/raid1/www/Hosts/bankrupt/TCR_Public/061209.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, December 9, 2006, Vol. 10, No. 293
Headlines
ADELPHIA COMMS: Files October 2006 Monthly Operating Report
ALLIED HOLDINGS: Earns $878,000 in October 2006
DELPHI CORP: Posts $54 Million Net Loss in October 2006
DELTA AIR: Posts $88 Million Net Loss in October 2006
ENTERGY NEW ORLEANS: Earns $2.8 Million in October 2006
INTERSTATE BAKERIES: Posts $10M Net Loss for Month Ended Oct. 21
MERIDIAN AUTO: Posts $17 Million Net Loss in October 2006
NORTHWEST AIRLINES: Earns $37 Million in October 2006
O'SULLIVAN INDUSTIRES: Files October Cash Receipts & Disbursements
O'SULLIVAN IND: Virginia October 2006 Files Operating Report
O'SULLIVAN FURNITURE: Files October 2006 Monthly Operating Report
O'SULLIVAN HOLDINGS: Files October 2006 Monthly Operating Report
THAXTON GROUP: Posts $85.3 Mil. Cumulative Net Loss in Oct. 2006
TOWER AUTOMOTIVE: Posts $17.7 Million Net Loss in October 2006
*********
ADELPHIA COMMS: Files October 2006 Monthly Operating Report
-----------------------------------------------------------
Adelphia Communications Corporation, et al.
Consolidated Statement of Net Liabilities
In Liquidation (Unaudited)
As of October 31, 2006
(Dollars in thousands)
ASSETS
Cash and cash equivalents $5,969,114
Restricted cash 33,742
Short-term investments 3,268,660
Proceeds from Sale Transaction held in escrow 734,628
TWC Class A Common Stock 5,475,208
Other assets 259,593
-----------
Total Assets $15,740,945
===========
LIABILITIES AND NET LIABILITIES IN LIQUIDATION
Accounts payable $1,034
Income and other taxes payable 512,221
Accrued liquidation costs 192,215
Other accrued liabilities 295,554
Liabilities subject to compromise 16,488,549
-----------
Total liabilities $17,489,573
-----------
Net Liabilities in Liquidation ($1,748,628)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statement of Changes
In Net Liabilities In Liquidation
Month Ended October 31, 2006
(Dollars in thousands)
Net liabilities in liquidation
at Sept. 30, 2006, as previously reported ($2,951,144)
Changes in net liabilities in liquidation at
September 30, 2006:
Change in estimate of net realizable value of
TWC Class A Common Stock 756,173
Reversal of adjustment of liabilities subject
to compromise to face value 181,594
Changes to accrual for liquidation costs 118,504
Adjustments to gain on Sale Transaction, net
of taxes 45,000
Interest income from affiliates 13,884
-----------
Total change to net liabilities in liquidation
at September 30, 2006 1,115,155
-----------
Net liabilities in liquidation at September 30,
2006, as revised (1,835,989)
-----------
Changes in net liabilities in liquidation:
Settlement of liabilities subject to compromise 83,164
Changes in estimate of net realizable value of
assets (2,943)
Change in estimate of accrued liquidation costs (617)
Interest income 42,819
Interest income from affiliates 7,411
Interest expense (42,473)
-----------
Net change in net liabilities in liquidation 87,361
-----------
Net liabilities in liquidation (1,748,628)
===========
Janet Dickinson, Adelphia Communications Corporation's chief
accounting officer, states that ACOM's unaudited consolidated
Monthly Operating Report for the month of October 2006 reflects
adjustments to its previously reported net liabilities in
liquidation at Sept. 30, 2006.
The adjustments represent certain items which were reflected in
ACOM's quarterly report on Form 10-Q for the period ended
Sept. 30, 2006, which had not been reported in ACOM's
previous monthly operating reports, Ms. Dickinson explains.
Based in Coudersport, Pa., Adelphia Communications Corporation
(OTC: ADELQ) -- http://www.adelphia.com/-- is the fifth-largest
cable television company in the country. Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks. The Company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002. Those cases
are jointly administered under case number 02-41729. Willkie Farr
& Gallagher represents the ACOM Debtors. PricewaterhouseCoopers
serves as the Debtors' financial advisor. Kasowitz, Benson,
Torres & Friedman, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP
represent the Official Committee of Unsecured Creditors.
Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of the
Rigas family. In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC. The RME Debtors filed for chapter 11 protection
on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622 through
06-10642). Their cases are jointly administered under Adelphia
Communications and its debtor-affiliates chapter 11 cases.
(Adelphia Bankruptcy News, Issue No. 150; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
ALLIED HOLDINGS: Earns $878,000 in October 2006
-----------------------------------------------
Allied Holdings, Inc.
