/raid1/www/Hosts/bankrupt/TCR_Public/070414.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 14, 2007, Vol. 11, No. 88
Headlines
ADVANCED MARKETING: Publishers Group's Schedules of Assets & Debts
ADVANCED MARKETING: Publishers Group West Files Schedules
CATHOLIC CHURCH: Davenport Files February 2007 Operating Report
CATHOLIC CHURCH: San Diego Amends Schedules of Assets and Debts
CATHOLIC CHURCH: Spokane Files February 2007 Operating Report
COMPLETE RETREATS: Files February 2007 Monthly Operating Report
COMPLETE RETREATS: Distinctive Files Feb. 2007 Operating Report
COMPLETE RETREATS: Legendary Files February 2007 Operating Report
COMPLETE RETREATS: Preferred Files February 2007 Operating Report
COMPLETE RETREATS: Private Files February 2007 Operating Report
DELPHI CORP: Posts $132 Million Net Loss in February 2007
DELTA AIR: Files Monthly Operating Report for February 2007
ENTERGY NEW ORLEANS: Posts $2.45 Million Net Loss in February 2007
FEDERAL-MOGUL: Earns $8.2 Million in February 2007
MORTGAGE LENDERS: Posts $76.6 Million Net Loss in February 2007
NORTHWEST AIRLINES: Posts $33 Million Net Loss in February 2007
PACIFIC LUMBER: Scotia Development's January 2007 Operating Report
PACIFIC LUMBER: Scotia Development's Feb. 2007 Operating Report
PACIFIC LUMBER: Scotia Pacific Earns $602,006 in January 2007
PACIFIC LUMBER: Scotia Pacific Posts $1.6MM Net Loss in Feb. 2007
SOLUTIA INC: Posts $6 Million Net Loss in February 2007
SONICBLUE INC: Files February 2007 Monthly Operating Report
TOWER AUTOMOTIVE: Posts $14.7 Million Net Loss in February 2007
*********
ADVANCED MARKETING: Publishers Group's Schedules of Assets & 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
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: Publishers Group West Files Schedules
---------------------------------------------------------
A. Real Property 0
B. Personal Property
B.2 Bank accounts
Cash in Bank -- Main ($370,438)
Cash in Bank -- New York 2,555
B.3 Security Deposits 30,000
B.16 Accounts receivable
Accounts Receivable, net 36,778,094
Vendor and Misc. Receivables 56,402
B.28 Office equipment and supplies 267,990
B.29 Machinery, furniture and fixtures 576,181
B.35 Other personal property
Notes Receivable 2,136,687
Prepaid Expense 163,647
Prepaid Insurance 58,333
TOTAL SCHEDULED ASSETS $39,699,451
============
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 565,365
F. Creditors Holding Unsecured Claims
Intercompany payable
Advanced Marketing Services 6,476,038
Publisher
Amber Allen Publishing 1,038,857
Avalon Travel Publishing 1,186,831
Backbeat Books 654,548
Berrett-Koehler 248,440
Canongate Books 613,616
Carroll & Graf 1,128,619
Carus Publishing 399,022
Children's Book Press 106,004
Cleis Press 326,091
CMP Books 185,802
Dark Horse 177,006
Demos Medical 120,142
DH Press 221,492
Douglas & McIntyre/Greyst 151,621
Emmis Books 230,615
Footprint Handbooks 162,265
Frog Ltd. 774,285
Gallup 677,179
Gibbs Smith 118,074
Groundwood 203,034
Grove/Atlantic 3,816,335
H J Kramer 156,518
Hugh L. Levin Associates 1,108,605
Hunter House 177,385
Inside Communications 363,379
Kabbalah Centre 151,435
Marlowe & Company 990,593
McSweeney's Publishing 548,773
Milkweed Editions 139,815
New World Library 1,333,414
New World Library/AAP 100,829
North Atlantic Books 589,051
Paperblank Book Company 809,166
Parallax Press 176,749
Passporter Travel Press 121,720
Plexus Publishing 106,315
Portable Press 459,340
Rich Publishing 4,513,830
Sasquatch Books 295,414
Seal Press 222,999
Shelter Publications 216,677
Shoemaker & Hoard 176,373
Silver Dolphin 526,528
The Audio Partners 286,731
Thunder Bay 437,866
Thunder's Mouth Press 224,080
Time Out 229,854
Tinwood Books 109,307
Travelers Tales 172,439
Trinity University Press 290,467
Ulysses Press 650,425
Underwood Books 308,097
Windsor Peak 346,372
Wisdom Publications 399,285
Accounts Payable -- Vendor
Federal Express Corp. 227,680
Grove/Atlantic 105,256
Yellow Transportation 307,943
Others 4,796,158
TOTAL SCHEDULED LIABILITIES $83,272,493
============
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).
CATHOLIC CHURCH: Davenport Files February 2007 Operating Report
---------------------------------------------------------------
Diocese of Davenport in Iowa
Statement of Financial Position
As of February 28, 2007
ASSETS
Current Assets
Cash and cash equivalents - unrestricted $5,253,689
Cash and cash equivalents - restricted 2,383,077
Accounts receivable, net 31,817
Inventory -
Prepaid expenses 1,561
Professional retainers 55,652
--------------
Total Current Assets 7,725,796
--------------
Property and Equipment
Real Property 4,737,300
Machinery and equipment 6,000
Furniture and fixtures 8,914
Office equipment 59,500
Leasehold improvements -
Vehicles 45,460
--------------
Total Property and Equipment 4,857,174
--------------
Total Assets $12,582,970
==============
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 $13,314
Real property lease arrearage -
Personal property lease arrearage -
Accrued professional fees -
Current portion of long-term debt -
Pass-through collections 124,372
--------------
Total Current Liabilities 137,686
--------------
Long-Term Postpetition Debt, Net -
--------------
Total Postpetition Liabilities 137,686
--------------
Prepetition Liabilities
Secured claims -
Priority unsecured claims $160,888
General unsecured claims 1,660,316
--------------
Total Prepetition Liabilities 1,821,204
--------------
Total Liabilities 1,958,890
--------------
Equity (deficit):
Retained earnings/deficit at filing: 5,795,187
Capital stock -
Additional paid-in capital -
Cumulative profit/loss since filing 995,714
Post-petition contributions/distributions
or draws -
Market value adjustment 3,833,179
--------------
Total equity (deficit) 10,624,080
--------------
Total liabilities & equity (deficit) $12,582,970
==============
Diocese of Davenport in Iowa
Statement of Operations
For the month ending February 28, 2007
Revenues
Gross sales $250
Less: sales returns & allowances -
Net sales 250
Less: cost of goods sold -
Gross profit 250
Interest 1,100
Other income:
Charitable gifts 225,484
Insurance receipts 73,731
Investment income 21,987
--------------
Total revenues 322,552
--------------
Expenses:
Compensation to owner(s)/officer(s) 12,578
Salaries 90,285
Commissions -
Contract labor 5,770
Rent/Lease:
Personal property 459
Real property -
Insurance 23,572
Management fees -
Depreciation 5,945
Taxes:
Employer payroll taxes 5,653
Real property taxes -
Other taxes -
Other selling -
Other administrative 38,988
Interest -
Other expenses:
Employee benefits 17,254
Charity collection 7,529
Medical assistance/Victim assistance 23,415
Utilities 6,021
Transfer to unrestricted -
Professional Investment Management Fees 719
Sabbatical -
--------------
Total expenses 238,188
Reorganization items:
Professional fees (1,520)
Provisions for rejected
executory contracts -
Interest earned on accumulated cash
from resulting Chapter 11 case 17,136
Gain or (Loss) from sale of equipment -
U.S. Trustee quarterly fees
--------------
Total reorganization items 15,616
--------------
Net profit (loss) before federal &
state taxes 99,980
Federal & state income taxes -
--------------
Net Profit (Loss) $99,980
==============
Diocese of Davenport in Iowa
Statement of Cash Receipts and Disbursements
For the month ending February 28, 2007
Cash receipts
Rent/Leases collected $3,096
Cash received from sales 250
Interest received 18,236
Borrowings increase in accounts payable -
Funds from shareholders, partners,
or other insiders -
Capital contributions -
Annual diocesan appeal/donations 225,484
Investment income/misc. -
Insurance receipts 73,731
Tribunal/Immigration/Faith Formation fees 18,891
Decrease in prepaids/accounts receivable -
Misc/Increase in accounts payable 14,259
--------------
Total Cash Receipts 353,947
--------------
Cash disbursements:
Payments for inventory -
Selling -
Administrative 51,337
Capital expenditures -
Principal payments on debt -
Interest paid -
Rent/Lease:
Personal Property 459
Real Property -
Amount paid to owner(s)/officer(s)
Salaries 12,578
Draws -
Commissions/Royalties -
Expense Reimbursements 3,189
Other -
Salaries/Commissions (less employee
withholding 68,664
Management fees -
Taxes
Employee withholding 21,621
Employer payroll taxes 5,653
Real property taxes -
Other taxes -
Other cash outflows:
Insurance 23,572
Utilities 6,021
Medical Assistance 23,415
Employee Benefits 17,254
Misc/Decrease in Accts Payable/Increase
in receivables 11,902
--------------
Total Cash Disbursements 245,665
--------------
Net increase (decrease) in cash 108,282
Cash balance, beginning of period 1,459,739
--------------
Cash balance, end of period $1,568,021
==============
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.
Davenport's exclusive period to file a plan will expire on
Aug. 15, 2007. Its exclusive period to solicit acceptances of
its plan will expire on Oct. 14, 2007. (Catholic Church
Bankruptcy News, Issue No. 87; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: San Diego Amends Schedules of Assets and Debts
---------------------------------------------------------------
Richard M. Mirando, director of the Office of Finance, notifies
the U.S. Bankruptcy Court for the Southern District of California
that The Roman Catholic Bishop of San Diego has amended its
Schedules A, B, D, E, F and G, which were filed on Feb. 27, 2007.
