/raid1/www/Hosts/bankrupt/TCR_Public/060923.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, September 23, 2006, Vol. 10, No. 227
Headlines
ENTERGY NEW ORLEANS: Files July 2006 Monthly Operating Report
EXIDE TECHNOLOGIES: Files March 2006 Post-Confirmation Report
EXIDE TECHNOLOGIES: Files June 2006 Post-Confirmation Report
MUSICLAND HOLDING: Files August 2006 Monthly Operating Report
PLIANT CORP: Files July 2006 Monthly Operating Report
WERNER LADDER: Files August 2006 Monthly Operating Report
WINN-DIXIE: Files August 2006 Monthly Operating Report
*********
ENTERGY NEW ORLEANS: Files July 2006 Monthly Operating Report
-------------------------------------------------------------
Entergy New Orleans, Inc.
Balance Sheet
As of July 31, 2006
(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents
Cash $31,664
Temporary cash investments -
----------
Total cash and cash equivalents 31,664
Accounts receivable:
Customer 72,196
Allowance for doubtful accounts (18,558)
Associated companies 18,017
Other 7,670
Accrued unbilled revenues 26,563
----------
Total accounts receivable 105,888
Deferred fuel costs 29,867
Fuel inventory 3,530
Materials and supplies 6,785
Prepayments and other 8,037
----------
Total current assets 185,771
Other Property and Investments
Investment in affiliates 3,259
Non-utility property at cost 1,107
----------
Total other property and investments 4,366
Utility Plant
Electric 742,611
Natural gas 192,754
Construction work in progress 56,003
----------
Total Utility Plant 991,368
Less - accumulated depreciation & amortization 432,405
----------
Utility plant - net 558,963
Deferred Debits and Other Assets
Regulatory assets:
Other regulatory assets 171,455
Long term receivables 1,090
Other 22,655
----------
Total deferred debits and other assets 195,200
----------
TOTAL ASSETS $944,300
==========
LIABILITIES:
Postpetition liabilities:
Taxes payable $3,977
Accounts payable 45,073
DIP credit facility 49,749
----------
Total postpetition liabilities 98,799
Current liabilities:
Currently maturing long-term debt -
Notes payable 15,000
Accounts payable:
Associated companies 64,044
Other 83,658
Customer deposits 12,570
Taxes accrued 5,311
Accumulated deferred income taxes 3,557
Interest accrued 3,362
Energy efficiency program provision -
Other 3,299
----------
Total current liabilities 190,801
Non-current liabilities:
Accumulated deferred income taxes & taxes accrued 119,795
Accumulated deferred investment tax credits 3,323
SFAS 109 regulatory liability - net 59,747
Other regulatory liabilities -
Accumulated provisions 10,361
Pension liability 40,154
Long-term debt 229,868
Other 4,497
----------
Total non-current liabilities 467,472
----------
Total Liabilities 757,072
Commitments and Contingencies: -
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund 19,780
Common stock, $4 par value, authorized
10,000,000 shares; issued and
outstanding 8,435,900 shares in
2005 and 2004 33,744
Paid-in capital 36,294
Retained earnings -- prepetition 99,593
Retained earnings -- postpetition (2,183)
----------
Total Shareholders Equity 187,228
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $944,300
==========
Entergy New Orleans, Inc.
Statement of Operations
Month Ended July 31, 2006
(in thousands)
Operating Revenues
Domestic electric $46,886
Natural gas 5,573
----------
Total operating revenues 52,459
Operating Expenses:
Operation and maintenance
Fuel 21,282
Purchased power 14,934
Other operation and maintenance 7,318
Taxes other than income taxes 3,378
Depreciation and amortization 2,892
Other regulatory charges - net 347
----------
Total operating expenses 50,151
----------
Operating income 2,308
Other income:
Allowance for equity funds used
during construction 190
Interest and dividend income 254
Miscellaneous - net (38)
----------
Total other income 406
Interest and other charges:
Interest on long-term debt 61
Other interest-net 611
Allowance for borrowed funds used
during construction (151)
----------
Total interest and other charges 521
Income (loss) before income taxes 2,193
Income taxes 967
----------
NET INCOME $1,226
==========
Entergy New Orleans, Inc.
