/raid1/www/Hosts/bankrupt/TCR_Public/070519.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, May 19, 2007, Vol. 11, No. 118
Headlines
DANA CORP: Posts $37 Million Net Loss in March 2007
DURA AUTOMOTIVE: Files Amended April 2007 Operating Report
INTERSTATE BAKERIES: Posts $4.3 Million Net Loss in March 2007
REFCO LLC: Chapter 7 Trustee Discloses March 2007 Operating Report
SAINT VINCENTS: March 31 Balance Sheet Upside-Down by $510.9 Mil.
*********
DANA CORP: Posts $37 Million Net Loss in March 2007
---------------------------------------------------
Dana Corporation
Condensed Balance Sheet
At March 31, 2007
ASSETS
CURRENT ASSETS
Cash and cash equivalent assets $1,197,000,000
Accounts receivable
Trade 1,334,000,000
Other 265,000,000
Inventories 729,000,000
Assets of discontinued operations 206,000,000
Other current assets 141,000,000
----------------
Total current assets 3,872,000,000
Investments and other assets 998,000,000
Investments in equity affiliates 408,000,000
Net property, plant and equipment 1,731,000,000
----------------
TOTAL ASSETS $7,009,000,000
================
LIABILITY AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable, including current portion
of long-term debt $993,000,000
Accounts payable 1,051,000,000
Liabilities of discontinued operations 144,000,000
Other accrued liabilities 741,000,000
----------------
Total current liabilities 2,929,000,000
Liabilities subject to compromise 4,340,000,000
Deferred employee benefits and other
non-current liabilities 510,000,000
Long-term debt 14,000,000
Minority interest in consolidate subsidiaries 77,000,000
Shareholder' equity (861,000,000)
----------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $7,009,000,000
================
Dana Corporation
Unaudited Condensed Statement of Operations
Month Ending March 31, 2007
Net Sales $786,000,000
Costs and expenses
Costs of sales 718,000,000
Selling, general & administrative expenses 39,000,000
Impairment of goodwill 11,000,000
Other income, net 14,000,000
----------------
Income (loss) from operations 32,000,000
Interest expense 7,000,000
Reorganization charges 10,000,000
----------------
Income (loss) before income taxes 15,000,000
Income tax (expense) benefit (3,000,000)
Minority interest 1,000,000
Equity in earnings of affiliates 2,000,000
----------------
Income (loss) from continuing operations 19,000,000
Income (loss) from discontinued operations (56,000,000)
----------------
Net income (loss) ($37,000,000)
================
Dana Corporation
Unaudited Condensed Statement of Cash Flow
Month Ended March 31, 2007
OPERATING ACTIVITIES
Net income (loss) ($37,000,000)
Depreciation and amortization 23,000,000
Loss on sale of business 27,000,000
Increase in working capital (24,000,000)
Unremitted equity in earnings of affiliates (2,000,000)
Other 8,000,000
----------------
Net cash flow provided by
(used for) operating activities (5,000,000)
INVESTING ACTIVITIES
Purchases of property, plant and equipment (15,000,000)
Proceeds from sale of assets 277,000,000
----------------
Net cash flow provided by
(used for) operating activities 262,000,000
FINANCING ACTIVITIES
Net change in short-term debt (5,000,000)
Payments of long-term debt 0
Proceeds from DIP facility 0
----------------
Net cash flow provided by
(used for) financing activities (5,000,000)
Net increase in cash equivalents 252,000,000
----------------
Cash and cash equivalents, beginning of period 945,000,000
----------------
Cash and cash equivalents, end of period $1,197,000,000
===============
About Dana Corp.
Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in the
world, and supplies drivetrain, chassis, structural, and engine
technologies to those companies. Dana employs 46,000 people in
28 countries. Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.
The company and its affiliates filed for chapter 11 protection on
Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30,
2005, the Debtors listed $7,900,000,000 in total assets and
$6,800,000,000 in total debts.
Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in
Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.
Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP,
represents the Official Committee of Unsecured Creditors. Fried,
Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the
Official Committee of Equity Security Holders. Stahl Cowen
Crowley, LLC serves as counsel to the Official Committee of
Non-Union Retirees.
The Debtors' exclusive period to file a plan expires on Sept. 3,
2007. They have until Nov. 2, 2007, to solicit acceptances of
that plan. (Dana Corporation Bankruptcy News, Issue No. 42;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
DURA AUTOMOTIVE: Files Amended April 2007 Operating Report
----------------------------------------------------------
The Debtors submitted a revised monthly operating report for the
month ended April 1, 2007.
The Debtors' financial statements have been revised primarily for
about $2,700,000 over accrual of reorganization professional
fees, $800,000 of additional pension curtailment loss, $900,000
revision to cash balance for cleared disbursements, and for
adjustments made to Dec. 31, 2006, ending stockholder's
investment for 2006 year end items.
