/raid1/www/Hosts/bankrupt/TCR_Public/070811.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, August 11, 2007, Vol. 11, No. 189
Headlines
DURA AUTOMOTIVE: Posts $13,742,000 Net Loss in May 2007
DURA AUTOMOTIVE: Posts $12,685,000 Net Loss in June 2007
MUSICLAND HOLDING: Posts $355,000 Net Loss in June 2007
SOLUTIA INC: Posts $12,000,000 Net Loss in June 2007
TWEETER HOME: Files June 16-July 28, 2007 Initial Operating Report
WERNER LADDER: Posts $9.7 Million Net Loss in June 2007
*********
DURA AUTOMOTIVE: Posts $13,742,000 Net Loss in May 2007
-------------------------------------------------------
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Balance Sheet
As of May 27, 2007
(Dollars in thousands)
ASSETS
Current assets:
Cash and cash equivalents $4,379
Accounts receivable, net
Trade 149,203
Other 15,846
Non-Debtor subsidiaries 28,387
Inventories 79,426
Other current assets 35,221
----------
Total current assets 312,462
Property, plant and equipment, net 168,864
Goodwill, net 249,927
Notes receivable from Non-Debtors subsidiaries 182,789
Investment in Non-Debtors subsidiaries 790,647
Other noncurrent assets 25,842
----------
Total Assets $1,730,531
==========
LIABILITIES AND NET LIABILITIES IN LIQUIDATION
Current liabilities:
Debtors-in-possession financing $216,643
Accounts payable 47,815
Accounts payable to Non-Debtors subsidiaries 749
Accrued Liabilities 92,300
----------
Total current liabilities 357,507
Long-term Liabilities:
Notes Payable to Non-Debtors subsidiaries 8,739
Other noncurrent liabilities 55,662
Liabilities Subject to Compromise 1,314,365
----------
Total Liabilities 1,736,273
----------
Stockholders' Investment (5,742)
----------
Total Liabilities and Stockholders' Investment $1,730,531
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statement of Operations
For the Four Weeks Ended May 27, 2007
(Dollars in thousands)
Total sales $83,148
Cost of sales 81,582
----------
Gross (loss) profit 1,566
Selling, general and administrative expenses 6,371
Facility consolidation, asset impairment
and other charges 855
Amortization expense 34
----------
Operating (loss) income (5,694)
Interest expense, net 3,520
----------
Loss before reorganization items and income taxes (9,214)
Reorganization items 4,515
----------
Income before income taxes (13,729)
Provision for income taxes 13
----------
Net Income (Loss) ($13,742)
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statements of Cash Flows
For the Four Weeks Ended May 27, 2007
(Dollars in thousands)
Operating Activities:
Net Income (loss) ($13,742)
Adjustments to reconcile net loss to net cash used
in operations activities:
Depreciation, amortization & asset impairment 2,659
Amortization of deferred financing fees 668
(Gain)/Loss on sale of assets 64
Reorganization items 4,515
Changes in other operating items:
Accounts receivable 2,103
Inventories (845)
Other current assets 4,257
Noncurrent assets 111
Accounts payable (3,393)
Accrued liabilities (3,950)
Noncurrent liabilities 505
Current intercompany transactions (1,984)
----------
Net cash provided by operating activities (9,032)
Investing Activities:
Purchases of property, plant & equipment (838)
Proceeds from sales of assets
----------
Net cash (used in) provided by
investing activities (838)
Financing Activities:
DIP borrowings (2,469)
Payments on prepetition debt (298)
----------
Net cash used in financing activities (2,767)
Net Increase (Decrease) in Cash & Equivalents (12,637)
Cash & Cash Equivalent, Beginning Balance 17,016
----------
Cash & Cash Equivalent, Ending Balance $4,379
==========
Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(OTC: DRRAQ) -- 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. Del. 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 Sept. 30,
