/raid1/www/Hosts/bankrupt/TCR_Public/070331.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 31, 2007, Vol. 11, No. 77
Headlines
ADVANCED MARKETING: PGI Files Schedules of Assets and Liabilities
ADVANCED MARKETING: PGW Files Schedules of Assets and Liabilities
ASARCO LLC: Earns $24.83 Million in February 2007
CALPINE CORP: Posts $130.2 Million Net Loss in December 2006
FLYI INC: Posts $647,383 Net Loss in February 2007
FLYI INC: Independence Air Posts $1.5 Mil. Net Loss in Feb. 2007
GRANITE BROADCASTING: Earns $23.44 Million in February 2007
INTERSTATE BAKERIES: Posts $12.8 Mil. Loss in Period Ended Feb. 10
*********
ADVANCED MARKETING: PGI Files Schedules of Assets and Liabilities
-----------------------------------------------------------------
A. Real Property $0
B. Personal Property 0
TOTAL SCHEDULED ASSETS $0
======
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
Wells Fargo Foothill, Inc. $41,514,348
E. Creditors Holding Unsecured
Priority Claims 0
F. Creditors Holding Unsecured Claims 0
TOTAL SCHEDULED LIABILITIES $41,514,348
============
Based in San Diego, California, Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry. The company has operations in the
U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.
The company and its two affiliates, Publishers Group Incorporated
and Publishers Group West Incorporated filed for chapter 11
protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480
through 06-11482). Suzzanne S. Uhland, Esq., Austin K. Barron,
Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP,
represent the Debtors as Lead Counsel. Chun I. Jang, Esq., Mark
D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton
& Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors. When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than $100 million. The Debtors' exclusive period to file a
chapter 11 plan expires on Apr. 28, 2007. (Advanced Marketing
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
ADVANCED MARKETING: PGW Files Schedules of Assets and Liabilities
-----------------------------------------------------------------
A. Real Property $0
B. Personal Property 0
TOTAL SCHEDULED ASSETS $0
======
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
Wells Fargo Foothill, Inc. $41,514,348
E. Creditors Holding Unsecured
Priority Claims 0
F. Creditors Holding Unsecured Claims 0
TOTAL SCHEDULED LIABILITIES $41,514,348
============
Based in San Diego, California, Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry. The company has operations in the
U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.
The company and its two affiliates, Publishers Group Incorporated
and Publishers Group West Incorporated filed for chapter 11
protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480
through 06-11482). Suzzanne S. Uhland, Esq., Austin K. Barron,
Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP,
represent the Debtors as Lead Counsel. Chun I. Jang, Esq., Mark
D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton
& Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors. When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than $100 million. The Debtors' exclusive period to file a
chapter 11 plan expires on Apr. 28, 2007. (Advanced Marketing
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
ASARCO LLC: Earns $24.83 Million in February 2007
-------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of February 28, 2007
ASSETS
Current Assets:
Cash $491,989,000
Restricted Cash 27,260,000
Accounts receivable, net 138,823,000
Inventory 261,501,000
Prepaid expenses 5,904,000
Deferred income tax assets 0
Other current assets 25,942,000
---------------
Total Current Assets 951,421,000
Net property, plant and equipment 434,785,000
Other Assets
Investments in subs 99,560,000
Advances to affiliates 407,000
Prepaid pension & retirement plan 77,992,000
Non-current deferred tax asset 40,951,000
Other 115,641,000
---------------
Total assets $1,720,759,000
===============
LIABILITIES
Postpetition liabilities:
Accounts payable $36,452,000
Accrued liabilities 76,874,000
Debtor-in-possession financing 0
---------------
Total postpetition liabilities 112,326,000
Prepetition liabilities:
Not subject to compromise - credit 727,000
Not subject to compromise - other 50,851,000
Advances from affiliates 24,190,000
Subject to compromise 1,011,028,000
---------------
Total prepetition liabilities 1,086,796,000
---------------
Total liabilities $1,199,123,000
===============
OWNERS' EQUITY (DEFICIT)
Common stock 508,325,000
Additional paid-in capital 104,578,000
Other comprehensive income (122,452,000)
Retained earnings: filing date (526,240,000)
---------------
Total prepetition owners' equity (35,790,000)
Retained earnings: post-filing date 557,426,000
---------------
Total owners' equity (net worth) 521,636,000
Total liabilities and owners' equity $1,720,759,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ending February 28, 2007
Sales $103,867,000
Cost of products and services 70,403,000
--------------
Gross profit 33,464,000
Operating expenses:
Selling and general & admin expenses 2,414,000
Depreciation & amortization 2,328,000
Provision accretion expense of asset
retirement obligation 163,000
--------------
Operating income 28,559,000
28,560,000
Interest expense 58,000
Interest income (2,482,000)
Reorganization expenses 2,691,000
Other miscellaneous (income) expenses (4,890,000)
--------------
Income (loss) before taxes 47,816,000
33,183,000
Income taxes 8,347,000
--------------
Net income (loss) $24,836,000
==============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ending February 28, 2007
Receipts $108,280,000
Disbursements:
Inventory material 23,730,000
Operating disbursements 44,698,000
Capital expenditures 1,250,000
--------------
Total disbursements 69,678,000
Operating cash flow 38,802,000
Reorganization disbursements 3,218,000
--------------
Net cash flow 35,584,000
Net payments to secured Lenders 0
--------------
Net change in cash 35,384,000
Beginning cash balance 483,865,000
--------------
Ending cash balances $519,249,000
==============
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. 43; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
Judge Schmidt extended the Debtors' exclusive period to file a
plan of reorganization to April 6, 2007, and their exclusive
period to solicit acceptances of that plan to June 6, 2007.