Cash Receipts and Disbursement Statement
Month Ended July 31, 2006
Beginning cash balance $28,303,160
Cash receipts 83,146,310
Cash disbursements (79,785,378)
-----------
Net cash flow 3,360,932
-----------
ENDING CASH BALANCE $31,664,092
===========
About Entergy
Headquartered in Baton Rouge, Louisiana, Entergy New Orleans Inc.
-- http://www.entergy-neworleans.com/-- is a wholly owned
subsidiary of Entergy Corporation. Entergy New Orleans provides
electric and natural gas service to approximately 190,000 electric
and 147,000 gas customers within the city of New Orleans. Entergy
New Orleans is the smallest of Entergy Corporation's five utility
companies and represents about 7% of the consolidated revenues and
3% of its consolidated earnings in 2004. Neither Entergy
Corporation nor any of Entergy's other utility and non-utility
subsidiaries were included in Entergy New Orleans' bankruptcy
filing. Entergy New Orleans filed for chapter 11 protection on
Sept. 23, 2005 (Bankr. E.D. La. Case No. 05-17697). Elizabeth J.
Futrell, Esq., and R. Partick Vance, Esq., at Jones, Walker,
Waechter, Poitevent, Carrere & Denegre, L.L.P., represent the
Debtor in its restructuring efforts. Carey L. Menasco, Esq.,
Philip Kirkpatrick Jones, Jr., Esq., and Joseph P. Hebert, Esq.,
at Liskow & Lewis, APLC, represent the Official Committee of
Unsecured Creditors. When the Debtor filed for protection from
its creditors, it listed total assets of $703,197,000 and total
debts of $610,421,000. (Entergy New Orleans Bankruptcy News,
Issue No. 23; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
EXIDE TECHNOLOGIES: Files March 2006 Post-Confirmation Report
-------------------------------------------------------------
Exide Technologies
Unaudited Condensed Balance Sheet
At March 31, 2006
(In Thousands)
Assets
Current Assets:
Cash $3,414
Accounts Receivables, net 167,233
Intercompany Receivables 4,629
Inventories 154,768
Prepaid expenses and other 16,567
------------
Total current assets 346,611
------------
Property, Plant And Equipment, Net 268,592
------------
Other Assets:
Other Intangibles, net 61,421
Investments in affiliates 4,081
Intercompany notes receivable 96,333
Deferred financing costs 11,492
Other 7,804
------------
TOTAL ASSETS $796,334
============
Liabilities And Stockholders' Equity (Deficit)
Current Liabilities:
Current maturities of long-term debt $283
Accounts payable 102,238
Accrued expenses 109,901
Accrued interest 3,844
Restructuring reserve 1,764
Liability for Warrants 2,063
Warranty Liability 19,651
------------
Total current liabilities 239,744
Long-Term Debt 500,361
Noncurrent Retirement Obligations 146,715
Other Noncurrent Liabilities 85,590
------------
Total liabilities 972,410
------------
Total stockholders' equity (176,076)
------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $796,334
============
Exide Technologies
Unaudited Schedule of Cash Flows
Three Months Ended March 31, 2006
(In Thousands)
Beginning Cash Balance $5,238
Cash Receipts:
Collection of accounts receivable 285,743
Proceeds from sale of Debtors' assets -
All other cash receipts 74,900
------------
Total Cash Receipts 360,643
------------
Cash Disbursements:
Disbursements made under the Plan 2,609
Disbursements made to bankruptcy
professionals 1,101
All other disbursements made
in the ordinary course 358,757
------------
Total Cash Disbursements 362,467
------------
Ending Cash Balance $3,414
============
Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products. The Company filed for chapter 11
protection on Apr. 14, 2002 (Bankr. Del. Case No. 02-11125).
Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland &
Ellis, represented the Debtors in their successful restructuring.
Exide's confirmed chapter 11 Plan took effect on May 5, 2004. On
April 14, 2002, the Debtors listed $2,073,238,000 in assets and
$2,524,448,000 in debts. (Exide Bankruptcy News, Issue No. 91;
Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand/)
EXIDE TECHNOLOGIES: Files June 2006 Post-Confirmation Report
------------------------------------------------------------
Exide Technologies
Unaudited Condensed Balance Sheet
At June 30, 2006
(In Thousands)
Assets
Current Assets:
Cash $2,306
Accounts Receivables, net 148,278
Intercompany Receivables -
Inventories 159,644
Prepaid expenses and other 17,155
------------
Total current assets 327,383
------------
Property, Plant and Equipment, net 257,458
------------
Other Assets:
Other Intangibles, net 60,787
Investments in affiliates 3,486
Intercompany notes receivable 101,836
Deferred financing costs 10,992
Other 6,368
------------
TOTAL ASSETS $768,310
============
Liabilities And Stockholders' Equity (Deficit)
Current Liabilities:
Current maturities of long-term debt $144
Accounts payable 100,158
Accrued expenses 93,332
Accrued interest 12,391
Restructuring reserve 3,409
Liability for Warrants 1,250
Warranty Liability 19,753
------------
Total current liabilities 230,437
Long-Term Debt 502,761
Noncurrent Retirement Obligations 146,715
Other Noncurrent Liabilities 83,736
------------
Total liabilities 963,649
------------
Total stockholders' equity (195,339)
------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $768,310
============
Exide Technologies
Unaudited Schedule of Cash Flows
Three Months Ended June 30, 2006
(In Thousands)
Beginning Cash Balance $3,414
Cash Receipts:
Collection of accounts receivable 289,171
Proceeds from sale of Debtors' assets -
All other cash receipts 62,700
------------
Total Cash Receipts 351,871
------------
Cash Disbursements:
Disbursements made under the Plan -
Disbursements made to bankruptcy
professionals 1,012
All other disbursements made
in the ordinary course 351,967
------------
Total Cash Disbursements 352,979
------------
Ending Cash Balance $2,306
============
Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products. The Company filed for chapter 11
protection on Apr. 14, 2002 (Bankr. Del. Case No. 02-11125).
Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland &
Ellis, represented the Debtors in their successful restructuring.
Exide's confirmed chapter 11 Plan took effect on May 5, 2004. On
April 14, 2002, the Debtors listed $2,073,238,000 in assets and
$2,524,448,000 in debts. (Exide Bankruptcy News, Issue No. 91;
Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand/)
MUSICLAND HOLDING: Files August 2006 Monthly Operating Report
-------------------------------------------------------------
Musicland Holding Corp.
Consolidated Balance Sheet
As of August 31, 2006
ASSETS
Current Assets
Cash $24,651,000
Inventories 0
Other
Amounts due from TransWorld 13,270,000
Receivables from Sub-leases 637,000
Amounts due from GOB sales 1,781,000
Miscellaneous CC 17,000
Vendors Credit due from services 2,706,000
-------------
Total 43,062,000
-------------
Other assets
Transport Logistic deposit 550,000
Utility and Tax Deposits 73,000
-------------
TOTAL ASSETS $43,685,000
=============
Liabilities & Shareholders' deficit
Current liabilities
Accounts payable
Due to Transworld $0
Due to Deluxe 0
A/P 122,000
Other accrued liabilities
Logistic Accrual 415,000
Deferred Income 500,000
Insurance Reserve 3,380,000
Accrued Payroll & Employee Benefits:
Accrued Vacation 71,000
Accrued Severance 200,000
Accrued Employer Payroll Taxes 14,000
Accrued Benefits 1,353,000
Sales Tax 178,000
5% Admin. Fee on Wachovia L/C 250,000
FY06 Tax Return & Employee Benefit
Audit Services 62,000
Payroll/W2 & 1099 System 46,000
Miscellaneous 29,000
Gift Card liabilities 0
-------------
Total 6,620,000
-------------
Liabilities subject to compromise 330,330,000
Shareholders' deficit (293,265,000)
-------------
TOTAL LIABILITIES &
SHAREHOLDERS' DEFICIT $43,685,000
=============
Musicland Holding Corp.
