/raid1/www/Hosts/bankrupt/TCR_Public/070303.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, March 3, 2007, Vol. 11, No. 53
Headlines
ASARCO LLC: Earns $24.738 Million in January 2007
CATHOLIC CHURCH: Davenport Files January 2007 Operating Report
CATHOLIC CHURCH: Portland Files January 2007 Operating Report
COLLINS & AIKMAN: Posts $9.4 Mil. Net Loss in Period Ended Jan. 27
MUSICLAND HOLDING: Posts $368,000 Net Loss in January 2007
NEWPOWER HOLDINGS: Files January 2007 Monthly Operating Report
REFCO INC: Refco LLC Files January 2007 Monthly Operating Report
SOLUTIA INC: Files Amended December 2006 Operating Report
SOLUTIA INC: Posts $6 Million Net Loss in January 2007
WERNER HOLDING: Posts $11.055 Million Net Loss in January 2007
*********
ASARCO LLC: Earns $24.738 Million in January 2007
-------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of January 31, 2007
ASSETS
Current Assets:
Cash $456,606,000
Restricted Cash 27,259,000
Accounts receivable, net 135,667,000
Inventory 253,770,000
Prepaid expenses 7,044,000
Deferred income tax assets -
Other current assets 28,712,000
--------------
Total Current Assets 909,057,000
Net property, plant and equipment 431,944,000
Other Assets
Investments in subs 96,902,000
Advances to affiliates 581,000
Prepaid pension & retirement plan 79,261,000
Non-current deferred tax asset 40,954,000
Other 120,249,000
--------------
Total assets $1,678,948,000
==============
LIABILITIES
Postpetition liabilities:
Accounts payable $30,207,000
Accrued liabilities 66,613,000
Debtor-in-possession financing -
--------------
Total postpetition liabilities 96,821,000
Prepetition liabilities:
Not subject to compromise - credit 750,000
Not subject to compromise - other 51,653,000
Advances from affiliates 24,335,000
Subject to compromise 1,008,100,000
--------------
Total prepetition liabilities 1,084,838,000
--------------
Total liabilities $1,181,659,000
==============
OWNERS' EQUITY (DEFICIT)
Common stock 508,325,000
Additional paid-in capital 104,578,000
Other comprehensive income (121,964,000)
Retained earnings: filing date (526,240,000)
--------------
Total prepetition owners' equity (35,301,000)
Retained earnings: post-filing date 532,591,000
--------------
Total owners' equity (net worth) 497,289,000
Total liabilities and owners' equity $1,678,948,000
==============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ending January 31, 2007
Sales $112,171,000
Cost of products and services 77,838,000
--------------
Gross profit 34,333,000
Operating expenses:
Selling and general & admin expenses 2,699,000
Depreciation & amortization 2,420,000
Provision accretion expense of asset
retirement obligation 163,000
--------------
Operating income 29,051,000
Interest expense 58,000
Interest income (2,847,000)
Reorganization expenses 4,110,000
Other miscellaneous (income) expenses (5,345,000)
--------------
Income (loss) before taxes 33,074,000
Income taxes 8,336,000
--------------
Net income (loss) $24,738,000
==============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ending January 31, 2007
Receipts $81,450,000
Disbursements:
Inventory material 47,610,000
Operating disbursements 64,564,000
Capital expenditures 6,100,000
--------------
Total disbursements 118,274,000
Operating cash flow (36,824,000)
Reorganization disbursements 3,007,000
--------------
Net cash flow (39,831,000)
Net payments to secured Lenders 0
--------------
Net change in cash (39,831,000)
Beginning cash balance 523,696,000
--------------
Ending cash balances $483,865,000
==============
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The
Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts. Lehman
Brothers Inc. provides the ASARCO with financial advisory services
And investment banking services. Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee. When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and
$1 billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No.
05-21346) also filed for chapter 11 protection, and ASARCO has
asked that the three subsidiary cases be jointly administered
with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case
was converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7
Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for chapter 11
protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to
06-20776).
