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/raid1/www/Hosts/bankrupt/TCR_Public/060729.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 29, 2006, Vol. 10, No. 179 Headlines ADELPHIA COMM: Files June 2006 Monthly Operating Report CALPINE CORP: Posts $110 Million Net Loss in March 2006 COLLINS & AIKMAN: Posts $25.6 Million Net Loss in June 2006 FEDERAL-MOGUL: Posts $18.4 Million Net Loss in June 2006 REFCO INC: Refco LLC Files May 2006 Monthly Operating Report SAINT VINCENTS: Files June 2006 Monthly Operating Report WERNER LADDERS: Posts $5.5 Million Net Loss in June 2006 WERNER LADDERS: DE Posts $658,000 Net Loss in Period Ended June 30 WERNER LADDERS: PA Earns $117,000 in Period Ended June 30 WERNER LADDERS: WIP Tech. Files June 2006 Monthly Operating Report WINN-DIXIE: Files June 2006 Monthly Operating Report ********* ADELPHIA COMM: Files June 2006 Monthly Operating Report ------------------------------------------------------- Adelphia Communications Corporation, et al. Unaudited Consolidated Balance Sheet As of June 30, 2006 (Dollars in thousands) ASSETS Cash and cash equivalents $731,722 Restricted cash 3,893 Accounts receivables - net 105,244 Receivable for securities 7,167 Other current assets 201,107 ----------- Total current assets 1,049,133 Restricted cash 2,751 Investments in equity affiliates 6,194 Property and equipment - net 4,215,300 Intangible assets - net 7,479,648 Other noncurrent assets - net 120,934 ----------- Total Assets $12,873,960 =========== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $114,225 Subscriber advance payments and deposits 34,020 Payable to non-filing entities 1,543 Accrued liabilities 589,975 Deferred income 19,115 Current portion of parent and subsidiary debt 959,431 ----------- Total current liabilities 1,718,309 Other liabilities 32,108 Deferred income 56,149 Deferred income taxes 883,135 ----------- Total noncurrent liabilities 971,392 Liabilities subject to compromise 18,372,813 ----------- Total liabilities 21,062,514 Minority interests in equity of subsidiary 60,201 Stockholders' equity: Series preferred stock 397 Class A and Class B common stock 2,548 Additional paid-in capital 9,516,510 Accumulated other comprehensive income 60 Accumulated deficit (17,740,333) Treasury stock, at cost (27,937) ----------- Total stockholders' equity (8,248,755) ----------- Total liabilities and stockholders' equity $12,873,960 =========== Adelphia Communications Corporation, et al. Unaudited Consolidated Statement of Operations Month Ended June 30, 2006 (Dollars in thousands) Revenue $397,297 Cost and expenses: Direct operating and programming 249,082 Selling, general and administrative 23,898 Investigation, re-audit and sale transaction costs 4,775 Depreciation and amortization 80,400 Impairment of long-lived assets - Provision for uncollectible amounts from Rigases - Gains on dispositions of long-lived assets (157) ----------- Operating income (loss) $39,299 Other income (expense): Interest expense (99,127) Impairment of cost & available for sale investments - Other income (expense) - net (31,707) ----------- Total other expense - net (130,834) ----------- Loss from continuing operations before reorganization (91,535) Reorganization expenses due to bankruptcy (20,327) ----------- Loss from continuing operations before income taxes (111,862) Income tax benefit - Share of losses of equity affiliates - net 324 Minority's interest in subsidiary losses - net 14,221 ----------- Net loss (97,317) Beneficial conversion feature - ----------- Net loss applicable to common stockholders ($97,317) =========== Adelphia Communications Corporation, et al. Unaudited Consolidated Statement of Cash Flows For the Month Ended June 30, 2006 (Dollars in thousands) Cash flows from operating activities: Net loss ($97,317) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 80,400 Impairment of long-lived assets - Provision for uncollectible amounts from Rigases 2,863 Gains on disposition of long-lived assets (157) Amortization of debt issuance costs 225 Impairment of cost & available for sale investments - Provision for loss contingencies 30,000 Reorganization expenses due to bankruptcy 20,327 Deferred tax expense (benefit) - Share in losses of equity affiliates - net (324) Minority interest in losses of subsidiaries (14,221) Other noncash gains (384) Depreciation, amortization and other non-cash items from discontinued operations - Change in operating assets & liabilities (33,020) ----------- Net cash provided by operating activities before payment of reorganization expenses ($11,608) Reorganization expenses paid during the period (10,340) ----------- Net cash provided by (used in) operating activities (21,948) Cash flows from investing activities: Expenditures for property, plant and equipment (37,881) Changes in restricted cash 262,480 Proceeds from sale of investments - Other (411) ----------- Net cash used in investing activities 224,188 Cash flows from financing activities: Proceeds from debt 16,000 Repayments of debt (7,929) Payment of debt issuance costs - ----------- Net cash provided by financing activities 8,071 Change in cash and cash equivalents cash 210,311 Cash, beginning of period 521,411 ----------- Cash, end of period $731,722 =========== About Adelphia Communications Based in Coudersport, Pa., Adelphia Communications Corporation (OTC: ADELQ) -- http://www.adelphia.com/-- is the fifth-largest cable television company in the country. Adelphia serves customers in 30 states and Puerto Rico, and offers analog and digital video services, high-speed Internet access and other advanced services over its broadband networks. The Company and its more than 200 affiliates filed for Chapter 11 