalents at beginning of period 993
--------
Cash and cash equivalents at end of period $1,018
========
Based in Troy, Mich., Delphi Corporation -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology. The Company's technology and
products are present in more than 75 million vehicles on the road
worldwide. The Company filed for chapter 11 protection on Oct. 8,
2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler
Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in
their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell
A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins
LLP, represents the Official Committee of Unsecured Creditors.
As of Aug. 31, 2005, the Debtors' balance sheet showed
$17,098,734,530 in total assets and $22,166,280,476 in total
debts. (Delphi Bankruptcy News, Issue No. 31; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
ENTERGY NEW ORLEANS: Earns $2.3 Million in May 2006
---------------------------------------------------
Entergy New Orleans, Inc.
Balance Sheet
As of May 31, 2006
(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents $33,774
Temporary cash investments -
----------
Total cash and cash equivalents 33,774
Accounts receivable:
Customer 66,242
Allowance for doubtful accounts (23,637)
Associated companies 8,674
Other 6,929
Accrued unbilled revenues 24,925
----------
Total accounts receivable 83,133
Deferred fuel costs 35,247
Fuel inventory -
Materials and supplies 6,830
Prepayments and other 22,059
----------
Total current assets 181,043
Other Property and Investments
Investment in affiliates 3,259
Non-utility property at cost 1,107
----------
Total other property and investments 4,366
Utility Plant
Electric 737,264
Natural gas 191,552
Construction work in progress 43,425
----------
Total Utility Plant 972,241
Less - accumulated depreciation and amortization 427,753
----------
Utility plant - net 544,488
Deferred Debits and Other Assets
Regulatory assets:
Other regulatory assets 163,152
Long-term receivables 1,090
Other 22,332
----------
Total deferred debits and other assets 186,574
----------
TOTAL ASSETS $916,471
==========
LIABILITIES:
Postpetition liabilities:
Taxes payable $13,375
Accounts payable 50,640
DIP credit facility 22,256
----------
Total postpetition liabilities 86,271
Current liabilities:
Currently maturing long-term debt -
Notes payable 15,000
Accounts payable:
Associated companies 55,658
Other 84,920
Customer deposits 12,438
Taxes accrued -
Accumulated deferred income taxes 3,710
Interest accrued 3,114
Energy efficiency program provision -
Other 6,614
----------
Total current liabilities 181,454
Non-current liabilities:
Accumulated deferred income taxes & taxes accrued 129,775
Accumulated deferred investment tax credits 3,394
SFAS 109 regulatory liability - net 58,507
Other regulatory liabilities -
Accumulated provisions 4,773
Pension liability 39,142
Long-term debt 229,866
Other 6,812
----------
Total non-current liabilities 472,269
----------
Total Liabilities 739,994
Commitments and Contingencies:
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund 19,780
Common stock, $4 par value, authorized
10,000,000 shares; issued and
outstanding 8,435,900 shares in
2005 and 2004 33,744
Paid-in capital 36,294
Retained earnings -- prepetition 99,593
Retained earnings -- postpetition (12,934)
----------
Total shareholders equity 176,477
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $916,471
==========
Entergy New Orleans, Inc.
Statement of Operations
Month Ended May 31, 2006
(in thousands)
Operating Revenues
Domestic electric $37,091
Natural gas 6,768
----------
Total operating revenues 43,859
Operating Expenses:
Operation and maintenance
Fuel 2,749
Purchased power 22,159
Other operation and maintenance 9,055
Taxes other than income taxes 2,972
Depreciation and amortization 2,837
Other regulatory charges - net 392
----------
Total operating expenses 40,164
----------
Operating income 3,695
Other income:
Allowance for equity funds used
during construction 58
Interest and dividend income 260
Miscellaneous - net (48)
----------
Total other income 270
Interest and other charges:
Interest on long-term debt 62
Other interest-net (159)
Allowance for borrowed funds used
during construction (47)
----------
Total interest and other charges (144)
Income (loss) before income taxes 4,109
Income taxes 1,747
----------
NET INCOME $2,362
==========
Entergy New Orleans, Inc.
Cash Receipts and Disbursement Statement
Month Ended May 31, 2006
Beginning cash balance $26,591,368
Cash receipts 67,958,114
Cash disbursements (60,775,614)
Net cash flow [7,182,500]
-----------
ENDING CASH BALANCE $33,773,868
===========
Headquartered in Baton Rouge, Louisiana, Entergy New Orleans Inc.
