/raid1/www/Hosts/bankrupt/TCR_Public/060805.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, August 5, 2006, Vol. 10, No. 185
Headlines
CATHOLIC CHURCH: Portland Files June 2006 Monthly Operating Report
CATHOLIC CHURCH: Spokane Files June 2006 Monthly Operating Report
DANA CORPORATION: Posts $3 Million Net Loss in June 2006
DELPHI CORPORATION: Posts $1.85 Billion Net Loss in June 2006
FLYI INC: Posts $4.45 Million Net Loss in June 2006
FLYI INC: Independence Air Earns $104 Million in June 2006
FOAMEX INTERNATIONAL: Earns $2.6 Million in Period Ended July 2
INTERSTATE BAKERIES: Earns $5.8 Million in Period Ended June 3
KUSHNER-LOCKE: Files April 2006 Monthly Operating Reports
KUSHNER-LOCKE: Files May 2006 Monthly Operating Reports
THAXTON GROUP: Posts $76 Mil. Cumulative Net Loss in June 2006
TOWER AUTOMOTIVE: Posts $37.1 Million Net Loss in June 2006
USG CORPORATION: Earns $63.8 Million in June 2006
*********
CATHOLIC CHURCH: Portland Files June 2006 Monthly Operating Report
------------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of June 30, 2006
ASSETS
Cash and cash equivalents $24,328,146
Accounts receivable, net 466,126
Notes, estates and other receivables 11,583,115
Loans receivable from Archdiocesan entities, net 7,070,370
Loans receivable from Archdiocesan housing entities 538,928
Interest receivable and other assets 260,780
Inventories 1,662,782
Real Property 226,688
Deposits and prepaid expenses 179,822
Investments 89,847,689
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,779,856
--------------
Total Assets $145,584,302
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable 822,302
Accrued liabilities 2,172,196
Funds held for others
Second Collections (12)
Short-term investments payable 14,166,253
Long-term pool investments payable 18,624,468
Reserve for insurance claims 2,343,946
Notes payable 10,790,546
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 56,983,231
--------------
Postpetition
Accounts payable 748,283
Accrued liabilities 3,490,666
Funds held for others
Second Collections 191,312
Short-term investments payable 3,255,463
Long-term pool investments 4,786,409
Reserve for insurance claims (15,922)
Notes payable -
Pre-need liability and reserve 32,554
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 12,893,286
--------------
Total Liabilities 69,876,517
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,963,028
Other Assets (3,573,267)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 8,290,551
Other Assets 1,027,473
--------------
Total Postpetition Net Assets 9,318,024
--------------
Total Net Assets 75,707,785
--------------
Total liabilities & net assets $145,584,302
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending June 30, 2006
Revenues, gains and other support
Annual Catholic Appeal income $3,397,783
Gross profit on cemetery sales 70,344
Contributions, gifts, annuities and bequests 31,960
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 168,004
Change in unrealized gains (losses) 120,864
Insurance premiums, net (2,812)
Interest income from loans 34,225
Parish assessments 251,797
Other income 363,504
Departmental revenues 58,494
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 4,494,163
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 174,797
Clergy Services 40,719
Catholic Schools 40,040
Pastoral Services 46,652
Evangelization Services 41,267
Public Services 9,679
Tribunal Services 21,432
Deposit and loan interest 186,011
Insurance program 568,745
Cemetery operating expenses 95,291
High School grants/charitable annuities (4,036)
Other program expenses 101,124
--------------
Total program services 1,321,721
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 46,205
Finance & Administration:
Resource Development 38,679
Business Affairs 10,741
Financial Services 80,149
Human Resources 27,318
Shared Services 25,097
Occupancy and physical plant expenses 10,893
Designated funds expense 28,944
Bankruptcy expense 233,097
Depreciation expense -
--------------
Total supporting services 501,123
--------------
Total expenses and program support 1,822,844
--------------
Increase (decrease) in net assets before
transfers and designations of net assets 2,671,319