Unaudited Consolidated Balance Sheet
As of October 31, 2006
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $2,183
Receivables, net of allowances 47,004
Related party receivables 15,080
Inventories 5,179
Prepayments and other current assets 22,541
---------
Total current assets 91,987
Property and equipment, net 126,140
Goodwill, net 3,545
Deferred income taxes 127
Other non-current assets 22,051
Investment in related parties 30,848
---------
TOTAL ASSETS $274,698
=========
Liabilities and Stockholders' Deficit
Current liabilities not subject to compromise
DIP facility $154,564
Accounts and notes payable 26,227
Deferred income taxes 145
Accrued liabilities 56,346
---------
Total current liabilities $237,282
Long-term liabilities not subject to compromise
Postretirement benefits 4,296
Other long-term liabilities 23,527
---------
Total long-term liabilities 27,823
Liabilities subject to compromise 199,218
Stockholders' deficit (189,625)
---------
Total liabilities & stockholders' deficit $274,698
=========
Allied Holdings, Inc.
Unaudited Consolidated Statement of Operations
For the Month Ended October 31, 2006
(In Thousands)
Revenues $74,010
Operating Expenses
Salaries, Wages & Fringe benefits 36,874
Operating supplies & expenses 14,734
Purchased transportation 9,387
Insurance & claims 3,014
Operating tax & licenses 2,342
Depreciation & amortization 2,450
Rents 570
Communications & utilities 440
Other operating expenses 463
Loss on disposal of operating assets, net (2)
---------
Total Operating Expenses 70,272
---------
Operating Income (Loss) 3,738
Other Income (Expense)
Interest expense (1,929)
Investment income 5
Foreign exchange losses, net (315)
Equity in earnings of subsidiaries 343
---------
(1,896)
---------
Income before reorganization items and income taxes 1,842
Reorganization items (932)
---------
Income before income taxes 910
Income tax expense (32)
---------
NET INCOME $878
=========
The Debtors disclose cash disbursements totaling $5,191,668
during October 2006.
Headquartered in Decatur, Georgia, Allied Holdings Inc.
-- http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537). Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor. Anthony J. Smits,
Esq., at Bingham McCutchen LLP, provides the Official Committee of
Unsecured Creditors with legal advice and Russell A. Belinsky at
Chanin Capital Partners, LLC, provides financial advisory services
to the Committee. When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts. (Allied Holdings Bankruptcy News, Issue No. 35;
Bankruptcy Creditors' Service, Inc. http://bankrupt.com/newsstand/
or 215/945-7000)
DELPHI CORP: Posts $54 Million Net Loss in October 2006
-------------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of October 31, 2006
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $448
Restricted cash 106
Accounts receivable, net
General Motors and affiliates 2,029
Other third parties 1,223
Non-Debtor subsidiaries 302
Notes receivable from non-Debtor subsidiaries 341
Inventories, net
Productive material, work-in-process and supplies 965
Finished goods 291
Prepaid expenses and other 302
--------
TOTAL CURRENT ASSETS 6,007
Long-term assets:
Property, net 2,454
Investment in affiliates 375
Investments in non-Debtor subsidiaries 3,621
Goodwill 152
Other intangible assets 38
Pension intangible assets 394
Other 324
--------
TOTAL ASSETS $13,365
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Secured debt in default $2,492
Accounts payable 1,274
Accounts payable to non-Debtor subsidiaries 399
Accrued liabilities 1,322
--------
TOTAL CURRENT LIABILITIES 5,487
Long-term liabilities not subject to compromise:
Debtor-in-possession financing 250
Employee benefit plan obligations and other 765
--------
TOTAL LONG-TERM LIABILITIES 1,015
Liabilities subject to compromise 16,751
--------
TOTAL LIABILITIES 23,253
Stockholders' deficit:
Common stock 6
Additional paid-in capital 2,764
Accumulated deficit (10,861)
Minimum pension liability (1,736)
Accumulated other comprehensive loss (9)
Treasury stock, at cost (3.2 million shares) (52)
--------
TOTAL STOCKHOLDERS' DEFICIT (9,888)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $13,365
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended October 31, 2006
(In Millions)
Net sales:
General Motors and affiliates $888
Other customers 560
Intercompany non-Debtor subsidiaries 52
--------
Total net sales 1,500
--------
Operating expenses:
Cost of sales 1,438
U.S. employee special attrition program charges -
Selling, general and administrative 88
Depreciation and amortization 56
Goodwill and long-lived asset impairment charges -
--------
Total operating expenses 1,582
--------
Operating loss (82)
Interest expense (32)
Other expense, net -
Reorganization items (5)
Income tax benefit (expense) (35)
Equity income from non-consolidated subsidiaries 4
Equity income from non-Debtor subsidiaries, net of tax 96
Cumulative effect of accounting charge, net of tax -
--------
NET LOSS ($54)
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended October 31, 2006
(In Millions)
Cash flows from operating activities:
Net loss ($54)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization 56
Pension and other postretirement benefit expenses 96
Equity income from unconsolidated subsidiaries, net (4)
Equity income from non-Debtor subsidiaries, net of (96)
Reorganization items 5
U.S. employee attrition program charges -
Changes in operating assets and liabilities:
Accounts receivable, net 156
Inventories, net (3)
Prepaid expenses and other (25)
Accounts payable, accrued and other long-term debts (6)
Pension contributions (61)
Other postretirement benefit payments (22)
Receipts (payments) for reorganization items, net 8
Other 2
--------
Net cash used in operating activities 52
Cash flows from investing activities:
Capital expenditures (13)
Increase in restricted cash (1)
Proceeds from sale of property 1
Other (1)
--------
Net cash used in investing activities (14)
Cash flows from financing activities:
Repayments under cash overdraft -
Repayments of borrowings under other debt (1)
--------
Net cash used in financing activities (1)
--------
Decrease in cash and cash equivalents 37
Cash and cash equivalents at beginning of period 411
--------
Cash and cash equivalents at end of period $448
========
Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/--
is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology. The Company's technology and
products are present in more than 75 million vehicles on the road
worldwide. The Company filed for chapter 11 protection on Oct. 8,
2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler
Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in
their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell
A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins
LLP, represents the Official Committee of Unsecured Creditors.
