/raid1/www/Hosts/bankrupt/TCR_Public/071124.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, November 24, 2007, Vol. 11, No. 279
Headlines
ARMSTRONG WORLD: Desseaux Files Operating Report for October 2007
ARMSTRONG WORLD: Nitram Files Operating Report for October 2007
CALPINE CORP: Earns $3.7 Billion in Period Ended Sept. 30, 2007
COMPLETE RETREATS: Incurs $2,193 Net Loss in Month Ended May 31
COMPLETE RETREATS: Preferred Retreats Files May 2007 Report
COMPLETE RETREATS: Distinctive Retreats Files May 2007 Report
COMPLETE RETREATS: Private Retreats Files May 2007 Report
COMPLETE RETREATS: Legendary Retreats Files May 2007 Report
DANA CORPORATION: Earns $23 Million in Month Ended September 30
FEDERAL-MOGUL: Posts $7.6 Million Net Loss in Month Ended Oct. 31
LEVITT & SONS: Files Schedules of Assets and Liabilities
NEW CENTURY: Incurs $42,714,743 Net Loss in September 2007
SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report
SEA CONTAINERS: SeaCon Services Files Sept. 2007 Operating Report
SEA CONTAINERS: SeaCon Carribean Files Sept. 2007 Operating Report
TWEETER HOME: Posts $1,062,986 Net Loss in Month Ended June 3
*********
ARMSTRONG WORLD: Desseaux Files Operating Report for October 2007
-----------------------------------------------------------------
Desseaux Corp. of North America
Unaudited Balance Sheet
As of October 31, 2007
ASSETS
Current Assets $0
Plant, Property and Equipment, Net 0
Other Assets:
Investment in Subsidiary 3,885,354
Due from Parent Corporation 840
---------------
Total Assets $3,886,194
===============
LIABILITIES & EQUITY
Liabilities Not Subject to Compromise:
Due to Parent Corporation 66,805
Payable to Nitram Liquidators - Postpetition 8,085
---------------
Total Liabilities Not Subject to Compromise 74,890
Liabilities Subject to Compromise:
Accrued Expenses 247,768
Payable to Subsidiary 944,860
Notes Payable 2,964,500
---------------
Total Liabilities Subject to Compromise 4,157,128
Shareholder's Equity:
Common Stock 1,000
Paid-in Capital 2,499,000
Retained Deficit (2,845,824)
---------------
Total Shareholder's Equity (345,824)
---------------
Total Liabilities and Owners' Equity $3,886,194
===============
Desseaux Corp. of North America
Unaudited Statements of Operations
Month Ended October 31, 2007
Ordinary Income/Expense:
Trustee Fees ($250)
---------------
Total Income/Expense (250)
---------------
Federal Income Taxes 0
State Taxes 0
---------------
Net Income (Loss) ($250)
===============
Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc.
(NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets. AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.
The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam. It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.
The company and its affiliates filed for chapter 11 protection on
Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen Karotkin,
Esq., at Weil, Gotshal & Manges LLP, and Russell C.Silberglied,
Esq., at Richards, Layton & Finger, P.A., represent the Debtors in
their restructuring efforts. The company and its affiliates
tapped the Feinberg Group for analysis, evaluation, and treatment
of personal injury asbestos claims.
Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured Creditors.
The Creditors Committee tapped Houlihan Lokey for financial and
investment advice. The Official Committee of Asbestos Personal
Injury Claimant hired Ashby & Geddes as counsel.
The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006. The Clerk entered the formal written confirmation
order on Aug. 18, 2006. The company's "Fourth Amended Plan of
Reorganization, as Modified," has become effective and AWI has
emerged from Chapter 11.
Nitram Liquidators Inc. and Desseaux Corporation of North America
delivered to the Court a Joint Chapter 11 Plan of Liquidation and
an accompanying Disclosure Statement on Sept. 20, 2007. A hearing
to consider confirmation of Nitram and Desseaux's Plan has been
set for Dec. 17, 2007.
(Armstrong Bankruptcy News, Issue No. 118; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
ARMSTRONG WORLD: Nitram Files Operating Report for October 2007
---------------------------------------------------------------
Nitram Liquidators, Inc.
Unaudited Balance Sheet
As of October 31, 2007
ASSETS
Current Assets:
Cash $11,810
Accounts Receivable 559,035
Reserve for Uncollectible Accounts (559,035)
---------------
Other Current Assets:
Deferred Tax 0
Due from Parent Corporation 952,944
Note Receivable from Southwest Recreation 6,334,948
Reserve for Receivable (6,334,948)
---------------
Total Current Assets 964,754
---------------
Plant, Property and Equipment, Net 0
Other Assets 0
---------------
Total Assets $964,754
===============
LIABILITIES & EQUITY
Liabilities Not Subject to Compromise:
Due to Parent Corporation $104,012
Accounts Payable - Postpetition 481
---------------
Total Liabilities Not Subject to Compromise 104,493
Liabilities Subject to Compromise:
Accounts Payable 208,148
Warranty Reserves 569,998
Due to Affiliates 8,443,772
---------------
Total Liabilities Subject to Compromise 9,221,918
Shareholder's Equity:
Common Stock 1,000
Cumulative Dividends (Preferred) 2,964,500
Dividends (284,098)
Paid-in Capital 3,459,000
Retained Deficit (14,502,059)
---------------
Total Equity (8,361,657)
---------------
Total Liabilities and Owners' Equity $964,754
===============
Nitram Liquidators, Inc.
