/raid1/www/Hosts/bankrupt/TCR_Public/061007.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, October 7, 2006, Vol. 10, No. 239
Headlines
ADELPHIA COMMS: Files Monthly Operating Report for August 2006
ALLIED HOLDINGS: Earns $2.1 Million in August 2006
AMES DEPARTMENT: Posts $408,000 Net Loss for Period Ended July 1
AMES DEPARTMENT: Posts $107,000 Net Loss for Period Ended July 29
ASARCO LLC: Discloses $1,202,416 Total Advances to Subsidiaries
ASARCO LLC: Earns $69.5 Million in August 2006
CALPINE CORPORATION: Earns $92.2 Million in July 2006
DELPHI CORPORATION: Posts $533 Million Net Loss in August 2006
ENTERGY NEW ORLEANS: Earns $1.5 Million in August 2006
FLYI INC: Posts $490,610 Net Loss in August 2006
FLYI INC: Independence Air Earns $6.8 Million in August 2006
NORTHWEST AIRLINES: Posts $943 Million Net Loss for August 2006
PERFORMANCE TRANSPORT: Files August 2006 Monthly Operating Report
VESTA INSURANCE: Posts $16,423 Net Loss for August 2006
VESTA INSURANCE: Gordon Gaines Earns $116,204 in August 2006
*********
ADELPHIA COMMS: Files Monthly Operating Report for August 2006
--------------------------------------------------------------
In a regulatory filing with the Securities and Exchange
Commission, Adelphia Communications Corporation discloses that it
adopted a liquidation basis of accounting in August 2006 as a
result of the sale of its assets on July 31, 2006, to Time Warner
NY Cable, LLC, and Comcast Corporation.
ACOM's Senior Vice President and Chief Accounting Officer,
Scott D. MacDonald, explains that under the liquidation basis of
accounting, assets are recorded at their estimated realizable
amounts and liabilities that will be paid in full are recorded at
the present value of amounts to be paid. Liabilities subject to
compromise are recorded at their face amounts until they are
settled, at which time they will be adjusted to their settlement
amounts.
In connection with the adoption of liquidation basis of
accounting, ACOM recorded a preliminary estimated accrual for
costs during the liquidation period of $145,289,000, Mr. MacDonald
relates. The estimate is subject to change.
ACOM also discloses that it expects to pay approximately
$1,800,000,000 of claims in the third quarter of 2006 in
accordance with the Plan of Reorganization for the Parnassos
Debtors and the Century-TCI Debtors, of which approximately
$1,600,000,000 relates to prepetition debt obligations. ACOM has
paid $1,650,000,000 of those claims as of August 31, 2006.
Adelphia Communications Corporation, et al.
Consolidated Statement of Net Liabilities
In Liquidation (Unaudited)
As of August 31, 2006
(Dollars in thousands)
ASSETS
Cash and cash equivalents $5,925,307
Restricted cash 91,536
Short-term investments 3,416,922
Receivable for securities 5,228
Proceeds from Sale Transaction held in escrow 700,573
TWC Class A Common Stock 4,750,147
Other assets 241,541
----------
Total Assets $15,131,254
==========
LIABILITIES AND NET LIABILITIES IN LIQUIDATION
Accounts payable $21,404
Income and other taxes payable 605,599
Accrued liquidation costs 145,289
Other accrued liabilities 389,301
Liabilities subject to compromise 16,722,583
----------
Total liabilities $17,884,176
----------
Net Liabilities in Liquidation ($2,752,922)
==========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statement of Changes
in Net Liabilities In Liquidation
Month Ended August 31, 2006
(Dollars in thousands)
Stockholders' deficit at July 31, 2006 ($2,402,824)
Effects of adopting liquidation basis of
accounting:
Accrual of liquidation costs (145,289)
Initial adjustment of assets to estimated
realizable values (13,044)
Adjustment of liabilities subject to compromise
to face value (181,594)
----------
Net effect of adopting liquidation basis of
accounting (339,927)
----------
Liquidation activities:
Adjustment to gain on Sale Transaction (6,041)
Settlement of liabilities subject to compromise (599)
----------
Net change from liquidation activities (6,640)
----------
Changes in fair values of assets and liabilities:
Change in estimate of net realizable value
of assets 960
Interest income 38,258
Interest expense (42,749)
----------
Net change in fair values of assets and liabilities (3,531)
----------
Net change in net liabilities in liquidation (350,098)
----------
Net liabilities in liquidation at August 31, 2006 ($2,752,922)
==========
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 administered under Adelphia
Communications and its debtor-affiliates chapter 11 cases.
(Adelphia Bankruptcy News, Issue Nos. 151; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
ALLIED HOLDINGS: Earns $2.1 Million in August 2006
--------------------------------------------------
Allied Holdings, Inc.
Unaudited Consolidated Balance Sheet
As of August 31, 2006
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $228
Receivables, net of allowances 46,591
Related party receivables 18,290
Inventories 5,096
Prepayments and other current assets 24,768
--------
Total current assets 94,973
Property and equipment, net 123,236
Goodwill, net 3,545
Deferred income taxes 63
Other noncurrent assets 22,042
Investment in related parties 24,710
--------
TOTAL ASSETS $268,569
========
Liabilities and Stockholders' Deficit
Current liabilities not subject to compromise
DIP facility $150,938
Canadian revolving credit facility 505
Accounts and notes payable 32,542
Deferred income taxes 80
Accrued liabilities 54,996
--------
Total current liabilities $239,061
Long-term liabilities not subject to compromise
Postretirement benefits 4,308
Other long-term liabilities 20,596
--------
Total long-term liabilities 24,904
Liabilities subject to compromise 199,347
Stockholders deficit (194,743)
--------
Total liabilities & stockholders deficit $268,569
========
Allied Holdings, Inc.
