/raid1/www/Hosts/bankrupt/TCR_Public/080322.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, March 22, 2008, Vol. 12, No. 69
Headlines
ACCEPTANCE INSURANCE: Incurs $10,917 Net Loss in February 2008
NEW CENTURY: Posts $1,150,022,665 Net Loss in December 2007
PRC LLC: Delivers Schedules of Assets and Liabilities
PRC LLC: PRC B2B Delivers Schedules of Assets and Liabilities
PRC LLC: Panther/DCP Delivers Schedules of Assets and Liabilities
PRC LLC: Access Direct Delivers Schedules of Assets & Liabilities
PRC LLC: Precision Delivers Schedules of Assets and Liabilities
SEA CONTAINER: Incurs $49,716,170 Net Loss in January 2008
*********
ACCEPTANCE INSURANCE: Incurs $10,917 Net Loss in February 2008
--------------------------------------------------------------
Acceptance Insurance Companies Inc. filed its monthly operating
report for February 2008 with the United States Bankruptcy Court
for the District of Nebraska on Feb. 29, 2008.
The Debtor reported a net loss of $10,917 and revenue of $2,681
for the month ended Feb. 29, 2008.
At Feb. 29, 2008, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $1,249,481
Total Assets $36,846,031
Total Liabilities $138,184,380
Total Shareholders' Deficit $101,338,349
A full-text copy of Acceptance Insurance Companies Inc.'s February
2007 Monthly Operating Report is available at no charge at:
http://researcharchives.com/t/s?295c
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc.-- http://www.aicins.com/--owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.
The company filed for chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates --
Acceptance Insurance Services, Inc. and American Agrisurance, Inc.
-- each filed chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on Jan. 7, 2005. John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts. Lawyers at McGrath North Mullin & Kratz PC LLO.
represent the the Official Committee of Unsecured Creditors in
Acceptance Insurance's case. As of December 2007, Debtor listed
$36,326,172 in total assets and $138,187,943 in total debts.
NEW CENTURY: Posts $1,150,022,665 Net Loss in December 2007
-----------------------------------------------------------
New Century Financial Corp. and Affiliates
Consolidated Balance Sheet
As of December 31, 2007
Assets
Current Assets:
Unrestricted Cash and Equivalents $79,615,179
Restricted Cash and Equivalents 11,561,700
Accounts Receivable, Net 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 750,001
Professional Retainers 0
Other Current Assets 31,350,237
--------------
Total Current Assets 123,277,117
--------------
Property and Equipment 28,308,391
Lease Improvements 36,080
Accumulated Depreciation (19,067,622)
--------------
Other Assets 321,714,901
--------------
Total Assets [$454,268,867]
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise:
Accounts Payable $0
Professional Fees 25,694,710
Liabilities Subject to Compromise:
Secured Debt 220,643,581
Priority Debt 11,323,226
Unsecured Debt 1,040,833,840
--------------
Total Liabilities 1,298,495,357
--------------
Owner Equity:
Capital Stock 4,530,047
Additional Paid-in Capital 2,170,845,310
Partners' Capital Account 0
Owners' Equity Account 0
Retained Earnings - Prepetition (1,083,442,468)
Retained Earnings - Postpetition (1,936,159,379)
Adjustments to Owner Equity 0
Postpetition Contributions 0
--------------
Net owner Equity (844,226,490)
--------------
Total Liabilities and Owners' Equity $454,268,867
==============
New Century Financial Corp. and Affiliates
Consolidated Statement of Operations
Month Ended December 31, 2007
Revenues ($887,257,791)
Cost of Goods Sold 0
Operating Expenses:
Contibutions 0
Employee Benefits Programs 177,721
Office Expense 136,434
Rent and Lease Expense 3,656,425
Salaries, Commissions, & Fees 3,647,523
Travel and Entertainment 1,224
Other 206,446,409
Depreciation, Depletion & Amortization 0
--------------
Net Loss before Other Income & Expenses ($1,101,323,527)
Other Expense (42,125,784)
Reorganization Items
Professional Fees 6,864,789
Interest Earned for Accumulated Cash (291,435)
Total Reorganization Expenses 6,573,354
Income Taxes 0
--------------
Net Profit (Loss) ($1,150,022,665)