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Balance Sheet
As of April 1, 2007
(Dollars in thousands)
ASSETS
Current assets:
Cash and cash equivalents $5,015
Accounts receivable, net
Trade 146,549
Other 16,186
Non-Debtor subsidiaries 24,289
Inventories 80,796
Other current assets 41,284
----------
Total current assets 314,119
----------
Property, plant and equipment, net 172,185
Goodwill, net 249,927
Notes receivable from Non-Debtors subsidiaries 183,142
Investment in Non-Debtors subsidiaries 790,647
Other noncurrent assets 25,811
----------
Total Assets $1,735,831
==========
LIABILITIES AND NET LIABILITIES IN LIQUIDATION
Current liabilities:
Debtors-in-possession financing $193,139
Accounts payable 42,724
Accounts payable to Non-Debtors subsidiaries 922
Accrued Liabilities 89,274
----------
Total current liabilities 326,059
----------
Long-term Liabilities:
Notes Payable to Non-Debtors subsidiaries 8,662
Other noncurrent liabilities 58,221
Liabilities Subject to Compromise 1,319,375
----------
Total Liabilities 1,712,317
Stockholders' Investment 23,514
----------
Total Liabilities and Stockholders' Investment $1,735,831
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statement of Operations
For the Five Weeks Ended April 1, 2007
(Dollars in thousands)
Total sales $102,608
Cost of sales 100,363
----------
Gross (loss) profit 2,245
Selling, general and administrative expenses 8,333
Facility consolidation, asset impairment
and other charges 5,378
Amortization expense 34
----------
Operating (loss) income (11,500)
Interest expense, net 4,176
----------
Loss before reorganization items and income taxes (15,676)
Reorganization items 5,626
----------
Loss before income taxes (21,302)
Provision for income taxes 47
----------
Net Loss ($21,349)
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statements of Cash Flows
For the Five Weeks Ended April 1, 2007
(Dollars in thousands)
Operating Activities:
Net loss ($21,349)
Adjustments to reconcile net loss to net cash used
in operations activities:
Depreciation, amortization & asset impairment 2,707
Amortization of deferred financing fees 665
Bad debts 118
Reorganization items 5,626
Changes in other operating items:
Accounts receivable (9,480)
Inventories 1,497
Other current assets 1,888
Noncurrent assets 105
Accounts payable (2,947)
Accrued liabilities (4,161)
Noncurrent liabilities 1,027
Current intercompany transactions (2,139)
----------
Net cash (used in) provided by operating activities (26,443)
Investing Activities:
Purchases of property, plant & equipment (1,387)
----------
Net cash (used in) provided by investing activities (1,387)
Financing Activities:
DIP borrowings 28,139
Payments on prepetition debt (323)
----------
Net cash used in financing activities 27,816
Net Increase (Decrease) in Cash & Equivalents (14)
Cash & Cash Equivalent, Beginning Balance 5,029
----------
Cash & Cash Equivalent, Ending Balance $5,015
==========
About DURA Automotive Systems
Headquartered in Rochester Hills, Michigan DURA Automotive Systems
Inc. (Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an
independent designer and manufacturer of driver control systems,
seating control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry. The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries. DURA sells its automotive products to North American,
Japanese and European original equipment manufacturers and other
automotive suppliers.
The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr.
D. Delaware Case No. 06-11202). Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine
Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the
Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J.
DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton
& Finger, P.A. Attorneys are the Debtors' co-counsel. Baker &
McKenzie acts as the Debtors' special counsel. Togut, Segal &
Segal LLP is the Debtors' conflicts counsel. Miller Buckfire &
Co., LLC is the Debtors' investment banker. Glass & Associates
Inc., gives financial advice to the Debtor. Kurtzman Carson
Consultants LLC handles the notice, claims and balloting for the
Debtors and Brunswick Group LLC acts as their Corporate
Communications Consultants for the Debtors. As of July 2, 2006,
the Debtor had $1,993,178,000 in total assets and $1,730,758,000
in total liabilities.
The Debtors' exclusive plan-filing period expires on May 23, 2007.