-- http://www.entergy-neworleans.com/-- is a wholly owned
subsidiary of Entergy Corporation. Entergy New Orleans provides
electric and natural gas service to approximately 190,000 electric
and 147,000 gas customers within the city of New Orleans. Entergy
New Orleans is the smallest of Entergy Corporation's five utility
companies and represents about 7% of the consolidated revenues and
3% of its consolidated earnings in 2004. Neither Entergy
Corporation nor any of Entergy's other utility and non-utility
subsidiaries were included in Entergy New Orleans' bankruptcy
filing. Entergy New Orleans filed for chapter 11 protection on
Sept. 23, 2005 (Bankr. E.D. La. Case No. 05-17697). Elizabeth J.
Futrell, Esq., and R. Partick Vance, Esq., at Jones, Walker,
Waechter, Poitevent, Carrere & Denegre, L.L.P., represent the
Debtor in its restructuring efforts. Carey L. Menasco, Esq.,
Philip Kirkpatrick Jones, Jr., Esq., and Joseph P. Hebert, Esq.,
at Liskow & Lewis, APLC, represent the Official Committee of
Unsecured Creditors. When the Debtor filed for protection from
its creditors, it listed total assets of $703,197,000 and total
debts of $610,421,000. (Entergy New Orleans Bankruptcy News,
Issue No. 19; Bankruptcy Creditors' Service, Inc., 215/945-7000)
FLYI INC: Files May 2006 Monthly Operating Report
-------------------------------------------------
FLYi Inc.
Consolidated Balance Sheet
As of May 31, 2006
ASSETS
Current assets
Cash $193,035
Short term investments 1,000,000
Net accounts receivable 379,627,803
IC Notes receivable 4,252,000
------------
Total Current Assets $385,077,838
------------
Other assets
Restricted cash 0
Long term investments 7,435,000
Intangible assets 0
Debt issuance cost 0
Aircraft deposits 0
Long term deferred tax 0
Other assets 14,055,412
------------
Total Other Assets $21,490,412
------------
TOTAL ASSETS $406,568,250
============
LIABILITIES
Liabilities not subject to compromise $0
Liabilities subject to compromise
Secured debt 0
Priority debt 0
Unsecured debt 244,926,756
------------
Total Liabilities $244,926,756
------------
Owner Equity
Common stock 1,088,716
Additional paid in capital 158,254,512
Treasury stock (35,717,477)
Pre-petition retained earnings 39,858,773
Postpetition retained earnings (1,843,030)
------------
Net Owners' Equity $161,641,494
------------
TOTAL LIABILITIES AND OWNER'S EQUITY $406,568,250
============
FLYi Inc.
Statement of Operations
May 2006
Revenues $0
Other income and expenses
Interest income (4,212)
Interest expense -
Other miscellaneous -
------------
Net Profit(Loss) ($4,212)
============
Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000. (FLYi Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service, Inc., 215/945-7000).
FLYI INC: Independence Air Posts $1 Million Net Loss in May 2006
----------------------------------------------------------------
Independence Air Inc.
Consolidated Balance Sheet
As of May 31, 2006
ASSETS
Current assets
Cash $33,858,490
Short term investments 3,500,000
Restricted cash 4,592,214
Net accounts receivable 94,811,912
Net expandable parts and fuel 62,602
Net prepaid expenses 7,374,926
Deferred tax asset (1)
------------
Total current assets $144,200,143
------------
Other assets:
Restricted cash 14,633,236
Aircraft deposits 12,662,000
Other assets 438,999
------------
Total other assets $27,734,235
------------
TOTAL ASSETS $171,934,378
============
LIABILITIES
Liabilities not subject to compromise
Accounts payable $6,972,579
Air traffic liability 884,669
Accrued liabilities 970,168
Amounts due to insiders 16,666
------------
Total postpetition liabilities $8,844,082
------------
Liabilities subject to compromise
Secured debt $1,268,964
Priority debt 1,411,289
Unsecured debt 401,595,559
Other accruals 18,341,189
------------
Total prepetition liabilities $422,617,001
------------
Total Liabilities $431,461,083
------------
Owner Equity
Common stock 0
Treasury stock 7,435,000
Owner's equity account -
Pre-petition retained earnings (243,575,613)
Postpetition retained earnings (23,386,092)
Adjustment to owner equity 0
------------
Net Owners' Equity ($259,526,705)
------------
TOTAL LIABILITIES AND OWNER'S EQUITY $171,934,378
============
Independence Air Inc.
