/raid1/www/Hosts/bankrupt/TCR_Public/070616.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, June 16, 2007, Vol. 11, No. 142
Headlines
ACCEPTANCE INSURANCE: Posts $46,800 Net Loss in May 2007
INTERSTATE BAKERIES: Posts $8.2 Mil. Loss in Period Ended April 7
NEW CENTURY: Files Schedules of Assets and Liabilities
NEW CENTURY: TRS Holdings Files Schedules of Assets & Liabilities
PACIFIC LUMBER: Scopac Posts $5.9 Million Net Loss in April 2007
PACIFIC LUMBER: Scotia Development Files April 2007 Monthly Report
PEOPLE'S CHOICE: PC Funding Files Schedules of Assets and Debts
SEA CONTAINERS: Posts $4.6 Million Net Loss in April 2007
*********
ACCEPTANCE INSURANCE: Posts $46,800 Net Loss in May 2007
--------------------------------------------------------
Acceptance Insurance Companies Inc. filed its monthly operating
report for May 2007 with the United States Bankruptcy Court
for the District of Nebraska on June 11, 2007.
The Debtor reported a net loss of $46,800 and revenues of $6,995
for the month ended May 31, 2007.
At May 31, 2007, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $1,671,666
Total Assets $35,035,640
Total Liabilities $138,229,620
Total Shareholders' Deficit ($103,193,980)
A full-text copy of Acceptance Insurance Companies Inc.'s April
2007 Monthly Operating Report is available at no charge at:
http://ResearchArchives.com/t/s?20dc
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.
The company filed for chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates --
Acceptance Insurance Services Inc. and American Agrisurance Inc.
-- filed separate chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on Jan. 7, 2005. John J. Jolley, Esq., at
Kutak Rock LLP, represents the Debtor in its restructuring
efforts. When the Debtor filed for protection from its creditors,
it listed $33,069,446 in total assets and $137,120,541 in total
debts. The Debtors' exclusive period to file a plan expires on
Aug. 9, 2007.
INTERSTATE BAKERIES: Posts $8.2 Mil. Loss in Period Ended April 7
-----------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended April 7, 2007
REVENUE
Gross Income $229,189,101
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 56,889,304
Direct & Indirect Labor 41,935,970
Overhead & Production Administration 12,821,808
-------------
Total Cost of Goods Sold 111,647,082
-------------
Gross Profit 117,542,019
-------------
OPERATING EXPENSES
Owner - Draws/Salaries -
Selling & Delivery Employee Salaries 53,683,275
Advertising and Marketing 3,097,164
Insurance (Property, Casualty, & Medical) 12,107,063
Payroll Taxes 4,574,115
Lease and Rent 2,956,873
Telephone and Utilities 1,623,663
Corporate Expense (Including Salaries) 6,088,600
Other Expenses 30,565,076
-------------
Total Operating Expenses 114,695,829
-------------
EBITDA 2,846,190
Restructuring & Reorganization Chares 2,082,978
Depreciation and Amortization 5,554,465
Abandonment 68,442
Other(Income)/Expense 22,915
Gain/Loss Sale of Prop -
Interest Expense 3,647,024
-------------
Operating Income (Loss) (8,529,634)
Income Tax Expense (Benefit) (298,537)
-------------
Net Income (Loss) (8,231,097)
=============
CURRENT ASSETS
Accounts Receivable at end of period 145,096,423
Increase (Decrease) in Accounts Recevable (1,456,489)
Inventory at end of period 67,201,006
Increase (Decrease) in Inventory for period 109,294
Cash at end of period 69,576,351
Increase (Decrease) in Cash for period (1,331,096)
Restricted Cash 8,828,893
Increase (Dec.) in Restricted Cash for period -
LIABILITIES
Increase (Decrease) Liabilities
Not Subject to Compromise (957,177)
Increase (Decrease) Liabilities
Subject to Compromise (180,224)
Taxes payable:
Federal Payroll Taxes 5,711,711
State/Local Payroll Taxes 7,858,312
State Sales Taxes 755,968
Real Estate and Personal Property Taxes 8,612,304
Other 4,243,097
-------------
Total Taxes Payable $27,181,392
=============
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), Baker's Inn(R), Merita(R), Hostess(R) and
Drake's(R). Currently, IBC employs more than 25,000 people and
operates 45 bakeries, as well as approximately 800 distribution
centers and approximately 800 bakery outlets throughout the
country.