==============
New Century Financial Corp. and Affiliates
Schedule of Cash Receipts and Disbursements
Month Ended December 31, 2007
Cash, Beginning of month $109,297,614
Total Receipts 6,078,674
Non-cash Accounting Adjustments 1,125,389
Total Disbursements (25,324,797)
--------------
Net Cash Flow (18,120,734)
--------------
Cash, End of month $91,176,879
==============
About New Century
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 expired on Jan. 28, 2008. (New
Century Bankruptcy News, Issue No. 34; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
PRC LLC: Delivers Schedules of Assets and Liabilities
-----------------------------------------------------
PRC LLC submitted to the U.S. Bankruptcy Court for the Southern
District of New York its schedules of assets and liabilities,
disclosing:
A. Real Property
Vacant Land in Miami, Florida $2,695,707
Vacant Land, Sunrise, Florida unknown
B. Personal Property
B.1 Cash on Hand 0
B.2 Financial Accounts
Bank of New York 10,965,227
Bank of New York -- Payroll Withholding
Tax Escrow Account 1,960,000
Bank of New York -- Sales & Use Tax
Escrow Account 68,000
B.3 Security Deposits
Bank of America 50,000
Lease
BGTX Project 123,658
South Florida Stadium 32,000
Kronos-Security Deposit 21,000
HR Kendall 20,768
Pro Player 20,010
HR Kendall-117 Partners 12,654
Office Depot Center 11,968
Rent
Carr Office Park 100,000
Equastone Austin I 50,000
Casavane Realty 13,011
Utilities
Appalachian Power 25,556
Others 85,280
B.4 Household Goods and Furnishings 0
B.5 Books, pictures & other art objects 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms, sports & other hobby equipment 0
B.9 Interests in insurance policies 0
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interest in pension, profit sharing plan 0
B.13 Stock & Interests Unknown
B.14 Interests in partnerships, joint ventures 0
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable 56,124,030
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor 0
B.19 Other equitable interests 0
B.20 Investment in deferred compensation 0
B.21 Derivative asset
0
B.22 Intellectual property Unknown
B.23 Licenses, franchises and others 0
B.24 Customer list 0
B.25 Vehicles & accessories 60,669
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies 8,291,320
B.29 Machinery, fixtures, et al.
Computers 25,654,953
Software and others 45,932,383
Telephone Equipment 19,811,232
B.30 Inventory 0
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment & implements 0
B.34 Farm supplies, chemicals & feed 0
B.35 Other personal property
Intangible Assets Unknown
Leasehold Improvements 27,062,694
TOTAL SCHEDULED ASSETS $199,202,558
======================================================
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
Law Debenture Trust Company of NY $67,000,000
Royal bank of Scotland PLC 121,674,690
E. Creditors Holding Unsecured Priority Claims
Joe Livingston 989,927
Miami Dade Tax Collector 690,015
Broward County Revenue Collector 253,651
Veros, Frank 123,749
Moroney, Thomas 86,118
White, Richard 55,215
Kassmeier, Rodney 41,152
Laszewski, Kory 71,942
Others 32,746
F. Creditors Holding Unsecured Non-priority Claims
Advanced Contact Solutions, Inc. 14,987,104
Verizon Network Integration Corp 5,639,551
AT&T 1,707,156
MCI, Inc. 1,329,976
Nice Systems, Inc. 849,769
Verizon Business Network Services, Inc. 823,616
IEnergizer 840,503
AMOV Int'l. Teleservices, S.A. 603,760
U.S. Security Associates, Inc. 491,256
Cisco Systems Capital Corporation 429,828
Customized Support Serv., Inc. 413,692
C. Davis Electric Co., Inc. 296,809
SenCommunications, Inc. 275,731
TMP Worlwide, Inc. 261,058
Kroll Background 220,882
Dell Marketing L.P. 208,787
Others 4,555,926
TOTAL SCHEDULED LIABILITIES $225,009,824
======================================================
About PRC LLC
Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC --
http://www.prcnet.com/-- is a leading provider of customer
management solutions. PRC markets its services to brand-focused,
Fortune 500 U.S. corporations and delivers these services through
a global network of call centers in the U.S., Philippines, India,
and the Dominican Republic.
PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of Access
Direct Telemarketing, Inc., each of which is a debtor and debtor-
in-possession in PRC's joint Chapter 11 cases.
Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.
PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry. Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.
The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts. The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring and
turnaround advisor. Additionally, Evercore Group LLC provides
investment and financial counsel to the Debtors.
The Debtors' consolidated financial condition as of Dec. 31, 2007,
showed total assets of $354,000,000 and total debts of
$261,000,000.
The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008. (PRC LLC Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
PRC LLC: PRC B2B Delivers Schedules of Assets and Liabilities
-------------------------------------------------------------
PRC B2B LLC, debtor-affiliate of PRC LLC, submitted to the U.S.
Bankruptcy Court for the Southern District of New York its
schedules of assets and liabilities, disclosing:
A. Real Property NA
B. Personal Property
B.1 Cash on Hand $0
B.2 Financial Accounts
Bank of New York 2,768,656
B.3 Security Deposits
Rent
Charles Schwab-Maitland 35,427
Nokia-Tampa 1 50,338
B.4 Household Goods and Furnishings 0
B.5 Books, pictures & other art objects 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms, sports & other hobby equipment 0
B.9 Interests in insurance policies 0
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interest in pension, profit sharing plan 0
B.13 Stock & Interests 0
B.14 Interests in partnerships, joint ventures 0
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable
AR Trade 4,684,964
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor 0
B.19 Other equitable interests 0
B.20 Investment in deferred compensation 0
B.21 Derivative asset
0
B.22 Intellectual property 0
B.23 Licenses, franchises and others 0
B.24 Customer list 0
B.25 Vehicles & accessories 0
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies 1,678,985
B.29 Machinery, fixtures, et al.
Computers 7,393,099
Software and others 1,671,882
B.30 Inventory 0
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment & implements 0
B.34 Farm supplies, chemicals & feed 0
B.35 Other personal property
Leasehold Improvements 658,278
TOTAL SCHEDULED ASSETS $18,941,628
======================================================
C. Property Claimed as Exempt NA
D. Creditors Holding Secured Claims
Law Debenture Trust Company of NY $67,000,000
Royal bank of Scotland PLC 121,674,690
E. Creditors Holding Unsecured Priority Claims 11,334
F. Creditors Holding Unsecured Non-priority Claims
Customer Deposit 804,935
Integration International, Inc. 206,397
Others 150,390
TOTAL SCHEDULED LIABILITIES $189,847,746
======================================================
About PRC LLC
Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC --
http://www.prcnet.com/-- is a leading provider of customer
management solutions. PRC markets its services to brand-focused,
Fortune 500 U.S. corporations and delivers these services through
a global network of call centers in the U.S., Philippines, India,
and the Dominican Republic.
PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of Access
Direct Telemarketing, Inc., each of which is a debtor and debtor-
in-possession in PRC's joint Chapter 11 cases.
Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.
PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry. Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.
The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts. The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring and
turnaround advisor. Additionally, Evercore Group LLC provides
investment and financial counsel to the Debtors.
The Debtors' consolidated financial condition as of Dec. 31, 2007
showed total assets of $354,000,000 and total debts of
$261,000,000.
The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008. (PRC LLC Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
PRC LLC: Panther/DCP Delivers Schedules of Assets and Liabilities
-----------------------------------------------------------------
Panther/DCP Intermediate Holdings LLC, debtor-affiliate of PRC
LLC, submitted to the U.S. Bankruptcy Court for the Southern
District of New York its schedules of assets and liabilities,
disclosing:
A. Real Property $0
B. Personal Property 0
TOTAL SCHEDULED ASSETS $0
======================================================
C. Property Claimed as Exempt NA
D. Creditors Holding Secured Claims
Secured Financing
Law Debenture Trust Company of New York $67,000,000
Royal Bank of Scotland 121,674,690
E. Creditors Holding Unsecured Claims 0
F. Creditors Holding Unsecured Non-Priority Claims 0
TOTAL SCHEDULED LIABILITIES $188,674,690
=======================================================
About PRC LLC
Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC --
http://www.prcnet.com/-- is a leading provider of customer
management solutions. PRC markets its services to brand-focused,
Fortune 500 U.S. corporations and delivers these services through
a global network of call centers in the U.S., Philippines, India,
and the Dominican Republic.
PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of Access
Direct Telemarketing, Inc., each of which is a debtor and debtor-
in-possession in PRC's joint Chapter 11 cases.
Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.
PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry. Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.
The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts. The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring and
turnaround advisor. Additionally, Evercore Group LLC provides
investment and financial counsel to the Debtors.
The Debtors' consolidated financial condition as of Dec. 31, 2007
showed total assets of $354,000,000 and total debts of
$261,000,000.
The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008. (PRC LLC Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
PRC LLC: Access Direct Delivers Schedules of Assets & Liabilities
-----------------------------------------------------------------
Access Direct Telemarketing Inc., debtor-affiliate of PRC LLC,
submitted to the U.S. Bankruptcy Court for the Southern District
of New York its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.2 Financial Accounts
Bank of New York (1,764,135)
B.3 Security Deposits
Cedar Rapids Center Deposit 40,000
Marshalltown Center Deposit 44,471
B.16 Accounts Receivable 6,343,754
B. 28 Office Equipment and Supplies
Equipment and Fixtures 1,671,344
Computers 3,688,361
Software and Other 7,549,626
Telephone Equipment 345,855
B. 35 Other Personal Property
Leasehold Improvement 1,522,731
TOTAL SCHEDULED ASSETS $19,442,006
=====================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Secured Financing
Law Debenture Trust Company of New York 67,000,000
Noble Systems Corporation undetermined
Secured Equipment Lease
The Royal Bank of Scotland PLC 121,674,690
Noble Systems Corporation undetermined
E. Creditors Holding Unsecured Claims
Business Development Partners Worldwide 0
State of Iowa 1,457
F. Creditors Holding Unsecured NonPriority Claims
Trade Vendor
Mcleod USA 68,144
ABM Janitorial North Central 17,435
Alliant Energy 11,117
ADT Security Systems, Inc. 6,888
Iowa Valley Community College 5,549
Verizon / MCI 5,433
Phelan's 5,422
Hawkeye Community College 4,747
Office Depot Center 4,731
Aramark Uniform Services 3,845
Midamerican Energy 2,905
Ames Municipal Utilities 2,630
Midwest Computer Brokers 2,002
Insight 1,989
Cedar Falls Utilities 1,949
Aramark Services, Inc. 1,318
United Parcel Service 1,234
AT & T 1,211
Midwest Athletic Club 1,197
Others 14,818
TOTAL SCHEDULED LIABILITIES $188,840,710
====================================================
About PRC LLC
Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC --
http://www.prcnet.com/-- is a leading provider of customer
management solutions. PRC markets its services to brand-focused,
Fortune 500 U.S. corporations and delivers these services through
a global network of call centers in the U.S., Philippines, India,
and the Dominican Republic.
PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of Access
Direct Telemarketing, Inc., each of which is a debtor and debtor-
in-possession in PRC's joint Chapter 11 cases.
Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.
PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry. Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.
The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts. The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring and
turnaround advisor. Additionally, Evercore Group LLC provides
investment and financial counsel to the Debtors.
The Debtors' consolidated financial condition as of Dec. 31, 2007
showed total assets of $354,000,000 and total debts of
$261,000,000.
The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008. (PRC LLC Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
PRC LLC: Precision Delivers Schedules of Assets and Liabilities
---------------------------------------------------------------
Precision Response of Pennsylvania LLC, debtor-affiliate of PRC
LLC, submitted to the U.S. Bankruptcy Court for the Southern
District of New York its schedules of assets and liabilities,
disclosing:
A. Real Property $0
B. Personal Property 0
TOTAL SCHEDULED ASSETS $0
======================================================
C. Property Claimed as Exempt NA
D. Creditors Holding Secured Claims
Secured Financing
Law Debenture Trust Company of New York $67,000,000
Royal Bank of Scotland 121,674,690
E. Creditors Holding Unsecured Claims 0
F. Creditors Holding Unsecured Non-Priority Claims 0
TOTAL SCHEDULED LIABILITIES $188,674,690
=======================================================
About PRC LLC
Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC --
http://www.prcnet.com/-- is a leading provider of customer
management solutions. PRC markets its services to brand-focused,
Fortune 500 U.S. corporations and delivers these services through
a global network of call centers in the U.S., Philippines, India,
and the Dominican Republic.
PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of Access
Direct Telemarketing, Inc., each of which is a debtor and debtor-
in-possession in PRC's joint Chapter 11 cases.
Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.
PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry. Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.
The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts. The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring and
turnaround advisor. Additionally, Evercore Group LLC provides
investment and financial counsel to the Debtors.
The Debtors' consolidated financial condition as of Dec. 31, 2007
showed total assets of $354,000,000 and total debts of
$261,000,000.
The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008. (PRC LLC Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SEA CONTAINER: Incurs $49,716,170 Net Loss in January 2008
----------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of January 31, 2008
Assets
Current Assets
Cash and cash equivalents $39,658,002
Trade receivables, less allowances
for doubtful accounts 383,132
Due from related parties 678,431
Prepaid expenses and other current assets 994,315
------------
Total current assets 41,713,880
Fixed assets, net -
Long-term equipment sales receivable, net -
Investments in group companies 143,546,856
Intercompany receivables -
Investment in equity ownership interests 221,581,242
Other assets 3,395,155
------------
Total assets $410,237,133
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $10,890,523
Accrued expenses 69,398,067
Current portion of long-term debt 173,372,703
Current portion of senior notes 385,464,350
------------
Total current liabilities 639,125,643
Total shareholders' equity (228,888,510)
------------
Total liabilities and shareholders' equity $410,237,133
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended January 31, 2008
Revenue $2,451,833
Costs and expenses:
Operating costs -
Selling, general and admin. expenses (1,171,148)
Professional fees (4,094,101)
Charges against intercompany accounts (104,214,620)
Impairment of investment in subsidy Co. 62,183,442
Forgiveness of intercompany debt -
Depreciation and amortization -
------------
Total costs and expenses (47,296,427)
------------
Gain or (Loss) on sale of assets -
------------
Operating income (loss) (44,844,594)
Other income (expense)
Investment income 117,358
Foreign exchange gains or (losses) 19,496
Interest expense, net (4,873,280)
------------
Income (Loss) before taxes (49,581,020)
Income tax expense (135,150)
------------
Net (Loss) ($49,716,170)
============
Sea Containers Services
Unaudited Balance Sheet
As of January 31, 2008
Assets
Current Assets
Cash and cash equivalents ($2,000)
Trade receivables 16,842
Due from related parties 671,561
Prepaid expenses and other current assets 2,605,321
------------
Total current assets 3,291,724
Fixed assets, net 24,966
Investments 2,650,462
Intercompany receivables 32,094,836
Other assets -
------------
Total assets $38,061,988
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $736,094
Accrued expenses 1,098,762
Current portion of long-term debt 1,499,842
------------
Total current liabilities 3,334,698
Total shareholders' equity 34,727,290
------------
Total liabilities and shareholders' equity $38,061,988
============
Sea Containers Services
Unaudited Statement of Operations
For the Month Ended January 31, 2008
Revenue $1,009,298
Costs and expenses:
Operating costs -
Selling, general and admin. expenses (463,003)
Professional Fees (473,052)
Other charges -
Depreciation and amortization (2,403)
------------
Total costs and expenses (938,459)
------------
Gains on sale of assets -
------------
Operating income (loss) 70,839
Other income (expense)
Interest income -
Foreign exchange gains (losses) 349
Interest expense, net (14,290)
------------
Income (Loss) before taxes 56,898
Income tax credit -
------------
Net Income $56,897
============
About Sea Containers
Based 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 Court gave the Debtors until April 15, 2008 to file
a plan of reorganization. (Sea Containers Bankruptcy News, Issue
No. 38; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
*********
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Copyright 2008. All rights reserved. ISSN: 1520-9474.
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