A. Real Property
Mater Dei High School $60,790,223
Holy Cross Cemetery 11,376,471
Pastoral Center 7,034,112
Others 17,480,034
B. Personal Property
B.1 Cash on Hand
Petty Cash Fund 5,420
B.2 Bank Accounts
Pastoral Center 9,013,838
Holy Cross Cemetery 681,471
Marian Catholic High School 3,181,160
SDSU Newman Center 27,911
Vincent Memorial High School 281,457
UCSD Newman Center 76,056
B.3 Security Deposits 0
B.4 Household Goods unknown
B.5 Books, art work & collectibles unknown
B.6 Wearing apparel 0
B.7 Furs and jewelry unknown
B.8 Firearms and sporting goods unknown
B.9 Interests in insurance policies 0
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interests in retirement plans 0
B.13 Stock and Interests
Large Cap Value 9,786,164
Mid Cap Growth 11,095,348
Catholic Mutual Group 0
Catholic Umbrella Pool 0
B.14 Interests in joint ventures 0
B.15 Government & corporate bonds 0
Domestic Income - Intermediate 4,838,586
Domestic Income - Short 6,841,372
US Government Obligations 5,271,029
B.16 Accounts receivable
Pastoral Center 3,324,612
Diocesan Notes Receivable 37,232
Marian Catholic High School 1,139,284
Marian's Other Receivables 92,479
Marian's Prepaid Expenses 3,000
Vincent Memorial High School 575,068
Holy Cross Cemetery 4,414,838
Holy Cross' Other Expenses 4,413
UCSD Newman Center 1,854
B.17 Alimony 0
B.18 Other liquidated debts owed 0
B.19 Equitable and future interests 0
B.20 Contingent interests
John Donahue Trust 3,698,579
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
Pastoral Center 3,275
Marian Catholic High School 19,500
Vincent Memorial High School 13,760
Holy Cross Cemetery 27,625
B.26 Boats 0
B.27 Aircraft 0
B.28 Office equipment and supplies unknown
B.29 Machinery, furniture and fixtures unknown
B.30 Inventory unknown
Marian Catholic High School 14,507
Holy Cross Cemetery 6,653,524
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment 0
B.34 Farm supplies 0
B.35 Other personal property 0
TOTAL SCHEDULED ASSETS $167,804,214
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
ALSAM Foundation 35,920,100
Union Bank of California 4,323,204
40,243,304
E. Unsecured Priority Claims 526,837
F. Unsecured Non-Priority Claims 54,837,851
TOTAL SCHEDULED LIABILITIES $95,607,992
============
Roman Catholic Diocese of San Diego in California --
http://www.diocese-sdiego.org/-- employs approximately
3,000 people in various areas of work. The Diocese filed for
Chapter 11 protection just before commencement of the first of
court proceedings for 140 sexual abuse lawsuits filed against the
Diocese. Authorities of the San Diego Diocese said they were not
in favor of litigating their cases.
The San Diego Diocese filed for chapter 11 protection on Feb. 27,
2007 (Bankr. S.D. Calif. Case No. 07-00939). Gerald P. Kennedy,
Esq., at Procopio, Cory, Hargreaves and Savitch LLP, represents
the Diocese. In its schedules of assets and liabilities, the
Diocese listed total assets of $152,510,888 and total liabilities
of $72,754,092. The Diocese's exclusive period to file a chapter
11 plan of reorganization expires on June 27, 2007. The Debtor
filed a Plan and Disclosure Statement on March 27, 2007.
(Catholic Church Bankruptcy News, Issue No. 87; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
CATHOLIC CHURCH: Spokane Files February 2007 Operating Report
-------------------------------------------------------------
Catholic Diocese of Spokane
Balance Sheet
As of February 28, 2007
ASSETS
Total Cash Accounts $2,708,713
Total Transfer Account (6,505,375)
Total Investments 104,315
Total Property -
Total Loans Receivable -
Total Interfund Loan Receivable -
Total Accounts Receivable 93,534
Total Land and Buildings & Equipment 67,569
Total Prepaid Expenses 491
--------------
Total Assets ($3,530,750)
==============
LIABILITIES AND NET ASSETS
Liabilities
Total Deposits Payable 4,606,602
Total Interest Payable -
Total Accounts Payable 3,594
Total Long-term Liabilities 9,269,297
Net Assets
Total Unrestricted - Fund Balance (19,365,437)
Total Unrestricted Net Assets (19,365,437)
T.R. - Guse Grant Funds 417,749
T.R. - Bishop's School Grants Funds 72,630
T.R. - Bishop's Discretionary Funds 65,681
Total Replacement Fund 1,955,192
Total Diocesan D&L Funding -
Total Guatemala Funds -
Temporarily Restricted -
--------------
Total liabilities & net assets ($3,530,750)
==============
Catholic Diocese of Spokane
Income and Expense Statement
For the month ending February 28, 2007
Total Income 250,396
Total Expenses 652,424
--------------
Net Excess or Deficit 402,028
==============
The Diocese of Spokane's Statement of Cash Receipts and
Disbursements for February 2007 shows ending balance of
$2,289,503. Cash receipts for the period total $740,341, while
disbursements total $390,127.
The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts.
The Diocese of Spokane, the Tort Claimants Committee, the Future
Claims Representative, and the Executive Committee of the
Association of Parishes delivered an Amended Plan of
Reorganization, and a Disclosure Statement describing that Plan
to the Court on Feb. 1, 2007. The Honorable Patricia C. Williams
approved the disclosure statement on March 8, 2007. The hearing
to consider confirmation of the plan starts on April, 24, 2007.
(Catholic Church Bankruptcy News, Issue No. 87; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
COMPLETE RETREATS: Files February 2007 Monthly Operating Report
---------------------------------------------------------------
Complete Retreats, LLC
Balance Sheet
As of February 28, 2007
ASSETS
Unrestricted Cash -
Restricted Cash -
--------------
Total Cash -
Accounts Receivable (Net) -
Inventory -
Notes Receivable -
Prepaid Expenses -
Other -
--------------
Total Current Assets -
Property, Plant & Equipment $528,774
Less: Accumulated Depreciation/Depletion (127,342)
--------------
Net Property, Plant & Equipment 401,432
Due from Insiders -
Other Assets - Net of Amortization -
Other 4,072,562
--------------
Total Assets $4,473,994
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable -
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other -
--------------
Total Postpetition Liabilities -
Prepetition Liabilities
Secured Debt -
Priority Debt -
Unsecured Debt -
Other $349,494
--------------
Total Prepetition Liabilities 349,494
--------------
Total Liabilities 349,494
Equity
Prepetition Owners' Equity 4,124,500
Postpetition Cumulative Profit or Loss -
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 4,124,500
--------------
Total Liabilities & Owners' Equity $4,473,994
==============
Complete Retreats, LLC
Statement of Operations
February 1 to 28, 2007
Revenues
Gross Revenues $0
Less: Returns & Discounts -
--------------
Net Revenue 0
Cost of Goods Sold
Material -
Direct Labor
Direct Overhead -
--------------
Total Cost of Goods Sold -
--------------
Gross Profit -
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other -
--------------
Total Operating Expenses 0
--------------
Income Before Non-Operating Income & Expenses 0
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion -
Amortization -
Other -
--------------
Net Other Income & Expenses -
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses 0
--------------
Income Tax 0
--------------
Net Profit (Loss) $0
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts. (Complete Retreats Bankruptcy News, Issue No. 24;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COMPLETE RETREATS: Distinctive Files Feb. 2007 Operating Report
---------------------------------------------------------------
Distinctive Retreats, LLC
Balance Sheet
As of February 28, 2007
ASSETS
Unrestricted Cash -
Restricted Cash -
--------------
Total Cash -
Accounts Receivable (Net) -
Inventory $50,831
Notes Receivable 448,000
Prepaid Expenses 198,555
Other -
--------------
Total Current Assets 697,386
Property, Plant & Equipment 104,613,316
Less: Accumulated Depreciation/Depletion (3,482,887)
--------------
Net Property, Plant & Equipment 101,130,429
Due from Insiders -
Other Assets - Net of Amortization 485,000
Other 117,027,287
--------------
Total Assets $219,340,102
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable $37
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other 37,559,319
--------------
Total Postpetition Liabilities 37,559,356
Prepetition Liabilities
Secured Debt 452,027
Priority Debt -
Unsecured Debt 30,713,743
Other 16,851,100
--------------
Total Prepetition Liabilities 48,016,870
--------------
Total Liabilities 85,576,226
Equity
Prepetition Owners' Equity 133,882,810
Postpetition Cumulative Profit or Loss (65,741)
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 133,817,069
--------------
Total Liabilities & Owners' Equity $219,393,295
==============
Distinctive Retreats, LLC
Statement of Operations
February 1 to 28, 2007
Revenues
Gross Revenues $5,532
Less: Returns & Discounts -
--------------
Net Revenue 5,532
Cost of Goods Sold
Material -
Direct Labor -
Direct Overhead -
--------------
Total Cost of Goods Sold -
--------------
Gross Profit 5,532
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other 47,406
--------------
Total Operating Expenses 47,406
--------------
Income Before Non-Operating Income & Expenses (41,874)
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion 76,595
Amortization -
Other (29,406)
--------------
Net Other Income & Expenses 47,189
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses -
--------------
Income Tax -
--------------
Net Profit (Loss) ($89,063)
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts. (Complete Retreats Bankruptcy News, Issue No. 24;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COMPLETE RETREATS: Legendary Files February 2007 Operating Report
-----------------------------------------------------------------
Legendary Retreats, LLC
Balance Sheet
As of February 28, 2007
ASSETS
Unrestricted Cash $8,375
Restricted Cash -
--------------
Total Cash 8,375
Accounts Receivable (Net) -
Inventory -
Notes Receivable 1,610,000
Prepaid Expenses 74,170
Other 110,000
--------------
Total Current Assets 1,794,170
Property, Plant & Equipment 26,936
Less: Accumulated Depreciation/Depletion -
--------------
Net Property, Plant & Equipment 26,936
Due from Insiders -
Other Assets - Net of Amortization -
Other 17,966,585
--------------
Total Assets $19,796,065
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable -
Taxes Payable -
Notes Payable $11,366
Professional Fees -
Secured Debt -
Other -
--------------
Total Postpetition Liabilities 11,366
Prepetition Liabilities
Secured Debt -
Priority Debt -
Unsecured Debt 485,991
Other 4,064,000
--------------
Total Prepetition Liabilities 4,549,991
--------------
Total Liabilities 4,561,357
Equity
Prepetition Owners' Equity 15,300,377
Postpetition Cumulative Profit or Loss (65,668)
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 15,234,708
--------------
Total Liabilities & Owners' Equity $19,796,065
==============
Legendary Retreats, LLC
Statement of Operations
February 1 to 28, 2007
Revenues
Gross Revenues -
Less: Returns & Discounts -
--------------
Net Revenue -
Cost of Goods Sold
Material -
Direct Labor -
Direct Overhead $170
--------------
Total Cost of Goods Sold 170
--------------
