/raid1/www/Hosts/bankrupt/TCR_Public/080531.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 31, 2008, Vol. 12, No. 129
Headlines
BLUE WATER: Posts $1,677,585 Net Loss in Month Ended April 27
BUFFET HOLDINGS: Posts $130 Million Net Loss in April 2008
BUFFET HOLDINGS: Buffets Franchise's Schedules of Assets and Debts
BUFFET HOLDINGS: Buffets Leasing's Schedules of Assets and Debts
BUFFET HOLDINGS: Fire Mountain's Schedules of Assets and Debts
BUFFET HOLDINGS: Five Affiliates' Schedules of Assets and Debts
BUFFET HOLDINGS: HomeTown Buffet's Schedules of Assets and Debts
BUFFET HOLDINGS: OCB Purchasing's Schedules of Assets and Debts
BUFFET HOLDINGS: OCB Restaurant's Schedules of Assets and Debts
BUFFET HOLDINGS: Ryan's Restaurant's Schedules of Assets and Debts
DUNMORE HOMES: Posts $984,889 Net Loss in Month Ended March 31
LEVITZ FURNITURE: Earns $3,111,000 from April 7 to May 4
NEW CENTURY: Posts $15,850,789 Net Loss in March 2008
PERFORMANCE TRANSPORTATION: Posts $11,206,000 Loss in April 2008
PRC LLC: Incurs $6,581,000 Net Loss in Month Ended April 30
SEA CONTAINERS: Posts $6,329,191 Net Loss in April 2008
SEA CONTAINERS: SeaCon Services Files April 2008 Operating Report
SHARPER IMAGE: Incurs Net Loss of $6,569,759 in April 2008
TOUSA INC: Incurs Net Loss of $21,890,760 in April 2008
TROPICANA ENTERTAINMENT: Files Initial Monthly Operating Report
VESTA INSURANCE: Florida Select Files April 2008 Operating Report
*********
BLUE WATER: Posts $1,677,585 Net Loss in Month Ended April 27
-------------------------------------------------------------
Blue Water Automotive Systems, Inc.
Unaudited Balance Sheet
As of April 27, 2008
ASSETS:
Cash $1,876,913
Inventory 9,523,606
Accounts Receivable 55,678,510
Insider Receivables -
Land and Buildings 27,459,896
Furniture, Fixtures & Equipment 38,234,650
Accumulated Depreciation (14,105,105)
Other: Current Assets 8,481,269
Other: Long Term Assets 61,251
------------
TOTAL ASSETS $127,210,990
============
LIABILITIES:
Postpetition Liabilities: -
Accounts Payable $5,724,127
Rent and Lease Payable -
Wages and Salaries 1,085,570
Taxes Payable 1,119,163
Other: 109,392
------------
Total Postpetition Liabilities 8,038,252
Secured Liabilities:
Subject to Postpetition Collateral or DIP Order -
All Other Secured Liabilities 61,334,246
------------
Total Secured Liabilities 61,334,246
Prepetition Liabilities:
Taxes and Other Priority Liabilities 2,178,512
Unsecured Liabilities: 54,613,189
Other: 11,945,925
------------
Total Prepetition Liabilities 68,737,626
EQUITY:
Owners Capital 22,937,488
Retained Earnings - Prepetition (26,368,977)
Retained Earnings - Postpetition (7,467,645)
------------
Total Equity: (10,899,134)
------------
TOTAL LIABILITIES AND EQUITY $127,210,990
============
Blue Water Automotive Systems, Inc.
Unaudited Operating Statement
Month Ended April 27, 2008
Total Revenue/Sales $17,960,838
Cost of Sales 15,449,778
------------
Gross Profit 2,511,060
Expenses:
Officer compensation 75,750
Salary Expenses other Employees 666,896
Employee Benefits & Pensions 449,204
Payroll Taxes 59,277
Other Taxes 87,407
Rent and Lease Expense 134,754
Interest Expense 380,915
Insurance 7,842
Automobile and Truck Expense 46,803
Utilities (gas, electric, phone) 32,059
Depreciation 25,857
Travel and Entertainment 59,278
Repairs and Maintenance 22,288
Advertising -
Supplies, Office Expense, etc 101,374
Other Specify: Legal 30,000
Other Specify: Misc 130,507
------------
Total Expenses 2,310,211
------------
Net Operating Profit (Loss) 200,849
Add: Non-Operating Income
Interest Income -
Other Income 133,718
Less: Non Operating Expenses
Professional Fees -
Other 2,012,152
------------
NET INCOME/(LOSS) ($1,677,585)
============
About Blue Water Automotive
Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry. The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies. They are
supported by full-service design, program management,
manufacturing and tooling capabilities. With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
US$200 million. The company's headquarters and technology
center is located in Marysville, Mich. The company has
operations in Mexico.
In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction. In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies. KPS then set about reorganizing the
company. The company implemented a program to improve operating
performance and address its liquidity issues. During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.
Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case
No. 08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at
Foley & Lardner, LLP, serves as the Debtors' bankruptcy counsel.
Administar Services Group LLC acts as the Debtors' claims,
noticing, and balloting agent. Blue Water's bankruptcy petition
lists assets and liabilities each in the range of $100 million
to $500 million.
The Debtors filed their Liquidation Plan on May 9, 2008. The
Court will convene a hearing May 23 to consider approval of the
Disclosure Statement explaining the Plan, for voting purposes.
The Court will hold a hearing June 18, 2008, to consider
confirmation of the Plan. (Blue Water Automotive Bankruptcy
News, Issue No. 17, Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
BUFFET HOLDINGS: Posts $130 Million Net Loss in April 2008
----------------------------------------------------------
Buffets Holdings, Inc., filed with the Court its monthly
operating report for the month ended April 30, 2008.
According to the report, which contains illegible amounts,
Buffets incurred a net loss of more than $130,000,000 for the
period April 2 to April 30, 2008.
