/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/061028.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 28, 2006, Vol. 10, No. 257 Headlines COMPLETE RETREATS: Files Operating Report for Month Ended Sept. 30 COMPLETE RETREATS: Distinctive Earns $90,155 in September 2006 COMPLETE RETREATS: Legendary Files September 2006 Operating Report COMPLETE RETREATS: Preferred Files September 2006 Operating Report COMPLETE RETREATS: Private Retreats Earns $61,966 in Sept. 2006 FEDERAL-MOGUL: Files Operating Report for Month Ended Sept. 30 FOAMEX INT'L: Earns $7.7 Million for the Month Ended October 1 O'SULLIVAN INDUSTRIES: Files August Cash Receipts & Disbursements O'SULLIVAN INDUSTRIES: Files Sept. Cash Receipts & Disbursements O'SULLIVAN INDUSTRIES: Furniture Files August Operating Report O'SULLIVAN INDUSTRIES: Furniture Files September Operating Report O'SULLIVAN INDUSTRIES: Holdings Files August 2006 Operating Report O'SULLIVAN INDUSTRIES: Holdings Files September Operating Report O'SULLIVAN INDUSTRIES: Virginia Files August Operating Report O'SULLIVAN INDUSTRIES: Virginia Files September Operating Report REFCO INC: Files Cash Receipts and Disbursements for September SATELITES MEXICANOS: Files Operating Report for Month of August SATELITES MEXICANOS: Earns $1.1 Million for the Month of September WERNER LADDER: Earns $5.1 Million for Month Ended September 30 ********* COMPLETE RETREATS: Files Operating Report for Month Ended Sept. 30 ------------------------------------------------------------------ Complete Retreats, LLC Balance Sheet As of September 30, 2006 ASSETS Unrestricted Cash $0 Restricted Cash - -------------- Total Cash 0 Accounts Receivable (Net) - Inventory - Notes Receivable - Prepaid Expenses 63,934 Other - -------------- Total Current Assets 63,934 Property, Plant & Equipment 5,620,021 Less: Accumulated Depreciation/Depletion - -------------- Net Property, Plant & Equipment 5,620,021 Due from Insiders - Other Assets - Net of Amortization - Other 487,329 -------------- Total Assets $6,171,284 ============== LIABILITIES & OWNERS' EQUITY Postpetition Liabilities Accounts Payable $0 Taxes Payable - Notes Payable - Professional Fees - Secured Debt - Other - -------------- Total Postpetition Liabilities - Prepetition Liabilities Secured Debt - Priority Debt - Unsecured Debt 1,501,049 Other 429,865 -------------- Total Prepetition Liabilities 1,930,914 -------------- Total Liabilities 1,930,914 Equity Prepetition Owners' Equity 4,240,370 Postpetition Cumulative Profit or Loss - Direct Charges to Equity - -------------- Total Equity 4,240,370 -------------- Total Liabilities & Owners' Equity $6,171,284 ============== Complete Retreats, LLC Statement of Operations September 1 to 30, 2006 Revenues Gross Revenues $0 Less: Returns & Discounts - -------------- Net Revenue 0 Cost of Goods Sold Material - Direct Labor Direct Overhead - -------------- Total Cost of Goods Sold - -------------- Gross Profit - Operating Expenses Officer/Insider Compensation - Selling & Marketing - General Administration - Rent & Lease - Other - -------------- Total Operating Expenses 0 -------------- Income Before Non-Operating Income & Expenses 0 Other Income & Expenses Non-operating Income - Non-operating Expense - Interest Expense - Depreciation/Depletion - Amortization - Other - -------------- Net Other Income & Expenses - Reorganization Expenses Professional Fees - U.S. Trustee Fees - Other - -------------- Total Reorganization Expenses 0 -------------- Income Tax 0 -------------- Net Profit (Loss) $0 ============== Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor- affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. (Complete Retreats Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). COMPLETE RETREATS: Distinctive Earns $90,155 in September 2006 -------------------------------------------------------------- Distinctive Retreats, LLC Balance Sheet As of September 30, 2006 ASSETS Unrestricted Cash $480,583 Restricted Cash - -------------- Total Cash 480,583 Accounts Receivable (Net) 57,385 Inventory 75,776 Notes Receivable - Prepaid Expenses 198,555 Other - -------------- Total Current Assets 331,716 Property, Plant & Equipment 107,834,187 Less: Accumulated Depreciation/Depletion (2,865,315) -------------- Net Property, Plant & Equipment 104,968,872 Due from Insiders - Other Assets - Net of Amortization 7,239,166 Other 125,565,653 -------------- Total Assets $238,585,990 ============== LIABILITIES & OWNERS' EQUITY Postpetition Liabilities Accounts Payable ($485) Taxes Payable - Notes Payable 7,611,354 Professional Fees - Secured Debt - Other (1,070,591) -------------- Total Postpetition Liabilities 6,540,278 Prepetition Liabilities Secured Debt 30,151,346 Priority Debt - Unsecured Debt 35,377,822 Other 25,340,264 -------------- Total Prepetition Liabilities 90,869,432 -------------- Total Liabilities 97,409,710 Equity Prepetition Owners' Equity 140,982,311 Postpetition Cumulative Profit or Loss 193,248 Direct Charges to Equity - -------------- Total Equity 141,175,559 -------------- Total Liabilities & Owners' Equity $238,585,269 ============== Distinctive Retreats, LLC Statement of Operations September 1 to 30, 2006 Revenues Gross Revenues $774,655 Less: Returns & Discounts - -------------- Net Revenue 774,655 Cost of Goods Sold Material 367,447 Direct Labor Direct Overhead - -------------- Total Cost of Goods Sold 367,447 -------------- Gross Profit 407,208 Operating Expenses Officer/Insider Compensation - Selling & Marketing 9,250 General Administration - Rent & Lease - Other - -------------- Total Operating Expenses 9,250 -------------- Income Before Non-Operating Income & Expenses 397,958 Other Income & Expenses Non-operating Income - Non-operating