(Dura Automotive Bankruptcy News, Issue No. 19; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
INTERSTATE BAKERIES: Posts $4.3 Million Net Loss in March 2007
--------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended March 10, 2007
REVENUE
Gross Income $223,812,931
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 55,359,663
Direct & Indirect Labor 39,941,748
Overhead & Production Administration 12,641,539
-------------
Total Cost of Goods Sold 107,942,950
-------------
Gross Profit 115,869,981
-------------
OPERATING EXPENSES
Owner - Draws/Salaries -
Selling & Delivery Employee Salaries 53,701,813
Advertising and Marketing 924,729
Insurance (Property, Casualty, & Medical) 9,747,503
Payroll Taxes 4,803,494
Lease and Rent 3,233,356
Telephone and Utilities 1,741,458
Corporate Expense (Including Salaries) 7,622,623
Other Expenses 27,532,716
-------------
Total Operating Expenses 109,307,692
-------------
EBITDA 6,562,289
Restructuring & Reorganization Charges 892,958
Depreciation and Amortization 5,788,083
Abandonment 1,407,626
Other(Income)/Expense (89,585)
Gain/Loss Sale of Property -
Interest Expense 3,714,119
-------------
Operating Income (Loss) (5,150,912)
Income Tax Expense (Benefit) (826,984)
-------------
Net Income (Loss) ($4,323,928)
=============
CURRENT ASSETS
Accounts Receivable at end of period $146,552,912
Increase (Dec.) in Accounts Receivable 3,551,487
Inventory at end of period 67,091,712
Increase (Decrease) in Inventory for period 1,902,353
Cash at end of period 70,907,447
Increase (Decrease) in Cash for period (9,125,395)
Restricted Cash 8,828,893
Increase (Dec.) in Restricted Cash for period 20,112
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise (3,162,719)
Increase (Decrease) in Liabilities
Subject to Compromise (768,152)
Taxes payable:
Federal Payroll Taxes 10,212,571
State/Local Payroll Taxes 7,612,920
State Sales Taxes 700,902
Real Estate and Personal Property Taxes 8,464,358
Other 4,167,033
-------------
Total Taxes Payable $31,157,784
=============
About Interstate Bakeries
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.
The company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No. 04-
45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due Aug. 15, 2014,
on Aug. 12, 2004) in total debts.
The Debtors' exclusive period to file a chapter 11 plan expires on
June 2, 2007. (Interstate Bakeries Bankruptcy News, Issue No. 61;
Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
REFCO LLC: Chapter 7 Trustee Discloses March 2007 Operating Report
------------------------------------------------------------------
Albert Togut, the Chapter 7 trustee overseeing the liquidation
of Refco LLC's estate, delivered to the Court a monthly
statement of cash receipts and disbursements for the period from
March 1 to 31, 2007.
The Trustee reports that Refco LLC's beginning balance as of
March 1 totals $635,534,000. The Debtor's beginning purchase
price account balance totals $12,145,000, while its beginning
capital account "A" balance aggregates $623,389,000.
The purchase price account includes activity related to Man
Financial Inc. sale proceeds and related disbursements. Capital
account "A" includes activities related to collection of excess
capital.
Refco LLC received $3,013,000 and disbursed $32,000 during the
reporting period. The Debtor held $638,515,000 at the end of the
period.
The Chapter 7 Trustee prepared the Monthly Statement in lieu of
comprehensive financial statements.
A full-text copy of Refco LLC's March 2007 Monthly Statement is
available for free at http://bankrupt.com/misc/refcollcMarMOR.pdf
Headquartered in New York, Refco Inc. -- http://www.refco.com/--
is a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the most
active members of futures exchanges in Chicago, New York, London
and Singapore. In addition to its futures brokerage activities,
Refco is a major broker of cash market products, including foreign
exchange, foreign exchange options, government securities,
domestic and international equities, emerging market debt, and OTC
financial and commodity products. Refco is one of the largest
global clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006. That Plan became effective on
Dec. 26, 2007. (Refco Bankruptcy News, Issue No. 63; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
SAINT VINCENTS: March 31 Balance Sheet Upside-Down by $510.9 Mil.
