/raid1/www/Hosts/bankrupt/TCR_Public/071013.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, October 13, 2007, Vol. 11, No. 243
Headlines
AEGIS MORTGAGE: Posts $31,993,322 Net Loss in Month Ended Aug. 31
AMERICAN HOME: AHM Corp. Files Schedules of Assets and Debts
AMERICAN HOME: AHM Holdings Files Schedules of Assets and Debts
AMERICAN HOME: Files Schedules of Assets and Liabilities
DANA CORPORATION: Posts $103,000,000 Net Loss in August 2007
INTERSTATE BAKERIES: Posts $13,388,355 Net Loss in August 2007
SEA CONTAINERS: Earns $11,158,734 in Month Ended August 31
SOLUTIA INC: Incurs $9,000,000 Net Loss in Month Ended August 31
THAXTON GROUP: Files Monthly Operating Report for August 2007
*********
AEGIS MORTGAGE: Posts $31,993,322 Net Loss in Month Ended Aug. 31
-----------------------------------------------------------------
Aegis Mortgage Corporation, et al.
Consolidated Balance Sheet
As of August 31, 2007
Unrestricted Cash & Equivalents $10,625,132
Restricted Cash and Equivalents 19,323,977
--------------
Total Cash and Cash Equivalents 29,949,109
Prime loans 13,808,237
Nonconforming Loans 14,630,259
Loan Premium, net 2,219,404
Repurchased Loans 28,760,838
Loan Loss Reserve (63,943,370)
--------------
Mortgage Loans Held for Sale (4,524,632)
ABS Nonconforming 3,885,471,929
ABS Loan Premium, net (19,273,212)
ABS Loan Loss Reserve (181,454,514)
--------------
Mortgage Loans Held for Investment 3,684,744,203
Accrued Interest - Loans Held for Sale -
Accrued Int. - Loans Held for Investment 26,252,626
--------------
Accrued Interest Receivable 26,252,626
Mortgage Servicing Rights -
Property and Equipment, net 10,969,126
Deferred Income Taxes 128,495,450
Goodwill -
Prepaid Rent and Deposits 1,877,413
Derivative Assets 13,529,767
Receivable for Advances 43,166,604
Servicer Related 883,888
Other Assets 641,891,872
Intercompany Receivable -
--------------
TOTAL ASSETS $4,557,235,427
==============
Liabilities
N/P Warehouse - Prime 540,186,233
N/p Warehouse - Nonconforming 25,222,476
N/P Warehouse - Other 65,595,628
N/P Warehouse - Repurchased 11,933,754
--------------
Revolving Warehouse and
Repurchase Facilities 642,938,091
Bonds Payable 3,705,880,154
NAS IO Bonds Payable 20,700,000
NIM Bonds Payable 58,777,826
Bond Premium, net (12,836,147)
--------------
Bond Financing on Mortgage
Loans Held for Investment 3,772,521,833
Subordinated Debt 177,156,872
Accrued Interest Payable 6,137,557
Accounts Payable and
Accrued Expenses 31,304,808
Notes Payable-Other -
Postpetition Liabilities 97,412
--------------
Total Liabilities 4,630,156,572
Common Stock 97,386
Preferred Stock 104,000
Other Comprehensive Income (3,297,655)
Paid in Capital 50,959,490
Distributions -
Treasury Stock (32,500)
Dividends 91,041,942
Retained Earnings -
Current Net Income Prepetition (147,171,105)
Current Net Income (44,622,704)
--------------
Total Equity (52,921,146)
--------------
TOTAL LIABILITIES & EQUITY $4,557,235,427
==============
Aegis Mortgage Corporation, et al.