Gross Profit (170)
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration 130
Rent & Lease -
Other 11,250
--------------
Total Operating Expenses 11,380
--------------
Income Before Non-Operating Income & Expenses (11,550)
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion -
Amortization -
Other (11,250)
--------------
Net Other Income & Expenses (11,250)
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses -
--------------
Income Tax -
--------------
Net Profit (Loss) ($300)
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts. (Complete Retreats Bankruptcy News, Issue No. 24;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COMPLETE RETREATS: Preferred Files February 2007 Operating Report
-----------------------------------------------------------------
Preferred Retreats, LLC
Balance Sheet
As of February 28, 2007
ASSETS
Unrestricted Cash $246,226
Restricted Cash 326,530
--------------
Total Cash 572,757
Accounts Receivable (Net) 755,449
Inventory 2,056,975
Notes Receivable 142,704
Prepaid Expenses 3,031,042
Other 1,023,169
--------------
Total Current Assets 7,009,339
Property, Plant & Equipment 9,077,974
Less: Accumulated Depreciation/Depletion (3,329,809)
--------------
Net Property, Plant & Equipment 5,748,164
Due from Insiders 2,222,666
Other Assets - Net of Amortization 1,555
Other 100,615,626
--------------
Total Assets $116,170,107
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable $11,604,277
Taxes Payable -
Notes Payable 75,020,184
Professional Fees -
Secured Debt -
Other 8,277,312
--------------
Total Postpetition Liabilities 94,901,773
Prepetition Liabilities
Secured Debt 43,411
Priority Debt -
Unsecured Debt 11,918,346
Other 126,691,772
--------------
Total Prepetition Liabilities 138,653,529
--------------
Total Liabilities 233,555,303
Equity
Prepetition Owners' Equity (90,524,986)
Postpetition Cumulative Profit or Loss (30,913,402)
Cash funded from UR LLC in excess of P&L losses 4,000,000
--------------
Total Equity (117,438,388)
--------------
Total Liabilities & Owners' Equity $116,116,914
==============
Preferred Retreats, LLC
Statement of Operations
February 1 to 28, 2007
Revenues
Gross Revenues ($32,332)
Less: Returns & Discounts -
--------------
Net Revenue (32,332)
Cost of Goods Sold
Material 348
Direct Labor -
Direct Overhead 2,535
--------------
Total Cost of Goods Sold 2,883
--------------
Gross Profit (35,215)
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing (1,835)
General Administration 163,050
Rent & Lease -
Other 22,770
--------------
Total Operating Expenses 183,985
--------------
Income Before Non-Operating Income & Expenses (219,200)
Other Income & Expenses
Non-operating Income -
Non-operating Expense (1,161)
Interest Expense -
Depreciation/Depletion 57,536
Amortization -
Other (47,891)
--------------
Net Other Income & Expenses 8,484
Reorganization Expenses
Professional Fees 335,825
U.S. Trustee Fees -
Other 39,500
--------------
Total Reorganization Expenses 375,325
--------------
Income Tax -
--------------
Net Profit (Loss) ($603,009)
==============
Preferred Retreats had $3,496,933 on hand as of February 28,
2007.
Preferred Retreats obtained $7,903,605 in immediately available
cash for the period from February 1 to 28, 2007, from accounts
receivables, asset sales and certain loans. During the same
period, the company spent $3,224,163 for its daily business
operations, and paid $1,182,509 on reorganization fees, including
fees for the U.S. Trustee and the company's bankruptcy
professionals.
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts. (Complete Retreats Bankruptcy News, Issue No. 24;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COMPLETE RETREATS: Private Files February 2007 Operating Report
---------------------------------------------------------------
Private Retreats, LLC
Balance Sheet
As of February 28, 2007
ASSETS
Unrestricted Cash -
Restricted Cash $1,679
--------------
Total Cash 1,679
Accounts Receivable (Net) -
Inventory 71,384
Notes Receivable 560,981
Prepaid Expenses -
Other -
--------------
Total Current Assets 632,365
Property, Plant & Equipment 51,312,308
Less: Accumulated Depreciation/Depletion (5,722,581)
--------------
Net Property, Plant & Equipment 45,589,727
Due from Insiders -
Other Assets - Net of Amortization 1,152,200
Other 19,043,142
--------------
Total Assets $66,419,113
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable -
Taxes Payable -
Notes Payable $14,901
Professional Fees -
Secured Debt -
Other 29,831,546
--------------
Total Postpetition Liabilities 29,846,447
Prepetition Liabilities
Secured Debt 186,738
Priority Debt -
Unsecured Debt 5,432,515
Other 12,508,567
--------------
Total Prepetition Liabilities 18,127,820
--------------
Total Liabilities 47,974,267
Equity
Prepetition Owners' Equity 19,317,217
Postpetition Cumulative Profit or Loss (872,370)
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 18,444,846
--------------
Total Liabilities & Owners' Equity $66,419,113
==============
Private Retreats, LLC
Statement of Operations
February 1 to 28, 2007
Revenues
Gross Revenues $981
Less: Returns & Discounts -
--------------
Net Revenue 981
Cost of Goods Sold
Material -
Direct Labor -
Direct Overhead -
--------------
Total Cost of Goods Sold -
--------------
Gross Profit 981
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other -
--------------
Total Operating Expenses -
--------------
Income Before Non-Operating Income & Expenses 981
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion 136,693
Amortization -
Other (148,238)
--------------
Net Other Income & Expenses (11,544)
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses -
--------------
Income Tax -
--------------
Net Profit (Loss) $12,526
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts. (Complete Retreats Bankruptcy News, Issue No. 24;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
DELPHI CORP: Posts $132 Million Net Loss in February 2007
---------------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of February 28, 2007
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $139
Restricted cash 108
Accounts receivable, net
General Motors and affiliates 1,286
Other third parties 1,286
Non-Debtor subsidiaries 344
Notes receivable from non-Debtor subsidiaries 349
Inventories, net
Productive material, work-in-process and supplies 879
Finished goods 290
Prepaid expenses and other 259
--------
TOTAL CURRENT ASSETS 4,940
Long-term assets:
Property, net 2,164
Investment in affiliates 372
Investments in non-Debtor subsidiaries 3,377
Goodwill 152
Other intangible assets 34
Other 330
--------
TOTAL ASSETS $11,369
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Debtor-in-possession financing $2,893
Accounts payable 1,265
Accounts payable to non-Debtor subsidiaries 481
Accrued liabilities 812
--------
TOTAL CURRENT LIABILITIES 5,451
Long-term liabilities not subject to compromise:
Employee benefit plan obligations and other 749
--------
TOTAL LONG-TERM LIABILITIES 749
Liabilities subject to compromise 17,593
--------
TOTAL LIABILITIES 23,793
Stockholders' deficit:
Common stock 6
Additional paid-in capital 2,772
Accumulated deficit (12,211)
Accumulated other comprehensive loss (2,939)
Treasury stock, at cost (3.2 million shares) (52)
--------
TOTAL STOCKHOLDERS' DEFICIT (12,424)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $11,369
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended February 28, 2007
(In Millions)
Net sales:
General Motors and affiliates $739
Other customers 476
Intercompany non-Debtor subsidiaries 88
--------
Total net sales 1,303
--------
Operating expenses:
Cost of sales 1,320
Selling, general and administrative 75
Depreciation and amortization 57
--------
Total operating expenses 1,452
--------
Operating loss (149)
Interest expense (19)
Other expense, net 6
Reorganization items (16)
Income tax benefit (expense) (1)
Equity income from non-consolidated subsidiaries 4
Equity income from non-Debtor subsidiaries, net of tax 43
--------
NET LOSS ($132)
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended February 28, 2007
(In Millions)
Cash flows from operating activities:
Net loss ($132)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization 57
Pension and other postretirement benefit expenses 97
Equity loss from unconsolidated subsidiaries, net (4)
Equity loss from non-Debtor subsidiaries, net of tax (43)
Reorganization items 16
Changes in operating assets and liabilities:
Accounts receivable, net (177)
Inventories, net 40
Prepaid expenses and other (8)
Accounts payable, accrued and other long-term debts 60
U.S. employee special attrition program (74)
Pension contributions (1)
Other postretirement benefit payments 3
Receipts (payments) for reorganization items, net (13)
Other (4)
--------
Net cash used in operating activities (183)
Cash flows from investing activities:
Capital expenditures (17)
Proceeds from sale of property 2
Other (6)
--------
Net cash used in investing activities (21)
Cash flows from financing activities:
Net borrowings under revolving credit facility 150
--------
Net cash used in financing activities 150
--------
Decrease in cash and cash equivalents (54)
Cash and cash equivalents at beginning of period 193
--------
Cash and cash equivalents at end of period $139
========
Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier of
vehicle electronics, transportation components, integrated systems
and modules, and other electronic technology. The Company's
technology and products are present in more than 75 million
vehicles on the road worldwide. The Company filed for chapter 11
protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and
Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
represent the Debtors in their restructuring efforts. Robert J.
Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude,
Esq., at Latham & Watkins LLP, represents the Official Committee
of Unsecured Creditors. As of Aug. 31, 2005, the Debtors' balance
sheet showed $17,098,734,530 in total assets and $22,166,280,476
in total debts.
The Debtors' exclusive plan-filing period expires on July 31,
2007. (Delphi Corporation Bankruptcy News, Issue No. 64;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
DELTA AIR: Files Monthly Operating Report for February 2007
-----------------------------------------------------------
Delta Air Lines filed its Monthly Operating Report for February
2007 with the U.S. Bankruptcy Court for the Southern District of
New York. Key points include:
* Delta's February 2007 net income was $55 million.
* As of February 28, 2007, Delta had $2.7 billion of
unrestricted cash, cash equivalents and short-term
investments.
Delta reported net income of $55 million in the month of February
2007, compared to a net loss of $209 million in February 2006.
Excluding reorganization items, Delta's net loss was $43 million
for February 2007, a $95 million improvement versus the prior year
period. Delta's operating loss of $5 million includes a
$5 million negative impact of fuel hedges for the month. As of
February 28, 2007, Delta had $3.7 billion of cash, cash
equivalents and short-term investments, of which $2.7 billion was
unrestricted.