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets 2,671,319
Net assets at beginning of year 73,036,466
--------------
Net assets at end of year $75,707,785
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending June 30, 2006
Beginning Cash Balance: $17,598,138
Add:
Transfers in 565,810
Receipts Deposited 2,181,143
Other (Return of Direct Deposits) -
Other 6,813,279
Other (Interest Income) 93,754
--------------
Total Cash Receipts 9,653,987
Subtract:
Transfers out (565,810)
Disbursements by check or debit (2,354,623)
Cash withdrawn -
Other (Service Charges) (1,469)
Other (Misc Check Correction) (1,115)
Other (NSF Checks) (962)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (2,923,979)
--------------
Ending Cash Balance $24,328,146
==============
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. 66; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Spokane Files June 2006 Monthly Operating Report
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Catholic Diocese of Spokane
Balance Sheet
As of June 30, 2006
ASSETS
Total Cash Accounts $2,838,853
Total Investments 3,879,128
Total Property 495,004
Total Loans Receivable 2,748,542
Total Interfund Loan Receivable 396,887
Total Accounts Receivable 80,882
Total Land and Buildings & Equip 2,474,977
Total Prepaid Expenses 62,362
--------------
Total Assets $12,976,635
==============
LIABILITIES AND NET ASSETS
Liabilities
Total Deposits Payable 8,738,465
Total Interest Payable 0
Total Accounts Payable 6,684
Total Long-term Liabilities 9,335,400
Net Assets
Total Unrestricted - Fund Balance (18,271,016)
Total Unrestricted Net Assets (18,271,016)
T.R. - Guse Grant Funds 321,873
T.R. - Bishop's School Grants Funds 72,354
Total Replacement Fund 10,510,331
Total Diocesan D&L Funding 2,176,115
Total Guatemala Funds 610,656
Temporarily Restricted -
--------------
Total liabilities & net assets $13,106,635
==============
Catholic Diocese of Spokane
Income and Expense Statement
For the month ending June 30, 2006
Total Income $474,265
Total Expenses 578,713
--------------
Net Excess or Deficit $104,447
==============
The Diocese of Spokane's Statement of Cash Receipts and
Disbursements for June 2006 shows ending balance of $2,801,537.
Cash receipts for the period total $537,306, while disbursements
total $217,335.
A full-text copy of the Diocese's June 2006 operating report is
available for free at http://ResearchArchives.com/t/s?ef5
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. 66; Bankruptcy Creditors' Service, Inc., 215/945-7000)
DANA CORPORATION: Posts $3 Million Net Loss in June 2006
--------------------------------------------------------
Dana Corporation
Unaudited Condensed Balance Sheet
At June 30, 2006
ASSETS
CURRENT ASSETS
Cash and cash equivalent assets $810,000,000
Accounts receivable
Trade 1,352,000,000
Other 289,000,000
Inventories 681,000,000
Assets of discontinued operations 516,000,000
Other current assets 149,000,000
----------------
Total current assets $3,797,000,000
----------------
Investments and other assets 1,385,000,000
Investments in equity affiliates 944,000,000
Net property, plant and equipment 1,686,000,000
----------------
TOTAL ASSETS $7,812,000,000
================
LIABILITY AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable, including current portion
of long-term debt $48,000,000
Accounts payable 1,039,000,000
Liabilities of discontinued operations 234,000,000
Other accrued liabilities 728,000,000
----------------
Total current liabilities $2,049,000,000
----------------
Liabilities subject to compromise $4,257,000,000
Deferred employee benefits and other
non-current liabilities 226,000,000
Long-term debt 16,000,000
DIP financing 700,000,000
Minority interest in consolidates subsidiaries 80,000,000
Shareholder' equity 484,000,000
----------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $7,812,000,000
================
Dana Corporation
Unaudited Condensed Statement of Operations
For the Month Ended June 30, 2006
Net Sales $794,000,000
Costs and expenses
Costs of sales 743,000,000
Selling, general and administrative expenses 42,000,000
Other income, net 7,000,000
----------------
Income (loss) from operations $16,000,000