Unaudited Consolidated Statement of Operations
For the Month Ended August 31, 2006
(In Thousands)
Revenues $75,676
Operating Expenses
Salaries, Wages & Fringe benefits 38,704
Operating supplies & expenses 15,275
Purchased transportation 9,473
Insurance & claims 3,264
Operating tax & licenses 2,338
Depreciation & amortization 2,244
Rents 592
Communications & utilities 501
Other operating expenses 501
Loss on disposal of operating assets, net 1
--------
Total Operating Expenses 72,893
--------
Operating Income (Loss) 2,783
Other Income (Expense)
Interest expense (1,911)
Investment income 8
Foreign exchange gains, net 970
Equity in earnings of subsidiaries 534
--------
(399)
--------
Income before reorganization items and income taxes 2,384
Reorganization items (190)
--------
Income (Loss) before income taxes 2,194
Income tax expense -
--------
NET INCOME (LOSS) $2,194
========
The Debtors disclosed cash disbursements totaling $3,973,254
during August 2006.
Headquartered in Decatur, Georgia, Allied Holdings, Inc.
-- http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537). Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor. Anthony J. Smits,
Esq., at Bingham McCutchen LLP, provides the Official Committee of
Unsecured Creditors with legal advice and Russell A. Belinsky at
Chanin Capital Partners, LLC, provides financial advisory services
to the Committee. When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts. (Allied Holdings Bankruptcy News, Issue No. 31;
Bankruptcy Creditors' Service, Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
AMES DEPARTMENT: Posts $408,000 Net Loss for Period Ended July 1
----------------------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheet
At July 1, 2006
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $11,365
Restricted cash 58,509
Receivables 870
---------
Total current assets 70,744
Fixed Assets -
---------
Total Assets $70,744
=========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable:
Trade $47,394
Other 10,265
---------
Total accounts payable 57,659
Self-insurance reserves 25,369
Accrued expenses 19,657
Liabilities subject to compromise 846,442
---------
Total liabilities 949,127
Stockholders' equity (deficit)
Common stock 295
Additional paid-in capital 533,393
Accumulated deficit (1,411,149)
Treasury stock (922)
---------
Total stockholders' deficit (878,383)
---------
Total liabilities and stockholders' deficit $70,744
=========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statement of Operations
For the Five Weeks Ended July 1, 2006
(In Thousands)
Total revenue $78
Costs and expenses
Wind down expenses and other costs 386
Gain on Sale of Assets -
Write off of excess reserves -
Professional fees 100
---------
Loss before income taxes (408)
Income tax provision -
---------
Net Loss ($408)
=========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statement of Cash Flows
For the Five Weeks ended July 1, 2006
(In Thousands)
Cash flows from operating activities:
Net loss ($408)
Expenses not requiring the outlay of cash:
Gain on the sale of assets -
---------
Cash provided by operations (408)
Changes in working capital:
Decrease in receivables 151
Decrease in accrued exp. and other liabilities (294)
Decrease in accounts payable (370)
Increase in Restricted Cash (19)
---------
Net cash provided by operating activities (940)
Cash flows from financing activities:
Change in liabilities subject to compromise 271
Proceeds from the sale of assets -
---------
Net cash used by financing activities 271
Decrease in cash and cash equivalents (669)
Cash and cash equivalents, beginning of period 12,034
---------
Cash and cash equivalents, end of period $11,365
=========
Ames Department Stores filed for chapter 11 protection on
Aug. 20, 2001 (Bankr. S.D.N.Y. Case No. 01-42217). Albert Togut,
Esq., Frank A. Oswald, Esq. at Togut, Segal & Segal LLP and Martin
J. Bienenstock, Esq., and Warren T. Buhle, Esq., at Weil, Gotshal
& Manges LLP represent the Debtors in their restructuring efforts.
When the Company filed for protection from their creditors, they
listed $1,901,573,000 in assets and $1,558,410,000 in liabilities.
(AMES Bankruptcy News, Issue No. 85; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AMES DEPARTMENT: Posts $107,000 Net Loss for Period Ended July 29
-----------------------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheet
At July 29, 2006
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $10,894
Restricted cash 58,526
Receivables 895
---------
Total current assets 70,315
Fixed Assets -
---------
Total Assets $70,315
=========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable:
Trade $47,393
Other 9,883
---------
Total accounts payable 57,276
Self-insurance reserves 25,216
Accrued expenses 19,550
Liabilities subject to compromise 846,763
---------
Total liabilities 948,805
Stockholders' equity (deficit)
Common stock 295
Additional paid-in capital 533,393
Accumulated deficit (1,411,256)
Treasury stock (922)
---------
Total stockholders' deficit (878,490)
---------
Total liabilities and stockholders' deficit $70,315
=========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statement of Operations
For the Four Weeks Ended July 29, 2006
(In Thousands)
Total revenue $91
Costs and expenses
Wind down expenses and other costs 198
Gain on Sale of Assets -
Write off of excess reserves -
Professional fees -
---------
Loss before income taxes (107)
Income tax provision -
---------
Net Loss ($107)
=========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statement of Cash Flows
For the Four Weeks ended July 29, 2006
(In Thousands)
Cash flows from operating activities:
Net loss ($107)
Expenses not requiring the outlay of cash:
Gain on the sale of assets -
---------
Cash provided by operations (107)
Changes in working capital:
Increase in receivables (25)
Decrease in accrued exp. and other liabilities (260)
Decrease in accounts payable (383)
Increase in Restricted Cash (17)
---------
Net cash provided by operating activities (792)
Cash flows from financing activities:
Change in liabilities subject to compromise 321
Proceeds from the sale of assets -
---------
Net cash used by financing activities 321
Decrease in cash and cash equivalents (471)
Cash and cash equivalents, beginning of period 11,365
---------
Cash and cash equivalents, end of period $10,894
=========
Ames Department Stores filed for chapter 11 protection on
Aug. 20, 2001 (Bankr. S.D.N.Y. Case No. 01-42217). Albert Togut,
Esq., Frank A. Oswald, Esq. at Togut, Segal & Segal LLP and Martin
J. Bienenstock, Esq., and Warren T. Buhle, Esq., at Weil, Gotshal
& Manges LLP represent the Debtors in their restructuring efforts.