Consolidated Income Statement
August 13 to 31, 2007
Loans Held for Sale
Interest Income $670,331
Interest Expense (498)
Servicing Expense (1,654)
--------------
Net Interest Income 668,179
Loans Held for Investment
Interest Income 30,603,350
Interest Expense (18,226,090)
Servicing Expense (1,716,566)
--------------
Net Interest Income 10,660,694
Gains on Sale -
Premiums Paid -
Loan Points -
Loan Origination Fees 1,050
Broker Fees Received -
--------------
Production Income 1,050
Servicing and Prepayment Income 789,470
Late Charges 52,194
--------------
Total Servicing Fees 841,664
Other income (626,894)
--------------
Total Revenue 11,544,693
Salaries 2,320,898
Bonuses 86,191
Commissions -
Employee Benefits 8,945
Payroll Taxes 145,343
Meetings & Travel 9,730
Meals & Entertainment 1,120
--------------
Total Personnel Expenses 2,572,226
Rent 361,496
Telephone 43,044
Office Supplies 4,023
Shipping & Postage 18,378
Equipment 153,419
--------------
Total Office Expenses 580,360
Professional expense 11
Marketing (912)
Loan Related Expenses 73,182
Banking 45
Other Taxes/Licenses/Fees (250)
Other Expenses 27,430
--------------
Total Other Expenses 99,506
Direct Operating Expense 3,252,092
Direct Operating Income 8,292,601
Loan Loss Provision 59,749,285
Deferred SFAS 91 Expenses -
Sub Debt Expense -
Depreciation Expense 564,978
Amortization -
Direct Allocation to Subs -
Allocation Between Subs -
--------------
Indirect Operating Expense 60,314,263
--------------
Total Expenses 63,566,354
Income (Loss) Before Taxes (52,021,662)
Federal and State Income Taxes (20,028,340)
--------------
Net Income (Loss) ($31,993,322)
==============
A full-text copy of the Debtors' MOR is available at no charge at
http://researcharchives.com/t/s?2436
About Aegis Mortgage
Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage loan
products to brokers through its subsidiaries.
The company together with 10 affiliates filed for chapter 11
protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119)
Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones,
Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, &
Jones, L.L.P., serve as counsel to the Debtors. When the Debtors
filed for bankruptcy, they listed assets and debts of more than
$100 million.
The Debtors' exclusive period to file a plan expires on
Dec. 11, 2007. Aegis Bankruptcy News, Issue No. 8, Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
AMERICAN HOME: AHM Corp. Files Schedules of Assets and Debts
------------------------------------------------------------
American Home Mortgage Corp. submitted to the U.S. Bankruptcy
Court for the District of Delaware its schedules of assets and
liabilities, disclosing:
A - Real Property $38,454,462
B - Personal Property
B.1 Cash on Hand 0
B.2 Bank Accounts
Bank of America 74,175
Bank of New York 476,663
JP Morgan Chase 9,597,751
Deutsche Bank 5,601,306
Northfolk Bank 1,110,953
B.3 Security Deposits
Landlord Deposit 2,991,561
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 0
B.10 Annuities 0
B.11 Interests in an education IRA 0
B.12 Interests in pension plans 401(k) Plan 0
B.13 Stock and Interests
100 % interest in AHMSP VIII Undetermined
100 % interest in American Home E Undetermined
100 % interest in Broadhollow Fun Undetermined
100 % interest in Great Oak Undetermined
100 % interest in Homegate Undetermined
100 % interest in Melville Reinsu Undetermined
B.14 Interests in partnerships or joint ventures
50% interest in Mortgage First Limited Undetermined
50% interest in Array Mortgage Undetermined
50% interest in American Midwest Undetermined
B.15 Government and corporate bonds 0
B.16 Accounts Receivable
Inter-company AHM Acceptance, Inc. 343,172,287
Others 63,634,705
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
Litigation Undetermined
Tax refund 787,096
B.22 Patents, copyrights, and others 0
B.23 Licenses, franchises & other intangibles Undetermined
B.24 Customer lists or other compilations Undetermined
B.25 Vehicles 17,816
B.26 Boats, motors and accessories 0
B.27 Aircraft and accessories 0
B.28 Office Equipment 48,206,208
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.35 Other Personal Property
Mortgage Servicing Rights 559,047,782
Loans for sale – encumbered 2,405,756,085
Loans for sale – unencumbered 169,514,748
Derivative assets 982,678
Prepaid expenses 396,600
Residual interest Unknown
TOTAL SCHEDULED ASSETS $3,649,822,877
=========================================================
C - Property Claimed $0
D - Creditors Holding
ABN AMRO Bank N.V. 136,423,174
Bank of America, N.A. 625,990,951
Bear Sterns Mortgage Capital 116,430,424
Calyon New York Branch 1,155,752,443
Citigroup 140,255,912
Credit Suisse First Boston Mortgage 29,660,346
Greenwich Capital Financial 292,796,700
IXIS Real Estate Capital 11,134,799
JP Morgan Chase Bank, N.A. 161,160,514
