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/raid1/www/Hosts/bankrupt/TCR_Public/061111.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, November 11, 2006, Vol. 10, No. 269 Headlines CATHOLIC CHURCH: Portland Files Operating Report for Sept. 2006 CATHOLIC CHURCH: Spokane Files Sept. 2006 Monthly Operating Report DELTA AIRLINES: Posts $6 Million Net Loss in September 2006 FLYI INC: Posts $445,897 Net Loss in September 2006 FLYI INC: Independence Air Earns $8 Million in September 2006 MERIDIAN AUTOMOTIVE: Posts $26.3 Million Net Loss in Sept. 2006 REFCO INC: Files Schedules of Assets and Liabilities REFCO INC: Refco LLC Files Sept. 2006 Monthly Operating Report ROWE COMPANIES: Earns $613,283 for Fiscal Year September 2006 SAINT VINCENTS: Files September 2006 Monthly Operating Report SONICBLUE INC: Files September 2006 Monthly Operating Report SOLUTIA INC: Posts $10 Million Net Loss in September 2006 THAXTON GROUP: Posts $83.9 Mil. Cumulative Net Loss in Sept. 2006 VESTA INSURANCE: Files September 2006 Monthly Operating Report VEST INSURANCE: Gaines Files Sept. 2006 Monthly Operating Report WINN-DIXIE: Posts $18 Mil. Net Loss in Period Ended October 18 ********* CATHOLIC CHURCH: Portland Files Operating Report for Sept. 2006 --------------------------------------------------------------- Pastoral Center Archdiocese of Portland in Oregon Statement of Financial Position As of September 30, 2006 ASSETS Cash and cash equivalents $16,739,073 Accounts receivable, net 5,255,332 Notes, estates and other receivables 12,514,853 Loans receivable from Archdiocesan entities, net 6,590,510 Loans receivable from Archdiocesan housing entities 543,159 Interest receivable and other assets 276,423 Inventories 1,665,893 Real Property 226,688 Deposits and prepaid expenses 30,434 Investments 98,994,917 Advances to Archdiocesan housing entities 1,640,000 Land, buildings, and equipment, net 7,334,511 -------------- Total Assets $151,811,793 ============== LIABILITIES AND NET ASSETS Liabilities: Prepetition Accounts payable 822,302 Accrued liabilities 2,172,196 Funds held for others Second Collections (12) Short-term investments payable 12,708,355 Long-term pool investments payable 18,277,833 Reserve for insurance claims 2,343,946 Notes payable 10,699,698 Pre-need liability and reserve 456,268 Accrued post-retirement liability 7,607,264 -------------- Total Prepetition Liabilities $55,087,850 -------------- Postpetition Accounts payable 770,968 Accrued liabilities 5,017,770 Funds held for others Second Collections 242,395 Short-term investments payable 3,733,484 Long-term pool investments 5,631,081 Reserve for insurance claims 460,648 Notes payable - Pre-need liability and reserve 22,326 Accrued post-retirement liability 404,521 -------------- Total Postpetition Liabilities 16,283,193 -------------- Total Liabilities 71,371,043 -------------- Net Assets: Prepetition Net Assets: Charitable Trust Assets 69,962,363 Other Assets (3,572,602) -------------- Total Prepetition Net Assets 66,389,761 -------------- Postpetition Net Assets: Charitable Trust Assets 8,142,723 Other Assets 5,908,266 -------------- Total Postpetition Net Assets 14,050,989 -------------- Total Net Assets 80,440,750 -------------- Total liabilities & net assets $151,811,793 ============== Pastoral Center Archdiocese of Portland in Oregon Statement of Activities For the month ending September 30, 2006 Revenues, gains and other support Annual Catholic Appeal income $673 Gross profit on cemetery sales 85,251 Contributions, gifts, annuities and bequests 41,067 Operating support - Oregon Catholic Press - Investment income and realized gains (losses), net of expenses 212,992 Change in unrealized gains (losses) 1,384,059 Insurance premiums, net (63,603) Interest income from loans 36,695 Parish assessments 260,689 Other income 65,682 Departmental revenues 40,256 Net assets released from restrictions - -------------- Total revenues, gains, and other support 2,063,761 -------------- Expenses and program support: Program Services: Annual Catholic Appeal program support, grants and parish subsidies 334,656 Clergy Services 38,376 Catholic Schools 41,971 Pastoral Services 39,319 Evangelization Services 40,452 Public Services 9,700 Tribunal Services 17,522 Deposit and loan interest 160,386 Insurance program 646,506 Cemetery operating expenses 181,573 High School grants/charitable annuities 22,393 Other program expenses 74,403 -------------- Total program services $1,607,257 -------------- Supporting Services: Archbishop, Vicar General and Chancellor Services 47,588 Finance & Administration: Resource Development 56,983 Business Affairs 9,754 Financial Services 62,185 Human Resources 28,768 Shared Services 17,412 Occupancy and physical plant expenses 7,641 Designated funds expense 14,001 Bankruptcy expense 333,263 Depreciation expense - -------------- Total supporting services 577,595 -------------- Total expenses and program support 2,184,852 -------------- Increase (decrease) in net assets before transfers and designations of net assets (121,091) Fund transfers - in (out) - Designation of net assets - -------------- Increase (decrease) in net assets (121,091) Net assets at beginning of year 80,561,841 -------------- Net assets at end of year $80,440,750 ============== Archdiocese of Portland in Oregon Statement of Cash Receipts and Disbursements For the month ending September 30, 2006 Beginning Cash Balance: $15,089,694 Add: Transfers in 353,445 Receipts Deposited 4,484,007 Other (Return of Direct Deposits) - Other - Other (Interest Income) 69,062 -------------- Total Cash Receipts 4,906,514 Subtract: Transfers out (353,445) Disbursements by check or debit (2,898,580) Cash withdrawn - Other (Service Charges) (2,825) Other (Misc Check Correction) - Other (NSF Checks) (2,825) Other (Clear Interfund Rec/Pay) - -------------- Total Cash Disbursements (3,257,135) -------------- Ending Cash Balance $16,739,073 The Archdiocese of Portland in Oregon filed for chapter 11 protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004. Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman Shank LLP, represent the Portland Archdiocese in its restructuring efforts. Albert N. Kennedy, Esq., at Tonkon Torp, LLP, represents the Official Tort Claimants Committee in Portland, and scores of abuse victims are represented by other lawyers. David A. Foraker serves as the Future Claimants Representative appointed in the Archdiocese of Portland's Chapter 11 case. In its Schedules of Assets and Liabilities filed with the Court on July 30, 2004, the Portland Archdiocese reports $19,251,558 in assets and $373,015,566 in liabilities. (Catholic Church Bankruptcy News, Issue No. 70; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) CATHOLIC CHURCH: Spokane Files Sept. 2006 Monthly Operating Report ------------------------------------------------------------------ Catholic Diocese of Spokane Balance Sheet As of September 30, 2006 ASSETS Total Cash Accounts $2,579,934 Total Transfer Account 211,389 Total Investments 4,074,109 Total Property 495,004 Total Loans Receivable 2,696,745 Total Interfund Loan Receivable 217,913 Total Accounts Receivable 81,507 Total Land and Buildings & Equipment 2,502,815 Total Prepaid Expenses 26,815 -------------- Total Assets $12,886,231 ============== LIABILITIES AND NET ASSETS Liabilities Total Deposits Payable 9,986,367 Total Interest Payable 0 Total Accounts Payable 30,720 Total Long-term Liabilities 9,269,297 Net Assets Total Unrestricted - Fund Balance (19,631,629) Total Unrestricted Net Assets (19,631,629) T.R. - Guse Grant Funds 369,350 T.R. - Bishop's School Grants Funds 72,411 Total Replacement Fund 10,578,273 Total Diocesan D&L Funding 2,176,115 Total Guatemala Funds 607,088 Temporarily Restricted - [Unknown Adjustment to Plant Fund] [(130,000)] -------------- Total liabilities & net assets $12,886,231 ============== Catholic Diocese of Spokane Income and Expense Statement For the month ending September 30, 2006 Total Income $257,160 Total Expenses 556,109 -------------- Net Excess or Deficit $298,949 ============== The Diocese of Spokane's Statement of Cash Receipts and Disbursements for September 2006 shows ending balance of $2,542,125. Cash receipts for the period total $288,882, while disbursements total $60,441. A full-text copy of the Diocese's September 2006 operating report is available for free at http://ResearchArchives.com/t/s?149e The Roman Catholic Church of the Diocese of Spokane filed for chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen, Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $11,162,938 in total assets and $81,364,055 in total debts. (Catholic Church Bankruptcy News, Issue No. 72; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). DELTA AIRLINES: Posts $6 Million Net Loss in September 2006 ----------------------------------------------------------- Delta Air Lines, Inc. Unaudited Consolidated Balance Sheets As of September 31, 2006 ASSETS Current Assets: Cash and cash equivalents $2,283,000,000 Short-term investments $525,000,000 Restricted cash 1,021,000,000 Accounts receivable, net of an allowance for uncollectible accounts of $38 999,000,000 Expendable parts and supplies inventories, net of an allowance for obsolescence of $176 178,000,000 Prepaid expenses and other 875,000,000 --------------- Total current assets 5,881,000,000 Property And Equipment: Flight equipment 17,819,000,000 Accumulated depreciation (6,608,000,000) --------------- Flight equipment, net 11,211,000,000 Ground property and equipment 4,666,000,000 Accumulated depreciation (2,898,000,000) --------------- Ground property and equipment, net 1,768,000,000 Flight and ground equipment under capital leases 466,000,000 Accumulated amortization (130,000,000) --------------- Flight and ground equipment under capital leases, net 336,000,000 --------------- Advance payments for equipment 56,000,000 --------------- Total property and equipment, net 13,371,000,000 Other Assets: Goodwill 227,000,000 Operating rights and other intangibles, net of accumulated amortization of $193 70,000,000 Other non-current assets 1,132,000,000 --------------- Total other assets 1,429,000,000 --------------- Total assets $20,681,000,000 =============== Liabilities And Shareowners' Deficit Current Liabilities: Current maturities of long-term debt and capital leases $1,359,000,000 Accounts payable, deferred credits and other accrued liabilities 1,756,000,000 Air traffic liability 2,053,000,000 Taxes payable 537,000,000 Accrued salaries and related benefits 408,000,000 --------------- Total current liabilities 6,113,000,000 Non-current Liabilities: Long-term debt and capital leases 6,422,000,000 Deferred revenue and other credits 326,000,000 Other 748,000,000 --------------- Total non-current liabilities 7,496,000,000 Liabilities Subject To Compromise 20,943,000,000 Commitments And Contingencies Shareowners' Deficit: Common stock: $0.01 par value; 900,000,000 shares authorized; 202,081,648 shares issued 2,000,000 Additional paid-in capital 1,561,000,000 Accumulated deficit (12,433,000,000) Accumulated other comprehensive loss (2,777,000,000) Treasury stock at cost, 4,745,710 shares (224,000,000) --------------- Total shareowners' deficit (13,871,000,000) --------------- Total liabilities and shareowners' deficit $20,681,000,000 =============== Delta Air Lines, Inc. Unaudited Consolidated Statement of Operations For the Month Ended September 30, 2006 Operating Revenues: Passenger: Mainline $908,000,000 Regional affiliates 301,000,000 Cargo 41,000,000 Other, net 98,000,000 --------------- Total operating revenues 1,348,000,000 Operating Expenses: Aircraft fuel 387,000,000 Salaries and related costs 326,000,000 Contract carrier arrangements 235,000,000 Depreciation and amortization 98,000,000 Contracted services 95,000,000 Landing fees and other rents 64,000,000 Passenger commissions and other selling expenses 62,000,000 Aircraft maintenance materials and outside repairs 58,000,000 Passenger service 28,000,000 Aircraft rent 18,000,000 Restructuring, asset writedowns, pension settlements and related items, net (4,000,000) Other 58,000,000 --------------- Total operating expenses 1,425,000,000 --------------- Operating Income (77,000,000) --------------- Other Income (Expense): Interest expense (contractual interest expense equals $94 for the month ended September 30, 2006) (69,000,000) Interest income 2,000,000 Miscellaneous, net (13,000,000) --------------- Total other expense, net (80,000,000) --------------- Loss Before Reorganization Items, Net (157,000,000) Reorganization Items, Net 128,000,000 --------------- Loss Before Income Taxes (29,000,000) Income Tax Benefit 23,000,000 --------------- NET LOSS ($6,000,000) =============== Delta Air Lines, Inc. Unaudited Consolidated Statements of Cash Flows For the Month ended September 30, 2006 Cash Flows From Operating Activities $145,000,000 Cash Flows From Investing Activities: Property and equipment additions: Flight equipment, including advance payments (29,000,000) Ground property and equipment (8,000,000) Proceeds from sale of flight equipment 6,000,000 Increase in restricted investments, net (1,000,000) Decrease in restricted cash (169,000,000) --------------- Net cash provided by investing activities (201,000,000) Cash Flows From Financing Activities: Payments on long-term debt and capital lease obligations (102,000,000) --------------- Net cash used by financing activities (102,000,000) --------------- Net increase in cash and cash equivalents (158,000,000) Cash & cash equivalents at beginning of period 2,441,000,000 Cash & cash equivalents at end of period $2,283,000,000 Headquartered in Atlanta, Georgia, Delta Air Lines -- http://www.delta.com/-- is the world's second-largest airline in terms of passengers carried and the leading U.S. carrier across the Atlantic, offering daily flights to 502 destinations in 88 countries on Delta, Song, Delta Shuttle, the Delta Connection carriers and its worldwide partners. The Company and 18 affiliates filed for chapter 11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents the Debtors in their restructuring efforts. Timothy R. Coleman at The Blackstone Group L.P. provides the Debtors with financial advice. Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss Hauer & Feld LLP, provide the Official Committee of Unsecured Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James S. Feltman at Mesirow Financial Consulting, LLC, serve as the Committee's financial advisors. As of June 30, 2005, the Company's balance sheet showed $21.5 billion in assets and $28.5 billion in liabilities. (Delta Air Lines Bankruptcy News, Issue No. 48; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) FLYI INC: Posts $445,897 Net Loss in September 2006 --------------------------------------------------- FLYi, Inc. Consolidated Balance Sheet As of September 30, 2006 ASSETS Current assets: Cash $1,215,824 Short-term investments - Net accounts receivable 379,627,803 IC Notes receivable 4,252,000 ------------- Total Current Assets 385,095,627 ------------- Other assets: Long term investments 7,435,000 Other assets 4,055,412 ------------- Total Other Assets 21,490,412 ------------- TOTAL ASSETS $406,586,039 ============= LIABILITIES AND OWNER EQUITY Liabilities subject to compromise (prepetition: Security debt - Priority debt - Unsecured debt $250,932,836 ------------- Total Prepetition Liabilities 250,932,836 ------------- 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 (7,831,321) ------------- Net Owner Equity 155,653,203 ------------- TOTAL LIABILITIES AND OWNER'S EQUITY $406,586,039 ============= FLYi, Inc. Statement of Operations September 2006 Revenues: Operating expense $1,120 Net profit (loss) before other income & expenses (1,120) Other (income) expenses: Interest income (4,468) Interest expense 20,833 ------------- Total other (income) expense 16,365 Net profit (loss) before reorganization items (17,485) Reorganization items: Professional fees 428,412 ------------- Total reorganization expenses 428,412 Income taxes - ------------- Net profit (loss) ($445,897) 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. 27; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). FLYI INC: Independence Air Earns $8 Million in September 2006 ------------------------------------------------------------- Independence Air, Inc. Consolidated Balance Sheet As of September 30, 2006 ASSETS Current assets: Cash $45,396,592 Short term investments 103,348,430 Restricted cash 1,576,897 Net accounts receivable 98,281,493 Net expandable parts and fuel 62,636 Net prepaid expenses 5,348,106 Deferred tax asset (1) ------------- Total current assets 254,014,153 ------------- Other assets: Restricted cash 14,246,169 Aircraft deposits 12,662,000 Other assets 419,643 ------------- Total other assets 27,327,812 ------------- TOTAL ASSETS $281,341,965 ============= LIABILITIES Liabilities not subject to compromise: Accounts payable $4,006,849 Air traffic liability 833,822 Accrued liabilities 2,009,235 Amounts due to insiders 76,250 ------------- Total Postpetition Liabilities 6,926,156 ------------- Liabilities subject to compromise: Secured debt 1,063,006 Priority debt 10,441,310 Unsecured debt 391,821,067 Other accruals 15,898,125 ------------- Total prepetition liabilities 419,223,509 ------------- Total Liabilities 426,149,665 ------------- Owner Equity: Capital stock - Treasury stock 7,435,000 Prepetition retained earnings (deficit) (243,575,613) Postpetition retained earnings (deficit) 91,332,914 ------------- Net Owner Equity (144,807,700) ------------- TOTAL LIABILITIES AND OWNER'S EQUITY $281,341,965 ============= Independence Air, Inc. Statement of Operations September 2006 Revenues $15,260 Operating expenses: Insider compensation 8,333 Wages 95,441 Fringes and benefits (2,054,251) Aircraft fuel (566) Aircraft maintenance and materials (65,493) Facilities rents (141,791) Landing fees (46,018) Others 708,407 Retirement & restructuring charge 397,945 ------------- Total operating expense (1,097,994) ------------- Net operating income (loss) 1,113,254 ------------- Net Profit (Loss) before other income & expenses 1,113,254 ------------- Other (income) expense Interest income (641,000) Interest expense 3,876 Other miscellaneous (6,697,850) ------------- Total other (income) expense (7,334,974) ------------- Net profit (loss) before reorganization items 8,448,228 ------------- Reorganization items: Professional fees 428,412 ------------- Net profit (loss) $8,019,816 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. 27; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). MERIDIAN AUTOMOTIVE: Posts $26.3 Million Net Loss in Sept. 2006 --------------------------------------------------------------- Meridian Automotive Systems - Composites Operations, Inc. and Subsidiaries Unaudited Consolidated Balance Sheet As of September 30, 2006 (In Thousands) CURRENT ASSETS: Cash - Accounts receivable, net $84,115 Intercompany receivable 15,616 Inventories 63,787 Tooling costs in excess of billings and others 30,837 ---------- TOTAL CURRENT ASSETS 194,355 ---------- Property, plant and equipment, net 204,493 Intangible assets 15,196 Investment in subsidiaries 23,863 Other assets 8,277 ---------- TOTAL ASSETS $446,184 ========== CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE: Current portion of long term debt $57,722 Accounts payable 51,953 Accrued expenses 40,273 Tooling billings in excess of costs 7,386 ---------- TOTAL CURRENT LIABILITIES 157,334 ---------- Liabilities subject to compromise 805,010 Non-Current Liabilities Not Subject to Compromise: Other long-term liabilities 8,782 Accumulated post-retirement benefit obligation 23,455 ---------- TOTAL LIABILITIES 994,581 SHAREHOLDERS' EQUITY (548,397) ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $446,184 ========== Meridian Automotive Systems - Composite Operations, Inc. and Subsidiaries Unaudited Statement of Operations September 1 to 30, 2006 (In Thousands) Net sales $59,745 Cost of sales 61,795 ---------- Gross profit (2,050) Selling, general and administrative expenses 2,935 Restructuring charges 2,532 ---------- Operating income (loss) (7,517) Interest expense, net 9,209 Other (expense) income 29 Chapter 11 and related reorganization items 9,641 ---------- Loss before provision for income taxes (26,338) (Benefit) Provision for income taxes (12) ---------- NET LOSS ($26,326) ========== Meridian Automotive Systems - Composite Operations, Inc. and Subsidiaries Unaudited Statement of Cash Flows September 1 to 30, 2006 (In Thousands) OPERATING ACTIVITIES: Net loss ($26,326) Adjustments required to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, amortization, and impairment 7,409 Change in working capital and other operating items 6,061 ---------- Net cash provided by (used for) operating activities before reorganization items (12,856) ---------- Operating cash flows from reorganization items: Chapter 11 and related reorganization items 9,641 Payments on Chapter 11 and related reorg items (2,215) ---------- Net cash provided by Chapter 11 and related reorg items 7,426 Net cash provided by (used for) operating activities (5,430) INVESTING ACTIVITIES: Additions to property and equipment (365) Proceeds from sale or property and equipment 695 ---------- Net cash used for investing activities 330 ---------- FINANCING ACTIVITIES: Proceeds from prepetition borrowings - Repayments of prepetition borrowings - Proceeds from DIP credit facility 17,200 Repayments of DIP credit facility (12,100) Repayments on prepetition long-term debt - Deferred financing costs capitalized - ---------- Net cash (used for) provided by financing activities 5,100 ---------- Net increase (decrease) in cash - ---------- Cash and Cash Equivalents, beginning of period - Cash and Cash Equivalents, end of period - Headquartered in Dearborn, Mich., Meridian Automotive Systems, Inc. -- http://www.meridianautosystems.com/-- supplies technologically advanced front and rear end modules, lighting, exterior composites, console modules, instrument panels and other interior systems to automobile and truck manufacturers. Meridian operates 22 plants in the United States, Canada and Mexico, supplying Original Equipment Manufacturers and major Tier One parts suppliers. The Company and its debtor-affiliates filed for chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos. 05-11168 through 05-11176). James F. Conlan, Esq., Larry J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at Young Conaway Stargatt & Taylor, LLP, represent the Debtors in their restructuring efforts. Eric E. Sagerman, Esq., at Winston & Strawn LLP represents the Official Committee of Unsecured Creditors. The Committee also hired Ian Connor Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A., to prosecute an adversary proceeding against Meridian's First Lien Lenders and Second Lien Lenders to invalidate their liens. When the Debtors filed for protection from their creditors, they listed $530 million in total assets and approximately $815 million in total liabilities. (Meridian Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). REFCO INC: Files Schedules of Assets and Liabilities ---------------------------------------------------- A. Real property $0 B. Personal property B.1 Cash on hand $0 B.2 Bank accounts Wachovia $1,453,675 B.14 Interests in partnerships IDS Managed Futures Fund II 15,766 IDS Managed Futures Fund I 52,446 JWH Global Trust 2,402,075 B.16 Accounts receivable JWH Global Trust 72,350 Refco Capital, L.L.C. 108,208 Refco, LLC 2,591,446 B.35 Other personal property Computer and office equipment Undetermined TOTAL SCHEDULED ASSETS $6,695,967 C. Property claimed as exempt Not applicable D. Secured claims $0 E. Unsecured Priority Claims undetermined F. Unsecured non-priority claims Accounts Payable: IDS Futures Corp. $34,235 Manpower Professionals 3,808 Marjorie Bartelli 2,675 Sungard Investment Systems 51,450 Wachovia Securities 14,043 Litigation Claim: Gary L. Franzen Undetermined TOTAL SCHEDULED LIABILITIES $106,211 Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. Refco LLC, an affiliate, filed for chapter 7 protection on Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is a regulated commodity futures company that has businesses in the United States, London, Asia and Canada. Refco, LLC, filed for bankruptcy protection in order to consummate the sale of substantially all of its assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc. Albert Togut, the chapter 7 trustee, is represented by Togut, Segal & Segal LLP. On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner is represented by Bingham McCutchen LLP. RCM is Refco's operating subsidiary based in Bermuda. Three more affiliates of Refco, Westminster-Refco Management LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through 06-11262). Refco 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. 48; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). REFCO INC: Refco LLC Files Sept. 2006 Monthly Operating Report -------------------------------------------------------------- Albert Togut, the Chapter 7 trustee appointed to oversee the liquidation of Refco, LLC's estate, a debtor-affiliates of Refco Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York a monthly statement of cash receipts and disbursements for the period from September 1 to 30, 2006. The Chapter 7 Trustee reports that Refco LLC's beginning balance as of September 1 totals $788,569,000. The Debtor's beginning purchase price account balance totals $55,189,000 and its beginning capital account "A" balance totals $733,380,000. The purchase price account includes activity related to Man Financial sale proceeds and related disbursements. Capital account "A" includes activity related to collection of excess capital. Refco LLC received $1,399,000 in cash and disbursed $5,281,000. The Debtor held $784,687,000 at the end of the period. The Chapter 7 Trustee prepared the Monthly Statement in lieu of comprehensive financial statements. A full-text copy of Refco LLC's September 2006 Monthly Statement is available at no charge at: http://ResearchArchives.com/t/s?14d1 Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. Refco LLC, an affiliate, filed for chapter 7 protection on Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is a regulated commodity futures company that has businesses in the United States, London, Asia and Canada. Refco, LLC, filed for bankruptcy protection in order to consummate the sale of substantially all of its assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc. Albert Togut, the chapter 7 trustee, is represented by Togut, Segal & Segal LLP. On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner is represented by Bingham McCutchen LLP. RCM is Refco's operating subsidiary based in Bermuda. Three more affiliates of Refco, Westminster-Refco Management LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through 06-11262). Refco 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. 48; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ROWE COMPANIES: Earns $613,283 for Fiscal Year September 2006 ------------------------------------------------------------- Rowe Companies Inc. and its debtor-affiliates filed their monthly operating report for Sept. 2006 with the United States Bankruptcy Court for the District of Nebraska on Oct. 27, 2006. The Debtor reported a net income of $613,283 for the month ended Sept. 30, 2006. At Sept. 30, 2006, Rowe Companies Inc. and its debtor-affiliates' balance sheet showed: Total Current Assets $27,149,704 Total Assets $43,235,315 Total Liabilities $82,174,570 Total Shareholders' Deficit $38,939,255 A full-text copy of Rowe Companies Inc.'s September 2006 Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?14c9 Headquartered in McLean, Virginia, The Rowe Companies -- http://www.therowecompanies.com/-- manufactures upholstered retail home and office furniture, interior decorations, tableware, lighting fixtures, and other interior design accessories. The company owns 100% of stock of manufacturing and retail subsidiaries, Rowe Furniture -- http://www.rowefurniture.com/-- and Storehouse, Inc. -- http://www.storehousefurniture.com/ The company and its two of its debtor-affiliates filed for chapter 11 protection on Sept. 18, 2006 (Bank. E.D. Va. Case Nos. 06-11142 to 06-11144). Dylan G. Trache, Esq., H. Jason Gold, Esq., and Valerie P. Morrison, Esq., at Wiley Rein & Fielding LLP, represent the Debtors. When the Debtors filed for protection from their creditors, The Rowe Companies listed total assets of $130,779,655 and total debts of $93,262,974; Rowe Furniture estimated assets between $50 million and $100 million and debts between $10 million and $50 million; and Storehouse, Inc. estimated assets and debts between $10 million and $50 million. The Debtors' exclusive period to file a chapter 11 plan expires on Jan. 16, 2007. SAINT VINCENTS: Files September 2006 Monthly Operating Report ------------------------------------------------------------- SVCMC Debtors Unaudited Consolidated Balance Sheet As of September 30, 2006 ASSETS Cash & Cash Equivalents $25,716,405 Investments - Patients Accounts Receivable, less allowance for doubtful accounts 154,506,002 Accounts Receivable 47,081,995 Other Current Assets 47,105,218 Assets Held for Sale 82,966,169 -------------- Total Current Assets 357,375,789 Depreciation Reserve Funds & Collaterized Assets 8,710,324 Assets Designated for Self-Insurance Investments at Market 43,859,346 Assets whose use is limited - Investments at Market 54,627,574 Other Non-Current Assets 17,009,567 Land, Buildings & Equipment, net of Accumulated Depreciation 133,981,089 -------------- Total Assets $615,563,689 ============== LIABILITIES AND NET ASSETS Liabilities Not Subject to Compromise: Long-Term Debt 106,034,809 Long-term Debt (GE) 169,000,000 Accounts Payable & Accrued Expenses 128,683,742 Accrued Salaries and Payroll Taxes Withheld 44,445,895 Estimated Retroactive Payables to Third Parties, net 89,560,187 Other Non-current Liabilities 38,351,876 Liabilities Held for Sale 38,978,796 -------------- Total Liabilities Not Subject to Compromise 615,055,305 Liabilities Subject to Compromise: Liabilities Subject