(ASARCO Bankruptcy News, Issue No. 40; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
The Honorable Richard S. Schmidt of the U.S. Bankruptcy Court for
the Southern District of Texas in Corpus Christi had extended the
Debtors' exclusive period to file a plan of reorganization until
April 6, 2007, and their exclusive period to solicit acceptances
of that plan until June 6, 2007.
CATHOLIC CHURCH: Davenport Files January 2007 Operating Report
--------------------------------------------------------------
Diocese of Davenport in Iowa
Statement of Financial Position
As of January 31, 2007
ASSETS
Current Assets
Cash and cash equivalents - unrestricted $5,180,661
Cash and cash equivalents - restricted 2,335,547
Accounts receivable, net 32,129
Inventory -
Prepaid expenses 1,625
Professional retainers 55,652
--------------
Total Current Assets 7,605,614
--------------
Property and Equipment
Real Property 4,549,430
Machinery and equipment 6,000
Furniture and fixtures 8,914
Office equipment 59,500
Leasehold improvements -
Vehicles 45,460
--------------
Total Property and Equipment 4,669,304
--------------
Total Assets $12,274,918
==============
LIABILITIES AND NET ASSETS
Postpetition:
Current Liabilities
Salaries and wages -
Payroll taxes -
Real and personal property taxes -
Income taxes -
Sales taxes -
Notes payable, short term -
Accounts payable, trade 9,013
Real property lease arrearage -
Personal property lease arrearage -
Accrued professional fees -
Current portion of long-term debt -
Pass-through collections 114,416
--------------
Total Current Liabilities 123,429
--------------
Long-Term Postpetition Debt, Net -
--------------
Total Postpetition Liabilities 123,429
--------------
Prepetition Liabilities
Secured claims -
Priority unsecured claims $160,888
General unsecured claims 1,660,316
--------------
Total Prepetition Liabilities 1,821,204
--------------
Total Liabilities 1,944,633
--------------
Equity (deficit):
Retained Earnings/Deficit at filing 5,795,187
Capital stock -
Additional paid-in capital -
Cumulative profit/loss since filing 895,734
Post-petition contributions/distributions
or draws -
Market value adjustment 3,639,364
--------------
Total equity (deficit) 10,330,285
--------------
Total liabilities & equity (deficit) $12,274,918
==============
Diocese of Davenport in Iowa
Statement of Operations
For the month ending January 31, 2007
Revenues
Gross sales $352
Less: sales returns & allowances -
Net sales 352
Less: cost of goods sold -
Gross profit 352
Interest 2,060
Other income:
Charitable gifts 271,046
Insurance receipts 194,306
Investment income 65,283
--------------
Total revenues 533,047
--------------
Expenses:
Compensation to owner(s)/officer(s) 12,578
Salaries 92,467
Commissions -
Contract labor 5,167
Rent/Lease:
Personal property 788
Real property -
Insurance 56,057
Management fees -
Depreciation 5,945
Taxes:
Employer payroll taxes 5,825
Real property taxes -
Other taxes -
Other selling -
Other administrative 26,966
Interest -
Other expenses:
Employee benefits 16,794
Charity collection 14,803
Medical assistance/Victim assistance 12,041
Utilities 11,987
Transfer to unrestricted -
Professional Investment Management Fees 580
Sabbatical 8,000
--------------
Total expenses 269,998
Reorganization items:
Professional fees -
Provisions for rejected
executory contracts -
Interest earned on accumulated cash
from resulting Chapter 11 case 22,514
Gain or (Loss) from sale of equipment -
U.S. Trustee quarterly fees (3,750)
--------------
Total reorganization items 18,764
--------------
Net profit (loss) before federal &
state taxes 281,813
Federal & state income taxes -
--------------
Net Profit (Loss) $281,813
==============
Diocese of Davenport in Iowa
Statement of Cash Receipts and Disbursements
For the month ending January 31, 2007
Cash receipts
Rent/Leases collected $3,375
Cash received from sales 352
Interest received 24,574
Borrowings increase in accounts payable -
Funds from shareholders, partners,
or other insiders -
Capital contributions -
Annual diocesan appeal/donations 271,046
Investment income/misc. -
Insurance receipts 194,306
Tribunal/Immigration/Faith Formation fees 61,908
Decrease in prepaids/accounts receivable -
Misc/Increase in accounts payable 63,456
--------------
Total Cash Receipts $619,017
==============
Cash disbursements:
Payments for inventory -
Selling -
Administrative $59,266
Capital expenditures -
Principal payments on debt -
Interest paid -
Rent/Lease:
Personal Property 788
Real Property -
Amount paid to owner(s)/officer(s)
Salaries 12,578
Draws -
Commissions/Royalties -
Expense Reimbursements -
Other -
Salaries/Commissions (less employee
withholding 70,846
Management fees -
Taxes:
Employee withholding 21,621
Employer payroll taxes 5,825
Real property taxes -
Other taxes -
Other cash outflows:
Insurance 56,057
Utilities 11,987
Medical Assistance 12,041
Employee Benefits 16,794
Misc/Decrease in Accts Payable/Increase
in receivables 18,125
--------------
Total Cash Disbursements $285,928
--------------
Net increase (decrease) in cash 33,089
Cash balance, beginning of period 1,126,650
Cash balance, end of period $1,459,739
==============
The Diocese of Davenport in Iowa filed for chapter 11 protection
(Bankr. S.D. Ia. Case No. 06-02229) on October 10, 2006.
Richard A. Davidson, Esq., at Lane & Waterman LLP, represents the
Davenport Diocese in its restructuring efforts. Hamid R.
Rafatjoo, Esq., and Gillian M. Brown, Esq., of Pachulski Stang
Zhiel Young Jones & Weintraub LLP represent the Official Committee
of Unsecured Creditors. In its schedules of assets and
liabilities, the Davenport Diocese reported $4,492,809 in assets
and $1,650,439 in liabilities. (Catholic Church Bankruptcy News,
Issue No. 81; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Portland Files January 2007 Operating Report
-------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of January 31, 2007
ASSETS
Cash and cash equivalents $20,303,798
Accounts receivable, net 2,919,783
Notes, estates and other receivables 11,623,074
Loans receivable from Archdiocesan entities, net 6,051,127
Loans receivable from Archdiocesan housing entities 545,078
Interest receivable and other assets 184,039
Inventories 1,770,162
Real Property 226,688
Deposits and prepaid expenses 49,363
Investments 105,381,632
Advances to Archdiocesan housing entities 1,531,500
Land, building, and equipment, net 7,370,572
--------------
Total Assets $157,956,816
==============
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 12,312,937
Long-term pool investments payable 17,718,548
Reserve for insurance claims 2,343,946
Notes payable 10,574,884
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 54,008,333
--------------
Postpetition
Accounts payable 482,292
Accrued liabilities 6,378,113
Funds held for others
Second Collections 390,653
Short-term investments payable 4,566,565
Long-term pool investments 7,899,852
Reserve for insurance claims 460,648
Notes payable -
Pre-need liability and reserve 32,025
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 20,614,669
--------------
Total Liabilities 74,623,002
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,961,597
Other Assets (3,571,836)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 12,053,982
Other Assets 4,890,071
--------------
Total Postpetition Net Assets 16,944,053
--------------
Total Net Assets 83,333,814
--------------
Total liabilities & net assets $157,956,816
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending January 31, 2007
Revenues, gains and other support
Annual Catholic Appeal income $959
Gross profit on cemetery sales 133,538
Contributions, gifts, annuities and bequests 562,867
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 715,945
Change in unrealized gains (losses) 630,594
Insurance premiums, net 1,796
Interest income from loans 35,501
Parish assessments 260,689
Other income 47,760
Departmental revenues 38,467
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 2,428,116
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 221,154
Clergy Services 25,742
Catholic Schools 40,488
Pastoral Services 30,267
Evangelization Services 47,327
Public Services 9,642
Tribunal Services 18,484
Deposit and loan interest 156,019
Insurance program 343,222
Cemetery operating expenses 71,572
High School grants/charitable annuities 471,791
Other program expenses 63,714
--------------
Total program services 1,499,422
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 72,481
Finance & Administration:
Resource Development 26,767
Business Affairs 9,872
Financial Services 59,912
Human Resources 29,387
Shared Services 17,989
Occupancy and physical plant expenses 19,795
Designated funds expense 16,923
Bankruptcy expense 327,405
Depreciation expense -
--------------
Total supporting services 578,531
--------------
Total expenses and program support 2,077,953
--------------
Increase (decrease) in net assets before
transfers and designations of net assets 350,163