Interest expense 5,000,000
Reorganization charges 8,000,000
----------------
Income (loss) before income taxes 3,000,000
Income tax (expense) benefit (14,000,000)
Minority interest (1,000,000)
Equity in earnings of affiliates 2,000,000
----------------
Income (loss) before continuing operations (10,000,000)
Income (loss) from discontinued operations 7,000,000
----------------
Net income (loss) ($3,000,000)
================
Dana Corporation
Unaudited Condensed Statement of Cash Flow
For the Month Ended June 30, 2006
OPERATING ACTIVITIES
Net income (loss) ($3,000,000)
Depreciation and amortization 23,000,000
Charges related to divestitures and asset sales (2,000,000)
Reorganization charges 8,000,000
Payment of reorganization charges (9,000,000)
Working capital 80,000,000
Other (36,000,000)
----------------
Net cash flow provided by
(used for) operating activities $61,000,000
INVESTING ACTIVITIES
Purchases of property, plant and equipment (29,000,000)
Proceeds from sale of assets 1,000,000
Other 9,000,000
----------------
Net cash flow provided by
(used for) operating activities ($19,000,000)
FINANCING ACTIVITIES
Net change in short-term debt 7,000,000
Payments of long-term debt -
Proceeds from DIP facility -
Increase (decrease) in long-term -
----------------
Net cash flow provided by
(used for) financing activities $7,000,000
Net increase in cash equivalents 49,000,000
----------------
Cash and cash equivalents, beginning of period 761,000,000
----------------
Cash and cash equivalents, end of period $810,000,000
================
About Dana Corporation
Toledo, OH-based Dana Corp. -- 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. 17; Bankruptcy Creditors' Service,
Inc., 215/945-7000).
The Debtors' consolidated balance sheet at March 31, 2006, showed
a $456,000,000 total shareholder' equity resulting from total
assets of $7,788,000,000 and total liabilities of $7,332,000,000.
DELPHI CORPORATION: Posts $1.85 Billion Net Loss in June 2006
-------------------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of June 30, 2006
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $850
Restricted cash 75
Accounts receivable, net
General Motors and affiliates 1,896
Other third parties 1,503
Non-Debtor subsidiaries 325
Notes receivable from non-Debtor subsidiaries 352
Inventories, net
Productive material, work-in-process and supplies 901
Finished goods 316
Prepaid expenses and other 335
--------
TOTAL CURRENT ASSETS 6,553
Long-term assets:
Property, net 2,601
Goodwill 152
Other intangible assets 40
Pension intangible assets 871
Investments in non-Debtor subsidiaries 3,418
Other 705
--------
TOTAL ASSETS $14,340
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Secured debt in default 2,497
Accounts payable 1,308
Accounts payable to non-Debtor subsidiaries 376
Accrued liabilities 1,067
--------
TOTAL CURRENT LIABILITIES 5,248
Long-term liabilities not subject to compromise:
Debtor-in-possession financing 250
Employee benefit plan obligations and other 752
--------
TOTAL LONG-TERM LIABILITIES 1,002
Liabilities subject to compromise 16,867
--------
TOTAL LIABILITIES 23,117
Stockholders' deficit:
Common stock 6
Additional paid-in capital 2,755
Accumulated deficit (9,064)
Minimum pension liability (2,308)
Accumulated other comprehensive loss (114)
Treasury stock, at cost (3.2 million shares) (52)
--------
TOTAL STOCKHOLDERS' DEFICIT (8,777)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $14,340
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended June 30, 2006
(In Millions)
Net sales:
General Motors and affiliates $960
Other customers 618
Intercompany non-Debtor subsidiaries 54
--------
Total net sales 1,632
--------
Operating expenses:
Cost of sales 3,360
Selling, general and administrative 68
Depreciation and amortization 54
Goodwill and long-lived asset impairment charges -
--------
Total operating expenses 3,482
--------
Operating loss (1,850)
Interest expense (30)
Other expense, net 2
Reorganization items (4)
Income tax benefit (expense) (3)
Equity income from non-consolidated subsidiaries 6
Equity income from non-Debtor subsidiaries, net of tax 20
--------
NET LOSS ($1,859)
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended June 30, 2006