As of Aug. 31, 2005, the Debtors' balance sheet showed
$17,098,734,530 in total assets and $22,166,280,476 in total
debts. (Delphi Bankruptcy News, Issue No. 49; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
DELTA AIR: Posts $88 Million Net Loss in October 2006
-----------------------------------------------------
DELTA AIR LINES, INC.
Unaudited Consolidated Balance Sheets
As of October 31, 2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $2,152,000,000
Short-term investments 583,000,000
Restricted cash 1,046,000,000
Accounts receivable, net of an allowance for
uncollectible accounts of $36 977,000,000
Expendable parts and supplies inventories, net
of an allowance for obsolescence of $177 178,000,000
Prepaid expenses and other 852,000,000
---------------
Total current assets 5,788,000,000
PROPERTY AND EQUIPMENT:
Flight equipment 17,743,000,000
Accumulated depreciation (6,649,000,000)
---------------
Flight equipment, net 11,094,000,000
Ground property and equipment 4,678,000,000
Accumulated depreciation (2,918,000,000)
---------------
Ground property and equipment, net 1,760,000,000
Flight and ground equipment
under capital leases 455,000,000
Accumulated amortization (129,000,000)
---------------
Flight and ground equipment
under capital leases, net 326,000,000
---------------
Advance payments for equipment 56,000,000
---------------
Total property and equipment, net 13,236,000,000
OTHER ASSETS:
Goodwill 227,000,000
Operating rights and other intangibles,
net of accumulated amortization of $190 90,000,000
Other noncurrent assets 1,123,000,000
---------------
Total other assets 1,440,000,000
---------------
Total assets $20,464,000,000
===============
LIABILITIES AND SHAREOWNERS' DEFICIT
CURRENT LIABILITIES:
Current maturities of long-term debt
and capital leases $1,371,000,000
Accounts payable, deferred credits
and other accrued liabilities 1,715,000,000
Air traffic liability 2,076,000,000
Taxes payable 596,000,000
Accrued salaries and related benefits 398,000,000
---------------
Total current liabilities 6,156,000,000
NONCURRENT LIABILITIES:
Long-term debt and capital leases 6,590,000,000
Deferred revenue and other credits 340,000,000
Other 737,000,000
---------------
Total noncurrent liabilities 7,667,000,000
LIABILITIES SUBJECT TO COMPROMISE 20,622,000,000
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 (12,521,000,000)
Accumulated other comprehensive loss (2,799,000,000)
Treasury stock at cost, 4,745,710 shares (224,000,000)
---------------
Total shareowners' deficit (13,981,000,000)
---------------
Total liabilities and shareowners' deficit $20,464,000,000
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statement of Operations
For the Month Ended October 31, 2006
OPERATING REVENUES:
Passenger:
Mainline $952,000,000
Regional affiliates 338,000,000
Cargo 43,000,000
Other, net 98,000,000
---------------
Total operating revenues 1,431,000,000
OPERATING EXPENSES:
Aircraft fuel 373,000,000
Salaries and related costs 324,000,000
Contract carrier arrangements 236,000,000
Depreciation and amortization 99,000,000
Contracted services 96,000,000
Passenger commissions and
other selling expenses 72,000,000
Landing fees and other rents 65,000,000
Aircraft maintenance materials and
outside repairs 65,000,000
Passenger service 29,000,000
Aircraft rent 28,000,000
Restructuring, asset writedowns, pension
settlements and related items, net 1,000,000
Other 52,000,000
---------------
Total operating expenses 1,440,000,000
---------------
OPERATING LOSS (9,000,000)
---------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest
expense equals $96 for the month ended
October 31, 2006) (70,000,000)
Interest income 9,000,000
Miscellaneous, net 6,000,000
---------------
Total other expense, net (55,000,000)
---------------
LOSS BEFORE REORGANIZATION ITEMS, NET (64,000,000)
REORGANIZATION ITEMS, NET (24,000,000)
---------------
LOSS BEFORE INCOME TAXES (88,000,000)
INCOME TAX BENEFIT --
---------------
NET LOSS ($88,000,000)
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statements of Cash Flows
For the Month ended October 31, 2006
CASH FLOWS FROM OPERATING ACTIVITIES $53,000,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
Flight equipment, including
advance payments (25,000,000)
Ground property and equipment (31,000,000)
Increase in restricted investments, net (26,000,000)
---------------
Net cash provided by investing activities (82,000,000)
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 (131,000,000)
Cash & cash equivalents at beginning of period 2,283,000,000
Cash & cash equivalents at end of period $2,152,000,000
===============
Delta Air Lines filed its Monthly Operating Report for October
2006 with the U.S. Bankruptcy Court for the Southern District of
New York.