A full-text free copy of the monthly operating report is
available for free at http://bankrupt.com/misc/Apr30MOR.pdf
About Buffets Holdings
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 Feb. 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 June 11, 2008. (Buffets Holdings
Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BUFFET HOLDINGS: Buffets Franchise's Schedules of Assets and Debts
------------------------------------------------------------------
Buffets Franchise Holdings LLC, 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.2 Bank Accounts
US Bank 250,000
TOTAL SCHEDULED ASSETS $250,000
=========================================================
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 19,629
TOTAL SCHEDULED LIABILITIES $582,683,129
=========================================================
About Buffets Holdings
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 Feb. 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 June 11, 2008. (Buffets Holdings
Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BUFFET HOLDINGS: Buffets Leasing's Schedules of Assets and Debts
----------------------------------------------------------------
Buffets Leasing Company, LLC, 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 5,349,005
Equipment cost clearing 116,256
Equipment CIP cost clearing 25,442
Accumulated depreciation - equipment (2,062,532)
B.35 Other Personal Property 7,777
TOTAL SCHEDULED ASSETS $3,435,948
=========================================================
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
Various intercompany payable - Buffets, Inc. 687,184
Various intercompany payable - OCB Restaurant 16,922
Company, LLC
TOTAL SCHEDULED LIABILITIES $583,367,606
=========================================================
About Buffets Holdings
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 Feb. 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 June 11, 2008. (Buffets Holdings
Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BUFFET HOLDINGS: Fire Mountain's Schedules of Assets and Debts
--------------------------------------------------------------
Fire Mountains Restaurants LLC, 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
2623 Wards Road, Lynchburg, Virginia $1,836,390
204 Hwy 28 Bypass, Anderson, Georgia 1,637,000
2551 E. Tiffin Avenue, Findlay, Ohio 1,484,500
7643 Highway 85, Riverdale, Georgia 1,403,000
11440 Tara Blvd., Lovejoy, Georgia 1,220,000
701 Red Mile Road, Lexington, Kentucky 1,205,500
6310 S. Gilmore Road, Fairfield, Ohio 1,159,000
1207 South Main, Sikeston, Missouri 1,131,100
1605 W. 1st Street, Springfield, Ohio 1,112,500
367 North Generals Blvd., Lincolnton, NC 1,112,500
I-20 Svc Rd & S Main Street, Weatherford, TX 1,019,500
Others 12,497,165
B. Personal Property
B.1 Cash on hand 639,490
B.2 Bank Accounts
Bank of America #1 - Ryan's 1,613,909
Regions Bank 588,142
First Citizens 542,516
BB&T 436,940
Wachovia - Ryan's 425,100
JPMorgan Chase 378,427
Others 1,875,553
B.3 Security Deposit 515,994
B.9 Insurance Policies
Security interests in life insurance premiums 2,133,123
Paid on behalf of former executives
B.13 Stock and Interests Undetermined
B.16 Accounts Receivable
Credit card rec 224,532,178
Intercompany receivable 60,971,631
Accounts receivable - restaurant level 2,140,647
Accounts receivable - unapplied receipts 91
Accounts receivable - vending income 125,082
B.23 Licenses, franchises & other intangibles 642,959
B.25 Vehicles 6,048
B.29 Equipment and Supplies for Business
Equipment costs 57,497,978
Equipment cost clearing 889,126
Equipment CIP cost clearing 1,578,602
Accumulated depreciation - equipment (13,304,765)
B.30 Inventory
Inventory - food 4,263,378
Inventory - smallwares 8,963,019
B.35 Other Personal Property
Prepaid car lease 5,276
Prepaid minimum rent 696,606
Prepaid other 16,747
Prepaid other - restaurant level 40,825
Prepaid LL cam 525
Prepaid LL property tax escrow 360
Assets held for sale 20,873,233
Building costs 6,138,694
Accumulated depreciation - building (380,870)
Leasehold costs 11,647,814
Leasehold cost clearing 247,687
Leasehold CIP cost clearing 1,904,642
Accumulated amortization (829,518)
TOTAL SCHEDULED ASSETS $424,635,347
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Credit Suisse, as administrative agent to 582,663,500
Debtors' prepetition secured lenders
E. Creditors Holding Unsecured Priority Claims 497,379
F. Creditors Holding Unsecured Non-priority Claims 18,890,253
TOTAL SCHEDULED LIABILITIES $602,051,132
=========================================================
About Buffets Holdings
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 Feb. 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 June 11, 2008. (Buffets Holdings
Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BUFFET HOLDINGS: Five Affiliates' Schedules of Assets and Debts
--------------------------------------------------------------
Five debtor-affiliates of Buffets Inc. reported $0 assets:
1. Big R Procurement Company,
2. Ryan's Restaurant Leasing Company, LLC,
3. Ryan's Restaurant Management Group, LLC
4. Fire Mountain Leasing Company, LLC
5. Fire Mountain Management Group, LLC
The five Debtors reported total liabilities of:
Debtor Amount
------ ------
Big R Procurement $582,663,500
Ryan's Restaurant Leasing 582,663,500
Ryan's Restraurant Management 582,242,638
Fire Mountain Leasing 582,668,915
Fire Mountain Management 624,715,198
All five Debtors reported debts of $582,663,500 owed to Credit
Suisse, as administrative agent to the prepetition secured
lenders.
For total amounts owed to creditors holding unsecured nonpriority
claims, Ryan's Restraurant Management reported an aggregate of
$2,579,138; Fire Mountain Leasing reported $5,415; and Fire
Mountain Management reported $42,051,698.
About Buffets Holdings
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 Feb. 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 June 11, 2008. (Buffets Holdings
Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BUFFET HOLDINGS: HomeTown Buffet's Schedules of Assets and Debts
----------------------------------------------------------------
HomeTown Buffets, 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 205,858
B.2 Bank Accounts
Depository Account 24,345
Depository- US Bank-Co.250 2,288,090
Depository Bank of America East 219,659
Depository National City Bank-OH 77,673
Depository Wells Fargo Co.250 180,539
B.3 Security Deposit
Prepaid Rent Deposits 4,500
Deposits 18,424
B.13 Stocks and interests undetermined
B.16 Accounts Receivable
A/R Credit Card Visa Sales 508,684
A/R Credit Card Rec MC Sales 265,205
A/R Credit Card Rec Discover Sales 49,034
A/R Credit Card Rec Amex Sales 431
A/R Credit Card Rec Debit Sales 571,393
A/R Intercompany Receivable 6,248,217
A/R- Vending Income 67,966
B.23 Licenses, franchises & other intangibles
Goodwill 10,022,815
B.29 Machinery
Equipment Costs 19,148,246
Equipment Cost Clearing 81,117
Accumulated Depreciation Equipment (17,353,999)
B.30 Inventory
Food 1,190,607
Smallwares 3,037,679
B.35 Other Personal Property
Prepaid Minimum Rent 152,325
Prepaid Other-Restaurant Level 56,456
Prepaid Other Additional Rent 1,352
Prepaid LL Utility Escrow 1,308
Prepaid LL advertising Escrow 781
Prepaid LL Cam 35,405
Prepaid LL Insurance Escrow 2,849
Prepaid LL Property Tax Escrow 20,630
Leasehold Costs 27,666,893
Leasehold Cost Clearing 54,548
Leasehold CIP Cost Clearing 72,182
Accumulated Amortization (19,178,610)