Unaudited Statements of Operations
Month Ended October 31, 2007
Income $0
Operating Expenses
Professional Fees 250
---------------
Total Operating Expenses 250
Operating Income (Loss) (250)
Other Income (Expense)
Interest Expense (58)
---------------
Total Other Income (58)
---------------
Income (Loss) Before Capital-related Expenses ($308)
===============
Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc.
(NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets. AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.
The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam. It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.
The company and its affiliates filed for chapter 11 protection on
Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen Karotkin,
Esq., at Weil, Gotshal & Manges LLP, and Russell C.Silberglied,
Esq., at Richards, Layton & Finger, P.A., represent the Debtors in
their restructuring efforts. The company and its affiliates
tapped the Feinberg Group for analysis, evaluation, and treatment
of personal injury asbestos claims.
Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured Creditors.
The Creditors Committee tapped Houlihan Lokey for financial and
investment advice. The Official Committee of Asbestos Personal
Injury Claimant hired Ashby & Geddes as counsel.
The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006. The Clerk entered the formal written confirmation
order on Aug. 18, 2006. The company's "Fourth Amended Plan of
Reorganization, as Modified," has become effective and AWI has
emerged from Chapter 11.
Nitram Liquidators Inc. and Desseaux Corporation of North America
delivered to the Court a Joint Chapter 11 Plan of Liquidation and
an accompanying Disclosure Statement on Sept. 20, 2007. A hearing
to consider confirmation of Nitram and Desseaux's Plan has been
set for Dec. 17, 2007.
(Armstrong Bankruptcy News, Issue No. 118; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
CALPINE CORP: Earns $3.7 Billion in Period Ended Sept. 30, 2007
---------------------------------------------------------------
Calpine Corporation
Consolidated Condensed Balance Sheet
As of September 30, 2007
ASSETS
Current assets:
Cash and cash equivalents $1,703,000,000
Accounts receivable, net 1,047,000,000
Inventories 117,000,000
Margin deposits and other prepaid expense 395,000,000
Restricted cash, current 406,000,000
Current derivative assets 227,000,000
Assets held for sale 198,000,000
Other current assets 55,000,000
---------------
Total current assets 4,148,000,000
Property, plant and equipment, net 12,452,000,000
Restricted cash, net of current portion 155,000,000
Investments 249,000,000
Long-term derivative assets 257,000,000
Non-current assets held for sale -
Other assets 972,000,000
---------------
Total assets $18,233,000,000
===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $614,000,000
Accrued interest payable 187,000,000
Debt, current 4,875,000,000
Current derivative liabilities 280,000,000
Income taxes payable 39,000,000
Liabilities held for sale -
Other current liabilities 466,000,000
---------------
Total current liabilities 6,461,000,000
Debt, net of current portion 3,129,000,000
Deferred income taxes, net of current portion 655,000,000
Long-term derivative liabilities 429,000,000
Long-term liabilities 269,000,000
---------------
Total liabilities not subject to compromise 10,943,000,000
Liabilities subject to compromise 11,667,000,000
Minority interests 8,000,000
Stockholders' equity (deficit):
Common stock 1,000,000
Additional paid-in capital 3,270,000,000
Additional paid-in capital, loaned shares 7,000,000
Additional paid-in capital, returnable shares (7,000,000)
Accumulated deficit (7,543,000,000)
Accumulated other comprehensive loss (113,000,000)
---------------
Total stockholders' deficit (4,385,000,000)
Total liabilities and stockholders' deficit $18,233,000,000
===============
Calpine Corporation
Consolidated Condensed Statement of Operations
For the period ending September 30, 2007
Revenue:
Electricity and steam revenue $473,000,000
Sales of purchased power and gas
for hedging and optimization 159,000,000
Mark-to-market activities, net (15,000,000)
Other revenue 2,000,000
-------------
Total revenue 619,000,000
Cost of revenue:
Plant operating expense 65,000,000
Purchased power and gas expense
for hedging and optimization 105,000,000
Fuel expense 315,000,000
Depreciation & amortization expense 37,000,000
Operating lease expense 5,000,000
Other cost of revenue 11,000,000
-------------
Total cost of revenue 538,000,000
Gross profit (loss) 81,000,000
Equipment, development project & other impairments -
Sales, general and administrative expense 9,000,000
Other operating expenses 16,000,000
-------------
Income (loss) from operations 56,000,000
Interest expense 413,000,000
Interest (income) (4,000,000)
Minority interest expense 1,000,000
Other (income) expense, net (121,000,000)
-------------
Income (loss) before reorganization items
& provision (benefit) for income taxes (233,000,000)
Reorganization items (4,053,000,000)
-------------
Income (loss) before provision
(benefit) for income taxes 3,820,000,000
Provision (benefit) for income taxes 39,000,000
--------------
Net income (loss) $3,781,000,000
==============
Based in San Jose, California, Calpine Corporation (OTC Pink
Sheets: CPNLQ) -- http://www.calpine.com/-- supplies customers
and communities with electricity from clean, efficient, natural
gas-fired and geothermal power plants. Calpine owns, leases and
operates integrated systems of plants in 21 U.S. states and in
three Canadian provinces. Its customized products and services
include wholesale and retail electricity, gas turbine components
and services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services.
The company and its affiliates filed for chapter 11 protection on
Dec. 20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard
M. Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq.,
and Robert G. Burns, Esq., Kirkland & Ellis LLP represent the
Debtors in their restructuring efforts. Michael S. Stamer, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors. As of Aug. 31, 2007, the
Debtors disclosed total assets of $18,467,000,000, total
liabilities not subject to compromise of $11,207,000,000, total
liabilities subject to compromise of $15,354,000,000 and
stockholders' deficit of $8,102,000,000.
