/raid1/www/Hosts/bankrupt/TCR_Public/070407.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, April 7, 2007, Vol. 11, No. 82
Headlines
CATHOLIC CHURCH: Portland Files February 2007 Operating Report
CITATION CORP: Citation Camden Files Schedules of Assets and Debts
CITATION CORP: Citation Foundry Files Schedules of Assets & Debts
CITATION CORP: Citation Wisconsin's Schedules of Assets & Debts
CITATION CORP: Interstate Southwest's Schedules of Assets & Debts
CITATION CORP: ISW Texas Files Schedules of Assets and Liabilities
CITATION CORP: Skokie Castings Files Schedules of Assets and Debts
CITATION CORP: Texas Foundries Files Schedules of Assets & Debts
CITATION CORP: Texas Steel's Schedules of Assets and Liabilities
CITATION CORP: TSC Texas Files Schedules of Assets and Liabilities
DANA CORP: Posts $29 Million Net Loss in January 2007
DANA CORP: Posts $188 Million Net Loss in December 2006
DELTA WOODSIDE: Posts $9,670 Net Loss in Period Ended Feb. 3
DURA AUTOMOTIVE: Files Operating Report for Period Ended Feb. 25
*********
CATHOLIC CHURCH: Portland Files February 2007 Operating Report
--------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of February 28, 2007
ASSETS
Cash and cash equivalents $29,271,845
Accounts receivable, net 2,461,048
Notes, estates and other receivables 11,588,580
Loans receivable from Archdiocesan entities, net 5,971,681
Loans receivable from Archdiocesan housing entities 545,078
Interest receivable and other assets 155,554
Inventories 1,770,293
Real Property 226,689
Deposits and prepaid expenses 46,329
Investments 103,787,074
Advances to Archdiocesan housing entities 1,531,500
Land, building, and equipment, net 7,370,572
--------------
Total Assets $164,726,243
==============
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 12,194,985
Long-term pool investments payable 17,661,467
Reserve for insurance claims 2,343,946
Notes payable 10,544,094
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 53,802,510
--------------
Postpetition
Accounts payable 326,702
Accrued liabilities 8,221,041
Funds held for others
Second Collections 359,409
Short-term investments payable 4,577,315
Long-term pool investments 7,709,241
Reserve for insurance claims 460,648
Notes payable -
Pre-need liability and reserve 30,352
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 22,089,229
--------------
Total Liabilities 75,891,739
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,961,176
Other Assets (3,571,415)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 10,237,732
Other Assets 12,207,011
--------------
Total Postpetition Net Assets 22,444,743
--------------
Total Net Assets 88,834,504
--------------
Total liabilities & net assets $164,726,243
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending February 28, 2007
Revenues, gains and other support
Annual Catholic Appeal income ($520)
Gross profit on cemetery sales 93,978
Contributions, gifts, annuities and bequests 7,593,629
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 1,090,972
Change in unrealized gains (losses) (2,204,707)
Insurance premiums, net 1,180
Interest income from loans (30,933)
Parish assessments 260,689
Other income 44,414
Departmental revenues 24,573
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 6,873,275
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 276,319
Clergy Services 172,347
Catholic Schools 30,332
Pastoral Services 29,389
Evangelization Services 43,092
Public Services 9,010
Tribunal Services 16,744
Deposit and loan interest 398
Insurance program 235,913
Cemetery operating expenses 73,382
High School grants/charitable annuities 8,572
Other program expenses 89,675
--------------
Total program services 985,173
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 50,822
Finance & Administration:
Resource Development 34,920
Business Affairs 9,642
Financial Services 61,703
Human Resources 29,866
Shared Services 20,356
Occupancy and physical plant expenses 12,309
Designated funds expense 3,683
Bankruptcy expense 164,111
Depreciation expense -
--------------
Total supporting services 387,412
--------------
Total expenses and program support 1,372,585
--------------
Increase (decrease) in net assets before
transfers and designations of net assets 5,500,690
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets 5,500,690
Net assets at beginning of year 83,333,814
--------------
Net assets at end of year $88,834,504
===============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending February 28, 2007
Beginning Cash Balance: $20,303,800
Add:
Transfers in 1,109,803
Receipts Deposited 12,362,763
Other (Return of Direct Deposits) (1,450)
Other -
Other (Interest Income) 75,429
--------------
Total Cash Receipts 13,546,546
Subtract:
Transfers out (1,109,803)
Disbursements by check or debit (3,464,506)
Cash withdrawn -
Other (Service Charges) (1,959)
Other (Misc Check Correction) -
Other (NSF Checks) (2,233)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (4,578,502)
--------------
Ending Cash Balance $29,271,844
==============
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.
The hearing to consider confirmation of the Debtor's plan is
scheduled on April 10, 2007. (Catholic Church Bankruptcy News,
Issue No. 86; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CITATION CORP: Citation Camden Files Schedules of Assets and Debts
------------------------------------------------------------------
A. Real Property $0
B. Personal Property 0
TOTAL SCHEDULED ASSETS $0
=====
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
JPMorgan Chase & Co.
Term Debt $190,799,761
Revolver 38,199,508
E. Creditors Holding Unsecured
Priority Claims
Taxes Unknown
F. Creditors Holding Unsecured Claims
Subordinated Note
(face value plus accrued
interest @ 02/04/07) 10,402,740
Accounts payable 0
TOTAL SCHEDULED LIABILITIES $239,402,009
=============
Headquartered in Birmingham, Alabama, Citation Corporation --
http://www.citation.net/ -- designs, develops and manufactures
cast, forged and machined components for the capital and durable
goods industries, including the automotive and industrial markets.