When the Company filed for protection from their creditors, they
listed $1,901,573,000 in assets and $1,558,410,000 in liabilities.
(AMES Bankruptcy News, Issue No. 85; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
ASARCO LLC: Discloses $1,202,416 Total Advances to Subsidiaries
---------------------------------------------------------------
ASARCO LLC informs the Court that it has failed to disclose
certain advances made to certain of its debtor and non-debtor
subsidiaries in its monthly operating reports from August 2005
though July 2006, aggregating to $1,202,416.
Summary of Postpetition Payments Made to Funded Entities
August 9, 2005 - July 31, 2006
Name Payment
---- -------
Parent Company
Asarco, Inc. $138,273
Bankrupt Entities
ASARCO Consulting 358,939
ASARCO Master, Inc. 92,649
Encycle/Texas, Inc. 55,573
ASARCO Oil and Gas Company 18,184
Encycle, Inc. 1,200
AR Mexican Explorations 810
Covington Land Company 810
ALC, Inc. 750
American Smelting and Refining 750
AR Sacaton, LLC (Arizona) 750
Government Gulch Mining Company 750
Salero Ranch, Unit III 750
Non-Bankrupt Entities
ASARCO Exploration Company 298,011
AR Sacaton, LLC (Delaware) 210,882
Asarco Exploration Co., Canada 12,500
ASARCO Santa Cruz, Inc. 10,803
Green Hill Cleveland Mining 125
Alta Mining and Development 112
AR Silver Bell, Inc. 105
----------
TOTAL $1,202,416
==========
James R. Prince, Esq., at Baker Botts L.L.P., in Dallas, Texas,
relates that the Advances made to the non-debtor subsidiaries were
used to cover ordinary expenses like security guard services,
utilities, property maintenance and repair expenses, mineral and
licensing fees, state and local taxes and registration fees. The
Advances made to various debtor subsidiaries were used to cover
operating and reorganization expenses.
Mr. Prince asserts that the Advances of discrete funds to cover
the cash needs of the subsidiaries helped preserve ASARCO's
investments in those entities and allowed all of the Debtors in
the jointly administered Chapter 11 cases to continue to comply
with their obligations as debtors.
Furthermore, to the extent that the funds covered the cash needs
of certain subsidiaries holding valuable assets for sale, ASARCO
and its estate will benefit because the vast majority of those
sales proceeds will be received by ASARCO as their sole
shareholder.
Headquartered in Tucson, Arizona, ASARCO LLC
-- http://www.asarco.com/-- is an integrated copper mining,
smelting and refining company. Grupo Mexico S.A. de C.V. is
ASARCO's ultimate parent. The Company filed for chapter 11
protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207).
James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A.
Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter
Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq.,
at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor
in its restructuring efforts. Lehman Brothers Inc. provides the
ASARCO with financial advisory services and investment banking
services. Paul M. Singer, Esq., James C. McCarroll, Esq., and
Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the
Official Committee of Unsecured Creditors and David J. Beckman at
FTI Consulting, Inc., gives financial advisory services to the
Committee. When the Debtor filed for protection from its
creditors, it listed $600 million in total assets and $1 billion
in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No.
05-21346) also filed for chapter 11 protection, and ASARCO has
asked that the three subsidiary cases be jointly administered with
its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.
(ASARCO Bankruptcy News, Issue No. 30; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
ASARCO LLC: Earns $69.5 Million in August 2006
----------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of August 31, 2006
ASSETS
Current Assets:
Cash $278,301,000
Restricted Cash 24,134,000
Accounts receivable, net 142,216,000
Inventory 300,129,000
Prepaid expenses 19,374,000
Deferred income tax assets 0
Other current assets 15,455,000
-------------
Total Current Assets 779,607,000
Net property, plant and equipment 411,602,000
Other Assets
Investments in subs 77,447,000
Advances to affiliates 13,398,000
Prepaid pension & retirement plan 76,592,000
Non-current deferred tax asset 40,954,000
Other 136,335,000
-------------
Total assets $1,535,936,000
=============
LIABILITIES
Postpetition liabilities:
Accounts payable $48,214,000
Accrued liabilities 26,914,000
Debtor-in-possession financing 0
-------------
Total postpetition liabilities 75,128,000
Prepetition liabilities:
Not subject to compromise - credit 863,000
Not subject to compromise - other 124,301,000
Advances from affiliates 28,683,000
Subject to compromise 876,655,000
-------------
Total prepetition liabilities 1,030,503,000
-------------
Total liabilities $1,105,631,000
-------------
OWNERS' EQUITY (DEFICIT)
Common stock 508,325,000
Additional paid-in capital 104,578,000
Other comprehensive income (122,212,000)
Retained earnings: filing date (531,162,000)
-------------
Total prepetition owners' equity (40,472,000)
Retained earnings: post-filing date 470,777,000
-------------
Total owners' equity (net worth) 430,305,000
Total liabilities and owners' equity $1,535,936,000
=============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ending August 31, 2006
Sales $156,766,000
Cost of products and services 85,947,000
-------------
Gross profit 70,819,000
Operating expenses:
Selling and general & admin expenses 5,697,000
Depreciation & amortization 2,351,000
Provision accretion expense of asset
retirement obligation 143,000
-------------
Operating income 62,629,000
Interest expense 30,000
Interest income (1,561,000)
Reorganization expenses 2,809,000
Other miscellaneous (income) expenses (9,573,000)
-------------
Income (loss) before taxes 70,923,000
Income taxes 1,418,000
-----------
Net income (loss) $69,504,000
===========
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ending August 31, 2006
Receipts $157,110,000
Disbursements:
Inventory material 66,510,000
Operating disbursements 44,965,000
Capital expenditures 3,758,000
------------
Total disbursements 115,233,000
Operating cash flow 41,877,000
Reorganization disbursements 2,518,000
------------
Net cash flow 39,360,000
Net payments to secured Lenders 0
------------
Net change in cash 39,360,000
Beginning cash balance 263,075,000
------------
Ending cash balance $302,435,000
============
Headquartered in Tucson, Arizona, ASARCO LLC
-- http://www.asarco.com/-- is an integrated copper mining,
smelting and refining company. Grupo Mexico S.A. de C.V. is
ASARCO's ultimate parent. The Company filed for chapter 11
protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207).