The company and seven of its debtor-affiliates filed for
chapter 11 protection on Sept. 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 August 15, 2014)
in total debts. The Debtors' exclusive period to file a chapter 11
plan expires on June 2, 2007. (Interstate Bakeries
Bankruptcy News, Issue No. 62; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
NEW CENTURY: Files Schedules of Assets and Liabilities
------------------------------------------------------
New Century Financial Corporation filed with the U.S. Bankruptcy
Court for the District of Delaware its schedules of assets and
liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand $0
B.2 Bank accounts
Union Bank of California
Account No. 7930000250 $12,718,148
Account No. 2110106125 8,132,092
Account No. 7930001001 9,988
Deutsche Bank National Trust Company
Account No. 4000052039 200,190
Merrill Lynch
B.3 Security deposits 0
B.4 Household goods and furnishings 0
B.5 Books, art, and other collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sporting goods 0
B.9 Interests in insurance policies Unknown
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interests in pension plans 0
B.13 Stock and interests Unknown
B.14 Interests in joint ventures 0
B.15 Government and corporate bonds 0
B.16 Accounts receivable
Intercompany receivable
New Century TRS Holdings, Inc. 268,251,608
New Century Mortgage Corporation 112,100,214
B.17 Alimony 0
B.18 Other liquidated debts owed 0
B.19 Equitable or future interests 0
B.20 Contingent & contingent interests 0
B.21 Other contingent & unliquidated claims Unliquidated
B.22 Patents, copyrights & trademarks 0
B.23 Licenses & franchises 0
B.24 Other intangibles 0
B.25 Automobiles 0
B.26 Boats 0
B.27 Aircrafts 0
B.28 Office equipment and supplies 0
B.29 Machinery, furniture and fixtures 0
B.30 Inventory 0
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment 0
B.34 Farm supplies 0
B.35 Other personal property
Grantor Rabbi Trust 44,613,288
TOTAL SCHEDULED ASSETS $446,025,528
=========================================================
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims Unknown
E. Creditors Holding Unsecured
Priority Claims
Taxes Unknown
F. Creditors Holding Unsecured
Non-Priority Claims
Junior subordinated debts:
Wells Fargo as Kodiak Warehouse
Funding Series I $52,659,661
Wells Fargo as Kodiak Warehouse
Funding Series II 36,923,080
Deferred compensations 34,646,161
Equipment Lease Unknown
Executive Employee Contract Unknown
Litigation Unknown
Repurchase obligation Unknown
TOTAL SCHEDULED LIABILITIES $124,228,902
=========================================================
About New Century Financial
Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation. The company
offers a broad range of mortgage products designed to meet the
needs of all borrowers.
The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416). Suzzanne Uhland, Esq., Austin K. Barron, Esq., and Ana
Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors. The
Official Committee of Unsecured Creditors selected Hahn & Hessen
as its bankruptcy counsel and Blank Rome LLP as its co-counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$36,276,815 and total debts of $102,503,950. The Debtors'
exclusive period to file a chapter 11 plan expires on July 31,
2007. (New Century Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
The Debtors' exclusive period to file a plan expires on July 31,
2007.
