/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/080517.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, May 17, 2008, Vol. 12, No. 116 Headlines AMERICAN HOME: AHMHI Files February 2008 Operating Report AMERICAN HOME: AHMV Files February 2008 Operating Report AMERICAN HOME: Great Oak Files February 2008 Operating Report AMERICAN HOME: Homegate Files February 2008 Operating Report AMP'D MOBILE: Posts August 2007 Income of $2,818,766 AMP'D MOBILE: Posts September 2007 Income of $7,399,850 BUFFETS HOLDINGS: Hometown Leasing's Schedules of Assets & Debts BUFFETS HOLDINGS: OCB Leasing Files Schedules of Assets and Debts BUFFETS HOLDINGS: Tahoe Joe's Files Schedules of Assets and Debts BUFFETS HOLDINGS: Tahoe Joe's Leasing Files Schedules DELPHI CORP: Incurs $426 Mil. Net Loss in February and March 2008 DUNMORE HOMES: Files Amended Schedules of Assets and Liabilities DURA AUTOMOTIVE: Posts $10,729,000 Net Loss in March 2008 FORTUNOFF: Files Operating Report for Month Ended March 7, 2008 INTERSTATE BAKERIES: Posts $12.2 Mil. Loss in Month Ended March 8 LEVITT AND SONS: Submits March 2008 Monthly Operating Report MOVIE GALLERY: Has $49,817,000 Net Loss for Period Ended April 6 PLASTECH ENGINEERED: Files Schedules of Assets & Debts PLASTECH ENGINEERED: Exterior Files Schedules of Assets and Debts PLASTECH ENGINEERED: Frenchtown Files Schedules of Assets & Debts PLASTECH ENGINEERED: LDM Unit Files Schedules of Assets and Debts PLASTECH ENGINEERED: Romulus Files Schedules of Assets and Debts SEA CONTAINERS: Posts $12,429,636 After-Tax Loss in March 2008 SEA CONTAINERS: SeaCon Services Files March 2008 Operating Report SHARPER IMAGE: Incurs $2,099,392 Net Loss in February 2008 SHARPER IMAGE: Incurs $4,091,912 Net Loss in March 2008 VESTA INSURANCE: Florida Select Files March 2008 Operating Report WELLMAN INC: Posts $15,300,000 Net Loss in February 2008 WELLMAN INC: Posts $2,400,000 Net Loss in March 2008 ********* AMERICAN HOME: AHMHI Files February 2008 Operating Report --------------------------------------------------------- American Home Mortgage Holdings Inc., debtor-affiliate of American Home Mortgage Investment Corp. submitted its monthly operating report for February 2008. American Home Mortgage Holdings, Inc. Statement of Financial Condition As of February 29, 2008 Assets: Cash and cash equivalents $1,000 Accounts receivable 134,546 Intercompany receivable 133,036,104 Investment in subsidiaries (519,293,834) Other assets - ------------ Total Assets ($386,122,184) ============ Liabilities and Stockholders' Equity Liabilities: Junior subordinated note $304,214,000 Accrued expenses & other liabilities 4,733,871 Intercompany payable 2 ------------ Total Liabilities 308,947,873 Stockholders' Equity Additional paid-in capital 94,597,810 Retained earnings (789,667,867) ------------ Total Stockholders' Equity (695,070,057) ------------ Total Liabilities & Stockholders' Equity ($386,122,184) ============ American Home Mortgage Holdings, Inc., discloses that its cash as of Feb. 1, 2008, was $1,000. Since there were no cash receipts and disbursements for February, AHM Holdings' cash at the end of the month is $1,000. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. The U.S. Bankruptcy Court for the District of Delaware extended the exclusive periods for American Home Mortgage Investors Corp. and its debtor-affiliates to file a plan of reorganization through June 2, 2008; and solicit and obtain acceptances for that plan through July 31, 2008. (American Home Bankruptcy News, Issue No. 35; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) AMERICAN HOME: AHMV Files February 2008 Operating Report -------------------------------------------------------- American Home Mortgage Ventures LLC, debtor-affiliate of American Home Mortgage Investment Corp. submitted its monthly operating report for February 2008. American Home Mortgage Ventures, LLC Statement of Financial Condition As of February 29, 2008 Assets: Cash and cash equivalents $613,049 Intercompany receivable - Premises and equipment, net 2,200 Other assets - ------------ Total Assets $615,249 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities ($568) Intercompany payable 157,007 ------------ Total Liabilities 156,439 Stockholders' Equity Additional paid-in capital 395,500 Retained earnings 63,310 ------------ Total Stockholders' Equity 458,810 ------------ Total Liabilities & Stockholders' Equity $615,249 ============ American Home Mortgage Ventures, LLC Statement of Income Month Ended February 29, 2008 Non Interest Income: Fee income $1,125 ------------ Non-interest income 1,125 Expenses Salaries, commissions & benefits, net 1 Occupancy and equipment 233 Data processing and communications 92 Marketing and promotion 250 Travel and entertainment (1) Professional fees 500 Other 14,921 ------------ Total expenses 15,996 Loss before income taxes (14,871) Income taxes - ------------ Net loss ($14,871) ============ American Home Mortgage Ventures, LLC, discloses that its cash as of February 1, 2008, was $613,049. Since there was no cash receipts and disbursements for February, AHM Ventures' cash at the end of the month is still $613,049. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. The U.S. Bankruptcy Court for the District of Delaware extended the exclusive periods for American Home Mortgage Investors Corp. and its debtor-affiliates to file a plan of reorganization through June 2, 2008; and solicit and obtain acceptances for that plan through July 31, 2008. (American Home Bankruptcy News, Issue No. 35; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) AMERICAN HOME: Great Oak Files February 2008 Operating Report ------------------------------------------------------------- Great Oak Abstract Corp., debtor-affiliate of American Home Mortgage Investment Corp. submitted its monthly operating report for February 2008. Great Oak Abstract Corp. Statement of Financial Condition As of February 29, 2008 Assets: Cash and cash equivalents $380,941 Accounts receivable 36,615 Intercompany receivable 693,132 Premises and equipment, net 5,339 Other assets 104,800 ------------ Total Assets $1,220,827 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities $76,743 ------------ Total Liabilities 76,743 Stockholders' Equity Additional paid-in capital 95,520 Retained earnings 1,048,564 ------------ Total Stockholders' Equity 1,144,084 ------------ Total Liabilities & Stockholders' Equity $1,220,827 ============ Great Oak Abstract Corp. reports that its cash at the start of February was $287,809. Since there was no transaction for the whole month, its cash is still $287,809 as of February 29, 2008. Great Oak's Monthly Operating Report reflected Parent-Only Statement of Income, which disclosed zero amounts. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. The U.S. Bankruptcy Court for the District of Delaware extended the exclusive periods for American Home Mortgage Investors Corp. and its debtor-affiliates to file a plan of reorganization through June 2, 2008; and solicit and obtain acceptances for that plan through July 31, 2008. (American Home Bankruptcy News, Issue No. 35; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) AMERICAN HOME: Homegate Files February 2008 Operating Report ------------------------------------------------------------ Homegate Settlement Services Inc., debtor-affiliate of American Home Mortgage Investment Corp. submitted its monthly operating report for February 2008. Homegate Settlement Services, Inc. Statement of Financial Condition As of February 29, 2008 Assets: Cash and cash equivalents $209,659 Restricted cash - Intercompany receivable - Premises and equipment, net 233,715 Other assets - ------------ Total Assets $443,374 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities $2,552,889 Intercompany payable 9,027,111 Income taxes payable 3,671 ------------ Total Liabilities 11,583,671 Stockholders' Equity Additional paid-in capital 250,000 Retained earnings (11,390,297) ------------ Total Stockholders' Equity (11,140,297) ------------ Total Liabilities & Stockholders' Equity $443,374 ============ Homegate Settlement Services, Inc. Statement of Income Month Ended February 29, 2008 Non-interest income: Tax service income (fees) - ------------ Non-interest income 0 Expenses: Salaries, commissions and benefits, net - Data processing and communications - Marketing and promotion - Professional fees $500 Other - ------------ Total expenses 500 Income (Loss) before income taxes (500) Income taxes - ------------ Net loss ($500) ============ Homegate Settlement Services, Inc., discloses that its cash as of Feb. 1, 2008, was $234,599. Since it transferred $24,940 to DIP accounts, Homegate Settlement's cash at the end of the month was $209,659. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. The U.S. Bankruptcy Court for the District of Delaware extended the exclusive periods for American Home Mortgage Investors Corp. and its debtor-affiliates to file a plan of reorganization through June 2, 2008; and solicit and obtain acceptances for that plan through July 31, 2008. (American Home Bankruptcy News, Issue No. 35; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) AMP'D MOBILE: Posts August 2007 Income of $2,818,766 ---------------------------------------------------- Amp'd Mobile Inc. Balance Sheet At August 31, 2007 Assets Current Assets Cash Bank of America $41,921 Silicon Valley Bank (254,570) Merchant Account 0 Bank Account (Retail) 168,047 Merchant Account (Retail) 0 Petty Cash 544 SVB Regulatory Tax Filing (13,226) SVB Tax Account 1,680,733 Wells Fargo General 35,374 ----------- Total Cash 1,658,822 Total Short Term Investment 1,854,531 Accounts Receivable Accounts Receivable 152,452,527 AR Subscriber 0 AR Retail 11,517,340 AR Retail Netting Clearing (13,130) AR Other 184,130 AR Rebates 95,509 AR MTV Equity 0 ----------- Total Accounts Receivable 164,236,376 Total Bad Debt Subscriber (117,230,583) Total AR Return Reserve (16,949,651) Inventory Inventory - Handset 3,468,605 Inventory Accessories 2,513,580 Match not received 1,738,169 ----------- Total Inventory 7,720,353 Total Inventory Return Reserve 16,949,651 Other Current Assets Due from Stockholders 88,000 Deposit 1,203,246 Employee Advances 0 Prepaid 5,184,166 Prepaid MTV Funds Series 3,050,000 ----------- Total Other Current Assets 9,525,412 ----------- Total Current Assets 67,764,912 Long Term Assets Net Fixed Assets Leasehold Improvements 831,655 Automobile 473,788 Office Equipment & Furniture 1,260,702 Software 4,068,225 Computer Equipment 2,588,528 Construction in Progress 926,541 Accumulated Depreciation 0 A/D Leasehold (607,581) A/D Automobile (258,680) A/D Office Equip & Furniture (691,047) A/D Software (1,476,985) A/D Computer Equipment (674,559) ----------- Total Net Fixed Assets 6,440,586 Investments Investments 336,285 Investment: Ninja Mobile 319,222 ----------- Total Long Term Investments 655,508 Total Long Term Assets 7,096,094 ----------- Total Assets $74,861,005 =========== Liabilities Current Liabilities Accounts Payable AP Trade ($10,310,825) Prepetition Liabilities - Priority (12,711,021) Prepetition Liabilities - Secured (29,832,503) Prepetition Liabilities - Unsecured (172,485,728) Prepetition Liabilities Unsecured 11,441,607 ----------- Total Accounts Payable (213,898,470) Accrued Liabilities AP Accrual (866,417) Athelete Accrual (45,375) Rebates Payable (152,266) Handset Insurance Payable (274,637) Handset Insurance RMA Payable 214 Vacation Accrual 0 401K Liability 37,721 Deferred Revenue (609,830) AP MTV Equity 0 ----------- Total Accrued Liabilities (1,910,589) Total Intercompany Payables 425,000 Total Taxes Payable (3,251,274) ----------- Total Current Liabilities (218,635,333) Long Term Liabilities 0 Total Other Liabilities (74,219) ----------- Total Liabilities (218,709,552) Equity Stock Preferred Stock Series A (13,593,184) Preferred Stock Series B (13,962,870) Preferred Stock Series C (28,940,172) Common Stock 1,148,809 ----------- Total Stock (55,347,417) Other Equity Equity (255,091,658) Equity MTV (24,474,886) Prepetition Equity 475,158,932 Additional Paid in Capital (1,699,052) Dividends (832,347) Opening Balance Equity (1,193,025) Undistributed Retained Bar 7,327,998 ----------- Total Other Equity 199,195,963 ----------- Total Equity 143,848,546 ----------- Total Liabilities and Equity ($74,861,006) =========== Amp'd Mobile, Inc. Statement of Operations Month Ended August 30, 2007 Revenue Postpaid Voice Revenue Revenue $0 Airtime-Postpaid 649,459 Voice Customer Credits 80,900 PTT - Postpaid 0 Customer Credits (150) ----------- Total Postpaid Voice Revenue 730,209 Total Prepaid Voice Revenue 0 Total Postpaid Content 25,885 Total Prepaid Content 0 Total Post Paid Data 0 Total Activation Fees (2,031) Handset Handset -Postpaid (510) Handset -Prepaid 0 Hardware - Customer Credit 349 Handset Subsidy 0 Revenue Return Reserve 0 ----------- Total Handset (161) Total Accessories 0 Total Other Revenue (Rebate) 0 ----------- Total Sales 753,903 Cost of Sales Voice 26,574 Content 46,721 Data 0 Handset 0 Accessories 0 Retail Distribution 0 Billing Expense 480,414 Logistics 4,579 Bad Debt 0 Finance Charges Collections Commissions 0 Bank Service Charges 17,489 Lockbox fees 0 Merchant Service fee 0 Credit Check Fees 11,663 Other COS Prepaid 0 Fraud 0 Taxes, Surcharges, Other 0 ----------- Total Cost of Sales 587,440 Gross Margin 1,341,343 Operating Expenses Salaries 251,587 Bonus 8,333 Other Benefits 120,660 Consulting Expenses (3,139) Media and Promo 21,035 Retail Marketing 0 Production Development Network Integration (205,300) Billing Enhancements 0 Prod Dev. Live