James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A.
Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter
Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq.,
at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in
its restructuring efforts. Lehman Brothers Inc. provides the
ASARCO with financial advisory services and investment banking
services. Paul M. Singer, Esq., James C. McCarroll, Esq., and
Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the
Official Committee of Unsecured Creditors and David J. Beckman at
FTI Consulting, Inc., gives financial advisory services to the
Committee. When the Debtor filed for protection from its
creditors, it listed $600 million in total assets and $1 billion
in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No.
05-21346) also filed for chapter 11 protection, and ASARCO has
asked that the three subsidiary cases be jointly administered with
its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.
(ASARCO Bankruptcy News, Issue No. 30; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
CALPINE CORPORATION: Earns $92.2 Million in July 2006
-----------------------------------------------------
Calpine Corporation
Condensed Consolidating Balance Sheet
As of July 31, 2006
ASSETS
Current assets:
Cash & cash equivalents $877,289,000
Accounts receivable, net 1,043,724,000
Margin deposits & other prepaid expense 294,486,000
Inventories 169,006,000
Restricted cash 479,516,000
Current derivative assets 329,687,000
Current assets held for sale 383,892,000
Other current assets 131,029,000
--------------
Total current assets 3,708,629,000
Restricted cash, net of current portion 199,458,000
Notes receivable, net of current portion 154,261,000
Project development costs 26,319,000
Investments 67,118,000
Deferred financing costs 165,545,000
Prepaid lease, net of current portion 196,876,000
Property, plant & equipment, net 13,932,203,000
Goodwill 45,160,000
Other intangible assets, net 51,967,000
Long-term derivative assets 582,364,000
Other assets 618,150,000
--------------
Total assets $19,748,050,000
==============
LIABILITIES & STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $566,372,000
Accrued payroll and related expense 43,311,000
Accrued interest payable 180,072,000
Income taxes payable 99,073,000
Notes payable & other borrowings 181,833,000
Preferred interests 9,124,000
Capital lease obligations 286,209,000
CCFC financing 783,528,000
CalGen financing 2,510,519,000
Construction/project financing 1,997,850,000
DIP Facility 3,500,000
Current derivative liabilities 490,625,000
Other current liabilities 301,012,000
--------------
Total current liabilities 7,453,028,000
Notes payable and other borrowings 467,362,000
Preferred interests 579,122,000
Capital lease obligations 319,000
Construction/project financing 420,050,000
DIP Facility 994,750,000
Deferred income taxes 350,037,000
Deferred revenue 143,796,000
Long-term derivative liabilities 735,889,000
Other liabilities 150,955,000
--------------
Total liabilities not subject to compromise 11,295,308,000
Liabilities subject to compromise 14,954,756,000
Minority interests 265,922,000
Stockholders' equity (deficit):
Common stock 569,000
Additional paid-in capital 3,268,855,000
Additional paid-in capital, loaned shares 258,100,000
Additional paid-in capital, returnable shares (258,100,000)
Accumulated deficit (9,928,138,000)
Accumulated other comprehensive loss (109,222,000)
--------------
Total stockholders' deficit (6,767,936,000)
--------------
Total liabilities & stockholders' deficit $19,748,050,000
==============
Calpine Corporation
Condensed Consolidating Statement of Operations
For period ending July 31, 2006
Revenue:
Electricity and steam revenue $625,693,000
Sales of purchased power & gas
for hedging and optimization 168,506,000
Mark-to-market activities, net (13,825,000)
Other revenue 4,334,000
--------------
Total revenue 784,708,000
Cost of revenue:
Plant operating expense 31,265,000
Royalty expense 2,481,000
Transmission purchase expense 5,060,000
Purchased power and gas
for hedging and optimization 135,110,000
Fuel expense 380,872,000
Depreciation & amortization expense 37,058,000
Operating plant impairments
Operating lease expense 1,358,000
Other cost of revenue 2,690,000
--------------
Total cost of revenue 595,894,000
--------------
Gross profit 188,814,000
Equipment, development project & other impairment (26,000)
Project development expense 1,864,000
Research and development expense 1,319,000
Sales, general and administrative expense 14,118,000
--------------
Income (loss) from operations 171,539,000
Interest expense 74,094,000
Interest (income) (6,461,000)
Minority interest expense 2,927,000
(Income) loss from repurchase of debt issuances
Other (income) expense, net 2,686,000
--------------
Loss before organization items, benefit for
income taxes and cumulative effect of a change
in accounting principle 98,293,000
Reorganization items 4,346,000
--------------
Loss before benefit for income taxes and
cumulative effect of a change in accounting
principle 93,947,000
Provision (benefit) for income taxes 1,723,000
--------------
Net income $92,224,000
==============
Headquartered in San Jose, California, Calpine Corporation
(OTC Pink Sheets: CPNLQ) -- 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. 27; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
DELPHI CORPORATION: Posts $533 Million Net Loss in August 2006
--------------------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of August 31, 2006
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $855
Restricted cash 105
Accounts receivable, net
General Motors and affiliates 1,448
Other third parties 1,624
Non-Debtor subsidiaries 326
Notes receivable from non-Debtor subsidiaries 359
Inventories, net
Productive material, work-in-process and supplies 932
Finished goods 315
Prepaid expenses and other 297
-------
TOTAL CURRENT ASSETS 6,261
Long-term assets:
Property, net 2,535
Investment in affiliates 375
Investments in non-Debtor subsidiaries 3,468
Goodwill 152
Other intangible assets 40
Pension intangible assets 678
Other 336
-------
TOTAL ASSETS $13,845
=======
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Secured debt in default $2,492