TOTAL SCHEDULED ASSETS $35,742,581
========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Credit Suisse
582,663,500
E. Creditors Holding Unsecured Priority Claims
Personal property Tax Authorities 88,700
F. Creditors Holding Unsecured Non-priority Claims 9,748,740
TOTAL SCHEDULED LIABILITIES $592,500,940
========================================================
About Buffets Holdings
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 Feb. 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 June 11, 2008. (Buffets Holdings
Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BUFFET HOLDINGS: OCB Purchasing's Schedules of Assets and Debts
---------------------------------------------------------------
OCB Purchasing 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.16 Accounts Receivable
Intercompany receivable 13,665,208
Rebate receivable - food 3,080,560
Rebate receivable - nonfood 249,733
B.29 Equipment and Supplies for Business 9,608
B.35 Other Personal Property 10,104
TOTAL SCHEDULED ASSETS $17,015,212
=========================================================
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 132,421
TOTAL SCHEDULED LIABILITIES $582,795,921
=========================================================
About Buffets Holdings
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 Feb. 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 June 11, 2008. (Buffets Holdings
Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BUFFET HOLDINGS: OCB Restaurant's Schedules of Assets and Debts
---------------------------------------------------------------
OCB Restaurant Company, LLC, 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
Land - 1690 North State Route 50 $1,391,500
Land - 6850 Roosevelt Avenue, Bradley, IL 647,500
Land - 1915 East 29th St., Middletown, OH 17,000
B. Personal Property
B.1 Cash on hand 562,344
B.2 Bank Accounts
Depository Account 359,015
Depository - Regions Bank 112,815
Depository - HSBC Bank 101,241
Depository - Bank of America Eas 2,247,908
Depository - 5th Third Bank 727,187
Depository - US Bank Co. 200 1,631,432
Depository - Wells Fargo Co. 200 525,528
Depository - National City Bank PA 155,725
Depository - Bank Midwest 15,246
Depository - Key Bank 145,399
Depository - Chemung Canal Trust Company 29,762
Depository - Huntington Bank 24,285
Depository - Bank North 48,968
Depository - Associated Bank 32,008
B.3 Security Deposit
Prepaid rent - deposits 16,900
Deposits 315,907
B.16 Accounts Receivable
A/R - Landlord 21,429
A/R - Credit Card Sales - Visa 1,617,781
A/R - Credit Card Sales - MC 762,020
A/R - Credit Card Sales - Discover 159,507
A/R - Credit Card Sales - Debit 744,567
A/R - Restaurant Level 9,988
A/R - Corp Level 350
B.23 Licenses, franchises & other intangibles
Leasehold interest 944,046
B.25 Vehicles
Automobile costs 293,017
Accumulated depreciation-auto (127,423)
B.29 Machinery
Equipment costs 67,230,168
Equipment cost-clearing 235,067
Accumulated CIP Cost-clearing 318,520
Accumulated depreciation-equipment (57,586,106)
B.30 Inventory
Food 3,241,125
Smallwares 10,011,231
Raw Materials 1,812,954
Work-in-process 158,375
Finished goods 3,005,066
Components 310,902
Facilities inventory 733,536
B.35 Other Personal Property
Prepaid Car lease 17,513
Prepaid minimum rent 284,802
Prepaid - other 404,631
Prepaid - other-restaurant level 85,337
Prepaid LL utility-Escrow 1,057
Prepaid LL advertising-escrow 1,660
Prepaid cam 99,323
Prepaid insurance-escrow 6,134
Leasehold LL property tax-escrow 83,405
Assets held for sale 2,039,000
CIP-non system 294,129
Building costs 1,115,987
Building cost-clearing 3,192
Accumulated depreciation-building (205,001)
Leasehold costs 115,838,175
Leasehold cost-clearing 75,050
Leasehold CIP cost-clearing 1,292,133
Accumulated amortization (66,235,181)
TOTAL SCHEDULED ASSETS $98,205,136
======================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Credit Suisse 582,663,500
E. Creditors Holding Unsecured Priority Claims
Personal property Tax Authorities 261,049
Real property tax authorities 10,099
F. Creditors Holding Unsecured Non-priority Claims 13,845,373
TOTAL SCHEDULED LIABILITIES $596,780,021
=======================================================
About Buffets Holdings
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 Feb. 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 June 11, 2008. (Buffets Holdings
Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BUFFET HOLDINGS: Ryan's Restaurant's Schedules of Assets and Debts
------------------------------------------------------------------
Ryan's Restaurant Group 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
Land - I-85 Greer $1,746,915
Building - Greer office 500,000
Land - Wichita 462,137
Land - Sterling 1,112,500
B. Personal Property
B.1 Cash on hand 55,834
B.2 Bank Accounts
5th Third Bank 419,108
Bank of America #1 - Ryan's 125,345
US Bank - Ryan's 63,634
Wells Fargo - Ryan's 34,691
JPMorgan Chase 26,090
First Midwest 25,240
Fifth Third 22,935
Cash 44,448
B.3 Security Deposit 197,200
B.13 Stock and Interests Undetermined
B.16 Accounts Receivable
Credit card rec - Ryan's sales 10,527,556
Rebate receivable - food 1,955,375
Rebate receivable - nonfood 172,641
Accounts receivable - corp level 23,151
Vending income rec - accrual 3,542
B.23 Licenses, franchises & other intangibles
Leasehold interest 59,031
Recipes 2,266,595
Trademark 63,440,466
Goodwill 206,035,056
B.29 Equipment and Supplies for Business
Equipment costs 3,366,815
Equipment cost clearing 23,320
Equipment CIP cost clearing 1,813
Accumulated depreciation - equipment (691,876)
B.30 Inventory
Inventory - food 194,483
inventory - nonfood 350,647
B.35 Other Personal Property
Prepaid other - restaurant level 2,684
Assets held for sale 1,574,637
Building costs 1,656,226
Accumulated depreciation - building (165,260)
Leasehold costs 1,732,962
Leasehold cost clearing 13,598
Accumulated amortization (117,203)
Notes receivable - long term 18,362
TOTAL SCHEDULED ASSETS $297,280,696
=========================================================
C. Property Claimed as Exempt
D. Creditors Holding Secured Claims
Credit Suisse $582,663,500
E. Creditors Holding Unsecured Priority Claims 8,077,585
F. Creditors Holding Unsecured Non-priority
Claims
Daisy C. Walker 195,000
Bonnard E. Roache C/F 107,851
James Gade 62,258
Charles F. Connor Jr. 61,084
Richard D. Locklear 57,769
Pamela J. Miller 48,750
Andrew Jackson Gaught Jr. 40,219
Daisy S. Judy 32,906
Thomas M. Looper Jr. 32,825
Richard Locklear 29,346
Don Moorhead Construction Inc. 29,250
James C. Wang 29,250
Andrew E. Zink 27,786
Alonzo L Mason & 24,635
Bette L. Mattingly 24,635
Barry Lass 24,375
Janet A. Reeve 24,375
Jane H. McCurry 24,375
Mary Ann Sodd 24,375
Pointe Properties 24,375
Edith L. Wolff Ttee UA Apr 11 90 24,075
Fred Neal Jr. 21,938
Janie M. Moore & 21,938
Jerry W. Howard C/F 21,938
Jerry W. Howard C/F 21,938
Frances A. Goodman & 20,979
John Damon Kirk 20,094
Others 63,708,720
TOTAL SCHEDULED LIABILITIES $655,528,144
=========================================================
About Buffets Holdings
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 Feb. 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 June 11, 2008. (Buffets Holdings
Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
DUNMORE HOMES: Posts $984,889 Net Loss in Month Ended March 31
--------------------------------------------------------------
Dunmore Home, Inc.