Key points include:
* Delta's October 2006 net loss was $88 million, a
$213 million improvement over October 2005.
* October 2006 net loss before reorganization items was
$64 million.
* October 2006 operating loss was $9 million, a $187 million
improvement over October 2005.
* As of October 31, 2006, Delta had $3.8 billion of cash,
cash equivalents and short-term investments, of which
$2.7 billion was unrestricted.
Delta reported a net loss of $88 million in the month of
October 2006, compared to a net loss of $301 million in October
2005. Delta's net loss before reorganization items was
$64 million for October 2006, a $196 million improvement versus
the prior year period. Delta's operating loss of $9 million, a
$187 million improvement over October 2005, includes the
$43 million negative impact of fuel hedges for the month. As of
October 31, 2006, Delta had $3.8 billion of cash, cash
equivalents and short-term investments, of which $2.7 billion was
unrestricted.
Restructuring Progress
In September 2005, Delta announced a comprehensive restructuring
plan intended to deliver an additional $3 billion in annual
financial benefits through revenue improvements and cost
reductions by the end of 2007. During the month of October, Delta
demonstrated its continuing progress in restructuring its
business, as follows:
* Delta made significant improvements in its unit revenue
performance by restructuring its overall network and
rebalancing the mix of domestic and international flying.
Delta's length of haul adjusted consolidated passenger
unit revenue (PRASM) increased 15.1% for October 2006
versus October 2005, as compared to the industry average
PRASM increase of 6.2% over the same period.
* Delta reduced its operating expenses by 6.9% on a capacity
reduction of 4.5%, resulting in a 2.5% reduction in
consolidated unit costs in October 2006 compared to
October 2005. Mainline non-fuel CASM was 7.12 cents for
the month, a 4.1% improvement year over year.
"Delta is making strong progress on every front - solid revenue
increases, meaningful cost reductions, and continually improving
customer service and products," Delta executive vice president and
chief financial officer Edward H. Bastian said.
"The momentum that has been created by these achievements
reinforces our confidence that we will emerge from bankruptcy as
a strong, independent, stand-alone competitor in today's global
industry."
Important Financial Disclosure
"We believe that our currently outstanding common stock will
have no value and will be canceled under any plan of
reorganization we propose, and that the value of our various pre-
petition liabilities and other securities is highly speculative.
Accordingly, we urge that caution be exercised with respect to
existing and future investments in any of these liabilities
and/or securities."
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. 51; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
ENTERGY NEW ORLEANS: Earns $2.8 Million in October 2006
-------------------------------------------------------
Entergy New Orleans, Inc.
Balance Sheet
As of October 31, 2006
(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents
Cash $661
Temporary cash investments 11,408
----------
Total cash and cash equivalents 12,069
Accounts receivable:
Customer 55,597
Allowance for doubtful accounts (10,781)
Associated companies 12,352
Other 6,919
Accrued unbilled revenues 25,973
----------
Total accounts receivable 90,060
Deferred fuel costs 22,473
Fuel inventory 3,581
Materials and supplies 7,160
Prepayments and other 6,433
----------
Total current assets 141,776
Other Property and Investments
Investment in affiliates 3,259
Non-utility property at cost 1,107
----------
Total other property and investments 4,366
Utility Plant
Electric 749,624
Natural gas 190,244
Construction work in progress 51,930
----------
Total Utility Plant 991,798
Less - accumulated depreciation and amortization 438,213
----------
Utility plant - net 553,585
Deferred Debits and Other Assets
Regulatory assets:
Other regulatory assets 173,584
Long term receivables 1,022
Other 19,819
----------
Total deferred debits and other assets 194,425
----------
TOTAL ASSETS $894,152
==========
LIABILITIES:
Postpetition liabilities:
Taxes payable $3,946
Accounts payable 32,616
DIP credit facility 26,841
----------
Total postpetition liabilities 63,403
Current liabilities:
Currently maturing long-term debt -
Notes payable -
Accounts payable:
Associated companies 69,784
Other 69,374
Customer deposits 13,524
Taxes accrued 2,495
Accumulated deferred income taxes 3,621
Interest accrued 4,820
Energy efficiency program provision -
Other 4,303
----------
Total current liabilities 167,921
Non-current liabilities:
Accumulated deferred income taxes & taxes accrued 122,529
Accumulated deferred investment tax credits 3,217
SFAS 109 regulatory liability - net 60,124
Other regulatory liabilities -
Accumulated provisions 10,746
Pension liability 41,670
Long-term debt 229,872
Other 4,188
----------
Total non-current liabilities 472,346
----------
Total Liabilities 703,670
Commitments and Contingencies:
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund 19,780
Common stock, $4 par value, authorized
10,000,000 shares; issued and
outstanding 8,435,900 shares in
2005 and 2004 33,744
Paid-in capital 36,294
Retained earnings -- prepetition 99,593
Retained earnings -- postpetition 1,071
----------
Total shareholders equity 190,482
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $894,152
==========
Entergy New Orleans, Inc.