Restructuring Progress
Delta remains on course to emerge from Chapter 11 next month,
having made significant progress in transforming the airline into
a strong and vibrant competitor. Evidence of the company's
progress in February's performance:
* Delta's consolidated passenger unit revenue increased 1.4%
for February 2007 compared to February 2006. Delta's
length of haul adjusted PRASM was 95.5% of industry average
for the month, driven by the strength of its domestic
system which increased to 100% of industry average PRASM.
* Delta's operating expenses decreased 1.8% despite a
capacity increase of 2.8%, resulting in a 4.5% reduction
in consolidated unit costs in February 2007 compared to
February 2006. Mainline non-fuel CASM was 7.61 cents for
the month, a 7.6% improvement year over year.
"February's results demonstrate the significant momentum we
have created with our restructuring," said Edward H. Bastian,
Delta's executive vice president and chief financial officer.
"We look forward to emerging from bankruptcy in a matter of
weeks, having transformed our company into a strong, healthy
competitor in this tough industry."
Important Financial Disclosure
Current holders of Delta's equity will not receive any
distributions under Delta's proposed Plan of Reorganization.
These equity interests would be cancelled upon the effectiveness
of the proposed Plan of Reorganization, which the company
believes will occur shortly after the confirmation hearing
scheduled on April 25, 2007. Accordingly, we urge that caution
be exercised with respect to investments in Delta's existing
equity securities and any of Delta's liabilities and other
securities.
DELTA AIR LINES, INC.
Unaudited Consolidated Balance Sheet
As of February 28, 2007
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $1,978,000,000
Short-term investments 710,000,000
Restricted cash 974,000,000
Accounts receivable, net of an allowance for
uncollectible accounts of $21 1,079,000,000
Expendable parts and supplies inventories, net
of an allowance for obsolescence of $131 180,000,000
Deferred income taxes, net 401,000,000
Prepaid expenses and other 554,000,000
---------------
Total current assets 5,876,000,000
PROPERTY AND EQUIPMENT:
Flight equipment 17,661,000,000
Accumulated depreciation (6,884,000,000)
---------------
Flight equipment, net 10,777,000,000
Ground property and equipment 4,419,000,000
Accumulated depreciation (2,876,000,000)
---------------
Ground property and equipment, net 1,543,000,000
Flight and ground equipment
under capital leases 474,000,000
Accumulated amortization (146,000,000)
---------------
Flight and ground equipment
under capital leases, net 328,000,000
---------------
Advance payments for equipment 71,000,000
---------------
Total property and equipment, net 12,719,000,000
OTHER ASSETS:
Goodwill 227,000,000
Operating rights and other intangibles,
net of accumulated amortization of $191 88,000,000
Other noncurrent assets 746,000,000
---------------
Total other assets 1,061,000,000
---------------
Total assets $19,656,000,000
===============
LIABILITIES AND SHAREOWNERS' DEFICIT
CURRENT LIABILITIES:
Current maturities of long-term debt
and capital leases $1,687,000,000
Accounts payable 904,000,000
Air traffic liability 2,350,000,000
Taxes payable 558,000,000
Deferred revenue 375,000,000
Accrued salaries and related benefits 417,000,000
Other accrued liabilities 266,000,000
---------------
Total current liabilities 6,557,000,000
NONCURRENT LIABILITIES:
Long-term debt and capital leases 6,159,000,000
Deferred income taxes, net 412,000,000
Deferred revenue and other credits 347,000,000
Other 367,000,000
---------------
Total noncurrent liabilities 7,285,000,000
LIABILITIES SUBJECT TO COMPROMISE 19,417,000,000
COMMITMENTS AND CONTINGENCIES
SHAREOWNERS' DEFICIT:
Common stock:
$0.01 par value; 900,000,000 shares
authorized; 202,081,648 shares issued 2,000,000
Additional paid-in capital 1,561,000,000
Accumulated deficit (14,468,000,000)
Accumulated other comprehensive loss (474,000,000)
Treasury stock at cost, 4,745,710 shares (224,000,000)
---------------
Total shareowners' deficit (13,603,000,000)
---------------
Total liabilities and shareowners' deficit $19,656,000,000
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statement of Operations
For the Month Ended February 28, 2007
OPERATING REVENUES:
Passenger:
Mainline $833,000,000
Regional affiliates 289,000,000
Cargo 36,000,000
Other, net 94,000,000
---------------
Total operating revenues 1,252,000,000
OPERATING EXPENSES:
Salaries and related costs 297,000,000
Aircraft fuel 270,000,000
Contract carrier arrangements 230,000,000
Depreciation and amortization 98,000,000
Contracted services 89,000,000
Passenger commissions and
other selling expenses 68,000,000
Landing fees and other rents 60,000,000
Aircraft maintenance materials and
outside repairs 56,000,000
Aircraft rent 24,000,000
Passenger service 20,000,000
Restructuring, asset writedowns, pension
settlements and related items, net 1,000,000
Other 44,000,000
---------------
Total operating expenses 1,257,000,000
---------------
OPERATING LOSS (5,000,000)
---------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest
expense equals $90,000,000 for the month ended
Feb. 28, 2007) (64,000,000)
Interest income 3,000,000
Miscellaneous, net 23,000,000
---------------
Total other expense, net (38,000,000)
---------------
LOSS BEFORE REORGANIZATION ITEMS, NET (43,000,000)
REORGANIZATION ITEMS, NET 98,000,000
---------------
INCOME BEFORE INCOME TAXES 55,000,000
INCOME TAX BENEFIT --
---------------
NET INCOME $55,000,000
===============
DELTA AIR LINES, INC.
Unaudited Condensed Consolidated Statement of Cash Flows
For the Month ended February 28, 2007
NET CASH USED BY OPERATING ACTIVITIES ($138,000,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
Flight equipment, including
advance payments (35,000,000)
Ground property and equipment (2,000,000)
Proceeds from sale of flight equipment 11,000,000
Proceeds from sale of investments 34,000,000
Decrease in restricted cash 26,000,000
---------------
Net cash provided by investing activities 34,000,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and
capital lease obligations (64,000,000)
---------------
Net cash used by financing activities (64,000,000)
---------------
Net decrease in cash and cash equivalents (168,000,000)
Cash & cash equivalents at beginning of period 2,146,000,000
---------------
Cash & cash equivalents at end of period $1,978,000,000
===============
Headquartered in Atlanta, Ga., Delta Air Lines (OTC:DALRQ)
-- http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities. (Delta Air Lines
Bankruptcy News, Issue No. 67; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
Plan Update
The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.
On Jan 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on Feb. 2,
2007. On Feb. 7, 2007, the Court approved the adequacy of the
Debtors' disclosure statement. The hearing to consider
confirmation the Debtors' plan is scheduled on April 25, 2007.
ENTERGY NEW ORLEANS: Posts $2.45 Million Net Loss in February 2007
------------------------------------------------------------------
Entergy New Orleans, Inc.
Unaudited Balance Sheet
As of February 28, 2007
(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents
Cash $662
Temporary cash investments 19,592
----------
Total cash and cash equivalents 20,254
Accounts receivable:
Customer 67,819
Allowance for doubtful accounts (10,563)
Associated companies 25,356
Other 9,043
Accrued unbilled revenues 21,171
----------
Total accounts receivable 112,826
Deferred fuel costs 10,254
Fuel inventory 66
Materials and supplies 7,225
Prepayments and other 10,386
----------
Total current assets 161,011
Other Property and Investments
Investment in affiliates 3,259
Non-utility property at cost 1,107
----------
Total other property and investments 4,366
Utility Plant
Electric 701,127
Natural gas 189,946
Construction work in progress 20,027
----------
Total Utility Plant 911,100
Less - accumulated depreciation and amortization 464,133
----------
Utility plant - net 446,967
Deferred Debits and Other Assets
Regulatory assets:
Other regulatory assets 293,610
Long term receivables 936
Other 10,024
----------
Total deferred debits and other assets 304,570
----------
TOTAL ASSETS $916,914
==========
LIABILITIES:
Postpetition liabilities:
Taxes payable $4,255
Accounts payable 24,473
DIP credit facility 49,434
----------
Total postpetition liabilities 78,162
Current liabilities:
Currently maturing long-term debt 0
Notes payable 0
Accounts payable:
Associated companies 72,313
Other 70,898
Customer deposits 15,795
Taxes accrued 3,195
Accumulated deferred income taxes 0
Interest accrued 16,729
Energy efficiency program provision 0
Other 6,464
----------
Total current liabilities 185,394
Non-current liabilities:
Accumulated deferred income taxes & taxes accrued 98,088
Accumulated deferred investment tax credits 3,096
SFAS 109 regulatory liability - net 71,770
Other regulatory liabilities 0
Accumulated provisions 8,735
Pension liability 59,806
Long-term debt 229,877
Other 8,218
---------
Total non-current liabilities 479,590
---------
Total Liabilities 743,146
Commitments and Contingencies:
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund 19,780
Common stock, $4 par value, authorized
10,000,000 shares; issued and outstanding
8,435,900 shares in 2007, 2006, and 2005 33,744
Paid-in capital 36,294
Retained earnings -- prepetition 99,593
Retained earnings -- postpetition (15,643)
----------
Total shareholders equity 173,768
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $916,914
==========
Entergy New Orleans, Inc.
Unaudited Statement of Operations
Month Ended February 28, 2007
(in thousands)
Operating Revenues:
Domestic electric $41,112
Natural gas 17,046
----------
Total operating revenues 58,158
Operating Expenses:
Operation and maintenance
Fuel 30,105
Purchased power 13,397
Other operation and maintenance 9,982
Taxes other than income taxes 3,558
Depreciation and amortization 2,705
Other regulatory charges - net 344
----------
Total operating expenses 60,091
----------
Operating income (1,933)
Other income:
Allowance for equity funds used
during construction 337
Interest and dividend income 893
Miscellaneous - net (35)
----------
Total other income 1,195
Interest and other charges:
Interest on long-term debt 1,082
Other interest-net 2,394
Allowance for borrowed funds used
during construction (250)
----------
Total interest and other charges 3,226
Income (loss) before income taxes (3,964)
Income taxes (1,512)
----------
NET INCOME ($2,452)
==========
Entergy New Orleans, Inc.