On Feb. 3, 2006, two more affiliates, Geysers Power Company, LLC,
and Silverado Geothermal Resources, Inc., filed voluntary chapter
11 petitions (Bankr. S.D.N.Y. Case Nos. 06-10197 and 06-10198).
On Sept. 20, 2007, Santa Rosa Energy Center, LLC, another
affiliate, also filed a voluntary chapter 11 petition (Bankr.
S.D.N.Y. Case No. 07-12967).
On June 20, 2007, the Debtors filed their Chapter 11 Plan and
Disclosure Statement. On Aug. 27, 2007, the Debtors filed their
Amended Plan and Disclosure Statement. Calpine filed a Second
Amended Plan on Sept. 19, 2007 and on Sept. 24, 2007, filed a
Third Amended Plan. On Sept. 25, 2007, the Court approved the
adequacy of the Debtors' Disclosure Statement and entered a
written order on September 26. The hearing to consider
confirmation of that Plan begins Dec. 17, 2007. (Calpine
Bankruptcy News, Issue No. 70; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Incurs $2,193 Net Loss in Month Ended May 31
---------------------------------------------------------------
Complete Retreats, LLC
Balance Sheet
As of May 31, 2007
ASSETS
Unrestricted Cash -
Restricted Cash -
--------------
Total Cash $0.00
Accounts Receivable (Net) -
Inventory -
Notes Receivable -
Prepaid Expenses 0.00
Other -
--------------
Total Current Assets 0.00
Property, Plant & Equipment 656,115.87
Less: Accumulated Depreciation/Depletion (127,341.74)
--------------
Net Property, Plant & Equipment 528,774.13
Due from Insiders -
Other Assets - Net of Amortization -
Other 4,072,561.98
--------------
Total Assets $4,601,336.11
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable -
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other -
--------------
Total Postpetition Liabilities $0.00
Prepetition Liabilities
Secured Debt -
Priority Debt -
Unsecured Debt 0.00
Other 480,779.42
--------------
Total Prepetition Liabilities 480,779.42
--------------
Total Liabilities 480,779.42
Equity
Prepetition Owners' Equity 4,104,050.48
Postpetition Cumulative Profit or Loss 16,506.21
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 4,120,556.69
--------------
Total Liabilities & Owners' Equity $4,601,336.11
==============
Complete Retreats LLC reported a $2,193.79 net loss for May
2007.
About Complete Retreats
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts.
The Court approved the Debtors' amended disclosure statement
explaining their amended plan of liquidation on Aug. 31, 2007.
The Court will confirm that plan on Nov. 28, 2007. (Complete
Retreats Bankruptcy News, Issue No. 37 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Preferred Retreats Files May 2007 Report
-----------------------------------------------------------
Preferred Retreats, LLC
Balance Sheet
As of May 31, 2007
ASSETS
Unrestricted Cash $246,031.17
Restricted Cash 326,849.43
--------------
Total Cash 572,880.60
Accounts Receivable (Net) 695,701.98
Inventory 2,044,088.48
Notes Receivable 142,703.55
Prepaid Expenses 1,721,274.43
Other 592,090.83
--------------
Total Current Assets $5,195,859.27
Property, Plant & Equipment 3,827,112.63
Less: Accumulated Depreciation/Depletion (3,444,881.15)
--------------
Net Property, Plant & Equipment 382,231.48
Due from Insiders 2,222,991.08
Other Assets - Net of Amortization 1,555.00
Other 71,807,427.69
--------------
Total Assets $80,182,945.12
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable $6,171,183.74
Taxes Payable -
Notes Payable 279,547.54
Professional Fees -
Secured Debt -
Other 32,644,414.04
--------------
Total Postpetition Liabilities 39,095,145.32
Prepetition Liabilities
Secured Debt 43,411.29
Priority Debt -
Unsecured Debt 11,113,184.59
Other 155,463,553.67
--------------
Total Prepetition Liabilities 166,620,149.55
--------------
Total Liabilities $205,715,294.87
--------------
Equity
Prepetition Owners' Equity (90,524,986.16)
Postpetition Cumulative Profit or Loss (35,393,864.29)
Cash funded from UR LLC in excess of P&L losses 386,500.70
--------------
Total Equity (125,532,349.75)
--------------
Total Liabilities & Owners' Equity $80,182,945.12
==============
Preferred Retreats, LLC
Statement of Operations
May 1 to 31, 2007
Revenues
Gross Revenues ($0.80)
Less: Returns & Discounts 0.00
--------------
Net Revenue (0.80)
Cost of Goods Sold
Material 0.00
Direct Labor -
Direct Overhead 141,037.31
--------------
Total Cost of Goods Sold 141,037.31
--------------
Gross Profit (141,038.11)
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing 35,306.92
General Administration 18,940.06
Rent & Lease 230,418.02
Other 0.00
--------------
Total Operating Expenses 284,665.00
--------------
Income Before Non-Operating Income & Expenses (425,703.11)
Other Income & Expenses
Non-operating Income -
Non-operating Expense 425,197.63
Interest Expense 1,850,473.69
Depreciation/Depletion 0.00
Amortization -
Other (39,375.37)
--------------
Net Other Income & Expenses 2,315,046.69
Reorganization Expenses
Professional Fees 1,861,116.85
U.S. Trustee Fees -
Other 14,290.00
--------------
Total Reorganization Expenses 1,875,406.85
--------------
Income Tax -
--------------
Net Profit (Loss) ($4,616,156.65)
==============
Preferred Retreats, LLC
Consolidated Cash Receipts and Disbursements
May 1 to 31, 2007
Cash - Beginning of Month $2,776,240.66
Receipts from Operations
Cash Sales 12,186.51
Collection of Accounts Receivable
Prepetition -
Postpetition -
--------------
Total Operating Receipts 12,186.51
Non-operating Receipts
Loans & Advances 1,290,796.17
Sale of Assets 81,700,000.00
Other 1,204,447.57
--------------
Total Non-operating Receipts 84,195,243.74
--------------
Total Receipts 84,207,430.25
--------------
Total Cash Available 86,983,670.91
Operating Disbursements
Gross Payroll 499,755.77
Payroll Taxes Paid 0.00
Sales, Use & Other Taxes Paid 1,367,955.88
Secured/Rental/Leases 0.00
Utilities 0.00
Insurance 41,984.20
Mortgages 74,674,893.66
Interest 913,126.68
Employee Expenses 0.00
House Keeping & Contract Labor 0.00
Repairs & Maintenance 0.00
Field Expenses 66,645.82
International Destination Expenses 116,359.88
HOA 111,716.30
Other 341,032.80
--------------
Total Operating Disbursements 78,133,470.99
Reorganization Expenses
Professional Fees 4,573,024.44
U.S. Trustee Fees 37,000.00
Other 1,630,071.24
--------------
Total Reorganization Expenses 6,240,095.68
--------------
Total Disbursements 84,373,566.67
--------------
Net Cash Flow (166,136.42)
--------------
Cash - End of Month $2,610,104.24
==============
About Complete Retreats
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts.