Liquid Funding, Ltd. 0
Park National Bank 930,536
Societe Generale 311,571,799
U.S. Bank, N.A. 0
E - Creditors Holding Unsecured Priority Claims
Taxes, advanced fees and employee claims 23,470,217
F - Creditors Holding Unsecured Nonpriority Claims
AP Vendor, litigation and employee claim 1,628,000,107
TOTAL SCHEDULED LIABILITIES $4,633,577,922
=========================================================
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a
mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors has selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000. The Debtors' exclusive period to
file a plan expires on Dec. 4, 2007. (American Home Bankruptcy
News, Issue No. 10, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHM Holdings Files Schedules of Assets and Debts
---------------------------------------------------------------
American Home Mortgage Holdings Inc. submitted to 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 1,000
B.3 Security Deposits 396,213
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 0
B.10 Annuities 0
B.11 Interests in an education IRA 0
B.12 Interests in pension plans 401(k) Plan 0
B.13 Stock and Interests
100 % interest in AH Securities Undetermined
100 % interest in AHM Ventures Undetermined
100 % interest in AHMSI Undetermined
100 % interest in AH Bank Undetermined
100 % interest in AHMC Undetermined
B.14 Interests in partnerships or joint ventures 0
B.15 Government and corporate bonds 0
B.16 Accounts Receivable
Inter-company AHM Investment Corp. 74,030,211
Inter-company AHM Corp. 59,092,122
Others 30,500,339
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, copyrights, and others 0
B.23 Licenses, franchises & other intangibles 0
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.35 Other Personal Property 0
TOTAL SCHEDULED ASSETS $164,019,885
=========================================================
C - Property Claimed $0
D - Creditors Holding
Credit Suisse First Boston Mortgage 29,660,346
IXIS Real Estate Capital, Inc. 11,134,799
E - Creditors Holding Unsecured Priority Claims
Taxes and other owed to governmental units 852,227
F - Creditors Holding Unsecured Nonpriority Claims
JP Morgan Chase Bank, N.A. 154,645,000
Wells Fargo Bank, N.A. 36,166,000
Wilmington Trust Company 113,403,000
TOTAL SCHEDULED LIABILITIES $345,861,372
=========================================================
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a
mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors has selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000. The Debtors' exclusive period to
file a plan expires on Dec. 4, 2007. (American Home Bankruptcy
News, Issue No. 10, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: Files Schedules of Assets and Liabilities
--------------------------------------------------------
American Home Mortgage Investment Corp. submitted to 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 20,949,898
B.3 Security Deposits 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 0
B.10 Annuities 0
B.11 Interests in an education IRA 0
B.12 Interests in pension plans 401(k) Plan 0
B.13 Stock and Interests
100 % interest in AHMAC Undetermined
100 % interest in AHMH Undetermined
100 % interest in AHMSP VIII Undetermined
B.14 Interests in partnerships or joint ventures 0
B.15 Government and corporate bonds 0
B.16 Accounts Receivable
Inter-company Baylis Trust 1 7,865,269
Accrued Interest Receivable Trading 4,110,281
Others 701,289
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 89,472
B.22 Patents, copyrights, and others 0
B.23 Licenses, franchises & other intangibles 0
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.35 Other Personal Property 0
Derivative assets 17,320,805
Mortgage backed securities 1,596,492,619
Prepaid expenses 11,876
TOTAL SCHEDULED ASSETS $1,647,541,509
=========================================================
C - Property Claimed $0
D - Creditors Holding
ABN AMRO Bank N.V. 136,423,174
Bank of America, N.A. 711,034,823
Barclays Bank PLC 148,336,100
Bear Sterns Mortgage Capital 328,666,553
Calyon New York Branch 1,155,752,443
Credit Suisse First Boston Mortgage 31,230,346
Deutsche Bank 284,367,331
Greenwich Capital Financial 312,698,485
IXIS Real Estate Capital 11,134,799
JP Morgan Chase Bank, N.A. 161,160,514
Lehman 204,707,427
Merrill Lynch 224,567,000
Morgan Stanley 38,727,000
ORIX 73,009,000
UBS Real Estate Securities 201,571,829
E - Creditors Holding Unsecured Priority Claims
Taxes and other owed to governmental uni 30,438
F - Creditors Holding Unsecured Nonpriority Claims
AHM SPV III, LLC 24,196,644
AHM Acceptance, Inc. 478,044,316
AHM Holdings, Inc. 74,030,211
AHM Servicing, Inc. 8,313,978
AHM Securities, Inc. 2,650,000
JP Morgan Chase Bank, N.A. 51,550,000
Wilmington Trust Company 128,866,000