Cash Receipts and Disbursement Statement
Month Ended February 28, 2007
Beginning cash balance $558,439
Cash receipts 84,872,089
Cash disbursements (84,768,401)
----------
Net cash flow 103,688
----------
ENDING CASH BALANCE $662,127
==========
Headquartered in Baton Rouge, Louisiana, Entergy New Orleans Inc.
-- http://www.entergy-neworleans.com/-- is a wholly owned
subsidiary of Entergy Corporation. Entergy New Orleans provides
electric and natural gas service to approximately 190,000 electric
and 147,000 gas customers within the city of New Orleans. Entergy
New Orleans is the smallest of Entergy Corporation's five utility
companies and represents about 7% of the consolidated revenues and
3% of its consolidated earnings in 2004. Neither Entergy
Corporation nor any of Entergy's other utility and non-utility
subsidiaries were included in Entergy New Orleans' bankruptcy
filing. Entergy New Orleans filed for chapter 11 protection on
Sept. 23, 2005 (Bankr. E.D. La. Case No. 05-17697). Elizabeth J.
Futrell, Esq., and R. Partick Vance, Esq., at Jones, Walker,
Waechter, Poitevent, Carrere & Denegre, L.L.P., represent the
Debtor in its restructuring efforts. Carey L. Menasco, Esq.,
Philip Kirkpatrick Jones, Jr., Esq., and Joseph P. Hebert, Esq.,
at Liskow & Lewis, APLC, represent the Official Committee of
Unsecured Creditors. When the Debtor filed for protection from
its creditors, it listed total assets of $703,197,000 and total
debts of $610,421,000. (Entergy New Orleans Bankruptcy News,
Issue No. 42 Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
FEDERAL-MOGUL: Earns $8.2 Million in February 2007
--------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of February 28, 2007
(In millions)
Assets
Cash and equivalents $64.5
Accounts receivable 575.2
Inventories 434.5
Deferred taxes 191.3
Prepaid expenses and other current assets 91.2
--------
Total current assets 1,356.6
Summary of Unpaid Postpetition Debits (34.1)
Intercompany Loans Receivable (Payable) 1,620.1
--------
Intercompany Balances 1,586.0
Property, plant and equipment 810.6
Goodwill 967.1
Other intangible assets 343.9
Insurance recoverable 860.8
Other non-current assets 487.6
--------
Total Assets $6,412.7
========
Liabilities and Shareholders' Equity
Short-term debt $374.8
Accounts payable 223.5
Accrued compensation 87.8
Restructuring and rationalization reserves 21.5
Current portion of asbestos liability -
Interest payable 4.3
Other accrued liabilities 231.7
--------
Total current liabilities 943.6
Long-term debt -
Post-employment benefits 753.0
Other accrued liabilities 523.3
Liabilities subject to compromise 5,810.1
Shareholders' equity:
Preferred stock 1,050.6
Common stock 658.1
Additional paid-in capital 7,986.8
Accumulated deficit (11,402.9)
Accumulated other comprehensive income 90.0
Other -
--------
Total Shareholders' Equity (1,617.2)
--------
Total Liabilities and Shareholders' Equity $6,412.7
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended February 28, 2007
(In millions)
Net sales $250.5
Cost of products sold 208.7
--------
Gross margin 41.8
Selling, general & administrative expenses (42.5)
Amortization (1.2)
Reorganization items (0.2)
Interest expense, net (14.8)
Other expense, net 25.4
--------
Earnings before Income Taxes 8.5
Income Tax (Expense) Benefit (0.3)
--------
Earnings before cumulative effect of change
in acctg. Principle 8.2
--------
Net Earnings (loss) $8.2
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended February 28, 2007
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) $8.2
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 12.6
Adjustment of assets held for sale and
other long-lived assets to fair value -
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. Principle -
Change in post-employment benefits 0.5
Decrease (increase) in accounts receivable (24.7)
Decrease (increase) in inventories 4.0
Increase (decrease) in accounts payable 2.4
Change in other assets & other liabilities 3.1
Change in restructuring charge -
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From Operating Activities 6.2
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (1.6)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
--------
Net Cash Provided From (Used By) Investing Activities (1.6)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt 17.1
Sale of accounts receivable under securitization -
Dividends -
Other -
--------
Net Cash Provided From Financing Activities 17.1
Increase (Decrease) in Cash and Equivalents 21.7
Cash and equivalents at beginning of period 42.8
--------
Cash and equivalents at end of period $64.5
========
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion. The company has also has operations in
Malaysia, Australia, China, India, Japan, Korea, and Thailand.
The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts. When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.
On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003. They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan. On July 28,
2004, the District Court approved the Disclosure Statement. The
estimation hearing began on June 14, 2005. They then submitted
a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006,
and the Bankruptcy Court approved that Disclosure Statement on
Feb. 6, 2007. The confirmation hearing is set for May 8, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 132; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
MORTGAGE LENDERS: Posts $76.6 Million Net Loss in February 2007
---------------------------------------------------------------
Mortgage Lenders Network USA, Inc.
Balance Sheet
As of February 28, 2007
Assets:
Cash and Cash Equivalents $7,053,980
Mortgage loans held for sale 382,242,609
Portfolio loans 14,714,041
Allowance for loan losses (24,416,021)
Capitalized Mortgage Servicing rights, net 0
Retained interests in securitization,
at fair value 0
Furniture, fixtures, equipment,
an software, net 20,849,524
Deferred Costs 0
Principal & Interest Advances 1,749,729
Interest in subsidiaries 13,025,892
Other Assets 19,990,412
------------
Total Assets $435,210,165
============
Liabilities:
Accounts Payable prepetition $14,118,637
Accounts Payable postpetition 196,119
Accrued Expenses - Payroll 874,888
Accrued Expenses - Other 21,298,307
Warehouse Borrowings 383,818,553
Convertible Debt 1,500,000
Servicing & Working Capital Advances 54,408,435
Capital Lease Liability 6,258
Other liabilities 32,444,043
------------
Total Liabilities 508,665,239
Stockholders' Equity:
Common Stock 625,000
Additional Paid-In Capital 1,829,770
Retained Earnings (75,909,843)
------------
Total Stockholders' Equity (73,455,073)
------------
Total Debts & Stockholders' Equity $435,210,165
============
Mortgage Lenders Network USA, Inc.
Income Statement
Month Ended February 28, 2007
Revenue
Gain on Sale - Subprime ($24,535)
Gain on Sale - SRP/MBS (68,791,504)
Mortgage origination income (1,129)
Net Warehouse interest income 1,881,968
Servicing income, net 5,571,405
Other Income 517,075
------------
Total Revenues (60,846,720)
------------
Expenses
Salaries 13,454,768
Overtime/Temp Help 56,080
Bonus/Incentives 1,500
Benefits 109,698
Rent Expense 35,408
Telephone 214,904
Repairs & Maintenances 27,975
Office & Supplies Expense 38,555
Postage/Express Mail 6,055
Service Bureau 293,765
Consulting Fees 147,403
Insurance 0
Loan Loss/Foreclosure Exp. 80,994
Appraisal/Credit Expenses 44,294
Travel & Entertainment 428
Meetings/Seminars/Education 1,560
Membership Fees/Dues/Filings 8,879
Advertising - Other 77,656
Interest Expense - Other 6,453
Legal/Regulatory Expenses 95,069
Miscellaneous Expenses 760,435
------------
Total Expenses Before Depreciation 15,461,881
Depreciation Expense 289,447
------------
Net Profit Before Reorganization Items (76,598,048)
Reorganization Items
Professional Fees 82,217
------------
Total Reorganization Items 82,217
Income Taxes 0
------------
Net Income (Loss) ($76,680,265)
============
Mortgage Lenders Network USA, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended February 28, 2007
Receipts:
Net Servicing Inflows 1,764,965
Warehouse and Loan Sale Inflows (238,173)
Sale of Fixed Assets 0
Sale of Other Assets 0
Other Inflows 1,016,761
Transfers from Cash Collateral 0
------------
Total Receipts 2,543,553
Disbursements:
Net Payroll 968,185
Payroll Taxes 130,771
Medical Coverage Sub/ FSA Withholding 32,040
Operating Expenses (6,990)
Rent 0
Utilities 44,694
Insurance 0
Administrative & Selling 0
Other 0
Professional Fees Escrow Account 0
U.S. Trustee Fees 0
DIP Fees 50,000
Transfers to Cash Collateral 0
------------
Total Disbursements 1,218,700
------------
Net Cash Flow $1,324,853
============
During February, the Debtor paid 82,217 in professional fees to
Scouler Andrews. Since the Petition Date, the Debtor has paid
$270,289 to Scouler Andrews, $00,000 to Pachulski, Stang, Ziel,
Young, and $25,000 to The Trumbull Group.
Middletown, Conn.-based Mortgage Lenders Network USA Inc. --
http://www.mlnusa.com/-- is a privately held company offering
a full range of Alt-A/Non-Conforming and Conforming loan products
through its retail and wholesale channels. The company filed for
chapter 11 protection on Feb. 5, 2007 (Bankr. D. Del. Case No.
07-10146). Pachulski Stang Ziehl Young Jones & Weintraub LLP
represents the Debtor. Blank Rome LLP represents the Official
Committee of Unsecured Creditors. In the Debtor's schedules of
assets and liabilities filed with the Court, it disclosed total
assets of $464,847,213 and total debts of $556,459,464. The
Debtor's exclusive period to file a chapter 11 plan expires on
June 5, 2007.