Citation uses aluminum, steel, gray iron, and ductile iron as the
raw materials in its various manufacturing processes. The Debtor
and its debtor-affiliates previously filed for protection on Sept.
18, 2004 (Bankr. N.D. Ala. Case No. 04-08130). Michael Leo Hall,
Esq., and Rita H. Dixon, Esq., at Burr & Forman LLP, represented
the Debtors in their first bankruptcy. Judge Tamara O. Mitchell
confirmed the company's Second Amended Joint Plan of
Reorganization on May 18, 2005.
The Debtor and 11 debtor-affiliates filed for their second
bankruptcy on March 12, 2007 (Bankr. N.D. Ala. Case Nos. 07-01153
to 07-01162). David S. Heller, Esq., at Latham & Watkins LLP, and
Michael Leo Hall, Esq., at Burr & Forman LLP, represent the
Debtors. Citation's schedules filed with the Court showed total
assets of $157,242,049 and total debts of $253,270,918. The
Debtors exclusive period to file a chapter 11 plan expires on
July 10, 2007. (Citation Corp. Bankruptcy News, Issue No. 4,
http://bankrupt.com/newsstand/or 215/945-7000).
CITATION CORP: Citation Foundry Files Schedules of Assets & Debts
-----------------------------------------------------------------
A. Real Property
Machining Facility
Albion, Indiana $1,550,028
Foundry
Butler, Indiana 1,168,632
Foundry
Berlin, Wisconsin 950,389
Foundry
Browntown, Wisconsin 947,257
B. Personal Property
B.1 Cash on hand
Butler, Indiana $944
Berlin, Wisconsin 405
Browntown, Wisconsin 800
B.2 Bank accounts
JP Morgan Chase Bank
Account No. 5595924 $51,605
First National Bank
Account No. 128944 10,000
Account No. 117663 25,000
Account No. 120811 10,000
Account No. 118084 5,000
Wells Fargo Bank
Account No. 86402266 7,998
Account No. 6783249698 49,527
Wisconsin Community Bank
Account No. 455100319 (1,993)
B.3 Security Deposits
USA-Butler $50,000
B.4 Household goods 0
B.5 Book, art work & collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sporting goods 0
B.9 Interests in Insurance Policies
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interests in retirement plans 0
B.13 Stock and Interests 0
B.14 Interests in joint ventures 0
B.15 Government & corporate bonds 0
B.16 Accounts receivable
Trade/Other
A/R Owed to Albion $765,950
A/R Owed to Berlin 4,056,650
A/R Owed to Browntown 5,291,843
A/R Owed to Butler 3,751,929
Intercompany Receivable
Owed from Citation Corporation 493,132
B.17 Alimony 0
B.18 Other liquidated debts owed 0
B.19 Equitable or future interests 0
B.20 Contingent & contingent interests 0
B.21 Other contingent & unliquidated claims 0
B.22 Patents, copyrights & trademarks 0
B.23 Licenses & franchises 0
B.24 Other intangibles 0
B.25 Automobiles $20,714
B.26 Boats 0
B.27 Aircraft 0
B.28 Office equipment and supplies $59,275
B.29 Machinery, furniture and fixtures
Plant equipment
Albion $4,696,717
Butler 12,928,792
Berlin 10,095,836
Browntown 6,982,766
B.30 Inventory
Raw Materials
Albion $179,752
Butler 511,770
Berlin 445,413
Browntown 455,623
Work in Process
Albion 68,177
Butler 663,007
Browntown 455,623
Finished Goods
Albion 73,355
Butler 390,691
Berlin 1,769,584
Browntown 759,625
Supplies Inventory
Albion 283,565
Butler 54,242
Berlin 233,078
Browntown 337,235
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment 0
B.34 Farm supplies 0
B.35 Other personal property
Prepaid Insurance
Albion 598
Berlin 7,918
Unbilled Patterns/Dies
Albion 602,822
Berlin 282,845
Butler 634,061
Browntown 270,405
Other Prepaids
Albion 40,403
Berlin 40,827
Butler 331,389
Browntown 16,318
Prepaid Pension Asset-Berlin 256,000
Accumulated Costs to Develop Landfill
Browntown 467,160
Customer Relationships Net Book Value
Albion 6,985,686
Butler goodwill 10,244,589
TOTAL SCHEDULED ASSETS $80,529,489
============
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
JPMorgan Chase & Co.
Term Debt $190,799,761
Revolver 38,199,508
E. Creditors Holding Unsecured
Priority Claims
Taxes Unknown
F. Creditors Holding Unsecured Claims
Subordinated Note $10,402,740
Accounts payable 5,973,452
TOTAL SCHEDULED LIABILITIES $245,375,461
=============
Headquartered in Birmingham, Alabama, Citation Corporation --
http://www.citation.net/-- designs, develops and manufactures
cast, forged and machined components for the capital and durable
goods industries, including the automotive and industrial markets.
Citation uses aluminum, steel, gray iron, and ductile iron as the
raw materials in its various manufacturing processes. The Debtor
and its debtor-affiliates previously filed for protection on Sept.
18, 2004 (Bankr. N.D. Ala. Case No. 04-08130). Michael Leo Hall,
Esq., and Rita H. Dixon, Esq., at Burr & Forman LLP, represented
the Debtors in their first bankruptcy. Judge Tamara O. Mitchell
confirmed the company's Second Amended Joint Plan of
Reorganization on May 18, 2005.