Events 81,564 Insurance, Taxes & Fees 0 Office Equipment 210,345 Office Supply 496 Professional Fee Legal 718,670 Other 15,250 Development 0 Customer Care 0 Telecommunications 96,459 Travel and Entertainment 4,015 Miscellaneous (6,903) Rent & Utility 177,964 Amortization 0 Depreciation Expense 0 Other Income/ Expense 0 Interest Income (13,612) Income Expense Taxes 0 ----------- Total Operating Expenses 1,477,423 ----------- Total Net Income $2,818,766 =========== About Amp'd Mobile Headquartered in Los Angeles, California, Amp'd Mobile Inc. aka Amp'D Mobile LLC -- http://www.ampd.com/-- is a mobile virtual network operator that provides voice, text and entertainment content to subscribers who contract for cellular telephone service. The company filed for chapter 11 protection on June 1, 2007 (Bankr. D. Del. Case No. 07-10739). Steven M. Yoder, Esq., Eric M. Sutty, Esq. and Mary E. Augustine, Esq. at The Bayard Firm, represent the Debtor in its restructuring efforts. Attorneys at Otterbourg, Steindler, Houston & Rosen, P.C. and Klehr, Harrison, Harvey, Branzburg & Ellers, LLP, represent the Official Committee of Unsecured Creditors. In its schedules filed with the Court, the Debtor listed total assets of $47,603,629 and total debts of $164, 569,842. The Debtor's exclusive period to file a plan expired on Sept. 29, 2007. The Debtor is in the process of selling various assets. (Amp'd Mobile Bankruptcy News, Issue No. 25; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). AMP'D MOBILE: Posts September 2007 Income of $7,399,850 ------------------------------------------------------- Amp'd Mobile Inc. Balance Sheet At September 30, 2007 Assets Current Assets Cash Bank of America $41,184 Silicon Valley Bank (213,539) Bank Account (Retail) (738) Petty Cash 0 SVB Regulatory Tax Filing (13,226) SVB - Tax Account 1,736,166 Wells Fargo General 98,696 ----------- Total Cash 1,648,542 Total Short Term Investment 438,804 Accounts Receivable Accounts Receivable 151,813,246 AR Retail 11,517,340 AR Retail Netting Clearing (13,130) AR Other 184,130 AR Rebates 95,509 ----------- Total Accounts Receivable 163,597,095 Total Bad Debt Reserve (117,230,584) Total AR Return Reserve (16,949,651) Inventory Inventory - Handset 3,468,605 Inventory - Accessories 2,513,580 Match not received 1,738,169 ----------- Total Inventory 7,720,353 Total Inventory Return Reserve 16,949,651 Other Current Assets Due from Stockholders 88,000 Deposit 1,203,246 Prepaid 5,184,167 Prepaid MTV Funds Series D 3,050,000 ----------- Total Other Current Assets 9,525,413 ----------- Total Current Assets 65,699,623 Long Term Assets Net Fixed Assets Leasehold Improvements 0 Automobile 473,788 Office Equipment & Furnitures 0 Software 0 Computer Equipment 0 Construction in Progress 0 A/D Leasehold 0 A/D Automobile (258,680) A/D Office Equip & Furniture 0 A/D Software 0 A/D Computer Equipment 0 ----------- Total Net Fixed Assets 215,108 Investments Investments 336,285 Investment: Ninja Mobile 319,222 ----------- Total Long Term Investments 655,508 ----------- Total Assets $66,570,239 =========== Liabilities Current Liabilities Accounts Payable AP Trade (10,574,507) Prepetition Liabilities - Priority (12,711,021) Prepetition Liabilities - Secured (29,067,339) Prepetition Liabilities - Unsecured (172,485,728) Prepetition Payments Unsecured 11,479,328 ----------- Total Accounts Payable (213,359,265) Accrued Liabilities AP Accrual (628,141) Athelete Accrual (45,375) Rebates Payable (152,266) Handset Insurance Payable (123,479) Handset Insurance RMA Payable 214 401K Liability 0 Deferred Revenue (609,830) ----------- Total Accrued Liabilities (1,558,877) Total Intercompany Payables 425,000 Total Taxes Payable (3,251,274) Total Other Long Term Liabilities (74,219) Total Liabilities (217,818,635) Equity Stock Preferred Stock Series A (13,593,184) Preferred Stock Series B (13,962,870) Preferred Stock Series C (28,940,172) Common Stock 1,148,809 ----------- Total Stock (55,347,417) Other Equity Equity (255,091,658) Equity MTV (24,474,886) Prepetition Equity 475,158,933 Additional Paid in Capital (1,699,052) Dividends (832,347) Opening Balance Equity (1,193,025) Undistributed Retained Earnings 14,727,849 ----------- Total Equity 206,595,814 ----------- Total Liabilities and Equity ($66,570,239) =========== Amp'd Mobile, Inc. Statement of Operations Month Ended September 30, 2007 Revenue Total Postpaid Voice Revenue $0 Total Prepaid Voice Revenue 0 Total Post Paid Content 0 Total Upfront Activation Fee 0 Total Handset 0 Total Accessories 0 Total Other Revenue 0 ----------- Total Revenue 0 Cost of Sales Voice 0 Content 0 Handsets 0 Billing Expense 81,561 Logistics 0 Other 0 Finance Charges 1,000 ----------- Total Cost of Sales 82,562 Gross Margin 82,562 Operating Expenses Salaries 119,109 Bonus 0 Other Benefits 0 Consultants & Temporary 16,225 Media & Promo 3,326 Retail Marketing 0 Production Development 0 Insurance, Taxes & Fees 73,185 Office Equipment 26,591 Office Supply 0 Professional Fees Recruitment 0 Accounting 0 Content 0 Marketing 0 Finance 0 IT Supplies 0 Legal Fees 927,570 Other 0 Development 0 Customer Care 71,397 Telecommunications 11,761 Travel & Entertainment 1,648 Miscellaneous 10,312 Rent & Utilities 146,112 Amortization 0 Depreciation Expense 0 Other Income/Expense 5,910,053 ----------- Total Operating Expenses 7,317,289 ----------- Total Net Income $7,399,850 =========== About Amp'd Mobile Headquartered in Los Angeles, California, Amp'd Mobile Inc. aka Amp'D Mobile LLC -- http://www.ampd.com/-- is a mobile virtual network operator that provides voice, text and entertainment content to subscribers who contract for cellular telephone service. The company filed for chapter 11 protection on June 1, 2007 (Bankr. D. Del. Case No. 07-10739). Steven M. Yoder, Esq., Eric M. Sutty, Esq. and Mary E. Augustine, Esq. at The Bayard Firm, represent the Debtor in its restructuring efforts. Attorneys at Otterbourg, Steindler, Houston & Rosen, P.C. and Klehr, Harrison, Harvey, Branzburg & Ellers, LLP, represent the Official Committee of Unsecured Creditors. In its schedules filed with the Court, the Debtor listed total assets of $47,603,629 and total debts of $164, 569,842. The Debtor's exclusive period to file a plan expired on Sept. 29, 2007. The Debtor is in the process of selling various assets. (Amp'd Mobile Bankruptcy News, Issue No. 25; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). BUFFETS HOLDINGS: Hometown Leasing's Schedules of Assets & Debts ---------------------------------------------------------------- Hometown Leasing Co., debtor-affiliate of Buffets Holdings Inc. submitted to the United States Bankruptcy Court for the District of Delaware its schedules of assets and liabilities, disclosing: A. Real Property $0 B. Personal Property B.29 Equipment and Supplies for Business Equipment Costs 9,938,365 Equipment Cost Clearing 156,440 Accumulated CIP Cost Clearing 75,879 Accumulated depreciation equipment (3,573,702) B.35 Other Personal Property Leasehold costs 3,393 Accumulated amortization (54) TOTAL SCHEDULED ASSETS $6,600,320 ======================================================== C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims Credit Suisse 582,663,500 E. Creditors Holding Unsecured Priority Claims 0 F. Creditors Holding Unsecured Non-priority Claims Buffets, Inc. 1,033,016 OCB Restaurant Company, LLC 38,491 TOTAL SCHEDULED LIABILITIES $583,735,007 ======================================================= Headquartered in Eagan, Minnesota, Buffets Holdings Inc. -- http://www.buffet.com/-- is the parent company of Buffets, Inc., which operates 626 restaurants in 39 states, comprised of 615 steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse restaurants, and franchises sixteen steak-buffet restaurants in six states. The restaurants are principally operated under the Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain brands. Buffets, Inc. employs approximately 37,000 team members and serves approximately 200 million customers annually. The company and all of its subsidiaries filed Chapter 11 protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to 08-10158). Joseph M. Barry, Esq., and Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP, represent the Debtors in their restructuring efforts. The Debtors selected Epiq Bankruptcy Solutions LLC as claims and balloting agent. The U.S Trustee for Region 3 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. The Committee selected Otterbourg Steindler Houston & Rosen PC as counsel. The Debtors' balance sheet as of Sept. 19, 2007, showed total assets of $963,538,000 and total liabilities of $1,156,262,000. As reported in the Troubled Company Reporter on Feb. 26, 2008, the Court granted on February 22, 2008, final approval of the Debtors' debtor-in-possession credit facility, consisting of $85 million of new funding and $200 million carried over from the company's prepetition credit facility. The Debtors exclusive plan filing period expires on May 21, 2008. (Buffets Holdings Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). BUFFETS HOLDINGS: OCB Leasing Files Schedules of Assets and Debts ----------------------------------------------------------------- OCB Leasing Co., debtor-affiliate of Buffets Holdings Inc. submitted to the United States Bankruptcy Court for the District of Delaware its schedules of assets and liabilities, disclosing: A. Real Property $0 B. Personal Property B.29 Equipment and Supplies for Business 0 Equipment costs 39,693,580 Equipment cost clearing 696,030 Equipment CIP cost clearing 948,526 Accumulated depreciation equipment (12,474,221) B.35 Other Personal Property Leasehold cost clearing 4,634 Accumulated amortization (870) TOTAL SCHEDULED ASSETS $28,867,679 ========================================================= C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims Credit Suisse 582,663,500 E. Creditors Holding Unsecured Priority Claims 0 F. Creditors Holding Unsecured Non-priority Claims Accounts Payable Buffets, Inc. 5,963,909 OCB Restaurant Company, LLC 227,905 Tahoe Joe's Leasing Company 59,890 TOTAL SCHEDULED LIABILITIES $588,915,204 ========================================================= Headquartered in Eagan, Minnesota, Buffets Holdings Inc. -- http://www.buffet.com/-- is the parent company of Buffets, Inc., which operates 626 restaurants in 39 states, comprised of 615 steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse restaurants, and franchises sixteen steak-buffet restaurants in six states. The restaurants are principally operated under the Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain brands. Buffets, Inc. employs approximately 37,000 team members and serves approximately 200 million customers annually. The company and all of its subsidiaries filed Chapter 11 protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to 08-10158). Joseph M. Barry, Esq., and Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP, represent the Debtors in their restructuring efforts. The Debtors selected Epiq Bankruptcy Solutions LLC as claims and balloting agent. The U.S Trustee for Region 3 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. The Committee selected Otterbourg Steindler Houston & Rosen PC as counsel. The Debtors' balance sheet as of Sept. 19, 2007, showed total assets of $963,538,000 and total liabilities of $1,156,262,000. As reported in the Troubled Company Reporter on Feb. 26, 2008, the Court granted on February 22, 2008, final approval of the Debtors' debtor-in-possession credit facility, consisting of $85 million of new funding and $200 million carried over from the company's prepetition credit facility. The Debtors exclusive plan filing period expires on May 21, 2008. (Buffets Holdings Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). BUFFETS HOLDINGS: Tahoe Joe's Files Schedules of Assets and Debts ----------------------------------------------------------------- Tahoe Joe's Inc., debtor-affiliate of Buffets Holdings Inc. submitted to the United States Bankruptcy Court for the District of Delaware its schedules of assets and liabilities, disclosing: A. Real Property $0 B. Personal Property B.1 Cash on hand 28,300 B.2 Financial Accounts Wells Fargo Depository Account 126,833 B.3 Security Deposits Prepaid rent deposits 8,268 Deposits 200 B.16 Accounts Receivable Credit Card Receivables Visa sales 252,891 Master Card sales 116,042 Discover sales 7,701 Amex sales 57,599 Debit sales 463 Accounts Receivables Restaurant level 14,959 Gift card 54,125 Tour tickets 3,579 B.22 Intellectual Property 4,089,744 B.23 Licenses and Other Intangibles Leasehold interest 64,193 Liquor licenses 426,805 Goodwill 987,969 B.28 Office Equipment and Supplies Equipment HVAC 763,825 Kitchen Equipment 561,854 Shelving 168,620 Cabinet division bars 122,929 Leasehold Shell rough carpentry/lab 754,722 Overhead development 697,341 Building plumbing 650,709 Misc. general conditions 647,695 Building electrical 510,955 Finished carp labor 433,004 Building concrete 382,520 Architectural 367,071 Building masonry 323,282 Supervision 285,508 Tile 256,969 Building/MPE permits 220,781 Site demo/excavation 212,535 Interior rough carp 205,582 Electrical engineering 204,788 Interior painting 185,345 Structural steel/bar 170,788 Doors frames hardware 166,257 Paving/striping & signage 141,179 Capitalized interest 139,909 Utilities/site electrical 138,997 Sprinkler System 137,808 Landlord contribution 134,528 Site concrete 126,304 Acoustical ceiling 115,056 Flat Roofing 113,024 Exterior painting 108,724 Metal studs & drywall 107,511 Others 2,752,820 B.30 Inventory Food 351,901 