Accounts payable 1,266
Accounts payable to non-Debtor subsidiaries 316
Accrued liabilities 1,423
-------
TOTAL CURRENT LIABILITIES 5,497
Long-term liabilities not subject to compromise:
Debtor-in-possession financing 250
Employee benefit plan obligations and other 758
-------
TOTAL LONG-TERM LIABILITIES 1,008
Liabilities subject to compromise 16,206
-------
TOTAL LIABILITIES 22,711
Stockholders' deficit:
Common stock 6
Additional paid-in capital 2,761
Accumulated deficit (10,134)
Minimum pension liability (1,452)
Accumulated other comprehensive loss 5
Treasury stock, at cost (3.2 million shares) (52)
-------
TOTAL STOCKHOLDERS' DEFICIT (8,866)
-------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $13,845
=======
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended August 31, 2006
(In Millions)
Net sales:
General Motors and affiliates $950
Other customers 619
Intercompany non-Debtor subsidiaries 48
-------
Total net sales 1,617
-------
Operating expenses:
Cost of sales 1,617
U.S. employee special attrition program charges 372
Selling, general and administrative 83
Depreciation and amortization 53
Goodwill and long-lived asset impairment charges -
-------
Total operating expenses 2,125
-------
Operating loss (508)
Interest expense (32)
Other expense, net -
Reorganization items (4)
Income tax benefit (expense) -
Equity income from non-consolidated subsidiaries 2
Equity income from non-Debtor subsidiaries, net of tax 9
Cumulative effect of accounting charge, net of tax -
-------
NET LOSS ($533)
=======
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended August 31, 2006
(In Millions)
Cash flows from operating activities:
Net loss ($533)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization 53
Pension and other postretirement benefit expenses 123
Equity income from unconsolidated subsidiaries, net (2)
Equity income from non-Debtor subsidiaries, net of tax (9)
Reorganization items 4
U.S. employee attrition program charges 372
Changes in operating assets and liabilities:
Accounts receivable, net (28)
Inventories, net 51
Prepaid expenses and other (11)
Accounts payable, accrued and other long-term debts (30)
Pension contributions (1)
Other postretirement benefit payments (25)
Receipts (payments) for reorganization items, net (3)
Other (1)
-------
Net cash used in operating activities (40)
Cash flows from investing activities:
Capital expenditures (14)
Increase in restricted cash (31)
Proceeds from sale of property 2
Other 10
-------
Net cash used in investing activities (33)
Cash flows from financing activities:
Repayments under cash overdraft (4)
Repayments of borrowings under other debt (1)
-------
Net cash used in financing activities (5)
-------
Decrease in cash and cash equivalents (78)
Cash and cash equivalents at beginning of period 933
-------
Cash and cash equivalents at end of period $855
=======
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. 43; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
ENTERGY NEW ORLEANS: Earns $1.5 Million in August 2006
------------------------------------------------------
Entergy New Orleans, Inc.
Balance Sheet
As of August 31, 2006
(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents $12,985
Cash -
Temporary cash investments -
-----------
Total cash and cash equivalents 12,985
Accounts receivable:
Customer 73,383
Allowance for doubtful accounts (18,558)
Associated companies 14,622
Other 7,494
Accrued unbilled revenues 29,033
-----------
Total accounts receivable 105,974
Deferred fuel costs 30,593
Fuel inventory 3,530
Materials and supplies 6,718
Prepayments and other 3,939
-----------
Total current assets 163,739
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 745,387
Natural gas 192,822
Construction work in progress 54,415
-----------
Total Utility Plant 992,624
Less - accumulated depreciation and amortization 435,065
-----------
Utility plant - net 557,559
Deferred Debits and Other Assets
Regulatory assets:
Other regulatory assets 171,678
Long term receivables 1,090
Other 22,402
-----------
Total deferred debits and other assets 195,170
-----------
TOTAL ASSETS $920,834
===========
LIABILITIES:
Postpetition liabilities:
Taxes payable $4,684
Accounts payable 42,112
DIP credit facility 42,749
-----------
Total postpetition liabilities 89,545
Current liabilities:
Currently maturing long-term debt -
Notes payable -
Accounts payable:
Associated companies 64,300
Other 82,003
Customer deposits 12,871
Taxes accrued 13,765
Accumulated deferred income taxes 3,819
Interest accrued 3,448
Energy efficiency program provision -
Other 3,342
-----------
Total current liabilities 183,548
Non-current liabilities:
Accumulated deferred income taxes & taxes accrued 110,760
Accumulated deferred investment tax credits 3,288
SFAS 109 regulatory liability - net 59,626
Other regulatory liabilities -
Accumulated provisions 10,448
Pension liability 40,660
Long-term debt 229,869
Other 4,300
-----------
Total non-current liabilities 458,951
-----------
Total Liabilities 732,044
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 (621)
-----------
Total shareholders equity 188,790
-----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $920,834
===========
Entergy New Orleans, Inc.
Statement of Operations
Month Ended August 31, 2006
(in thousands)
Operating Revenues
Domestic electric $54,293
Natural gas 5,669
-----------
Total operating revenues 59,962
Operating Expenses:
Operation and maintenance
Fuel 21,994
Purchased power 15,264
Other operation and maintenance 12,859
Taxes other than income taxes 3,423
Depreciation and amortization 2,924
Other regulatory charges - net 347
-----------
Total operating expenses 56,811
-----------
Operating income 3,151
Other income:
Allowance for equity funds used
during construction 63
Interest and dividend income 255
Miscellaneous - net (46)
-----------
Total other income 272
Interest and other charges:
Interest on long-term debt 61
Other interest-net 541
Allowance for borrowed funds used
during construction (52)
-----------
Total interest and other charges 550
Income (loss) before income taxes 2,873
Income taxes 1,279
-----------
NET INCOME $1,594
===========
Entergy New Orleans, Inc.