Balance Sheet
As of March 31, 2008
ASSETS
Current Assets:
Cash and cash equivalents - unrestricted $3,078,741
Cash and cash equivalents - restricted 350,000
Accounts receivable, net 600,160
-----------
Total current assets 4,028,901
Property and Equipment:
Real property 0
Machinery & equipment 0
Furniture & fixtures 0
Office equipment 0
Leasehold improvements 0
Vehicles 0
-----------
Total Property and Equipment 0
Other Assets:
Loans to shareholders 11,416,061
Deferred compensation funds 0
Other various 833,188
Investment in subs 6,338,068
-----------
Total Other Assets 18,587,317
-----------
Total Assets $22,616,218
===========
LIABILITIES & SHAREHOLDERS' DEFICIT
Postpetition Liabilities:
Salaries & wages $20,709
Accounts payable (trade) 8,463
Accrued professional fees 1,182,054
Current portion of long-term debt 0
-----------
Total postpetition liabilities 1,211,226
Prepetition Liabilities:
Secured claims 0
Priority unsecured claims 213,938
General unsecured claims 27,132,892
-----------
Total prepetition liabilities 27,346,830
Total liabilities $28,558,056
-----------
Shareholders' deficit:
Retained earnings ($1,147,744)
Capital stock 25,000
Additional paid-in capital 0
Cumulative profit (4,819,094)
-----------
Total deficit ($5,941,838)
-----------
Total liabilities and shareholders' deficit $22,616,218
===========
Dunmore Home, Inc.
Statement of Operations
For the month ended March 31, 2008
Revenues:
Rental/Leases $26,854
Interest 46,719
Other Income 75,005
-----------
Total revenues 148,578
Expenses:
Administrative 6,893
Interest 0
Compensation to Owner/Officer 60,295
Salaries 33,742
Real Property 229,873
Insurance 5,713
Depreciation 0
Employer Payroll Taxes 7,782
Other Expenses 0
Legal & Loan Fees JMP paid by Mr. Dunmore 0
-----------
Total expenses 344,298
-----------
Earnings before reorganization & income tax (195,720)
Reorganization items:
Professional fees (320,873)
Loss from sale of equipment (468,296)
-----------
Total reorganization items (789,169)
-----------
Loss before income tax & discontinued operations (984,889)
-----------
Income tax benefit -
Loss before discontinued operations -
-----------
Discontinued operations:
Loss from discontinued operations -
-----------
Net loss ($984,889)
===========
Dunmore Home, Inc.
Cash Flow
For the month ended March 31, 2008
Cash Receipts:
Cash from sale $0
Rent & service fee income from Dunmore Land Co. 26,855
Other cash receipts 87,916
-----------
Total cash receipts 114,771
Cash disbursements:
Administrative 60,940
Salaries 60,295
Commissions/Royalties 20,500
Other (2,233)
Salaries/Commissions (less employee withholding) 54,834
Employer payroll taxes 7,782
Consulting fees 11,050
Other (3,403)
Warranty work 0
Legal & professional fees 274,686
-----------
Total cash disbursements 484,451
Net decrease in cash (369,680)
Cash balance, beginning of period 3,447,744
-----------
Cash balance, end of period $3,078,064
===========
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 filed its plan of
liquidation and an
accompanying disclosure statement on March 21, 2008.
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.
(Dunmore Bankruptcy News, Issue No. 16; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
LEVITZ FURNITURE: Earns $3,111,000 from April 7 to May 4
--------------------------------------------------------
PLVTZ, Inc.
Balance Sheet
As of May 4, 2008
ASSETS
Current Assets
Cash $30,000
Accounts receivable, net 1,321,000
------------
Total current assets 1,351,000
Other assets 4,264,000
------------
TOTAL ASSETS $5,615,000
============
Liabilities and Shareholders' Equity
Liabilities Not Subject to Compromise
Current Liabilities:
Accounts payable trade $4,622,000
Accrued expenses 601,000
Customer Deposits 965,000
------------
Total current liabilities 6,188,000
Liabilities Subject to Compromise
Term loan B 20,715,000
Trade and other miscellaneous claims 43,292,000
Customer Deposit 2,643,000
------------
Total 66,650,000
TOTAL LIABILITIES 72,838,000
------------
Shareholder's (deficit):
Preferred stock 47,000,000
Class A Common stock 139,030,000
Class B Common stock 10,000,000
Retained (deficit) (263,253,000)
------------
Shareholder's deficit (67,223,000)
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $5,615,000
============
PLVTZ, Inc.
Statement of Operations
For the period April 7 to May 4, 2008
Selling, operating and administrative Expenses $448,000
Reorganization costs (3,559,000)
------------
Net Income $3,111,000
============
PLVTZ, Inc.
Statement of Cash Flows
For the period April 7 to May 4, 2008
Cash flows used in operating activities:
Cash received others $582,000
Cash received from Sales Agent 511,000
Cash paid to suppliers and employees (1,438,000)
------------
Net cash used in operating activities (345,000)
------------
Net decrease in cash and cash equivalents (345,000)
Cash and cash equivalents at beginning of month 375,000
------------
Cash and cash equivalents at end of month $30,000
============
About Levitz Furniture/PVLTZ
Based in New York City, Levitz Furniture Inc., nka PVLTZ Inc. --
http://www.levitz.com/-- is a specialty retailer of furniture,
bedding and home furnishings in the United States. It has 76
locations in major metropolitan areas, principally in the
Northeast and on the West Coast of the United States.
Levitz Furniture Inc. and 11 affiliates filed for chapter 11 on
Sept. 5, 1997. In December 2000, the Court confirmed the Debtors'
Plan and Levitz emerged from chapter 11 on February 2001. Levitz
Home Furnishings Inc. was created as the new holding company as a
result of the emergence.
Levitz Home Furnishings and 12 affiliates filed for chapter 11
protection on Oct. 11, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-
45189). In their second filing, the Debtors disclosed about
$245 million in total assets and $456 million in total debts.
Nicholas M. Miller, Esq., and Richard H. Engman, Esq., at Jones
Day represented the Debtors. Jeffrey L. Cohen, Esq., Jay R.
Indyke, Esq., and Cathy Hershcopf, Esq., at Cooley Godward Kronish
LLP served as counsel to the Official Committee of Unsecured
Creditors. During this period, the Debtors closed around 35
stores in the Northeast, California, Minnesota and Arizona.