protection in the Southern District of New York on June 25, 2002. Those cases are jointly administered under case number 02-41729. Willkie Farr & Gallagher represents the ACOM Debtors. PricewaterhouseCoopers serves as the Debtors' financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP represent the Official Committee of Unsecured Creditors. Adelphia Cablevision Associates of Radnor, L.P., and 20 of its affiliates, collectively known as Rigas Manged Entities, are entities that were previously held or controlled by members of the Rigas family. In March 2006, the rights and titles to these entities were transferred to certain subsidiaries of Adelphia Cablevision, LLC. The RME Debtors filed for chapter 11 protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622 through 06- 10642). Their cases are jointly adminsitered under Adelphia Communications and its debtor-affiliates chapter 11 cases. (Adelphia Bankruptcy News, Issue No. 143; Bankruptcy Creditors' Service, Inc., 215/945-7000) CALPINE CORP: Posts $110 Million Net Loss in March 2006 ------------------------------------------------------- Calpine Corporation Condensed Consolidating Balance Sheet As of March 31, 2006 ASSETS Current assets: Cash & cash equivalents $1,361,523,000 Accounts receivable, net 848,681,000 Margin deposits & other prepaid expense 298,096,000 Inventories 150,044,000 Restricted cash 764,214,000 Current derivative assets 297,860,000 Current assets held for sale 39,542,000 Other current assets 65,757,000 --------------- Total current assets 3,825,717,000 Restricted cash, net of current portion 207,280,000 Notes receivable, net of current portion 161,151,000 Project development costs 24,247,000 Deferred financing costs 197,083,000 Prepaid lease, net of current portion 351,909,000 Property, plant & equipment, net 14,460,435,000 Goodwill 45,160,000 Other intangible assets, net 53,199,000 Long-term derivative assets 528,799,000 Other assets 607,311,000 --------------- Total assets $20,546,729,000 =============== LIABILITIES & STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $521,491,000 Accrued payroll and related expense 40,872,000 Accrued interest payable 185,759,000 Income taxes payable 99,073,000 Notes payable & other borrowings 193,049,000 Preferred interests 8,877,000 Capital lease obligations 284,932,000 CCFC financing 782,991,000 CalGen financing 2,508,800,000 Construction/project financing 2,195,523,000 Senior notes and term loans 641,777,000 DIP Facility 3,500,000 Current derivative liabilities 454,330,000 Other current liabilities 292,605,000 --------------- Total current liabilities 8,213,579,000 Notes payable and other borrowings 468,864,000 Preferred interests 579,519,000 Capital lease obligations 505,000 Construction/project financing 173,581,000 DIP Facility 995,625,000 Deferred income taxes 371,433,000 Deferred revenue 133,899,000 Long-term derivative liabilities 714,267,000 Other liabilities 158,197,000 --------------- Total liabilities not subject to compromise 11,809,469,000 Liabilities subject to compromise 14,527,162,000 Minority interests 274,074,000 Stockholders' equity (deficit): Common stock 569,000 Additional paid-in capital 3,266,890,000 Additional paid-in capital, loaned shares 258,100,000 Additional paid-in capital, returnable shares (258,100,000) Accumulated deficit (9,202,603,000) Accumulated other comprehensive loss (128,832,000) --------------- Total stockholders' deficit (6,063,976,000) --------------- Total liabilities & stockholders' deficit $20,546,729,000 =============== Calpine Corporation Condensed Consolidating Statement of Operations For period ending March 31, 2006 Revenue: Electricity and steam revenue $342,886,000 Transmission sales revenue 719,000 Sales of purchased power & gas for hedging and optimization 54,953,000 Mark-to-market activities, net 7,318,000 Other revenue 9,566,000 --------------- Total revenue 415,442,000 Cost of revenue: Plant operating expense 55,681,000 Royalty expense 1,793,000 Transmission purchase expense 7,633,000 Purchased power and gas for hedging and optimization 38,251,000 Fuel expense 200,324,000 Depreciation & amortization expense 28,907,000 Operating plant impairments 49,653,000 Other cost of revenue 8,803,000 --------------- Total cost of revenue 397,591,000 --------------- Gross profit 17,851,000 (Income) from unconsolidated investments (2,939,000) Equipment, development project & other impairments 5,758,000 Project development expense 1,980,000 Research and development expense 1,488,000 Sales, general and administrative expense 29,839,000 --------------- Income (loss) from operations (18,275,000) Interest expense 105,019,000 Interest (income) (6,102,000) Minority interest expense 490,000 Other (income) expense, net (6,400,000) --------------- Loss before organization items, benefit for income taxes and cumulative effect of a change in accounting principle (111,282,000) Reorganization items 2,159,000 --------------- Loss before benefit for income taxes and cumulative effect of a change in accounting principle (113,441,000) Provision (benefit) for income taxes (3,625,000) Loss before cumulative effect of a change in accounting principle (109,816,000) Cumulative effect of a change in accounting principle, net of tax provision (312,000) --------------- Net loss ($110,128,000) About Calpine Corp. 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. 