Statement of Operations
For the Month Ended August 31, 2006
Merchandise revenue -
Non-merchandise revenue -
-------------
Net sales -
Cost of good sold -
-------------
Gross Profit -
-------------
Store operating expenses
Payroll $140,000
Occupancy 35,000
Other 56,000
-------------
Store expenses 0
-------------
General & administrative 231,000
-------------
EBITDA (Loss) (231,000)
-------------
Hilco 340 Store GOB 264,000
Chapter 11 & related charges (790,000)
-------------
Operating income (Loss) (757,000)
-------------
Interest income (expense) 115,000
Other non-operating charges 2,559,000
-------------
Earnings before Taxes $1,917,000
-------------
Income tax 0
-------------
Net earnings (Loss) $1,917,000
=============
Musicland Holding Corp.
Statements of Cash Flow
For the Month Ended August 31, 2006
Operating activities
Net earnings (Loss) $1,917,000
Adjustments to reconcile net earnings (loss)
to net cash provided by (used in)
operating activities:
Loss on utility deposits write off 77,000
Changes in operating assets & liabilities:
Inventory 0
Other current assets (355,000)
Accounts payable (892,000)
Other accrued liabilities (1,174,000)
0
Liabilities subject to compromise 0
-------------
Net cash provided by (used in)
operating activities (427,000)
-------------
Investing activities
Change in other long term asset/liabilities -
Retirement of fixed assets -
-------------
Net cash provided by (used in)
investing activities -
-------------
Financing activities
Distribution to Secured Creditors (25,183,000)
-------------
Increase (decrease) in cash (25,610,000)
-------------
Cash at the beginning of Period 50,260,000
-------------
Cash at the end of Period $24,650,000
=============
About Musicland Holding
Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, Puerto Rico and the Virgin
Islands. The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts. Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors. When the Debtors filed for
protection from their creditors, they estimated more than US$100
million in assets and debts. (Musicland Bankruptcy News, Issue
No. 18; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
PLIANT CORP: Files July 2006 Monthly Operating Report
-----------------------------------------------------
Pliant Corporation and Subsidiaries
Unaudited Balance Sheet
As of July 17, 2006
ASSETS
Current Assets:
Cash and cash equivalents $30,196,000
Receivables:
Trade accounts 120,768,000
Allowance for doubtful accounts (4,409,000)
Other 4,313,000
Inventories 102,064,000
Prepaid expenses and other 5,370,000
Income taxes receivable 1,433,000
Deferred income taxes 11,348,000
--------------
Total current assets 271,083,000
Plant and Equipment
Gross asset value 534,541,000
Less accumulated depreciation (266,201,000)
--------------
Plant and equipment -- net 268,340,000
Goodwill -- Net (of Prev Amort) 182,281,000
Intangible Assets, net 14,338,000
Investment in Subsidiaries (42,516,000)
Other Assets 25,141,000
--------------
Total Assets $718,667,000
==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Trade accounts payable $59,334,000
Accrued liabilities:
Customer rebates 5,053,000
Interest payable 26,728,000
Other 46,994,000
Current Portion of long-term debt 546,882,000
Due to affiliates (71,092,000)
Deferred income taxes -
Income taxes payable -
--------------
Total current liabilities 613,899,000