PLVTZ Inc., a company created by Prentice Capital Management LP,
and Great American Group purchased substantially all the assets of
Levitz Home Furnishings in December 2005. Initially, Prentice
owned all of the equity interests in PLVTZ. On July 6, 2007,
PLVTZ was converted into a Delaware corporation, and Harbinger
Capital Partners Special Situations Fund, LP, Harbinger Capital
Partners Master Fund I, Ltd., and their affiliates became minority
shareholders. Great American's stake in the acquisition was in
running the going-out-of-business sales for some 27 Levitz units.
PLVTZ, dba Levitz Furniture, continued to face decline in
financial performance since December 2005. Liquidity issues and
the inability to obtain additional capital prompted PLVTZ to seek
protection under chapter 11 on Nov. 8, 2007 (Bankr. S.D.N.Y. Lead
Case No. 07-13532). Paul D. Leake, Esq., and Brad B. Erens, Esq.,
at Jones Day represents the Debtors in their restructuring
efforts. Kurtzman Carson Consultants LLC serves as the Debtors'
claims and noticing agent. The Debtor's schedules show total
assets of $123,842,190 and total liabilities of $76,421,661.
The Debtors' exclusive period to file a chapter 11 plan expired on
March 7, 2008. On March 28, 2008, the Court dismissed the chapter
11 cases of Levitz II (Levitz Home Furnishings Inc., and its
remaining six debtor-affiliates). (Levitz Bankruptcy News, Issue
No. 40; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
NEW CENTURY: Posts $15,850,789 Net Loss in March 2008
-----------------------------------------------------
New Century Financial Corp. and Affiliates
Consolidated Balance Sheet
As of March 31, 2008
Assets
Current Assets:
Unrestricted Cash and Equivalents $78,721,953
Restricted Cash and Equivalents 10,257,945
Accounts Receivable, Net 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 300,288
Professional Retainers 0
Other Current Assets 2,669,644
--------------
Total Current Assets 91,949,800
--------------
Property and Equipment 2,303,042
Other Assets 96,325,346
--------------
Total Assets $190,578,188
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition):
Accounts Payable $0
Professional Fees 23,596,479
--------------
Total Postpetition Liabilities 23,596,479
Liabilities Subject to Compromise (Prepetition):
Secured Debt 402,427
Priority Debt 11,323,226
Unsecured Debt 1,030,321,312
--------------
Total Prepetition Liabilities 1,042,046,965
--------------
Total Liabilities 1,065,643,444
--------------
Owner Equity:
Capital Stock 4,530,047
Additional Paid-in Capital 2,170,845,310
Partners' Capital Account 0
Owners' Equity Account 0
Retained Earnings - Prepetition (1,083,442,468)
Retained Earnings - Postpetition (1,966,998,144)
Adjustments to Owner Equity 0
Postpetition Contributions 0
--------------
Net owner Equity (875,065,255)
--------------
Total Liabilities and Owners' Equity $190,578,189
==============
New Century Financial Corp. and Affiliates
Consolidated Statement of Operations
Month Ended March 31, 2008
Revenues ($3,658,873)
Cost of Goods Sold 0
Operating Expenses:
Employee Benefits Programs 131,247
Insurance 0
Office Expense 287,521
Rent and Lease Expense 125,902
Salaries, Commissions, & Fees 301,068
Travel and Entertainment 1,478
Other 2,250,797
Depreciation, Depletion & Amortization 183,421
--------------
Net Loss before Other Income & Expenses (6,940,307)
Other Expense 5,147,079
Reorganization Items:
Professional Fees 3,865,000
Interest Earned for Accumulated Cash (101,597)
Income Taxes 0
--------------
Net Profit (Loss) ($15,850,789)
==============
New Century Financial Corp. and Affiliates
Schedule of Cash Receipts and Disbursements
Month Ended March 31, 2008
Cash, Beginning of month $86,430,073
Total Receipts 13,764,298
Non-cash Accounting Adjustments (980,573)
Total Disbursements (10,233,931)
--------------
Net Cash Flow 2,549,794
--------------
Cash, End of month $88,979,867
==============
About New Century
Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation. The company offers
a broad range of mortgage products designed to meet the needs of
all borrowers.
The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416). Suzzanne Uhland, Esq., Austin K. Barron, Esq., and
Ana Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors. The
Official Committee of Unsecured Creditors selected Hahn & Hessen
as its bankruptcy counsel and Blank Rome LLP as its co-counsel.
When the Debtors filed for bankruptcy, they listed total assets
of $36,276,815 and total debts of $102,503,950. The Debtors'
exclusive period to file a plan expired on Jan. 28, 2008. The
confirmatin hearing on the Debtor's plan began April 24, 2008.
(New Century Bankruptcy News, Issue No. 41; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANSPORTATION: Posts $11,206,000 Loss in April 2008
----------------------------------------------------------------
Performance Logistics Group and subsidiaries
Unaudited Consolidated Balance Sheet
As of April 30, 2008
Assets
Current Assets:
Cash, cash equivalents and marketable
securities $11,273,000
Deposits 1,489,000
Restricted cash 8,783,000
Receivables - customer 16,838,000
Allowance for doubtful accounts (450,000)
Receivables other 1,118,000
Inventory 2,044,000
Work in process 618,000
Prepayments and other current assets 9,903,000
-----------
Total current assets 51,617,000
Property and equipment 53,144,000
Accumulated depreciation (17,592,000)
-----------
Total property and equipment 35,552,000
Other Assets:
Other 13,000
DIP Financing Costs(2007) 1,667,000
Amortization of DIP 2007 financing costs (1,224,000)
Debt Financing Costs(2007) 8,436,000
Amortization of debt financing costs (8,436,000)
Goodwill -
Debt Costs(DIP) 1,079,000
Amortization of debt costs (1,079,000)
Jr. DIP Debt Costs 140,000
Amortization of Jr DIP debt costs (140,000)
Debt Costs(Prepetition) 8,790,000
Amortization of debt costs (8,790,000)
-----------
Total other assets 457,000
-----------
Total assets $87,626,000
===========
Liabilities and Equity
Current Liabilities not Subject to Compromise:
Current portion of debt - prepetition 1st lien $49,625,000
Current portion of debt 31,500,000
Current portion of accrued interest on debt 1,653,000
Current portion of long-term equipment leases 1,694,000
Accounts payable 4,956,000
Accrued workman's compensation 20,574,000
Accrued cargo damage claims 1,250,000
Accrued payroll and benefits 10,246,000
Accrued liabilities 9,458,000
Accrued taxes 530,000
-----------
Total current liabilities 131,487,000
Long Term Liabilities NOT Subject to Compromise:
Long-term debt, less current portion -
Long-term equipment leases 1,482,000
Shareholder, other notes & leases payable -
-----------
Total long term liabilities 1,482,000
Liabilities Subject to Compromise:
Prepetition - 2nd lien debt 35,000,000
Prepetition - accrued interest
Prepetition - accounts payable 3,961,000
Prepetition - accrued liabilities
-----------
Total liabilities subject to compromise 38,961,000
Deferred compensation -
Deferred income taxes 1,183,000
-----------
Total liabilities 173,113
Stockholders' Equity:
Common Stock $0.01 par value; 100,000 shares 1,000
Additional paid-in capital 19,416,000
Restricted Stock -
Currency Exchange 2,243,000