CALPINE CORP: Posts $130.2 Million Net Loss in December 2006
------------------------------------------------------------
Calpine Corporation
Condensed Consolidating Balance Sheet
As of December 31, 2006
ASSETS
Current assets:
Cash and cash equivalents $1,077,327,000
Accounts receivable, net 735,300,000
Inventories 183,953,000
Margin deposits and other prepaid expense 358,958,000
Restricted cash - current 426,028,000
Current derivative assets 151,356,000
Current assets held for sale 154,174,000
Other current assets 81,233,000
---------------
Total current assets 3,168,329,000
Property, plant and equipment, net 13,603,202,000
Restricted cash, net of current portion 191,776,000
Investments 129,311,000
Long-term derivative assets 352,264,000
Other assets 1,145,383,000
---------------
Total assets $18,590,265,000
===============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $440,365,000
Accrued interest payable 406,471,000
Debt, current portion 4,568,834,000
Current derivative liabilities 225,228,000
Taxes payable - current 98,549,000
Other current liabilities 318,500,000
---------------
Total current liabilities 6,057,947,000
Debt, net of current portion 3,351,627,000
Deferred income taxes, net 490,105,000
Long-term derivative liabilities 475,138,000
Other long-term liabilities 344,801,000
---------------
Total liabilities not subject to compromise 10,719,618,000
Liabilities subject to compromise 14,757,255,000
Minority interests 266,292,000
Stockholders' equity (deficit):
Common stock 530,000
Additional paid-in capital 3,270,421,000
Additional paid-in capital, loaned shares 145,000,000
Additional paid-in capital, returnable shares (145,000,000)
Accumulated deficit (10,378,067,000)
Accumulated other comprehensive loss (45,784,000)
---------------
Total stockholders' deficit (7,152,900,000)
---------------
Total liabilities and stockholders' deficit $18,590,265,000
===============
Calpine Corporation
Condensed Consolidating Statement of Operations
For the period ending December 31, 2006
Revenue:
Electricity and steam revenue $422,901,000
Sales of purchased power and gas
for hedging and optimization 102,406,000
Mark-to-market activities, net 12,714,000
Other revenue 11,497,000
---------------
Total revenue 549,518,000
Cost of revenue:
Plant operating expense 70,962,000
Purchased power and gas expense
for hedging and optimization 87,807,000
Fuel expense 291,338,000
Depreciation and amortization expense 39,341,000
Operating plant impairments 1,000
Operating lease expense 4,675,000
Other cost of revenue 16,057,000
---------------
Total cost of revenue 510,181,000
Gross profit 39,337,000
Equipment, development project & other impairments 1,960,000
Sales, general and administrative expense 9,027,000
Other operating expenses 3,829,000
---------------
Income (loss) from operations 24,521,000
Interest expense 113,416,000
Interest (income) (4,858,000)
(Income) loss from repurchase of various issuances -
Minority interest expense (3,347,000)
Other (income) expense, net 3,541,000
---------------
Income (loss) before reorganization items
and provisions for income taxes (84,231,000)
Reorganization items (44,961,000)
---------------
Income (loss) before provision for income taxes (39,270,000)
Provision (benefit) for income taxes 90,981,000
---------------
Net income (loss) ($130,251,000)
===============
Headquartered in San Jose, California, Calpine Corporation
(OTC Pink Sheets: CPNLQ) -- http://www.calpine.com/-- supplies
customers and communities with electricity from clean, efficient,
natural gas-fired and geothermal power plants. Calpine owns,
leases and operates integrated systems of plants in 21 U.S. states
and in three Canadian provinces. Its customized products and
services include wholesale and retail electricity, gas turbine
components and services, energy management and a wide range of
power plant engineering, construction and maintenance and
operational services.