Long-Term Debt, net of current portion
Revolving Credit Facility -
DIP Credit Facility -
Sr. Subordinated Bonds, 13% -
Sr. Secured Notes, 11-1/8% 250,000,000
Sr. Secured Notes Discount Notes, 11-1/8% 7,460,000
Sr. Secured Notes, 11-5/8% 287,003,000
Other 4,592,000
Reclassification (546,882,000)
--------------
Total long-term debt,
net of current portion 2,173,000
Loans from Affiliates -
Other Liabilities 30,749,000
Deferred Income Taxes 28,381,000
Shares Subject to Mandatory Redemption -
Liabilities Subject to Compromise 771,218,000
--------------
Total Liabilities $1,446,420,000
--------------
Commitments and Contingencies:
Restricted Common Stock,
net of shareholder loans $6,645,000
Redeemable Series B Preferred Stock 102,000
Stockholders' Equity
Common stock 104,983,000
Additional Paid-in capital 19,305,000
Warrants 39,133,000
Retained earnings (880,900,000)
Stockholders' notes receivable (660,000)
Other Comprehensive Income (16,361,000)
--------------
Total Stockholders' Equity (734,500,000)
--------------
Total Liabilities and Stockholders' Equity $718,667,000
==============
Pliant Corporation and Subsidiaries
Unaudited Consolidated Statement of Operations
For the period ended July 17, 2006
Net Sales $597,455,000
Cost of Sales 526,604,000
--------------
Gross Profit 70,851,000
Operating Expenses:
Sales, General and Administrative 35,373,000
Research and Development 4,921,000
Restructuring and Other Costs 65,637,000
--------------
Total operating expenses 105,931,000
--------------
Operating Income (35,080,000)
Interest (Expense) 40,436,000
Other Income (Expense) -- Net (1,004,000)
Equity in Earnings of Subs 2,874,000
--------------
Income Before Income Taxes ($77,386,000)
--------------
Income Tax Expense (Benefit) 698,000
--------------
Net Income Before Discontinued Operations (78,084,000)
Discontinued Operations -
--------------
Net Income ($78,084,000)
==============
Pliant Corporation and Subsidiaries
Schedule of Cash Receipts and Disbursements
For the period ended July 17, 2006
Receipts
Total receipts $597,455,000
--------------
Disbursements
Payroll 67,175,000
Payroll benefits and taxes 11,854,000
Raw material 369,083,000
Freight 21,226,000
Packaging 19,000,000
Utilities 13,436,000
Other direct costs 6,839,000
Administration and Selling 19,740,000
Other fixed costs 19,475,000
--------------
Total disbursements 547,829,000
--------------
Cash from operating activities 49,626,000
Working capital changes
Working capital and other requirements 3,763,000
Capital expenditures and interest
Capital expenditures (20,918,000)
Repayment of capital leases (653,000)
Cash interest 31,000
Income Taxes 55,000
Professional fees (8,255,000)
U.S. Trustee Fees (42,000)
Court costs -
--------------
Net cash flow 23,606,000
--------------
Cash Beginning of Year 6,910,000
Net cash flow 23,606,000
Intercompany transfer (320,000)
--------------
Cash End of Month $30,196,000
==============
Headquartered in Schaumburg, Illinois, Pliant Corporation --
http://www.pliantcorp.com/-- produces value-added film and
flexible packaging products for personal care, medical, food,
industrial and agricultural markets. The Debtor and 10 of its
affiliates filed for chapter 11 protection on Jan. 3, 2006
(Bankr. D. Del. Lead Case No. 06-10001). James F. Conlan, Esq.,
at Sidley Austin LLP, and Edmon L. Morton, Esq., and Robert S.