Statement of Operations
May 2006
Revenues
Operating Revenue
Passenger revenue $0
Other revenue (8,990)
---------
Total operating revenues ($8,990)
---------
Operating expenses
Insider compensation $8,333
Wages 354,218
Fringes and benefits (48,421)
Aircraft fuel (4,396)
Aircraft maintenance and materials 82,828
Traffic commissions (407)
CRS Fees (5,164)
Facilities rent (29,020)
Landing fees (204,052)
Depreciation and amortization -
Others 16,499
Retirement and restructuring charge 1,053,562
---------
Total operating expense $1,223,980
---------
Net operating income (1,232,970)
---------
Net Profit (Loss) before other income & expenses (1,232,970)
---------
Other income and expenses
Interest income (216,096)
Interest expense 4,772
Other miscellaneous -
----------
Total other (income) expense (211,324)
----------
Net Profit (Loss) before reorganization items (1,021,646)
----------
Reorganization items
Professional fees 53,394
Income taxes -
----------
Net Profit (Loss) ($1,075,040)
==========
Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000. (FLYi Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service, Inc., 215/945-7000).
FOAMEX INTERNATIONAL: Earns $2.9 Million in May 2006
----------------------------------------------------
Foamex International, et al., as Debtors
Consolidated Balance Sheet
As of May 28, 2006
ASSETS
Current Assets
Cash $2,748,000
Accounts Receivable, net 179,252,000
Inventory 103,091,000
Other current assets 23,667,000
------------
Total current assets 308,757,000
Land & land improvements 4,951,000
Buildings 86,766,000
Leasehold improvement 5,920,000
Machinery & Equipment 201,844,000
Furniture & Fixtures 5,125,000
Auto equipment 7,784,000
Computer equipment 8,239,000
Construction in progress 1,638,000
Accumulated depreciation (225,433,000)
------------
Total property plant & equipment, net 96,833,000
Goodwill, net 86,191,000
Debt Issuance costs, net 3,990,000
Investment in subsidiaries 17,086,000
Long-term intercompany receivable 4,850,000
Other Assets 50,117,000
------------
Total Assets $567,825,000
============
LIABILITIES & STOCKHOLDERS' DEFICIENCY
Current Liabilities
Revolver borrowings $80,272,000
Current portion of long-term debt 86,223,000
Accounts payable 74,312,000
Intercompany 177,000
Accrued employee costs 14,880,000
Accrued rebates 8,165,000
Accrued interest 1,211,000
Other current liabilities 23,444,000
------------
Total current liabilities 288,684,000
Long-term debt 287,000
Intercompany debt -
Liability Subject to Compromise 648,495,000
Other liabilities 25,485,000
------------
Total Long-Term Liabilities 674,267,000
------------
Total Liabilities 962,950,000
Common stock 280,000
Preferred stock 15,000
Additional paid-in capital 102,911,000
Treasury stock (27,780,000)
Partners capital -
Other comprehensive income (loss) (37,935,000)
Shareholder loans (9,221,000)
Accumulated deficit (423,395,000)
------------
Stockholders' deficiency (395,125,000)
------------
Liabilities & Stockholders Deficiency $567,825,000
============
Foamex International, et al., as Debtors
Consolidated Income Statement
Month Ended May 28, 2006
Gross Sales $106,594,000
Rebates, Discount & Sale Allowance (4,881,000)
-------------
Net Sales 101,713,000
Material 67,123,000
Labor 3,738,000
Overhead 11,981,000
Freight/Shipping 4,130,000
-------------
Cost of Sales 86,972,000
-------------
Gross Profit 14,741,000
Labor & Employee Expense 2,845,000
Indirect Materials & Samples 43,000
Equipment & Maintenance Expense 29,000
Facility Expense 136,000
Asset Disposal Gain (Loss) -
Travel & Entertainment 267,000
Technology 213,000
Professional Fees & Services 1,726,000
Other Miscellaneous Expense 177,000
Insurance & Tax 168,000
Bad debt expense (12,000)
Bank/Collection Costs 59,000
Transportation Cost 11,000
Depreciation/Amortization 317,000
Corp. Cost to COS (685,000)
-------------
Selling, general & admin expenses 5,295,000
Restructuring & Impairment Charges 174,000
-------------
Income from operations 9,272,000
Interest Expense 4,288,000
Equity in earnings of JV & non-debtor subs (240,000)
Other Income & (Expense) 273,000
Professional Fees 1,924,000
Provision/(Gains) - Rejected Contracts -
Bankruptcy Filing Fees -
Other Expense -
Debt Adjustment Gain/Loss -
-------------
Reorganization Expense (Income) 1,924,000
-------------
Income before Tax 3,094,000
Tax Provision 146,000
-------------
Net Income $2,948,000
=============
Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets. The Company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries. The
Company and eight affiliates filed for chapter 11 protection on
Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-12693).
Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison LLP,
represent the Debtors in their restructuring efforts. Houlihan,
Lokey, Howard and Zukin and O'Melveny & Myers LLP are advising the
ad hoc committee of Senior Secured Noteholders. Kenneth A. Rosen,
Esq., and Sharon L. Levine, Esq., at Lowenstein Sandler PC and
Donald J. Detweiler, Esq., at Saul Ewings, LP, represent the
Official Committee of Unsecured Creditors. As of July 3,
2005, the Debtors reported $620,826,000 in total assets and
$744,757,000 in total debts. (Foamex International Bankruptcy
News, Issue No. 21; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
MERIDIAN AUTOMOTIVE: Incurs $10.7 Million Net Loss in May 2006
--------------------------------------------------------------
Meridian Automotive Systems - Composites
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of May 31, 2006
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $78,824
Intercompany receivable 15,421
Inventories 65,343
Tooling costs in excess of billings and others 31,020
--------
TOTAL CURRENT ASSETS 190,608
--------
Property, plant and equipment, net 221,660
Intangible assets 15,263
Investment in subsidiaries 23,863
Other assets 11,851
--------
TOTAL ASSETS $463,245
========
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Current portion of long term debt $329,796
Accounts payable 47,509
Accrued expenses 43,804
Tooling billings in excess of costs 2,168
--------
TOTAL CURRENT LIABILITIES 423,277
--------
Liabilities subject to compromise 482,929
Non-Current Liabilities Not Subject to Compromise:
Other long-term liabilities 9,016
Accumulated post-retirement benefit obligation 24,041
--------
TOTAL LIABILITIES 939,263
SHAREHOLDERS' EQUITY (476,018)
--------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $463,245
========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operations
May 1 to 31, 2006
(In Thousands)
Net sales $70,463
Cost of sales 65,386
-------
Gross profit 5,077
Selling, general and administrative expenses 2,696
Restructuring charges 2,629
-------
Operating income (loss) (248)
Interest expense, net 8,793
Other (expense) income -
Chapter 11 and related reorganization items 1,735
-------
Loss before provision for income taxes (10,776)
(Benefit) Provision for income taxes 18
-------
NET LOSS ($10,794)
=======
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
May 1 to 31, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($10,794)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization, and impairment 4,305
Change in working capital and other operating
items 25,510
----------
Net cash provided by (used for) operating
activities before reorganization items 19,021
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items 1,735
Payments on Chapter 11 and related reorg items (1,739)
----------
Net cash provided by Chapter 11 and related
reorg items (4)
Net cash provided by (used for) operating
activities 19,017
INVESTING ACTIVITIES:
Additions to property and equipment (1,217)
Proceeds from sale or property and equipment -
----------
Net cash used for investing activities (1,217)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 36,400
Repayments of DIP credit facility (54,200)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized -
----------
Net cash (used for) provided by financing activities ($17,800)
----------
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 US$530 million in total assets
and approximately US$815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 32; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
PERFORMANCE TRANSPORTATION: Files May 2006 Operating Report
-----------------------------------------------------------
The Debtors filed with the Court their Monthly Operating
Statement for the period from May 1, 2006, to May 31, 2006.
The Operating Statements do not include a Balance Sheet or
Statement of Operations. The Debtors, however, disclose a
$1,400,300 operating loss for the period.
A full-text copy of the Debtors' May 2006 Operating Statements
is available for free at
http://researcharchives.com/t/s?d69
Performance Logistics Group, Inc.