2007. (Dura Automotive Bankruptcy News, Issue No. 24; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
DURA AUTOMOTIVE: Posts $12,685,000 Net Loss in June 2007
--------------------------------------------------------
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Balance Sheet
As of July 1, 2007
(Dollars in thousands)
ASSETS
Current assets:
Cash and cash equivalents $4,787
Accounts receivable, net
Trade 147,887
Other 15,011
Non-Debtor subsidiaries 32,582
Inventories 79,206
Other current assets 33,756
----------
Total current assets 313,229
Property, plant and equipment, net 167,897
Goodwill, net 249,927
Notes receivable from Non-Debtors subsidiaries 183,103
Investment in Non-Debtors subsidiaries 790,647
Other noncurrent assets 25,677
----------
Total Assets $1,730,480
==========
LIABILITIES AND NET LIABILITIES IN LIQUIDATION
Current liabilities:
Debtors-in-possession financing $234,246
Accounts payable 47,613
Accounts payable to Non-Debtors subsidiaries 1,212
Accrued Liabilities 88,717
----------
Total current liabilities 371,788
Long-term Liabilities:
Notes Payable to Non-Debtors subsidiaries 8,748
Other noncurrent liabilities 56,322
Liabilities Subject to Compromise 1,312,988
----------
Total Liabilities 1,749,846
Stockholders' Investment (19,366)
----------
Total Liabilities and Stockholders' Investment $1,730,480
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statement of Operations
For the Five Weeks Ended July 1, 2007
(Dollars in thousands)
Total sales $98,080
Cost of sales 98,503
----------
Gross (loss) profit (423)
Selling, general and administrative expenses 2,998
Facility consolidation, asset impairment
and other charges 182
Amortization expense 34
----------
Operating (loss) income (3,637)
Interest expense, net 4,346
----------
Loss before reorganization items and income taxes (7,983)
Reorganization items 4,446
----------
Income before income taxes (12,429)
Provision for income taxes 256
----------
Net Income (Loss) ($12,685)
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statements of Cash Flows
For the Five Weeks Ended July 1, 2007
(Dollars in thousands)
Operating Activities:
Net Income (loss) ($12,685)
Adjustments to reconcile net loss to net cash used
in operations activities:
Depreciation, amortization & asset impairment $2,662
Amortization of deferred financing fees 668
(Gain)/Loss on sale of assets (166)
Reorganization items 4,446
Changes in other operating items:
Accounts receivable 2,150
Inventories 219
Other current assets 763
Noncurrent assets 166
Accounts payable (639)
Accrued liabilities (9,311)
Noncurrent liabilities 17
Current intercompany transactions (3,602)
----------
Net cash provided by operating activities (15,312)
Investing Activities:
Purchases of property, plant & equipment (2,284)
Proceeds from sales of assets 700
----------
Net cash (used in) provided by
investing activities (1,584)
Financing Activities:
DIP borrowings 17,603
Payments on prepetition debt (299)
----------
Net cash used in financing activities 17,304
----------
Net Increase (Decrease) in Cash & Equivalents 408
Cash & Cash Equivalent, Beginning Balance 4,379
----------
Cash & Cash Equivalent, Ending Balance $4,787
==========
Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(OTC: DRRAQ) -- 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. Del. 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 Sept. 30,
2007. (Dura Automotive Bankruptcy News, Issue No. 24; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
MUSICLAND HOLDING: Posts $355,000 Net Loss in June 2007
-------------------------------------------------------
Musicland Holding Corp.