TOTAL SCHEDULED LIABILITIES $4,791,068,411
=========================================================
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a
mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors has selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000. The Debtors' exclusive period to
file a plan expires on Dec. 4, 2007. (American Home Bankruptcy
News, Issue No. 10, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
DANA CORPORATION: Posts $103,000,000 Net Loss in August 2007
------------------------------------------------------------
Dana Corporation
Unaudited Condensed Balance Sheet
As of August 31, 2007
ASEETS
CURRENT ASSETS
Cash and cash equivalents $1,071,000,000
Accounts receivable
Trade 1,311,000,000
Other 309,000,000
Inventories 822,000,000
Assets of discontinued operations 85,000,000
Other current assets 141,000,000
---------------
Total current assets 3,739,000,000
Investments and other assets 0
Investments in equity affiliates 435,000,000
Property, plant and equipment, net 1,713,000,000
Other noncurrent assets
991,000,000
---------------
TOTAL ASSETS $6,878,000,000
===============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Debtor-in-possession financing $900,000,000
Notes payable 66,000,000
Accounts payable 1,080,000,000
Liabilities of discontinued operations 39,000,000
Other accrued liabilities 822,000,000
---------------
Total current liabilities 2,907,000,000
Liabilities subject to compromise 4,067,000,000
Deferred employee benefits
& other noncurrent benefits 472,000,000
Long-term debt 13,000,000
Minority interest in consolidated subsidiaries 92,000,000
---------------
Total liabilities 7,551,000,000
Shareholders' deficit (673,000,000)
---------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $6,878,000,000
===============
Dana Corporation
Unaudited Condensed Statement of Operations
For the month ended August 31, 2007
Net sales $739,000,000
Costs and expenses
Cost of sales 698,000,000
Selling, general & admin expenses 28,000,000
Realignment charges 6,000,000
Other income, net 10,000,000
---------------
Income (loss) from operations 25,000,000
Interest expense 8,000,000
Reorganization items, net 10,000,000
---------------
Income (loss) before income taxes (104,000,000)
Income tax expense 6,000,000
Minority interest expense 1,000,000
Equity in earnings of affiliates 1,000,000
---------------
Income (loss) from continuing operations (110,000,000)
Loss from discontinued operations 7,000,000
---------------
Net income (loss) ($103,000,000)
===============
Dana Corporation
Unaudited Condensed Statement of Cash Flows
For the month ended August 31, 2007
OPERATING ACTIVITIES
Net income ($103,000,000)
Depreciation and amortization 23,000,000
Loss on sale of businesses 7,000,000
Non-cash portion of U.K. pension charge 0
Increase in working capital (75,000,000)
Unremitted equity in earnings of affiliates ( 1,000,000)
Contract rejections and claim settlements 106,000,000
Other 9,000,000
---------------
Net cash flows used for operating activities (33,000,000)
INVESTING ACTIVITIES
Purchases of property, plant and equipment (26,000,000)
Proceeds from sale of assets 18,000,000
Other 9,000,000
---------------
Net cash flows provided by (used for) investing 1,000,000
FINANCING ACTIVITIES
Net change in short-term debt 25,000,000
Proceeds from DIP Credit Agreement 0
---------------
Net cash flows provided by (used for) financing 25,000,000
Net increase (decrease) in cash
and cash equivalents (7,000,000)
---------------
Cash and cash equivalents, beginning of period 1,078,000,000
Cash and cash equivalents, end of period $1,071,000,000
===============
Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in the
world, and supplies drivetrain, chassis, structural, and engine
technologies to those companies. Dana employs 46,000 people in
28 countries. Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.
The company and its affiliates filed for chapter 11 protection on
Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30,
2005, the Debtors listed $7,900,000,000 in total assets and
$6,800,000,000 in total debts.
Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in
Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.
Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP,
represents the Official Committee of Unsecured Creditors. Fried,
Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the
Official Committee of Equity Security Holders. Stahl Cowen
Crowley, LLC serves as counsel to the Official Committee of
Non-Union Retirees.
The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007. The Court has set a hearing on Oct. 23, 2007, to consider
the adequacy of the Disclosure Statement explaining the Debtors'
Plan. (Dana Corporation Bankruptcy News, Issue No. 56; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000).