The company previously produced a portion of its fuel consumption
requirements from its own natural gas reserves. However, in July
2005, the company sold substantially all of its remaining domestic
oil and gas assets to Rosetta Resources Inc.
The company filed for chapter 11 protection on Dec. 20, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard M. Cieri, Esq.,
Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G.
Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their
restructuring efforts. Michael S. Stamer, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors. As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities. The Debtors' exclusive period to file chapter 11
plan of reorganization expires on June 20, 2007. (Calpine
Bankruptcy News, Issue No. 45; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
Calpine Corp. has until June 20, 2007, to file a plan, and until
Aug. 20, 2007, to solicit acceptances of that plan.
FLYI INC: Posts $647,383 Net Loss in February 2007
--------------------------------------------------
FLYi Inc.
Consolidated Balance Sheet
As of February 28, 2007
ASSETS
Current assets
Cash $1,238,578
Short term investments -
Net accounts receivable 379,627,803
IC Notes receivable 4,252,000
-------------
Total Current Assets 385,118,381
-------------
Other assets
Restricted cash -
Long term investments -
Property and eqpt., net of depreciation 7,435,000
Other assets 14,055,412
-------------
Total Other Assets 21,490,412
-------------
TOTAL ASSETS $406,608,793
=============
Liabilities not subject to compromise
Liabilities subject to compromise
Secured debt -
Priority debt -
Unsecured debt 253,753,071
-------------
Total Liabilities 253,753,071
-------------
Owner Equity
Common stock 1,088,716
Additional paid in capital 158,254,512
Treasury stock (35,717,477)
Prepetition retained earnings 39,858,773
Postpetition retained earnings (10,628,802)
-------------
Net Owners' Equity 152,855,722
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $406,608,793
=============
FLYi Inc.
Statement of Operations
February 2007
Revenues $0
Operating Expense 830
-------------
Net Profit (Loss) before Other Income & Expenses (830)
Other (income) expenses
Interest income (4,287)
Interest expense -
Other miscellaneous -
-------------
Net Profit (Loss) before reorganization items 3,457
Reorganization items
Professional fees 650,590
U.S. Trustee Quarterly Fees 250
Income Taxes -
-------------
Net Profit (Loss) ($647,383)
=============
Headquartered in Dulles, Virginia, FLYi Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000.
The Debtors' exclusive period to file a chapter 11 expired on
Aug. 15, 2006. On the same day, the Debtors filed their Joint
Plan of Liquidation. On Nov. 13, 2006, they filed an Amended Plan
and Disclosure Statement. The Court approved the Disclosure
Statement on Nov. 17, 2006 and the Clerk of Court entered a
written disclosure statement order on Nov. 21, 2006. The hearing
to consider confirmation of the Debtors' Plan is set for March 12,
2007. (FLYi Bankruptcy News, Issue No. 38; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
FLYI INC: Independence Air Posts $1.5 Mil. Net Loss in Feb. 2007
----------------------------------------------------------------
Independence Air Inc.
Consolidated Balance Sheet
As of February 28, 2007
ASSETS
Current assets
Cash $40,669,412
Short term investments 106,440,908
Restricted cash 1,505,892
Net accounts receivable 100,749,984
Net expandable parts and fuel 37,661
Prepaid expenses and other current assets 3,792,396
Deferred tax asset (1)
-------------
Total current assets 253,196,252
-------------
Other assets
Restricted cash 2,957,824
Net depreciation, property and equipment -
Aircraft deposits 11,112,000
Other assets 419,643
-------------
Total other assets 14,489,467
-------------
TOTAL ASSETS $267,685,719
=============
LIABILITIES
Liabilities not subject to compromise
Accounts payable $3,130,932
Air traffic liability 833,822
Accrued liabilities 2,210,354
Amounts due to insiders 26,668
-------------
Total Postpetition Liabilities 6,201,776
-------------
Liabilities subject to compromise
Secured debt 1,054,465
Priority debt 10,482,516
Unsecured debt 393,022,852
Other accruals 12,233,119
-------------
Total prepetition liabilities 416,792,953
-------------
Total Liabilities 422,994,729
-------------
Owner Equity
Common stock -
Treasury stock 7,435,000
Owner's equity account -
Prepetition retained earnings (257,846,546)
Postpetition retained earnings 95,102,536
-------------
Net Owners' Equity (155,309,010)
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $267,685,719
=============
Independence Air Inc.