(In Millions)
Cash flows from operating activities:
Net loss ($1,859)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization 54
Pension and other postretirement benefit expenses 1,685
Equity income from unconsolidated subsidiaries, net (6)
Equity income from non-Debtor subsidiaries, net of tax (20)
Reorganization items 4
Changes in operating assets and liabilities:
Accounts receivable, net (68)
Inventories, net (4)
Prepaid expenses and other (53)
Accounts payable, accrued and other long-term debts 181
Pension contributions (1)
Other postretirement benefit payments (23)
Receipts (payments) for reorganization items, net (7)
Other (27)
--------
Net cash used in operating activities (144)
Cash flows from investing activities:
Capital expenditures (30)
Increase in restricted cash -
Proceeds from sale of property 3
Other (1)
--------
Net cash used in investing activities (28)
Cash flows from financing activities:
Proceeds advanced under bank overdraft 5
Repayments of borrowings under other debt (1)
--------
Net cash used in financing activities 4
--------
Decrease in cash and cash equivalents (168)
Cash and cash equivalents at beginning of period 1,018
--------
Cash and cash equivalents at end of period $850
========
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. 35; Bankruptcy
Creditors' Service, Inc., 215/945-7000).
FLYI INC: Posts $4.45 Million Net Loss in June 2006
---------------------------------------------------
FLYi Inc.
Consolidated Balance Sheet
As of June 30, 2006
ASSETS
Current assets
Cash $1,202,230
Short term investments 0
Net accounts receivable 379,627,803
IC Notes receivable 4,252,000
-------------
Total Current Assets $385,082,033
-------------
Other assets
Restricted cash 0
Long term investments 7,435,000
Other assets 14,055,412
-------------
Total Other Assets $21,490,412
-------------
TOTAL ASSETS $406,572,445
=============
Liabilities not subject to compromise $0
Liabilities subject to compromise
Secured debt 0
Priority debt 0
Unsecured debt 249,382,443
Other accruals 0
-------------
Total Liabilities 249,382,443
-------------
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 (6,294,522)
-------------
Net Owners' Equity $157,190,002
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $406,572,445
=============
FLYi Inc.
Statement of Operations
June 2006
Revenues $0
Other (income) expenses
Interest income ($4,195)
Interest expense -
Other miscellaneous -
-------------
Net Profit (Loss) before reorganization items $4,195
Reorganization items
Professional fees 4,455,687
Income Taxes -
-------------
Net Profit (Loss) ($4,451,492)
=============
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. 22; Bankruptcy
Creditors' Service, Inc., 215/945-7000).
FLYI INC: Independence Air Earns $104 Million in June 2006
----------------------------------------------------------
Independence Air Inc.
Consolidated Balance Sheet
As of June 30, 2006
ASSETS
Current assets
Cash $40,966,865
Short term investments 97,461,108
Restricted cash 2,607,627
Net accounts receivable 99,225,290
Net expandable parts and fuel 62,636
Net prepaid expenses 6,208,878
Deferred tax asset (1)
-------------
Total current assets $246,532,403
-------------
Other assets
Restricted cash 14,649,347
Aircraft deposits 12,662,000
Other assets 420,099
-------------
Total other assets $27,731,446
-------------
TOTAL ASSETS $274,263,849
=============
LIABILITIES
Liabilities not subject to compromise
Accounts payable $5,443,672
Air traffic liability 836,891
Accrued liabilities 1,516,001
Amounts due to insiders 25,000
-------------
Total Postpetition Liabilities $7,821,564
-------------
Liabilities subject to compromise
Secured debt $1,268,971
Priority debt 1,411,289
Unsecured debt 401,286,593
Other accruals 17,647,545
-------------
Total prepetition liabilities $421,614,398
-------------
Total Liabilities $429,435,962
-------------
Owner Equity
Common stock $0
Treasury stock 7,435,000
Owner's equity account -
Pre-petition retained earnings (243,575,613)
Postpetition retained earnings 80,968,500
-------------
Net Owners' Equity ($155,172,113)
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $274,263,849
=============
Independence Air Inc.