INTERSTATE BAKERIES: Posts $13,388,355 Net Loss in August 2007
--------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended August 25, 2007
REVENUE
Gross Income $227,974,432
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 55,592,731
Direct & Indirect Labor 40,904,702
Overhead & Production Administration 12,550,617
-------------
Gross Profit 118,926,382
-------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries 52,471,043
Advertising and Marketing 1,482,307
Insurance (Property, Casualty, & Medical) 10,693,678
Payroll Taxes 4,452,416
Lease and Rent 2,665,963
Telephone and Utilities 1,048,827
Corporate Expense (Including Salaries) 8,202,734
Other Expenses 31,505,021
-------------
Total Operating Expenses 112,521,989
-------------
EBITDA 6,404,393
Restructuring & Reorganization Charges 2,937,572
Depreciation and Amortization 5,241,988
Abandonment 211,684
Property & Equipment Impairment 10,192,699
Other( Income)/Expense (54,566)
Gain/Loss Sale of Property -
Interest Expense 3,629,128
-------------
Operating Income (Loss) (15,754,112)
Income Tax Expense (Benefit) (2,365,757)
-------------
Net Income (Loss) ($13,388,355)
=============
CURRENT ASSETS
Accounts Receivable at end of period $144,249,639
Increase (Dec.) in Accounts Receivable 2,149,494
Inventory at end of period 63,655,572
Increase (Decrease) in Inventory for period (966,859)
Cash at end of period 68,716,386
Increase (Decrease) in Cash for period 5,930,086
Restricted Cash 17,697,653
Increase (Dec.) in Restricted Cash for period 228,882
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise 7,720,540
Increase (Decrease) in Liabilities
Subject to Compromise 330,211
Taxes payable:
Federal Payroll Taxes 8,429,378
State/Local Payroll Taxes 2,147,339
State Sales Taxes 621,673
Real Estate and Personal Property Taxes 8,111,861
Other 3,271,174
-------------
Total Taxes Payable $22,581,425
=============
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% senior subordinated convertible notes due Aug. 15, 2014) in
total debts. The Debtors' exclusive period to file a chapter 11
plan has recently been extended to Nov. 8, 2007.
(Interstate Bakeries Bankruptcy News, Issue No. 72; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
SEA CONTAINERS: Earns $11,158,734 in Month Ended August 31
----------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of August 31, 2007
Assets
Current Assets
Cash and cash equivalents $47,650,121
Trade receivables, less allowances
for doubtful accounts 27,578
Due from related parties 7,409,824
Prepaid expenses and other current assets 1,717,768
------------
Total current assets 56,805,291
Fixed assets, net -
Long-term equipment sales receivable, net -
Investments in group companies 143,546,856
Intercompany receivables -
Investment in equity ownership interests 227,146,976
Other assets 4,076,327
------------
Total assets $431,575,450
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $8,865,234
Accrued expenses 52,398,600
Current portion of long-term debt 171,098,244
Current portion of senior notes 385,323,207
------------
Total current liabilities 617,685,285
Total shareholders' equity (186,109,835)
------------
Total liabilities and shareholders' equity $431,575,450
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended August 31, 2007
Revenue $2,473,134
Costs and expenses:
Operating costs 430,602
Selling, general and
administrative expenses (3,031,169)
Professional fees (6,832,670)
Credits to provide against
intercompany accounts 66,453,293
Impairment of investment in subsidy Co. (29,778,329)
Forgiveness of intercompany debt (16,482,588)
Depreciation and amortization -
------------
Total costs and expenses 10,759,139
------------
Gain or (Loss) on sale of assets -
------------
Operating income (loss) 13,232,273
Other income (expense)
Interest income 3,893,111
Foreign exchange gains or (losses) 5,461
Interest expense, net (5,872,111)
------------
Income (Loss) before taxes 11,258,734
Income tax expense (100,000)
------------
Net Profit (Loss) $11,158,734
============
Sea Containers Services
Unaudited Balance Sheet
As of August 31, 2007
Assets
Current Assets
Cash and cash equivalents $67,758
Trade receivables 27,929
Due from related parties 5,587,738
Prepaid expenses and other current assets 4,741,076
------------
Total current assets 10,424,501
Fixed assets, net 2,327,141
Investments 2,717,732
Intercompany receivables 46,451,752
Other assets 0
------------
Total assets $61,921,126
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $2,781,162
Accrued expenses 2,682,516
Current portion of long-term debt 1,679,343
------------
Total current liabilities 7,143,021
Total shareholders' equity 54,778,105
------------
Total liabilities and shareholders' equity $61,921,126
============
Sea Containers Services
Unaudited Statement of Operations
For the Month Ended August 31, 2007
Revenue $2,478,786