-----------------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of March 31, 2007
ASSETS
Cash & Cash Equivalents $9,833,161
Investments -
Patients Accounts Receivable, less allowance for
doubtful accounts 87,676,307
Accounts Receivable 43,207,824
Other Current Assets 21,438,215
Assets Held For Sale 11,523,942
--------------
Total Current Assets 173,679,449
Depreciation Reserve Funds & Collaterized Assets 6,667,088
Assets Designated for Self-Insurance
Investments at Market 47,869,187
Assets whose use is limited -
Investments at Market 58,668,545
Other Non-Current Assets 31,228,407
Land, Buildings & Equipment, net of
Accumulated Depreciation 116,769,967
--------------
Total Assets $434,882,643
==============
LIABILITIES AND NET ASSETS
Liabilities Not Subject to Compromise:
Long-term Debt 91,325,573
Long-term Debt (GE) 99,857,944
Accounts Payables & Accrued Expenses 126,371,316
Accrued Salaries & Payroll Taxes Withheld 35,636,459
Estimated Retroactive Payables 95,817,043
Other Non-current Liabilities 15,664,385
-------------
Total Liabilities Not Subject to Compromise 464,672,720
Liabilities Subject to Compromise:
Liabilities Subject to Compromise 481,131,676
--------------
Total Liabilities Subject to Compromise 481,131,676
--------------
Total Liabilities 945,804,396
Net Assets:
Unrestricted (578,070,677)
Temporarily Restricted 41,603,977
Permanently Restricted 25,544,947
--------------
Total Net Assets (510,921,753)
--------------
Total Liabilities & Net Assets $434,882,643
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From March 1 to 31, 2007
Operating Revenue
Inpatient $34,407,658
Outpatient 20,507,793
--------------
Patient Service Revenue 54,915,451
--------------
Less Provision for Bad Debt 2,723,013
--------------
Net Patient Service Revenue 52,192,438
--------------
Pool Revenue 1,498,655
Capitation 7,463,892
Other 8,880,260
--------------
Total Operating Revenue 70,035,245
Operating Expenses:
Salaries and Wages 24,890,584
Fringe Benefits 7,446,801
Supplies and Other 29,170,718
Insurance 1,896,816
--------------
Total Direct Operating Costs 63,404,919
Salaries and Wages 0
Fringe Benefits 0
Supplies and Other 0
--------------
Total Corporate Allocated 2,879,779
--------------
Total Operating Expense 66,284,698
--------------
Interest 971,852
Depreciation 1,576,528
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items 1,202,167
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) 0
St. Mary's Op Pac Rate Adjustment 0
ZBEC/HFE Recoveries 0
Restructuring & Bankruptcy Related Costs (2,223,761)
Estimated Close-out of St. Mary's 0
Hanys Investment Income (SFS INS) 0
Prior Period Ambulance Revenue 0
Transfer of Equity Foundation 0
--------------
Total Non-Recurring and/or Unusual Items (2,223,761)
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (1,021,594)
--------------
Non-Operating Revenue 183,226
Change in Temporary Restricted Net Assets 1,488,545
--------------
Change in Net Assets 650,177
--------------
EBITDA $3,750,547
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From March 1 to 31, 2007
Cash Flows from Operation Activities:
Changes in Net Assets $650,177
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Depreciation & Amortization 1,576,528
Change in Unrealized Gains & Losses (132,152)
Change in Patient's Accounts Receivable 11,873,746
Change in Accounts Receivables, Other 1,624,021
Change in Prepaid Expenses & Other (1,211,630)
Change in Other Non-Current Assets (2,399,008)
Change in Accounts Payable &
Accrued Exp-Prepetition 0
Change in Accounts Payable &
Accrued Exp-Postpetition (5,450,608)
Change in Accrued Salaries & P/R Taxes (4,300,120)
Change in Est. Retro rec/pay
from/to third parties 2,550,896
Change in Est. Liability for self-insurance 0
Change in Other Non-Current Liabilities 752,829
--------------
Net Cash Provided by Operating Activities 5,534,679
Cash flows From Investment Activities:
Sale of Investments, Net (519,360)
Sale of Assets Whose Use is Limited (183,104)
Acquisition/Sale of Land, Building,
& Equipment (687,556)
--------------
Net Cash Provided by Investing Activities (1,390,020)
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Loa 0
Proceed from issuance of Long-term debt 0
Repayment of Long-term debt (14,156,250)
--------------
Net Cash (Used) in Financing Activities (14,156,250)
Net Increase (Decrease)
in Cash & Cash Equivalents (9,991,591)
Cash & Cash Equivalents at Beginning of Month 19,824,752
--------------
Cash & Cash Equivalents at End of the Month $9,833,161
==============
About Saint Vincents
Based in New York City, Saint Vincents Catholic Medical Centers of
New York -- http://www.svcmc.org/-- the healthcare provider in
New York State, operates hospitals, health centers, nursing homes
and a home health agency. The hospital group consists of seven
hospitals located throughout Brooklyn, Queens, Manhattan, and
Staten Island, along with four nursing homes and a home health
care agency.
The company and six of its affiliates filed for chapter 11
protection on July 5, 2005 (Bankr. S.D.N.Y. Case No. 05-14945
through 05-14951). Gary Ravert, Esq., and Stephen B. Selbst,
Esq., at McDermott Will & Emery, LLP, filed the Debtors' chapter
11 cases. On Sept. 12, 2005, John J. Rapisardi, Esq., at Weil,
Gotshal & Manges LLP took over representing the Debtors in their
restructuring efforts. Martin G. Bunin, Esq., at Thelen Reid &
Priest LLP, represents the Official Committee of Unsecured
Creditors. As of Apr. 30, 2005, the Debtors listed $972 million
in total assets and $1 billion in total debts.
The Debtors filed their Chapter 11 Plan of Reorganization
accompanying a disclosure statement explaining that Plan on
Feb. 9, 2007. (Saint Vincent Bankruptcy News, Issue No. 53
Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/
or 215/945-7000)
*********
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*********
S U B S C R I P T I O N I N F O R M A T I O N
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