In re. Leaseway Motorcar Transport Company, et al.,
U.S. Operations Cash Flow
For the Month Ended May 31, 2006
Book balance:
Opening book balance, 05/01/06 $3,992,454
-----------
Receipts
Customers 36,238,040
Miscellaneous receipts 131,485
-----------
Total receipts 36,369,525
-----------
Disbursements
Payroll, payroll taxes & fringe benefits 15,222,126
Insurance & cargo losses 5,166,841
Fuel 4,514,642
Parts, tires, other operating supplies & expenses 3,437,270
Licenses, permits & tolls 592,004
Tractor, trailer lease payments 43,493
Building, land, service vehicles and other rents 363,687
Interest & bank fee payments 1,947,504
Income, franchise & property taxes 8,188
Misc/DIP Line (Draw) / Repayments 0
Capital expenditures 367,600
Professional Fees 1,068,347
-----------
Total Disbursements 32,731,703
-----------
Closing Book Balance, End of Month $7,630,275
===========
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. 10; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
SILICON GRAPHICS: Cray A/P Files Schedules of Assets and Debts
--------------------------------------------------------------
A. Real Property
B. Personal Property
B.18 Other Liquidated Debts Owing Debtor
Silicon Graphics, Inc. $544,880
TOTAL SCHEDULED ASSETS $544,880
========
C. Property Claimed as Exempt Not applicable
D. Secured Claim -
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims
F.1 Intercompany Liabilities
Silicon Graphics, Inc. $2,935,155
TOTAL SCHEDULED LIABILITIES $2,935,155
==========
Headquartered in Mountain View, California, Silicon Graphics, Inc.
(OTC: SGID) -- http://www.sgi.com/-- offers high-performance
computing. SGI helps customers solve their computing challenges,
whether it's sharing images to aid in brain surgery, finding oil
more efficiently, studying global climate, providing technologies
for homeland security and defense, enabling the transition from
analog to digital broadcasting, or helping enterprises manage
large data. The Debtor and 13 of its affiliates filed for chapter
11 protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990). Gary Holtzer, Esq., and Shai Y. Waisman, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed total assets of $369,416,815 and
total debts of $664,268,602. (Silicon Graphics Bankruptcy News,
Issue No. 9; Bankruptcy Creditors' Service, Inc., 215/945-7000)
SILICON GRAPHICS: Cray Int'l. Files Schedules of Assets and Debts
-----------------------------------------------------------------
A. Real Property -
B. Personal Property
B.2 Bank Accounts
Standard Chartered Bank $27,747
TOTAL SCHEDULED ASSETS $27,747
=======
C. Property Claimed as Exempt Not applicable
D. Secured Claim -
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims
F.1 Intercompany Liabilities
Silicon Graphics, Inc. $160,722
TOTAL SCHEDULED LIABILITIES $160,722
========
Headquartered in Mountain View, California, Silicon Graphics, Inc.
(OTC: SGID) -- http://www.sgi.com/-- offers high-performance
computing. SGI helps customers solve their computing challenges,
whether it's sharing images to aid in brain surgery, finding oil
more efficiently, studying global climate, providing technologies
for homeland security and defense, enabling the transition from
analog to digital broadcasting, or helping enterprises manage
large data. The Debtor and 13 of its affiliates filed for chapter
11 protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990). Gary Holtzer, Esq., and Shai Y. Waisman, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed total assets of $369,416,815 and
total debts of $664,268,602. (Silicon Graphics Bankruptcy News,
Issue No. 9; Bankruptcy Creditors' Service, Inc., 215/945-7000)
SILICON GRAPHICS: Federal Files Schedules of Assets and Debts
-------------------------------------------------------------
A. Real Property -
B. Personal Property
B.2 Bank Accounts
Wells Fargo Bank $314,674
B.16 Accounts Receivable
Trade Accounts Receivable 21,320,001
Non-Trade Accounts Receivable 1,783
B.18 Other Liquidated Debts Owing Debtor
Silicon Graphics, Inc. 333,662,761