Statement of Operations
Month Ended October 31, 2006
(in thousands)
Operating Revenues
Domestic electric $38,077
Natural gas 6,561
----------
Total operating revenues 44,638
Operating Expenses:
Operation and maintenance
Fuel 17,013
Purchased power 15,280
Other operation and maintenance 9,474
Taxes other than income taxes 2,982
Depreciation and amortization 2,935
Other regulatory charges - net 347
----------
Total operating expenses 48,031
----------
Operating income (3,393)
Other income:
Allowance for equity funds used
during construction 164
Interest and dividend income 188
Miscellaneous - net (36)
----------
Total other income 316
Interest and other charges:
Interest on long-term debt 1,079
Other interest-net 396
Allowance for borrowed funds used
during construction (130)
----------
Total interest and other charges 1,345
Income (loss) before income taxes (4,422)
Income taxes (1,561)
----------
NET INCOME ($2,861)
==========
Entergy New Orleans, Inc.
Cash Receipts and Disbursement Statement
Month Ended October 31, 2006
Beginning cash balance $12,933,051
Cash receipts 122,827,599
Cash disbursements (135,099,687)
-----------
Net cash flow (12,272,088)
-----------
ENDING CASH BALANCE $660,963
===========
Headquartered in Baton Rouge, Louisiana, Entergy New Orleans Inc.
-- http://www.entergy-neworleans.com/-- is a wholly owned
subsidiary of Entergy Corporation. Entergy New Orleans provides
electric and natural gas service to approximately 190,000 electric
and 147,000 gas customers within the city of New Orleans. Entergy
New Orleans is the smallest of Entergy Corporation's five utility
companies and represents about 7% of the consolidated revenues and
3% of its consolidated earnings in 2004. Neither Entergy
Corporation nor any of Entergy's other utility and non-utility
subsidiaries were included in Entergy New Orleans' bankruptcy
filing. Entergy New Orleans filed for chapter 11 protection on
Sept. 23, 2005 (Bankr. E.D. La. Case No. 05-17697). Elizabeth J.
Futrell, Esq., and R. Partick Vance, Esq., at Jones, Walker,
Waechter, Poitevent, Carrere & Denegre, L.L.P., represent the
Debtor in its restructuring efforts. Carey L. Menasco, Esq.,
Philip Kirkpatrick Jones, Jr., Esq., and Joseph P. Hebert, Esq.,
at Liskow & Lewis, APLC, represent the Official Committee of
Unsecured Creditors. When the Debtor filed for protection from
its creditors, it listed total assets of $703,197,000 and total
debts of $610,421,000. (Entergy New Orleans Bankruptcy News,
Issue No. 29; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
INTERSTATE BAKERIES: Posts $10M Net Loss for Month Ended Oct. 21
----------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended October 21, 2006
REVENUE
Gross Income $222,600,638
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 58,209,839
Direct & Indirect Labor 41,126,570
Overhead & Production Administration 12,274,031
----------------
Total Cost of Goods Sold 111,610,440
----------------
Gross Profit 110,990,198
----------------
OPERATING EXPENSES
Owner-Draws/Salaries 0
Selling & Delivery Employee Salaries 53,882,253
Advertising and Marketing 2,581,444
Insurance (Property, Casualty, & Medical) 11,818,044
Payroll Taxes 4,427,109
Lease and Rent 3,027,132
Telephone and Utilities 1,142,435
Corporate Expense (Including Salaries) 6,067,400
Other Expenses 29,119,771
----------------
Total Operating Expenses 112,065,588
----------------
EBITDA (1,075,390)
Restructuring & Reorganization Charges (32,559)
Depreciation and Amortization 5,402,495
Abandonment 79,181
Other(Income)/Expense 40,286
Gain/Loss Sale of Property 0
Interest Expense 3,827,643
----------------
Operating Income (Loss) (10,392,436)
Income Tax Expense (Benefit) (291,417)
----------------
NET INCOME (Loss) ($10,101,019)
================
CURRENT ASSETS
Accounts Receivable at end of period 147,586,760
Increase (Dec.) in Accounts Receivable 1,227,495
Inventory at end of period 68,519,271
Increase (Decrease) in Inventory for period 413,797
Cash at end of period 92,087,785
Increase (Decrease) in Cash for period (10,371,104)
Restricted Cash 5,072,318
Increase (Dec.) in Restricted Cash for period 5,057,406
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise 2,725,643
Increase (Decrease) in Liabilities
Subject to Compromise (87,271)
Taxes payable:
Federal Payroll Taxes 8,865,858
State/Local Payroll Taxes 4,168,958
State Sales Taxes 298,057
Real Estate and Personal Property Taxes 11,160,540
Other 4,052,525
----------------
Total Taxes Payable $28,545,938
================
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S. The Company and seven of
its debtor-affiliates filed for chapter 11 protection on
September 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric
Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed $1,626,425,000 in total assets and
$1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior
subordinated convertible notes due Aug. 15, 2014, on Aug. 12,
2004) in total debts. (Interstate Bakeries Bankruptcy News, Issue
No. 53; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
MERIDIAN AUTO: Posts $17 Million Net Loss in October 2006
---------------------------------------------------------
Meridian Automotive Systems - Composites
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of October 31, 2006
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $77,998