Expense - Interest Expense 226,181 Depreciation/Depletion 76,595 Amortization 72,298 Other (67,271) -------------- Net Other Income & Expenses 307,803 Reorganization Expenses Professional Fees - U.S. Trustee Fees - Other - -------------- Total Reorganization Expenses - -------------- Income Tax - -------------- Net Profit (Loss) $90,155 ============== Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor- affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. (Complete Retreats Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). COMPLETE RETREATS: Legendary Files September 2006 Operating Report ------------------------------------------------------------------ Legendary Retreats, LLC Balance Sheet As of September 30, 2006 ASSETS Unrestricted Cash $19,598 Restricted Cash - -------------- Total Cash 19,598 Accounts Receivable (Net) 225,017 Inventory - Notes Receivable 677,125 Prepaid Expenses 56,296 Other 115,000 -------------- Total Current Assets 1,073,438 Property, Plant & Equipment 829,032 Less: Accumulated Depreciation/Depletion - -------------- Net Property, Plant & Equipment 829,032 Due from Insiders - Other Assets - Net of Amortization - Other 16,626,008 -------------- Total Assets $18,548,076 ============== LIABILITIES & OWNERS' EQUITY Postpetition Liabilities Accounts Payable ($45,220) Taxes Payable - Notes Payable - Professional Fees - Secured Debt - Other 36,635 -------------- Total Postpetition Liabilities (8,585) Prepetition Liabilities Secured Debt - Priority Debt - Unsecured Debt 394,621 Other 2,717,355 -------------- Total Prepetition Liabilities 3,111,976 -------------- Total Liabilities 3,103,391 Equity Prepetition Owners' Equity 15,437,344 Postpetition Cumulative Profit or Loss 7,341 Direct Charges to Equity - -------------- Total Equity 15,444,685 -------------- Total Liabilities & Owners' Equity $18,548,076 ============== Legendary Retreats, LLC Statement of Operations September 1 to 30, 2006 Revenues Gross Revenues $77,553 Less: Returns & Discounts - -------------- Net Revenue 77,553 Cost of Goods Sold Material 23,251 Direct Labor 2,903 Direct Overhead - -------------- Total Cost of Goods Sold 26,154 -------------- Gross Profit 51,399 Operating Expenses Officer/Insider Compensation - Selling & Marketing 1,100 General Administration 2,673 Rent & Lease 33,974 Other 50,939 -------------- Total Operating Expenses 88,686 -------------- Income Before Non-Operating Income & Expenses (37,287) Other Income & Expenses Non-operating Income - Non-operating Expense - Interest Expense - Depreciation/Depletion - Amortization - Other 7,193 -------------- Net Other Income & Expenses 7,193 Reorganization Expenses Professional Fees 477 U.S. Trustee Fees - Other - -------------- Total Reorganization Expenses 477 -------------- Income Tax - -------------- Net Profit (Loss) ($44,957) ============== Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor- affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. (Complete Retreats Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). COMPLETE RETREATS: Preferred Files September 2006 Operating Report ------------------------------------------------------------------ Preferred Retreats, LLC Balance Sheet As of September 30, 2006 ASSETS Unrestricted Cash $596,257 Restricted Cash 319,965 -------------- Total Cash 916,222 Accounts Receivable (Net) 725,623 Inventory 2,073,687 Notes Receivable 479,146 Prepaid Expenses 3,819,738 Other 1,097,667 -------------- Total Current Assets 8,195,861 Property, Plant & Equipment 7,574,013 Less: Accumulated Depreciation/Depletion (2,144,499) -------------- Net Property, Plant & Equipment 5,429,514 Due from Insiders 831,744 Other Assets - Net of Amortization 1,555 Other 48,975,662 -------------- Total Assets $64,350,558 ============== LIABILITIES & OWNERS' EQUITY Postpetition Liabilities Accounts Payable ($169,428) Taxes Payable - Notes Payable 179,982 Professional Fees - Secured Debt - Other 9,360,562 -------------- Total Postpetition Liabilities 9,371,116 Prepetition Liabilities Secured Debt 43,411 Priority Debt - Unsecured Debt 12,858,229 Other 137,195,828 -------------- Total Prepetition Liabilities 150,097,468 -------------- Total Liabilities 159,468,584 Equity Prepetition Owners' Equity (88,121,066) Postpetition Cumulative Profit or Loss (6,996,238) Direct Charges to Equity - -------------- Total Equity (95,117,304) -------------- Total Liabilities & Owners' Equity $64,351,280 ============== Preferred Retreats, LLC Statement of Operations September 1 to 30, 2006 Revenues Gross Revenues $997,444 Less: Returns & Discounts (4,250) -------------- Net Revenue 993,194 Cost of Goods Sold Material 1,491,481 Direct Labor Direct Overhead 387,264 -------------- Total Cost of Goods Sold 1,878,745 -------------- Gross Profit (885,551) Operating Expenses Officer/Insider Compensation 148,324 Selling & Marketing 31,533 General Administration 1,309,556 Rent & Lease 357,095 Other 354,637 -------------- Total Operating Expenses 2,201,145 -------------- Income Before Non-Operating Income & Expenses (3,086,696) Other Income & Expenses Non-operating Income Non-operating Expense 104,475 Interest Expense - Depreciation/Depletion 57,536 Amortization 30,000 Other (29,704) -------------- Net Other Income & Expenses 162,307 Reorganization Expenses Professional Fees 36,873 U.S. Trustee Fees Other 1,909 -------------- Total Reorganization Expenses 38,782 -------------- Income Tax - -------------- Net Profit (Loss) ($3,287,785) ============== Preferred Retreats, LLC Consolidated Cash Receipts and Disbursements September 1 to 31, 2006 Cash - Beginning of Month $813,240 Receipts from Operations Cash Sales 640,520 Collection of Accounts Receivable Prepetition Postpetition -------------- Total Operating