The Debtor and 11 debtor-affiliates filed for their second
bankruptcy on March 12, 2007 (Bankr. N.D. Ala. Case Nos. 07-01153
to 07-01162). David S. Heller, Esq., at Latham & Watkins LLP, and
Michael Leo Hall, Esq., at Burr & Forman LLP, represent the
Debtors. Citation's schedules filed with the Court showed total
assets of $157,242,049 and total debts of $253,270,918. The
Debtors exclusive period to file a chapter 11 plan expires on
July 10, 2007. (Citation Corp. Bankruptcy News, Issue No. 4,
http://bankrupt.com/newsstand/or 215/945-7000).
CITATION CORP: Citation Wisconsin's Schedules of Assets & Debts
---------------------------------------------------------------
A. Real Property $0
B. Personal Property
Intercompany Notes Receivable $107,269
TOTAL SCHEDULED ASSETS $107,269
=========
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
JPMorgan Chase & Co.
Term Debt $190,799,761
Revolver 38,199,508
E. Creditors Holding Unsecured
Priority Claims
Taxes Unknown
F. Creditors Holding Unsecured Claims
Subordinated Note $10,402,740
Accounts payable 0
TOTAL SCHEDULED LIABILITIES $239,402,009
=============
Headquartered in Birmingham, Alabama, Citation Corporation --
http://www.citation.net/-- designs, develops and manufactures
cast, forged and machined components for the capital and durable
goods industries, including the automotive and industrial markets.
Citation uses aluminum, steel, gray iron, and ductile iron as the
raw materials in its various manufacturing processes. The Debtor
and its debtor-affiliates previously filed for protection on Sept.
18, 2004 (Bankr. N.D. Ala. Case No. 04-08130). Michael Leo Hall,
Esq., and Rita H. Dixon, Esq., at Burr & Forman LLP, represented
the Debtors in their first bankruptcy. Judge Tamara O. Mitchell
confirmed the company's Second Amended Joint Plan of
Reorganization on May 18, 2005.
The Debtor and 11 debtor-affiliates filed for their second
bankruptcy on March 12, 2007 (Bankr. N.D. Ala. Case Nos. 07-01153
to 07-01162). David S. Heller, Esq., at Latham & Watkins LLP, and
Michael Leo Hall, Esq., at Burr & Forman LLP, represent the
Debtors. Citation's schedules filed with the Court showed total
assets of $157,242,049 and total debts of $253,270,918. The
Debtors exclusive period to file a chapter 11 plan expires on
July 10, 2007. (Citation Corp. Bankruptcy News, Issue No. 4,
http://bankrupt.com/newsstand/or 215/945-7000).
CITATION CORP: Interstate Southwest's Schedules of Assets & Debts
-----------------------------------------------------------------
A. Real Property $0
B. Personal Property
Accounts Receivable
Intercompany Receivable
Owed from Citation Corp. $13,503,161
Trade/Other
Notes and Other Receivables 66,271
TOTAL SCHEDULED ASSETS $13,569,432
============
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
JPMorgan Chase & Co.
Term Debt $190,799,761
Revolver 38,199,508
E. Creditors Holding Unsecured
Priority Claims
Taxes Unknown
F. Creditors Holding Unsecured Claims
Subordinated Note $10,402,740
Accounts payable 300,000
TOTAL SCHEDULED LIABILITIES $239,702,009
=============
Headquartered in Birmingham, Alabama, Citation Corporation --
http://www.citation.net/-- designs, develops and manufactures
cast, forged and machined components for the capital and durable
goods industries, including the automotive and industrial markets.
Citation uses aluminum, steel, gray iron, and ductile iron as the
raw materials in its various manufacturing processes. The Debtor
and its debtor-affiliates previously filed for protection on Sept.
18, 2004 (Bankr. N.D. Ala. Case No. 04-08130). Michael Leo Hall,
Esq., and Rita H. Dixon, Esq., at Burr & Forman LLP, represented
the Debtors in their first bankruptcy. Judge Tamara O. Mitchell
confirmed the company's Second Amended Joint Plan of
Reorganization on May 18, 2005.
The Debtor and 11 debtor-affiliates filed for their second
bankruptcy on March 12, 2007 (Bankr. N.D. Ala. Case Nos. 07-01153
to 07-01162). David S. Heller, Esq., at Latham & Watkins LLP, and
Michael Leo Hall, Esq., at Burr & Forman LLP, represent the
Debtors. Citation's schedules filed with the Court showed total
assets of $157,242,049 and total debts of $253,270,918. The
Debtors exclusive period to file a chapter 11 plan expires on
July 10, 2007. (Citation Corp. Bankruptcy News, Issue No. 4,
http://bankrupt.com/newsstand/or 215/945-7000).
CITATION CORP: ISW Texas Files Schedules of Assets and Liabilities
------------------------------------------------------------------
A. Real Property $0
B. Personal Property
Bank Accounts
Wachovia Account No. 2014152695917 $10,361
TOTAL SCHEDULED ASSETS $10,361
========
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
JPMorgan Chase & Co.
Term Debt $190,799,761
Revolver 38,199,508
E. Creditors Holding Unsecured
Priority Claims
Taxes Unknown
F. Creditors Holding Unsecured Claims $10,402,740
TOTAL SCHEDULED LIABILITIES $239,402,009
=============
Headquartered in Birmingham, Alabama, Citation Corporation --
http://www.citation.net/-- designs, develops and manufactures
cast, forged and machined components for the capital and durable
goods industries, including the automotive and industrial markets.