Intercompany receivable 15,308
Inventories 61,875
Tooling costs in excess of billings and others 27,702
----------
TOTAL CURRENT ASSETS 182,883
----------
Property, plant and equipment, net 201,358
Intangible assets 15,179
Investment in subsidiaries 23,863
Other assets 8,404
----------
TOTAL ASSETS $431,687
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Current portion of long term debt $61,722
Accounts payable 44,463
Accrued expenses 41,874
Tooling billings in excess of costs 6,229
----------
TOTAL CURRENT LIABILITIES 154,288
----------
Liabilities subject to compromise 810,672
Non-Current Liabilities Not Subject to Compromise:
Other long-term liabilities 8,764
Accumulated post-retirement benefit obligation 23,383
----------
TOTAL LIABILITIES 997,107
SHAREHOLDERS' EQUITY (565,420)
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $431,687
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operations
October 1 to 31, 2006
(In Thousands)
Net sales $59,126
Cost of sales 60,697
----------
Gross profit (1,571)
Selling, general and administrative expenses 2,543
Restructuring charges 2,241
----------
Operating income (loss) (6,355)
Interest expense, net 9,062
Other (expense) income 15
Chapter 11 and related reorganization items 1,565
----------
Loss before provision for income taxes (16,967)
(Benefit) Provision for income taxes 56
----------
NET LOSS ($17,023)
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
October 1 to 31, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($17,023)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization, and impairment 4,374
Change in working capital and other operating
items 8,939
----------
Net cash provided by (used for) operating
activities before reorganization items (3,710)
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items 1,565
Payments on Chapter 11 and related reorg items (515)
----------
Net cash provided by Chapter 11 and related
reorg items 1,050
Net cash provided by (used for) operating
activities (2,660)
INVESTING ACTIVITIES:
Additions to property and equipment (1,230)
Proceeds from sale or property and equipment 40
----------
Net cash used for investing activities (1,190)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 35,000
Repayments of DIP credit facility (31,000)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized (150)
----------
Net cash (used for) provided by financing activities 3,850
----------
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. 45;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
NORTHWEST AIRLINES: Earns $37 Million in October 2006
-----------------------------------------------------
Northwest Airlines Corporation
Unaudited Condensed Consolidated Balance Sheet
As of October 31, 2006
ASSETS
Current assets:
Cash and cash equivalents $1,614,000,000
Unrestricted short-term investments 590,000,000
Restricted cash, cash equivalents &
short-term investments 663,000,000
Accounts receivable, net 693,000,000
Flight equipment spare parts, net 112,000,000
Prepaid expenses & other 342,000,000
---------------
Total current assets 4,014,000,000
Property and equipment:
Flight equipment, net 7,400,000,000
Other property & equipment, net 580,000,000
---------------
Total property & equipment 7,980,000,000
Flight Equipment under capital leases, net 22,000,000
Other assets:
International routes 634,000,000
Investments in affiliated companies 38,000,000
Other 904,000,000
---------------
Total other assets 1,576,000,000
---------------
Total assets $13,592,000,000
===============
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Air traffic liability $1,757,000,000
Accounts payable & other liabilities 1,466,000,000
Current maturities of long-term debt
& capital lease obligations 144,000,000
---------------
Total current liabilities 3,367,000,000
Long-term debt 3,030,000,000
Deferred Credits & other liabilities:
Long-term pension & postretirement
health care benefits 140,000,000
Other 88,000,000
---------------
Total deferred credits & other liabilities 228,000,000
Liabilities Subject to Compromise 14,647,000,000
Preferred redeemable stock subject to Compromise 278,000,000
Common Stockholders' Equity (Deficit)
Common stock 1,000,000
Additional paid-in capital 1,503,000,000
Accumulated deficit (7,079,000,000)
Accumulated other comprehensive income (loss) (1,370,000,000)
Treasury stock (1,013,000,000)
---------------
Total common stockholders' equity (deficit) (7,958,000,000)
---------------
Total Liabilities &
Stockholders' Equity (deficit) $13,592,000,000
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statement of Operations
For Month Ended October 31, 2006
Operating Revenues
Passenger $761,000,000
Regional carrier revenues 115,000,000
Cargo 85,000,000
Other 71,000,000
---------------
Total Operating Revenues 1,032,000,000
Operating Expenses
Aircraft fuel and taxes 287,000,000
Salaries, wages, and benefits 201,000,000
Aircraft maintenance materials and repair 90,000,000
Selling and marketing 57,000,000
Other rentals and landing fees 48,000,000
Depreciation and amortization 41,000,000
Aircraft rentals 17,000,000
Regional carrier expenses 111,000,000
Other 128,000,000
---------------
Total Operating Expenses 980,000,000
Operating Income (Loss) 52,000,000
Other Income (Expense)
Interest expense, net (45,000,000)
Investment income 12,000,000