NEW CENTURY: TRS Holdings Files Schedules of Assets & Liabilities
-----------------------------------------------------------------
New Century Financial Corporation's debtor-affiliate New Century
TRS Holdings Inc. filed with the U.S. Bankruptcy Court for the
District of Delaware its schedules of assets and liabilities,
disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand $0
B.2 Bank accounts
Union Bank of California $11,059
B.3 Security Deposits 0
B.4 Household goods 0
B.5 Book, art work & collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sporting goods 0
B.9 Interests in Insurance Policies unknown
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interests in retirement plans 0
B.13 Stock and Interests
Carrington Agreement 1,000,000
Carrington Mortgage Credit 25,000,000
Carrington FY 04 Equity Method 3,778,935
Carrington Investment 1,000,000
Record Inv in Carr. Revenue 1st Qtr 05 2,628,172
Rcrd Inv in CCM for MGMT 2,171,717
Recorded Inv CCM and Fund Co 3,096,242
Recorded Inv CCM and Fund Co 1,074,151
Recorded Inv CCM and Fund Co 3,177,380
Carrington Dist. Pymt-2005 Perf Fee (2,351,150)
Recorded Inv CCM and Fund Co/Mgmt 3,155,440
Recorded Inv CCM and Fund Corp/Mgmt 4,468,856
Recorded Inv CCM and Fund Co/Mgmt 1,342,222
Others Unknown
B.14 Interests in joint ventures 0
B.15 Government and corporate bonds 0
B.16 Accounts receivable
Intercompany Receivable:
New Century Mortgage Corporation 391,528,048
New Century Residual III Corporation 30,942,889
New Century Insurance Services 1,883,200
B.17 Alimony 0
B.18 Other liquidated debts owed 0
B.19 Equitable or future interests 0
B.20 Contingent & contingent interests 0
B.21 Other contingent & unliquidated claims
2006 IRS Tax Refund 82,313,110
B.22 Patents, copyrights & trademarks 0
B.23 Licenses & franchises 0
B.24 Other intangibles 0
B.25 Automobiles 0
B.26 Boats 0
B.27 Aircraft 0
B.28 Office equipment, furnishings and supplies 0
B.29 Machinery, furniture and fixtures 0
B.30 Inventory 0
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 $556,220,271
=======================================================
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims Unknown
E. Creditors Holding Unsecured Priority Claims Unknown
F. Creditors Holding Unsecured Claims
Home 123 Corporation 177,371,650
New Century Credit Corporation 67,632,944
New Century Financial Corporation 268,251,608
New Century Residual IV Corporation 469,667,498
TOTAL SCHEDULED LIABILITIES $982,923,700
=======================================================
About New Century Financial
Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation. The company
offers a broad range of mortgage products designed to meet the
needs of all borrowers.
The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416). Suzzanne Uhland, Esq., Austin K. Barron, Esq., and Ana
Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors. The
Official Committee of Unsecured Creditors selected Hahn & Hessen
as its bankruptcy counsel and Blank Rome LLP as its co-counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$36,276,815 and total debts of $102,503,950. The Debtors'
exclusive period to file a chapter 11 plan expires on July 31,
2007. (New Century Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
The Debtors' exclusive period to file a plan expires on July 31,
2007.
PACIFIC LUMBER: Scopac Posts $5.9 Million Net Loss in April 2007
----------------------------------------------------------------
Scotia Pacific Company LLC
Consolidated Balance Sheet
As of April 30, 2006
ASSETS
Current Assets
Cash $49,684,578
Accounts receivable, net 5,290,246
Inventory: lower cost or market -
Prepaid expenses 5,600,601
Prepaid Restructuring 564,671
Investments -
Other 388,751
------------
Total Current Assets 61,528,848
Property, Plant & Equipment 611,716,013
Less: Accumulated Depreciation (369,987,887)
------------
Net book value of property & plant 241,728,126
Other Assets
Tax Deposits -
Investments in Subsidiaries -
Electric Deposit -
Capitalized Expenses 11,905,113
------------
TOTAL ASSETS $315,162,088
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $24,056
Tax payable
Federal payroll taxes 121
State payroll taxes 938
Ad valorem taxes -
Other taxes 98,447
------------
Total taxes payable 99,506
Secured debt postpetition -
Accrued interest payable 15,339,738
Accrued professional fees 5,246,562
Other accured liabilities
Unsecured Debt 827,275
Payroll 148,518
Other 275,993
------------
Total Postpetition Liabilities 21,961,647
Prepetition Liabilities
Notes payable - Secured 767,249,127
Priority debt 506,868