Smallwares 492,156 B.35 Other Personal Property Prepayments Other-- sales-related professional fee 195,877 Other -- THJ Corp. 84,109 Minimum rent 18,406 Other -- restaurant level 10,728 LL CAM 3,856 LL property tax escrow 1,068 LL insurance escrow 417 Car lease 209 LL advertising escrow 16 TOTAL SCHEDULED ASSETS $19,707,355 ======================================================== C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims Credit Suisse 582,663,500 E. Creditors Holding Unsecured Claims Active Employees as of Jan. 21, 2008 0 Payroll Tax Authorities 0 Personal Property Tax 0 Sales and Use Tax 0 F. Creditors Holding Unsecured NonPriority Claims 3,980,375 See http://ResearchArchives.com/t/s?2bff TOTAL SCHEDULED LIABILITIES $586,643,875 ======================================================== Headquartered in Eagan, Minnesota, Buffets Holdings Inc. -- http://www.buffet.com/-- is the parent company of Buffets, Inc., which operates 626 restaurants in 39 states, comprised of 615 steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse restaurants, and franchises sixteen steak-buffet restaurants in six states. The restaurants are principally operated under the Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain brands. Buffets, Inc. employs approximately 37,000 team members and serves approximately 200 million customers annually. The company and all of its subsidiaries filed Chapter 11 protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to 08-10158). Joseph M. Barry, Esq., and Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP, represent the Debtors in their restructuring efforts. The Debtors selected Epiq Bankruptcy Solutions LLC as claims and balloting agent. The U.S Trustee for Region 3 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. The Committee selected Otterbourg Steindler Houston & Rosen PC as counsel. The Debtors' balance sheet as of Sept. 19, 2007, showed total assets of $963,538,000 and total liabilities of $1,156,262,000. As reported in the Troubled Company Reporter on Feb. 26, 2008, the Court granted on February 22, 2008, final approval of the Debtors' debtor-in-possession credit facility, consisting of $85 million of new funding and $200 million carried over from the company's prepetition credit facility. The Debtors exclusive plan filing period expires on May 21, 2008. (Buffets Holdings Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). BUFFETS HOLDINGS: Tahoe Joe's Leasing Files Schedules ----------------------------------------------------- Tahoe Joe's Leasing Co., debtor-affiliate of Buffets Holdings Inc. submitted to the United States Bankruptcy Court for the District of Delaware its schedules of assets and liabilities, disclosing: A. Real Property $0 B. Personal Property B.29 Equipment and Supplies for Business Equipment - booths 105,265 Equipment - signage 54,671 Equipment - lighting 56,799 Equipment - shelving 73,839 Equipment - table tops 48,812 Equipment - flurry unit 160,009 Equipment - water heater 29,238 Equipment - outdoor signs 45,759 Equipment - u2013 dish room equipment 39,011 Equipment - water softener 10,644 Equipment - miscellaneous equipment, 3 yrs. 18,188 Equipment - miscellaneous equipment, 5 yrs. 70,147 Equipment - miscellaneous equipment, 10 yrs. 104,384 Equipment - refrigerated unit 66,426 Equipment - computer and printer 74,187 Equipment - kitchen equipments, 5 yrs. 48,282 Equipment - table bases & legs 20,121 Equipment - coolers or freezers 44,738 Equipment - dining room chairs 55,807 Equipment - kitchen equipments, 10 yrs. 725,316 Equipment - cabinet division bars 29,845 Equipment - artwork and decorative equipment 58,149 Equipment - cash register and coin dispenser 82,232 Equipment - music system or pagers 61,685 Others 33,484 TOTAL SCHEDULED ASSETS $2,117,038 ====================================================== C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims Credit Suisse, as administrative agent to the Debtors' prepetition lenders 582,663,500 E. Creditors Holding Unsecured Priority Claims 0 F. Creditors Holding Unsecured Non-priority Claims Buffets, Inc. 791,984 Buffets Leasing Company, LLC 1,389 Tahoe Joe's, inc. 9,857 TOTAL SCHEDULED LIABILITIES $582,663,500 ======================================================== *** Tahoe Joe's Leasing reports Total Scheduled Liabilities of $582,663,500. However, the actual computation reflects Total Scheduled Liabilities of $583,466,730. Headquartered in Eagan, Minnesota, Buffets Holdings Inc. -- http://www.buffet.com/-- is the parent company of Buffets, Inc., which operates 626 restaurants in 39 states, comprised of 615 steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse restaurants, and franchises sixteen steak-buffet restaurants in six states. The restaurants are principally operated under the Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain brands. Buffets, Inc. employs approximately 37,000 team members and serves approximately 200 million customers annually. The company and all of its subsidiaries filed Chapter 11 protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to 08-10158). Joseph M. Barry, Esq., and Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP, represent the Debtors in their restructuring efforts. The Debtors selected Epiq Bankruptcy Solutions LLC as claims and balloting agent. The U.S Trustee for Region 3 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. The Committee selected Otterbourg Steindler Houston & Rosen PC as counsel. The Debtors' balance sheet as of Sept. 19, 2007, showed total assets of $963,538,000 and total liabilities of $1,156,262,000. As reported in the Troubled Company Reporter on Feb. 26, 2008, the Court granted on February 22, 2008, final approval of the Debtors' debtor-in-possession credit facility, consisting of $85 million of new funding and $200 million carried over from the company's prepetition credit facility. The Debtors exclusive plan filing period expires on May 21, 2008. (Buffets Holdings Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). DELPHI CORP: Incurs $426 Mil. Net Loss in February and March 2008 ----------------------------------------------------------------- Delphi Corporation, et al. Unaudited Consolidated Balance Sheet As of March 31, 2008 (In Millions) ASSETS Current assets: Cash and cash equivalents $47 Restricted cash 125 Accounts receivable, net: General Motors and affiliates 900 Other third parties 708 Non-Debtor affiliates 245 Notes receivable from non-Debtor affiliates 449 Inventories, net 795 Other current assets 342 Assets held for sale 422 -------- Total current assets 4,033 Long-term assets: Property, net 1,347 Investments in affiliates 329 Investments in non-Debtor affiliates 2,067 Goodwill 152 Notes receivable from non-Debtor affiliates 1,172 Other 487 -------- Total long-term assets 5,554 -------- Total assets $9,587 ======== LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities not subject to compromise: Current portion of long-term debt 3,231 Accounts payable 898 Accounts payable to non-Debtor affiliates 654 Accrued liabilities 1,275 Liabilities held for sale 193 -------- Total current liabilities not subject to compromise 6,251 -------- Long-term liabilities not subject to compromise: Long-term debt 23 Employee benefit plan obligations and other 932 Liabilities subject to compromise 16,441 -------- Total liabilities 23,647 -------- Stockholders' deficit: Total stockholders' deficit (14,060) -------- Total liabilities and stockholders' deficit $9,587 ======== Delphi Corporation, et al. Unaudited Consolidated Statement of Operations Two Months Ended March 31, 2008 (In Millions) Net sales: General Motors and affiliates $774 Other customers 714 Non-Debtor affiliates 70 -------- Total net sales 1,558 Operating expenses: Cost of sales, 1,643 U.S. employee workforce transition program charges 29 Depreciation and amortization 79 Selling, general and administrative 138 -------- Total operating expenses 1,889 -------- Operating loss (331) Interest expense (contractual interest expense was $71 million and $111 million, respectively) (52) Other income, net 2 Reorganization items, net (89) Income tax expense (3) Equity income from non-consolidated affiliates, net of tax 1 -------- Loss from continuing operations before discontinued operations and equity income from non-Debtor affiliates (472) -------- Loss from discontinued operations, net of tax (60) Equity income from non-Debtor affiliates, net of tax 106 -------- Net loss ($426) ======== Delphi Corporation, et al. Unaudited Consolidated Statement of Cash Flows Two Months Ended March 31, 2008 (In Millions) Cash flows from operating activities: Net cash used in operating activities ($326) Cash flows from investing activities: Capital expenditures (79) Proceeds from sale of property 8 Proceeds from sale of business 38 Proceeds from notes receivable from non-debtor affiliates 100 Other (6) Investing cash flows used in discontinued operations (34) -------- Net cash provided by investing activities 27 -------- Cash flows from financing activities: Proceeds from debtor-in-possession credit facility 302 Other (4) -------- Net cash provided by financing activities 298 -------- Decrease in cash and cash equivalents (1) Cash and cash equivalents at beginning of period 48 -------- Cash and cash equivalents at end of period $47 ======== A full-text copy of Delphi's operating report for the two-months ended March 31, 2008, is availability for free at: http://bankrupt.com/misc/Delphi_MOR_Mar2008.pdf About Delphi Corp. Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for Chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed $11,446,000,000 in total assets and $23,851,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. (Delphi Bankruptcy News, Issue No. 127; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DUNMORE HOMES: Files Amended Schedules of Assets and Liabilities ---------------------------------------------------------------- Dunmore Homes, Inc., delivered to the U.S. Bankruptcy Court for the Eastern District of California an amended Schedule of Assets and Liabilities. Among others, the total amounts for the Debtor's scheduled unsecured priority and unsecured non-priority claims were modified: Schedule Original Amt. Amended Amt. -------- ------------- ------------ E-Creditors Holding Unsecured $208,154 $213,930 Priority Claims F-Creditors Holding Unsecured $239,367,507 $274,187,346 Non-Priority Claims The Amended Schedules also include specific notes in addition to the general notes originally submitted and an additional portion of Schedule F on intercompany transfers. A full-text copy of the Amended Schedules is available for free at http://bankrupt.com/misc/AmendedScheds.pdf About Dunmore Homes Based in Granite Bay, California, Dunmore Homes Inc. is a privately-owned homebuilder. The company filed for Chapter 11 protection on Nov. 8, 2007 (Bankr. S.D.N.Y. Case No. 07-13533). Maria A. Bove, Esq., and Debra I. Grassgreen, Esq., at Pachulski Stang Ziehl & Jones LLP, represent the Debtor in its restructuring efforts. The Official Committee of Unsecured Creditors has selected Morrison & Foerster LLP as its counsel in this bankruptcy proceeding. In January 2008, the U.S. Bankruptcy Court for the Southern District of New York ordered the transfer of Debtor's Chapter 11 case to the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division. The Debtor disclosed $20,743,147 in total assets and $250,252,312 in total debts in its schedules of assets and liabilities filed with the Court. On April 22, 2008, the Debtor filed its amended plan of liquidation, the confirmation hearing of which is still to be set. (Dunmore Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). DURA AUTOMOTIVE: Posts $10,729,000 Net Loss in March 2008 --------------------------------------------------------- DURA Automotive Systems, Inc., and Subsidiaries Condensed Consolidated Balance Sheet As of March 30, 2008 (In thousands of dollars) ASSETS Current assets: Cash and cash equivalents $6,050 Accounts receivable, net Trade 99,437 Other 6,809 Non-Debtor subsidiaries 33,551 Inventories 46,302 Other current assets 30,586 ---------- Total current assets 222,735 ---------- Property, plant and equipment, net 123,395 Goodwill, net - Notes receivable from Non-Debtors subsidiaries 191,512 Investment in Non-Debtors subsidiaries 790,647 Other noncurrent assets 7,715 ---------- Total Assets $1,344,004 ========== LIABILITIES AND NET LIABILITIES IN LIQUIDATION Current liabilities: Debtors-in-possession financing $175,890 Accounts payable 41,846 Accounts payable to Non-Debtors subsidiaries 2,509 Accrued Liabilities 75,016 ---------- Total current liabilities 295,261 ---------- Long-term Liabilities: Notes Payable to Non-Debtors subsidiaries 10,271 Other noncurrent liabilities 45,442 Liabilities Subject to Compromise 1,309,940 ---------- Total Liabilities 1,660,914 Stockholders' Investment (316,910) ---------- Total Liabilities and Stockholders' Investment $1,344,004 ========== DURA Automotive Systems, Inc., and Subsidiaries Condensed Unaudited Consolidated Statement of Operations For the Five Weeks Ended March 30, 2008 (In thousands of dollars) Total sales $67,141 Cost of sales 61,756 ---------- Gross (loss) profit 5,385 Selling, general and administrative expenses 5,512 Facility consolidation, asset impairment and other charges 577 Amortization expense 19 ---------- Operating (loss) income (723) Interest expense, net 4,545 ---------- Loss before reorganization items and income taxes (5,268) Reorganization items 5,226 ---------- Loss before income taxes (10,494) Provision for income taxes 235 ---------- Loss from continuing operations (10,729) Loss from discontinued operations - ---------- Net Income (Loss) ($10,729) ========== DURA Automotive Systems, Inc., and Subsidiaries Condensed Unaudited Consolidated Statements of Cash Flows For the Five Weeks Ended March 30, 2008 (In thousands of dollars) Operating Activities: Net Income (loss) ($10,729) Adjustments to reconcile net loss to net cash used in operations activities: Depreciation, amortization & asset impairment 2,265 Amortization of deferred financing fees 952 Facility consolidation and other charges 577 (Gain)/Loss on sale of assets (18) Reorganization items 5,226 Changes in other operating items: Accounts receivable 7,505 Inventories (1,331) Other current assets 269 Noncurrent assets 59 Accounts payable (4,496) Accrued liabilities (8,726) Noncurrent liabilities (257) Current intercompany transactions 716 ---------- Net cash provided by operating activities (7,988) Investing Activities: Purchases of property, plant & equipment (1,279) Proceeds from sale of business 1,998 Proceeds from sales of assets 23 ---------- Net cash (used in) provided by investing activities 742 Financing Activities: DIP borrowings 10,222 DIP Term repayments - Debt issuance costs - ---------- Net cash used in financing activities 10,222 Net Increase (Decrease) in Cash & Equivalents (2,976) Cash Flows from Discontinued Operations - Cash & Cash Equivalent, Beginning Balance 3,074 ---------- Cash & Cash Equivalent, Ending Balance $6,050 ========== About DURA Automotive Rochester Hills, Mich.