Retained earnings (107,146,000)
-----------
Total stockholders' equity (85,486,000)
-----------
Total liabilities and stockholders' equity $87,626,000
===========
Performance Logistics Group and subsidiaries
Unaudited Consolidated Statements of Operations
For the Year to Date Through April 30, 2008
Transportation Revenue $83,170,000
Plus Fuel Surcharge 10,443,000
-----------
Revenue 93,614,000
Operating Expenses
Driver Wages and Benefits 41,002,000
Claims and Transportation Expenses 4,931,000
Maintenance 10,918,000
Fuel 18,424,000
Memo; Fuel Surcharge (10,443,000)
Terminal Costs 8,723,000
Depreciation 3,354,000
Direct Fixed 3,985,000
Discontinued Operations -
Vehicle Movement 4,000
Management Fee and Expenses 43,000
Corporate Overhead (less Depreciation) 3,980,000
-----------
Total Operating Costs 95,364,000
Other Income/(Expenses) -
-----------
Operating Income (1,750,000)
-----------
EBITDA 1,647,000
Less
Amortization of Capital Access Fee and Taxes
included in EBITDA -
Interest Expense 5,815,000
Professional Fees and Restructuring 2,767,000
Goodwill Impairment -
Non-Operating Income/(Expense) (191,000)
-----------
Pretax Income (10,523,000)
Income Tax (Est.) 683,000
-----------
NET INCOME (LOSS) (11,206,000)
Reorganization Items -
-----------
NET INCOME (LOSS) ($11,206,000)
===========
Performance Logistics Group and subsidiaries
Unaudited Consolidated Statement of Cash Flow
For the Year to Date Through April 30, 2008
Cash flows from operating activities
(includes fresh start)
Net Income ($11,206,000)
Adjustments to reconcile net income to
net cash flows provided by operations:
Depreciation and amortization 3,354,000
Gain (loss) on disposal of property
and equipment (153,000)
Goodwill impairment -
Cost of debt financing (retired) -
Amortization of debt financing (DIP) 1,223,000
Amortization of capital access fee -
Non cash interest (PIK) -
Deferred income taxes (25,000)
Deferred compensation -
Non cash reorganization costs -
Changes in assets and liabilities:
(Increase) decrease in accounts receivable (1,849,000)
(Increase) decrease in other current assets 2,971,000
Increase/(decrease) in accounts payable 488,000
(Increase)/decrease in other assets and
liabilities (4,605,000)
-----------
Net cash provided by operating activities (9,802,000)
Cash flows from investing activities
Property and equipment (563,000)
Restricted cash (5,269,000)
Proceeds from disposal of property and equipment -
-----------
Net cash provided by (used in) (5,832,000)
investing activities
Cash flows from financing activities
Repayment of debt -
Borrowings under debt agreement -
Net borrowings (repayments) under
revolving credit facilities 15,000,000
Payments on capital lease obligations (142,000)
Acquisition of capital leases -
Acquisition of debt costs (837,000)
-----------
Net cash used in financing activities 14,021,000
-----------
Net increase (decrease) in cash (1,613,000)
Effect of exchange rate on cash
and cash equivalents 365,000
Cash at beginning of period 14,010,000
-----------
Cash and cash equivalents at end of period $12,762,000
===========
About Performance Transportation
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The U.S. Bankruptcy Court for the Western District of New
York confirmed the Debtors' plan on Dec. 21, 2006, and that plan
became effective on Jan. 29, 2007. Garry M. Graber, Esq. of
Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their restructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims and balloting
agent is Kutzman Carson Consultants LLC. The Debtors have until
March 18, 2008, to file a plan of reorganization. (Performance
Bankruptcy News, Issue No. 46; Bankruptcy Creditors' Services
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PRC LLC: Incurs $6,581,000 Net Loss in Month Ended April 30
-----------------------------------------------------------
PRC, LLC, et al.
Balance Sheet
As of April 30, 2008
ASSETS
Current Assets:
Cash and cash equivalents $10,551,000
Restricted cash 2,028,000
Short-term investments 0
Accounts receivable -- customers 65,753,000
Accounts receivable -- intercompany 0
Total inventories 0
Prepaid & other current assets 3,991,000
------------
Total current assets 82,323,000
------------
Total investments & other assets 9,566,000
Goodwill & other intangible assets 186,245,000
Property, plant and equipment, net 42,532,000
-------------
Total Assets $320,666,000
============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities Not Subject to Compromise:
Senior Credit Facility
DIP Credit Agreement
Long-term debt classified as current
Accrued interest payable
Accounts payable -- trade $14,830,000
Accounts payable -- intercompany
Other payables and accrued liabilities 12,175,000
Deferred income taxes
Pension and other liabilities
------------
Total liabilities not subject to compromise 27,005,000
------------
Liabilities Subject to Compromise:
Senior Notes 180,850,000
Revolver 5,500,000
Deferred financing fees 0
Accrued interest payable on Senior Notes 678,000
Accounts payable 29,901,000
Other payables and accrued liabilities 11,580,000
Pension and other liabilities 0
------------
Total liabilities subject to compromise 228,509,000
------------
Total Liabilities 255,514,000
------------
Stockholders' Equity
Equity of subsidiaries
Common stock/initial capitalization 127,169,000
Capital Surplus/Treasury Stock/APIC 11,355,000
Retained earnings(deficit) (76,175,000)
Minimum pension liability adjustment 0
Other adjustments (580,000)
Unearned compensation 3,383,000
------------
Total Stockholders' Equity 65,152,000
------------
Total Liabilities & Stockholders' Equity $320,666,000
============
PRC, LLC, et al.
Statement of Operations
For the Period From Apr. 1 to Apr. 30, 2008
Total sales $31,501,000
-------------
Cost of sales -- Direct 22,870,000
Cost of sales -- Indirect 7,353,000
------------
Gross profit 1,278,000
-------------
Selling and administrative expenses
Selling and advertising expense 248,000
Warehousing and shipping 94,000
Division administrative expense 0
MIS expense 165,000
Corporate administrative expense 1,468,000
-------------
Total Selling and administrative expense 1,975,000
------------
Restructuring and impairment charge 0
Goodwill impairment charge 0
Depreciation and amortization expense 3,085,000
-------------
Loss from Operations (3,782,000)
-------------
Interest expense
Interest expense -- outside 1,074,000
Capitalized interest expense 0
Interest expense -- intercompany 0
Interest income 0
Interest income -- intercompany 0
-------------
Net interest expense 1,074,000
-------------
Other expense:
Miscellaneous 0
Royalties -- intercompany 0
Transaction gain/loss 45,000
------------
Total other expense 45,000
-------------
Other income:
Royalties -- intercompany 0
Dividends 0
Sale of assets 0
Miscellaneous 0
-------------
Total other income 0
-------------
Net other expense 45,000
-------------
Loss before reorganization expenses and
income taxes(benefits) and extraordinary items (4,901,000)
-------------
Reorganization expenses 1,635,000
Income taxes(benefits) 45,000
-------------
Loss before extraordinary item (6,581,000)
Extraordinary items 0
------------
Net loss ($6,581,000)
============
PRC, LLC, ET AL.