Reorganization items, net 19,000,000
Other, net (1,000,000)
---------------
Total other income (expense) (15,000,000)
---------------
Income (Loss) Before Income Taxes 37,000,000
Income tax expense (benefit) -
---------------
Net Income (Loss) $37,000,000
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
For Month Ended October 31, 2006
Cash Flows from Operating Activities:
Net income (loss) $37,000,000
Adjustments to reconcile net loss to net
cash provided by (used in)
operating activities:
Depreciation and amortization 41,000,000
Pension and other postretirement benefit
contributions less than expense 13,000,000
Changes in certain assets & liabilities 115,000,000
Long-term vendor deposits/holdbacks (39,000,000)
Reorganization items, net (19,000,000)
Other, net 11,000,000
---------------
Net cash provided by operating activities 159,000,000
Cash Flows from Reorganization Activities:
Net cash provided by (used in)
reorganization activities 12,000,000
Cash Flows from Investing Activities:
Capital expenditures (49,000,000)
Purchase of short-term investments (3,000,000)
Decrease (increase) in restricted
cash, cash equivalents &
short-term investments 39,000,000
Other, net 1,000,000
---------------
Net cash provided by (used in) investing
activities (12,000,000)
Cash Flows from Financing Activities:
Payments of long-term debt and capital
lease obligations (33,000,000)
---------------
Net cash provided by (used in)
financing activities (33,000,000)
---------------
Increase (Decrease) in Cash and
Cash Equivalents 126,000,000
Cash & cash equivalents at beginning of period 1,488,000,000
---------------
Cash & cash equivalents at end of period $1,614,000,000
===============
Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures. Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks. Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents. The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930). Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases. When the Debtors filed for protection
from their creditors, they listed $14.4 billion in total assets
and $17.9 billion in total debts. The Debtors' exclusive period
to file a chapter 11 plan expires on Jan. 16, 2007.
(Northwest Airlines Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
O'SULLIVAN INDUSTIRES: Files October Cash Receipts & Disbursements
------------------------------------------------------------------
O'Sullivan Industries, Inc.
Cash Receipts and Disbursements
Month Ended October 31, 2006
Funds at the beginning of period $30,166
Receipts 52,508,322
-----------
Total Cash Available for Operations 52,538,488
===========
Disbursements:
Operating expenses - fees & taxes:
U.S. Trustee quarterly fee 10,750
Federal Taxes 556
State Taxes 48
Other Taxes 0
Other operating expenses 52,920,533
Plan payments:
Administrative Claims 0
DIP Facility Claims 0
Class 1 Priority Claims 0
Class 2A Senior Credit Facility Claims 0
Class 2B Other Secured Claims 0
Class 2C Senior Secured Notes Claims 0
Class 3A General Unsecured Claims 578,572
Class 3B Senior Subordinated Noted Claims 0
Class 4 Other Claims against Holdings 0
-----------
Total Disbursements 53,510,459
-----------
Ending Cash Balance ($971,971)
===========
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. 24; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
O'SULLIVAN IND: Virginia October 2006 Files Operating Report
------------------------------------------------------------
O'Sullivan Industries - Virginia, Inc.
Cash Receipts and Disbursements
Month Ended October 31, 2006
Funds at the beginning of period $14,158
Receipts 0
-----------
Total Cash Available for Operations 14,158
===========
Disbursements:
Operating expenses - fees & taxes
U.S. Trustee quarterly fee 0
Federal Taxes 0
State Taxes 0
Other Taxes 0
Other operating expenses 158
Plan payments:
Administrative Claims 0
DIP Facility Claims 0
Class 1 Priority Claims 0
Class 2A Senior Credit Facility Claims 0
Class 2B Other Secured Claims 0
Class 2C Senior Secured Notes Claims 0
Class 3A General Unsecured Claims 0
Class 3B Senior Subordinated Noted Claims 0
Class 4 Other Claims against Holdings 0
-----------
Total Disbursements 158
-----------
Ending Cash Balance $14,000
===========
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. 24; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
O'SULLIVAN FURNITURE: Files October 2006 Monthly Operating Report
-----------------------------------------------------------------
O'Sullivan Furniture Factory Outlet, Inc., reports $0 cash
receipts and disbursements for the period October 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. 24; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
O'SULLIVAN HOLDINGS: Files October 2006 Monthly Operating Report
----------------------------------------------------------------
O'Sullivan Industries Holdings, Inc., reports $0 cash receipts
and disbursements for the period October 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. 24; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
THAXTON GROUP: Posts $85.3 Mil. Cumulative Net Loss in Oct. 2006
----------------------------------------------------------------
The Thaxton Group filed its monthly operating report for the month
of October 2006 with the U.S. Bankruptcy Court for the District of
Delaware on Dec. 1, 2006.