Receipts 640,520 Non-operating Receipts Loans & Advances 1,395,500 Sale of Assets 25,000 Other 170,000 -------------- Total Non-operating Receipts 1,590,500 -------------- Total Receipts 2,231,020 -------------- Total Cash Available 3,044,260 Operating Disbursements Gross Payroll 814,030 Payroll Taxes Paid - Sales, Use & Other Taxes Paid 21,921 Secured/Rental/Leases 8,902 Utilities 58,159 Insurance 143,623 Mortgages - Interest - Employee Expenses 21,178 House Keeping & Contract Labor 77,660 Repairs & Maintenance 27,417 Field Expenses 165,724 International Destination Expenses 174,333 HOA 44,966 Other 148,864 -------------- Total Operating Disbursements 1,706,777 Reorganization Expenses Professional Fees - U.S. Trustee Fees - Other 150,000 -------------- Total Reorganization Expenses 150,000 -------------- Total Disbursements 1,856,777 -------------- Net Cash Flow 274,242 -------------- Cash - End of Month $1,187,483 ============== Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor- affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. (Complete Retreats Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). COMPLETE RETREATS: Private Retreats Earns $61,966 in Sept. 2006 --------------------------------------------------------------- Private Retreats, LLC Balance Sheet As of September 30, 2006 ASSETS Unrestricted Cash $70,021 Restricted Cash 1,676 -------------- Total Cash 71,697 Accounts Receivable (Net) - Inventory 44,131 Notes Receivable 570,356 Prepaid Expenses 35,000 Other - -------------- Total Current Assets 649,487 Property, Plant & Equipment 54,284,950 Less: Accumulated Depreciation/Depletion (7,710,529) -------------- Net Property, Plant & Equipment 46,574,421 Due from Insiders - Other Assets - Net of Amortization 10,836,445 Other 21,903,427 -------------- Total Assets $80,035,477 ============== LIABILITIES & OWNERS' EQUITY Postpetition Liabilities Accounts Payable $0 Taxes Payable - Notes Payable - Professional Fees - Secured Debt - Other 354,852 -------------- Total Postpetition Liabilities 354,852 Prepetition Liabilities Secured Debt 3,357,662 Priority Debt - Unsecured Debt 32,845,004 Other 17,007,533 -------------- Total Prepetition Liabilities 53,210,199 -------------- Total Liabilities 53,565,051 Equity Prepetition Owners' Equity 26,664,617 Postpetition Cumulative Profit or Loss (194,191) Direct Charges to Equity - -------------- Total Equity 26,470,426 -------------- Total Liabilities & Owners' Equity $80,035,477 ============== Private Retreats, LLC Statement of Operations September 1 to 30, 2006 Revenues Gross Revenues $488,015 Less: Returns & Discounts - -------------- Net Revenue 488,015 Cost of Goods Sold Material 149,478 Direct Labor - Direct Overhead - -------------- Total Cost of Goods Sold 149,478 -------------- Gross Profit 338,537 Operating Expenses Officer/Insider Compensation - Selling & Marketing - General Administration - Rent & Lease - Other - -------------- Total Operating Expenses - -------------- Income Before Non-Operating Income & Expenses 338,537 Other Income & Expenses Non-operating Income - Non-operating Expense - Interest Expense 417,711 Depreciation/Depletion 136,693 Amortization (328,447) Other 50,614 -------------- Net Other Income & Expenses 276,571 Reorganization Expenses Professional Fees - U.S. Trustee Fees - Other - -------------- Total Reorganization Expenses - -------------- Income Tax - -------------- Net Profit (Loss) $61,966 ============== Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor- affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. (Complete Retreats Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). FEDERAL-MOGUL: Files Operating Report for Month Ended Sept. 30 -------------------------------------------------------------- Federal-Mogul Global, Inc., et al. Unaudited Balance Sheet As of September 30, 2006 (In millions) Assets Cash and equivalents $837.6 Accounts receivable 596.8 Inventories 449.1 Deferred taxes 96.8 Prepaid expenses and other current assets 100.5 ---------- Total current assets 2,080.8 Summary of Unpaid Postpetition Debits (73.6) Intercompany Loans Receivable (Payable) 2,286.7 ---------- Intercompany Balances 2,213.1 Property, plant and equipment 830.7 Goodwill 931.9 Other intangible assets 383.9 Insurance recoverable 835.0 Other non-current assets 898.9 ---------- Total Assets $8,174.3 ========== Liabilities and Shareholders' Equity Short-term debt 555.2 Accounts payable 216.9 Accrued compensation 72.0 Restructuring and rationalization reserves 21.7 Current portion of asbestos liability - Interest payable 3.0 Other accrued liabilities 270.6 ---------- Total current liabilities 1,139.4 Long-term debt - Post-employment benefits 2,003.4 Other accrued liabilities 790.6 Liabilities subject to compromise 6,017.1 Shareholders' equity: Preferred stock 1,050.6 Common stock 565.8 Additional paid-in capital 8,068.6 Accumulated deficit (10,381.0) Accumulated other comprehensive income (1,080.1) Other - ---------- Total Shareholders' Equity (1,776.1) ---------- Total Liabilities and Shareholders' Equity $8,174.4 ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Operations For the Month Ended September 30, 2006 (In millions) Net sales $261.3 Cost of products sold 219.2 ---------- Gross margin 42.1 Selling, general & administrative expenses (40.6) Amortization (1.1) Reorganization items 8.4 Interest expense, net (13.5) Other expense, net 8.8 ---------- Earnings before Income Taxes (12.7) Income Tax Expense 12.1 ---------- Earnings before effect of change in acctg principle (0.6) Cumulative effect of change in acctg principle - ---------- Net Earnings (loss) ($0.6) ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Cash Flows For the month ended September 30, 2006 (In millions) Cash Provided From (Used By) Operating Activities: Net earning (loss) ($0.6) Adjustments to reconcile net earnings (loss) to net cash: Depreciation and amortization 12.5 Adjustment of assets held for sale and other long-lived assets to fair value - Asbestos charge - Summary of unpaid postpetition debits - Cumulative effect of change in accounting principle - Change in post-employment benefits (8.7) Decrease (increase) in accounts receivable (31.9) Decrease (increase) in inventories 5.7 Increase (decrease) in accounts payable (10.2) Change in other assets and other liabilities (2.6) Change in restructuring charge - Refunds (payments) against asbestos liability - ---------- Net Cash Provided From Operating Activities (35.8) Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (5.1) Proceeds from sale of property, plant & equipment - Proceeds from sale of businesses - Business acquisitions, net of cash acquired - Other - ---------- Net Cash Provided From (Used By) Investing Activities (5.1) Cash Provided From (Used By) Financing Activities: Increase (decrease) in debt 44.1 Sale of accounts receivable under securitization - Dividends - Other (3.9) ---------- Net Cash Provided From Financing Activities 40.2 Increase in Cash and Equivalents (0.7) Cash and equivalents at beginning of period 838.3 ---------- Cash and equivalents at end of period $837.6 ========== Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is an automotive parts company with worldwide revenue of some $6 billion. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01- 10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $10.15 billion in assets and $8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. (Federal-Mogul Bankruptcy News, Issue No. 114; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). FOAMEX INT'L: Earns $7.7 Million for the Month Ended October 1 -------------------------------------------------------------- Foamex International, et al., as Debtors Consolidated Balance Sheet As of October 1, 2006 ASSETS Current Assets Cash $2,439,000 Accounts Receivable, net 193,939,000 Inventory 118,105,000 Other current assets 22,185,000 ------------- Total current assets 336,667,000 Land & land improvements 4,918,000 Buildings 86,782,000 Leasehold improvement 6,437,000 Machinery & Equipment 202,188,000 Furniture & Fixtures 5,084,000 Auto equipment 7,741,000 Computer equipment 8,716,000 Construction in progress 3,339,000 Accumulated depreciation (230,306,000) ------------- Total property plant & equipment, net 94,899,000 Goodwill, net 86,191,000 Debt Issuance costs, net 1,935,000 Investment in subsidiaries 15,333,000 Long-term intercompany receivable 4,850,000 Other Assets 56,485,000 ------------- Total Assets $596,361,000 ============= LIABILITIES & STOCKHOLDERS' DEFICIENCY Current Liabilities Revolver borrowings $58,368,000 Current portion of long-term debt 86,228,000 Accounts payable 106,053,000 Intercompany (12,000) Accrued employee costs 19,580,000 Accrued rebates 10,487,000 Accrued interest 3,863,000 Other current liabilities 24,056,000 ------------- Total current liabilities 308,623,000 Long-term debt 214,000 Intercompany debt - Liability Subject to Compromise 664,282,000 Minority Interest 245,000 Other liabilities 27,112,000 ------------- Total Long-Term Liabilities 691,853,000 ------------- Total Liabilities 1,000,476,000 Common stock 282,000 Preferred stock 15,000 Additional paid-in capital 103,536,000 Treasury stock (27,969,000) Partners' capital - Other comprehensive income (loss) (38,243,000) Shareholder loans (9,221,000) Accumulated deficit (432,515,000) ------------- Stockholders' deficiency (404,115,000) ------------- Total Liabilities & Stockholders Deficiency $596,361,000 ============= Foamex International, et al., as Debtors Consolidated Income Statement August 27 to October 1, 2006 Gross Sales $136,016,000 Rebates, Discount & Sale Allowance (5,878,000) ------------- Net Sales 130,138,000 Material 82,749,000 Labor 4,490,000 Overhead 12,995,000 Asset Impairments 79,000 Freight/Shipping 5,080,000 ------------- Cost of Sales 105,393,000 ------------- Gross Profit 24,745,000 Labor Expense 4,788,000 Indirect Materials & Samples 286,000 Equipment & Maintenance Expense 41,000 Facility Expense 146,000 Travel & Entertainment 340,000 Technology 231,000 Professional Fees & Services 2,154,000 Other Miscellaneous Expense 270,000 Insurance & Tax 460,000 Bad debt expense (322,000) Bank/Collection Costs 57,000 Transportation Cost 13,000 Depreciation/Amortization 507,000 Corp. Cost to COS (856,000) ------------- Selling, general & admin expenses 8,116,000 Loss (gain) on sale of assets (17,000) Restructuring & Impairment Charges (155,000) ------------- Income from operations 16,768,000 Interest Expense 8,631,000 Equity in earnings of JV & non-debtor subs 728,000 Other Income & (Expense) 59,000 Professional Fees 824,000 Provision/(Gains) - Rejected Contracts (153,000) Bankruptcy Filing Fees - Other Expense (Income) (134,000) Debt Adjustment Gain/Loss - ------------- Reorganization Expense (Income) 537,000 ------------- Income before Tax 8,387,000 Tax Provision 627,000 ------------- Net Income $7,760,000 ============= 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. 30; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). O'SULLIVAN INDUSTRIES: Files August Cash Receipts & Disbursements ----------------------------------------------------------------- O'Sullivan Industries, Inc. Cash Receipts and Disbursements Month Ended August 31, 2006 Funds at the beginning of period $115,259 Receipts 53,181,052 ----------- Total Cash Available for Operations $53,296,311 =========== Disbursements: Operating expenses - fees & taxes: U.S. Trustee quarterly fee - Federal Taxes - State Taxes - Other Taxes - Other operating expenses $50,787,464 Plan payments: Administrative Claims 2,016,071 DIP Facility Claims - Class 1 Priority Claims - Class 2A Senior Credit Facility Claims - Class 2B Other Secured Claims - Class 2C Senior Secured Notes Claims - Class 3A General Unsecured Claims - Class 3B Senior Subordinated Noted Claims - Class 4 Other Claims against Holdings - ----------- Total Disbursements 52,803,535 ----------- Ending Cash Balance $492,776 =========== Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05-83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). O'SULLIVAN INDUSTRIES: Files Sept. Cash Receipts & Disbursements ---------------------------------------------------------------- O'Sullivan Industries, Inc. Cash Receipts and Disbursements Month Ended September 30, 2006 Funds at the beginning of period $492,775 Receipts 45,750,616 ----------- Total Cash Available for Operations $46,243,391 =========== Disbursements: Operating expenses - fees & taxes: U.S. Trustee quarterly fee - Federal Taxes - State Taxes $71,086 Other Taxes - Other operating expenses 46,142,139 Plan payments: Administrative Claims - DIP Facility Claims - Class 1 Priority Claims - Class 2A Senior Credit Facility Claims - Class 2B Other Secured Claims - Class 2C Senior Secured Notes Claims - Class 3A General Unsecured Claims - Class 3B Senior Subordinated Noted Claims - Class 4 Other Claims against Holdings - ----------- Total Disbursements 46,213,225 ----------- Ending Cash Balance $30,166 =========== O'Sullivan Industries Holdings, Inc., reports $0 cash receipts and disbursements for the period August 1 to 31, 2006. Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05-83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). O'SULLIVAN INDUSTRIES: Furniture Reports No Transaction in August ----------------------------------------------------------------- O'Sullivan Furniture Factory Outlet, Inc., reports $0 cash receipts and disbursements for the period August 1 to 31, 2006. Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05-83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). O'SULLIVAN INDUSTRIES: Furniture Reports No Transaction in Sept. ---------------------------------------------------------------- O'Sullivan Furniture Factory Outlet, Inc., reports $0 cash receipts and disbursements for the period September 1 to 30, 2006. O'Sullivan Industries Holdings, Inc., reports $0 cash receipts and disbursements for the period August 1 to 31, 2006. Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05-83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). O'SULLIVAN INDUSTRIES: Holdings Reports No Transaction in August ---------------------------------------------------------------- O'Sullivan Industries Holdings, Inc., reports $0 cash receipts and disbursements for the period August 1 to 31, 2006. Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05-83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). O'SULLIVAN INDUSTRIES: Holdings Reports No Transaction in Sept. --------------------------------------------------------------- O'Sullivan Industries Holdings, Inc., reports $0 cash receipts and disbursements for the period September 1 to 30, 2006. O'Sullivan Industries Holdings, Inc., reports $0 cash receipts and disbursements for the period August 1 to 31, 2006. Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05-83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). O'SULLIVAN INDUSTRIES: Virginia Files August Cash Receipts ---------------------------------------------------------- O'Sullivan Industries Virginia, Inc. Cash Receipts and Disbursements Month Ended August 31, 2006 Funds at the beginning of period $16,596 Receipts 3,806 ----------- Total Cash Available for Operations $20,402 =========== Disbursements: Other operating expenses $3,775 ----------- Total Disbursements 3,775 ----------- Ending Cash Balance $16,627 =========== Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05-83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). O'SULLIVAN INDUSTRIES: Virginia Files September Cash Receipts ------------------------------------------------------------- O'Sullivan Industries - Virginia, Inc. Cash Receipts and Disbursements Month Ended September 30, 2006 Funds at the beginning of period $16,627 Receipts 4,068 ----------- Total Cash Available for Operations $20,695 =========== Disbursements: Operating expenses - fees & taxes U.S. Trustee quarterly fee - Federal Taxes - State Taxes - Other Taxes - Other operating expenses $6,538 Plan payments: Administrative Claims - DIP Facility Claims - Class 1 Priority Claims - Class 2A Senior Credit Facility Claims - Class 2B Other Secured Claims - Class 2C Senior Secured Notes Claims - Class 3A General Unsecured Claims - Class 3B Senior Subordinated Noted Claims - Class 4 Other Claims against Holdings - ----------- Total Disbursements 6,538 ----------- Ending Cash Balance $14,157 =========== O'Sullivan Industries Holdings, Inc., reports $0 cash receipts and disbursements for the period August 1 to 31, 2006. Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05-83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). REFCO INC: Files September 2006 Cash Receipts and Disbursements --------------------------------------------------------------- Refco, Inc., and its debtor-affiliates delivered to the Court a statement of their cash receipts and disbursements for the period from September 1 to 30, 2006. Peter F. James, controller of Refco, reports that the company held a $1,519,115,000 cash balance at the start of the reporting period. Refco received $374,284,000 and disbursed $11,763,000 in cash. Refco's ending cash balance totals $1,881,636,000. As paying agent for certain non-debtors and Refco, LLC, the Debtors disbursed approximately $2,400,000. Mr. James discloses that Refco paid $551,000 in gross wages, of which approximately $285,000 was paid on behalf of and reimbursed by the Non-Debtors and Refco LLC. Refco also withheld $173,000 in employee payroll taxes, of which $18,000 was remitted to a third party vendor. Mr. James states that all taxes due and owing, as well as tax returns, have been paid and filed for the current period. Refco paid $2,562,000 for professional fees for September, and $27,878,000 since their bankruptcy filing. The Debtors did not pay professional fees on Refco LLC's behalf. Mr. James says all insurance policies are fully paid for the current period, including amounts owed for workers' compensation and disability insurance. Refco prepared its Monthly Statement in lieu of comprehensive financial statements. A full-text copy of Refco's September 2006 Monthly Statement is available at no charge at http://ResearchArchives.com/t/s?1404 Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported $16.5 billion in assets and $16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. Refco LLC, an affiliate, filed for chapter 7 protection on Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is a regulated commodity futures company that has businesses in the United States, London, Asia and Canada. Refco, LLC, filed for bankruptcy protection in order to consummate the sale of substantially all of its assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc. Albert Togut, the chapter 7 trustee, is represented by Togut, Segal & Segal LLP. On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner is represented by Bingham McCutchen LLP. RCM is Refco's operating subsidiary based in Bermuda. Three more affiliates of Refco, Westminster-Refco Management LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through 06-11262). Refco Commodity Management, Inc., formerly known as CIS Investments, Inc., a debtor-affiliate of Refco Inc., filed for chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No. 06-12436). (Refco Bankruptcy News, Issue No. 47; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SATELITES MEXICANOS: Files August 2006 Monthly Operating Report --------------------------------------------------------------- Satelites Mexicanos, S.A. de C.V. Unaudited Balance Sheet As of August 31, 2006 (In thousands) Assets Current Assets Cash & Cash Equivalents $28,294 Accounts Receivable, net 4,717 Prepaid Expenses 4,840 Due from Related Parties, net 834 Deferred Income Tax Asset ST 488 --------- Total Current Assets 39,174 Fixed Assets Satellites & Equipment, net 450,154 Concessions, net 403,297 --------- Total Fixed Assets 853,451 Due from Related Parties, Long Term 2,415 Other Assets 1,250 --------- Total Assets $896,290 ========= Liabilities Current Liabilities Current Maturities of Long Term debt $525,919 Accounts Payable 4,740 Accrued Expenses 2,462 Interest Payable 118,645 Due to Related Parties 1,843 Deferred Revenue, Mexican Government 2,220 --------- Total Current Liabilities [655,808] Sundry Creditors LT 158 Deferred Revenue, Mexican Government 66,468 Deferred Income Taxes 21,173 --------- Total Long Term Liabilities 87,800 --------- Total Liabilities [743,608] Stockholders equity Common Stock 390,329 Preferred Stock 31,887 Accumulated Deficit (242,880) Result of Period (26,654) --------- Total Stockholders equity 152,682 --------- Total Liabilities & Stockholders equity [$896,290] ========= Satelites Mexicanos, S.A. de C.V. Statement of Operations Month ended August 31, 2006 (In thousands) Total Revenue $5,690 Operating Expenses Operating Cost 1,492 Selling & Administration Expenses 942 Depreciation Expenses & Amortization of Concessions 5,596 --------- Total Operating Expenses 8,030 --------- Operating Loss (2,340) Interest Income 106 Interest Expenses 4,645 Net Foreign Exchange (Gain) Loss (287) --------- Total Financing Cost 4,464 Other Income (Expenses) 8 --------- Loss Before Deferred Income Tax (6,795) Deferred Income Tax Expenses (Benefit) - --------- Net Income (Loss) ($6,795) ========= Satelites Mexicanos, S.A. de C.V. Statement of Cash Flow Month ended August 31, 2006 (In thousands) Operating Activities Net Income (Loss) ($6,795) Adjustments to reconcile net loss to operating Cash Flow: Depreciation Expenses & Amortization of Concessions 5,596 Deferred Revenue Mexican Government (183) Deferred Income Taxes - --------- 5,413 --------- Adjusted Net Loss (1,382) --------- Changes in Assets and Liabilities Accounts Receivable 164 Prepaid Insurance 829 Accounts Payable & Accrued Expenses 244 Interest Payable 1,664 Due (from)/to related Parties 608 Other Assets (717) --------- 2,791 --------- Cash Flow Provided by Operating Activities 1,409 --------- Investing Activities (Acquisition)/Sale of Equipment 807 --------- Cash Flow Used in Investing Activities 807 --------- Financing Activities Accounting Effect of Fixed Rate Notes conversion to "UDI" Indexation (1,072) --------- Cash Flow Used in Financing Activities (1,072) --------- Increase in Cash & Cash Equivalents 1,144 --------- Cash & Cash Equivalents - Beginning of Period 27,150 --------- Cash & Cash Equivalents - End of Period $28,295 ========= Satelites Mexicanos, S.A. de C.V., provides fixed satellite services in Mexico. Satmex provides transponder capacity via its satellites to customers for distribution of network and cable television programming, direct-to-home television service, on-site transmission of live news reports, sporting events and other video feeds. Satmex also provides satellite transmission capacity to telecommunications service providers for public telephone networks in Mexico and elsewhere and to corporate customers for their