Consolidated Balance Sheet
As of June 30, 2007
ASSETS
Current Assets
Cash $12,124,000
Letters of Credit/Other Deposits 415,000
Other
Amounts due from TransWorld 550,000
Receivables from Sub-leases 774,000
Amounts due from GOB sales 0
Miscellaneous CC 29,000
Vendors Credit due from services 1,541,000
-------------
Total 15,433,000
=============
Fixed Assets 0
Other assets
Transport Logistic deposit 0
Insurance Deposits 3,977,000
Utility and Tax Deposits 0
-------------
TOTAL ASSETS $19,410,000
=============
Liabilities & Shareholders' deficit
Current liabilities
Accounts payable
Due to Transworld $0
Due to Deluxe 0
Expense accruals 2,840,000
Other accrued liabilities
Logistic Accrual -
Deferred Income 0
Insurance Reserve 3,380,000
Accrued Payroll & Employee Benefits:
Accrued Vacation 0
Accrued Severance 0
Accrued Employer Payroll Taxes 0
Accrued Benefits 0
Sales Tax 0
5% Admin. Fee on Wachovia L/C 250,000
FY06 Tax Return & Employee Benefit
Audit Services 0
Payroll/W2 & 1099 System 0
Miscellaneous 29,000
Gift Card liabilities 0
-------------
Total 3,659,000
-------------
DIP financing 0
Other LT Liabilities 0
Liabilities subject to compromise 315,047,000
Shareholders' deficit (302,136,000)
-------------
TOTAL LIABILITIES &
SHAREHOLDERS' DEFICIT $19,410,000
=============
Musicland Holding Corp.
Statement of Operations
For the Month Ended June 30, 2007
Merchandise revenue -
Non-merchandise revenue -
-------------
Net sales -
Cost of good sold -
-------------
Gross Profit -
Store operating expenses
Payroll -
Occupancy -
Other ($2,000)
Store expenses -
-------------
General & administrative (2,000)
-------------
EBITDA (Loss) (2,000)
Chapter 11 & related charges (299,000)
Sale to Transworld -
Hilco 65 -
Media Play Wind down -
Depreciation & Amortization -
-------------
Operating income (Loss) (301,000)
Interest income (expense) 45,000
Other non-operating charges (99,000)
-------------
Earnings before Taxes (355,000)
-------------
Income tax -
-------------
Net earnings (Loss) ($355,000)
=============
Musicland Holding Corp.
Statements of Cash Flow
For the Month Ended June 30, 2007
Operating activities
Net earnings (Loss) ($355,000)
Adjustments to reconcile net earnings (loss)
to net cash provided by (used in)
operating activities: -
Loss on utility deposits write off
Changes in operating assets & liabilities: -
Inventory -
Other current assets -
Other Non-current Assets 750,000
Accounts payable -
Other accrued liabilities -
Liabilities subject to compromise -
------------
Net cash provided by (used in)
operating activities 395,000
------------
Investing activities
Change in other long term asset/liabilities -
Retirement of fixed assets -
------------
Net cash -
Financing activities
Distribution to Secured Creditors -
------------
Increase/decrease in cash 395,000
------------
Cash at the beginning of Period 11,729,000
------------
Cash at the end of Period $12,124,000
=============
Headquartered in New York, New York, Musicland Holding Corp., is a
specialty retailer of music, movies and entertainment-related
products. The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts. Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors. At March 31, 2007, the Debtors
disclosed $20,121,000 in total assets and $321,546,000 in total
liabilities.
On May 12, 2006, the Debtors filed their Joint Plan of Liquidation
with the Court. On Sept. 14, 2006, they filed an amended Plan and
a Second Amended Plan on Oct. 13, 2006. The Court approved the
adequacy of the Amended Disclosure Statement on Oct. 13, 2006.
The hearing to consider confirmation of the Debtors' Second
Amended Joint Plan of Liquidation began on Aug. 9, 2007.