Silicon Graphics SA, (France) 22,790
B.23 General Intangibles Undetermined
B.28 Office Equipment
Leasehold Improvements 456,462
B.29 Equipment and Supplies for Business
Security Interest in Lease Residual 669,689
IT Equipment 485,224
TOTAL SCHEDULED ASSETS $356,933,384
============
C. Property Claimed as Exempt Not applicable
D. Secured Claim
D.1 Secured Financing
Ableco Finance LLC $30,091,875
Ableco Finance LLC 2,253,326
D.2 Letters of Credit
The Goldman Sachs Group, Inc. 33,256,234
WXIII/Crittenden Realty A/B LLC 6,000,000
WXIII/Crittenden Realty A/B LLC 4,500,000
HSBC Bank Australia 330,155
E. Unsecured Priority Claims
E.1 Personal and Real Property Tax Liabilities Undetermined
E.2 Income Tax Liabilities Undetermined
E.3 Employee Claims
Rinehart, Verrill 10,000
Stanley, Thomas 10,000
Vieira, Wayne 10,000
Hahn, Brian 3,544
Camp, Steve 2,562
Barreras, Nathan 2,475
Swift, Spencer 2,400
Gall, Daniel 829
Belbot, Norm 246
F. Unsecured Non-priority Claims
F.1 Accounts Payable 2,015,072
see: http://researcharchives.com/t/s?d35
F.2 Intercompany Liabilities
Silicon Graphics, Inc. 388,640,516
F.3 Unsecured Employee Liabilities
Rinehart, Verrill 19,090
Vieira, Wayne 5,710
Stanley, Thomas 4,646
TOTAL SCHEDULED LIABILITIES $467,158,680
============
Headquartered in Mountain View, California, Silicon Graphics, Inc.
(OTC: SGID) -- http://www.sgi.com/-- offers high-performance
computing. SGI helps customers solve their computing challenges,
whether it's sharing images to aid in brain surgery, finding oil
more efficiently, studying global climate, providing technologies
for homeland security and defense, enabling the transition from
analog to digital broadcasting, or helping enterprises manage
large data. The Debtor and 13 of its affiliates filed for chapter
11 protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990). Gary Holtzer, Esq., and Shai Y. Waisman, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed total assets of $369,416,815 and
total debts of $664,268,602. (Silicon Graphics Bankruptcy News,
Issue No. 9; Bankruptcy Creditors' Service, Inc., 215/945-7000)
SILICON GRAPHICS: SG World Files Schedules Of Assets And Debts
--------------------------------------------------------------
A. Real Property -
B. Personal Property
B.2 Bank Accounts
ING Belgium S.A./N.V. $8
B.13 Stock and Interests Undetermined
B.18 Other Liquidated Debts Owing Debtor
Silicon Graphics, Inc. 2,000,000
Silicon Graphics (Pty) Limited 3,576,794
Silicon Graphics AE, (Greece) 188,846
TOTAL SCHEDULED ASSETS $5,765,648
==========
C. Property Claimed as Exempt Not applicable
D. Secured Claim
D.1 Secured Financing
Ableco Finance LLC $30,091,875
Ableco Finance LLC 2,253,326
D.2 Letters of Credit
The Goldman Sachs Group, Inc. 33,256,234
WXIII/Crittenden Realty A/B LLC 6,000,000
WXIII/Crittenden Realty A/B LLC 4,500,000
HSBC Bank Australia 330,155
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims -
TOTAL SCHEDULED LIABILITIES $76,431,590
===========
Headquartered in Mountain View, California, Silicon Graphics, Inc.
(OTC: SGID) -- http://www.sgi.com/-- offers high-performance
computing. SGI helps customers solve their computing challenges,
whether it's sharing images to aid in brain surgery, finding oil
more efficiently, studying global climate, providing technologies
for homeland security and defense, enabling the transition from
analog to digital broadcasting, or helping enterprises manage
large data. The Debtor and 13 of its affiliates filed for chapter
11 protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990). Gary Holtzer, Esq., and Shai Y. Waisman, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed total assets of $369,416,815 and
total debts of $664,268,602. (Silicon Graphics Bankruptcy News,
Issue No. 9; Bankruptcy Creditors' Service, Inc., 215/945-7000)
SILICON GRAPHICS: Nine Debtor-Affiliates File Schedules
-------------------------------------------------------
In their Schedules of Assets and Liabilities, six Debtors
reported zero assets and zero liabilities:
Debtor Case No.