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets 350,163
Net assets at beginning of year 82,983,651
--------------
Net assets at end of year $83,333,814
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending January 31, 2007
Beginning Cash Balance: $19,491,827
Add:
Transfers in 416,495
Receipts Deposited 3,126,545
Other (Return of Direct Deposits) -
Other 5
Other (Interest Income) 84,026
--------------
Total Cash Receipts 3,627,072
Subtract:
Transfers out (416,495)
Disbursements by check or debit (2,397,006)
Cash withdrawn -
Other (Service Charges) (1,294)
Other (Misc Check Correction) -
Other (NSF Checks) (302)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (2,815,099)
--------------
Ending Cash Balance $20,303,800
==============
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.
The Court approved the Debtor's disclosure statement explaining
its Second Amended Joint Plan of Reorganization on Feb. 27, 2007.
(Catholic Church Bankruptcy News, Issue No. 81; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COLLINS & AIKMAN: Posts $9.4 Mil. Net Loss in Period Ended Jan. 27
------------------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of January 27, 2007
ASSETS
Cash $87,176,677
Accounts receivable-trade, net 265,216,958
Other non-trade receivables 10,234,468
Inventories, net 74,495,902
Tooling and molding, net-current 29,959,256
Prepaids & other current assets 54,127,048
Deferred tax assets-current 0
---------------
TOTAL CURRENT ASSETS 521,210,309
Investments in subsidiaries 2,479,293,518
Fixed assets, net 253,681,843
Goodwill, net 773,081,951
Deferred tax assets-long term 0
Tooling and molding, net-long term 8,400,087
Other noncurrent assets 30,453,498
Intercompany accounts - net 58,454,731
Prepetition intercompany - net 640,513,222
---------------
TOTAL ASSETS $4,765,089,158
===============
LIABILITIES & EQUITY
Notes payable $0
Short term borrowings 0
Advance on receivables 0
Current portion-long term debt 137,743,625
Current portion-capital leases 0
Accounts payable 57,219,606
Accrued interest payable 47,045,489
Accrued & other liabilities 194,422,221
Income taxes payable 4,198,114
---------------
Total current liabilities 440,629,055
Liabilities subject to compromise 2,374,688,158
Deferred income taxes 30,472,400
---------------
Total liabilities 2,845,789,613
Total equity 1,919,299,545
---------------
TOTAL LIABILITIES & EQUITY $4,765,089,158
===============
Collins & Aikman Corporation
Income Statement
Month Ended January 27, 2007
Net outside sales $99,472,795
I/C Net sales 7,146,903
---------------
Total sales 106,619,698
Cost of Sales 101,075,771
---------------
Gross profit 5,543,927
Selling, general & administrative expenses 11,552,244
---------------
Operating income (6,008,317)
Interest expenses, net 6,971,564
Intercompany interest, net (2,555,354)
Preferred stock accretion 0
Miscellaneous (income)/expense 0
Corporate allocation adjustment 0
Commission income (105,059)
Commission expense 0
Royalty income (245,928)
Royalty expense 0
Joint Venture (Income)/Expense 0
Minority interest in cons net income 0
Dividend income 0
Discount/Income for Carcorp. 0
Gain/(Loss) early extinguishments of debt 0
Discount/Premium on hedges 0
(Gain)/Loss on hedges 0
(Gain)/Loss on swaps 0
NAAIS Intercompany sales profit 0
Loss on sale of receivables 0
Restructuring provision 0
Asset Impairment 0
Foreign transactions - (Gain)/Loss (733,746)
Amort of discount on NPV of liabilities 0
(Gain)/Loss on sale-leaseback transaction 0
---------------
Income from continuing operations before taxes (9,339,793)
Federal income tax 0
State income tax 14,006
Foreign income tax 0
---------------
Income from continuing operations (9,353,801)
Discontinued operations 93,727
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME (LOSS) ($9,447,528)
===============
Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems. The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world. The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring. Lazard Freres & Co., LLC, provides the Debtor
with investment banking services. Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee. When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts. (Collins & Aikman Bankruptcy News, Issue No. 53;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
MUSICLAND HOLDING: Posts $368,000 Net Loss in January 2007
----------------------------------------------------------
Musicland Holding Corp.