Citation uses aluminum, steel, gray iron, and ductile iron as the
raw materials in its various manufacturing processes. The Debtor
and its debtor-affiliates previously filed for protection on Sept.
18, 2004 (Bankr. N.D. Ala. Case No. 04-08130). Michael Leo Hall,
Esq., and Rita H. Dixon, Esq., at Burr & Forman LLP, represented
the Debtors in their first bankruptcy. Judge Tamara O. Mitchell
confirmed the company's Second Amended Joint Plan of
Reorganization on May 18, 2005.
The Debtor and 11 debtor-affiliates filed for their second
bankruptcy on March 12, 2007 (Bankr. N.D. Ala. Case Nos. 07-01153
to 07-01162). David S. Heller, Esq., at Latham & Watkins LLP, and
Michael Leo Hall, Esq., at Burr & Forman LLP, represent the
Debtors. Citation's schedules filed with the Court showed total
assets of $157,242,049 and total debts of $253,270,918. The
Debtors exclusive period to file a chapter 11 plan expires on
July 10, 2007. (Citation Corp. Bankruptcy News, Issue No. 4,
http://bankrupt.com/newsstand/or 215/945-7000).
CITATION CORP: Skokie Castings Files Schedules of Assets and Debts
------------------------------------------------------------------
A. Real Property
Foundry
Skokie, Illinois $3,941,319
B. Personal Property
B.1 Cash on hand 3,950
B.2 Bank accounts
JP Morgan Chase Account No. 94-27511 145,523
B.3 Security Deposits
Cash in escrow and deposit 65,035
B.4 Household goods 0
B.5 Book, art work & collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sporting goods 0
B.9 Interests in Insurance Policies
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interests in retirement plans 0
B.13 Stock and Interests 0
B.14 Interests in joint ventures 0
B.15 Government & corporate bonds 0
B.16 Accounts receivable
Trade/Other 4,686,978
Intercompany Receivable
Owed from Citation Corporation 21,011
B.17 Alimony 0
B.18 Other liquidated debts owed 0
B.19 Equitable or future interests 0
B.20 Contingent & contingent interests 0
B.21 Other contingent & unliquidated claims 0
B.22 Patents, copyrights & trademarks 0
B.23 Licenses & franchises 0
B.24 Other intangibles 0
B.25 Automobiles 0
B.26 Boats 0
B.27 Aircraft 0
B.28 Office equipment and supplies 26,248
B.29 Machinery, furniture and fixtures
Plant equipment
Skokie, Illinois 1,214,885
B.30 Inventory
Skokie, Illinois
Raw Materials 991,021
Finished Goods 1,534,015
Supplies Inventory 185,979
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment 0
B.34 Farm supplies 0
B.35 Other personal property
Misc Prepaids 158,054
TOTAL SCHEDULED ASSETS $12,974,019
============
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
JPMorgan Chase & Co.
Term Debt $190,799,761
Revolver 38,199,508
E. Creditors Holding Unsecured
Priority Claims
Taxes Unknown
F. Creditors Holding Unsecured Claims
Subordinated Note
(face value plus accrued
interest @ 02/04/07) 10,402,740
Accounts payable 1,903,905
TOTAL SCHEDULED LIABILITIES $241,305,914
=============
Headquartered in Birmingham, Alabama, Citation Corporation --
http://www.citation.net/-- designs, develops and manufactures
cast, forged and machined components for the capital and durable
goods industries, including the automotive and industrial markets.
Citation uses aluminum, steel, gray iron, and ductile iron as the
raw materials in its various manufacturing processes. The Debtor
and its debtor-affiliates previously filed for protection on Sept.
18, 2004 (Bankr. N.D. Ala. Case No. 04-08130). Michael Leo Hall,
Esq., and Rita H. Dixon, Esq., at Burr & Forman LLP, represented
the Debtors in their first bankruptcy. Judge Tamara O. Mitchell
confirmed the company's Second Amended Joint Plan of
Reorganization on May 18, 2005.
The Debtor and 11 debtor-affiliates filed for their second
bankruptcy on March 12, 2007 (Bankr. N.D. Ala. Case Nos. 07-01153
to 07-01162). David S. Heller, Esq., at Latham & Watkins LLP, and
Michael Leo Hall, Esq., at Burr & Forman LLP, represent the
Debtors. Citation's schedules filed with the Court showed total
assets of $157,242,049 and total debts of $253,270,918. The
Debtors exclusive period to file a chapter 11 plan expires on
July 10, 2007. (Citation Corp. Bankruptcy News, Issue No. 4,
http://bankrupt.com/newsstand/or 215/945-7000).