Statement of Cash Flows
For the Period From Apr. 1 to Apr. 30, 2008
Cash flows from Operations:
Net income(loss) ($6,581,000)
Non-cash items
Depreciation and amortization expense 3,477,000
Provision for bad debts 41,000
Loss on sale of fixed assets 46,000
Changes in Assets and Liabilities
Decrease/(increase) -- accounts receivable
(customers) 1,276,000
Decrease/(increase) -- receivable (intercompany) 0
Decrease/(increase) -- inventories 0
Decrease/(increase) -- other current assets 696,000
Decrease/(increase) -- other noncurrent assets (1,000)
Increase/(decrease) -- accounts payable (trade) (7,067,000)
Increase/(decrease) -- accounts payable
(intercompany) 0
Increase/(decrease) -- accrued liabilities 922,000
Increase/(decrease) -- accrued interest payable (916,000)
Increase/(decrease) -- pension and other
liabilities 0
Increase/(decrease) -- deferred federal
income tax 0
-------------
Total Cash Flows from Operations (8,107,000)
-------------
Cash Flows from Investing:
Decrease/(increase) -- short term investments 0
Capital expenditures (214,000)
Transfers 0
Net proceeds from sale of assets 58,000
------------
Total Cash Flows from Investing (156,000)
------------
Cash Flows from Financing:
Payment on LT debt (24,000)
Increase/(decrease) -- DIP credit agreement 0
-------------
Total Cash Flows from Financing (24,000)
-------------
Beginning Cash Balance 18,838,000
Change in Cash (8,287,000)
-------------
Ending Cash Balance $10,551,000
=============
About PRC LLC
Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC --
http://www.prcnet.com/-- is a leading provider of
customer
management solutions. PRC markets its services to brand-focused,
Fortune 500 U.S. corporations and delivers these services through
a global network of call centers in the U.S., Philippines, India,
and the Dominican Republic.
PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of Access
Direct Telemarketing, Inc., each of which is a debtor and debtor-
in-possession in PRC's joint Chapter 11 cases.
Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.
PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry. Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.
The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts. The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring and
turnaround advisor. Additionally, Evercore Group LLC provides
investment and financial counsel to the Debtors.
The Debtors' consolidated financial condition as of Dec. 31, 2007
showed total assets of $354,000,000 and total debts of
$261,000,000.
The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008. (PRC LLC Bankruptcy News, Issue
No. 13; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SEA CONTAINERS: Posts $6,329,191 Net Loss in April 2008
-------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of April 30, 2008
Assets
Current Assets
Cash and cash equivalents $25,218,786
Trade receivables, less allowances
for doubtful accounts 60,520
Due from related parties 740,899
Prepaid expenses and other current assets 636,577
------------
Total current assets 26,656,782
Fixed assets, net -
Long-term equipment sales receivable, net -
Investments in group companies 143,558,856
Intercompany receivables -
Investment in equity ownership interests 217,178,664
Other assets 3,061,004
------------
Total assets $390,455,306
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $11,447,395
Accrued expenses 79,644,671
Current portion of long-term debt 174,487,158
Current portion of senior notes 385,549,035
------------
Total current liabilities 651,128,259
Total shareholders' equity (260,672,953)
------------
Total liabilities and shareholders' equity $390,455,306
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended April 30, 2008
Revenue $2,482,833
Costs and expenses:
Operating costs -
Selling, general and admin. expenses (1,529,383)
Professional fees (4,220,276)
Charges against intercompany accounts 783,367
Impairment of investment in subsidy Co. -
Forgiveness of intercompany debt -
Depreciation and amortization -
------------
Total costs and expenses (4,966,292)
------------
Gain or (Loss) on sale of assets -
------------
Operating income (loss) (2,483,459)
Other income (expense)
Investment income 33,465
Foreign exchange gains or (losses) 4,836
Interest expense, net (3,741,883)
------------
Income (Loss) before taxes (6,187,041)
Income tax expense (142,150)
------------
Net (Loss) ($6,329,191)
============
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. 42;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SEA CONTAINERS: SeaCon Services Files April 2008 Operating Report
-----------------------------------------------------------------
Sea Containers Services, Ltd.
Unaudited Balance Sheet
As of April 30, 2008
Assets
Current Assets
Cash and cash equivalents $26,542
Trade receivables 3,093
Due from related parties 32,440
Prepaid expenses and other current assets 2,681,552
------------
Total current assets 2,743,627
Fixed assets, net 17,754
Investments 2,650,462
Intercompany receivables 31,296,850
Other assets -
------------
Total assets $36,708,692
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $964,910
Accrued expenses 2,917,103
Current portion of long-term debt 1,498,581
------------
Total current liabilities 5,380,594
Total shareholders' equity 31,328,098
------------
Total liabilities and shareholders' equity $36,708,692
============
Sea Containers Services, Ltd.
Unaudited Statement of Operations
For the Month Ended April 30, 2008
Revenue $1,108,643
Costs and expenses:
Operating costs -
Selling, general and admin. expenses (709,537)
Professional Fees (336,330)
Other charges -
Depreciation and amortization (2,403)
------------
Total costs and expenses (1,048,270)
------------
Gains on sale of assets -
------------
Operating income (loss) 60,373
Other income (expense)
Interest income -
Foreign exchange gains (losses) -
Interest expense, net (13,829)
------------
Income (Loss) before taxes 46,543
Income tax credit -
------------
Net Income $46,543
============
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. 42;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SHARPER IMAGE: Incurs Net Loss of $6,569,759 in April 2008
----------------------------------------------------------
Sharper Image Corp.