Statement of Operations
June 2006
Revenues
Operating Revenue
Passenger revenue $0
Other revenue 16,114
-------------
Total operating revenues $16,114
-------------
Operating expenses
Insider compensation $8,334
Wages 416,899
Fringes and benefits 44,063
Aircraft fuel (198)
Aircraft maintenance and materials 33,074
Traffic commissions 1,457
Landing fees (82,226)
Depreciation and amortization (30,010)
Others (582,682)
-------------
Total operating expense ($191,289)
-------------
Net operating income (loss) 207,403
-------------
Net Profit (Loss) before other income & expenses 207,403
-------------
Other (income) expenses
Interest income (295,570)
Interest expense 11,483
Other miscellaneous (100,233,866)
-------------
Total other (income) expense (100,517,953)
-------------
Net Profit (Loss) before reorganization items 100,725,356
-------------
Reorganization items
Professional fees (3,629,237)
Income Taxes -
-------------
Net Profit (Loss) $104,354,593
=============
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. 22; Bankruptcy
Creditors' Service, Inc., 215/945-7000).
FOAMEX INTERNATIONAL: Earns $2.6 Million in Period Ended July 2
---------------------------------------------------------------
Foamex International, et al., as Debtors
Consolidated Balance Sheet
As of July 2, 2006
ASSETS
Current Assets
Cash $2,446,000
Accounts Receivable, net 185,965,000
Inventory 102,757,000
Other current assets 25,441,000
------------
Total current assets 316,610,000
Land & land improvements 4,993,000
Buildings 86,774,000
Leasehold improvement 6,023,000
Machinery & Equipment 202,026,000
Furniture & Fixtures 5,130,000
Auto equipment 7,761,000
Computer equipment 8,326,000
Construction in progress 2,719,000
Accumulated depreciation (228,372,000)
------------
Total property plant & equipment, net 95,379,000
Goodwill, net 86,191,000
Debt Issuance costs, net 3,450,000
Investment in subsidiaries 16,149,000
Long-term intercompany receivable 4,850,000
Other Assets 50,893,000
------------
Total Assets $573,523,000
============
LIABILITIES & STOCKHOLDERS' DEFICIENCY
Current Liabilities
Revolver borrowings $72,186,000
Current portion of long-term debt 86,225,000
Accounts payable 92,261,000
Intercompany (102,000)
Accrued employee costs 15,692,000
Accrued rebates 10,912,000
Accrued interest 4,075,000
Other current liabilities 21,502,000
------------
Total current liabilities 302,751,000
Long-term debt 269,000
Intercompany debt -
Liability Subject to Compromise 636,046,000
Other liabilities 26,732,000
------------
Total Long-Term Liabilities 663,046,000
------------
Total Liabilities 965,798,000
Common stock 280,000
Preferred stock 15,000
Additional paid-in capital 103,291,000
Treasury stock (27,780,000)
Partners capital -
Other comprehensive income (loss) (38,127,000)
Shareholder loans (9,221,000)
Accumulated deficit (420,733,000)
------------
Stockholders' Deficiency (392,275,000)
------------
Liabilities & Stockholders Deficiency $573,523,000
============
Foamex International, et al., as Debtors
Consolidated Income Statement
May 29 to July 2, 2006
Gross Sales $138,282,000
Rebates, Discount & Sale Allowance (7,610,000)
------------
Net Sales 130,672,000
Material 85,600,000
Labor 4,691,000
Overhead 14,333,000
Asset Impairments 1,505,000
Freight/Shipping 5,083,000
------------
Cost of Sales 111,211,000
------------
Gross Profit 19,461,000
Labor Expense 4,509,000
Indirect Materials & Samples (3,000)
Equipment & Maintenance Expense 46,000
Facility Expense 173,000
Asset Disposal Gain (Loss) -
Travel & Entertainment 389,000
Technology 182,000
Professional Fees & Services 1,606,000
Other Miscellaneous Expense (91,000)
Insurance & Tax 295,000
Bad debt expense 216,000
Bank/Collection Costs 49,000
Transportation Cost 14,000
Depreciation/Amortization 399,000
Corp. Cost to COS (856,000)
------------
Selling, general & admin expenses 6,927,000
Restructuring & Impairment Charges 28,000
------------
Income from operations 12,506,000
Interest Expense 7,379,000
Equity in earnings of JV & non-debtor subs (694,000)
Other Income & (Expense) (259,000)
Professional Fees 1,511,000
Provision/(Gains)- Rejected Contracts -
Bankruptcy Filing Fees -
Other Expense (Income) -
Debt Adjustment Gain/Loss -
------------
Reorganization Expense (Income) 1,511,000
------------
Income before Tax 2,662,000
Tax Provision -
------------
Net Income $2,662,000
============
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. 23; Bankruptcy Creditors' Service, Inc.,
215/945-7000).