CITATION CORP: Texas Foundries Files Schedules of Assets & Debts
----------------------------------------------------------------
A. Real Property
Land/Buildings
Lufkin, Texas $2,664,952
B. Personal Property
B.1 Cash on hand $490
B.2 Bank accounts
Bank of America
Account No. 1390001158 $100,000
Account No. 8930029710 105,930
B.3 Security Deposits
Champion Energy Services 1,070,000
Natural Gas Provider 60,000
B.4 Household goods 0
B.5 Book, art work & collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sporting goods 0
B.9 Interests in Insurance Policies
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interests in retirement plans 0
B.13 Stock and Interests 0
B.14 Interests in joint ventures 0
B.15 Government & corporate bonds 0
B.16 Accounts receivable
Trade/Other 7,380,587
Intercompany Receivable
Owed from Citation Corporation 537,948
B.17 Alimony 0
B.18 Other liquidated debts owed 0
B.19 Equitable or future interests 0
B.20 Contingent & contingent interests 0
B.21 Other contingent & unliquidated claims 0
B.22 Patents, copyrights & trademarks 0
B.23 Licenses & franchises 0
B.24 Other intangibles 0
B.25 Automobiles 25,788
B.26 Boats 0
B.27 Aircraft 0
B.28 Office equipment and supplies 70,799
B.29 Machinery, furniture and fixtures
Machinery, equipment and supplies
Lufkin, Texas 22,470,715
B.30 Inventory
Lufkin, Texas
Raw Materials 922,380
Finished Goods 1,867,880
Supplies Inventory 182,779
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment 0
B.34 Farm supplies 0
B.35 Other personal property
Unbilled Patterns/Dies 1,446,936
Other Prepaid Expenses 36,800
Misc Other Assets 14,200
TOTAL SCHEDULED ASSETS $38,958,184
============
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
JPMorgan Chase & Co.
Term Debt $190,799,761
Revolver 38,199,508
Total Capital Leases 463,734
E. Creditors Holding Unsecured
Priority Claims
Taxes Unknown
F. Creditors Holding Unsecured Claims
Subordinated Note $10,402,740
Accounts payable 3,787,205
TOTAL SCHEDULED LIABILITIES $243,652,948
=============
Headquartered in Birmingham, Alabama, Citation Corporation --
http://www.citation.net/-- designs, develops and manufactures
cast, forged and machined components for the capital and durable
goods industries, including the automotive and industrial markets.
Citation uses aluminum, steel, gray iron, and ductile iron as the
raw materials in its various manufacturing processes. The Debtor
and its debtor-affiliates previously filed for protection on Sept.
18, 2004 (Bankr. N.D. Ala. Case No. 04-08130). Michael Leo Hall,
Esq., and Rita H. Dixon, Esq., at Burr & Forman LLP, represented
the Debtors in their first bankruptcy. Judge Tamara O. Mitchell
confirmed the company's Second Amended Joint Plan of
Reorganization on May 18, 2005.
The Debtor and 11 debtor-affiliates filed for their second
bankruptcy on March 12, 2007 (Bankr. N.D. Ala. Case Nos. 07-01153
to 07-01162). David S. Heller, Esq., at Latham & Watkins LLP, and
Michael Leo Hall, Esq., at Burr & Forman LLP, represent the
Debtors. Citation's schedules filed with the Court showed total
assets of $157,242,049 and total debts of $253,270,918. The
Debtors exclusive period to file a chapter 11 plan expires on
July 10, 2007. (Citation Corp. Bankruptcy News, Issue No. 4,
http://bankrupt.com/newsstand/or 215/945-7000).
CITATION CORP: Texas Steel's 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
JPMorgan Chase & Co.
Term Debt $190,799,761
Revolver 38,199,508
E. Creditors Holding Unsecured
Priority Claims
Taxes Unknown
F. Creditors Holding Unsecured
Non-Priority Claims $ 10,402,740
TOTAL SCHEDULED LIABILITIES $239,402,009
==============
Headquartered in Birmingham, Alabama, Citation Corporation --
http://www.citation.net/-- designs, develops and manufactures
cast, forged and machined components for the capital and durable
goods industries, including the automotive and industrial markets.
Citation uses aluminum, steel, gray iron, and ductile iron as the
raw materials in its various manufacturing processes. The Debtor
and its debtor-affiliates previously filed for protection on Sept.
18, 2004 (Bankr. N.D. Ala. Case No. 04-08130). Michael Leo Hall,
Esq., and Rita H. Dixon, Esq., at Burr & Forman LLP, represented
the Debtors in their first bankruptcy. Judge Tamara O. Mitchell
confirmed the company's Second Amended Joint Plan of
Reorganization on May 18, 2005.
The Debtor and 11 debtor-affiliates filed for their second
bankruptcy on March 12, 2007 (Bankr. N.D. Ala. Case Nos. 07-01153
to 07-01162). David S. Heller, Esq., at Latham & Watkins LLP, and
Michael Leo Hall, Esq., at Burr & Forman LLP, represent the
Debtors. Citation's schedules filed with the Court showed total
assets of $157,242,049 and total debts of $253,270,918. The
Debtors exclusive period to file a chapter 11 plan expires on
July 10, 2007. (Citation Corp. Bankruptcy News, Issue No. 4,
http://bankrupt.com/newsstand/or 215/945-7000).
CITATION CORP: TSC Texas Files Schedules of Assets and Liabilities
------------------------------------------------------------------
A. Real Property $0
B. Personal Property
Bank accounts $1,093
TOTAL SCHEDULED ASSETS $1,093
=======
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
JPMorgan Chase & Co.
Term Debt $190,799,761
Revolver 38,199,508
E. Creditors Holding Unsecured
Priority Claims
Taxes Unknown
F. Creditors Holding Unsecured Claims
Subordinated Note
(face value plus accrued
interest @ 02/04/07) 10,402,740
Accounts payable 0
TOTAL SCHEDULED LIABILITIES $239,402,009
=============
Headquartered in Birmingham, Alabama, Citation Corporation --
http://www.citation.net/-- designs, develops and manufactures
cast, forged and machined components for the capital and durable
goods industries, including the automotive and industrial markets.