(Musicland Bankruptcy News, Issue No. 35; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
SOLUTIA INC: Posts $12,000,000 Net Loss in June 2007
----------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated
Financial Position
As of June 30, 2007
ASSETS
Cash $49,000,000
Trade Receivables, net 217,000,000
Account Receivables-Unconsolidated Subsidiaries 78,000,000
Inventories 173,000,000
Other Current Assets 84,000,000
Assets of Discontinued Operations 7,000,000
--------------
Total Current Assets 608,000,000
Property, Plant and Equipment, net 656,000,000
Investments in Subsidiaries and Affiliates 687,000,000
Intangible Assets, net 100,000,000
Other Assets 56,000,000
--------------
Total Assets $2,107,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts Payable $198,000,000
Short Term Debt 922,000,000
Other Current Liabilities 160,000,000
Liabilities of Discontinued Operations 3,000,000
--------------
Total Current Liabilities 1,283,000,000
Long-Term Debt 0
Other Long-Term Liabilities 199,000,000
--------------
Total Liabilities not Subject to Compromise 1,482,000,000
Liabilities Subject to Compromise 1,894,000,000
Shareholders' Deficit (1,269,000,000)
--------------
Total Liabilities & Shareholders' Deficit $2,107,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended June 30, 2007
Total Net Sales $232,000,000
Total Cost Of Goods Sold 208,000,000
--------------
Gross Profit 24,000,000
Total MAT Expense 18,000,000
--------------
Operating Income (Loss) 6,000,000
Equity Earnings from Affiliates 0
Interest Expense, net (9,000,000)
Other Income, net 3,000,000
Reorganization Items:
Professional fees (6,000,000)
Employee severance and retention costs (1,000,000)
Settlements of prepetition claims 2,000,000
--------------
(5,000,000)
--------------
Income from continuing operations before taxes (5,000,000)
Income tax expense (benefit) 3,000,000
--------------
Loss from Continuing Operations (8,000,000)
Income from discontinued operations (4,000,000)
--------------
Net Income (Loss) ($12,000,000)
==============
Based 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.
On Feb. 14, 2006, Solutia filed its Reorganization Plan and
Disclosure Statement. The Plan was amended twice, on May 16,
2007, and on July 9, 2007. The hearing to consider approval of
Solutia's Disclosure Statement began on July 10, 2007. (Solutia
Bankruptcy News, Issue No. 95; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TWEETER HOME: Files June 16-July 28, 2007 Initial Operating Report
------------------------------------------------------------------
Tweeter Home Entertainment Group Inc. and its debtor-affiliates
filed with the U.S. Bankruptcy Court for the District of Delaware
their initial monthly operating report for the period from June 16
to July 28, 2007.
The Report covers Tweeter's 12-month cash flow projection,
certificates of insurance, evidence of DIP bank accounts and
retainer payments.
Gregory W. Hunt, senior vice president and chief financial
officer of Tweeter, discloses an actual net cash flow of
$2,578,000 in Tweeter bank accounts for the week ending June 23.
Mr. Hunt reports that as of that date, Tweeter collected
$7,728,000, and spent a total of $7,174,000, consisting of:
-- $6,756,000 in operational expenses;
-- $175,000 in bankruptcy payments; and
-- $243,000 in liquidator's fees.
Mr. Hunt adds that Tweeter's net sales for June 23, 2007 was
$5,978,000.
In its cash flow forecast for the week ending July 28, Tweeter
discloses net sales at $5,099,000, with a total collection of
$5,523,000 and total expenditures of $5,046,000.
Mr. Hunt states that Tweeter currently has 15 active insurance
policies.
A full-text copy of Tweeter's Monthly Operating Report is
available at no charge at http://researcharchives.com/t/s?224b
Based in Canton, Mass., Tweeter Home Entertainment Group Inc. --
http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case No: 07-10787 through 07-10796). Gregg M.
Galardi, Esq. and Mark L. Desgrosseilliers, Esq. at Skadden, Arps,
Slate, Meagher & Flom, L.L.P. represent the Debtors in their
restructuring efforts. As of Dec. 21, 2006, Tweeter had total
assets of $258,573,353 and total debts of $190,417,285.
The Debtors' exclusive period to file a plan expires on Oct. 9,
2007. Tweeter Bankruptcy News, Issue No. 8, Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
WERNER LADDER: Posts $9.7 Million Net Loss in June 2007
-------------------------------------------------------
Werner Holding Co. (PA) Inc., aka Werner Ladder Co., and its
debtor-affiliates delivered to the U.S. Bankruptcy Court for the
District of Delaware their operating report for the period May 1
to June 8, 2007.
Larry V. Friend, former vice president, chief financial officer
and treasurer of the Debtors, discloses that the unaudited
financial statements in the Debtors' current report are for the
period ended June 8 -- the date that the Debtors' Court-approved
Asset Sale was completed.