INTERSTATE BAKERIES: Earns $5.8 Million in Period Ended June 3
--------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended June 3, 2006
REVENUE
Gross Income $288,096,466
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 70,517,362
Direct & Indirect Labor 52,030,746
Overhead & Production Administration 11,420,373
------------
Total Cost of Goods Sold 133,968,481
------------
Gross Profit $154,127,985
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries $70,555,424
Advertising and Marketing (311,436)
Insurance (Property, Casualty, & Medical) 11,007,811
Payroll Taxes 5,370,944
Lease and Rent 3,270,416
Telephone and Utilities 1,224,109
Corporate Expense (Including Salaries) 8,001,201
Other Expenses 37,332,513
------------
Total Operating Expenses $136,450,982
------------
EBITDA 17,677,003
Restructuring & Reorganization Charges 1,437,647
Depreciation and Amortization 8,701,438
Other (Income)/Expense (72,550)
Gain/Loss Sale of Property -
Interest Expense 5,068,701
------------
Operating Income (Loss) 2,541,767
Income Tax Expense (Benefit) (3,285,316)
------------
Net Income (Loss) $5,827,083
============
CURRENT ASSETS
Accounts Receivable at end of period $150,976,856
Increase (Dec.) in Accounts Receivable 5,960,386
Inventory at end of period 65,393,642
Increase (Decrease) in Inventory for period 1,665,763
Cash at end of period 78,177,253
Increase (Decrease) in Cash for period (15,767,384)
Restricted Cash 86,353,459
Increase (Dec.) in Restricted Cash for period 2,489,033
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise (21,585,077)
Increase (Decrease) in Liabilities
Subject to Compromise (3,477,391)
Taxes payable:
Federal Payroll Taxes 9,853,378
State/Local Payroll Taxes 2,315,627
State Sales Taxes 867,735
Real Estate and Personal Property Taxes 12,402,942
Other 4,598,973
------------
Total Taxes Payable $30,038,655
============
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S. The Company and seven of
its debtor-affiliates filed for chapter 11 protection on
September 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric
Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed $1,626,425,000 in total assets and
$1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior
subordinated convertible notes due August 15, 2014 on August 12,
2004) in total debts. (Interstate Bakeries Bankruptcy News, Issue
No. 44; Bankruptcy Creditors' Service, Inc., 215/945-7000).
KUSHNER-LOCKE: Files April 2006 Monthly Operating Reports
---------------------------------------------------------
On June 21, 2006, The Kushner-Locke Company and its debtor-
affiliates filed their April 2006 Monthly Operating Reports with
the U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division.