The Court approved the Debtors' amended disclosure statement
explaining their amended plan of liquidation on Aug. 31, 2007.
The Court will confirm that plan on Nov. 28, 2007. (Complete
Retreats Bankruptcy News, Issue No. 37 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Distinctive Retreats Files May 2007 Report
-------------------------------------------------------------
Distinctive Retreats, LLC
Balance Sheet
As of May 31, 2007
ASSETS
Unrestricted Cash $0.00
Restricted Cash -
--------------
Total Cash 0.00
Accounts Receivable (Net) 0.00
Inventory 50,830.98
Notes Receivable 448,000.00
Prepaid Expenses 198,554.77
Other -
--------------
Total Current Assets 697,385.75
Property, Plant & Equipment 48,310,058.51
Less: Accumulated Depreciation/Depletion (3,713,484.54)
--------------
Net Property, Plant & Equipment 44,596,573.97
Due from Insiders -
Other Assets - Net of Amortization 485,000.00
Other 138,357,194.10
--------------
Total Assets $184,136,153.82
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable $0.00
Taxes Payable -
Notes Payable 0.00
Professional Fees -
Secured Debt -
Other 1,486,559.36
--------------
Total Postpetition Liabilities 1,486,559.36
Prepetition Liabilities
Secured Debt 452,027.00
Priority Debt -
Unsecured Debt 30,713,743.27
Other 16,851,099.94
--------------
Total Prepetition Liabilities 48,016,870.21
--------------
Total Liabilities 49,503,429.57
Equity
Prepetition Owners' Equity 133,882,809.53
Postpetition Cumulative Profit or Loss 749,914.72
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 134,632,724.25
--------------
Total Liabilities & Owners' Equity $184,136,153.82
==============
Distinctive Retreats, LLC
Statement of Operations
May 1 to 31, 2007
Revenues
Gross Revenues $0.00
Less: Returns & Discounts -
--------------
Net Revenue 0.00
Cost of Goods Sold
Material -
Direct Labor -
Direct Overhead -
--------------
Total Cost of Goods Sold 0.00
--------------
Gross Profit 0.00
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other 0.00
--------------
Total Operating Expenses 0.00
--------------
Income Before Non-Operating Income & Expenses 0.00
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion 0.00
Amortization -
Other (969,969.52)
--------------
Net Other Income & Expenses (969,969.52)
Reorganization Expenses
Professional Fees 0.00
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses 0.00
--------------
Income Tax -
--------------
Net Profit (Loss) $969,969.52
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts.
The Court approved the Debtors' amended disclosure statement
explaining their amended plan of liquidation on Aug. 31, 2007.
The Court will confirm that plan on Nov. 28, 2007. (Complete
Retreats Bankruptcy News, Issue No. 37 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Private Retreats Files May 2007 Report
---------------------------------------------------------
Private Retreats, LLC
Balance Sheet
As of May 31, 2007
ASSETS
Unrestricted Cash $0.00
Restricted Cash 1,678.78
--------------
Total Cash 1,678.78
Accounts Receivable (Net) 0.00
Inventory 71,383.95
Notes Receivable 560,981.46
Prepaid Expenses 0.00
Other 0.00
--------------
Total Current Assets 632,365.41
Property, Plant & Equipment 19,195,050.13
Less: Accumulated Depreciation/Depletion (5,918,560.10)
--------------
Net Property, Plant & Equipment 13,276,490.03
Due from Insiders -
Other Assets - Net of Amortization 1,152,200.00
Other 22,310,421.19
--------------
Total Assets $37,373,155.41
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable -
Taxes Payable -
Notes Payable $14,901.15
Professional Fees -
Secured Debt -
Other $1,206,686.82
--------------
Total Postpetition Liabilities 1,221,587.97
Prepetition Liabilities
Secured Debt 186,737.79
Priority Debt -
Unsecured Debt 5,432,514.70
Other 12,508,567.02
--------------
Total Prepetition Liabilities 18,127,819.51
--------------
Total Liabilities 19,349,407.48
Equity
Prepetition Owners' Equity 19,317,216.52
Postpetition Cumulative Profit or Loss (1,293,468.59)
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 18,023,747.93
--------------
Total Liabilities & Owners' Equity $37,373,155.41
==============
Private Retreats, LLC
Statement of Operations
May 1 to 31, 2007
Revenues
Gross Revenues $0.00
Less: Returns & Discounts -
--------------
Net Revenue 0.00
Cost of Goods Sold
Material -
Direct Labor -
Direct Overhead -
--------------
Total Cost of Goods Sold 0.00
--------------
Gross Profit 0.00
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration 0.00
Rent & Lease -
Other -
--------------
Total Operating Expenses 0.00
--------------
Income Before Non-Operating Income & Expenses 0.00
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion 0.00
Amortization -
Other (509,145.02)
--------------
Net Other Income & Expenses (509,145.02)
Reorganization Expenses
Professional Fees 0.00
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses 0.00
--------------
Income Tax -
--------------
Net Profit (Loss) $509,145.02
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts.