The company reported a cumulative net loss of $84,338,013 on
$166,518,805 of revenue for the period from Oct. 17, 2003, thru
Oct. 31, 2006.
At Oct. 31, 2006, the Company's balance sheet reflects:
Total Assets $100,902,605
Total Liabilities $186,278,266
Stockholders' Equity Deficit ($85,375,661)
A full-text copy of Thaxton Group's October 2006
Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?16a5
Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company.
The Company filed for Chapter 11 protection on Oct. 17, 2003
(Bankr. Del. Case No. 03-13183). Daniel B. Butz, Esq.,
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at
Morris, Nichols, Arsht & Tunnell, represent the Debtors in their
restructuring efforts. Alan Kolod, Esq., at Moses & Singer LLP,
represents the Offical Committee of Unsecured Creditors. As of
Dec. 31, 2005, the Debtors reported assets totaling $98,889,297
and debts totaling $175,693,613.
TOWER AUTOMOTIVE: Posts $17.7 Million Net Loss in October 2006
--------------------------------------------------------------
Tower Automotive Inc. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of October 31, 2006
(In Thousands)
Cash and cash equivalents $470
Accounts receivable 143,223
Inventories 53,632
Prepaid tooling and other 22,320
------------
TOTAL CURRENT ASSETS 219,645
------------
Property, plant and equipment, net 507,436
Investment in and advances to affiliates 761,905
Other assets, net 51,590
------------
TOTAL ASSETS $1,540,576
============
CURRENT LIABILITIES NOT SUBJECT TO
COMPROMISE:
Current maturities of L-T debt and capital lease $14,251
obligations
Current maturities of DIP borrowings 607,000
Accounts payable 123,025
Accrued liabilities 102,863
------------
TOTAL CURRENT LIABILITIES 847,139
------------
Liabilities subject to comprise: 1,399,944
Non-Current Liabilities Not Subject to
Compromise:
Long-term debt, net of current maturities 84,751
Other non-current liabilities 18,740
------------
TOTAL LIABILITIES 2,350,574
------------
STOCKHOLDERS' DEFICIT: (809,998)
------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT: $1,540,576
============
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Operations
October 1 to 31, 2006
(In Thousands)
Revenues $115,525
Cost of sales 115,723
------------
Gross profit (198)
Selling, general and administrative expenses 6,607
Restructuring & asset impairment charges, net (249)
Other operating income (738)
------------
Operating income (loss) (5,818)
Interest expense 8,223
Interest income (125)
Intercompany interest (income)/expense (2,277)
Chapter 11 and related reorganization items 5,832
------------
Income (loss) before provision for income taxes, (17,471)
equity in earnings of joint ventures, and
minority interest
Provision (benefit) for income taxes 216
Income (loss) before equity in earnings of (17,687)
joint ventures
Equity in earnings of joint ventures, net of tax (47)
------------
NET INCOME/(LOSS) ($17,734)
============
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Cash Flows
October 1 to 31, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($17,734)
Adjustments required to reconcile net loss
to net cash provided by (used in)
operating activities:
Chapter 11 & related reorganization items, net 4,098
Restructuring and asset impairment, net 280
Depreciation 7,600
Equity in earnings of joint ventures, net 47
Change in working capital & other operating items 24,910
------------
Net cash provided by (used in) operating 19,201
activities:
INVESTING ACTIVITIES:
Cash disbursed for purchase of property, (10,222)
plant and equipment
------------
Net cash used for investing activities (10,222)
FINANCING ACTIVITIES:
Proceeds from non-DIP borrowings -
Repayments of non-DIP borrowings -
Borrowings from DIP credit facility 19,000
Repayments of borrowings from DIP facility (62,000)
------------
Net cash provided by (used in) financing (43,000)
activities
------------
Net change in cash and cash equivalents (34,021)
------------
Cash and Cash Equivalents, beginning of period 34,491
------------
Cash and Cash Equivalents, end of period $470
============
Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan,
Toyota, Volkswagen and Volvo. Products include body structures
and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components. The Company and
25 of its debtor-affiliates filed voluntary chapter 11 petitions
on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through
05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq.,
Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet,
Esq., at Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts. Ira S. Dizengoff, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors. When the Debtors filed for protection from
their creditors, they listed $787,948,000 in total assets and
$1,306,949,000 in total debts. (Tower Automotive Bankruptcy News,
Issue No. 50; 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. 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.
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