private business networks with data, voice and video applications. Satmex also provides the government of the United Mexican States with approximately 7% of its satellite capacity for national security and public purposes without charge, under the terms of the Orbital Concessions. The Debtor filed for chapter 11 petition on August 11, 2006 (Bankr. S.D.N.Y. Case No. 06-11868). Luc A. Despins, Esq., at Milbank, Tweed Hadley & McCloy LLP represents the Debtor in the U.S. Bankruptcy proceedings. Attorneys from Galicia y Robles, S.C., and Quijano Cortina Lopez y de la Torre give legal advice in the Debtor's Mexican Bankrutpcy proceedings. UBS Securities LLC and Valor Consultores, S.A. de C.V., give financial advice to the Debtor. Steven Scheinman, Esq., Michael S. Stamer, Esq., and Shuba Satyaprasad, Esq., at Akin Gump Strauss Hauer & Feld LLP give legal advice to the Ad Hoc Existing Bondholders' Committee. Dennis Jenkins, Esq., and George W. Shuster, Jr., Esq., at Wilmer Cutler Pickering Hale and Dorr LLP give legal advice to Ad Hoc Senior Secured Noteholders' Committee. As of July 24, 2006, the Debtor has $905,953,928 in total assets and $743,473,721 in total liabilities. On May 25, 2005, certain holders of Satmex's Existing Bonds and Senior Secured Notes filed an involuntary chapter 11 petition against the Company (Bankr. S.D.N.Y. Case No. 05-13862). On June 29, 2005, Satmex filed a voluntary petition for a Mexican reorganization, known as a Concurso Mercantil, which was assigned to the Second Federal District Court for Civil Matters for the Federal District in Mexico City. On August 4, 2005, Satmex filed a petition, pursuant to Section 304 of the Bankruptcy Code to commence a case ancillary to the Concurso Proceeding and a motion for injunctive relief seeking, among other things, to enjoin actions against Satmex or its assets (Bankr. S.D.N.Y. Case No. 05-16103). (Satmex Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SATELITES MEXICANOS: Earns $1.1 Million for the Month of September ------------------------------------------------------------------ Satelites Mexicanos, S.A. de C.V. Unaudited Balance Sheet As of September 30, 2006 (In thousands) Assets Current Assets Cash & Cash Equivalents $31,569 Accounts Receivable, net 4,717 5,301 Prepaid Expenses 4,301 Due from Related Parties, net 820 Deferred Income Tax Asset ST 1,198 --------- Total Current Assets 43,189 --------- Fixed Assets Satellites & Equipment, net 445,796 Concessions, net 402,222 --------- Total Fixed Assets 848,018 --------- Due from Related Parties, Long Term 2,386 Other Assets 1,345 --------- Total Assets $894,939 ========= Liabilities Current Liabilities Current Maturities of Long Term debt $521,441 Accounts Payable 4,897 Accrued Expenses 3,449 Interest Payable 119,067 Due to Related Parties 2,041 Deferred Revenue, Mexican Government 2,200 --------- Total Current Liabilities 653,096 Sundry Creditors LT 133 Deferred Revenue, Mexican Government 66,285 Deferred Income Taxes 21,637 --------- Total Long Term Liabilities 88,056 --------- Total Liabilities 741,152 Stockholders equity Common Stock 390,678 Preferred Stock 31,915 Accumulated Deficit (242,880) Result of Period (25,926) --------- Total Stockholders equity 153,787 --------- Total Liabilities & Stockholders equity $894,939 ========= Satelites Mexicanos, S.A. de C.V. Statement of Operations Month ended September 30, 2006 (In thousands) Total Revenue $5,933 Operating Expenses Operating Cost 1,473 Selling & Administration Expenses 1,547 Depreciation Expenses & Amortization of Concessions 5,561 --------- Total Operating Expenses 8,581 --------- Operating Loss (2,649) Interest Income (65) Interest Expenses 2,032 Net Foreign Exchange (Gain) Loss (5,468) --------- Total Financing Cost (3,501) Other Income (Expenses) 6 --------- Loss Before Deferred Income Tax 859 Deferred Income Tax Expenses (Benefit) (246) --------- Net Income (Loss) $1,105 ========= Satelites Mexicanos, S.A. de C.V. Statement of Cash Flow Month ended September 30, 2006 (In thousands) Operating Activities Net Income (Loss) $1,105 Adjustments to reconcile net loss to operating Cash Flow: Depreciation Expenses & Amortization of Concessions 5,561 Deferred Revenue Mexican Government (183) Deferred Income Taxes (710) 4,668 --------- Adjusted Net Loss 5,773 --------- Changes in Assets and Liabilities Accounts Receivable (584) Prepaid Insurance 539 Accounts Payable & Accrued Expenses 898 Interest Payable 422 Due (from)/to related Parties 255 Other Assets (96) --------- 1,434 --------- Cash Flow Provided by Operating Activities 7,207 --------- Investing Activities (Acquisition)/Sale of Equipment (1,669) --------- Cash Flow Used in Investing Activities (1,669) --------- Financing Activities Accounting Effect of Fixed Rate Notes conversion to "UDI" Indexation (2,263) --------- Cash Flow Used in Financing Activities (2,263) --------- Increase in Cash & Cash Equivalents [3,275] --------- Cash & Cash Equivalents - Beginning of Period 28,295 --------- Cash & Cash Equivalents - End of Period $31,569 ========= Satelites Mexicanos, S.A. de C.V., provides fixed satellite services in Mexico. Satmex provides transponder capacity via its satellites to customers for distribution of network and cable television programming, direct-to-home television service, on-site transmission of live news reports, sporting events and other video feeds. Satmex also provides satellite transmission capacity to telecommunications service providers for public telephone networks in Mexico and elsewhere and to corporate customers for their private business networks with data, voice and video applications. Satmex also provides the government of the United Mexican States with approximately 7% of its satellite capacity