------ --------
Cray Research, LLC 06-10979
Silicon Graphics Real Estate, Inc. 06-10980
Silicon Studio, Inc. 06-10982
Cray Financial Corporation 06-10987
ParaGraph International, Inc. 06-10989
WTI-Development, Inc. 06-10990
Two Debtors reported zero assets and liabilities aggregating:
Debtor Amount
------ ------
Cray Research America Latina Ltd. $5,494
Cray Research Eastern Europe Ltd. $21,886
Cray Research India Ltd. reported zero liabilities, and $135,605
in assets for its disbursement account with Standard Chartered
Bank.
Headquartered in Mountain View, California, Silicon Graphics, Inc.
(OTC: SGID) -- http://www.sgi.com/-- offers high-performance
computing. SGI helps customers solve their computing challenges,
whether it's sharing images to aid in brain surgery, finding oil
more efficiently, studying global climate, providing technologies
for homeland security and defense, enabling the transition from
analog to digital broadcasting, or helping enterprises manage
large data. The Debtor and 13 of its affiliates filed for chapter
11 protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990). Gary Holtzer, Esq., and Shai Y. Waisman, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed total assets of $369,416,815 and
total debts of $664,268,602. (Silicon Graphics Bankruptcy News,
Issue No. 9; Bankruptcy Creditors' Service, Inc., 215/945-7000)
SOLUTIA CORP: Post $3 Million Net Loss in May 2006
--------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated
Financial Position
As of May 31, 2006
Assets
Cash $158,000,000
Trade Receivables, net 181,000,000
Account Receivables-Unconsolidated Subsidiaries 55,000,000
Inventories 181,000,000
Other Current Assets 81,000,000
--------------
Total Current Assets 656,000,000
Property, Plant and Equipment, net 659,000,000
Investment in Affiliates 576,000,000
Intangible Assets, net 100,000,000
Other assets 59,000,000
--------------
TOTAL ASSETS $2,050,000,000
==============
Liabilities and Shareholders' Deficit
Accounts Payable $150,000,000
Short Term Debt 650,000,000
Other Current Liabilities 180,000,000
--------------
Total Current Liabilities 980,000,000
Other Long-Term Liabilities 198,000,000
--------------
Total Liabilities not Subject to Compromise 1,178,000,000
Liabilities Subject to Compromise 2,219,000,000
Shareholders' Deficit (1,347,000,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $2,050,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended May 31, 2006
Total Net Sales $216,000,000
Total Cost of Goods Sold 193,000,000
--------------
Gross Profit 23,000,000
Total MAT Expense 19,000,000
--------------
Operating Income 4,000,000
Equity Earnings from Affiliates 5,000,000
Interest Expense, net (7,000,000)
Other Income, net 1,000,000
Reorganization Items:
Professional fees (5,000,000)
Adjustment to allowed claim amounts (1,000,000)
--------------
(6,000,000)
--------------
Loss Before Taxes (3,000,000)
Income tax expense 0
--------------
NET LOSS ($3,000,000)
==============
Based in St. Louis, Mo., Solutia, Inc. -- http://www.solutia.com/
-- with its subsidiaries, make and sell a variety of high-
performance chemical-based materials used in a broad range of
consumer and industrial applications. The Company filed for
chapter 11 protection on December 17, 2003 (Bankr. S.D.N.Y. Case
No. 03-17949). When the Debtors filed for protection from their
creditors, they listed $2,854,000,000 in assets and $3,223,000,000
in debts. Solutia is represented by Richard M. Cieri, Esq., at
Kirkland & Ellis. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice. (Solutia
Bankruptcy News, Issue No. 64; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
TOWER AUTOMOTIVE: Incurs $7.3 Million Net Loss in May 2006
----------------------------------------------------------
Tower Automotive, Inc., and Subsidiaries
Unaudited Consolidated Balance Sheet
As of May 31, 2006
(In Thousands)
CURRENT ASSETS:
Cash and cash equivalents $53,468
Accounts receivable 179,520
Inventories 69,225
Prepaid tooling and other 30,374
----------
TOTAL CURRENT ASSETS 332,587
----------
Property, plant and equipment, net 521,745
Investment in joint ventures -
Investment in subsidiaries 765,900
Inter-company receivables -
Other assets, net 53,448
----------
TOTAL ASSETS $1,673,680
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current maturities of long-term debt $14,256
Current maturities of DIP borrowings 612,500
Accounts payable 130,253
Accrued liabilities 99,309
----------
TOTAL CURENT LIABILITIES 856,318
----------
Liabilities subject to comprise 1,306,906
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 27,948
----------
TOTAL LIABILITIES 2,275,923
STOCKHOLDERS' DEFICIT (602,243)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,673,680
==========