22; Bankruptcy Creditors' Service, Inc., 215/945-7000) COLLINS & AIKMAN: Posts $25.6 Million Net Loss in June 2006 ----------------------------------------------------------- Collins & Aikman Corporation Balance Sheet As of June 30, 2006 ASSETS Cash $98,336,943 Accounts receivable-trade, net 150,938,476 Other non-trade receivables 5,846,505 Inventories, net 93,194,676 Tooling and molding, net-current 50,511,285 Prepaids & other current assets 57,098,576 Deferred tax assets-current (87,825) --------------- TOTAL CURRENT ASSETS 455,838,636 Investments in subsidiaries 2,534,708,519 Fixed assets, net 307,359,412 Goodwill, net 978,554,071 Deferred tax assets-long term 25,938,826 Tooling and molding, net-long term 7,662,679 Other noncurrent assets 89,036,082 Intercompany accounts - net 128,079,899 Prepetition intercompany - net 694,574,567 --------------- TOTAL ASSETS $5,221,752,692 =============== LIABILITIES & EQUITY Notes payable $0 Short term borrowings 0 Advance on receivables 0 Current portion-long term debt 245,450,028 Current portion-capital leases 0 Accounts payable 38,330,069 Accrued interest payable 7,749,884 Accrued & other liabilities 102,860,811 Income taxes payable (6,139,618) --------------- TOTAL CURRENT LIABILITIES 388,251,174 Liabilities subject to compromise 2,386,486,645 --------------- Total liabilities 2,774,737,819 Total equity 2,447,017,873 --------------- TOTAL LIABILITIES & EQUITY $5,221,752,692 =============== Collins & Aikman Corporation Income Statement Month Ending June 30, 2006 Net outside sales $155,134,802 I/C Net sales 17,148,782 --------------- Total sales 172,283,584 Cost of goods sold 165,781,004 --------------- Gross profit 6,502,580 Selling, general & administrative expenses 29,839,744 --------------- Operating income (23,337,164) Interest expenses 9,208,053 Intercompany interest, net (2,958,546) Preferred stock accretion 0 Miscellaneous (income)/expense 0 Corporate allocation adjustment (3,721,799) Commission income (266,377) Commission expense 0 Royalty income (638,741) 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 565,373 Amort of discount on NPV of liabilities 0 (Gain)/Loss on sale-leaseback transaction 0 --------------- Income from continuing operations before taxes (25,525,126) Federal income tax 0 State income tax 0 Foreign income tax 35,517 --------------- Income from continuing operations (25,560,643) Discontinued operations 110,035 Gain/Loss on sale of divisions 0 Extraordinary items 0 Integration 0 --------------- NET INCOME (LOSS) ($25,670,678) =============== About Collins & Aikman 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. 35; Bankruptcy Creditors' Service, Inc., 215/945-7000) FEDERAL-MOGUL: Posts $18.4 Million Net Loss in June 2006 -------------------------------------------------------- Federal-Mogul Global, Inc., et al. Unaudited Balance Sheet As of June 30, 2006 (In millions) Assets Cash and equivalents $812.7 Accounts receivable 616.1 Inventories 453.1 Deferred taxes 96.1 Prepaid expenses and other current assets 94.1 ---------- Total current assets 2,072.1 Summary of Unpaid Postpetition Debits (83.8) Intercompany Loans Receivable (Payable) 2,188.6 ---------- Intercompany Balances 2,104.7 Property, plant and equipment 851.1 Goodwill 947.2 Other intangible assets 408.1 Insurance recoverable 809.8 Other non-current assets 911.0 ---------- Total Assets $8,104.0 ========== Liabilities and Shareholders' Equity Short-term debt $537.0 Accounts payable 237.6 Accrued compensation 63.2 Restructuring and rationalization reserves 16.5 Current portion of asbestos liability - Interest payable 4.8 Other accrued liabilities 265.0 ---------- Total current liabilities 1,124.1 Long-term debt - Post-employment benefits 1,956.5 Other accrued liabilities 800.7 Liabilities subject to compromise 6,007.3 Shareholders' equity: Preferred stock 1,050.6 Common stock 565.8 Additional paid-in capital 8,062.1 Accumulated deficit (10,304.8) Accumulated other comprehensive income (1,158.2) Other - ---------- Total Shareholders' Equity (1,784.5) ---------- Total Liabilities and Shareholders' Equity $8,104.0 ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Operations For the Month Ended June 30, 2006 (In millions) Net sales $276.0 Cost of products sold 226.2 ---------- Gross margin 49.8 Selling, general & administrative expenses (52.8) Amortization (1.2) Reorganization items (9.3) Interest expense, net (14.9) Other income, net 9.9 ---------- Earnings before Income Taxes (18.4) Income Tax (Expense) Benefit 0.0 ---------- Earnings before effect of change in acctg. principle (18.4) Cumulative effect of change in acctg. principle - ---------- Net Loss ($18.4) ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Cash Flows For the month ended June 30, 2006 (In millions) Cash Provided From (Used By) Operating Activities: Net loss ($18.4) Adjustments to reconcile net earnings (loss) to net cash: Depreciation and amortization 13.3 Adjustments of assets held for sale to fair value (3.2) Asbestos Charge - Summary of unpaid postpetition debits - Cumulative effect of change in acctg. principle - Change in post-employment benefits (6.3) Decrease/(increase) in accounts receivable 3.6 Decrease/(increase) in inventories (3.9) Increase/(decrease) in accounts payable (4.6) Change in other assets and other liabilities 36.3 Change in restructuring charge 0.7 Refunds (payments) against asbestos liability - ---------- Net Cash Provided From Operating Activities 17.6 Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (4.8) Proceeds from sale of property, plant & equipment - Proceeds from sale of businesses - Business acquisitions, net of cash acquired - Other - ---------- Net Cash Used by Investing Activities (4.8) Cash Provided From (Used By) Financing Activities: Decrease in debt (11.1) Sale of accounts receivable under securitization - Dividends - Other (17.5) ---------- Net Cash Provided From Financing Activities (28.7) Decrease in Cash and Equivalents (15.8) Cash and equivalents at beginning of period 828.5 ---------- Cash and equivalents at end of period $812.7 ========== About Federal-Mogul Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is one of the world's largest automotive parts companies with worldwide revenue of some $6 billion. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $10.15 billion in assets and $8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. (Federal-Mogul Bankruptcy News, Issue No. 111; Bankruptcy Creditors' Service, Inc., 215/945-7000) REFCO INC: Refco LLC Files May 2006 Monthly Operating Report ------------------------------------------------------------ Albert Togut, Refco, LLC's Chapter 7 Trustee, filed with the Bankruptcy Court a monthly statement of cash receipts and disbursements for the period from May 1 to 31, 2006. The Chapter 7 Trustee reports that Refco LLC's beginning balance for the period totals $768,637,000. Refco LLC's beginning purchase price account balance totals $62,882,000 and its beginning capital account "A" balance totals $705,755,000. The purchase price account includes activity related to Man Financial sale proceeds and related disbursements. Capital account "A" includes activity related to collection of excess capital. Refco LLC received $7,7276,000 in cash and disbursed $1,692,000. The Debtor held $774,221,000 at the end of the period. Refco LLC reimbursed Refco Capital LLC for $35,000 in gross payroll costs allocated to the Chapter 7 Debtor's estate for time spent by employees of other Refco, Inc. entities. The Chapter 7 Trustee prepared the Statement of Receipts and Disbursements in lieu of comprehensive financial statements. A full-text copy of Refco LLC's May 2006 Monthly Statement is available at no charge at: http://researcharchives.com/t/s?e7d About Refco Inc. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. Refco LLC, an affiliate, filed for chapter 7 protection on Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is a regulated commodity futures company that has businesses in the United States, London, Asia and Canada. Refco, LLC, filed for bankruptcy protection in order to consummate the sale of substantially all of its assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc. Albert Togut, the chapter 7 trustee, is represented by Togut, Segal & Segal LLP. On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner is represented by Bingham McCutchen LLP. RCM is Refco's operating subsidiary based in Bermuda. Three more affiliates of Refco, Westminster-Refco Management LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through 06-11262). (Refco Bankruptcy News, Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945- 7000). SAINT VINCENTS: Files June 2006 Monthly Operating Report -------------------------------------------------------- SVCMC Debtors Unaudited Consolidated Balance Sheet As of June 30, 2006 ASSETS Cash & Cash Equivalents $35,795,121 Investments - Patients Accounts Receivable, less allowance for doubtful accounts 161,944,813 Accounts Receivable 31,192,805 Other Current Assets 74,934,220 -------------- Total Current Assets 303,866,959 Depreciation Reserve Funds & Collaterized Assets 15,406,148 Assets Designated for Self-Insurance Investments at Market 45,122,751 Assets whose use is limited - Investments at Market 55,086,169 Other Non-Current Assets 16,982,049 Land, Buildings & Equipment, net of Accumulated Depreciation 271,678,107 -------------- Total Assets $708,142,183 ============== LIABILITIES AND NET ASSETS Liabilities Subject to Compromise: HFG Loan - Accounts Payable & Accrued Expenses 234,975,020 Estimated Retroactive Payables to Third Parties, net 78,827,935 Long-term Debt 127,639,664 Long-term Debt, excluding current installments - Estimated Liability for Self-Insurance 265,202,044 -------------- Total Liabilities Subject to Compromise 706,644,663 Liabilities Not Subject to Compromise: Accrued Salaries & Payroll Taxes Withheld 45,672,961 Accounts Payables & Accrued Expenses 99,663,530 Long-term Debt (GE) 169,000,000 -------------- Total Liabilities 1,020,981,154 Net Assets: Unrestricted (372,824,076) Temporarily Restricted 35,383,428 Permanently Restricted 24,601,677 -------------- Total Net Assets (312,838,971) -------------- Total Liabilities & Net Assets $708,142,183 ============== SVCMC Debtors Unaudited Consolidated Income Statement From June 1 to June 30, 2006 Operating Revenue Inpatient $62,103,201 Outpatient 31,243,261 -------------- Patient Service Revenue 93,346,462 -------------- Less Provision for Bad Debt 6,169,554 -------------- Net Patient Service Revenue 87,176,908 -------------- Pool Revenue 3,863,271 Capitation 7,954,630 Other 10,052,273 -------------- Total Operating Revenue 109,047,082 Operating Expenses: Salaries and Wages 47,635,240 Fringe Benefits 13,817,597 Supplies and Other 35,640,491 Insurance 4,326,739 -------------- Total Direct Operating Costs 101,420,067 Salaries and Wages 2,587,050 Fringe Benefits 750,605 Supplies and Other 6,382,939 -------------- Total Corporate Allocated 9,720,594 -------------- Total Operating Expense 111,140,661 -------------- Interest 1,399,592 Depreciation 3,601,535 -------------- Operating Gain (Loss) Before Non-Recurring and/or Unusual Items (7,094,706) Non-Recurring and/or Unusual Items: Discontinued Operations (St. Mary's) - St. Mary's Op Pac Rate Adjustment - ZBEC/HFE Recoveries - Restructuring & Bankruptcy Related Costs (2,430,385) Estimated Close-out of St. Mary's - Hanys Investment Income (SFS INS) - Prior Period Ambulance Revenue - Transfer of Equity Foundation - -------------- Total Non-Recurring and/or Unusual Items (2,430,385) -------------- Operating Gain (Loss) After Non-Recurring and/or Unusual Items (9,525,091) -------------- Non-Operating Revenue 97,370 Change in