for national security and public purposes without charge, under the terms of the Orbital Concessions. The Debtor filed for chapter 11 petition on August 11, 2006 (Bankr. S.D.N.Y. Case No. 06-11868). Luc A. Despins, Esq., at Milbank, Tweed Hadley & McCloy LLP represents the Debtor in the U.S. Bankruptcy proceedings. Attorneys from Galicia y Robles, S.C., and Quijano Cortina Lopez y de la Torre give legal advice in the Debtor's Mexican Bankrutpcy proceedings. UBS Securities LLC and Valor Consultores, S.A. de C.V., give financial advice to the Debtor. Steven Scheinman, Esq., Michael S. Stamer, Esq., and Shuba Satyaprasad, Esq., at Akin Gump Strauss Hauer & Feld LLP give legal advice to the Ad Hoc Existing Bondholders' Committee. Dennis Jenkins, Esq., and George W. Shuster, Jr., Esq., at Wilmer Cutler Pickering Hale and Dorr LLP give legal advice to Ad Hoc Senior Secured Noteholders' Committee. As of July 24, 2006, the Debtor has $905,953,928 in total assets and $743,473,721 in total liabilities. On May 25, 2005, certain holders of Satmex's Existing Bonds and Senior Secured Notes filed an involuntary chapter 11 petition against the Company (Bankr. S.D.N.Y. Case No. 05-13862). On June 29, 2005, Satmex filed a voluntary petition for a Mexican reorganization, known as a Concurso Mercantil, which was assigned to the Second Federal District Court for Civil Matters for the Federal District in Mexico City. On August 4, 2005, Satmex filed a petition, pursuant to Section 304 of the Bankruptcy Code to commence a case ancillary to the Concurso Proceeding and a motion for injunctive relief seeking, among other things, to enjoin actions against Satmex or its assets (Bankr. S.D.N.Y. Case No. 05-16103). (Satmex Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). WERNER LADDER: Earns $5.1 Million for Month Ended September 30 -------------------------------------------------------------- Werner Holding Co. (PA), Inc., and Subsidiaries Unaudited Consolidated Balance Sheet As of September 30, 2006 ASSETS Current Assets: Cash and cash equivalents $18,643,000 Receivables, net 72,215,000 Income taxes receivable (payable) 838,000 Inventories, net 67,656,000 Prepaid insurance and other 10,794,000 ------------ Total current assets 170,146,000 Property, Plant & Equipment, Net 75,377,000 Other assets: Deferred financing fess, net 11,328,000 Investment in subsidiaries - Other noncurrent assets 7,510,000 ------------ Total other assets 18,838,000 ------------ TOTAL ASSETS $264,361,000 ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $19,580,000 Accrued liabilities 31,965,000 Intercompany payable (receivables) - First lien revolving credit facility 39,101,000 Current maturities of long-term debt 182,215,000 ------------ Total current liabilities 272,861,000 Long-Term Liabilities: Long-term debt 89,619,000 Reserve for product liability and workers' compensation claims 5,936,000 Other long-term obligations 2,409,000 Liabilities subject to compromise 205,250,000 ------------ Total Liabilities 576,075,000 Convertible preferred stock 99,518,000 Shareholders' Deficit: Common stock 1,000 Additional paid-in-capital 18,091,000 Retained earnings (deficit) (417,351,000) Accumulated other comprehensive income (loss) (11,776,000) N/R arising from stock loan plan (197,000) ------------ Total Shareholders Deficit (411,232,000) ------------ TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $264,361,000 ============ Werner Holding Co. (PA), Inc., and Subsidiaries Unaudited Consolidated Statement of Operations September 1 to 30, 2006 Net sales $29,054,000 Total cost of sales 22,789,000 ------------ Gross profit 6,265,000 Total operating expenses 9,846,000 ------------ Operating income (loss) (3,581,000) Equity in net income (loss) of subsidiaries - Other income (expense), net (4,000) ------------ Income (loss) before interest, reorganization items and taxes (3,585,000) Reorganization Items: Gain on Termination of Benefit Plan 13,706,000 (Restructuring Process Fees) (1,184,000) Interest Income 87,000 ------------ Reorganization Items, Net 12,609,000 ------------ Interest (loss) before interest and taxes 9,024,000 Inter-company interest expense - Interest expense 3,750,000 ------------ Income (loss) before income taxes 5,274,000 Provision (benefit) for income taxes 102,000 ------------ Net Income (Loss) $5,172,000 ============ Werner Holding Co. (PA), Inc., and Subsidiaries Unaudited Consolidated Statement of Cash Flows September 1 to 30, 2006 Cash flows provided (used) by operating activities ($6,943,000) Cash Flows From Investing Activities: Capital expenditures, net (330,000) Proceeds from sale of property - ------------ Net cash used in investing activities (330,000) Cash Flows From Financing Activities: Borrowings of long-term debt - Repayments of long-term debt - Capital lease payments - Net borrowings under first lien revolving credit facility - Debt issuance costs - ------------ Net cash provided (used) by financing activities - ------------ Net increase (decrease) in cash and equivalents (7,273,000) Cash and equivalents at September 1, 2006 25,916,000 ------------ Cash and equivalents at September 30, 2006 $18,643,000 ============ 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. 12; 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 the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Marie Therese V. Profetana, Shimero Jainga, Joel Anthony G. Lopez, Melvin C. Tabao, Robert Max Victor M. Quiblat II, Rizande B. Delos Santos, Cherry A. Soriano-Baaclo, Ronald C. Sy, Jason A. Nieva, Lucilo M. Pinili, Jr., Tara Marie A. Martin and Peter A. Chapman, Editors. Copyright 2006. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $725 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***