Consolidated Balance Sheet
As of January 31, 2007
ASSETS
Current Assets
Cash $11,945,000
Letters of Credit/Other Deposits 515,000
Other
Amounts due from TransWorld 6,279,000
Receivables from Sub-leases 774,000
Amounts due from GOB sales -
Miscellaneous CC 29,000
Vendors Credit due from services 2,606,000
-------------
Total 22,150,000
=============
Fixed Assets 0
Other assets
Transport Logistic deposit -
Insurance Deposits 3,977,000
Utility and Tax Deposits -
-------------
TOTAL ASSETS $26,127,000
=============
Liabilties & Shareholders' deficit
Current liabilities
Accounts payable
Due to Transworld -
Due to Deluxe -
A/P $2,840,000
Other accrued liabilities
Logistic Accrual -
Deferred Income -
Insurance Reserve 3,380,000
Accrued Payroll & Employee Benefits:
Accrued Vacation -
Accrued Severance -
Accrued Employer Payroll Taxes -
Accrued Benefits -
Sales Tax -
5% Admin. Fee on Wachovia L/C 250,000
FY06 Tax Return & Employee Benefit
Audit Services -
Payroll/W2 & 1099 System -
Miscellaneous 29,000
Gift Card liabilities -
-------------
Total 3,659,000
-------------
DIP financing -
Other LT Liabilities -
Liabilities subject to compromise 315,047,000
Shareholders' deficit (295,419,000)
-------------
TOTAL LIABILITIES &
SHAREHOLDERS' DEFICIT $26,127,000
=============
Musicland Holding Corp.
Statement of Operations
For the Month Ended January 31, 2007
Merchandise revenue -
Non-merchandise revenue -
Net sales -
Cost of good sold -
Gross Profit -
Store operating expenses
Payroll -
Occupancy -
Other $101,000
-------------
Store expenses 0
-------------
General & administrative 101,000
-------------
EBITDA (Loss) (101,000)
Hilco 340 Store GOB -
Chapter 11 & related charges (359,000)
Sale to Transworld -
Hilco 65 -
Media Play Wind down -
Depreciation & Amortization -
-------------
Operating income (Loss) (460,000)
Interest income (expense) 44,000
Other non-operating charges 48,000
-------------
Earnings before Taxes (368,000)
-------------
Income tax 0
-------------
Net earnings (Loss) ($368,000)
=============
Musicland Holding Corp.