Federal income tax -
FICA/ Withholding -
Unsecured debt 2,826,898
Other 890,661
Due to Affiliate/Parent -
------------
Total Prepetition Liabilities 771,473,554
------------
Total Liabilities 793,435,201
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 (16,437,372)
------------
Total Owner's Equity (478,273,113)
------------
TOTAL LIABILITIES & OWNERS EQUITY $315,162,088
============
Scotia Pacific Company LLC
Statement of Income
For the Period Ended April 30, 2007
Revenues $3,447,475
Total cost of revenues 259,719
------------
Gross Profit 3,187,757
Operating Expenses
Selling & Marketing -
General & Administrative 253,732
Insiders Compensation -
Professional Fees -
Idle Facilities -
Environmental -
------------
Total Operating Expenses 253,732
------------
Income before interest, depreciation, tax 2,934,025
Interest Expense 5,323,910
Depreciation 693,084
Other (Income) Expenses (45,447)
Restructuring
Professional Fees 2,933,097
Other 11,494
Amortization of Deferred Financing Costs -
Equity Loss (Earnings) in Subsidiary -
Total Interest, Depreciation & Other Items 8,916,138
------------
Net Income Before Taxes (5,982,114)
Federal Income Tax 0
------------
Net Income (Loss) ($5,982,114)
============
Scotia Pacific Company LLC
Cash Receipts and Disbursements
For the Month Ended April 30, 2007
Receipts
Cash Sales $0
Collection of Accounts Receivable 0
Loans & Advances 0
Sale of Assets 0
Other
Interest Income 83,296
Log Sales 4,994,128
Other 13,041
------------
Total Receipts 5,090,465
Disbursements
Net payroll 191,041
Payroll txes paid 122,673
Sales, use & other taxes paid 453,305
Secured/rentals/leases 20,000
Utilities & telephone 525
Insurance 40,028
Cost of goods sold 0
Vehicle expenses 1,092
Travel & entertainment 0
Repairs, maintenance & supplies 0
Administrative & selling 392,996
Other 94,380
------------
Total Disbursements from operations 1,316,040
Professional fees 484,438
U.S. Trustee fees 5,000
Interest 269,127
Other reorganization expenses 0
------------
Total Disbursements 2,074,605
------------
Net Cash Flow 3,015,860
------------
Cash, at the beginning of the month 46,668,718
------------
Cash, at the end of the month $49,684,578
============
About Pacific Lumber
Headquartered in Oakland, Calif., 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
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 Sept. 18, 2007, as extended. The Debtors'
exclusive period to solicit acceptances of that plan expires on
Nov. 19, 2007. (Scotia/Pacific Lumber Bankruptcy News, Issue
No. 17, http://bankrupt.com/newsstand/or 215/945-7000).
PACIFIC LUMBER: Scotia Development Files April 2007 Monthly Report
------------------------------------------------------------------
Scotia Development LLC, et al.
Consolidated Balance Sheet
As of April 30, 2007
ASSETS
Current Assets
Cash $9,032,981
Accounts receivable, net 7,644,666
Inventory: lower cost or market 27,090,000
Prepaid expenses 5,217,454
Prepaid Restructuring 100,000
Investments -
Other 257,749
------------
Total Current Assets 49,342,850
Property, Plant & Equipment 212,012,092
Less: Accumulated Depreciation (134,326,208)
------------
Net book value of property & plant 77,685,884
Other Assets
Notes Receivable 669,122
Deferred Financing Costs 5,399,163
Long-term Investments 2,552,748
Restricted Cash 2,513,938
Deferred Tax Assets 13,652,208
------------
TOTAL ASSETS $151,815,913
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $910,764
Tax payable
Federal payroll taxes 76,112
State payroll taxes 7,123
Ad valorem taxes (169,317)
Other taxes 13,217
------------
Total taxes payable (72,865)
Secured debt postpetitio -
Accrued interest payable 4,175,704
Accrued professional fees 2,098,581
Other accrued liabilities
Trade Accruals 1,191,878
Compensation and Benefits 1,157,725
Other Accrued 209,937
Due to Affiliate/Parent 1,479,495
------------
Total Postpetition Liabilities 9,671,725
Prepetition Liabilities
Notes payable - Secured 114,048,529
Priority debt 6,804,649
Federal income tax (17,006)
FICA/ Withholding -
Unsecured debt 2,996,814
Other 33,847,641
Due to Affiliate/Parent 41,661,505
------------
Total Prepetition Liabilities 199,342,132
------------
Total Liabilities 209,013,857
Owner's Equity (Deficit)
Equity in Affiliates 495,466,867
Common Stock 1,001
Additional Paid-in Capital 275,546,288
Retained Earnings: Filing Date (798,965,489)
Retained Earnings: Post Filing Dte (34,246,610)
------------
Total Owner's Equity (57,197,944)
------------
TOTAL LIABILITIES & OWNERS EQUITY $151,815,913
============
Scotia Development LLC, et al.