The Court approved the Debtors' amended disclosure statement
explaining their amended plan of liquidation on Aug. 31, 2007.
The Court will confirm that plan on Nov. 28, 2007. (Complete
Retreats Bankruptcy News, Issue No. 37 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Legendary Retreats Files May 2007 Report
-----------------------------------------------------------
Legendary Retreats, LLC
Balance Sheet
As of May 31, 2007
ASSETS
Unrestricted Cash $0.00
Restricted Cash -
--------------
Total Cash 0.00
Accounts Receivable (Net) 0.00
Inventory -
Notes Receivable 1,610,000.00
Prepaid Expenses 73,910.42
Other 110,000.00
--------------
Total Current Assets 1,793,910.42
Property, Plant & Equipment 26,935.82
Less: Accumulated Depreciation/Depletion -
--------------
Net Property, Plant & Equipment 26,935.82
Due from Insiders -
Other Assets - Net of Amortization -
Other 17,787,455.72
--------------
Total Assets $19,608,301.96
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable 0.00
Taxes Payable -
Notes Payable 11,365.58
Professional Fees -
Secured Debt -
Other 0.00
--------------
Total Postpetition Liabilities 11,365.58
Prepetition Liabilities
Secured Debt -
Priority Debt -
Unsecured Debt 482,432.31
Other 3,887,743.28
--------------
Total Prepetition Liabilities 4,370,175.59
--------------
Total Liabilities 4,381,541.17
Equity
Prepetition Owners' Equity 15,289,439.89
Postpetition Cumulative Profit or Loss (62,679.10)
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 15,226,760.79
--------------
Total Liabilities & Owners' Equity $19,608,301.96
==============
Legendary Retreats, LLC, reported net income of $2,562.29 for May
2007.
About Complete Retreats
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts.
The Court approved the Debtors' amended disclosure statement
explaining their amended plan of liquidation on Aug. 31, 2007.
The Court will confirm that plan on Nov. 28, 2007. (Complete
Retreats Bankruptcy News, Issue No. 37 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
DANA CORPORATION: Earns $23 Million in Month Ended September 30
---------------------------------------------------------------
Dana Corporation
Unaudited Condensed Consolidated Balance Sheet
As of September 30, 2007
ASSETS
CURRENT ASSETS
Cash and cash equivalent assets $1,035,000,000
Accounts receivable
Trade 1,410,000,000
Other 290,000,000
Inventories 843,000,000
Assets of discontinued operations 52,000,000
Other current assets 155,000,000
---------------
Total current assets 3,785,000,000
Investments in equity affiliates 430,000,000
Net property, plant and equipment 1,740,000,000
Other noncurrent assets 1,063,000,000
---------------
TOTAL ASSETS $7,018,000,000
===============
LIABILITY AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES
DIP Financing $900,000,000
Notes payable, including current portion
of long-term debt 52,000,000
Accounts payable 1,136,000,000
Liabilities of discontinued operations 21,000,000
Other accrued liabilities 833,000,000
---------------
Total current liabilities 2,942,000,000
Liabilities subject to compromise 4,011,000,000
Deferred employee benefits and other
non-current liabilities 493,000,000
Long-term debt 13,000,000
Minority interest in consolidated subsidiaries 95,000,000
---------------
Total liabilities 7,554,000,000
Shareholders' deficit (536,000,000)
---------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $7,018,000,000
===============
Dana Corporation
Unaudited Condensed Statement of Operations
For the Month Ended September 30, 2007
Net Sales $732,000,000
Costs and expenses
Costs of sales 690,000,000
Selling, general and administrative expenses 23,000,000
Realignment charges (4,000,000)
Other income, net 12,000,000
---------------
Income (loss) from operations 35,000,000
Interest expense 5,000,000
Reorganization items, net (24,000,000)
---------------
Income (loss) before income taxes 54,000,000
Income tax (expense) benefit (15,000,000)
Minority interest 1,000,000
Equity in earnings of affiliates (5,000,000)
---------------
Income (loss) before continuing operations 63,000,000
Income (loss) from discontinued operations (40,000,000)
---------------
Net income (loss) $23,000,000
===============
Dana Corporation
Unaudited Condensed Statement of Cash Flow
For the Month Ended September 30, 2007
OPERATING ACTIVITIES
Net income (loss) $23,000,000
Depreciation and amortization 24,000,000
Loss on sale of business 23,000,000
Non-cash portion of U.K. pension charge 0
Decrease (increase) in working capital (86,000,000)
Unremitted equity earnings in affiliates 5,000,000
Reorganization items, net of payments (30,000,000)
Other 20,000,000
---------------
Net cash flow provided by
(used for) operating activities (21,000,000)
INVESTING ACTIVITIES
Purchases of property, plant and equipment (13,000,000)
Proceeds from sale of assets 0
Other 5,000,000
---------------
Net cash flow provided by
(used for) investing activities (8,000,000)
FINANCING ACTIVITIES
Net change in short-term debt (14,000,000)
Proceeds from DIP Credit Agreement 0
Net cash flow provided by
(used for) financing activities (14,000,000)
---------------
Net increase in cash equivalents (43,000,000)
Cash & cash equivalents, beginning of period 1,078,000,000
---------------
Cash and cash equivalents, end of period $1,035,000,000
===============
Headquartered in Toledo, Ohio, Dana Corporation --
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.
Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.
The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of
Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets
and $7,551,000,000 in total debts resulting in a total
shareholders' deficit of $673,000,000.
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. On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan. The Court has set
Dec. 10, 2007, to consider confirmation of the Plan. (Dana
Corporation Bankruptcy News, Issue No. 61; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
FEDERAL-MOGUL: Posts $7.6 Million Net Loss in Month Ended Oct. 31
-----------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of October 31, 2007
(In millions)
Assets
Cash and equivalents $67.9
Accounts receivable 616.2
Inventories 405.3
Deferred taxes 194.6
Prepaid expenses and other current assets 114.9
--------
Total current assets 1,398.8
Summary of Unpaid Postpetition Debits 10.3
Intercompany Loans Receivable (Payable) 1,743.5
--------
Intercompany Balances 1,753.8
Property, plant and equipment 751.1
Goodwill 930.9
Other intangible assets 340.2
Insurance recoverable 896.1
Other non-current assets 1,273.4
--------
Total Assets $7,344.3
========
Liabilities and Shareholders' Equity
Short-term debt $790.7
Accounts payable 238.0
Accrued compensation 74.3
Restructuring and rationalization reserves 10.2
Current portion of asbestos liability -
Interest payable 3.8
Other accrued liabilities 961.4
--------
Total current liabilities 2,078.5
Long-term debt -
Post-employment benefits 687.8
Other accrued liabilities 593.4
Liabilities subject to compromise 5,459.4
Shareholders' equity:
Preferred stock 1,050.6
Common stock 662.1
Additional paid-in capital 8,000.3
Accumulated deficit (11,447.8)
Accumulated other comprehensive income 260.1
Other -
--------
Total Shareholders' Equity (1,474.7)
--------
Total Liabilities and Shareholders' Equity $7,344.3
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended October 31, 2007
(In millions)
Net sales $271.0
Cost of products sold 223.7
--------
Gross margin 47.3
Selling, general & administrative expenses (40.9)
Amortization (1.2)
Reorganization items (4.8)
Interest income (expense), net (16.1)
Other income (expense), net 8.8
--------
Earnings before Income Taxes (6.9)
Income Tax (Expense) Benefit (0.8)
--------
Earnings before cumulative effect of change
in accounting principle (7.6)
--------
Net Earnings (loss) ($7.6)
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the Month Ended October 31, 2007
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) ($7.6)
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 14.6
Adjustment of assets held for sale and
other long-lived assets to fair value -
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. principle -
Change in post-employment benefits 7.3
Decrease (increase) in accounts receivable 1.3
Decrease (increase) in inventories (1.5)
Increase (decrease) in accounts payable (8.2)
Change in other assets & other liabilities (28.4)
Change in restructuring charge -
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From Operating Activities (22.6)
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (6.3)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
--------
Net Cash Provided From (Used By) Investing Activities (6.3)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt 8.8
Sale of accounts receivable under securitization -
Dividends -
Other 1.4
--------
Net Cash Provided From Financing Activities 10.2
Increase (Decrease) in Cash and Equivalents (18.7)
Cash and equivalents at beginning of period 86.6
--------
Cash and equivalents at end of period $67.9
========
About Federal-Mogul
Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some $6 billion. Federal-Mogul also has
operations in Mexico and the Asia Pacific Region, which includes,
Malaysia, Australia, China, India, Japan, Korea, and Thailand.
The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $10.15 billion in assets and $8.86 billion in liabilities.
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at
Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer,
Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.
On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003. They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan. On July 28, 2004, the
District Court approved the Disclosure Statement. The estimation
hearing began on June 14, 2005. The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007.
The Bankruptcy Court confirmed the Fourth Amended Plan on Nov. 8,
2007.