For the month ending April 30, 2006, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 79,411
Total Non-Operating Expenses 31,026
Net Income (Loss) ($110,437)
For the period from April 1, 2006, through April 30, 2006, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $1,804,296 $106,382
Total Receipts 6,445 100,000
Total Disbursements 106,051 104,336
Ending Balance $1,704,690 $102,046
Full-text copies of The Kushner-Locke Company's April 2006
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?ef1
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?ef0
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
KUSHNER-LOCKE: Files May 2006 Monthly Operating Reports
-------------------------------------------------------
On July 28, 2006, The Kushner-Locke Company and its debtor-
affiliates filed their May 2006 Monthly Operating Reports with
the U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division.
For the month ending May 31, 2006, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 86,605
Total Non-Operating Expenses 117,227
Net Income (Loss) ($203,832)
For the period from May 1, 2006, through May 31, 2006, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $1,704,690 $102,046
Total Receipts 234,177 215,000
Total Disbursements 215,000 203,782
Ending Balance $1,723,868 $113,264
Full-text copies of The Kushner-Locke Company's March 2006
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?ee8
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?eea
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
THAXTON GROUP: Posts $76 Mil. Cumulative Net Loss in June 2006
--------------------------------------------------------------
The Thaxton Group filed its monthly operating report for the month
of June 2006 with the U.S. Bankruptcy Court for the District of
Delaware.
The company reported a cumulative net loss of $76,429,270 on
$147,384,039 of revenue for the period from Oct. 17, 2003 thru
June 30, 2006.
At June 30, 2006, the Company's balance sheet reflects:
Total Assets $100,532,857
Total Liabilities $179,453,847
Stockholders' Equity (Deficit) ($78,920,990)
A full-text copy of Thaxton Group's March 2006 Monthly
Operating Report is available for free at:
http://ResearchArchives.com/t/s?ee6
Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company.
The Company filed for Chapter 11 protection on October 17, 2003
(Bankr. Del. Case No. 03-13183). Daniel B. Butz, Esq.,
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at
Morris, Nichols, Arsht & Tunnell, represent the Debtors in their
restructuring efforts. Alan Kolod, Esq., at Moses & Singer LLP,
represents the Offical Committee of Unsecured Creditors. As of
Dec. 31, 2005, the Debtors reported assets totaling $98,889,297
and debts totaling $175,693,613.
TOWER AUTOMOTIVE: Posts $37.1 Million Net Loss in June 2006
-----------------------------------------------------------
Tower Automotive, Inc., and Subsidiaries
Unaudited Consolidated Balance Sheet
As of June 30, 2006
(In Thousands)
Cash and cash equivalents $51,879
Accounts receivable 159,811
Inventories 61,755
Prepaid tooling and other 27,546
------------
TOTAL CURRENT ASSETS 300,991
------------
Property, plant and equipment, net 511,457
Investment in & advances to (from) affiliate 766,775
Other assets, net 51,616
------------
TOTAL ASSETS $1,630,839
============
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current maturities of long-term debt $14,255
Current maturities of DIP borrowings 607,000
Accounts payable 129,809
Accrued liabilities 95,086
------------
TOTAL CURENT LIABILITIES 846,150
------------
Liabilities subject to comprise 1,315,916
Liabilities Not Subject to Compromise:
Long-term debt, net of current maturities 84,751
Other non-current liabilities 20,574
------------
TOTAL LIABILITIES $2,267,391
------------
STOCKHOLDERS' DEFICIT ($636,552)
------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,630,839
============
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Operations
June 1 to June 30, 2006
(In Thousands)
Revenues $140,508
Cost of sales 129,251
------------
Gross profit 11,257
Selling, general & administrative expenses 7,010
Restructuring & asset impairment charges, net 6,726
Other operating income (269)
------------
Operating income (loss) (2,210)
Interest expense 6,422
Interest income (209)
Intercompany interest (income)/expense (2,158)
Chapter 11 and related reorganization items 32,434
------------
Income (loss) before provision for
income taxes, equity in earnings of
joint ventures, and minority interest (38,699)
Provision (benefit) for income taxes (1,544)
Income (loss) before equity in earnings (37,155)
Equity in earnings of joint ventures, net (2)
------------
NET INCOME/(LOSS) ($37,157)
============
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Cash Flows