Cash Receipts and Disbursement Statement
Month Ended August 31, 2006
Beginning cash balance $31,664,092
Cash receipts 66,917,593
Cash disbursements (85,596,094)
-----------
Net cash flow (18,678,501)
-----------
ENDING CASH BALANCE $12,985,591
===========
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. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
FLYI INC: Posts $490,610 Net Loss in August 2006
------------------------------------------------
FLYi Inc.
Consolidated Balance Sheet
As of August 31, 2006
ASSETS
Current assets
Cash $1,211,356
Short term investments -
Net accounts receivable 379,627,803
IC Notes receivable 4,252,000
-----------
Total Current Assets 385,091,159
-----------
Other assets
Restricted cash -
Long term investments 7,435,000
Other assets 14,055,412
-----------
Total Other Assets 21,490,412
-----------
TOTAL ASSETS $406,581,571
===========
Liabilities not subject to compromise -
Liabilities subject to compromise
Secured debt -
Priority debt -
Unsecured debt $250,482,471
-----------
Total Liabilities 250,482,471
-----------
Owner Equity
Common stock 1,088,716
Additional paid in capital 158,254,512
Treasury stock (35,717,477)
Prepetition retained earnings 39,858,773
Postpetition retained earnings (7,385,424)
-----------
Net Owners' Equity 156,099,100
-----------
TOTAL LIABILITIES AND OWNER'S EQUITY $406,581,571
===========
FLYi Inc.
Statement of Operations
August 2006
Revenues -
Other (income) expenses
Interest income ($4,593)
Interest expense (3,592)
Other miscellaneous -
-----------
Net Profit (Loss) before reorganization items 8,185
Reorganization items
Professional fees 498,795
U.S. Trustee Quarterly Fees -
Income Taxes -
-----------
Net Profit (Loss) ($490,610)
===========
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. 26; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
FLYI INC: Independence Air Earns $6.8 Million in August 2006
------------------------------------------------------------
Independence Air Inc.
Consolidated Balance Sheet
As of August 31, 2006
ASSETS
Current assets
Cash $46,851,003
Short term investments 95,850,000
Restricted cash 1,570,975
Net accounts receivable 98,342,810
Net expandable parts and fuel 62,636
Net prepaid expenses 5,672,822
Deferred tax asset (1)
-----------
Total current assets 248,350,245
-----------
Other assets
Restricted cash 14,327,725
Aircraft deposits 12,662,000
Other assets 420,099
-----------
Total other assets 27,409,824
-----------
TOTAL ASSETS $275,760,069
===========
LIABILITIES
Liabilities not subject to compromise
Accounts payable $4,112,791
Air traffic liability 833,822
Accrued liabilities 1,914,602
Amounts due to insiders 67,917
-----------
Total Postpetition Liabilities 6,929,132
-----------
Liabilities subject to compromise
Secured debt 1,124,556
Priority debt 10,429,235
Unsecured debt 392,177,384
Other accruals 17,927,277
-----------
Total prepetition liabilities 421,658,453
-----------
Total Liabilities 428,587,585
-----------
Owner Equity
Common stock -
Treasury stock 7,435,000
Owner's equity account -
Prepetition retained earnings (243,575,613)
Postpetition retained earnings 83,313,098
-----------
Net Owners' Equity (152,827,515)
-----------
TOTAL LIABILITIES AND OWNER'S EQUITY $275,760,069
===========
Independence Air Inc.
Statement of Operations
August 2006
Revenues
Operating Revenue
Passenger revenue -
Other revenue $250
-----------
Total operating revenues 250
-----------
Operating expenses
Insider compensation 23,333
Wages 89,433
Fringes and benefits 148,321
Aircraft fuel (3,764)
Aircraft maintenance and materials 94,073
Facilities rents 39,271
Landing fees 17,596
Depreciation and amortization -
Others (7,225,272)
Retirement & restructuring charge 56,988
-----------
Total operating expense (6,760,022)
-----------
Net operating income (loss) 6,760,272
-----------
Net Profit (Loss) before other income & expenses 6,760,272
-----------
Other (income) expenses
Interest income (524,994)
Interest expense 4,115
Other miscellaneous (77,639)
-----------
Total other (income) expense (598,518)
-----------
Net Profit (Loss) before reorganization items 7,358,790
-----------
Reorganization items
Professional fees 498,795
Income Taxes -
-----------
Net Profit (Loss) $6,859,995
===========
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. 26; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
NORTHWEST AIRLINES: Posts $943 Million Net Loss for August 2006
---------------------------------------------------------------
Northwest Airlines Corporation
Unaudited Condensed Consolidated Balance Sheet
As of August 31, 2006
ASSETS
Current assets:
Cash and cash equivalents $1,396,000,000
Unrestricted short-term investments 584,000,000
Restricted cash, cash equivalents &
short-term investments 685,000,000
Accounts receivable, net 703,000,000
Flight equipment spare parts, net 119,000,000
Prepaid expenses & other 381,000,000
---------------
Total current assets 3,868,000,000
Property and equipment:
Flight equipment, net 7,223,000,000
Other property & equipment, net 730,000,000
---------------
Total property & equipment 7,953,000,000
Flight Equipment under capital leases, net 22,000,000
Other assets:
Intangible pension asset 363,000,000
International routes 634,000,000
Investments in affiliated companies 39,000,000
Other 910,000,000
---------------
Total other assets 1,946,000,000
---------------
Total Assets $13,789,000,000
===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Air traffic liability $1,714,000,000
Accounts payable & other liabilities 1,385,000,000
Current maturities of long-term debt
& capital lease obligations 140,000,000
---------------
Total current liabilities 3,239,000,000
Long-term debt 2,897,000,000
Deferred Credits & other liabilities:
Long-term pension & postretirement
Health care benefits 135,000,000
Other 116,000,000
---------------
Total deferred credits & other liabilities 251,000,000
Liabilities subject to compromise 14,980,000,000
Preferred redeemable stock subject to compromise 278,000,000
Common Stockholders' Equity (Deficit)
Common stock 1,000,000
Additional paid-in capital 1,503,000,000
Accumulated deficit (6,779,000,000)
Accumulated other comprehensive
income (loss) (1,568,000,000)