-based DURA Automotive Systems Inc. (Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The company is also a supplier of similar products to the recreation vehicle and specialty vehicle industries. DURA sells its automotive products to North American, Japanese and European original equipment manufacturers and other automotive suppliers. The company has three locations in Asia -- China, Japan and Korea. It has locations in Europe and Latin-America, particularly in Mexico, Germany and the United Kingdom. The Debtors filed for chapter 11 petition on Oct. 30, 2006, (Bankr. D. Del. Case No. 06-11202). Marc Kieselstein, P.C., Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., at Kirkland & Ellis LLP are lead counsels for the Debtors' bankruptcy proceedings. Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., at Richards Layton & Finger, P.A. Attorneys are the Debtors' co-counsels. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for the Debtors. As of Jan. 31, 2008, the Debtor had $1,503,682,000 in total assets and $1,623,632,000 in total liabilities. On April 3, 2008, the Court approved the Debtors' revised Disclosure Statement explaining their revised Chapter 11 plan of reorganization. (Dura Automotive Bankruptcy News, Issue No. 54; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). FORTUNOFF: Files Operating Report for Month Ended March 7, 2008 --------------------------------------------------------------- Source Financing Corp./Fortunoff Balance Sheet As Of Petition Date March 7, 2008 or Scheduled ------------- ------------ ASSETS Current assets: Unrestricted cash & equivalents $1,546,137 $1,384,000 Restricted Cash & Cash equivalents 2,600,000 - Accounts receivable 2,588,167 3,111,000 Inventories - 95,568,000 Prepaid expenses - 3,612,000 Profesional Retainers 255,267 - Other current assets 70,033 6,332,000 ------------ ------------ Total current assets 110,007,000 Property & Equipment: Real property & improvements - 0 Machinery & equipment - 5,915,000 Furniture, fixtures, & office equip. - 20,582,000 Leashehold improvements - 28,251,000 Vehicles - 0 Less: Accumulated depreciation - (18,292,000) ------------ ------------ Total Property & Equipment - 36,456,000 Other Assets: Amounts due from insiders - 0 Other assets - utility deposit - 86,179,000 ------------ ------------ Total other assets - 86,179,000 ------------ ------------ Total Assets $7,059,604 $232,642,000 ============ ============ LIABILITIES & OWNERS' EQUITY Liabilities Subject to Compromise (Postpetition): Accounts Payable 1,901,983 - Taxes Payable - - Wages Payable - - Notes Payable - - Rent/Leases - Building Equipment 67,765 - Secured Debt - - Professional Fees 1,992,829 - Amounts Due to Insiders - - Other Postpetition Liabilities 467,182 - ------------ ------------ Total Postpetition Liabilities 4,429,759 - Liabilities Subject to Compromise (Prepetition): Secured debt (Term D Loan) 19,708,000 $88,565,000 Priority debt (20-day claims) 9,023,482 9,023,482 Unsecured debt 96,354,055 183,346,518 ------------ ------------ Total Prepetition Liabilities 125,085,537 280,935,000 ------------ ------------ Total Liabilities $129,515,296 $280,935,000 Owners' Equity: Capital stock 77,412,000 Retained earnings - prepetition (125,705,000) Retained earnings - postpetition - ------------ ------------ Net Owners' Equity (48,293,000) ------------ ------------ Total Liabilities & Owners Equity $232,642,000 ============ ============ Source Financing Corp./Fortunoff Statement of Operations February 4 to March 7, 2008 Revenues: Gross Revenues, net $24,319,182 Cost of Goods Sold: Beginning inventory 93,604,000 Purchases 11,000,000 Less: Ending inventory (90,904,000) ------------ Cost of goods sold 13,700,000 Gross profit 10,619,182 Operating Expenses: Advertising 6,284 Bad debts (8,019) Employee benefits programs 812,110 Officer/insider compensation 93,750 Insurance 615,819 Office expense 24,318 Repairs & maintenance 102,656 Rent & lease expense 52,970 Salaries/commissions/fees 6,113,247 Supplies 247,036 Taxes - payroll 476,460 Taxes - real estate 7,014 Travel & entertainment 29,205 Others 407,985 ----------- Total operating expenses before depreciation 8,980,835 Depreciation/depletion/amortization 900,000 ----------- Net profit before other income & expenses 738,347 Other Income & Expenses: Other income 533,646 Interest expense (321,828) ----------- Net profit before reorganization items 950,165 Reorganization Items: Professional fees 2,125,994 U.S. Trustee quarterly fees 20,000 ----------- Total reorganization expenses 2,145,994 Net profit (loss) ($1,195,829) =========== Source Financing Corp./Fortunoff Schedule of Cash Receipts & Disbursement February 4 to March 7, 2008 Cash - beginning of month $779,738 Receipts: Cash sales 26,605,016 Loans & advances 99,159 Others 266,178 ----------- Total receipts 26,970,353 Disbursements: Net payroll 5,644,900 Payroll taxes & 401k contributions 2,910,386 Sales, use, & other taxes 1,836,309 Inventory purchases 11,902,485 Insurance 1,016,819 Others 2,739,890 Professional fees 153,165 ----------- Total disbursements 26,203,954 ----------- Net cash flow 766,399 ----------- Cash - end of month $1,546,137 =========== Substantially all of the assets of Fortunoff Fine Jewelry and Silverware, L.L.C., and its affiliates, were sold to NRDC Equity Partners LLC's H Acquisition LLC, now known as Fortunoff Holdings LLC, on March 7, 2008. About Fortunoff New York-based Fortunoff Fine Jewelry and Silverware LLC -- http://www.fortunoff.com/-- is a family owned business since 1922 founded by by Max and Clara Fortunoff. Fortunoff offers customers fine jewelry and watches, antique jewelry and silver, everything for the table, fine gifts, home furnishings including bedroom and bath, fireplace furnishings, housewares, and seasonal shops including outdoor furniture shop in summer and enchanting Christmas Store in the winter. It opened some 20 satellite stores in the New Jersey, Long Island, Connecticut and Pennsylvania markets featuring outdoor furniture and grills during the Spring/Summer season and indoor furniture (and in some locations Christmas trees and decor) in the Fall/Winter season. Fortunoff and two affiliates, M. Fortunoff of Westbury LLC and Source Financing Corp., filed for chapter 11 petition on Feb. 4, 2008 (Bankr. S.D.N.Y. Case Nos. 08-10353 through 08-10355) in order to effectuate a sale to NRDC Equity Partners LLC, -- http://www.nrdcequity.com/-- a private equity firm that bought Lord & Taylor from Federated Department Stores. Due to the U.S. Trustee's objection, Fortunoff is backing out of its request to employ Skadden Arps Meagher & Flom LLC, as bankruptcy counsel. Fortunoff is hiring Togut Segal & Segal LLP, as their general bankruptcy counsel, but Skadden Arps will continue to serve the Debtors as special counsel in connection with the sale the Debtors' assets. Logan & Company, Inc., serves as the Debtors' claims, noticing, and balloting agent. FTI Consulting Inc. are the Debtors' proposed crisis manager. An Official Committee of Unsecured Creditors has been appointed in this case. In their schedules, Fortunoff Fine Jewelry listed $5,052,315 total assets and $136,626,948 total liabilities; Source Financing Corp. listed $154,680,100 total assets and $176,961,631 total liabilities; and M. Fortunoff of Westbury LLC listed $6,300,955 total assets and $119,985,788 total liabilities. The Debtors' exclusive period to file a plan of reorganization ends on June 3, 2008. (Fortunoff Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) INTERSTATE BAKERIES: Posts $12.2 Mil. Loss in Month Ended March 8 ----------------------------------------------------------------- Interstate Bakeries Corporation and Subsidiaries Unaudited Consolidated Monthly Operating Report Four Weeks Ended March 8, 2008 REVENUE Gross Income $211,573,405 Less Cost of Goods Sold Ingredients, Packaging & Outside Purchasing 56,285,284 Direct & Indirect Labor 35,251,350 Overhead & Production Administration 11,104,740 ------------- Total Cost of Goods Sold 102,641,374 ------------- Gross Profit 108,932,031 ------------- OPERATING EXPENSES Owner-Draws/Salaries 0 Selling & Delivery Employee Salaries 49,452,715 Advertising and Marketing 229,332 Insurance (Property, Casualty, & Medical) 9,866,928 Payroll Taxes 4,170,793 Lease and Rent 2,963,505 Telephone and Utilities 1,667,991 Corporate Expense (Including Salaries) 817,386 Other Expenses 31,347,608 ------------- Total Operating Expenses 100,516,258 ------------- EBITDA 8,415,773 Restructuring & Reorganization Charges 9,660,217 Depreciation and Amortization 5,016,487 Abandonment 1,614,217 Property & Equipment Impairment 423,210 Other (Income)/Expense (84,004) Gain/Loss Sale of Property 0 Interest Expense 3,096,651 ------------- Operating Income (Loss) (11,311,005) Income Tax Expense (Benefit) 968,604 ------------- NET Income (Loss) ($12,279,609) ============= CURRENT ASSETS Accounts Receivable at end of period $135,138,176 Increase (Dec.) in Accounts Receivable 1,457,375 Inventory at end of period 57,556,349 Increase (Decrease) in Inventory for period 3,809,110 Cash at end of period 22,951,905 Increase (Decrease) in Cash for period (9,284,692) Restricted Cash 21,968,348 Increase (Dec.) in Restricted Cash for period 1,046,619 LIABILITIES Increase (Decrease) in Liabilities Not Subject to Compromise (2,027,801) Increase (Decrease) in Liabilities Subject to Compromise 3,775,694 Taxes payable: Federal Payroll Taxes 4,734,925 State/Local Payroll Taxes 5,436,345 State Sales Taxes 721,304 Real Estate and Personal Property Taxes 6,464,276 Other 3,941,533 ------------- Total Taxes Payable $21,298,383 ============= About Interstate Bakeries Headquartered in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh-baked bread and sweet goods, under various national brand names, including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and Drake's(R). Currently, IBC employs more than 25,000 people and operates 45 bakeries, as well as approximately 800 distribution centers and approximately 800 bakery outlets throughout the country. The company and eight of its subsidiaries and affiliates filed for chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No. 04 45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6% senior subordinated convertible notes due Aug. 15, 2014) in total debts. The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 5, 2007. Their exclusive period to file a chapter 11 plan expired on November 8. On Jan. 25, 2008, the Debtors filed their First Amended Plan and Disclosure Statement. On Jan. 30, 2008, the Debtors received Court approval of the First Amended Disclosure Statement. IBC confirmed that it has not received any qualifying alternative proposals for funding its plan of reorganization in accordance with the Court-approved alternative proposal procedures. As a result, no auction was held on Jan. 22, 2008, as would have been required under those procedures. The deadline for submission of alternative proposals was Jan. 15, 2008. (Interstate Bakeries Bankruptcy News, Issue No. 96; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). LEVITT AND SONS: Submits March 2008 Monthly Operating Report ------------------------------------------------------------ Levitt & Sons, LLC Monthly Financial Report for Business For the Period March 1 - 31, 2008 Cash, beginning of period $3,696,617 Receipts: Cash sales 0 Collection on postpetition A/R 0 Collection on prepetition A/R 0 Other receipts 172,217 -------------- Total receipts 172,217 Total cash available for operations 3,868,834 Disbursements: U.S. Trustee quarterly fees 0 Net payroll 50,162 Payroll taxes paid 27,575 Sales and use taxes 0 Other taxes 0 Rent 0 Other leases 0 Telephone 0 Utilities 648 Travel & entertainment 0 Vehicle expenses 0 Office supplies 0 Advertising 0 Insurance 0 Purchases of fixed assets 0 Purchases of inventory 0 Manufacturing supplies 0 Repairs & maintenance 0 Payments to secured creditors 0 Other operating expenses 268,282 -------------- Total cash disbursements 346,667 -------------- Ending Cash Balance $3,522,167 ============== About Levitt and Sons 