Statements of Cash Flow
For the Month Ended January 31, 2007
Operating activities
Net earnings (Loss) ($368,000)
Adjustments to reconcile net earnings (loss)
to net cash provided by (used in)
operating activities:
Loss on utility deposits write off 1,000
Changes in operating assets & liabilities:
Inventory -
Other current assets -
Other Non-current Assets -
Accounts payable -
Other accrued liabilities -
Liabilities subject to compromise -
-------------
Net cash provided by (used in)
operating activities (367,000)
-------------
Investing activities
Change in other long term asset/liabilities -
Retirement of fixed assets -
Net cash -
Financing activities
Distribution to Secured Creditors -
-------------
Increase/decrease in cash (367,000)
-------------
Cash at the beginning of Period 12,312,000
-------------
Cash at the end of Period $11,945,000
=============
Headquartered in New York, New York, Musicland Holding Corp., is a
specialty retailer of music, movies and entertainment-related
products. The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts. Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors. When the Debtors filed for
protection from their creditors, they estimated more than
$100 million in assets and debts. (Musicland Bankruptcy News,
Issue No. 28; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
NEWPOWER HOLDINGS: Files January 2007 Monthly Operating Report
--------------------------------------------------------------
NewPower Holdings Inc. filed its Monthly Operating Report for
the period from Dec. 31, 2006, to Jan. 31, 2007, with the U.S.
Bankruptcy Court for the Northern District of Georgia, Newnan
Division on Feb. 26, 2007. The company reports an opening
cash balance of $11,393,000 and a closing cash balance of
$11,328,000.
A full-text copy of NewPower Holdings Inc.'s Monthly Operating
Report for the period from Dec. 31, 2006, to Jan. 31, 2007, is
available at no charge at http://researcharchives.com/t/s?1aa6
NewPower Holdings Inc. and its debtor-affiliates filed for
chapter 11 protection on June 11, 2002 (Bankr. N.D. Ga. 02-10836).
Paul K. Ferdinands, Esq., at King & Spalding and William M.
Goldman, Esq., at Sidley Austin Brown & Wood LLP represent the
Debtors. When the Debtors filed for chapter 11 protection, they
reported $231,837,000 in assets and $87,936,000 in debts.
On Aug. 15, 2003, the United States Bankruptcy Court for the
Northern District of Georgia, Newnan Division, confirmed the
Second Amended Chapter 11 Plan with respect to NewPower Holdings,
Inc., and TNPC Holdings, Inc., a wholly-owned subsidiary. That
Plan became effective on Oct. 9, 2003, with respect to the company
and TNPC.
On Feb. 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003 with respect to New Power. The New Power Company
is a wholly owned subsidiary of the Company.
REFCO INC: Refco LLC Files January 2007 Monthly Operating Report
----------------------------------------------------------------
Albert Togut, the Chapter 7 trustee overseeing the liquidation of
Refco LLC's estate, 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 Jan. 1 to 31, 2007.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of January 1 totals $620,415,000. The Debtor's beginning
purchase price account balance totals $15,212,000, while its
beginning capital account "A" balance aggregates $605,203,000.
The purchase price account includes activity related to Man
Financial Inc. sale proceeds and related disbursements. Capital
account "A" includes activities related to collection of excess
capital.
Refco LLC received $13,553,000 and disbursed $690,000. The
Debtor held $633,278,000 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 January 2007 Monthly Statement is
available at no charge at http://researcharchives.com/t/s?1a9b
Headquartered in New York, Refco Inc. -- http://www.refco.com/--
is a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the most
active members of futures exchanges in Chicago, New York, London
and Singapore. In addition to its futures brokerage activities,
Refco is a major broker of cash market products, including foreign
exchange, foreign exchange options, government securities,
domestic and international equities, emerging market debt, and OTC
financial and commodity products. Refco is one of the largest
global clearing firms for derivatives.
The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc A.
Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents
the Official Committee of Unsecured Creditors. Refco reported
$16.5 billion in assets and $16.8 billion in debts to the
Bankruptcy Court on the first day of its chapter 11 cases. (Refco
Bankruptcy News, Issue No. 58; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
SOLUTIA INC: Files Amended December 2006 Operating Report
---------------------------------------------------------
Timothy J. Spihlman, vice president and controller of the
Debtors, updated their operating report for the month ended
Dec. 31, 2006, as a result of certain accounting adjustments
from Solutia Inc.'s joint venture, Flexsys Holding BV:
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated
Financial Position
As of December 31, 2006
ASSETS
Cash $38,000,000
Trade Receivables, net 146,000,000
Account Receivables-Unconsolidated Subsidiaries 47,000,000
Inventories 176,000,000
Other Current Assets 90,000,000
Assets of Discontinued Operations 0
--------------
Total Current Assets 497,000,000
Property, Plant and Equipment, net 660,000,000
Investments in Subsidiaries and Affiliates 566,000,000
Intangible Assets, net 100,000,000
Other Assets 58,000,000
--------------
Total Assets $1,881,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts Payable $200,000,000
Short Term Debt 650,000,000
Other Current Liabilities 168,000,000
Liabilities of Discontinued Operations 1,000,000
--------------
Total Current Liabilities 1,019,000,000
Long-Term Debt 0
Other Long-Term Liabilities 197,000,000
--------------
Total Liabilities not Subject to Compromise 1,216,000,000
Liabilities Subject to Compromise 1,963,000,000
Shareholders' Deficit (1,298,000,000)
--------------
Total Liabilities & Shareholders' Deficit $1,881,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended December 31, 2006
Total Net Sales $170,000,000
Total Cost Of Goods Sold 162,000,000
--------------
Gross Profit 8,000,000
Total MAT Expense 19,000,000
--------------
Operating Income (Loss) (11,000,000)
Equity Earnings from Affiliates 7,000,000
Interest Expense, net (7,000,000)
Other Income, net 3,000,000
Loss on Debt Modification 0
Reorganization Items:
Professional fees (6,000,000)
Employee severance and retention costs 0
Other (1,000,000)
--------------
(7,000,000)
--------------
Loss Before Taxes (15,000,000)
Income tax expense (benefit) 4,000,000
--------------
Net Loss ($19,000,000)
==============
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 $2,854,000,000 in assets and
$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. 80; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
SOLUTIA INC: Posts $6 Million Net Loss in January 2007
------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated
Financial Position
As of January 31, 2007
ASSETS
Cash $97,000,000
Trade Receivables, net 187,000,000
Account Receivables-Unconsolidated Subsidiaries 50,000,000
Inventories 181,000,000
Other Current Assets 242,000,000
Assets of Discontinued Operations 0
--------------
Total Current Assets 757,000,000
Property, Plant and Equipment, net 657,000,000
Investments in Subsidiaries and Affiliates 569,000,000
Intangible Assets, net 100,000,000
Other Assets 68,000,000
--------------
Total Assets $2,151,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts Payable $184,000,000
Short Term Debt 975,000,000
Other Current Liabilities 154,000,000
Liabilities of Discontinued Operations 1,000,000
--------------
Total Current Liabilities 1,314,000,000
Long-Term Debt 0
Other Long-Term Liabilities 197,000,000
--------------
Total Liabilities not Subject to Compromise 1,511,000,000
Liabilities Subject to Compromise 1,930,000,000
Shareholders' Deficit (1,290,000,000)
--------------
Total Liabilities & Shareholders' Deficit $2,151,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended January 31, 2007
Total Net Sales $202,000,000
Total Cost Of Goods Sold 179,000,000
--------------
Gross Profit 23,000,000
Total MAT Expense 16,000,000
--------------
Operating Income (Loss) 7,000,000
Equity Earnings from Affiliates 3,000,000
Interest Expense, net (13,000,000)
Other Income, net 2,000,000
Reorganization Items:
Professional fees (4,000,000)
Employee severance and retention costs (1,000,000)
Other 0
--------------
(5,000,000)
--------------
Loss Before Taxes (6,000,000)
Income tax expense (benefit) 0
--------------
Net Loss ($6,000,000)
==============
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 $2,854,000,000 in assets and