(Mortgage Lenders Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
NORTHWEST AIRLINES: Posts $33 Million Net Loss in February 2007
---------------------------------------------------------------
Northwest Airlines Corporation
Unaudited Condensed Consolidated Balance Sheet
As of February 28, 2007
ASSETS
Current assets:
Cash and cash equivalents $1,769,000,000
Unrestricted short-term investments 607,000,000
Restricted cash, cash equivalents &
short-term investments 462,000,000
Accounts receivable, net 646,000,000
Flight equipment spare parts, net 101,000,000
Prepaid expenses & other 378,000,000
---------------
Total current assets 3,963,000,000
Property and equipment:
Flight equipment, net 7,813,000,000
Other property & equipment, net 564,000,000
---------------
Total property & equipment 8,377,000,000
Flight Equipment under capital leases, net 12,000,000
Other assets:
International routes 634,000,000
Investments in affiliated companies 41,000,000
Other 547,000,000
---------------
Total other assets 1,222,000,000
---------------
Total assets $13,574,000,000
===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Air traffic liability $1,850,000,000
Accounts payable & other liabilities 1,470,000,000
Current maturities of long-term debt
& capital lease obligations 216,000,000
---------------
Total current liabilities 3,536,000,000
Long-term debt 4,024,000,000
Deferred Credits & other liabilities:
Long-term pension & postretirement
Health care benefits 87,000,000
Other 162,000,000
---------------
Total deferred credits & other liabilities 249,000,000
Liabilities Subject to Compromise 13,859,000,000
Preferred redeemable stock subject to Compromise 275,000,000
Common Stockholders' Equity (Deficit)
Common stock 1,000,000
Additional paid-in capital 1,507,000,000
Accumulated deficit (7,766,000,000)
Accumulated other comprehensive
income (loss) (1,098,000,000)
Treasury stock (1,013,000,000)
---------------
Total common stockholders' equity (deficit) (8,369,000,000)
---------------
Total Liabilities &
Stockholders' Equity (deficit) $13,574,000,000
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statement of Operations
For Month Ended February 28, 2007
Operating Revenues
Passenger $659,000,000
Regional carrier revenues 88,000,000
Cargo 56,000,000
Other 70,000,000
---------------
Total Operating Revenues 873,000,000
Operating Expenses
Aircraft fuel and taxes 197,000,000
Salaries, wages, and benefits 189,000,000
Selling and marketing 63,000,000
Aircraft maintenance materials and repair 62,000,000
Other rentals and landing fees 45,000,000
Depreciation and amortization 42,000,000
Aircraft rentals 32,000,000
Regional carrier expenses 66,000,000
Other 128,000,000
---------------
Total Operating Expenses 824,000,000
Operating Income (Loss) 49,000,000
Other Income (Expense)
Interest expense, net (42,000,000)
Investment income 11,000,000
Reorganization items, net (48,000,000)
Other, net (3,000,000)
---------------
Total other income (expense) (82,000,000)
---------------
Income (Loss) Before Income Taxes (33,000,000)
Income tax expense (benefit) -
---------------
Net Income (Loss) ($33,000,000)
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
For Month Ended February 28, 2007
Cash Flows from Operating Activities:
Net income (loss) ($33,000,000)
Adjustments to reconcile net loss to net
cash provided by (used in)
operating activities:
Depreciation and amortization 42,000,000
Pension and other postretirement benefit
contributions less than expense (14,000,000)
Changes in certain assets & liabilities 60,000,000
Long-term vendor deposits/holdbacks 94,000,000
Reorganization items 48,000,000
Other, net 6,000,000
---------------
Net cash provided by operating activities 203,000,000
Cash Flows from Reorganization Activities:
Net cash provided by (used in)
reorganization activities 5,000,000
Cash Flows from Investing Activities:
Capital expenditures (60,000,000)
Proceeds from sales of short term investment 10,000,000
Decrease (increase) in restricted
cash, cash equivalents &
short-term investments 51,000,000
Other, net 1,000,000
---------------
Net cash provided by (used in) investing
activities 2,000,000
Cash Flows from Financing Activities:
Proceeds from long-term debt -
Payments of long-term debt and capital
lease obligations (63,000,000)
Other, net -
---------------
Net cash provided by (used in)
financing activities (63,000,000)
---------------
Increase (Decrease) in Cash and
Cash Equivalents 147,000,000
Cash & cash equivalents at beginning of period 1,622,000,000
---------------
Cash & cash equivalents at end of period $1,769,000,000
===============
Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures. Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks. Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents. The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930). Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases. When the Debtors filed for protection
from their creditors, they listed $14.4 billion in total assets
and $17.9 billion in total debts. (Northwest Airlines Bankruptcy
News, Issue No. 65; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
Plan Update
On Jan. 12, 2007 the Debtors filed with the Court their Chapter 11
Plan. On Feb. 15, 2007, they Debtors filed wan Amended Plan &
Disclosure Statement. The Court approved the adequacy of the
Debtors' Disclosure Statement on March 26, 2007. The hearing to
consider confirmation of the Debtors' Plan is set for May 16,
2007.
PACIFIC LUMBER: Scotia Development's January 2007 Operating Report
------------------------------------------------------------------
Scotia Development LLC, et al.
Consolidated Balance Sheet
As of January 31, 2007
ASSETS
Current Assets
Cash $2,968,040
Accounts receivable, net 9,173,253
Inventory: lower cost or market 37,528,000
Prepaid expenses 6,144,248
Investments -
Other 632,784
------------
Total Current Assets 56,446,325
Property, Plant & Equipment 211,583,221
Less: Accumulated Depreciation (131,783,465)
------------
Net book value of property & plant 79,799,756
Other Assets
Notes receivable 731,878
Deferred financing costs 6,077,580
Long-term investments & other assets 2,091,542
Restricted cash 2,412,715
Deferred tax assets 14,050,772
------------
TOTAL ASSETS $161,610,567
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $2,385,195
Tax payable
Federal payroll taxes 121,573
State payroll taxes 99,840
Ad valorem taxes -
Other taxes 33,876
------------
Total taxes payable 255,289
Secured debt postpetition -
Accrued interest payable 1,270,124
Accrued professional fees 557,896
Other accrued liabilities
Compensation and benefits 128,212
Other 17,694
------------
Total Postpetition Liabilities 4,614,410
Prepetition Liabilities
Notes payable - Secured 113,302,270
Priority debt 8,391,701
Federal income tax (276,507)
FICA/ Withholding 360,129
Unsecured debt 1,613,301
Other 55,180,894
Due to Affiliate/Parent 41,635,439
------------
Total Prepetition Liabilities 220,207,227
------------
Total Liabilities 224,821,637
Owner's Equity (Deficit)
Equity in Affiliates 477,947,048
Common Stock 1,001
Additional Paid-in Capital 275,546,288
Retained Earnings: Filing Date (810,274,559)
Retained Earnings: Post Filing Date (6,430,848)
------------
Total Owner's Equity (63,211,070)
------------
TOTAL LIABILITIES & OWNERS EQUITY $161,610,567
============
Scotia Development LLC, et al.
Statement of Income
For the Period Ended January 31, 2007
Revenues $4,374,930
Total cost of revenues 5,498,166
------------
Gross Profit (1,123,236)
Operating Expenses
Selling & Marketing 78,372
General & Administrative 284,199
Insiders Compensation 51,610
Professional Fees 557,896
Idle Facilities 92,838
Environmental 30,672
------------
Total Operating Expenses 1,095,587
------------
Income before interest, depreciation, tax (2,218,823)
Interest Expense 1,270,124
Depreciation 536,159
Other (Income) Expenses (33,060)
Amortization of Deferred Financing Costs 132,000
Equity Loss (Earnings) in Subsidiary 2,318,571
Total Interest, Depreciation & Other Items 4,223,794
------------
Net Income Before Taxes (6,442,617)
Federal Income Tax (11,769)
------------
Net Income (Loss) ($6,430,848)
============
Scotia Development LLC, et al.
Cash Receipts and Disbursements
For the Month Ended January 31, 2007
Receipts
Cash Sales $5,619
Collection of Accounts Receivable 3,989,698
Loans & Advances 1,660,756
Sale of Assets -
Other 7,186
------------
Total Receipts 5,663,259
Disbursements
Net payroll 674,881
Payroll txes paid 246,446
Sales, use & other taxes paid 3,061
Secured/rentals/leases -
Utilities & telephone -
Insurance 264,251
Cost of goods sold 669,048
Vehicle expenses 26,708
Travel & entertainment -
Repairs, maintenance & supplies 134,694
Administrative & selling 178,399
Other 1,762,438
------------
Total Disbursements from operations 3,959,926
Professional fees -
U.S. Trustee fees -
Other reorganization expenses -
------------
Total Disbursements 3,959,926
------------
Net Cash Flow 1,703,333
------------
Cash, at the beginning of the month 1,264,707
------------
Cash, at the end of the month $2,968,040
============
Headquartered in Oakland, California, The Pacific Lumber Company
-- http://www.palco.com/-- and its subsidiaries operate in
several principal areas of the forest products industry,
including the growing and harvesting of redwood and Douglas-fir
timber, the milling of logs into lumber and the manufacture of
lumber into a variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jeffrey L. Schaffer, Esq.,
William J. Lafferty, Esq., and Gary M. Kaplan, Esq., at Howard
Rice Nemerovski Canady Falk & Rabkin, A Professional Corporation
is Pacific Lumber's lead counsel. Nathaniel Peter Holzer, Esq.,
Harlin C. Womble, Jr. , Esq., and Shelby A. Jordan, Esq., at
Jordan Hyden Womble Culbreth & Holzer PC, is Pacific Lumber's co-
counsel. Kathryn A. Coleman, Esq., and Eric J. Fromme, Esq., at
Gibson, Dunn & Crutcher LLP, acts as Scotia Pacific's lead
counsel. John F. Higgins, Esq., and James Matthew Vaughn, Esq.,
at Porter & Hedges LLP, is Scotia Pacific's co-counsel.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335. The Debtors' exclusive period to file a chapter
11 plan expires on May 18, 2007. (Scotia/Pacific Lumber
Bankruptcy News, Issue No. 12, http://bankrupt.com/newsstand/or
215/945-7000).
PACIFIC LUMBER: Scotia Development's Feb. 2007 Operating Report
---------------------------------------------------------------
Scotia Development LLC, et al.
Consolidated Balance Sheet
As of February 28, 2007
ASSETS
Current Assets
Cash $4,940,410
Accounts receivable, net 9,540,173
Inventory: lower cost or market 30,821,000
Prepaid expenses 5,767,247
Investments 0
Other 637,714
------------
Total Current Assets 51,706,544
Property, Plant & Equipment 211,935,885
Less: Accumulated Depreciation (132,634,712)
------------
Net book value of property & plant 79,301,173
Other Assets
Notes receivable 724,405
Deferred financing costs 5,850,963
Long-term investments & other assets 2,250,185
Restricted cash 2,412,715
Deferred tax assets 14,050,772
------------
TOTAL ASSETS $156,296,757
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $581,042
Tax payable
Federal payroll taxes 83,846
State payroll taxes 109,789
Ad valorem taxes 0
Other taxes 103,977
------------
Total taxes payable 297,612
Secured debt postpetition 0
Accrued interest payable 2,515,005
Accrued professional fees 1,381,578
Other accured liabilities
Compensation and benefits (14,204)
Other 102,543
------------
Total Postpetition Liabilities 4,863,576
Prepetition Liabilities
Notes payable - Secured 113,302,270
Priority debt 8,136,930
Federal income tax (276,507)
FICA/ Withholding 334,221
Unsecured debt 2,973,279
Other 54,414,229
Due to Affiliate/Parent 41,635,439
------------
Total Prepetition Liabilities 220,519,861
------------
Total Liabilities 225,383,437
Owner's Equity (Deficit)
Equity in Affiliates 478,332,873
Common Stock 1,001
Additional Paid-in Capital 275,546,288
Retained Earnings: Filing Date (810,281,507)
Retained Earnings: Post Filing Date (12,685,334)
------------
Total Owner's Equity (69,086,679)
------------
TOTAL LIABILITIES & OWNERS EQUITY $156,296,758
============
Scotia Development LLC, et al.