Temporary Restricted Net Assets (83,556) -------------- Change in Net Assets (9,511,277) -------------- EBITDA ($2,093,579) ============== SVCMC Debtors Unaudited Statement of Cash Flows From June 1 to June 30, 2006 Cash Flows from Operation Activities: Changes in Net Assets ($9,511,277) Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by Operating Activities: Depreciation & Amortization 3,601,535 Gain on Refinancing - Change in Unrealized Gains & Losses 97,525 Change in Patient's Accounts Receivable (4,698,111) Change in Accounts Receivables, Other 1,008,728 Change in Prepaid Expenses & Other (6,908,203) Change in Other Non-Current Assets 72,895 Change in Accounts Payable & Accrued Exp-Prepetition - Change in Accounts Payable & Accrued Exp-Postpetition 8,047,799 Change in Accrued Salaries & P/R Taxes (5,814,381) Change in Est. Retro rec/pay from/to third parties 7,738,471 Change in Est. Liability for self-insurance - Change in Other Non-Current Liabilities 2,290,012 -------------- Net Cash Provided by Operating Activities ($4,075,007) Cash flows From Investment Activities: Sale of Investments, Net 65,074 Sale of Assets Whose Use is Limited (268,165) Acquisition/Sale of Land, Building, & Equipment (1,984,327) -------------- Net Cash Provided by Investing Activities (2,187,418) Cash flows From Financing Activities: Proceeds/Repayment From/of Working Capital Loa - Proceed from issuance of Long-term debt - Repayment of Long-term debt (272,788) -------------- Net Cash (Used) in Financing Activities (272,788) Net Increase (Decrease) in Cash & Cash Equivalents (6,535,213) Cash & Cash Equivalents at Beginning of Month 42,330,334 -------------- Cash & Cash Equivalents at End of the Month $35,795,121 ============== About Saint Vincents Headquartered in New York, New York, Saint Vincents Catholic Medical Centers of New York -- http://www.svcmc.org/-- the largest Catholic healthcare providers in New York State, operate hospitals, health centers, nursing homes and a home health agency. The hospital group consists of seven hospitals located throughout Brooklyn, Queens, Manhattan, and Staten Island, along with four nursing homes and a home health care agency. The Company and six of its affiliates filed for chapter 11 protection on July 5, 2005 (Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will & Emery, LLP, filed the Debtors' chapter 11 cases. On Sept. 12, 2005, John J. Rapisardi, Esq., at Weil, Gotshal & Manges LLP took over representing the Debtors in their restructuring efforts. Martin G. Bunin, Esq., at Thelen Reid & Priest LLP, represents the Official Committee of Unsecured Creditors. As of Apr. 30, 2005, the Debtors listed $972 million in total assets and $1 billion in total debts. (Saint Vincent Bankruptcy News, Issue No. 30 Bankruptcy Creditors' Service, Inc., 215/945-7000) WERNER LADDERS: Posts $5.5 Million Net Loss in June 2006 -------------------------------------------------------- Werner Co. Balance Sheet As of June 30, 2006 ASSETS Current Assets: Cash and cash equivalents $29,919,000 Gross accounts receivable 72,226,000 Less Allowance for doubtful accounts 2,600,000 ------------ Receivables, net 69,626,000 Income taxes receivable 4,107,000 Inventories, net 63,144,000 Prepaid insurance and other 13,743,000 ------------ Total current assets 180,539,000 Property, plant & equipment, net 77,016,000 Other assets: Deferred financing fees, net 76,000 Investment in subsidiaries and other noncurrent assets 14,001,000 ------------ Total other assets 14,077,000 ------------ TOTAL ASSETS $271,632,000 ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $12,575,000 Accrued liabilities 21,800,000 Intercompany payable (receivables) 76,010,000 Current maturities of long-term debt 1,916,000 ------------ Total current liabilities 112,301,000 Long-Term Liabilities: Revolving Line of Credit - Long-term debt 20,138,000 Reserve for product liability and - workers' compensation claims - Other long-term obligations 24,904,000 Liabilities subject to compromise 326,982,000 ------------ Total Liabilities [484,325,000] Shareholders' deficit: Common stock - Additional paid-in-capital 13,371,000 Retained earnings (deficit) (212,436,000) Accumulated other comprehensive income (loss) (13,628,000) ------------ Total Shareholders Deficit (212,693,000) ------------ TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $271,632,000 ============ Werner Co. Statement of Operations June 12 to 30, 2006 Gross Sales $23,885,000 Add/Deduct sales adjustments: Freight invoiced to customer (257,000) Sales incentive 1,660,000 Cash discounts and returns 280,000 ------------ Net sales 22,202,000 Cost of sales: Cost of sales at standard 15,304,000 Variances from standard (147,000) Aluminum variances 927,000 Product liability expenses 535,000 ------------ Total cost of sales 16,619,000 Gross profit 5,583,000 Operating expenses: Freight to customer expenses 996,000 Warehouse and shipping expenses 1,932,000 Optimization/restructuring costs 128,000 Selling expenses: Advertising allowances 721,000 Other selling expenses 1,042,000 Administrative expenses 2,428,000 ------------ Total operating expenses 7,247,000 ------------ Operating profit (loss) (1,664,000) Other income (expense) (2,920,000) AR Facility (expenses) (1,266,000) ------------ Loss before interest and taxes (5,850,000) Interest expense 29,000 ------------ Loss before income taxes (5,879,000) Provision for income taxes (306,000) ------------ Net Income (Loss) ($5,573,000) ============ Werner Co. Statement of Cash Flows June 12 to 30, 2006 Cash Flows from Operating Activities: Net income (loss) ($5,573,000) Reconciliation of net income to net cash provided by operating activities: Depreciation 571,000 