Statement of Income
For the Period Ended April 30, 2007
Revenues $9,962,833
Total cost of revenues 11,991,967
------------
Gross Profit (2,029,134)
Operating Expenses
Selling & Marketing 90,262
General & Administrative 358,868
Insiders Compensation 107,501
Professional Fees -
Idle Facilities 73,185
Environmental 26,999
------------
Total Operating Expenses 656,814
------------
Income before interest, depreciation, tax (2,685,949)
Interest Expense 1,289,687
Depreciation 942,062
Other (Income) Expenses 25,323
Restructuring
Professional Fees 681,955
Other 64,409
Amortization of Deferred Financing Costs 225,900
Equity Loss (Earnings) in Subsidiary 5,982,114
Total Interest, Depreciation & Other Items 9,211,449
------------
Net Income Before Taxes (11,897,397)
Federal Income Tax 1,200
------------
Net Income (Loss) ($11,898,597)
============
Scotia Development LLC, et al.
Cash Receipts and Disbursements
For the Month Ended April 30, 2007
Receipts
Cash Sales $86,031
Collection of Accounts Receivable 11,479,388
Loans & Advances 3,040
Sale of Assets -
Other 283,220
------------
Total Receipts 11,851,678
Disbursements
Net payroll 1,136,042
Payroll txes paid 551,998
Sales, use & other taxes paid 421,414
Secured/rentals/leases 175,738
Utilities & telephone 102,418
Insurance 555,792
Cost of goods sold 3,103,690
Vehicle expenses 17,503
Travel & entertainment 22,487
Repairs, maintenance & supplies 862,241
Administrative & selling 1,067,143
Other 5,112,183
------------
Total Disbursements from operations 13,128,650
Professional fees 339,825
U.S. Trustee fees 20,750
Other reorganization expenses -
------------
Total Disbursements 13,489,224
------------
Net Cash Flow (1,637,547)
------------
Cash, at the beginning of the month 10,670,528
------------
Cash, at the end of the month $9,032,981
============
About Pacific Lumber
Headquartered in Oakland, Calif., 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
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 Sept. 18, 2007, as extended. The Debtors'
exclusive period to solicit acceptances of that plan expires on
Nov. 19, 2007. (Scotia/Pacific Lumber Bankruptcy News, Issue
No. 17, http://bankrupt.com/newsstand/or 215/945-7000).
PEOPLE'S CHOICE: PC Funding Files Schedules of Assets and Debts
---------------------------------------------------------------
People's Choice Funding Inc. filed with the U.S. Bankruptcy Court
for the Central District of California its schedules of assets and
liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 0
B.2 Bank Accounts 128,064
B.3 Security Deposit 0
B.4 Household goods 0
B.5 Book, artwork and collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and other equipment 0
B.9 Insurance Policies unknown
B.10 Annuities 0
B.11 Interests in an education IRA 0
B.12 Interests in pension plans 0
B.13 Stock and Interests
People's Choice Funding III, LLC unknown
People's Choice Funding IV, LLC unknown
B.14 Interests in partnerships & joint venture 0
B.15 Government and corporate bonds 0
B.16 Accounts Receivable
Intercompany receivables from People's
Choice Home Loan, Inc. 4,807,571
B.17 Alimony 0
B.18 Other Liquidated Debts Owing Debtor 0
B.19 Equitable or future interests 0
B.20 Interests in estate death benefit plan 0
B.21 Other Contingent and Unliquidated Claims 0
B.22 Patents 0
B.23 Licenses, franchises & other intangibles unknown
B.24 Customer lists or other compilations 0
B.25 Vehicles 0
B.26 Boats, motors and accessories 0
B.27 Aircraft and accessories 0
B.28 Office Equipment 0
B.29 Equipment and Supplies for Business 0
B.30 Inventory 0
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment and implements 0
B.34 Farm supplies, chemicals and feed 0
B.35a Other Personal Property
Residual interest related to 2004-1, 2005-1,
2005-2, 2005-3, 2005-4 and 2006-1 21,000,000
Prepaid professional services 4,054
B.35b AP Debit Balances
TOTAL SCHEDULED ASSETS $25,939,689
========================================================
C. Property Claimed as Exempt
D. Creditors Holding Secured Claims $0
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims 0
TOTAL SCHEDULED LIABILITIES $0
========================================================
About People's Choice
Headquartered in Irvine, Calif., People's Choice Financial Corp. -
- http://www.pchl.com/-- is a residential mortgage banking
company, through its subsidiaries, originates, sells, securitizes
and services primarily single-family, non-prime, residential
mortgage loans.