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. (Levitt and Sons Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) MOVIE GALLERY: Has $49,817,000 Net Loss for Period Ended April 6 ---------------------------------------------------------------- Movie Gallery, Inc. Unaudited Consolidated Balance Sheet (Excluding International Operations) As Of April 6, 2008 ASSETS Current Assets Cash & Cash Equivalents $69,348,000 Merchandise Inventory 157,270,000 Prepaid Expenses 35,596,000 Store Supplies and Other 28,216,000 --------------- Total Current Assets 290,430,000 Rental inventory, net 205,193,000 Property, furnishings and equipment, net 92,112,000 Other intangibles, net 19,947,000 Deferred income tax asset, net 1,153,000 Deposits and other assets 24,299,000 Investment in subsidiaries 22,868,000 --------------- Total Assets $656,002,000 =============== LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Current maturities of long-term obligations $887,225,000 Accounts payable 42,182,000 Intercompany payable (9,748,000) Accrued liabilities 57,302,000 Accrued payroll 21,378,000 Accrued interest 7,479,000 Deferred revenue 37,979,000 --------------- Total Current Liabilities 1,043,797,000 Other Accrued Liabilities 14,563,000 --------------- Total Liabilities Not Subject to Compromise 1,058,360,000 Liabilities Subject to Compromise Accounts payable 35,392,000 Accrued liabilities 14,964,000 Accrued utilities 4,234,000 Accrued interest 16,410,000 Long-term obligations 314,100,000 Lease liability on closed stores 109,811,000 --------------- Total Liabilities Subject to Compromise 494,911,000 --------------- Total Liabilities 1,553,271,000 Stockholders' Deficit Preferred stock, $0.10 par value; 2000 shares authorized, no shares or issues outstanding 0 Common stock, $0.001 par value; 65,000 shares authorized, 32,282 shares issued and outstanding 32,000 Additional paid-in capital 200,477,000 Accumulated deficit (1,105,150,000) Accumulated other comprehensive income 7,372,000 --------------- Total Stockholders' Deficit (897,269,000) --------------- Total Liabilities and Stockholders' Deficit $656,002,000 =============== Movie Gallery, Inc. Unaudited Consolidated Statement of Operations (Excluding International Operations) For The Period Ended April 6, 2008 Revenue Rentals $108,909,000 Product Sales 42,652,000 --------------- 151,561,000 Cost of Sales Cost of rental revenues 36,048,000 Cost of product sales 32,730,000 --------------- 68,778,000 Gross Profit 82,783,000 Operating Costs and Expenses Store operating expenses 165,222,000 General and administrative 14,430,000 Amortization of intangibles 256,000 --------------- 179,908,000 --------------- Operating Income (Loss) (97,125,000) Interest Expense, net 7,939,000 Intercompany interest expense, net 0 --------------- Income (loss) before reorganization items and income taxes (105,064,000) Reorganization items, net (55,840,000) --------------- Income (loss) before income taxes (49,224,000) Income taxes 469,000 --------------- Net Income (Loss) from Continuing Operations (49,693,000) Discontinued Operations: Loss from discontinued operations 124,000 Income taxes (benefit) 0 ---------------- Net loss from discontinued operations 124,000 ---------------- Net Income (Loss) ($49,817,000) ================ Movie Gallery, Inc. Unaudited Consolidated Statement of Cash Flows (Excluding International Operations) For The Period Ended April 6, 2008 Operating Activities Net income (loss) ($49,817,000) Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by Operating Activities: Rental Inventory Amortization 26,802,000 Purchases of Rental Inventory (11,713,000) Purchases of Rental Inventory-Base Stock (35,000) Reorganization Items, net (61,876,000) Depreciation and Intangibles Amortization 3,947,000 Loss on Closed Store Write-Offs 54,000 Amortization of Debt Issuance Cost 462,000 Stock based compensation 408,000 Changes in Operating Assets and Liabilities Merchandise Inventory (7,601,000) Other Current Assets (705,000) Deposits and Other Assets (957,000) Accounts Payable 4,571,000 Accrued Interest 981,000 Lease Liability on Closed Stores 102,220,000 Other Accrued Liabilities and Deferred Revenue (2,919,000) --------------- Net Cash Provided by Operating Activities 3,822,000 Investing Activities Purchases of Property, Furnishings and Equipment, net (577,000) --------------- Net Cash Used In Investing Activities (577,000) Financing Activities Change in intercompany receivable (325,000) Repayment of capital lease obligations (239,000) Principal payments on DIP credit facility (64,000) --------------- Net Cash Used In Financing Activities (628,000) Increase (Decrease) in Cash and Cash Equivalents 2,617,000 Cash and cash equivalents at beginning of period 66,731,000 --------------- Cash and cash equivalents at end of period $69,348,000 =============== About Movie Gallery Based in Dothan, Alabama, Movie Gallery Inc. -- http://www.moviegallery.com/-- is a home entertainment specialty retailer. The company owns and operates 4,600 retail stores that rent and sell DVDs, videocassettes and video games. The company and its debtor-affiliates filed for Chapter 11 protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849 to 07-33853). Anup Sathy, Esq., Marc J. Carmel, Esq., and Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the Debtors. Michael A. Condyles, Esq., and Peter J. Barrett, Esq., at Kutak Rock LLP, is the Debtors' local counsel. The Debtors' claims & balloting agent is Kurtzman Carson Consultants LLC. When the Debtors' filed for protection from their creditors, they listed total assets of $891,993,000 and total liabilities of $1,419,215,000. The Official Committee of Unsecured Creditors has selected Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B. Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl & Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at Miles & Stockbridge PC, as its local counsel. The Debtors' spokeswoman Meaghan Repko said that the company does not expect to exit bankruptcy protection before the second quarter of 2008. The Court confirmed the Debtors' Second Amended Chapter 11 Plan of Reorganization on April 9, 2008. (Movie Gallery Bankruptcy News Issue No. 27; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) PLASTECH ENGINEERED: Files Schedules of Assets & Debts ------------------------------------------------------ Plastech Engineered Products Inc. submitted to the U.S. Bankruptcy Court for the Eastern District of Michigan its schedules of assets and liabilities, disclosing: A. Real Property Plant 40 - Maple Street, Ohio $339,130 B. Personal Property B.1 Cash on hand 14,701 B.2 Bank Accounts Bank of America - Blocked Depository Account 48,051 BofA Master Depository Account (16,791) BofA Controlled Disbursement Account 0 BofA General Payroll Disbursement 0 BofA Teachers' Insurance Disbursement 0 BofA AR Cash Receipts & AP Disbursements 1,534 Comerica Bank - Non-AR Cash Receipts and Utility Payments Account 8,012 Comerica Bank - ZBA Master Account 0 Comerica Bank - General Funding Account 4,707 Comerica Bank - General Funding Account 252,714 Comerica Bank - Inactive AR and Non-AR Receipts Account 0 B.3 Security Deposits 3,236,418 see http://bankrupt.com/misc/plastechB3.pdf B.4 Household goods None B.5 Collectibles None B.6 Wearing apparel None B.9 Interests in Insurance Policies Undetermined B.12 Interests in IRA, ERISA or other Pension Plans 879,293 B.13 Business Interests and stocks 47,933 B.14 Interests in partnerships Undetermined B.15 Government and Corporate Bonds None B.16 Accounts Receivable Andrew Nguyen - Loan 182,618 Paul Williams - Loan 333,034 Regina Greear - Loan 8,413 Dave LeBlanc - Loan 3,063 Travel Advances - Talon Court Location 7,975 Affiliates Receivables - PHC 4,369,236 Affiliates Interco. Receivables - Canada 6,386,402 Affiliates Note Receivable - Canada 10,067,555 Affiliate Interest Receivables - Canada 4,802,659 Allowance for Bad Debts (11,997,586) Customer Debts 2,047,528 Customer Givebacks (47,649) Miscellaneous Recievables (16,236,585) Receivable - AEC 5,489,362 Receivable - HHT 530,220 Trade Receivable - Intercompany 22,452 Trade Receivable - Tooling 4,787,365 Trade Receivable - U.S. 18,444,708 See http://bankrupt.com/misc/plastechB16.pdf B.18 Other Liquidated Debts None B.20 Other Contingent & Unliquidated Claims None B.21 Intellectual Property 9,251,807 B.22 Patents Undetermined B.25 Vehicles 248,573 B.27 Aircraft and accessories 381,493 B.28 Office equipment, furnishings and supplies 2,546,398 See http://bankrupt.com/misc/plastechB28.pdf B.29 Machinery 12,788,758 See http://bankrupt.com/misc/plastechB29.pdf B.30 Inventory 11,494,893 B.35 Other Personal Property Construction In Process 4,242,217 Prepaid Productivity 10,197,589 Prepaid Contracts 412,419 Prepaid Insurance 452,620 Prepaid Other (9,283) Prepaid Personal Property Taxes 121,798 Prepaid Real Estate Taxes 210,312 Prepaid Trucking Expense 168,639 Returnable Containers 645,492 Secondary Equipment 1,277,479 Unbilled Tooling Receivables 8,886,229 TOTAL SCHEDULED ASSETS $97,333,908 ======================================================== C. Property Claimed as Exempt $0 D. Secured Claim Bank of America - Revolver Credit Agreement 97,587,809 BofA Standby Letter of Credit 68020422 1,600,000 BofA Standby L/C 3023087 1,021,233 BofA Standby L/C 68022027 1,540,000 BofA Standby L/C 7404207 1,300,000 BofA Standby L/C 7410308 6,300,000 BofA Standby L/C 3055996 445,000 BofA Standby L/C 7403857 410,000 BofA Standby L/C 68019139 319,319 BofA Standby L/C 3008997 87,000 Goldman Sachs Credit - 1st Lien Term Loan 263,496,889 Bank of New York - 2nd Lien Term Loan 100,331,305 Birch Machinery Co. - Construction Lien 103,101 Transformer Inspection - Construction Lien 2,476 See http://bankrupt.com/misc/plastechScheduleD.pdf E. Unsecured Priority Claims Attorney General of Ohio - Taxes 3,677 Caddo-Shreveport - Sales and Use Taxes 2,182 City of Chicago - Taxes 172 City of McAllen - Taxes 22,677 Louisiana Dept. of Revenue - Sales & Use Taxes 1,767 United States Treasury - Taxes 1,870 United States Treasury - Income Taxes 200,000 F. Unsecured Non-priority Claims 85,692,128 See http://bankrupt.com/misc/plastechScheduleF.pdf TOTAL SCHEDULED LIABILITIES $560,468,608 ======================================================== About Plastech Engineered Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. An Official Committee of Unsecured Creditors has been appointed in the Debtors' cases and is represented by Joel D. Applebaum, Esq., at Clark Hill PLC. (Plastech Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) PLASTECH ENGINEERED: Exterior Files Schedules of Assets and Debts ----------------------------------------------------------------- Plastech Exterior Systems Inc., debtor-affiliate of Plastech Engineered Products Inc., submitted to the U.S. Bankruptcy Court for the Eastern District of Michigan its schedules of assets and liabilities, disclosing: A. Real Property Plant 07 - Bryan Land $19,636 Plant 07 - Bryan Land 115,000 Plant 07 - Bryan Land 56,000 Plant 08 - Kenton Land 30,000 Plant 08 - Kenton Land 10,000 Plant 08 - Kenton Building Addition 99,823 Plant 12 - Winnsboro Land 62,607 Plant 12 - Winnsboro Building 139,780 Plant 12 - Winnsboro Building Addition Paint Operation 380,991 Plant 12 - Winnsboro Paint Plant Lab 107,161 Plant 15 H&P Land 160,062 Plant 16 - Cleveland Land 177,623 Plant 16 - Cleveland Building (371,718) B. Personal Property B.1 Cash on hand Bryan 1,000 Cleveland 1,500 H&P Stamping 3,000 Kenton 1,000 Louisville One 2,000 Louisville Two 2,500 Winnsboro 1,000 B.2 Bank Accounts Bank of America - Heritage Engineering Services 9,187 B.3 Security Deposits Toledo L&L Realty Company - Lease Deposit 5,300 B.4 Household goods B.5 Collectibles B.6 Wearing apparel B.9 Interests in Insurance Policies B.12 Interests in IRA, ERISA or other Pension Plans B.13 Business Interests and stocks MBS Polymet, Inc. Undetermined Plastech Romulus, Inc. Undetermined B.14 Interests in partnerships B.15 Government and Corporate Bonds B.16 Accounts Receivable Customer Debits (63,644) Customer Givebacks (301,072) Misc. Receivables (1,224,455) Other Receivables (15,156) Trade Receivables - Interco (24,721) Trade Receivables - U.S. 22,976,777 B.18 Other Liquidated Debts B.20 Other Contingent & Unliquidated Claims Potential Tax Refunds Undetermined B.21 Intellectual Property B.22 Patents B.25 Vehicles 73,333 B.27 Aircraft and accessories B.28 Office equipment, furnishings and supplies 191,894 B.29 Machinery 25,271,894 B.30 Inventory Finished Goods - Bryan 07 3,621,522 Finished Goods - Kenton 08 2,279,044 Finished Goods - H&P 09-15 1,600,919 Finished Goods - Winnsboro 12 4,276,317 Finished Goods - Cleveland 16 2,997,977 Finished Goods - Louisville 50 2,134,751 Finished Goods - Louisville 51 2,712,157 B.35 Other Personal Property Construction In Process 1,460,396 Returnable Containers 2,805,873 Secondary Equipment 1,916,328 TOTAL SCHEDULED ASSETS $76,152,503 ======================================================== C. Property Claimed as Exempt 0 D. Secured Claim Bank of America - February 2007 Revolver Credit Agreement 97,587,809 Bank of America - Standby Letter of Credit 3008997 87,000 Bank of America - Standby L/C 3023087 1,021,233 Bank of America - Standby L/C 3055996 445,000 Bank of America - Standby L/C 68019139 319,319 Bank of America - Standby L/C 68020422 1,600,000 Bank of America - Standby L/C 68022027 1,540,000 Bank of America - Standby L/C 7403857 410,000 Bank of America - Standby L/C 7404207 1,300,000 Bank of America - Standby L/C 7410308 6,300,000 Bank of New York- Second Lien Term Loan 100,331,305 Goldman Sachs