Amortization of deferred financing fees 10,000 Amortization of deferred costs 232,000 Provision for losses on account receivables 32,000 Provision for insurance claims 499,000 Payment of insurance claims (150,000) Changes in operating assets and liabilities: Accounts receivable (1,197,000) Net borrowings under AR Facility terminated in June 2006 (42,046,000) Income taxes receivable (306,000) Inventories (469,000) Accounts payable (856,000) Noncash intercompany transactions 3,276,000 Other assets and liabilities, net (1,836,000) ------------ Net cash used by operating activities (47,813,000) Cash Flows From Investing Activities: Capital expenditures, net (595,000) ------------ Net cash used in investing activities (595,000) Cash Flows From Financing Activities: Proceeds on issued of long-term debt 75,000,000 Capital lease payments (29,000) Debt issuance costs (1,575,000) ------------ Net cash provided by financing activities 73,396,000 ------------ Net increase in cash and equivalents 24,988,000 Cash and equivalents at June 11, 2006 4,931,000 ------------ Cash and equivalents at June 30, 2006 $29,919,000 ============ About Werner Ladder Headquartered in Greenville, Pennsylvania, Werner Co. -- http://www.wernerladder.com/-- manufactures and distributes ladders, climbing equipment and ladder accessories. The company and three of its affiliates filed for chapter 11 protection on June 12, 2006 (Bankr. D. Del. Case No. 06-10578). Kara Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and Robert S. Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP, serves as the Debtors' counsel. The firm of Willkie Farr & Gallagher LLP represents the Debtors as its co-counsel. The Debtors have retained Rothschild Inc. as their financial advisor and investment banker. At March 31, 2006, the Debtors reported total assets of $201,042,000 and total debts of $473,447,000. (Werner Ladder Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000) WERNER LADDERS: DE Posts $658,000 Net Loss in Period Ended June 30 ------------------------------------------------------------------ Werner Holding Co. (DE), Inc. Balance Sheet As of June 30, 2006 ASSETS Current Assets: Cash and cash equivalents $3,000 Intercompany receivables, net 306,270,000 Other current assets 213,000 ------------ Total current assets 306,486,000 Property, Plant & Equipment, Net - Other assets: Deferred financing fees, net 10,601,000 Other noncurrent assets 1,000 Investment in subsidiaries (199,487,000) ------------ Total other assets (188,885,000) ------------ TOTAL ASSETS $117,601,000 ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accrued interest $24,000 Income taxes payable 432,000 Revolving line of credit -- Senior Secured First Lien Facility 22,000,000 Current maturities of long-term debt 179,913,000 ------------ Total current liabilities 202,369,000 Long-term obligations Long-term debt -- DIP financing 75,000,000 Liabilities subject to compromise 146,833,000 ------------ Total Liabilities 424,202,000 Shareholders' deficit: Common stock - Additional paid-in-capital 2,650,000 Retained earnings (deficit) (309,251,000) ------------ Total Shareholders Deficit (306,601,000) ------------ TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $117,601,000 ============ Werner Holding Co. (DE), Inc. Statement of Operations June 12 to 30, 2006 Net sales - Cost of sales - ------------ Gross profit - General Administrative Expenses - ------------ Operating profit (loss) - Other income (expense), net ($85,000) ------------ Loss before interest and taxes (85,000) Interest expense (2,075,000) Interco Interest (Expense) Income 1,502,000 ------------ Income (Loss) Before Taxes (658,000) Income Tax (Benefit) - ------------ Net Income (Loss) ($658,000) ============ Werner Holding Co. (DE), Inc. Statement of Cash Flows June 12 to 30, 2006 Cash Flows from Operating Activities: Net income (loss) ($658,000) Noncash intercompany transactions (1,501,000) Amortization of deferred financing fees 218,000 Interest & fees of 1st & 2nd Lien debt unpaid 1,436,000 Other operating activities, net 505,000 ------------ Net cash used by operating activities - Cash Flows From Investing Activities: Investing activities, net - ------------ Net cash used in investing activities - Cash Flows From Financing Activities: Repayments of long-term debt - Payment of deferred financing fees - Other financing activities, net - ------------ Net cash provided by financing activities - ------------ Net increase in cash and equivalents - Cash and equivalents at June 12, 2006 3,000 ------------ Cash and equivalents at June 30, 2006 $3,000 ============ About Werner Ladder Headquartered in Greenville, Pennsylvania, Werner Co. -- http://www.wernerladder.com/-- manufactures and distributes ladders, climbing equipment and ladder accessories. The company and three of its affiliates filed for chapter 11 protection on June 12, 2006 (Bankr. D. Del. Case No. 06-10578). Kara Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and Robert S. Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP, serves as the Debtors' counsel. The firm of Willkie Farr & Gallagher LLP represents the Debtors as its co-counsel. The Debtors have retained Rothschild Inc. as their financial advisor and investment banker. At March 31, 2006, the Debtors reported total assets of $201,042,000 and total debts of $473,447,000. (Werner Ladder Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000) WERNER LADDERS: PA Earns $117,000 in Period Ended June 30 --------------------------------------------------------- Werner Holding Co. (PA), Inc. Balance Sheet As of June 30, 2006 ASSETS Current Assets: Cash and cash equivalents - Intercompany receivables, net $20,109,000 Income taxes receivable 528,000 Other current assets 37,000 ------------ Total current assets 20,674,000 Property, Plant & Equipment, Net - Other assets: Investment in subsidiaries (negative) (308,943,000) ------------ Total other assets (308,943,000) ------------ TOTAL ASSETS ($288,269,000) ============ LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Current liabilities - Noncurrent liabilities - ------------ Total Liabilities - Preferred stock 98,444,000 Shareholders' Deficit: Common stock 1,000 Additional paid-in-capital 19,695,000 Retained earnings (deficit) (406,203,000) N/R arising from stock loan plan (206,000) ------------ Total Shareholders Deficit (386,713,000) ------------ TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT ($288,269,000) ============ Werner Holding Co. (PA), Inc. Statement of Operations June 12 to 30, 2006 Net sales - Cost of sales - ------------ Gross profit - General Administrative Expenses - ------------ Operating profit (loss) - Other income (expense), net - ------------ Loss before interest and taxes - Interest expense - Interco interest (expense) income $117,000 ------------ Income (loss) before taxes 117,000 Income tax (benefit) - ------------ Net Income (Loss) $117,000 ============ Werner Holding Co. (PA), Inc. Statement of Cash Flows June 12 to 30, 2006 Cash Flows from Operating Activities: Net income (loss) $117,000 Noncash intercompany transactions (117,000) Other operating activities, net - ------------ Net cash used by operating activities - Cash Flows From Investing Activities: Investing activities, net - ------------ Net cash used in investing activities - Cash Flows From Financing Activities: Other financing activities, net - ------------ Net cash provided by financing activities - ------------ Net increase in cash and equivalents - Cash and equivalents at June 12, 2006 4,000 ------------ Cash and equivalents at June 30, 2006 $4,000 ============ About Werner Ladder Headquartered in Greenville, Pennsylvania, Werner Co. -- http://www.wernerladder.com/-- manufactures and distributes ladders, climbing equipment and ladder accessories. The company and three of its affiliates filed for chapter 11 protection on June 12, 2006 (Bankr. D. Del. Case No. 06-10578). Kara Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and Robert S. Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP, serves as the Debtors' counsel. The firm of Willkie Farr & Gallagher LLP represents the Debtors as its co-counsel. The Debtors have retained Rothschild Inc. as their financial advisor and investment banker. At March 31, 2006, the Debtors reported total assets of $201,042,000 and total debts of $473,447,000. (Werner Ladder Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000) WERNER LADDERS: WIP Tech. Files June 2006 Monthly Operating Report ------------------------------------------------------------------ WIP Technologies, Inc. Balance Sheet As of June 30, 2006 ASSETS Current Assets: Cash and cash equivalents $4,000 Intercompany receivables, net 9,156,000 ------------ Total current assets 9,160,000 Property, Plant & Equipment, Net - ------------ TOTAL ASSETS $9,160,000 ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Income taxes payable $1,483,000 ------------ Total Liabilities 1,483,000 Shareholders' Deficit: Common stock - Additional paid-in-capital 1,000 Retained earnings (deficit) 7,676,000 ------------ Total Shareholders Deficit 7,677,000 ------------ TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $9,160,000 ============ WIP Technologies, Inc. Statement of Operations June 12 to 30, 2006 Net sales $1,332,000 Cost of sales - ------------ Gross profit 1,332,000 General Administrative Expenses - ------------ Operating profit (loss) 1,332,000 Other income (expense), net - ------------ Loss before interest and taxes 1,332,000 Interest expense - Interco interest (expense) income 48,000 ------------ Income (loss) before taxes 1,380,000 Income tax (benefit) - ------------ Net Income (Loss) $1,380,000 ============ WIP Technologies, Inc. Statement of Cash Flows June 12 to 30, 2006 Cash Flows from Operating Activities: Net income (loss) $1,380,000 Noncash intercompany transactions (1,380,000) Other operating activities, net - ------------ Net cash used by operating activities - Cash Flows From Investing Activities: Investing activities, net - ------------ Net cash used in investing activities - Cash Flows From Financing Activities: Other financing activities, net - ------------ Net cash provided by financing activities - ------------ Net increase in cash and equivalents - Cash and equivalents at June 12, 2006 4,000 ------------ Cash and equivalents at June 30, 2006 $4,000 ============ About Werner Ladder Headquartered in Greenville, Pennsylvania, Werner Co. -- http://www.wernerladder.com/-- manufactures and distributes ladders, climbing equipment and ladder accessories. The company and three of its affiliates filed for chapter 11 protection on June 12, 2006 (Bankr. D. Del. Case No. 06-10578). Kara Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and Robert S. Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP, serves as the Debtors' counsel. The firm of Willkie Farr & Gallagher LLP represents the Debtors as its co-counsel. The Debtors have retained Rothschild Inc. as their financial advisor and investment banker. At March 31, 2006, the Debtors reported total assets of $201,042,000 and total debts of $473,447,000. (Werner Ladder Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000) WINN-DIXIE: Files June 2006 Monthly Operating Report ---------------------------------------------------- Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Balance Sheet At June 28, 2006 (In Thousands) Assets Current Assets: Cash and cash equivalents $187,514 Marketable securities 14,308 Trade and other receivables, net 148,384 Insurance claims receivable 45,547 Income tax receivable 30,382 Merchandise inventories, net 473,808 Prepaid expenses and other current assets 31,064 Assets held for sale 41,939 ---------- Total current assets 972,946 Property, plant and equipment, net 499,965 Other assets, net 104,953 ---------- Total assets $1,577,864 ========== Liabilities and Shareholders' Deficit Current liabilities: Current borrowings under DIP Credit facility $40,000 Current portion of long-term debt 232 Current obligations under capital leases 3,661 Accounts payable 238,778 Reserve for self-insurance liabilities 87,633 Accrued wages and salaries 75,730 Accrued rent 36,576 Accrued expenses 103,566 Liabilities related to assets held for sale 8,777 ---------- Total current liabilities 594,953 Reserve for self-insurance liabilities 144,243 Long-term debt 164 Obligations under capital leases 3,696 Other liabilities 15,599 ---------- Total liabilities not subject to compromise 758,655 Liabilities subject to compromise 1,122,836 ---------- Total liabilities 1,881,491 Shareholders' deficit: Common stock 141,858 Additional paid-in capital 35,214 Accumulated deficit (447,019) Accumulated other comprehensive loss (33,680) ---------- Total shareholders' deficit (303,627) ---------- Total liabilities and shareholders' deficit $1,577,864 ========== Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Statement of Operations Four Weeks Ended June 28, 2006 (In Thousands) Net sales $542,769 Cost of sales 395,772 ---------- Gross profit on sales 146,997 Other operating and administrative expenses 164,116 Restructuring gains (40,023) ---------- Operating loss 22,904 Interest expense, net 81 ---------- Loss before reorganization items and income taxes 22,823 Reorganization items, net expense 4,702 Income tax expense - ---------- Net earnings from continuing operations 18,121 Discontinued operations: Loss from discontinued operations (14) Gain on disposal of discontinued operations 5,481 Income tax expense - ---------- Net earnings from discontinued operations 5,467 ---------- Net earnings $23,588 ========== Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Statement of Cash Flows Four Weeks Ended June 28, 2006 (In Thousands) Cash flows from operating activities Net earnings $23,588 Adjustment to reconcile net loss to net cash provided by operating activities: Gain on sales of assets, net (41,837) Reorganization items, net 4,702 Depreciation and amortization 8,598 Stock compensation plans 544 Change in operating assets and liabilities: Trade and other receivables (4,499) Merchandise inventories (25,565) Prepaid expenses and other current assets 4,696 Accounts payable 28,555 Reserve for self-insurance liabilities (391) Lease liability on closed facilities (8,238) Income taxes receivable 134 Defined benefit plan (126) Other accrued expenses (5,750) ---------- Net cash used in operating activities before reorganization items (15,589) Cash effect of reorganization items (733) ---------- Net cash provided by operating activities (16,322) ---------- Cash flows from investing activities: Purchases of property, plant and equipment (4,900) Increase in investments and other assets 392 Proceeds from sales of assets 55,328 Purchases of marketable securities (346) Sales of marketable securities 579 Other (302) ---------- Net cash used in investing activities 50,751 ---------- Cash flows from financing activities Gross borrowings on DIP Credit Facility 458 Gross payments on DIP Credit Facility (458) Principal payments on capital lease obligations (119) Principal payments on long-term debt (18) Other (137) ---------- Net cash used in financing activities (274) ---------- Increase in cash and cash equivalents 34,155 Cash and cash equivalents classified as Assets held for sale (8,084) Cash and cash equivalents at beginning of period 161,443 ---------- Cash and cash equivalents at end of period $187,514 ========== Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc. -- http://www.winn-dixie.com/-- is one of the nation's largest food retailers. The Company operates stores across the Southeastern United States and in the Bahamas and employs approximately 90,000 people. The Company, along with 23 of its U.S. subsidiaries, filed for chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063, transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos. 05-03817 through 05-03840). D.J. Baker, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders, Esq., and Brian C. Walsh, Esq., at King & Spalding LLP, represent the Debtors in their restructuring efforts. Paul P. Huffard at The Blackstone Group, LP, gives financial advisory services to the Debtors. Dennis F. Dunne, Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B. Macdonald, Esq., at Akerman Senterfitt give legal advice to the Official Committee of Unsecured Creditors. Houlihan Lokey & Zukin Capital gives financial advisory services to the Committee. When the Debtors filed for protection from their creditors, they listed $2,235,557,000 in total assets and $1,870,785,000 in total debts. (Winn-Dixie Bankruptcy News, Issue No. 45; Bankruptcy Creditors' Service, Inc., 215/945-7000). ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Marie Therese V. Profetana, Shimero Jainga, Joel Anthony G. Lopez, Robert Max Quiblat, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Cherry A. Soriano-Baaclo, Christian Q. Salta, Jason A. Nieva, Lucilo M. Pinili, Jr., Tara Marie A. Martin and Peter A. Chapman, Editors. Copyright 2006. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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