Citation uses aluminum, steel, gray iron, and ductile iron as the
raw materials in its various manufacturing processes. The Debtor
and its debtor-affiliates previously filed for protection on Sept.
18, 2004 (Bankr. N.D. Ala. Case No. 04-08130). Michael Leo Hall,
Esq., and Rita H. Dixon, Esq., at Burr & Forman LLP, represented
the Debtors in their first bankruptcy. Judge Tamara O. Mitchell
confirmed the company's Second Amended Joint Plan of
Reorganization on May 18, 2005.
The Debtor and 11 debtor-affiliates filed for their second
bankruptcy on March 12, 2007 (Bankr. N.D. Ala. Case Nos. 07-01153
to 07-01162). David S. Heller, Esq., at Latham & Watkins LLP, and
Michael Leo Hall, Esq., at Burr & Forman LLP, represent the
Debtors. Citation's schedules filed with the Court showed total
assets of $157,242,049 and total debts of $253,270,918. The
Debtors exclusive period to file a chapter 11 plan expires on
July 10, 2007. (Citation Corp. Bankruptcy News, Issue No. 4,
http://bankrupt.com/newsstand/or 215/945-7000).
DANA CORP: Posts $29 Million Net Loss in January 2007
-----------------------------------------------------
Dana Corporation
Condensed Balance Sheet
At January 31, 2007
ASSETS
CURRENT ASSETS
Cash and cash equivalents $907,000,000
Accounts receivable
Trade 1,132,000,000
Other 237,000,000
Inventories 737,000,000
Assets of discontinued operations 399,000,000
Other current assets 142,000,000
---------------
Total current assets 3,554,000,000
Investments and other assets 1,011,000,000
Investments in equity affiliates 689,000,000
Property, plant and equipment, net 1,745,000,000
---------------
TOTAL ASSETS $6,999,000,000
===============
LIABILITIES AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES
Notes payable, including current portion
of long-term debt $21,000,000
Accounts payable 918,000,000
Liabilities of discontinued operations 205,000,000
Other accrued liabilities 739,000,000
---------------
Total current liabilities 1,883,000,000
Liabilities subject to compromise 4,499,000,000
Deferred employee benefits and other
non-current liabilities 494,000,000
Long-term debt 14,000,000
DIP financing 900,000,000
Minority interest in consolidated subsidiaries 84,000,000
Shareholders' deficit (875,000,000)
---------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $6,999,000,000
===============
Dana Corporation
Condensed Statement of Income
Month Ending January 31, 2007
Net sales $669,000,000
Costs and expenses
Cost of sales 658,000,000
Selling, general and administrative expenses 31,000,000
Realignment charges, net 4,000,000
Other income, net 21,000,000
---------------
Income (loss) from operations (3,000,000)
Interest expense 6,000,000
Reorganization items, net 13,000,000
---------------
Income (loss) before income taxes (22,000,000)
Income tax expense (8,000,000)
Minority interest expense (1,000,000)
Equity in earnings of affiliates 1,000,000
---------------
Loss from continuing operations (30,000,000)
Income from discontinued operations 1,000,000
---------------
Net income (loss) ($29,000,000)
===============
Dana Corporation
Condensed Statement of Cash Flows
Month Ending January 31, 2007
OPERATING ACTIVITIES
Net income (loss) ($29,000,000)
Depreciation and amortization 23,000,000
Gain on sale of assets (13,000,000)
Decrease in working capital 8,000,000
Unremitted equity in earnings of affiliates (1,000,000)
Other 7,000,000
---------------
Net cash flows used by operating activities (5,000,000)
INVESTING ACTIVITIES
Purchases of property, plant and equipment (14,000,000)
Proceeds from sale of assets 26,000,000
Other (1,000,000)
---------------
Net cash flows provided by investing activities 11,000,000
FINANCING ACTIVITIES
Net change in short-term debt (4,000,000)
Proceeds from DIP Credit Agreement 200,000,000
---------------
Net cash flows provided by financing activities 196,000,000
Net increase in cash and cash equivalents 202,000,000
---------------
Cash and cash equivalents, beginning of period 705,000,000
---------------
Cash and cash equivalents, end of period $907,000,000
===============
Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in the
world, and supplies drivetrain, chassis, structural, and engine
technologies to those companies. Dana employs 46,000 people in
28 countries. Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.
The company and its affiliates filed for chapter 11 protection on
Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30,
2005, the Debtors listed $7,900,000,000 in total assets and
$6,800,000,000 in total debts.
Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in
Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.
Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP,
represents the Official Committee of Unsecured Creditors. Fried,
Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the
Official Committee of Equity Security Holders. Stahl Cowen
Crowley, LLC serves as counsel to the Official Committee of
Non-Union Retirees.