$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. 80; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
WERNER HOLDING: Posts $11.055 Million Net Loss in January 2007
--------------------------------------------------------------
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Balance Sheet
As of January 31, 2007
ASSETS
Current Assets:
Cash and cash equivalents $12,942,000
Receivables, net 45,734,000
Income taxes receivable (payable) 1,115,000
Inventories, net 61,975,000
Property, plant and equipment held for sale,
at cost less accumulated depreciation 16,590,000
Prepaid insurance and other 7,989,000
------------
Total current assets 146,345,000
Property, Plant & Equipment, Net 51,986,000
Other assets:
Deferred financing fees, net 9,278,000
Investment in subsidiaries -
Other noncurrent assets 6,602,000
------------
Total other assets 15,880,000
TOTAL ASSETS $214,211,000
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $11,990,000
Accrued liabilities 24,985,000
Intercompany payable (receivables) -
First lien revolving credit facility 39,407,000
Current maturities of long-term debt 259,640,000
------------
Total current liabilities 336,022,000
Long-Term Liabilities:
Long-term debt 13,954,000
Reserve for product liability and
workers' compensation claims 10,905,000
Other long-term obligations 3,884,000
Liabilities subject to compromise 210,824,000
------------
Total Liabilities 575,589,000
Convertible preferred stock 100,592,000
Shareholders' Deficit:
Common stock 1,000
Additional paid-in-capital 17,017,000
Retained earnings (deficit) (465,798,000)
Accumulated other comprehensive income (loss) (13,190,000)
------------
Total Shareholders Deficit (461,970,000)
------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $214,211,000
============
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Statement of Operations
January 1 to 31, 2007
Net sales $24,901,000
Total cost of sales 18,806,000
------------
Gross profit 6,095,000
Total operating expenses 11,082,000
Operating income (loss) (4,987,000)
Equity in net income (loss) of subsidiaries -
Other income (expense), net (18,000)
------------
Income (loss) before interest,
reorganization items and taxes (5,005,000)
Reorganization items:
(Restructuring Process Fees) (2,243,000)
Interest Income 73,000
------------
Reorganization items, net: (2,170,000)
------------
Interest (loss) before interest and taxes (7,175,000)
Inter-company interest expense -
Interest expense 4,222,000
------------
Income (loss) before income taxes (11,397,000)
Provision (benefit) for income taxes (342,000)
------------
Net Income (Loss) (11,055,000)
============
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Statement of Cash Flows
January 1 to 31, 2007
Cash flows provided (used) by
operating activities ($10,159,000)
Cash Flows From Investing Activities:
Capital expenditures, net (148,000)
------------
Net cash used in investing activities (148,000)
Cash Flows From Financing Activities:
Capital lease payments (105,000)
------------
Net cash provided (used) by financing activities (105,000)
Net increase (decrease) in cash and equivalents (10,412,000)
Cash and equivalents, beginning of period 23,354,000
------------
Cash and equivalents, end of period $12,942,000
============
Based in Greenville, Pennsylvania, Werner Holding Co. (DE) Inc.
aka Werner Ladder Co. -- http://www.wernerladder.com/--
manufactures and distributes ladders, climbing equipment and
ladder accessories. The company and three of its affiliates filed
for chapter 11 protection on June 12, 2006 (Bankr. D. Del. Case
No. 06-10578). The Debtors are represented by the firm of Willkie
Farr & Gallagher LLP as lead counsel and the firm of Young,
Conaway, Stargatt & Taylor LLP as co-counsel. Rothschild Inc. is
the Debtors' financial advisor. The Official Committee of
Unsecured Creditors is represented by the firm of Winston & Strawn
LLP as lead counsel and the firm of Greenberg Traurig LLP as co-
counsel. Jefferies & Company serves as the Creditor Committee's
financial advisor. At March 31, 2006, the Debtors reported total
assets of $201,042,000 and total debts of $473,447,000. (Werner
Ladder Bankruptcy News, Issue No. 21; Bankruptcy Creditors'
Service Inc. http://bankrupt.com/newsstand/or 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy,
Joel Anthony G. Lopez, Cecil R. Villacampa, Cherry A. Soriano-
Baaclo, Jason A. Nieva, Melvin C. Tabao, Tara Marie A. Martin,
Melanie C. Pador, Frauline S. Abangan, and Peter A. Chapman,
Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***