Statement of Operations
February 2007
Revenues
Operating Revenue
Passenger revenue $0
Other revenue -
-------------
Total operating revenues -
-------------
Operating expenses
Insider compensation 13,334
Wages 101,889
Fringes and benefits 69,137
Aircraft fuel -
Aircraft maintenance and materials (101,594)
Traffic Commissions -
CRS Fees -
Facilities rents 843,026
Landing fees 10,991
Depreciation and amortization -
Others 305,385
Retirement & restructuring charge 243,887
-------------
Total operating expense 1,486,057
-------------
Net operating income (loss) (1,486,057)
-------------
Net Profit (Loss) before other income & expenses (1,486,057)
-------------
Other (income) expenses
Interest income (623,207)
Interest expense 675
Other miscellaneous -
-------------
Total other (income) expense (622,532)
-------------
Net Profit (Loss) before reorganization items (863,524)
-------------
Reorganization items
Professional fees 650,590
U.S. Trustee Quarterly Fees 11,250
Income Taxes 23,706
-------------
Net Profit (Loss) ($1,549,070)
=============
Headquartered in Dulles, Virginia, FLYi Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000.
The Debtors' exclusive period to file a chapter 11 expired on
Aug. 15, 2006. On the same day, the Debtors filed their Joint
Plan of Liquidation. On Nov. 13, 2006, they filed an Amended Plan
and Disclosure Statement. The Court approved the Disclosure
Statement on Nov. 17, 2006 and the Clerk of Court entered a
written disclosure statement order on Nov. 21, 2006. The hearing
to consider confirmation of the Debtors' Plan is set for March 12,
2007. (FLYi Bankruptcy News, Issue No. 38; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
GRANITE BROADCASTING: Earns $23.44 Million in February 2007
-----------------------------------------------------------
Granite Broadcasting Corporation
Unaudited Condensed Consolidated Balance Sheet
As of February 28, 2007
ASSETS
Current assets:
Cash and cash equivalents $30,713,708
Restricted cash equivalents 1,000,000
Accounts receivable, net 19,598,763
Current portion of film contract rights 7,422,671
Other current assets 9,439,572
------------
Total current assets 68,174,714
Property and equipment, net 54,494,034
Film contract rights, net of current portion 8,517,013
Other non current assets 694,682
Deferred financing fees, net 9,352,535
Intangible assets, net 299,403,634
------------
Total Assets $440,636,612
============
Liabilities and stockholders' deficit
Current Liabilities:
Accounts Payable $1,293,789
Other accrued liabilities 6,990,407
Current portion of film contract rights payable 7,666,836
Current portion of long-term debt 2,615,000
Other current liabilities 3,036,427
------------
Total current liabilities not
subject to compromise 21,602,459
Long-term debt, net of current portion 23,615,107
Film contract rights payable, net 14,412,408
Deferred tax liability 49,006,509
Other non current liabilities 3,869,631
------------
Total liabilities not subject
to compromise 112,506,114
Liabilities subject to compromise 518,111,886
Redeemable preferred stock 199,546,412
Accrued dividends on redeemable preferred stock 120,003,907
Stockholders' deficit:
Common stock 199,572
Additional paid-in capital 492,111
Accumulated deficit (509,347,715)
Treasury stock, at cost (875,675)
------------
Total stockholders' deficit (509,531,707)
------------
Total liabilities and stockholders' deficit $440,636,612
============
Granite Broadcasting Corporation
Unaudited Condensed Consolidated Statement of Operations
From February 1 to 28, 2007
Net revenues $9,106,256
Station operating expenses 1,075,958
Corporate expense 873,226
Non-cash compensation expense 5,993
Depreciation 571,476
Amortization of intangible assets (2,869,859)
------------
Operating income 9,449,462
Other expenses (income):
Interest expense 1,018,670
Interest income (8,377)
Non-cash interest expense 194,243
Other (23,602)
------------
Income before reorganization items 8,268,528
Reorganization items (15,174,493)
------------
Net income $23,443,021
============
Granite Broadcasting Corporation
Unaudited Condensed Consolidated Statement of Cash Flows
From February 1 to 28, 2007
Cash flows from operating activities:
Net income $23,443,021
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities:
Amortization of intangible assets (2,869,859)
Depreciation 571,476
Non-cash compensation expense 5,993
Non-cash interest expense 194,243
Film amortization (5,489,542)
Change in assets and liabilities:
Decrease in accounts receivable 240,097
Increase in accrued liabilities 859,344
Increase in accounts payable 192,870
Decrease in film contract rights and other assets 7,908,477
Decrease in film contract rights payable
and other liabilities (9,808,711)
------------
Net cash provided by operating
activities 15,247,409
------------
Cash flows from investing activities:
Capital expenditures (438,115)
------------
Net cash used in investing activities (438,115)
------------
Cash flows from financing activities
Payment of Malara Broadcast Group
senior credit facility (156,440)
------------
Net cash used in financing activities (156,440)
Net increase in cash and cash equivalents 14,652,854
Cash and cash equivalents, beginning of period 17,060,854
------------
Cash and cash equivalents, end of period $31,713,708
============
Headquartered in New York, Granite Broadcasting Corp.