Costs and expenses:
Operating costs -
Selling, general and
administrative expenses (1,623,585)
Professional Fees (570,095)
Other charges 0
Depreciation and amortization (100,893)
------------
Total costs and expenses (2,294,573)
------------
Gains on sale of assets 0
------------
Operating income (loss) 184,214
Other income (expense)
Interest income 978
Foreign exchange gains (losses) (537)
Interest expense, net (9,953)
------------
Income (Loss) before taxes 174,702
Income tax credit 0
------------
Net Income $174,702
============
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 disclosed total assets of
$62,400,718 and total liabilities of $1,545,384,083. The Debtors'
exclusive period to file a chapter 11 plan expires on Dec 21,
2007. (Sea Containers Bankruptcy News, Issue No. 28; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
SOLUTIA INC: Incurs $9,000,000 Net Loss in Month Ended August 31
----------------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated
Financial Position
As of August 31, 2007
ASSETS
Cash $68,000,000
Trade Receivables, net 200,000,000
Account Receivables-Unconsolidated Subsidiaries 62,000,000
Inventories 176,000,000
Other Current Assets 76,000,000
Assets of Discontinued Operations 6,000,000
--------------
Total Current Assets 588,000,000
Property, Plant and Equipment, net 650,000,000
Investments in Subsidiaries and Affiliates 687,000,000
Intangible Assets, net 100,000,000
Other Assets 56,000,000
--------------
Total Assets $2,081,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts Payable $213,000,000
Short Term Debt 922,000,000
Other Current Liabilities 152,000,000
Liabilities of Discontinued Operations 4,000,000
--------------
Total Current Liabilities 1,291,000,000
Long-Term Debt 19,000,000
Other Long-Term Liabilities 194,000,000
--------------
Total Liabilities not Subject to Compromise 1,504,000,000
Liabilities Subject to Compromise 1,850,000,000
Shareholders' Deficit (1,273,000,000)
--------------
Total Liabilities & Shareholders' Deficit $2,081,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended August 31, 2007
Total Net Sales $219,000,000
Total Cost Of Goods Sold 198,000,000
--------------
Gross Profit 21,000,000
Total MAT Expense 19,000,000
--------------
Operating Income (Loss) 2,000,000
Equity Earnings from Affiliates 0
Interest Expense, net (11,000,000)
Other Income, net 3,000,000
Reorganization Items:
Professional fees (6,000,000)
Employee severance and retention costs 0
Adjustment to allowed claim amounts 5,000,000
Settlements of prepetition claims (2,000,000)
--------------
(3,000,000)
--------------
Income from continuing operations before taxes (9,000,000)
Income tax expense (benefit) 0
Income from discontinued operations 0
--------------
Net Income (Loss) ($9,000,000)
==============
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.
On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement. On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan. The Disclosure Statement hearing began on
July 10, 2007, and will be continued on Oct. 17, 2007.
(Solutia Bankruptcy News, Issue No. 100; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
THAXTON GROUP: Files Monthly Operating Report for August 2007
-------------------------------------------------------------
The Thaxton Group Inc. and its debtor-affiliates filed with the
Securities and Exchange Commission their consolidated statements
of cash disbursements for Aug. 1, 2007, through Aug 31, 2007,
showing:
Cash, Beginning of Month $9,392,679
Total Cash Receipts and Transfers 12,682,545
Less: Cash Disbursements - Loans 6,780,319
Cash Disbursements - Others 5,463,454
----------
Total Cash Disbursements 12,243,773
----------
Net Cash Flow $438,772
==========
Cash, End of Month $9,831,451
==========
A full-text copy of the Debtors' monthly operating report for the
period ended Aug. 31, 2007 is available for free at:
http://ResearchArchives.com/t/s?2435
The Thaxton Group Inc., is a diversified financial services
company which specializes in consumer lending, automobile sales &
insurance premium financing. The Thaxton Group, Inc. and its
debtor-affiliates filed for Chapter 11 protection on Oct. 17, 2003
(Bankr. D. Del. Case Numbers 03-13182 through 03-13213). Robert
J. Dehney, Esq., and Michael G. Busenkell, Esq., at Morris,
Nichols, Arsht & Tunnell represent the debtors. When they filed
for bankruptcy, they listed $206,000,000 in total assets and
$242,000,000 in total liabilities.
*********
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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,
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USA. Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy,
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Copyright 2007. All rights reserved. ISSN: 1520-9474.
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