Treasury stock (1,013,000,000)
---------------
Total common stockholders' equity (deficit) (7,856,000,000)
---------------
Total Liabilities &
Stockholders' Equity (Deficit) $13,789,000,000
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statement of Operations
For Month Ended August 31, 2006
Operating Revenues
Passenger $904,000,000
Regional carrier revenues 127,000,000
Cargo 85,000,000
Other 95,000,000
---------------
Total Operating Revenues 1,211,000,000
Operating Expenses
Aircraft fuel and taxes 345,000,000
Salaries, wages, and benefits 224,000,000
Selling and marketing 68,000,000
Aircraft maintenance materials and repair 66,000,000
Other rentals and landing fees 51,000,000
Depreciation and amortization 41,000,000
Aircraft rentals 17,000,000
Regional carrier expenses 120,000,000
Other 112,000,000
---------------
Total Operating Expenses 1,044,000,000
Operating Income (Loss) 167,000,000
Other Income (Expense)
Interest expense, net (48,000,000)
Investment income 10,000,000
Reorganization items, net (1,074,000,000)
Other, net 2,000,000
---------------
Total other income (expense) (1,110,000,000)
---------------
Income (Loss) Before Income Taxes (943,000,000)
Income tax expense (benefit) -
---------------
Net Income (Loss) ($943,000,000)
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
For Month Ended August 31, 2006
Cash Flows from Operating Activities:
Net income (loss) ($943,000,000)
Adjustments to reconcile net loss to net
cash provided by (used in)
operating activities:
Depreciation and amortization 41,000,000
Pension and other postretirement benefit
contributions less than expense 17,000,000
Changes in certain assets & liabilities (66,000,000)
Long-term vendor deposits/holdbacks 22,000,000
Reorganization items 1,074,000,000
Other, net (11,000,000)
---------------
Net cash provided by operating activities 134,000,000
Cash Flows from Reorganization Activities:
Net cash provided by (used in)
reorganization activities (2,000,000)
Cash Flows from Investing Activities:
Capital expenditures (8,000,000)
Proceeds from sales of short term investment 10,000,000
Decrease (increase) in restricted
cash, cash equivalents &
short-term investments (70,000,000)
Other, net -
---------------
Net cash provided by (used in) investing
activities (68,000,000)
Cash Flows from Financing Activities:
Proceeds from long-term debt 1,225,000,000
Payments of long-term debt and capital
lease obligations (1,018,000,000)
Other, net (22,000,000)
---------------
Net cash provided by (used in)
financing activities 185,000,000
---------------
Increase (Decrease) in Cash and
Cash Equivalents 249,000,000
Cash & cash equivalents at beginning of period 1,147,000,000
---------------
Cash & cash equivalents at end of period $1,396,000,000
===============
Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures. Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks. Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents. The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930). Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases. When the Debtors filed for protection
from their creditors, they listed $14.4 billion in total assets
and $17.9 billion in total debts. (Northwest Airlines Bankruptcy
News, Issue Nos. 40; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANSPORT: Files August 2006 Monthly Operating Report
-----------------------------------------------------------------
Performance Transportation Services, Inc., and its
debtor-affiliates filed with the U.S. Bankruptcy Court for the
Western District of New York their Monthly Operating Statement for
the period August 1 to 31, 2006.
The Operating Statements do not include a Balance Sheet or
Statement of Operations. The Debtors, however, disclosed a
$2,932,900 operating net loss for the period.
Performance Logistics Group, Inc.
In re. Leaseway Motorcar Transport Company, et al.
U.S. Operations Cash Flow
For the Month Ended August 31, 2006
Book balance:
Opening book balance, 08/01/06 $11,007,720
-----------
Receipts
Customers 19,957,414
Miscellaneous receipts 189,929
-----------
Total receipts 20,147,343
-----------
Disbursements
Payroll, payroll taxes & fringe benefits 11,386,185
Insurance & cargo losses 3,044,085
Fuel and fuel taxes 3,671,977
Parts, tires, other operating supplies & expenses 3,688,952
Licenses, permits & tolls 1,521,755
Tractor, trailer lease payments 154,135
Building, land, service vehicles and other rents 360,583
Interest & bank fee payments 1,560,709
Income, franchise & property taxes 1,989
Misc/DIP Line (Draw) / Repayments -
Capital expenditures 439,400
Professional Fees 997,894
-----------
Total Disbursements 26,827,664
-----------
Closing Book Balance, End of Month $4,327,399
===========
A full-text copy of the Debtors' August 2006 Operating Statements
is available for free at http://ResearchArchives.com/t/s?1307
Headquartered in Wayne, Michigan, Performance Transportation
Services, Inc. -- http://www.pts-inc.biz/-- is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America. The Company provides transit stability,
cargo damage elimination and proactive customer relations that are
second to none in the finished vehicle market segment. The
company's chapter 11 case is administered jointly under Leaseway
Motorcar Transport Company.
Headquartered in Niagara Falls, New York, Leaseway Motorcar
Transport Company Debtor and 13 affiliates filed for chapter 11
protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Case No. 06-00107).
James A. Stempel, Esq., James W. Kapp, III, Esq., and Jocelyn A.
Hirsch, Esq., at Kirkland & Ellis, LLP, and Garry M. Graber, Esq.,
at Hodgson Russ LLP represent the Debtors in their restructuring
efforts. David Neier, Esq., at Winston & Strawn LLP, represents
the Official Committee of Unsecured Creditors. When the Debtors
filed for protection from their creditors, they estimated assets
between $10 million and $50 million and more than $100 million in
debts. (Performance Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service, Inc. http://bankrupt.com/newsstand/or
215/945-7000)
VESTA INSURANCE: Posts $16,423 Net Loss for August 2006
-------------------------------------------------------
Vesta Insurance Group, Inc.