Consolidated Statement of Income
For the Period Ended February 28, 2007
Revenues $9,761,491
Total cost of revenues 11,670,293
------------
Gross Profit (1,908,802)
Operating Expenses
Selling & Marketing 83,285
General & Administrative 465,266
Insiders Compensation 120,424
Professional Fees 823,682
Idle Facilities 78,738
Environmental 21,258
------------
Total Operating Expenses 1,592,653
------------
Income before interest, depreciation, tax (3,501,455)
Interest Expense 1,244,881
Depreciation 940,251
Other (Income) Expenses (42,425)
Amortization of Deferred Financing Costs 225,900
Equity Loss (Earnings) in Subsidiary 384,424
Total Interest, Depreciation & Other Items 2,753,031
------------
Net Income Before Taxes (6,254,486)
Federal Income Tax 0
------------
Net Income (Loss) ($6,254,486)
============
Scotia Development LLC, et al.
Cash Receipts and Disbursements
For the Month Ended February 28, 2007
Receipts
Cash Sales $93,634
Collection of Accounts Receivable 9,146,146
Loans & Advances 3,040
Sale of Assets 0
Other 305,143
------------
Total Receipts 9,547,962
Disbursements
Net payroll 1,230,206
Payroll taxes paid 540,579
Sales, use & other taxes paid 41,982
Secured/rentals/leases 1,804
Utilities & telephone 105,888
Insurance 621,055
Cost of goods sold 2,592,276
Vehicle expenses 31,851
Travel & entertainment 12,701
Repairs, maintenance & supplies 478,012
Administrative & selling 481,756
Other 1,437,480
------------
Total Disbursements from operations 7,575,592
Professional fees -
U.S. Trustee fees -
Other reorganization expenses -
------------
Total Disbursements 7,575,592
------------
Net Cash Flow 1,972,370
------------
Cash, at the beginning of the month 2,968,040
------------
Cash, at the end of the month $4,940,410
============
Headquartered in Oakland, California, The Pacific Lumber Company
-- http://www.palco.com/-- and its subsidiaries operate in
several principal areas of the forest products industry,
including the growing and harvesting of redwood and Douglas-fir
timber, the milling of logs into lumber and the manufacture of
lumber into a variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jeffrey L. Schaffer, Esq.,
William J. Lafferty, Esq., and Gary M. Kaplan, Esq., at Howard
Rice Nemerovski Canady Falk & Rabkin, A Professional Corporation
is Pacific Lumber's lead counsel. Nathaniel Peter Holzer, Esq.,
Harlin C. Womble, Jr. , Esq., and Shelby A. Jordan, Esq., at
Jordan Hyden Womble Culbreth & Holzer PC, is Pacific Lumber's co-
counsel. Kathryn A. Coleman, Esq., and Eric J. Fromme, Esq., at
Gibson, Dunn & Crutcher LLP, acts as Scotia Pacific's lead
counsel. John F. Higgins, Esq., and James Matthew Vaughn, Esq.,
at Porter & Hedges LLP, is Scotia Pacific's co-counsel.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335. The Debtors' exclusive period to file a chapter
11 plan expires on May 18, 2007. (Scotia/Pacific Lumber
Bankruptcy News, Issue No. 12, http://bankrupt.com/newsstand/or
215/945-7000).
PACIFIC LUMBER: Scotia Pacific Earns $602,006 in January 2007
-------------------------------------------------------------
Scotia Pacific Company LLC
Consolidated Balance Sheet
As of January 31, 2007
ASSETS
Current Assets
Cash $46,692,132
Accounts receivable, net 3,079,276
Inventory: lower cost or market 0
Prepaid expenses 6,178,318
Investments 0
Other 667,953
------------
Total Current Assets 56,617,679
Property, Plant & Equipment 610,330,711
Less: Accumulated Depreciation (368,111,115)
------------
Net book value of property & plant 242,219,596
Other Assets
Notes receivable
Deferred financing costs
Long-term investments & other assets
Restricted cash
Capitalized Expenses 11,003,624
Deferred tax assets
------------
TOTAL ASSETS $309,840,900
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $0
Tax payable
Federal payroll taxes 16,980
State payroll taxes 17,957
Ad valorem taxes 0
Other taxes 52,961
------------
Total taxes payable 87,899
Secured debt postpetition 0
Accrued interest payable 54,930
Accrued professional fees 0
Other accured liabilities
Unsecured Debt 259,592
Payroll 140,109
Other 34,136
------------
Total Postpetition Liabilities 576,664
Prepetition Liabilities
Notes payable - Secured 766,107,876
Priority debt 526,976
Federal income tax 0
FICA/ Withholding 0
Unsecured debt 2,946,635
Other 916,483
Due to Affiliate/Parent
------------
Total Prepetition Liabilities 770,497,971
------------
Total Liabilities 771,074,635
Owner's Equity (Deficit)
Equity in Affiliates
Common Stock 20,384,905
Additional Paid-in Capital 179,838,186
Retained Earnings: Filing Date (662,058,832)
Retained Earnings: Post Filing Date 602,006
------------
Total Owner's Equity (461,233,735)
------------
TOTAL LIABILITIES & OWNERS EQUITY $309,840,900
============
Scotia Pacific Company LLC
Consolidated Statement of Income
For the Period Ended January 31, 2007
Revenues $1,321,071
Total cost of revenues 411,027
------------
Gross Profit 910,044
Operating Expenses
Selling & Marketing
General & Administrative 125,906
Insiders Compensation
Professional Fees
Idle Facilities
Environmental
------------
Total Operating Expenses 125,906
------------
Income before interest, depreciation, tax 784,138
Interest Expense (9,485)
Depreciation 276,701
Other (Income) Expenses (83,870)
Restructuring (1,215)
Amortization of Deferred Financing Costs
Equity Loss (Earnings) in Subsidiary
Total Interest, Depreciation & Other Items 182,132
------------
Net Income Before Taxes 602,006
Federal Income Tax 0
------------
Net Income (Loss) $602,006
============
Scotia Pacific Company LLC
Cash Receipts and Disbursements
For the Month Ended January 31, 2007
Receipts
Cash Sales $0
Collection of Accounts Receivable
Loans & Advances
Sale of Assets 100,724
Other 1,037
------------
Total Receipts 101,761
Disbursements
Net payroll 136,549
Payroll taxes paid -
Sales, use & other taxes paid -
Secured/rentals/leases -
Utilities & telephone -
Insurance -
Cost of goods sold -
Vehicle expenses 20
Travel & entertainment -
Repairs, maintenance & supplies -
Administrative & selling 95,227
Other -
------------
Total Disbursements from operations 231,796
Professional fees -
U.S. Trustee fees -
Other reorganization expenses -
------------
Total Disbursements 231,796
------------
Net Cash Flow (130,035)
------------
Cash, at the beginning of the month 46,822,167
------------
Cash, at the end of the month $46,692,132
============
Headquartered in Oakland, California, The Pacific Lumber Company
-- http://www.palco.com/-- and its subsidiaries operate in
several principal areas of the forest products industry,
including the growing and harvesting of redwood and Douglas-fir
timber, the milling of logs into lumber and the manufacture of
lumber into a variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jeffrey L. Schaffer, Esq.,
William J. Lafferty, Esq., and Gary M. Kaplan, Esq., at Howard
Rice Nemerovski Canady Falk & Rabkin, A Professional Corporation
is Pacific Lumber's lead counsel. Nathaniel Peter Holzer, Esq.,
Harlin C. Womble, Jr. , Esq., and Shelby A. Jordan, Esq., at
Jordan Hyden Womble Culbreth & Holzer PC, is Pacific Lumber's co-
counsel. Kathryn A. Coleman, Esq., and Eric J. Fromme, Esq., at
Gibson, Dunn & Crutcher LLP, acts as Scotia Pacific's lead
counsel. John F. Higgins, Esq., and James Matthew Vaughn, Esq.,
at Porter & Hedges LLP, is Scotia Pacific's co-counsel.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335. The Debtors' exclusive period to file a chapter
11 plan expires on May 18, 2007. (Scotia/Pacific Lumber
Bankruptcy News, Issue No. 12, http://bankrupt.com/newsstand/or
215/945-7000).