The company and two of its affiliates, People's Choice Home Loan,
Inc., and People's Choice Funding, Inc., filed for chapter 11
protection on March 20, 2007 (Bankr. C.D. Calif. Case No. 07-
10772). J. Rudy Freeman, Esq., at Pachulski Stang Ziehl Young
Jones & Weintraub LLP, represents the Debtors. At March 31, 2006,
the Debtors' financial conditions showed total assets of
$4,711,747,000 and total debts of $4,368,966,000. The Debtors'
exclusive period to file a chapter 11 plan expires on July 18,
2007. (People's Choice Bankruptcy News, Issue No. 9; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
SEA CONTAINERS: Posts $4.6 Million Net Loss in April 2007
---------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of April 30, 2007
Assets
Current Assets
Cash and cash equivalents $48,229,279
Trade receivables, less allowances
for doubtful accounts -
Due from related parties 7,893,940
Prepaid expenses and other current assets 2,819,035
------------
Total current assets $58,942,254
Fixed assets, net -
Lont-term equipment sales receivable, net -
Investments in group companies -
Intercompany receivables -
Investment in equity ownership interests 216,410,606
Other assets 3,000,994
------------
Total assets $278,353,854
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $3,482,268
Accrued expenses 44,889,612
Current portion of long-term debt 27,947,657
Current portion of senior notes 385,210,294
------------
Total current liabilities 461,529,831
Total shareholders' equity (183,175,977)
------------
Total liabilities and shareholders' equity $278,353,854
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended April 30, 2007
Revenue $1,954,519
Costs and expenses:
Operating costs 95,698
Selling, general and
administrative expenses (2,267,755)
Professional fees (4,177,440)
Charges to provide against
intercompany accounts 3,126,037
Depreciation and amortization -
------------
Total costs and expenses (3,223,460)
------------
Gain or (Loss) on sale of assets (17,935)
------------
Operating income (loss) (1,286,876)
Other income (expense)
Interest income 193,689
Foreign exchange gains or (losses) 16,757
Interest expense, net (3,494,010)
------------
Income (Loss) before taxes (4,570,440)
Income tax expense (100,000)
------------
Net (Loss) ($4,670,440)
============
Sea Containers Services
Unaudited Balance Sheet
As of April 30, 2007
Assets
Current Assets
Cash and cash equivalents $34,040
Trade receivables 228,240
Due from related parties 5,408,824
Prepaid expenses and other current assets 3,825,768
------------
Total current assets 9,496,872
Fixed assets, net 2,765,304
Investments 2,690,824
Intercompany recevables 46,293,038
Other assets 3,723,778
------------
Total assets $64,969,816
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $2,233,826
Accrued expenses 2,680,370
Current portion of long-term debt 1,676,174
------------
Total current liabilities 6,590,370
Total shareholders' equity 54,173,446
------------
Total liabilities and shareholders' equity $60,763,816
============
Sea Containers Services
Unaudited Statement of Operations
For the Month Ended April 30, 2007
Revenue $2,477,590
Costs and expenses:
Operating costs -
Selling, general and
administrative expenses (2,146,988)
Professional Fees (1,252)
Other charges 0
Depreciation and amortization (117,368)
------------
Total costs and expenses (2,265,608)
------------
Gains on sale of assets 15,390
------------
Operating income (loss) 227,372
Other income (expense)
Interest income 16
Foreign exchange gains (losses) 210
Interest expense, net (14,312)
------------
Income (Loss) before taxes 213,286
Income tax credit 1,539,862
------------
Net Income $1,753,148
============
Sea Containers Carribean, Inc., reported zero asset and accounts
payable of $3,530,094, as its sole liabilities in its April 2007
balance sheet.
About Sea Containers
Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of $62,400,718 and total liabilities of
$1,545,384,083. (Sea Containers Bankruptcy News, Issue No. 18;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
The Debtors' exclusive period to file a chapter 11 plan of
reorganization expires on June 12, 2007.
*********
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
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however, be complete or accurate. The Monday Bond Pricing table
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Each Tuesday edition of the TCR contains a list of companies with
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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
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,
Tara Marie A. Martin, John Paul C. Canonigo, Sheena Jusay, and
Peter A. Chapman, Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***