-- http://www.granitetv.com/-- owns and operates, or provides
programming, sales and other services to 23 channels in 11
markets: San Francisco, California; Detroit, Michigan; Buffalo,
New York; Fresno, California; Syracuse, New York; Fort Wayne,
Indiana; Peoria, Illinois; Duluth, Minnesota-Superior, Wisconsin;
Binghamton, New York; Utica, New York and Elmira, New York. The
company's channel group includes affiliates of NBC, CBS, ABC, CW
and My Network TV, and reaches approximately 6% of all U.S.
television households.
The company and five of its debtor-affiliates filed for chapter 11
protection on Dec. 11, 2006 (Bankr. S.D.N.Y. Case No. 06-12984).
Ira S. Dizengoff, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, it estimated
assets of $443,563,020 and debts of $641,100,000. (Granite
Broadcasting Corp. Bankruptcy News, Issue No. 16; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
The Debtors' exclusive period to file a plan expires on April 10,
2007.
INTERSTATE BAKERIES: Posts $12.8 Mil. Loss in Period Ended Feb. 10
------------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended February 10, 2007
REVENUE
Gross Income $220,598,759
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 55,755,913
Direct & Indirect Labor 40,127,061
Overhead & Production Administration 12,805,841
-------------
Total Cost of Goods Sold 108,688,815
-------------
Gross Profit 111,909,944
-------------
OPERATING EXPENSES
Owner - Draws/Salaries -
Selling & Delivery Employee Salaries 53,944,763
Advertising and Marketing 1,775,309
Insurance (Property, Casualty, & Medical) 11,551,255
Payroll Taxes 4,489,585
Lease and Rent 3,093,631
Telephone and Utilities 1,517,193
Corporate Expense (Including Salaries) 6,079,500
Other Expenses 30,018,329
-------------
Total Operating Expenses 112,469,565
-------------
EBITDA (559,621)
Restructuring & Reorganization Charges 3,610,885
Depreciation and Amortization 5,404,859
Abandonment 17,319
Other(Income)/Expense 4,376
Gain/Loss Sale of Prop -
Interest Expense 3,647,614
-------------
Operating Income (Loss) (13,244,674)
Income Tax Expense (Benefit) (410,585)
-------------
Net Income (Loss) ($12,834,089)
=============
CURRENT ASSETS
Accounts Receivable at end of period 143,001,425
Increase (Decrease) in Accounts Receivable 4,696,363
Inventory at end of period 65,189,358
Increase (Decrease) in Inventory for period (50,825)
Cash at end of period 80,032,842
Increase (Decrease) in Cash for period (1,613,448)
Restricted Cash 8,808,781
Increase (Dec.) in Restricted Cash for period 1,060,545
LIABILITIES
Increase (Decrease) Liabilities
Not Subject to Compromise 13,587,329
Increase (Decrease) Liabilities
Subject to Compromise 352,851
Taxes payable:
Federal Payroll Taxes 9,299,365
State/Local Payroll Taxes 6,411,347
State Sales Taxes 678,563
Real Estate and Personal Property Taxes 8,745,804
Other 4,634,932
------------
Total Taxes Payable $29,770,011
============
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. The Debtors' exclusive period to file a
chapter 11 plan expires on June 2, 2007. (Interstate Bakeries
Bankruptcy News, Issue No. 59; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
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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, Jason A. Nieva,
Cherry A. Soriano-Baaclo, Melvin C. Tabao, Melanie C. Pador,
Ludivino Q. Climaco, Jr., Loyda I. Nartatez, Tara Marie A. Martin,
Frauline S. Abangan, and Peter A. Chapman, Editors
Copyright 2007. All rights reserved. ISSN: 1520-9474.
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