The Debtors' exclusive period to file a plan expires on Sept. 3,
2007. They have until Nov. 2, 2007, to solicit acceptances of
that plan. (Dana Corporation Bankruptcy News, Issue No. 38;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
DANA CORP: Posts $188 Million Net Loss in December 2006
-------------------------------------------------------
Dana Corporation
Condensed Balance Sheet
At December 31, 2006
ASSETS
CURRENT ASSETS
Cash and cash equivalents $705,000,000
Accounts receivable
Trade 1,131,000,000
Other 235,000,000
Inventories 725,000,000
Assets of discontinued operations 392,000,000
Other current assets 118,000,000
---------------
Total current assets 3,306,000,000
Investments and other assets 1,015,000,000
Investments in equity affiliates 693,000,000
Property, plant and equipment, net 1,764,000,000
---------------
TOTAL ASSETS $6,778,000,000
===============
LIABILITIES AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES
Notes payable, including current portion
of long-term debt $25,000,000
Accounts payable 886,000,000
Liabilities of discontinued operations 195,000,000
Other accrued liabilities 708,000,000
---------------
Total current liabilities 1,814,000,000
Liabilities subject to compromise 4,500,000,000
Deferred employee benefits and other
non-current liabilities 503,000,000
Long-term debt 14,000,000
DIP financing 700,000,000
Minority interest in consolidated subsidiaries 81,000,000
Shareholders' deficit (834,000,000)
---------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $6,778,000,000
===============
Dana Corporation
Condensed Statement of Income
Month Ending December 31, 2006
Net sales $549,000,000
Costs and expenses
Cost of sales 578,000,000
Selling, general & administrative expenses 20,000,000
Realignment 85,000,000
Impairment of assets 58,000,000
Other income, net 2,000,000
---------------
Income (loss) from operations (190,000,000)
Interest expense 6,000,000
Reorganization items, net (4,000,000)
---------------
Income (loss) before income taxes (192,000,000)
Income tax benefit (expense) 20,000,000
Minority interest (1,000,000)
Equity in earning (losses) of affiliates 1,000,000
---------------
Loss from continuing operations (172,000,000)
Loss from discontinued operations (16,000,000)
---------------
Net income (loss) ($188,000,000)
===============
Dana Corporation
Condensed Statement of Cash Flows
Month Ending December 31, 2006
OPERATING ACTIVITIES
Net loss ($188,000,000)
Depreciation and amortization 24,000,000
Impairment of assets and gain/loss on divestitures 65,000,000
Reorganization items (4,000,000)
Payment of reorganization items (10,000,000)
Decrease in working capital 138,000,000
Affiliates' unremitted equity in losses (earnings) (1,000,000)
Other (1,000,000)
---------------
Net cash flows provided by operating activities 23,000,000
INVESTING ACTIVITIES
Purchases of property, plant and equipment (40,000,000)
Acquisition of business, net of cash acquired -
Proceeds from sale of assets -
Other (1,000,000)
---------------
Net cash flows used for investing activities (41,000,000)
FINANCING ACTIVITIES
Net change in short-term debt -
Proceeds from DIP Credit Agreement -
Payments on long-term debt -
---------------
Net cash flows provided by financing activities -
Net decrease in cash & cash equivalents (18,000,000)
---------------
Cash and cash equivalents, beginning of period 723,000,000
---------------
Cash and cash equivalents, end of period $705,000,000
===============
Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in the
world, and supplies drivetrain, chassis, structural, and engine
technologies to those companies. Dana employs 46,000 people in
28 countries. Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.
The company and its affiliates filed for chapter 11 protection on
Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30,
2005, the Debtors listed $7,900,000,000 in total assets and
$6,800,000,000 in total debts.
Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in
Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.
Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP,
represents the Official Committee of Unsecured Creditors. Fried,
Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the
Official Committee of Equity Security Holders. Stahl Cowen
Crowley, LLC serves as counsel to the Official Committee of
Non-Union Retirees.
The Debtors' exclusive period to file a plan expires on Sept. 3,
2007. They have until Nov. 2, 2007, to solicit acceptances of
that plan. (Dana Corporation Bankruptcy News, Issue No. 38;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
DELTA WOODSIDE: Posts $9,670 Net Loss in Period Ended Feb. 3
------------------------------------------------------------
Delta Woodside Industries Inc., Delta Mills Inc., and Delta Mills
Marketing Inc. filed their monthly operating reports for the
Period Ended Feb. 3, 2007 with the United States Bankruptcy Court
for the District of Delaware on March 21, 2007.
Delta Woodside Industries Inc.
Delta Woodside Industries reported a net loss of $9,670 on zero
revenues for the period from Dec. 31, 2006, to Feb. 3, 2007.
At Feb. 3, 2007, Delta Woodside's balance sheet showed:
Total Current Assets ($246,000)
Total Assets ($246,000)
Total Liabilities ($17,243,000)
Total Shareholders' Equity $16,997,000
A full-text copy of Delta Woodside's Monthly Operating Report for
the Period Ended Feb. 3, 2007, is available at no charge at:
http://researcharchives.com/t/s?1cca
Delta Mills Inc.
Delta Mills reported a net loss of $614,015 on revenues of
$2,532,881 for the period from Dec. 31, 2006, to Feb. 3, 2007.
At Feb. 3, 2007, Delta Mills' balance sheet showed:
Total Current Assets $17,742,000
Total Assets $49,495,000
Total Liabilities $57,652,000
Total Shareholders' Deficit ($8,158,000)
A full-text copy of Delta Mill's Monthly Operating Report for the
Period Ended Feb. 3, 2007, is available at no charge at:
http://researcharchives.com/t/s?1cca
Delta Mills Marketing Inc.
Delta Mills Marketing reported a net loss of $51,783 on zero
revenues for the period from Dec. 31, 2006, to Feb. 3, 2007.