Brady, Esq., at Young, Conaway, Stargatt & Taylor, represent the
Debtors in their restructuring efforts. The Debtors tapped
McMillan Binch Mendelsohn LLP, as their Canadian bankruptcy
counsel. The Ontario Superior Court of Justice named RSM
Richter, Inc., as the Debtors' information officer in their
restructuring proceeding under Companies Creditors Arrangement Act
in Canada. Kenneth A. Rosen, Esq., at Lowenstein Sandler, P.C.,
serves as counsel to the Official Committee of Unsecured
Creditors. Don A. Beskrone, Esq., at Ashby & Geddes, P.A., is
local counsel to the Creditors' Committee. As of Sept. 30, 2005,
the company had $604,275,000 in total assets and $1,197,438,000 in
total debts. The Debtors emerged from chapter 11 protection on
July 19, 2006 (Pliant Bankruptcy News, Issue No. 23; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
WERNER LADDER: Files August 2006 Monthly Operating Report
---------------------------------------------------------
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Balance Sheet
As of August 31, 2006
ASSETS
Current Assets:
Cash and cash equivalents $25,916,000
Receivables, net 71,256,000
Income taxes receivable (payable) 940,000
Inventories, net 64,564,000
Prepaid insurance and other 11,923,000
------------
Total current assets 174,599,000
Property, plant & equipment, net 75,966,000
Other Assets:
Deferred financing fess, net 10,845,000
Investment in subsidiaries -
Other noncurrent assets 7,578,000
------------
Total other assets 18,423,000
TOTAL ASSETS $268,988,000
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $18,152,000
Accrued liabilities 29,461,000
Intercompany payable (receivables) -
First lien revolving credit facility 39,029,000
Current maturities of long-term debt 182,089,000
------------
Total current liabilities 268,731,000
Long-Term Liabilities:
Long-term debt 89,618,000
Reserve for product liability and
workers' compensation claims 5,985,000
Other long-term obligations 2,477,000
Liabilities subject to compromise 220,924,000
------------
Total Liabilities 587,735,000
Convertible preferred stock 99,160,000
Shareholders' Deficit:
Common stock 1,000
Additional paid-in-capital 18,449,000
Retained earnings (deficit) (422,523,000)
Accumulated other comprehensive income (loss) (13,628,000)
N/R arising from stock loan plan (206,000)
------------
Total Shareholders' Deficit (417,907,000)
------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $268,988,000
============
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Statement of Operations
August 1 to 31, 2006
Net sales $34,468,000
Total cost of sales 27,867,000
------------
Gross profit 6,601,000
Total operating expenses 10,293,000
Operating income (loss) (3,692,000)
Equity in net income (loss) of subsidiaries -
Other income (expense), net (33,000)
------------
Income (loss) before interest,
reorganization items and taxes (3,725,000)
Reorganization items, net (3,312,000)
------------
Interest (loss) before interest and taxes (7,037,000)
Inter-company interest expense -
Interest expense 3,634,000
------------
Income (loss) before income taxes (10,671,000)
Provision (benefit) for income taxes (322,000)
------------
Net Income (Loss) ($10,349,000)
============
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Statement of Cash Flows
August 1 to 31, 2006
Cash flows provided (used) by
operating activities ($13,139,000)
Cash Flows From Investing Activities:
Capital expenditures, net (506,000)
Proceeds from sale of property -
------------
Net cash used in investing activities (506,000)
Cash Flows From Financing Activities:
Borrowings of long-term debt -
Repayments of long-term debt -
Capital lease payments (351,000)
Net borrowings under first lien revolving
credit facility 12,000,000
Debt issuance costs (34,000)
------------
Net cash provided (used) by financing activities 11,615,000
------------
Net increase (decrease) in cash and equivalents (2,030,000)
Cash and equivalents at August 1, 2006 27,946,000
------------
Cash and equivalents at August 31, 2006 $25,916,000
============
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).
The firm of Willkie Farr & Gallagher LLP serves as the Debtors'
counsel. Kara Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and
Robert S. Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP,
represents the Debtors as its co-counsel. The Debtors have
retained Rothschild Inc. as their financial advisor. Greenberg
Traurig LLP is counsel to the Official Committee of Unsecured
Creditors. Jefferies & Co serves as the Committee's financial
advisor.