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Balance Sheet
As of June 8, 2007
($ in thousands)
ASSETS
Current Assets:
Cash and cash equivalents $3,687
Receivables, net 62,617
Inventories, net
60,496
Property, plant and equipment held for sale,
at cost less accumulated depreciation 16,590
Prepaid insurance and other
6,459
------------
Total current assets
149,849
Property, Plant & Equipment, Net 50,045
Other assets:
Deferred financing fees, net
5,069
Investment in subsidiaries
0
Other noncurrent assets
6,164
------------
Total other assets 11,233
------------
TOTAL ASSETS $211,127
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $13,049
Income taxes payable (receivable) 90
Accrued liabilities
34,363
Intercompany payable (receivables)
0
Current long-term debt
210,216
------------
Total current liabilities
257,718
Long-Term Liabilities:
Long-term debt
13,178
Reserve for product liability and
workers' compensation claims
13,871
Other long-term obligations
4,332
Liabilities subject to compromise
322,779
------------
Total Liabilities
611,878
Convertible preferred stock 100,592
Shareholders' Deficit:
Common stock
1
Additional paid-in-capital
17,017
Retained earnings (deficit)
(505,120)
Accumulated other comprehensive income (loss) (13,241)
------------
Total Shareholders Deficit (501,343)
------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $211,127
============
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Statement of Operations
Month Ended June 8, 2007
($ in thousands)
Net sales $40,575
Total cost of sales 29,824
------------
Gross profit 10,251
Total operating expenses
12,104
Operating income (loss)
(1,853)
Equity in net income (loss) of subsidiaries 0
Other income (expense), net
(117)
------------
Income (loss) before interest,
(1,970)
reorganization items and taxes
Reorganization Items:
(Restructuring Process Fees) (2,174)
Interest Income 18
------------
Reorganization Items, Net (2,156)
------------
Interest (loss) before interest and taxes
(4,126)
Inter-company interest expense
0
Interest expense
5,542
------------
Income (loss) before income taxes
(9,668)
Provision (benefit) for income taxes 0
------------
Net Income (Loss) ($9,668)
============
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Statement of Cash Flows
Month Ended June 8, 2007
($ in thousands)
Cash flows provided (used) by
operating activities ($1,292)
Cash Flows From Investing Activities:
Capital expenditures, net (363)
------------
Net cash used in investing activities (363)
Cash Flows From Financing Activities:
Capital lease payments
(241)
Net borrowings under First Lien Credit Facility 0
Debt issuance costs 0
------------
Net cash provided (used) by financing activities (241)
Net increase (decrease) in cash and equivalents 688
Cash and equivalents at May 1, 2007 2,999
------------
Cash and equivalents at June 8, 2007 $3,687
============
Based in Greenville, Pennsylvania, Werner Holding Co. (DE) Inc.
aka Werner Ladder Co. -- http://www.wernerladder.com/--
manufactures and distributes ladders, climbing equipment and
ladder accessories. The company and three of its affiliates filed
for chapter 11 protection on June 12, 2006 (Bankr. D. Del. Case
No. 06-10578).
The Debtors are represented by the firm of Willkie Farr &
Gallagher LLP as lead counsel and the firm of Young, Conaway,
Stargatt & Taylor LLP as co-counsel. Rothschild Inc. is the
Debtors' financial advisor. The Official Committee of Unsecured
Creditors is represented by the firm of Winston & Strawn LLP as
lead counsel and the firm of Greenberg Traurig LLP as co-counsel.
Jefferies & Company serves as the Creditor Committee's financial
advisor. At March 31, 2006, the Debtors reported total assets of
$201,042,000 and total debts of $473,447,000.
On June 19, 2007, the Creditors Committee submitted their own
chapter 11 plan and disclosure statement explaining that plan.
The hearing to consider the adequacy of the Creditors' Committee's
Disclosure Statement has been adjourned to August 23, 2007.
(Werner Ladder Bankruptcy News, Issue No. 36; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or
(215/945-7000).
*********
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Monthly Operating Reports are summarized in every Saturday edition
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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.
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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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