(Federal-Mogul Bankruptcy News, Issue No. 154; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
LEVITT & SONS: Files Schedules of Assets and Liabilities
--------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on hand 0
B.2 Bank Accounts
Bank Atlantic - escrow-customer dep 206,930
City National Bank - Florida main operating 3,859,393
account
City National Bank - Florida consumer deposit 407,664
escrow
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 0
B.10 Annuities 0
B.11 Interests in an education IRA 0
B.12 Interests in pension plans 0
B.13 Stock and Interests Undetermined
B.14 Interests in partnerships & joint venture 0
B.15 Government and corporate bonds 0
B.16 Accounts Receivable 0
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 Undetermined
B.22 Patents 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 $4,473,987
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims 0
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims
Trade Payable:
KeyBanc National Association 1,262,887
Litigation:
Collins Roofing Inc. Undetermined
JC Contractors Inc. Undetermined
Employees:
Kathi James 127,429
Rainey Rissman 100,615
Others 474,746
Debt:
Bank of America 103,859,044
KeyBanc 96,478,909
Ohio Savings Bank 1,091,849
Regions Bank 24,734,018
Wachovia Bank 112,476,507
TOTAL SCHEDULED LIABILITIES $340,606,004
=========================================================
Based in Fort Lauderdale, Florida, Levitt and Sons LLC --
http://www.levittandsons.com/-- is the homebuilding subsidiary of
Levitt Corporation (NYSE:LEV). Levitt Corp. --
http://www.levittcorporation.com/-- together with its
subsidiaries, operates as a homebuilding and real estate
development company in the southeastern United States. The
company operates in two divisions, homebuilding and land. The
homebuilding division primarily develops single and multi-family
homes for adults and families in Florida, Georgia, Tennessee, and
South Carolina. The land division engages in the development of
master-planned communities in Florida and South Carolina.
Levitt and Sons LLC and 38 of its homebuilding affiliates filed
for Chapter 11 protection on Nov. 9, 2007 (Bankr. S.D. Fla. Lead
Case No. 07-19845). Paul Singerman, Esq. and Jordi Guso, Esq., at
Berger Singerman, P.A., represent the Debtors in their
restructuring efforts. The Debtors chose AP Services, LLC as
their crisis managers, and Kurtzman Carson Consultants, LLC as
their claims and noticing agent. Levitt Corp., the parent
company, is not included in the bankruptcy filing.
The Debtors' latest consolidated financial condition as of
Sept. 30, 2007 reflect total assets of $900,392,000, and total
liabilities of $780,969,000. The Debtors exclusive period for
plan filing expires on March 8, 2008. (Levitt and Sons Bankruptcy
News, Issue No. 4; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)
NEW CENTURY: Incurs $42,714,743 Net Loss in September 2007
----------------------------------------------------------
New Century Financial Corp. and Affiliates
Consolidated Balance Sheet
As of September 30, 2007
Assets
Current Assets:
Unrestricted Cash and Equivalents $116,446,774
Restricted Cash and Equivalents 18,400,223
Accounts Receivable, Net 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 10,438,652
Professional Retainers 0
Other Current Assets 78,650,124
--------------
Total Current Assets 223,935,773
--------------
Property and Equipment 61,686,771
Other Assets 7,595,965,203
--------------
Total Assets $7,881,587,747
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise:
Accounts Payable $0
Professional Fees 33,505,821
Liabilities Subject to Compromise:
Secured Debt 7,255,428,803
Priority Debt 2,739,519
Unsecured Debt 251,784,271
--------------
Total Liabilities 7,543,458,414
--------------
Owner Equity:
Capital Stock 9,480,047
Additional Paid-in Capital 2,170,845,310
Partners' Capital Account 0
Owners' Equity Account 0
Retained Earnings - Prepetition (1,088,392,467)
Retained Earnings - Postpetition (753,803,557)
Adjustments to Owner Equity 0
Postpetition Contributions 0
--------------
Net owner Equity 338,129,333
--------------
Total Liabilities and Owners' Equity $7,881,587,747
==============
New Century Financial Corp. and Affiliates
Consolidated Statement of Operations
Month Ended September 30, 2007
Revenues ($21,502,294)
Cost of Goods Sold 0
Operating Expenses:
Advertising 11,875
Employee Benefits Programs 93,405
Insurance 201,434
Office Expense 722,275
Rent and Lease Expense 1,544,582
Salaries, Commissions, & Fees 1,549,204
Travel and Entertainment 6,822
Other 1,784,118
Depreciation, Depletion & Amortization 2,105,405
--------------
Net Profit (Loss) before Other Income & Expenses (29,521,414)
Other Expenses 0
Reorganization Items:
Professional Fees 13,404,254
Interest Earned for Accumulated Cash (210,925)
Income Taxes 0
--------------
Net Profit (Loss) ($42,714,743)
==============
New Century Financial Corp. and Affiliates
Schedule of Cash Receipts and Disbursements
Month Ended September 30, 2007
Cash, Beginning of month $109,097,752
Total Receipts 15,645,569
Total Disbursements (8,296,547)
--------------
Net Cash Flow 7,349,022
--------------
Cash, End of month $116,446,774
==============
[The consolidated financial statements include non-debtor
affiliates and subsidiaries of New Century Financial Corp.]