At Feb. 3, 2007, Delta Mills Marketing's balance sheet showed:
Total Current Assets $12,000
Total Assets $12,000
Total Liabilities ($2,462,000)
Total Shareholders' Equity $2,473,000
A full-text copy of Delta Mills Marketing's Monthly Operating
Report for the Period Ended Feb. 3, 2007, is available at no
charge at http://researcharchives.com/t/s?1cca
Based in Greenville, South Carolina, Delta Woodside Industries,
Inc. (OTCBB: DLWI), through its wholly owned subsidiary, Delta
Mills, manufactures and sells textile products for the apparel
industry. The company employs about 600 people and operates two
plants located in South Carolina.
The company, its wholly owned subsidiary Delta Mills Inc., and
Delta Mills Marketing Inc., the wholly owned subsidiary of Delta
Mills, filed for chapter 11 protection on Oct. 13, 2006 (Bank. D.
Del. Case Nos. 06-11146, 06-11144 and 06-11147). Robert J.
Dehney, Esq., at Morris, Nichols, Arsht & Tunnell represents the
Debtors. When the Debtors filed for protection from their
creditors, Delta Woodside Industries estimated assets of between
$1 million to $100 million and debts between $100,000 to
$1 million; Delta Mills estimated assets of $1 million to
$100 million and debts between $1 million to $100 million; and
Delta Mills Marketing estimated assets between $0 to $50,000 and
debts between $10,000 to $100,000. The Debtor's exclusive period
to file a chapter 11 plan expires on Feb. 10, 2007.
DURA AUTOMOTIVE: Files Operating Report for Period Ended Feb. 25
----------------------------------------------------------------
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Balance Sheet
As of February 25, 2007
(Dollars in thousands)
ASSETS
Current assets:
Cash and cash equivalents $6,721
Accounts receivable, net
Trade 132,082
Other 20,247
Non-Debtor subsidiaries 21,767
Inventories 82,896
Other current assets 45,358
----------
Total current assets 309,071
----------
Property, plant and equipment, net 175,938
Goodwill, net 249,927
Notes receivable from Non-Debtors subsidiaries 181,627
Investment in Non-Debtors subsidiaries 790,647
Other noncurrent assets 26,813
----------
Total Assets $1,734,023
==========
LIABILITIES AND NET LIABILITIES IN LIQUIDATION
Current liabilities:
Debtors-in-possession financing $165,000
Accounts payable 41,278
Accounts payable to Non-Debtors subsidiaries 607
Accrued Liabilities 89,674
----------
Total current liabilities 296,559
----------
Long-term Liabilities:
Notes Payable to Non-Debtors subsidiaries 8,528
Other noncurrent liabilities 57,400
Liabilities Subject to Compromise 1,328,573
----------
Total Liabilities 1,691,060
Stockholders' Investment 42,963
----------
Total Liabilities and Stockholders' Investment $1,734,023
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statement of Operations
For the Four Weeks Ended February 25, 2007
(Dollars in thousands)
Total sales $85,729
Cost of sales 83,024
----------
Gross (loss) profit 2,705
Selling, general and administrative expenses 5,156
Facility consolidation, asset impairment
and other charges 10
Amortization expense 35
----------
Operating (loss) income (2,496)
Interest expense, net 3,236
----------
Loss before reorganization items and income taxes (5,732)
Reorganization items 4,603
----------
Loss before income taxes (10,335)
Provision for income taxes 11
----------
Net Loss ($10,346)
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statements of Cash Flows
For the Four Weeks Ended February 25, 2007
(Dollars in thousands)
Operating Activities:
Net loss ($10,346)
Adjustments to reconcile net loss to net cash used
in operations activities:
Depreciation, amortization & asset impairments 2,781
Amortization of deferred financing fees 691
Bad debts (32)
Unrealized foreign currency exchange rate lo 365
Reorganization items 4,603
Changes in other operating items:
Accounts receivable (5,602)
Inventories (383)
Other current assets 2,588
Noncurrent assets 168
Accounts payable (1,398)
Accrued liabilities (7,124)
Noncurrent liabilities (192)
Current intercompany transactions (2,606)
----------
Net cash (used in) provided by operating activities (16,487)
Investing Activities:
Purchases of property, plant & equipment (1,470)
----------
Net cash (used in) provided by investing activities (1,470)
Financing Activities:
Net short-term borrowings under DIP Credit Agreement --
----------
Net cash used in financing activities --
Net increase (Decrease) in Cash & Equivalents (17,957)
Cash & Cash Equivalent, Beginning Balance 24,678
----------
Cash & Cash Equivalent, Ending Balance $6,721
==========
Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural
door modules and exterior trim systems for the global automotive
industry. The company is also a supplier of similar products to
the recreation vehicle and specialty vehicle industries. DURA
sells its automotive products to North American, Japanese and
European original equipment manufacturers and other automotive
suppliers.
The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr.
D. Delaware Case No. 06-11202). Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine
Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the
Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J.
DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton
& Finger, P.A. Attorneys are the Debtors' co-counsel. Baker &
McKenzie acts as the Debtors' special counsel. Togut, Segal &
Segal LLP is the Debtors' conflicts counsel. Miller Buckfire &
Co., LLC is the Debtors' investment banker. Glass & Associates
Inc., gives financial advice to the Debtor. Kurtzman Carson
Consultants LLC handles the notice, claims and balloting for the
Debtors and Brunswick Group LLC acts as their Corporate
Communications Consultants for the Debtors. As of July 2, 2006,
the Debtor had $1,993,178,000 in total assets and $1,730,758,000
in total liabilities.
The Debtors' exclusive plan-filing period expires on May 23,
2007. (Dura Automotive Bankruptcy News, Issue No. 17; 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, 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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*** End of Transmission ***