PACIFIC LUMBER: Scotia Pacific Posts $1.6MM Net Loss in Feb. 2007
-----------------------------------------------------------------
Scotia Pacific Company LLC
Consolidated Balance Sheet
As of February 28, 2007
ASSETS
Current Assets
Cash $47,175,958
Accounts receivable, net 3,244,141
Inventory: lower cost or market 0
Prepaid expenses 6,092,870
Investments 0
Other 713,469
------------
Total Current Assets 57,226,439
Property, Plant & Equipment 610,774,210
Less: Accumulated Depreciation (368,534,068)
------------
Net book value of property & plant 242,240,142
Other Assets
Notes receivable -
Deferred financing costs -
Long-term investments & other assets -
Restricted cash -
Capitalized Expenses 10,830,297
Deferred tax assets -
------------
TOTAL ASSETS $310,296,877
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $0
Tax payable
Federal payroll taxes 6,796
State payroll taxes 34,113
Ad valorem taxes 0
Other taxes 145,973
------------
Total taxes payable 186,882
Secured debt postpetition 0
Accrued interest payable 240,095
Accrued professional fees 1,180,403
Other accured liabilities
Unsecured Debt 922,969
Payroll 146,757
Other 104,200
------------
Total Postpetition Liabilities 2,781,306
Prepetition Liabilities
Notes payable - Secured 766,120,353
Priority debt 526,976
Federal income tax 0
FICA/ Withholding 0
Unsecured debt 2,862,255
Other 912,668
Due to Affiliate/Parent
------------
Total Prepetition Liabilities 770,422,253
------------
Total Liabilities 773,203,558
Owner's Equity (Deficit)
Equity in Affiliates
Common Stock 20,384,905
Additional Paid-in Capital 179,838,186
Retained Earnings: Filing Date (662,058,832)
Retained Earnings: Post Filing Date (1,070,940)
------------
Total Owner's Equity (462,906,681)
------------
TOTAL LIABILITIES & OWNERS EQUITY $310,296,877
============
Scotia Pacific Company LLC
Consolidated Statement of Income
For the Period Ended February 28, 2007
Revenues $1,484,570
Total cost of revenues 954,921
------------
Gross Profit 529,648
Operating Expenses
Selling & Marketing -
General & Administrative 258,957
Insiders Compensation -
Professional Fees -
Idle Facilities -
Environmental -
------------
Total Operating Expenses 258,957
------------
Income before interest, depreciation, tax 270,691
Interest Expense 261,008
Depreciation 499,061
Other (Income) Expenses 994
Restructuring 1,182,574
Amortization of Deferred Financing Costs
Equity Loss (Earnings) in Subsidiary
Total Interest, Depreciation & Other Items 1,943,637
------------
Net Income Before Taxes (1,672,946)
Federal Income Tax
------------
Net Income (Loss) ($1,672,946)
============
Scotia Pacific Company LLC
Cash Receipts and Disbursements
For the Month Ended February 28, 2007
Receipts
Cash Sales $0
Collection of Accounts Receivable
Loans & Advances
Sale of Assets
Interest Income 232,529
Log Sales 1,072,232
Other 0
------------
Total Receipts 1,304,762
Disbursements
Net payroll 227,311
Payroll txes paid 53,697
Sales, use & other taxes paid 0
Secured/rentals/leases 0
Utilities & telephone 159
Insurance 34,950
Cost of goods sold 0
Vehicle expenses 1,179
Travel & entertainment 1,201
Repairs, maintenance & supplies 2,622
Administrative & selling 499,817
Other 0
------------
Total Disbursements from operations 820,936
Professional fees -
U.S. Trustee fees -
Other reorganization expenses -
------------
Total Disbursements 820,936
------------
Net Cash Flow 483,826
------------
Cash, at the beginning of the month 46,692,132
------------
Cash, at the end of the month $47,175,958
============
Headquartered in Oakland, California, The Pacific Lumber Company
-- http://www.palco.com/-- and its subsidiaries operate in
several principal areas of the forest products industry,
including the growing and harvesting of redwood and Douglas-fir
timber, the milling of logs into lumber and the manufacture of
lumber into a variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jeffrey L. Schaffer, Esq.,
William J. Lafferty, Esq., and Gary M. Kaplan, Esq., at Howard
Rice Nemerovski Canady Falk & Rabkin, A Professional Corporation
is Pacific Lumber's lead counsel. Nathaniel Peter Holzer, Esq.,
Harlin C. Womble, Jr. , Esq., and Shelby A. Jordan, Esq., at
Jordan Hyden Womble Culbreth & Holzer PC, is Pacific Lumber's co-
counsel. Kathryn A. Coleman, Esq., and Eric J. Fromme, Esq., at
Gibson, Dunn & Crutcher LLP, acts as Scotia Pacific's lead
counsel. John F. Higgins, Esq., and James Matthew Vaughn, Esq.,
at Porter & Hedges LLP, is Scotia Pacific's co-counsel.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335. The Debtors' exclusive period to file a chapter
11 plan expires on May 18, 2007. (Scotia/Pacific Lumber
Bankruptcy News, Issue No. 12, http://bankrupt.com/newsstand/or
215/945-7000).
SOLUTIA INC: Posts $6 Million Net Loss in February 2007
-------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated
Financial Position
As of February 28, 2007
ASSETS
Cash $80,000,000
Trade Receivables, net 186,000,000
Account Receivables-Unconsolidated Subsidiaries 54,000,000
Inventories 180,000,000
Other Current Assets 233,000,000
Assets of Discontinued Operations 0
--------------
Total Current Assets 733,000,000
Property, Plant and Equipment, net 657,000,000
Investments in Subsidiaries and Affiliates 572,000,000
Intangible Assets, net 100,000,000
Other Assets 70,000,000
--------------
Total Assets $2,132,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts Payable $176,000,000
Short Term Debt 975,000,000
Other Current Liabilities 155,000,000
Liabilities of Discontinued Operations 1,000,000
--------------
Total Current Liabilities 1,307,000,000
Long-Term Debt 0
Other Long-Term Liabilities 195,000,000
--------------
Total Liabilities not Subject to Compromise 1,502,000,000
Liabilities Subject to Compromise 1,927,000,000
Shareholders' Deficit (1,297,000,000)
--------------
Total Liabilities & Shareholders' Deficit $2,132,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended February 28, 2007
Total Net Sales $187,000,000
Total Cost Of Goods Sold 170,000,000
--------------
Gross Profit 17,000,000
Total MAT Expense 17,000,000
--------------
Operating Income (Loss) 0
Equity Earnings from Affiliates 3,000,000
Interest Expense, net (8,000,000)
Other Income, net 3,000,000
Reorganization Items:
Professional fees (4,000,000)
Employee severance and retention costs 0
Other 0
--------------
(4,000,000)
--------------
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/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide. The company
and 15 debtor-affiliates 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 Allen E. Grimes, III, Esq., at Dinsmore
& Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn &
Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and
noticing agent. 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. 83; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
In February 2007, the Honorable Prudence Carter Beatty entered a
bridge order extending the Debtors' exclusive period to file a
plan until April 30, 2007.
SONICBLUE INC: Files February 2007 Monthly Operating Report
-----------------------------------------------------------
At Feb. 28, 2007, SONICblue Incorporated reports that it is
sitting on $79,618,874 of cash, has accrued $646,234 in
postpetition liabilities, and faces a $236,604,166 mountain of
prepetition debts.
A full-text copy of SONICblue Inc.'s February 2007 Monthly
Operating Report is available at no charge at:
http://researcharchives.com/t/s?1d20
Headquartered in Santa Clara, California, SONICblue Incorporated
is involved in the converging Internet, digital media,
entertainment and consumer electronics markets. The company,
together with three of its wholly owned subsidiaries, Diamond
Multimedia Systems, Inc., ReplayTV, Inc., and Sensory Science
Corporation, filed for chapter 11 protection on Mar. 21, 2003
(Bankr. N.D. Calif. Case Nos. 03-51775 to 03-51778). Craig A.
Barbarosh, Esq., at the Law Offices of Pillsbury Winthrop,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
assets totaling $342,871,000 and debts totaling $335,473,000.
TOWER AUTOMOTIVE: Posts $14.7 Million Net Loss in February 2007
---------------------------------------------------------------
Tower Automotive, Inc., and Subsidiaries
Unaudited Consolidated Balance Sheet
As of February 28, 2007
(In Thousands)
Cash and cash equivalents $163
Accounts receivable 109,429
Inventories 41,230
Prepaid tooling and other 29,619
------------
TOTAL CURRENT ASSETS 180,441
------------
Property, plant and equipment, net 464,036
Investment in and advances to affiliates 788,988
Other assets, net 34,931
------------
TOTAL ASSETS $1,468,396
============
CURRENT LIABILITIES NOT SUBJECT TO
COMPROMISE:
Current maturities of L-T debt and capital lease $3
obligations
Current maturities of DIP borrowings 652,400
Accounts payable 98,111
Accrued liabilities 101,011
------------
TOTAL CURRENT LIABILITIES 851,525
------------
Liabilities subject to comprise: 1,291,928
Non-Current Liabilities Not Subject to
Compromise:
Long-term debt, net of current maturities 84,751
Other non-current liabilities 19,968
------------
TOTAL LIABILITIES 2,248,172
------------
STOCKHOLDERS' DEFICIT: (779,776)
------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT: $1,468,396
============
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Operations
February 1 to 28, 2007
(In Thousands)
Revenues $87,577
Cost of sales 86,949
------------
Gross profit 628
Selling, general and administrative 4,932
expenses
Restructuring & asset impairment 2,015
charges, net
Other operating income 379
------------
Operating income (loss) (6,698)
Interest expense 7,683
Interest income (60)
Intercompany interest (income)/expense (2,704)
Chapter 11 and related reorganization items 2,958
------------
Income (loss) before provision for income (14,575)
taxes, equity in earnings of joint
ventures, and minority interest
Provision (benefit) for income taxes 152
Income (loss) before equity in earnings of (14,727)
joint ventures
Equity in earnings of joint ventures, net of tax (24)
------------
NET INCOME/(LOSS) ($14,751)
============
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Cash Flows
February 1 to 28, 2007
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($14,751)
Adjustments required to reconcile net loss
to net cash provided by (used in)
operating activities:
Chapter 11 & related reorganization items, net 1,482
Restructuring and asset impairment, net 2,549
Depreciation 7,697
Equity in earnings of joint ventures, net 24
Change in working capital & other operating items (13,359)
------------
Net cash provided by (used in) operating (16,358)
activities:
INVESTING ACTIVITIES:
Cash disbursed for purchase of property, 3,273
plant and equipment
------------
Net cash used for investing activities 3,273
FINANCING ACTIVITIES:
Proceeds from non-DIP borrowings -
Repayments of non-DIP borrowings -
Borrowings from DIP credit facility 117,000
Repayments of borrowings from DIP facility (105,000)
------------
Net cash provided by (used in) financing 12,000
activities
------------
Net change in cash and cash equivalents (1,085)
------------
Cash and Cash Equivalents, beginning of period 1,248
------------
Cash and Cash Equivalents, end of period $163
============
Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo. Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components. The company has operations in Korea, Spain, and
Brazil.
The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601). James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts. Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors. When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts. The Debtors' exclusive period to file a chapter 11 plan
of reorganization expired on March 30, 2007. The Debtors hope
to file a chapter 11 plan by April 20, 2007. (Tower Automotive
Bankruptcy News, Issue No. 58; 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,
Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez,
Nikki Frances S. Fonacier, Tara Marie A. Martin, and Peter A.
Chapman, Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher Beard
at 240/629-3300.
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