to Compromise 481,131,676 -------------- Total Liabilities Subject to Compromise 481,131,676 -------------- Total Liabilities 1,096,186,981 Net Assets: Unrestricted (542,985,970) Temporarily Restricted 37,683,101 Permanently Restricted 24,679,577 -------------- Total Net Assets (480,623,292) -------------- Total Liabilities & Net Assets $615,563,689 ============== SVCMC Debtors Unaudited Consolidated Income Statement From September 1 to September 30, 2006 Operating Revenue Inpatient $66,232,169 Outpatient 29,443,268 -------------- Patient Service Revenue 95,675,437 -------------- Less Provision for Bad Debt 6,373,470 -------------- Net Patient Service Revenue 89,301,967 -------------- Pool Revenue 3,863,271 Capitation 7,644,438 Other 13,165,737 -------------- Total Operating Revenue 113,975,413 Operating Expenses: Salaries and Wages 48,746,855 Fringe Benefits 13,504,213 Supplies and Other 34,466,988 Insurance 4,049,306 -------------- Total Direct Operating Costs 100,767,362 Salaries and Wages 2,180,530 Fringe Benefits 601,184 Supplies and Other 5,971,465 -------------- Total Corporate Allocated 8,753,179 -------------- Total Operating Expense 109,520,541 -------------- Interest 2,245,602 Depreciation 1,715,853 -------------- Operating Gain (Loss) Before Non-Recurring and/or Unusual Items 493,417 Non-Recurring and/or Unusual Items: Discontinued Operations (St. Mary's) - St. Mary's Op Pac Rate Adjustment - ZBEC/HFE Recoveries - Restructuring & Bankruptcy Related Costs (2,850,784) Estimated Close-out of St. Mary's - Hanys Investment Income (SFS INS) - Prior Period Ambulance Revenue - Transfer of Equity Foundation - -------------- Total Non-Recurring and/or Unusual Items (2,850,784) -------------- Operating Gain (Loss) After Non-Recurring and/or Unusual Items (2,357,367) -------------- Non-Operating Revenue (820,567) Change in Temporary Restricted Net Assets (358,271) -------------- Change in Net Assets ($3,536,205) -------------- EBITDA $4,454,872 ============== SVCMC Debtors Unaudited Statement of Cash Flows From September 1 to September 30, 2006 Cash Flows from Operation Activities: Changes in Net Assets ($3,536,205) Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by Operating Activities: Depreciation & Amortization 1,715,853 Change in Unrealized Gains & Losses 703,605 Change in Patient's Accounts Receivable (6,975,409) Change in Accounts Receivables, Other 2,031,630 Change in Prepaid Expenses & Other (391,100) Change in Other Non-Current Assets 2,973,163 Change in Accounts Payable & Accrued Exp-Postpetition (13,638,494) Change in Accrued Salaries & P/R Taxes (6,183,238) Change in Est. Retro rec/pay from/to third parties 1,245,420 Change in Other Non-Current Liabilities (1,161,644) -------------- Net Cash (Used) in Operating Activities (23,216,419) Cash flows From Investment Activities: Sale of Investments, Net 3,743,573 Purchase of Assets Whose Use is Limited (623,323) Acquisition/Sale of Land, Building, & Equipment (1,503,352) -------------- Net Cash Provided by Investing Activities 1,616,898 Cash flows From Financing Activities: Proceeds/Repayment From/of Working Capital Loan - Repayment of Long-term debt (168,236) -------------- Net Cash (Used) in Financing Activities (168,236) Net Increase (Decrease) in Cash & Cash Equivalents (21,767,757) Cash & Cash Equivalents at Beginning of Month 47,484,161 -------------- Cash & Cash Equivalents at End of the Month $25,716,405 Headquartered in New York, New York, Saint Vincents Catholic Medical Centers of New York -- http://www.svcmc.org/-- the largest Catholic healthcare providers in New York State, operate hospitals, health centers, nursing homes and a home health agency. The hospital group consists of seven hospitals located throughout Brooklyn, Queens, Manhattan, and Staten Island, along with four nursing homes and a home health care agency. The Company and six of its affiliates filed for chapter 11 protection on July 5, 2005 (Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will & Emery, LLP, filed the Debtors' chapter 11 cases. On Sept. 12, 2005, John J. Rapisardi, Esq., at Weil, Gotshal & Manges LLP took over representing the Debtors in their restructuring efforts. Martin G. Bunin, Esq., at Thelen Reid & Priest LLP, represents the Official Committee of Unsecured Creditors. As of Apr. 30, 2005, the Debtors listed $972 million in total assets and $1 billion in total debts. (Saint Vincent Bankruptcy News, Issue No. 38 Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) SONICBLUE INC: Files September 2006 Monthly Operating Report ------------------------------------------------------------ SONICblue Inc. filed its monthly operating report for September 2006 with the United States Bankruptcy Court for the District of Nebraska on Nov. 9, 2006. The Debtor reported a net loss of $89,941,813 from net sale of $3,194,424, for the month ended Sept. 30, 2006. Net loss for the month ended Aug. 31 was $90,136,259. At Sept. 30, 2006, SONICblue Inc.'s balance sheet showed: Total Current Assets $78,890,271 Total Assets $78,890,271 Total Liabilities $237,445,803 Total Shareholders' Deficit ($158,555,698) A full-text copy of SONICblue Inc.'s September 2006 Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?14d0 Headquartered in Santa Clara, California, SONICblue Incorporated is involved in the converging Internet, digital media, entertainment and consumer electronics markets. The Company, together with three of its wholly owned subsidiaries, Diamond Multimedia Systems, Inc., ReplayTV, Inc., and Sensory Science Corporation, filed for chapter 11 protection on Mar. 21, 2003 (Bankr. N.D. Calif. Case Nos. 03-51775 to 03-51778). Craig A. Barbarosh, Esq., at the Law Offices of Pillsbury Winthrop, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed assets totaling $342,871,000 and debts totaling $335,473,000. SOLUTIA INC: Posts $10 Million Net Loss in September 2006 --------------------------------------------------------- Solutia Chapter 11 Debtors Unaudited Statement of Consolidated Financial Position As of September 30, 2006 