Income Statement
Month ending August 31, 2006
Revenue from Total Sales $0
Less:
Cost of Sales 0
------------
Gross Profit 0
Less:
Operating Expenses 61,382
------------
Net Profit Operations (61,382)
Non-Operating Income (Expenses)
Interest Income 49,959
Legal Expense (5,000)
------------
Net Profit (Loss) ($16,423)
============
Vesta Insurance Group, Inc.
Schedule of Cash Receipts and Disbursements
Month ending August 31, 2006
Cash On Hand (Beginning) $5,823,080
Cash Receipts:
Accounts Receivable 0
Cash Sales 0
Loan Proceeds 0
Sale of Property 0
Interest 49,959
------------
Total Receipts 49,959
Cash Disbursements:
Financing costs, fees, interest 0
Advertising 0
Automobiles/Vehicles (repair and maintenance) 0
Bank Fees 45
Commissions/Contract Labor 0
Insurance Expense 0
Interest Paid 0
Inventory Purchased 0
Legal Fees 5,000
Postage 0
Rent/Lease Payments on Real Estate 0
Repairs and Maintenance 0
Salaries/Wages (portion paid to J.G. Gaines, Inc.) 61,337
Secured Loan Payments 0
Supplies 0
Taxes 0
Unsecured Loan Payments 0
Utilities 0
Others 0
------------
Total Disbursements 66,382
Surplus or Deficit (16,423)
------------
Cash on Hand (End) $5,806,657
============
Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc.
(Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding
company for a group of insurance companies that primarily offer
property insurance in targeted states.
Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership
III, L.P., filed an involuntary chapter 7 petition against the
Company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517).
The case was converted to a voluntary chapter 11 case on
Aug. 8, 2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W.
Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP, represents
the Debtor. R. Scott Williams, Esq., at Haskell Slaughter Young &
Rediker, LLC, represents the petitioning creditors. In its
schedules of assets and liabilities, Vesta listed $14,919,938 in
total assets and $214,278,847 in total liabilities.
J. Gordon Gaines, Inc., is a Vesta Insurance-owned unit that
manages the company's numerous insurance subsidiaries and employs
the headquarters workers. The Company filed for chapter 11
protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808).
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP,
represent the Debtor in its restructuring efforts. In its
schedules of assets and liabilities, Gaines listed $19,818,094 in
total assets and $16,046,237 in total liabilities.
On Aug. 1, 2006, the District Court of Travis County, Texas
entered the Order appointing the Texas Commissioner of Insurance
as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries:
Vesta Fire Insurance Corporation; The Shelby Insurance Company;
Shelby Casualty Insurance Corporation; Texas Select Lloyds
Insurance Company; and Select Insurance Services, Inc. (Vesta
Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
VESTA INSURANCE: Gordon Gaines Earns $116,204 in August 2006
------------------------------------------------------------
J. Gordon Gaines, Inc.
Income Statement
Month ending August 31, 2006
Revenue from Total Sales $78,762
Less:
Cost of Sales 0
------------
Gross Profit 78,762
Less:
Operating Expenses 10,000
------------
Net Profit Operations 68,762
Non-Operating Income (Expenses)
Interest Earned 3,994
Non-operational income 43,448
------------
Net Profit (Loss) $116,204
============
J. Gordon Gaines, Inc.
Schedule of Cash Receipts and Disbursements
Month ending August 31, 2006
Cash On Hand (Beginning) $968,498
Cash Receipts:
Accounts Receivable 0
Management Fees 78,762
Loan Proceeds 0
Sale of Property 0
Interest Earned 3,994
Non-operational Income 43,448
Funding by Texas Receiver 1,077,201
Intercompany insurance operations 1,582,180
------------
Total Receipts $2,785,585
Cash Disbursements:
Financing costs, fees, interest 1,213
Advertising 0
Automobiles/Vehicles (repair and maintenance) 0
Bank Fees 0
Commissions/Contract Labor 0
Insurance Expense 126,489
Interest Paid 0
Inventory Purchased 0
Legal Fees 5,000
Postage 5,000
Rent/Lease Payments on Real Estate 132,163
Repairs and Maintenance 0
Salaries/Wages (portion paid to J.G. Gaines, Inc.) 632,519
Secured Loan Payments 0
Supplies 21,233
Taxes 0
Unsecured Loan Payments 0
Utilities 34
Others 1,582,180
------------
Total Disbursements 2,505,831
Surplus or Deficit 279,754
------------
Cash on Hand (End) $1,248,252
============
Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc.
(Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding
company for a group of insurance companies that primarily offer
property insurance in targeted states.
Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership
III, L.P., filed an involuntary chapter 7 petition against the
Company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517).
The case was converted to a voluntary chapter 11 case on
Aug. 8, 2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W.
Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP, represents
the Debtor. R. Scott Williams, Esq., at Haskell Slaughter Young &
Rediker, LLC, represents the petitioning creditors. In its
schedules of assets and liabilities, Vesta listed $14,919,938 in
total assets and $214,278,847 in total liabilities.
J. Gordon Gaines, Inc., is a Vesta Insurance-owned unit that
manages the company's numerous insurance subsidiaries and employs
the headquarters workers. The Company filed for chapter 11
protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808).
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP,
represent the Debtor in its restructuring efforts. In its
schedules of assets and liabilities, Gaines listed $19,818,094 in
total assets and $16,046,237 in total liabilities.
On Aug. 1, 2006, the District Court of Travis County, Texas
entered the Order appointing the Texas Commissioner of Insurance
as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries:
Vesta Fire Insurance Corporation; The Shelby Insurance Company;
Shelby Casualty Insurance Corporation; Texas Select Lloyds
Insurance Company; and Select Insurance Services, Inc. (Vesta
Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 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
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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,
Melvin C. Tabao, Robert Max Quiblat, 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.
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*** End of Transmission ***