Credit - First Lien Loan 263,496,889 E. Unsecured Priority Claims Undetermined http://ResearchArchives.com/t/s?2bfb F. Unsecured Non-priority Claims Undetermined http://ResearchArchives.com/t/s?2bfc TOTAL SCHEDULED LIABILITIES $474,438,557 ======================================================== About Plastech Engineered Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. An Official Committee of Unsecured Creditors has been appointed in the Debtors' cases and is represented by Joel D. Applebaum, Esq., at Clark Hill PLC. (Plastech Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) PLASTECH ENGINEERED: Frenchtown Files Schedules of Assets & Debts ----------------------------------------------------------------- Plastech Frenchtown Inc., debtor-affiliate of Plastech Engineered Products Inc., submitted to the U.S. Bankruptcy Court for the Eastern District of Michigan its schedules of assets and liabilities, disclosing: A. Real Property $0 B. Personal Property B.1 Cash on hand Frenchtown One 1,000 Frenchtown Two 1,000 B.16 Accounts Receivable Customer Debits (133,643) Customer Givebacks (224,744) Misc. Receivables 1,845,173 Trade Receivable - U.S. 12,468,395 B.21 Other contingent and unliquidated claims Undetermined B.28 Office equipment, furnishings and supplies 29,003 B.29 Machinery 7,793,915 B.30 Inventory Frenchtown2 43 Finished Goods 3,945,548 Frenchtown 38 Finished Goods 2,499,752 B.35 Other Personal Property Construction in Process 525,699 Prepaid Personal Property Taxes (175,037) Prepaid Real Estate Taxes 268,992 Returnable Containers 1,279,443 Secondary Equipment 2,868,542 TOTAL SCHEDULED ASSETS $32,993,043 ======================================================== C. Property Claimed as Exempt None D. Secured Claims Bank of America - February 2007 Revolver Credit Agreement 97,587,809 Bank of America - Standby Letter of Credit 3008997 87,000 Bank of America - Standby L/C 3023087 1,021,233 Bank of America - Standby L/C 3055996 445,000 Bank of America - Standby L/C 68019139 319,319 Bank of America - Standby L/C 68020422 1,600,000 Bank of America - Standby L/C 68022027 1,540,000 Bank of America - Standby L/C 7403857 410,000 Bank of America - Standby L/C 7404207 1,300,000 Bank of America - Standby L/C 7410308 6,300,000 Bank of New York- Second Lien Term Loan 100,331,305 Goldman Sachs Credit - First Lien Loan 263,496,889 E. Unsecured Priority Claims Undetermined http://ResearchArchives.com/t/s?2bfd F. Unsecured Non-priority Claims None TOTAL SCHEDULED LIABILITIES $474,438,557 ======================================================== About Plastech Engineered Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. An Official Committee of Unsecured Creditors has been appointed in the Debtors' cases and is represented by Joel D. Applebaum, Esq., at Clark Hill PLC. (Plastech Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) PLASTECH ENGINEERED: LDM Unit Files Schedules of Assets and Debts ----------------------------------------------------------------- LDM Technologies Inc., debtor-affiliate of Plastech Engineered Products Inc., submitted to the U.S. Bankruptcy Court for the Eastern District of Michigan its schedules of assets and liabilities, disclosing: A. Real Property Plant 60 - Byesville Land $170,000 Plant 60 - Byesville Building 592,516 Plant 62 - Clarkson Land 380,000 Plant 62 - Clarkson WLP Building 217,549 Plant 63 - Croswell Stand Alone Shelter 161,217 Plant 64 - Fowlerville Land 600,000 Plant 64 - Fowlerville Building 1,013,025 Plant 65 - Franklin Land 720,000 Plant 65 - Franklin Building 1,479,742 Plant 66 - Hartland Land 520,000 Plant 66 - Hartland Building 1,445,789 Plant 67 - Kendallville Land 240,000 Plant 67 - Kendallville Building 1,113,258 Plant 72 - PT Huron Lean To Shelter 55,996 B. Personal Property B.1 Cash on hand 19,000 B.2 Bank Accounts None B.3 Security Deposits Consumers Energy 3,390 Gallatin Department of Electricity 125,000 SEMCO 15,456 B.4 Household goods None B.5 Collectibles None B.6 Wearing apparel None B.9 Interests in Insurance Policies None B.12 Interests in IRA, ERISA or other Pension Plans None B.13 Business Interests and stocks HPG Foreign Sales, Inc. Undetermined LDM Holding Canada, Inc. Undetermined LDM Holding Mexico, Inc. Undetermined B.14 Interests in partnerships None B.15 Government and Corporate Bonds None B.16 Accounts Receivable Accounts Receivable - Employees 730 Intercompany receivable -- Canada (27,449) Customer Debits (392,668) Customer Givebacks (1,107,511) Miscellaneous Recievables 326,353 Trade Receivable - Intercompany 4,054 Trade Receivable - U.S. 51,058,112 B.18 Other Liquidated Debts None B.20 Contingent & Non-contingent Interests B.21 Other Contingent & Unliquidated Claims Undetermined B.22 Patents Undetermined B.25 Vehicles 2008 Ford F350 28,092 2007 Toyota Camry 18,061 2005 Ford F150 6,499 2005 Ford Taurus SE 1,014 2000 Windstar 721 2000 Blazer 607 1992 2500 Pick-up Truck 141 B.27 Aircraft and accessories None B.28 Office equipment, furnishings and supplies 519,584 http://ResearchArchives.com/t/s?2bf5 B.29 Machinery 39,233,470 http://ResearchArchives.com/t/s?2bf6 B.30 Inventory 23,063,131 http://ResearchArchives.com/t/s?2bf7 B.35 Other Personal Property Returnable Containers 4,304,998 Secondary Equipment 3,826,887 Construction In Process 1,158,323 Prepaid Real Estate Taxes 266,340 Prepaid Personal Property Taxes 130,394 TOTAL SCHEDULED ASSETS $131,291,823 ======================================================== C. Property Claimed as Exempt None D. Secured Claim Bank of America - Revolver Credit Agreement $97,587,810 BofA - Standby L/C 68020422 1,600,000 BofA - Standby L/C 3023087 1,021,233 BofA - Standby L/C 68022027 1,540,000 BofA - Standby L/C 7404207 1,300,000 BofA - Standby L/C 7410308 6,300,000 BofA - Standby L/C 3055996 445,000 BofA - Standby L/C 7403857 410,000 BofA - Standby L/C 68019139 319,319 BofA - Standby L/C 3008997 87,000 Goldman Sachs Credit - 1st Lien Term Loan 263,496,889 Bank of New York - 2nd Lien Term Loan 100,331,306 Jerry Ables Electric - Construction Lien 57,208 Transformer Inspection - Construction Lien 2,476 E. Unsecured Priority Claims 13,205 http://ResearchArchives.com/t/s?2bf9 F. Unsecured Non-priority Claims Undetermined http://ResearchArchives.com/t/s?2bfa TOTAL SCHEDULED LIABILITIES $474,511,446 ======================================================== About Plastech Engineered Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. An Official Committee of Unsecured Creditors has been appointed in the Debtors' cases and is represented by Joel D. Applebaum, Esq., at Clark Hill PLC. (Plastech Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) PLASTECH ENGINEERED: Romulus Files Schedules of Assets and Debts ---------------------------------------------------------------- Plastech Romulus Inc., debtor-affiliate of Plastech Engineered Products Inc., submitted to the U.S. Bankruptcy Court for the Eastern District of Michigan its schedules of assets and liabilities, disclosing: A. Real Property None B. Personal Property B.1 Cash on Hand $3,000 B.3 Security Deposits 128,000 B.16 Accounts Receivable Trade receivable 6,209,495 Others 694,970 B.21 Other Contingent and Unliquidated Claims Undetermined B.28 Office Equipment 49,582 B.29 Equipment and Supplies for Business Storage racks 77,176 Servo robot for 2200T husky 54,660 Rigging of 3450T Ube Press 106,125 30T Crane runway extension 57,121 40T Crane runway extension 57,121 Handling/cooling water systems 102,700 Husky 2200T 416,056 (19) RJG Edart systems 111,311 Conveyor systems 106,779 Injection molding machines 355,565 Conair machines 867,987 Equipment 175,611 (174) New "AN" racks 64,040 Robots for presses 89,783 Robots (Toshiba) 69,154 Auto Degater 67,279 Work cell automation 75,434 16 Press addition 94,005 Secondary equipment 62,723 Electrical upgrades for NF/CM 58,910 Electrical changes for Plant 145,932 Electrical - POW-R-LINES 78,861 Lease buyout 54,505 Fire protection - sprinkler 392,000 (18) Poweramp mechanical trailer 32,634 Shot blast 44,151 QSO Valve/500T 36,768 2 Smart Conveyors for Ropak 30,276 Other equipment 49,710 Ropak container 44,875 Valve gate control 49,333 Robot for 390T 31,862 Shelving system for C170 35,459 Relocate 2000T Ube machine 48,516 Equipment supplies 41,670 Relay module 31,692 Circuit panels/hydraulics 41,189 Plastic stacking containers 32,448 Returnable assembly 28,673 Relocate 2000T Husky 33,137 Relocation of 2200T Husky 47,112 SR4040S5 Servo Robot 39,266 SR3051BCV Servo Robot 45,266 Racks for NF/CM assembly 33,187 Robot degator 40,740 Others 2,954,730 B.30 Inventory Romulus inventory 1,972,030 Alabama inventory 2,344,009 B.35 Other Personal Property Secondary equipment 1,468,378 Construction in process 134,068 Returnable containers 919,626 Others 215,401 TOTAL SCHEDULED ASSETS $21,652,117 ======================================================== C. Property Claimed As Exempt None D. Secured Claims Bank of America - February 2007 Revolver Credit Agreement 97,587,809 Bank of America - Standby Letter of Credit 3008997 87,000 Bank of America - Standby L/C 3023087 1,021,233 Bank of America - Standby L/C 3055996 445,000 Bank of America - Standby L/C 68019139 319,319 Bank of America - Standby L/C 68020422 1,600,000 Bank of America - Standby L/C 68022027 1,540,000 Bank of America - Standby L/C 7403857 410,000 Bank of America - Standby L/C 7404207 1,300,000 Bank of America - Standby L/C 7410308 6,300,000 Bank of New York- Second Lien Term Loan 100,331,305 Goldman Sachs Credit - First Lien Loan 263,496,889 E. Unsecured Priority Claims Undetermined http://ResearchArchives.com/t/s?2bfe F. Unsecured Non-priority Claims None TOTAL SCHEDULED LIABILITIES $474,438,557 ======================================================== About Plastech Engineered Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. An Official Committee of Unsecured Creditors has been appointed in the Debtors' cases and is represented by Joel D. Applebaum, Esq., at Clark Hill PLC. (Plastech Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) SEA CONTAINERS: Posts $12,429,636 After-Tax Loss in March 2008 -------------------------------------------------------------- Sea Containers, Ltd. Unaudited Balance Sheet As of March 31, 2008 Assets Current Assets Cash and cash equivalents $30,120,357 Trade receivables, less allowances for doubtful accounts 343,870 Due from related parties 739,774 Prepaid expenses and other current assets 776,719 ------------ Total current assets 31,980,720 Fixed assets, net - Long-term equipment sales receivable, net - Investments in group companies 143,558,856 Intercompany receivables - Investment in equity ownership interests 214,837,980 Other assets 3,167,656 ------------ Total assets $393,545,212 ============ Liabilities and Shareholders' Equity Current Liabilities Accounts payable 10,479,841 Accrued expenses 76,355,062 Current portion of long-term debt 175,165,557 Current portion of senior notes 385,520,806 ------------ Total current liabilities 647,521,266 Total shareholders' equity (253,976,054) ------------ Total liabilities and shareholders' equity $393,545,212 ============ Sea Containers, Ltd. Unaudited Statement of Operations For the Month Ended March 31, 2008 Revenue ($4,163,767) Costs and expenses: Operating costs - Selling, general and admin. expenses (1,391,315) Professional fees (4,454,919) Charges against intercompany accounts (446,180) Impairment of investment in subsidy Co. - Forgiveness of intercompany debt - Depreciation and amortization - ------------ Total costs and expenses (6,292,414) ------------ Gain or (Loss) on sale of assets - ------------ Operating loss (10,456,181) Other income (expense) Investment income 475,181 Foreign exchange gains or (losses) 19,861 Interest expense, net (2,286,597) ------------ Loss before taxes (12,247,736) Income tax expense (181,900) ------------ Loss after taxes ($12,429,636) ============ 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. (Sea Containers Bankruptcy News, Issue No. 41; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) SEA CONTAINERS: SeaCon Services Files March 2008 Operating Report ----------------------------------------------------------------- Sea Containers Services Unaudited Balance Sheet As of March 31, 2008 Assets Current Assets Cash and cash equivalents $32,017 Trade receivables 2,344 Due from related parties 25,164 Prepaid expenses and other current assets 1,388,682 ------------ Total current assets 1,448,207 Fixed assets, net 20,362 Investments 2,677,370 Intercompany receivables 30,904,413 Other assets - ------------ Total assets $35,050,352 ============ Liabilities and Shareholders' Equity Current Liabilities Accounts payable $900,732 Accrued expenses 1,036,689 Current portion of long-term debt 1,513,795 ------------ Total current liabilities 3,451,215 Total shareholders' equity 31,599,136 ------------ Total liabilities and shareholders' equity $35,050,352 ============ Sea Containers Services Unaudited Statement of Operations For the Month Ended March 31, 2008 Revenue $1,204,983 Costs and expenses: Operating costs - Selling, general and admin. expenses (709,927) Professional Fees (403,088) Other charges - Depreciation and amortization (2,428) ------------ Total costs and expenses (1,115,443) ------------ Gains on sale of assets 995 ------------ Operating income (loss) 90,535 Other income (expense) Interest income 34,678 Foreign exchange gains (losses) - Interest expense, net (15,168) ------------ Income (Loss) before taxes 110,045 Income tax credit - ------------ Net Income $110,045 ============ 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. (Sea Containers Bankruptcy News, Issue No. 41; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) SHARPER IMAGE: Incurs $2,099,392 Net Loss in February 2008 ---------------------------------------------------------- Sharper Image Corp. Balance Sheet As of February 29, 2008 ASSETS Current assets: Unrestricted Cash and Equivalents ($1,981,397) Restricted Cash and Equivalents - Trade Accounts Receivable, net 3,646,034 Other Accounts Receivable 1,882,262 Notes Receivable - Inventories 60,865,590 Prepaid Expenses 4,090,051 Deferred Income Taxes/Prepaid Income Taxes 17,249,277 ----------- Total current assets 85,751,817 Property and Equipment: Real Property and Improvements 2,926,573 Machinery and Equipment - Furniture, Fixtures and Office Equipment 127,516,124 Leasehold Improvements 52,118,827 Vehicles - Work In Progress 3,187,779 Less: Accum Depreciation (121,358,312) ----------- Total Property and Equipment 64,390,990 Other assets: Loans to Insiders - Other Assets 14,447,631 ----------- Total Assets $164,590,438 =========== LIABILITIES AND OWNER'S EQUITY Liabilities not subject to Compromise (Post) Accounts Payable (820,867) Taxes Payable (1,098,366) Wages Payable (5,402,206) Notes Payable - Rent/Leases- Building/Equipment (582,706) Secured Debt - Line of credit (37,239,935) Expense Accruals - Other Reserves - Amounts Due to Insiders - Other Postpetition Liabilities - ----------- Total Postpetition Liabilities (45,144,080) Liabilities not subject to Compromise (Pre) Secured Debt - Line of credit 0 Secured Debt - other (6,574,490) Priority Debt - Unsecured Debt (Accounts Payable) (44,774,048) Expense Accruals and Other Liabilities (9,102,581) Short Term Liabilities (3,554,215) Rent/Leases-Building/Equipment - Deferred (GAAP) rent/landlord allowances etc (24,162,858) Deferred Tax (Liability)/Asset 73,259,173 Deferred Revenue (Gift cards and Royalties) (36,628,134) Sales Returns/Chargebacks Reserves (16,745,967) ----------- Total Prepetition Liabilities (68,283,120) ----------- Total Liabilities (113,427,200) Owner's Equity Capital Stock (152,132) Additional Paid-In Capital (116,534,285) Deferred Stock Compensation and Stock Repurchase 176,465 Retained Earnings - Prepetition 63,247,322 Retained Earnings - Postpetition 2,099,392 ----------- Net Owner's Equity (51,163,238) ----------- Total Liabilities and Owner's Equity ($164,590,438) =========== Sharper Image Corp. Statement of Operations For Month Ended February 29, 2008 Revenues: Gross Revenues $6,698,973 Less: Returns and Allowances (682,033) ----------- Net Revenue 6,016,940 Cost of Goods Sold: Beginning Inventory - Add: Purchases - Add: Cost of Labor - Add: Other Costs (attach schedule) - Less: Ending Inventory - Cost of Goods Sold 3,597,198 ----------- Gross Profit 2,419,743 Operating Expenses: Advertising 510,665 Auto and Truck Expense - Bad Debts (9,471) Contributions - Employee Benefit Programs 140,933 Insider Compensations - Insurance 87,931 Management Fees/Bonuses 63,977 Office Expense - Pension & Profit-Sharing Plans - Repairs and Maintenance 88,786 Rent and Lease Expense 1,407,260 Salaries/Commissions/Fees 1,405,104 Supplies 72,272 Taxes- Payroll 119,468 Taxes- Real Estate - Taxes- Other 40,634 Travel and Entertainment 240 Utilities 101,980 Other 474,212 ----------- Total Operating Expense Before Depr. 4,503,991 Depreciation/Depletion/Amortization 651,651 ----------- Net Profit (Loss) Before Other Income & Expenses (2,735,900) Other Income and Expenses: Licensing Income 104,700 Interest Expense (72,168) Other Expense 60,264 ----------- Net Profit (Loss) Before Reorganization Items (2,643,103) Reorganization Items: Professional Fees 765,000 US Trustee Quarterly Fees - Interest Earned on Accm Case - Gain (Loss) from sale of assets - Other Reorganization Expense - ----------- Total Reorganization Expenses 765,000 ----------- Net Profit (Loss) Before Income Taxes (Benefit) (3,408,103) Income Taxes (Benefit) (1,308,712) ----------- Net Profit (Loss) ($2,099,392) =========== Sharper Image Corp. Statement of Cash Flows For Month Ended February 29, 2008 Opening Balance 983,689 Receipts Cash Sales (from stores) 770,502 Credit Card Settlements 3,847,115 Other Settlements 89,400 Accounts Receivable 627,061 Sale of Assets - Mail Order/License Deposits, Other Deposits 47,395 ----------- Total Receipts 5,381,474 Transfers Line of Credit Draw/Pay Down (1,356,050) Transfers from stores to deposit a/c - sweep - Transfers from concentration to refunds - Transfers from concentration to payroll - Other Inter-account transfers - Transfers from Concentration to Disbursement - ----------- Total Transfers (1,356,050) ----------- Total Receipts & Transfers 4,025,424 Disbursements Net Payroll 1,494,484 Payroll Taxes 749,764 401k 54,786 Sales, Use & Other Taxes 1,012,037 Inventory Purchases 781,498 Secured/Rental/Leases 2,398,805 Insurance 162,608 Administrative 47,887 Selling - Bank/Credit Card Fees/Sales audit adjs 30,167 Refund checks issued (net of stop payments) 50,561 Other - Customs/Duties/Freight 207,914 Interest and LC fees - Professional Fees - US Trustee Quarterly Fees - Court Costs - ----------- Total Disbursements 6,990,512 ----------- Net Cash Flow ($2,965,088) =========== About Sharper Image Based in San Francisco, California, Sharper Image Corp. -- http://www.sharperimage.com/-- is a multi-channel specialty retailer. It operates in three principal selling channels: the Sharper Image specialty stores throughout the U.S., the Sharper Image catalog and the Internet. The company has operations in Australia, Brazil and Mexico. In addition, through its Brand Licensing Division, it is also licensing the Sharper Image brand to select third parties to allow them to sell Sharper Image branded products in other channels of distribution. The company filed for Chapter 11 protection on Feb. 19, 2008 (Bankr. D.D., Case No. 08-10322). Steven K. Kortanek, Esq. at Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the Debtor in its restructuring efforts. An Official Committee of UnsecuredCreditors has been appointed in the case. When the Debtor filed for bankruptcy, it listed total assets of $251,500,000 and total debts of $199,000,000. The Debtor's exclusive plan filing period expires on June 18, 2008. (Sharper Image Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) SHARPER IMAGE: Incurs $4,091,912 Net Loss in March 2008 ------------------------------------------------------- Sharper Image Corp. Balance Sheet As of March 31, 2008 ASSETS Current assets: Unrestricted Cash and Equivalents ($186,124) Restricted Cash and Equivalents - Trade Accounts Receivable, net 4,974,989 Other Accounts Receivable 3,625,006 Notes Receivable - Inventories 53,102,384 Prepaid Expenses 5,153,974 Professional Retainers - Deferred Income Taxes/Prepaid Income Taxes 17,319,781 ----------- Total current assets 83,990,011 Property and Equipment: Real Property and Improvements 2,926,573 Machinery and Equipment - Furniture, Fixtures and Office Equipment 127,511,342 Leasehold Improvements 52,118,827 Vehicles - Work In Progress 3,197,403 Less: Accum Depreciation (121,652,378) ----------- Total Property and Equipment 64,101,756 Other assets: Loans to Insiders - Other Assets 14,701,141 ----------- Total Assets $162,792,918 =========== LIABILITIES AND OWNER'S EQUITY Liabilities not subject to Compromise (Post) Accounts Payable (2,862,112) Taxes Payable (1,240,814) Wages Payable (5,517,508) Notes Payable - Rent/Leases- Building/Equipment (563,266) Secured Debt - Line of credit (24,417,123) Other Reserves - Liquidation (GOB Sales) Clearing Account (12,093,695) Amounts Due to Insiders - Other Postpetition Liabilities - ----------- Total Postpetition Liabilities (46,694,519) Liabilities not subject to Compromise (Pre) Secured Debt - Line of credit 0 Secured Debt - other (6,600,382) Priority Debt - Unsecured Debt (Accounts Payable) (44,806,382) Expense Accruals and Other Liabilities (11,888,165) Short Term Liabilities (3,554,215) Deferred (GAAP) rent/landlord allowances etc (23,918,979) Deferred Tax (Liability)/Asset 75,809,975 Deferred Revenue (Gift cards and Royalties) (37,196,814) Sales Returns/Chargebacks Reserves (16,789,160) ----------- Total Prepetition Liabilities (68,944,658) ----------- Total Liabilities (115,639,177) Owner's Equity Capital Stock (152,132) Additional Paid-In Capital (116,620,303) Deferred Stock Compensation and Stock Repurchase 180,069 Retained Earnings - Prepetition 63,247,322 Retained Earnings - Postpetition 6,191,304 ----------- Net Owner's Equity (47,153,740) ----------- Total Liabilities and Owner's Equity ($162,792,918) =========== Sharper Image Corp. Statement of Operations For Month Ended March 31, 2008 Revenues: Gross Revenues $14,973,451 Less: Returns and Allowances 1,818,824 ----------- Net Revenue 13,154,627 Cost of Goods Sold: Beginning Inventory - Add: Purchases - Add: Cost of Labor - Add: Other Costs (attach schedule) - Less: Ending Inventory - Cost of Goods Sold 8,142,415 ----------- Gross Profit 5,012,212 Operating Expenses: Advertising 829,596 Auto and Truck Expense - Bad Debts 24,199 Contributions - Employee Benefit Programs 210,018 Insider Compensations - Insurance 237,992 Management Fees/Bonuses 94,638 Office Expense - Pension & Profit-Sharing Plans - Repairs and Maintenance 171,579 Rent and Lease Expense 3,536,136 Salaries/Commissions/Fees 3,174,515 Supplies 65,222 Taxes- Payroll 272,289 Taxes- Real Estate - Taxes- Other 98,577 Travel and Entertainment 57,612 Utilities 199,299 Other 1,448,974 ----------- Total Operating Expense Before Depr. 10,420,646 Depreciation/Depletion/Amortization 323,666 ----------- Net Profit (Loss) Before Other Income & Expenses (5,732,100) Other Income and Expenses: Licensing Income 303,068 Interest Expense (242,408) Other Expense 999 ----------- Net Profit (Loss) Before Reorganization Items (5,670,441) Reorganization Items: Professional Fees 972,273 US Trustee Quarterly Fees - Interest Earned on Accm Case - Gain (Loss) from sale of assets - Other Reorganization Expense - ----------- Total Reorganization Expenses 972,273 ----------- Net Profit (Loss) Before Income Taxes (Benefit) (6,642,714) Income Taxes (Benefit) 2,550,802 ----------- Net Profit (Loss) ($4,091,912) =========== Sharper Image Corp. Statement of Cash Flows For Month Ended March 31, 2008 Opening Balance (1,981,397) Receipts Cash Sales (from stores) 2,204,184 Credit Card Settlements 11,373,145 Other Settlements 1,433,008 Accounts Receivable 799,988 Sale of Assets - Interest/Divided Income 167 Mail Order/License Deposits, Other Deposits 1,839,727 ----------- Total Receipts 17,650,219 Transfers Line of Credit Draw/Pay Down 291,146 Transfers from stores to deposit a/c - sweep - Transfers from concentration to refunds - Transfers from concentration to payroll - Other Inter-account transfers - Transfers from Concentration to Disbursement - ----------- Total Transfers 291,146 ----------- Total Receipts & Transfers 17,941,365 Disbursements Liquidator Reimbursements 2,749,183 Net Payroll 2,767,092 Payroll Taxes 1,130,671 401k 74,599 Employee Benefits 361,193 Sales, Use & Other Taxes 1,058,568 Inventory Purchases 1,833,021 Secured/Rental/Leases 2,707,600 Insurance - Administrative 728,944 Selling 364,700 Bank/Credit Card Fees/Sales audit adjs 32,288 Refund checks issued (net of stop payments) 69,894 Other - Customs/Duties/Freight 2,099,060 Interest and LC fees - Professional Fees 169,278 US Trustee Quarterly Fees - Court Costs - ----------- Total Disbursements 16,146,092 ----------- Net Cash Flow $1,795,273 =========== About Sharper Image Based in San Francisco, California, Sharper Image Corp. -- http://www.sharperimage.com/-- is a multi-channel specialty retailer. It operates in three principal selling channels: the Sharper Image specialty stores throughout the U.S., the Sharper Image catalog and the Internet. The company has operations in Australia, Brazil and Mexico. In addition, through its Brand Licensing Division, it is also licensing the Sharper Image brand to select third parties to allow them to sell Sharper Image branded products in other channels of distribution. The company filed for Chapter 11 protection on Feb. 19, 2008 (Bankr. D.D., Case No. 08-10322). Steven K. Kortanek, Esq. at Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the Debtor in its restructuring efforts. An Official Committee of UnsecuredCreditors has been appointed in the case. When the Debtor filed for bankruptcy, it listed total assets of $251,500,000 and total debts of $199,000,000. The Debtor's exclusive plan filing period expires on June 18, 2008. (Sharper Image Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) VESTA INSURANCE: Florida Select Files March 2008 Operating Report ----------------------------------------------------------------- Florida Select Insurance Agency, debtor-affiliate of Vesta Insurance Group Inc., submitted its monthly operating report for March 2008. Florida Select Insurance Agency Income Statement Month Ended March 31, 2008 Revenue from Total Sales $0 Less: Cost of Sales 0 ------------ Gross Profit 0 Less: Operating Expenses 23,845 ------------ Net Profit Operations (23,845) Non-Operating Income (Expenses) Interest Earned 5,507 Miscellaneous Income 0 ------------- Net Profit (Loss) ($18,338) ============ Florida Select Insurance Agency Schedule of Cash Receipts and Disbursements Month Ended March 31, 2008 Cash On Hand (Beginning) $2,039,908 Cash Receipts: Accounts Receivable 0 Management Fees 0 Loan Proceeds 0 Sale of Property 0 Interest Earned 5,507 Miscellaneous Income 0 ------------ Total Receipts 5,507 Cash Disbursements: Business Disbursements Form BA-02(B) 23,845 ------------ Surplus Or Deficit (18,338) ------------ Cash on Hand (End) $2,021,570 ============ About Vesta Insurance Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc. (Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding company for a group of insurance companies that primarily offer property insurance in targeted states. Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership III, L.P., filed an involuntary chapter 7 petition against the company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517). The case was converted to a voluntary chapter 11 case on Aug. 8, 2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor. R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, represents the petitioning creditors. In its schedules of assets and liabilities, Vesta listed $14,919,938 in total assets and $214,278,847 in total liabilities. J. Gordon Gaines Inc. is a Vesta Insurance-owned unit that manages the company's numerous insurance subsidiaries and employs the headquarters workers. The company filed for chapter 11 protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808). Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP, represent the Debtor in its restructuring efforts. In its schedules of assets and liabilities, Gaines listed $19,818,094 in total assets and $16,046,237 in total liabilities. On Aug. 1, 2006, the District Court of Travis County, Texas entered an order appointing the Texas Commissioner of Insurance as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries: Vesta Fire Insurance Corporation; The Shelby Insurance Company; Shelby Casualty Insurance Corporation; Texas Select Lloyds Insurance Company; and Select Insurance Services, Inc. Florida Select Insurance Agency Inc., an affiliate, filed for chapter 11 protection on April 24, 2007 (Bankr. N.D. Ala. Case No. 07-01849). Rufus Dorsey, IV, Esq., at Parker Hudson Rainer & Dobbs LLP, represents Florida Select. FSIA's exclusive period to file a plan of reorganization expired Dec. 20, 2007. (Vesta Bankruptcy News, Issue No. 36; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) WELLMAN INC: Posts $15,300,000 Net Loss in February 2008 -------------------------------------------------------- Wellman, Inc. Condensed Consolidated Balance Sheet (Unaudited) As of February 29, 2008 ASSETS Current assets: Cash & cash equivalents $3,100,000 Accounts receivable 130,700,000 Inventories 91,100,000 Prepaid expenses & other current assets 28,100,000 Current assets held for sale - Total current assets 253,100,000 Property, plant, & equipment: Land, buildings & improvements 90,500,000 Machinery & equipment 336,800,000 CIP 6,000,000 ------------ 433,200,000 Less accumulated depreciation 192,800,000 ------------ Net property, plant & equipment 240,400,000 Other assets 7,900,000 Noncurrent assets held for sale - ------------ Total assets $501,300,000 LIABILITIES & STOCKHOLDERS' DEFICIT Liabilities not subject to compromise Current liabilities: Accounts payable - trade $76,900,000 Accrued liabilities 15,800,000 Debtor in possession credit agreement 125,500,000 Other debt - Current liabilities associated with assets held for sale - ------------ Total current liabilities 218,200,000 First & Second Lien Debt 448,300,000 Long-term debt - Deferred income taxes & other noncurrent liabilities 39,200,000 Noncurrent liabilities assoc. w/ assets held for sale - ------------ Total liabilities 705,700,000 Stockholders' Deficit: Common stock - Preferred stock 185,700,000 Paid-in capital 248,800,000 Common stock warrants 4,900,000 Accumulated other comprehensive loss - Accumulated deficit (594,300,000) Less common stock in treasury (49,500,000) ------------ Total stockholders' deficit (204,400,000) ------------ Total liabilities & stockholders' deficit $501,300,000 ============ Wellman, Inc. Condensed Consolidated Statement of Operations (Unaudited) For the Month Ended February 29, 2008 Net sales $75,500,000 Cost of sales 77,800,000 ------------ Gross loss (2,400,000) Selling, general & administrative expenses 4,000,000 Other income 100,000 ------------ Operating loss (6,400,000) Interest expense, net 3,000,000 ------------ Loss from continuing operations before restructuring items & income taxes (9,400,000) Reorganization items, net 5,900,000 ------------ Loss from continuing operations (15,300,000) before income taxes Income tax expense 0 ------------ Loss from continuing operations (15,300,000) Earnings from discontinued operations, 0 net of tax ------------ Net loss ($15,300,000) ============ Wellman, Inc. Condensed Consolidated Statement of Cash Flows (Unaudited) For the Month Ended February 29, 2008 Cash flow from operating activities: Net loss ($15,300,000) Adjustments to reconcile net earnings (loss) to net cash used in operating activities: Loss from discontinued operations, net of tax 0 Depreciation 1,000,000 Amortization 1,400,000 Amortization in interest expense 100,000 Deferred taxes on income 0 Reorganization items 5,900,000 Payment of reorganization items (5,900,000) Changes in assets and liabilities: Accounts receivable 1,800,000 Inventories 12,100,000 Prepaid expenses and other current assets 1,400,000 Other assets 0 Accounts payable and accrued liabilities 10,200,000 Other liabilities 0 Other 0 ------------ Net cash used by operating activities (7,800,000) Cash flows from investing activities: Additions to property, plant and equipment (net) (200,000) ------------ Net cash used by investing activities (200,000) Cash flows from financing activities: Borrowings (Repayments) of long-term debt 14,500,000 Dividends paid on common stock 0 Debt and equity issuance costs (3,900,000) ------------ Net cash provided (used) by financing activities 10,600,000 Discontinued Operations: Operating activities 0 Investing activities 0 Financing activities 0 ------------ Net cash provided (used) by discontinued operations 0 ------------ Increase (decrease) in cash and cash 2,600,000 equivalents Cash and cash equivalents, beginning 500,000 ------------ Cash and cash equivalents, end $3,100,000 ============ Wellman, Inc., filed the MOR with the Court. A copy of the MOR is available for free at: http://bankrupt.com/misc/Wellman_MORFeb08.pdf About Wellman Headquartered in Fort Mill, South Carolina, Wellman Inc. -- http://www.wellmaninc.com/-- manufactures and markets packaging and engineering resins used in food and beverage packaging, apparel, home furnishings and automobiles. They manufacture resins and polyester staple fiber a three major production facilities. The company and its debtor-affiliates filed for Chapter 11 protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08-10595). Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in New York City, represents the Debtors. Wellman Inc., in its bankruptcy petition, listed total assets of $124,277,177 and total liabilities of $600,084,885, as of Dec. 31, 2007, on a stand-alone basis. Debtor-affiliate ALG, Inc., listed assets between $500 million and $1 billion on a stand-alone basis at the time of the bankruptcy filing. Debtor-affiliates Fiber Industries Inc., Prince Inc., and Wellman of Mississippi Inc., listed assets between $100 million and $500 million at the time of their bankruptcy filings. On a consolidated basis, Wellman Inc., and its debtor-affiliates listed $498,867,323 in assets and $684,221,655 in liabilities as of Jan. 31, 2008. The Debtors exclusive plan filing period expires on June 21, 2008. (Wellman Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000) WELLMAN INC: Posts $2,400,000 Net Loss in March 2008 ---------------------------------------------------- Wellman, Inc. Condensed Consolidated Balance Sheet (Unaudited) As of March 31, 2008 ASSETS Current assets: Cash & cash equivalents $1,300,000 Accounts receivable 135,300,000 Inventories 85,200,000 Prepaid expenses & other current assets 25,400,000 Current assets held for sale - ------------ Total current assets 247,200,000 "Property, plant, & equipment: Land, buildings & improvements 90,500,000 Machinery & equipment 336,900,000 CIP 6,300,000 ------------ 433,700,000 Less accumulated depreciation 193,900,000 ------------ Net property, plant & equipment 239,800,000 Other assets 10,700,000 Noncurrent assets held for sale - ------------ Total assets $497,700,000 ============ LIABILITIES & STOCKHOLDERS' DEFICIT Liabilities not subject to compromise Current liabilities: Accounts payable - trade $71,000,000 Accrued liabilities 21,300,000 Debtor in possession credit agreement 124,900,000 Other debt - Current liabilities associated with assets held for sale - ------------ Total current liabilities 217,200,000 First & Second Lien Debt 448,300,000 Long-term debt - Deferred income taxes & other noncurrent liabilities 39,300,000 Noncurrent liabilities assoc. w/ assets held for sale - ------------ Total liabilities 704,700,000 Stockholders' Deficit: Common stock - Preferred stock 185,700,000 Paid-in capital 248,500,000 Common stock warrants 4,900,000 Accumulated other comprehensive loss - Accumulated deficit (596,700,000) Less common stock in treasury (49,500,000) ------------ Total stockholders' deficit (207,100,000) ------------ Total liabilities & stockholders' deficit $497,700,000 ============ Wellman, Inc. Condensed Consolidated Statement of Operations (Unaudited) For the Month Ended March 31, 2008 Net sales $86,600,000 Cost of sales 82,600,000 ------------ Gross profit 4,000,000 Selling, general & administrative expenses 2,700,000 Other income 0 ------------ Operating loss 1,300,000 Interest expense, net 900,000 ------------ Loss from continuing operations 400,000 before restructuring items & income taxes Reorganization items, net 2,800,000 ------------ Loss from continuing operations (2,400,000) before income taxes Income tax expense 0 ------------ Loss from continuing operations (2,400,000) Earnings from discontinued operations, 0 net of tax ------------ Net loss ($2,400,000) ============ Wellman, Inc. Condensed Consolidated Statement of Cash Flows (Unaudited) For the Month Ended March 31, 2008 Cash flow from operating activities: Net loss ($2,400,000) Adjustments to reconcile net earnings (loss) to net cash used in operating activities: Loss from discontinued operations, net of tax 0 Depreciation 1,000,000 Amortization 1,400,000 Amortization in interest expense 0 Deferred taxes on income 0 Reorganization items 2,800,000 Payment of reorganization items (2,800,000) Changes in assets and liabilities: Accounts receivable (4,700,000) Inventories 6,000,000 Prepaid expenses and other current assets (1,100,000) Other assets (200,000) Accounts payable and accrued liabilities (500,000) Other liabilities (300,000) Other 0 ------------ Net cash used by operating activities (800,000) Cash flows from investing activities: Additions to property, plant and equipment (net) (400,000) ------------ Net cash used by investing activities (400,000) Cash flows from financing activities: Borrowings (Repayments) of long-term debt (600,000) Dividends paid on common stock 0 Debt and equity issuance costs 0 ------------ Net cash provided (used) by financing activities (600,000) Discontinued Operations: Operating activities 0 Investing activities 0 Financing activities 0 ------------ Net cash provided (used) by discontinued 0 operations ------------ Increase (decrease) in cash and cash (1,800,000) equivalents Cash and cash equivalents, beginning 3,100,000 ------------ Cash and cash equivalents, end $1,300,000 ============ Wellman filed the monthly operating report with the Court. A copy of the MOR is available for free at: http://bankrupt.com/misc/WellmanMORMarch08.pdf The figures presented in the MOR's Balance Sheet slightly differ from those in the balance sheet in the Form 10-Q filed with the Securities and Exchange Commission. The Form 10-Q, which was filed on the same date as the MOR, provides that as of March 31, 2008, Wellman had assets of $511,700,000, and debts of $718,700,000, of which $531,100,000 is subject to compromise. About Wellman Headquartered in Fort Mill, South Carolina, Wellman Inc. -- http://www.wellmaninc.com/-- manufactures and markets packaging and engineering resins used in food and beverage packaging, apparel, home furnishings and automobiles. They manufacture resins and polyester staple fiber a three major production facilities. The company and its debtor-affiliates filed for Chapter 11 protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08-10595). Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in New York City, represents the Debtors. Wellman Inc., in its bankruptcy petition, listed total assets of $124,277,177 and total liabilities of $600,084,885, as of Dec. 31, 2007, on a stand-alone basis. Debtor-affiliate ALG, Inc., listed assets between $500 million and $1 billion on a stand-alone basis at the time of the bankruptcy filing. Debtor-affiliates Fiber Industries Inc., Prince Inc., and Wellman of Mississippi Inc., listed assets between $100 million and $500 million at the time of their bankruptcy filings. On a consolidated basis, Wellman Inc., and its debtor-affiliates listed $498,867,323 in assets and $684,221,655 in liabilities as of Jan. 31, 2008. The Debtors exclusive plan filing period expires on June 21, 2008. (Wellman Bankruptcy News, Issue No. 12; 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. Shimero R. Jainga, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez, Tara Marie A. Martin, Philline P. Reluya, Joseph Medel C. Martirez, Ma. Cristina I. Canson, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2008. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic 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. The TCR subscription rate is $775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***