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 plan expires on Nov. 28,
2007. (New Century Bankruptcy News, Issue No. 26; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report
-------------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of September 30, 2007
Assets
Current Assets
Cash and cash equivalents $42,482,514
Trade receivables, less allowances
for doubtful accounts 394,923
Due from related parties 711,255
Prepaid expenses and other current as 540,013
------------
Total current assets 44,128,705
Fixed assets, net -
Long-term equipment sales receivable, net -
Investments in group companies 143,546,856
Intercompany receivables -
Investment in equity ownership interests 220,170,010
Other assets 3,941,292
------------
Total assets $411,786,863
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable 5,424,386
Accrued expenses 55,840,265
Current portion of long-term debt 172,107,141
Current portion of senior notes 385,351,436
------------
Total current liabilities 618,723,228
Total shareholders' equity (206,936,365)
------------
Total liabilities and shareholders' equity $411,786,863
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended September 30, 2007
Revenue (947,966)
Costs and expenses:
Operating income 167,601
Selling, general and
administrative expenses (3,488,212)
Professional fees (3,752,843)
Charges to provide against
intercompany accounts (1,233,807)
Impairment of investment in subsidy Co. -
Forgiveness of intercompany debt -
Depreciation and amortization -
------------
Total costs and expenses (8,307,261)
------------
Gain or (Loss) on sale of assets (127,181)
------------
Operating income (loss) (9,382,408)
Other income (expense)
Interest income 171,764
Foreign exchange gains or (losses) 5,810
Interest expense, net (4,696,684)
------------
Income (Loss) before taxes (13,901,518)
Income tax expense (6,014,000)
------------
Net (Loss) ($19,915,518)
============
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. 30; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
SEA CONTAINERS: SeaCon Services Files Sept. 2007 Operating Report
-----------------------------------------------------------------
Sea Containers Services
Unaudited Balance Sheet
As of September 30, 2007
Assets
Current Assets
Cash and cash equivalents $649
Trade receivables 2,403
Due from related parties 2,103,050
Prepaid expenses and other current assets 3,667,318
------------
Total current assets 5,773,420
Fixed assets, net 2,251,364
Investments 2,744,640
Intercompany receivables 51,630,282
Other assets 0
------------
Total assets $62,399,708
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $2,853,709
Accrued expenses 2,506,022
Current portion of long-term debt 1,681,656
------------
Total current liabilities
7,041,386
Total shareholders' equity 55,358,321
------------
Total liabilities and shareholders' equity $62,399,708
============
Sea Containers Services
Unaudited Statement of Operations
For the Month Ended September 30, 2007
Revenue $796,787
Costs and expenses:
Operating costs -
Selling, general and
administrative expenses (457,217)
Professional Fees (191,833)
Other charges 0
Depreciation and amortization (97,186)
------------
Total costs and expenses (746,236)
------------
Gains on sale of assets 0
------------
Operating income (loss) 50,551
Other income (expense)
Interest income 92
Foreign exchange gains (losses) (745)
Interest expense, net (12,040)
------------
Income (Loss) before taxes 37,858
Income tax credit 0
------------
Net Income $37,858
============
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. 30; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
SEA CONTAINERS: SeaCon Carribean Files Sept. 2007 Operating Report
------------------------------------------------------------------
Sea Containers Carribean Inc. reported zero assets and accounts
payable of $3,530,094, as its sole liabilities in its September
2007 balance sheet.
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. 30; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
TWEETER HOME: Posts $1,062,986 Net Loss in Month Ended June 30
--------------------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Balance Sheet
As of June 30, 2007
Assets
Current Assets:
Cash and Cash Equivalents $1,902,438
Accounts Receivable 3,560,674
Inventory 47,173,213
Deferred Tax Assets -
Prepaid Expenses and Other Current Assets 11,435,232
--------------
Total Current Assets 64,071,557
Property and Equipment 65,021,337
Long-Term Investments 3,380,180
Intangible Assets, Net -
Other Assets 914,973
Goodwill 4,375,723
--------------
Total Assets $137,763,770
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise
(Postpetition):
Current Portion of Long-Term Debt $716,593
Total Accounts Payable -
--------------
Total Postpetition Liabilities 716,593
Liabilities Subject to Compromise (Prepetition):
Deferred Compensation 2,771,587
Accrued Expenses 35,581,646
Customer Deposits 15,365,465
Prepetition Accounts Payable 27,523,625
--------------
Total Prepetition Liabilities $81,242,323
Secured Bank Debt 20,879,643
Other Long-Term Liabilities:
Accrued Income Taxes 951,185
Long-Term Restructuring and Discontinued
Store Reserve 3,832,198
Rent-Related Accruals 22,335,504
--------------
Total Other Long-Term Liabilities 27,118,887
--------------
Total Liabilities 129,957,446
Total Stockholder's Equity 7,806,324
--------------
Total Liabilities and Stockholder's Equity $137,763,770
==============
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Statement of Operations
For the Month Ended June 30, 2007
Revenue $19,360,078
Cost of Goods Sold 13,732,339
--------------
Gross Profit 5,627,739
Controllable Expenses 4,082,217
Non-Controllable Expenses 2,206,737
--------------
Total Operating Expenses 6,288,954
--------------
Operating Income (661,215)
Other Income (Expense) (401,771)
--------------
Earnings Before Tax (1,062,986)
Taxes -
--------------
Net Income ($1,062,986)
==============
Tweeter Home Entertainment Group, Inc., et al.
Schedule of Cash Receipts and Disbursements
For the Month Ended June 30, 2007
Cash, Beginning of Month $151,056
Cash Receipts:
Transfers from DIP Accounts 785,590
--------------
Total Receipts 785,590
Total Disbursements -
--------------
Net Cash Flow 785,590
--------------
Cash, End of Month $936,646
==============
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 Nos. 07-10787 through 07-10796). Gregg M.
Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represent the Debtors. Kurtzman Carson Consultants LLC acts as
the Debtors' claims and noticing agent. As of Dec. 21, 2006,
Tweeter had total assets of $258,573,353 and total debts of
$190,417,285. The Court gave the Debtors until Feb. 6, 2008 to
file a plan of reorganization.
Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy
Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott
L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq.,
at Otterbourg, Steindler, Houston & Rosen, P.C., represent the
Official Committee of Unsecured Creditors. The Debtors' exclusive
period to file a chapter 11 plan expires on Feb. 6, 2008.
(Tweeter Bankruptcy News, Issue No. 14, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy,
Joel Anthony G. Lopez, Cecil R. Villacampa, Jason A. Nieva,
Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez,
Tara Marie A. Martin, Joseph Medel C. Martirez, and Peter A.
Chapman, Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
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*** End of Transmission ***