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Operations
May 1 to 31, 2006
(In Thousands)
Revenues $140,827
Cost of sales 132,962
----------
Gross profit 7,865
Selling, general and administrative expenses 5,568
Restructuring and asset impairment charges, net 1,129
----------
Operating income (loss) 1,168
Interest expense 7,128
Interest income (212)
Intercompany interest (income)/expense (2,187)
Other income (266)
Chapter 11 and related reorganization items 3,674
----------
Income (loss) before provision for income taxes,
equity in earnings of joint ventures, and
minority interest (6,969)
Provision (benefit) for income taxes 364
----------
Income (loss) before equity in earnings (7,333)
Equity in earnings of joint ventures, net of tax 21
----------
NET INCOME/(LOSS) ($7,312)
==========
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Cash Flows
May 1 to 31, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($7,312)
Adjustments required to reconcile net loss to net
Cash provided by (used in) operating activities:
Chapter 11 & related reorganization items, net 724
Restructuring and asset impairment, net -
Depreciation 7,708
Equity in earnings of joint ventures, net (21)
Change in working capital and operating items (1,847)
----------
Net cash used in operating activities (748)
INVESTING ACTIVITIES:
Cash disbursed for purchase of property, plant
and equipment (2,308)
----------
Net cash used for investing activities (2,308)
FINANCING ACTIVITIES:
Proceeds from non-DIP borrowings -
Repayments of non-DIP borrowings (1)
Borrowings from DIP credit facility 38,000
Repayments of borrowings from DIP credit facility (46,500)
----------
Net cash used in financing activities (8,501)
----------
Net change in cash and cash equivalents (11,557)
Cash and Cash Equivalents, beginning of period 65,025
----------
Cash and Cash Equivalents, end of period $53,468
==========
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. In Europe, Tower Automotive holds facilities in
Belgium, France, Germany, Italy, Poland, Slovakia and Spain.
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
US$787,948,000 in total assets and US$1,306,949,000 in total
debts. (Tower Automotive Bankruptcy News, Issue No. 38;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
USG CORP: Files May 2006 Monthly Operating Report
-------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet 31-May-2006
__________________________ ___________
Assets:
Cash and cash equivalents $1,142,065,000
Marketable Securities 136,738,000
Restricted Cash 91,538,000
Receivables 545,917,000
Inventories 302,456,000
Income taxes receivable 5,618,000
Deferred income taxes 34,192,000
Other current assets 138,581,000
--------------
Total current assets 2,396,105,000
Property, plant and equipment, net 1,681,954,000
Deferred income taxes 1,638,039,000
Goodwill 104,877,000
Other assets 413,547,000
--------------
Total Assets $6,235,522,000
==============
Liabilities and Stockholders' Equity:
Accounts payable $297,691,000
Accrued expenses 221,279,000
Taxes on income 200,296,000
--------------
Total current liabilities 719,266,000
Other liabilities 458,580,000
Liabilities subject to compromise 5,853,378,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (208,681,000)
Capital received in excess of par value 150,431,000
Accumulated other comprehensive income/(loss) (19,919,000)
Retained earnings (722,531,000)
--------------
Total stockholders' equity (795,702,000)
--------------
Total Liabilities and Stockholders' Equity $6,235,522,000
==============
USG Corporation, et al. Month Ending
Consolidated Income Statement 31-May-2006
_____________________________ ____________
Net sales $494,592,000
Cost of products sold 379,457,000
Selling and administrative expenses 30,637,000
Chapter 11 reorganization expenses 1,292,000)
Interest expense 24,059,000
Interest income (149,000)
Other (income)/expense, net (208,000)
------------
Earnings (loss) before income taxes $59,504,000
Income taxes (benefit) 25,190,000
------------
Net Earnings (loss) $34,314,000
============
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. The
Debtors emerged from bankruptcy protection on June 20, 2006. (USG
Bankruptcy News, Issue No. 116; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
*********
Monday's edition of the TCR delivers a list of indicative prices
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland, USA. Marie
Therese V. Profetana, Shimero Jainga, Joel Anthony G. Lopez,
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Cherry A. Soriano-Baaclo, Christian Q. Salta, Jason A. Nieva,
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Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9474.
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