June 1 to June 30, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($37,157)
Adjustments required to reconcile net loss
to net cash provided by (used in)
operating activities:
Ch. 11 & related reorganization items, net 30,256
Restructuring and asset impairment, net 9,951
Depreciation 7,080
Equity in earnings of joint ventures, net 2
Change in working capital & operating items (1,945)
------------
Net cash provided by (used in)
operating activities: 8,187
INVESTING ACTIVITIES:
Cash disbursed for purchase of property,
plant and equipment (4,275)
------------
Net cash used for investing activities (4,275)
FINANCING ACTIVITIES:
Proceeds from non-DIP borrowings -
Repayments of non-DIP borrowings (1)
Borrowings from DIP credit facility 54,000
Repayments of borrowings from DIP facility (59,500)
------------
Net cash provided by (used in)
financing activities (5,501)
------------
Net change in cash and cash equivalents (1,589)
------------
Cash & Cash Equivalents, beginning of period 53,468
------------
Cash & Cash Equivalents, end of period $51,879
============
About Tower Automotive
Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan,
Toyota, Volkswagen and Volvo. Products include body structures
and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components. The Company and
25 of its debtor-affiliates filed voluntary chapter 11 petitions
on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through
05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq.,
Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet,
Esq., at Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts. Ira S. Dizengoff, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors. When the Debtors filed for protection from
their creditors, they listed $787,948,000 in total assets and
$1,306,949,000 in total debts. (Tower Automotive Bankruptcy News,
Issue No. 40; Bankruptcy Creditors' Service, Inc., 215/945-7000).
USG CORPORATION: Earns $63.8 Million in June 2006
-------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet 30-June-2006
__________________________ ____________
Assets:
Cash and cash equivalents $366,520,000
Marketable Securities 61,164,000
Restricted Cash 2,131,000
Receivables 511,365,000
Inventories 302,077,000
Income taxes receivable 327,973,000
Deferred income taxes 1,244,535,000
Other current assets 123,239,000
---------------
Total current assets 2,939,004,000
Property, plant and equipment, net 1,719,454,000
Goodwill 105,416,000
Other assets 356,029,000
---------------
Total Assets $5,119,903,000
===============
Liabilities and Stockholders' Equity
Accounts payable $324,559,000
Accrued expenses 843,625,000
Taxes on income 61,714,000
Short term debt 749,327,000
Note payable to 524(g) asbestos trust 10,000,000
Contingent note payable to 524(g) trust 3,050,000,000
---------------
Total current liabilities 5,039,225,000
Other liabilities 460,070,000
Long term debt 239,400,000
Deferred income taxes 107,676,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (208,482,000)
Capital received in excess of par value 154,006,000
Accumulated other comprehensive income/(loss) (18,262,000)
Retained earnings (658,728,000)
---------------
Total stockholders' equity (726,468,000)
---------------
Total Liabilities and Stockholders' Equity $5,119,903,000
===============
USG Corporation, et al. Month Ending
Consolidated Income Statement 30-June-2006
_____________________________ ____________
Net sales $510,122,000
Cost of products sold 381,438,000
Selling and administrative expenses 31,331,000
Chapter 11 reorganization expenses 5,518,000
Provision for asbestos claims (27,000,000)
Interest expense 12,801,000
Interest income (741,000)
Other (income)/expense, net (277,000)
---------------
Earnings (loss) before income taxes $107,052,000
Income taxes (benefit) 43,249,000
---------------
Net Earnings (loss) $63,803,000
===============
About USG
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. 119; 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
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cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
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Monthly Operating Reports are summarized in every Saturday edition
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please contact Vito at Parcels, Inc., at 302-658-9911. For
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of Delaware, contact Ken Troubh at Nationwide Research &
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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. Rizande B.
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Jr., Marie Therese V. Profetana, Robert Max Quiblat, Christian Q.
Salta, Cherry A. Soriano-Baaclo, and Peter A. Chapman, Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***