ASSETS Cash $39,000,000 Trade Receivables, net 190,000,000 Account Receivables-Unconsolidated Subsidiaries 46,000,000 Inventories 203,000,000 Other Current Assets 70,000,000 Assets of Discontinued Operations - -------------- Total Current Assets 548,000,000 Property, Plant and Equipment, net 661,000,000 Investments in Subsidiaries and Affiliates 566,000,000 Intangible Assets, net 100,000,000 Other Assets 59,000,000 -------------- Total Assets $1,934,000,000 ============== LIABILITIES AND SHAREHOLDERS' DEFICIT Accounts Payable $176,000,000 Short Term Debt 650,000,000 Other Current Liabilities 182,000,000 Liabilities of Discontinued Operations - -------------- Total Current Liabilities 1,008,000,000 Other Long-Term Liabilities 193,000,000 -------------- Total Liabilities not Subject to Compromise 1,201,000,000 Liabilities Subject to Compromise 2,064,000,000 Shareholders' Deficit (1,331,000,000) -------------- Total Liabilities & Shareholders' Deficit $1,934,000,000 ============== Solutia Chapter 11 Debtors Unaudited Consolidated Statement of Operations For the Month Ended September 30, 2006 Total Net Sales $199,000,000 Total Cost Of Goods Sold 182,000,000 -------------- Gross Profit 17,000,000 Total MAT Expense 18,000,000 -------------- Operating Income (Loss) (1,000,000) Equity Earnings from Affiliates 4,000,000 Interest Expense, net (7,000,000) Other Income, net 3,000,000 Reorganization Items: Professional fees (4,000,000) Employee severance and retention costs - Other (3,000,000) -------------- (7,000,000) -------------- Loss Before Taxes (8,000,000) Income tax expense (benefit) (2,000,000) -------------- Net Loss ($10,000,000) Headquartered in St. Louis, Missouri, Solutia, Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- with its subsidiaries, make and sell a variety of high-performance chemical-based materials used in a broad range of consumer and industrial applications. The Company filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., at Kirkland & Ellis. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. (Solutia Bankruptcy News, Issue No. 72; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) THAXTON GROUP: Posts $83.9 Mil. Cumulative Net Loss in Sept. 2006 ----------------------------------------------------------------- The Thaxton Group filed its monthly operating report for the month of September 2006 with the U.S. Bankruptcy Court for the District of Delaware on Nov. 3, 2006. The company reported a cumulative net loss of $83,971,753 on $161,464,801 of revenue for the period from Oct. 17, 2003 thru Sept. 30, 2006. At Sept. 30, 2006, the Company's balance sheet reflects: Total Assets $100,486,775 Total Liabilities $185,520,423 Stockholders' Equity Deficit ($85,033,648) A full-text copy of Thaxton Group's September 2006 Monthly Operating Report is available at no charge at: http://ResearchArchives.com/t/s?14d2 Headquartered in Lancaster, South Carolina, The Thaxton Group, Inc., is a diversified consumer financial services company. The Company filed for Chapter 11 protection on October 17, 2003 (Bankr. Del. Case No. 03-13183). Daniel B. Butz, Esq., Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell, represent the Debtors in their restructuring efforts. Alan Kolod, Esq., at Moses & Singer LLP, represents the Offical Committee of Unsecured Creditors. As of Dec. 31, 2005, the Debtors reported assets totaling $98,889,297 and debts totaling $175,693,613. VESTA INSURANCE: Files September 2006 Monthly Operating Report -------------------------------------------------------------- Vesta Insurance Group, Inc. Income Statement Month ending September 30, 2006 Revenue from Total Sales $0 Less: Cost of Sales 0 ------------ Gross Profit 0 Less: Operating Expenses 50,228 ------------ Net Profit Operations (50,228) Non-Operating Income (Expenses) Interest Income 43,202 Legal Expense ------------ Net Profit (Loss) ($7,026) ============ Vesta Insurance Group, Inc. Schedule of Cash Receipts and Disbursements Month ending September 30, 2006 Cash On Hand (Beginning) $5,806,657 Cash Receipts: Accounts Receivable 0 Cash Sales 0 Loan Proceeds 0 Sale of Property 0 Interest 43,202 ------------ Total Receipts 43,202 Cash Disbursements: Financing costs, fees, interest 0 Advertising 0 Automobiles/Vehicles (repair and maintenance) 0 Bank Fees 70 Commissions/Contract Labor 0 Insurance Expense 0 Interest Paid 0 Inventory Purchased 0 Legal Fees 0 Management Fees 20,962 Postage 0 Rent/Lease Payments on Real Estate 0 Repairs and Maintenance 0 Salaries/Wages (portion paid to J.G. Gaines, Inc.) 28,558 Secured Loan Payments 0 Supplies 638 Taxes 0 Unsecured Loan Payments 0 Utilities 0 Others 0 ------------ Total Disbursements 50,228 Surplus or Deficit (7,026) ------------ Cash on Hand (End) $5,799,631 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. 9; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). VEST INSURANCE: Gaines Files Sept. 2006 Monthly Operating Report ---------------------------------------------------------------- J. Gordon Gaines, Inc. Income Statement Month ending September 30, 2006 Revenue from Total Sales $70,525 Less: Cost of Sales 0 ------------ Gross Profit 70,525 Less: Operating Expenses 53,738 ------------ Net Profit Operations 16,787 Non-Operating Income (Expenses) Interest Earned 3,480 Non-operational income 9,943 ------------ Net Profit (Loss) $30,209 ============ J. Gordon Gaines, Inc. Schedule of Cash Receipts and Disbursements Month ending September 30, 2006 Cash On Hand (Beginning) $1,248,252 Cash Receipts: Accounts Receivable 0 Management Fees 70,525 Loan Proceeds 0 Sale of Property 0 Interest Earned 3,480 Non-operational Income 9,943 Funding by Texas Receiver 569,902 Intercompany insurance operations 57,112 ------------ Total Receipts 710,962 Cash Disbursements: Financing costs, fees, interest 0 Accounting Fees (payroll fees) 2,062 Advertising 0 Automobiles/Vehicles (repair and maintenance) 0 Bank Fees 0 Commissions/Contract Labor 0 Insurance Expense 0 Interest Paid 0 Storage Cost 18,400 Information System Cost 61,528 Inventory Purchased 0 Legal Fees 0 Management Fees 34,320 Postage 1,660 Rent/Lease Payments on Real Estate 0 Repairs and Maintenance 1,582 Salaries/Wages (portion paid to J.G. Gaines, Inc.) 514,129 Secured Loan Payments 0 Supplies 17,354 Travel & Entertainment 1,250 Taxes 0 Unsecured Loan Payments 0 Utilities 86,827 Others 57,112 ------------ Total Disbursements 796,222 Surplus or Deficit 85,260 ------------ Cash on Hand (End) $1,162,992 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. 9; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). WINN-DIXIE: Posts $18 Mil. Net Loss in Period Ended October 18 -------------------------------------------------------------- Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Balance Sheet At October 18, 2006 (In Thousands) ASSETS Current assets: Cash and cash equivalents $237,997 Marketable securities 14,575 Trade and other receivables, net 138,029 Insurance claims receivable 21,738 Income tax receivable 42,029 Merchandise inventories, net 502,797 Prepaid expenses and other current assets 38,285 Total current assets 995,450 ---------- Property, plant and equipment, net 486,326 Other assets, net 79,842 ---------- Total assets $1,561,618 ========== LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Current borrowings under DIP Credit Facility $40,193 Current portion of long-term debt 239 Current obligations under capital leases 3,301 Accounts payable 246,872 Reserve for self-insurance liabilities 76,701 Accrued wages and salaries 69,899 Accrued rent 51,209 Accrued expenses 106,167 ---------- Total current liabilities 594,581 ---------- Reserve for self-insurance liabilities 151,765 Long-term debt 82 Obligations under capital leases 4,498 Other liabilities 19,377 ---------- Total liabilities not subject to compromise 770,303 ---------- Liabilities subject to compromise 1,112,931 ---------- Total liabilities 1,883,234 ---------- Shareholders' deficit: Common stock 141,858 Additional paid-in-capital 36,839 Accumulated deficit (480,780) Accumulated other comprehensive loss (19,533) ---------- Total shareholders' deficit (321,616) ---------- Total liabilities and shareholders' deficit $1,561,618 ========== Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Statement of Operations Four Weeks Ended October 18, 2006 (In Thousands) Net sales $529,236 Cost of sales, net 389,399 ---------- Gross profit on sales 139,837 Other operating and administrative expenses 152,954 Restructuring gain (217) ---------- Operating loss (12,900) Interest expense, net 901 ---------- Loss before reorganization items and income taxes (13,801) Reorganization items, net expense 5,513 ---------- Net loss from continuing operations (19,314) Discontinued operations: Gain from discontinued operations 260 Loss on disposal of discontinued operations 902 Income tax expense 0 ---------- Net loss from discontinued operations 1,162 ---------- Net loss ($18,152) ========== Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Statement of Cash Flows Four Weeks Ended October 18, 2006 (In Thousands) Cash flows from operating activities: Net loss ($18,152) Adjustments to reconcile net loss to net cash used in operating activities: Gain on sales of assets, net (356) Reorganization items, net 5,513 Depreciation and amortization 7,116 Stock compensation plans 427 Change in operating assets and liabilities: Trade and other receivables (3,351) Merchandise inventories (48,438) Prepaid expenses and other current assets (2,898) Accounts payable 33,336 Reserve for self-insurance liabilities 655 Lease liability on closed facilities (18,051) Income taxes receivable (175) Defined benefit plan (322) Other accrued expenses 19,441 ---------- Net cash used in operating activities before reorganization items (25,255) Cash effect of reorganization items (600) ---------- Net cash used in operating activities (25,855) Cash flows from investing activities: Purchases of property, plant and equipment (5,559) Increase in investments and other assets (1,095) Sales of assets 7,507 Purchases of marketable securities (564) Sales of marketable securities 1,548 Other (1,052) ---------- Net cash provided by investing activities 785 Cash flows from financing activities: Gross borrowings on DIP Credit Facility 3,018 Gross payments on DIP Credit Facility (2,825) Increase in book over-drafts 1,423 Principal payments on capital lease obligations (109) Principal payments on long-term debt (19) Debt issuance costs (4) ---------- Net cash provided by financing activities 1,484 Increase in cash and cash equivalents (23,586) Cash and cash equivalents at beginning of period 261,583 ---------- Cash and cash equivalents at end of period $237,997 Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc. -- http://www.winn-dixie.com/-- is one of the nation's largest food retailers. The Company operates 527 stores in Florida, Alabama, Louisiana, Georgia, and Mississippi. The Company, along with 23 of its U.S. subsidiaries, filed for chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063, transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos. 05-03817 through 05-03840). D.J. Baker, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders, Esq., and Brian C. Walsh, Esq., at King & Spalding LLP, represent the Debtors in their restructuring efforts. Paul P. Huffard at The Blackstone Group, LP, gives financial advisory services to the Debtors. Dennis F. Dunne, Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B. Macdonald, Esq., at Akerman Senterfitt give legal advice to the Official Committee of Unsecured Creditors. Houlihan Lokey & Zukin Capital gives financial advisory services to the Committee. When the Debtors filed for protection from their creditors, they listed $2,235,557,000 in total assets and $1,870,785,000 in total debts. (Winn-Dixie Bankruptcy News, Issue No. 59; 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, Robert Max Victor M. Quiblat II, Shimero R. Jainga, Joel Anthony G. Lopez, Melvin C. Tabao, 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. 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