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. 10; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
WINN-DIXIE: Files August 2006 Monthly Operating Report
------------------------------------------------------
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Balance Sheet
At August 23, 2006
(In Thousands)
ASSETS
Current assets:
Cash and cash equivalents $257,561
Marketable securities 14,446
Trade and other receivables, net 134,954
Insurance claims receivable 27,434
Income tax receivable 30,382
Merchandise inventories, net 451,638
Prepaid expenses and other current assets 36,254
Assets held for sale 2,887
----------
Total current assets 955,556
----------
Property, plant and equipment, net 489,575
Other assets, net 97,594
----------
Total assets $1,542,725
==========
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Current borrowings under DIP Credit Facility $40,000
Current portion of long-term debt 235
Current obligations under capital leases 3,592
Accounts payable 206,659
Reserve for self-insurance liabilities 75,844
Accrued wages and salaries 85,760
Accrued rent 47,664
Accrued expenses 95,921
----------
Total current liabilities 555,675
----------
Reserve for self-insurance liabilities 151,521
Long-term debt 123
Obligations under capital leases 4,918
Other liabilities 9,519
----------
Total liabilities not subject to compromise 721,756
----------
Liabilities subject to compromise 1,121,686
----------
Total liabilities 1,843,442
Shareholders' deficit:
Common stock 141,858
Additional paid-in-capital 35,993
Accumulated deficit (458,185)
Accumulated other comprehensive loss (20,383)
----------
Total shareholders' deficit (300,717)
----------
Total liabilities and shareholders' deficit $1,542,725
==========
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Operations
Four Weeks Ended August 23, 2006
(In Thousands)
Net sales $527,774
Cost of sales, net 391,003
----------
Gross profit on sales 136,771
Other operating and administrative expenses 153,340
Restructuring loss 565
----------
Operating loss (17,134)
Interest expense, net 816
----------
Loss before reorganization items and income taxes (17,950)
Reorganization items, net expense 2,624
Income tax expense 0
----------
Net loss from continuing operations (20,574)
Discontinued operations:
Loss from discontinued operations (1,537)
Gain on disposal of discontinued operations 19,631
Income tax expense 0
----------
Net gain from discontinued operations 18,094
----------
Net loss ($2,480)
==========
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Cash Flows
Four Weeks Ended August 23, 2006
(In Thousands)
Cash flows from operating activities:
Net loss ($2,480)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Gain on sales of assets, net (35,585)
Reorganization items, net 2,624
Depreciation and amortization 7,430
Stock compensation plans 558
Change in operating assets and liabilities:
Trade and other receivables 22,646
Merchandise inventories 19,681
Prepaid expenses and other current assets 102
Accounts payable (2,990)
Reserve for self-insurance liabilities 248
Lease liability on closed facilities 13,148
Income taxes receivable 51
Defined benefit plan (273)
Other accrued expenses 2,146
----------
Net cash provided by operating activities
before reorganization items 27,306
Cash effect of reorganization items (4,198)
----------
Net cash provided by operating activities 23,108
Cash flows from investing activities:
Purchases of property, plant and equipment (3,479)
Increase in investments and other assets (2,219)
Proceeds from sales of assets 46,059
Purchases of marketable securities (595)
Sales of marketable securities 240
Other 512
----------
Net cash provided by investing activities 40,518
Cash flows from financing activities:
Gross borrowings on DIP Credit Facility 1,502
Gross payments on DIP Credit Facility (1,767)
Principal payments on capital
lease obligations (128)
Principal payments on long-term debt (20)
Debt issuance costs (114)
Other 98
----------
Net cash used in financing activities (429)
Increase in cash and cash equivalents 63,197
Cash and cash equivalents at
beginning of period 194,364
----------
Cash and cash equivalents at end of period $257,561
==========
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 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi. 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. 53; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
*********
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland, USA. Marie
Therese V. Profetana, Shimero Jainga, Joel Anthony G. Lopez,
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Cherry A. Soriano-Baaclo, Christian Q. Salta, Jason A. Nieva,
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Copyright 2006. All rights reserved. ISSN: 1520-9474.
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