Balance Sheet
As of April 30, 2008
ASSETS
Current assets:
Unrestricted Cash and Equivalents ($1,009,275)
Restricted Cash and Equivalents -
Trade Accounts Receivable, net 3,713,605
Other Accounts Receivable 1,741,658
Notes Receivable -
Inventories 39,249,944
Prepaid Expenses 4,548,203
Professional Retainers -
Deferred Income Taxes/Prepaid Income Taxes 17,304,554
------------
Total current assets 65,548,689
Property and Equipment:
Real Property and Improvements 2,926,573
Machinery and Equipment -
Furniture, Fixtures and Office Equipment 127,393,115
Leasehold Improvements 43,185,754
Vehicles -
Work In Progress 3,186,915
Less: Accumulated Depreciation (106,743,591)
------------
Total Property and Equipment 54,948,765
Other assets:
Loans to Insiders -
Other Assets 15,087,052
------------
Total Assets $135,584,506
============
LIABILITIES AND OWNER'S EQUITY
Liabilities not subject to Compromise (Post)
Accounts Payable ($1,992,685)
Taxes Payable (1,610,270)
Wages Payable (5,457,953)
Notes Payable -
Rent/Leases- Building/Equipment (497,187)
Secured Debt - Line of credit (29,037,836)
Other Reserves -
Liquidation (GOB Sales) Clearing Account 2,111,036
Amounts Due to Insiders -
Other Postpetition Liabilities -
------------
Total Postpetition Liabilities (36,484,896)
Liabilities not subject to Compromise (Pre)
Secured Debt - Line of credit 0
Secured Debt - other (6,625,552)
Priority Debt -
Unsecured Debt (Accounts Payable) (45,033,407)
Expense Accruals and Other Liabilities (11,767,663)
Short Term Liabilities (3,554,215)
Deferred (GAAP) rent/landlord allowances etc (18,629,949)
Deferred Tax (Liability)/Asset 79,905,409
Deferred Revenue (Gift cards and Royalties) (36,044,290)
Sales Returns/Chargebacks Reserves (16,669,685)
------------
Total Prepetition Liabilities (58,419,352)
------------
Total Liabilities (94,904,248)
Owner's Equity
Capital Stock (152,132)
Additional Paid-In Capital (116,716,579)
Deferred Stock Compensation
and Stock Repurchase 180,069
Retained Earnings - Prepetition 63,247,322
Retained Earnings - Postpetition 12,761,063
------------
Net Owner's Equity (40,680,257)
------------
Total Liabilities and Owner's Equity ($135,584,506)
============
Sharper Image Corp.
Statement of Operations
For Month Ended April 30, 2008
Revenues:
Gross Revenues $11,019,414
Less: Returns and Allowances 1,371,671
-----------
Net Revenue 9,647,743
Cost of Goods Sold:
Beginning Inventory -
Add: Purchases -
Add: Cost of Labor -
Add: Other Costs (attach schedule) -
Less: Ending Inventory -
Cost of Goods Sold 5,538,944
-----------
Gross Profit 4,108,799
Operating Expenses:
Advertising 171,561
Auto and Truck Expense -
Bad Debts 421,974
Contributions -
Employee Benefit Programs 107,127
Insider Compensations -
Insurance 199,749
Management Fees/Bonuses 60,360
Office Expense -
Pension & Profit-Sharing Plans -
Repairs and Maintenance 153,079
Rent and Lease Expense 2,725,484
Salaries/Commissions/Fees 2,729,950
Supplies (19,981)
Taxes- Payroll 231,574
Taxes- Real Estate -
Taxes- Other 154,314
Travel and Entertainment 68,900
Utilities 84,385
Other 1,536,922
-----------
Total Operating Expense Before Depr. 8,625,398
Depreciation/Depletion/Amortization 1,244,131
-----------
Net Profit (Loss)
Before Other Income & Expenses (5,760,730)
Other Income and Expenses:
Licensing Income 236,983
Interest Expense (350,114)
Other Expense 6,960
-----------
Net Profit (Loss)
Before Reorganization Items (5,866,901)
Reorganization Items:
Professional Fees 1,368,416
US Trustee Quarterly Fees 20,000
Interest Earned on Accm Case -
Gain (Loss) from sale of assets 8,020,629
Other Reorganization Expense (4,610,753)
-----------
Total Reorganization Expenses 4,798,292
-----------
Net Profit (Loss)
Before Income Taxes (Benefit) (10,665,193)
Income Taxes (Benefit) (4,095,434)
-----------
Net Profit (Loss) ($6,569,759)
===========
Sharper Image Corp.
Statement of Cash Flows
For Month Ended April 30, 2008
Opening Balance ($186,124)
Receipts
Cash Sales (from stores) 2,799,619
Credit Card Settlements 20,251,451
Other Settlements 1,045,291
Accounts Receivable 1,241,020
Sale of Assets 12,000
Interest/Divided Income 66
Mail Order/License Deposits, Other Deposits 407,697
-----------
Total Receipts 25,759,144
Transfers
Line of Credit Draw/Pay Down 2,125,448
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 2,125,448
-----------
Total Receipts & Transfers 27,884,592
Disbursements
Liquidator Reimbursements 10,911,122
Net Payroll 2,941,344
Payroll Taxes 1,198,377
401k 80,087
Employee Benefits 447,457
Sales, Use & Other Taxes 1,271,358
Inventory Purchases 1,339,852
Secured/Rental/Leases 6,823,386
Insurance 233,193
Administrative 1,554,180
Selling 32,219
Bank/Credit Card Fees/Sales audit adjs 68,702
Refund checks issued (net of stop payments) 28,518
Other -
Customs/Duties/Freight 1,428,145
Interest and LC fees 304,798
Professional Fees 329,801
US Trustee Quarterly Fees 20,000
Court Costs -
-----------
Total Disbursements 20,291,885
-----------
Net Cash Flow ($823,151)
===========
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. Whiteford
Taylor Preston LLC is the Committee's Delaware counsel
When the Debtor filed for bankruptcy, it listed total assets of
$251,500,000 and total debts of $199,000,000. The Debtors'
exclusive period to file a plan expires on June 18, 2008.
(Sharper Image Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
TOUSA INC: Incurs Net Loss of $21,890,760 in April 2008
-------------------------------------------------------
TOUSA, INC., and Subsidiaries
Consolidated Balance Sheet
As of April 30, 2008
ASSETS
HOMEBUILDING
Cash and Cash Equivalents:
Cash in bank $351,609,798
Cash equivalents (due from title company from 9,454,978
closings)
Inventory:
Deposits 70,270,104
Land 705,809,572
Residences completed and under construction 434,939,708
Inventory not owned 32,082,135
---------------
1,243,101,519
Property and equipment, net 21,106,078
Investments in unconsolidated joint ventures 39,413,031
Receivables from unconsolidated joint ventures 229,241
Accounts receivable 27,915,839
Other assets 90,708,055
Goodwill 11,975,000
---------------
1,795,513,539
FINANCIAL SERVICES
Cash and Cash Equivalents:
Unrestricted cash 10,811,297
Restricted cash 4,252,032
Mortgage loans held for sale 10,125,874
Other assets 6,021,891
---------------
31,211,094
---------------
Total Assets $1,826,724,633
===============
LIABILITIES & STOCKHOLDERS' EQUITY
HOMEBUILDING
Accounts payable and other liabilities $344,337,061
Customer deposits 25,222,852
Obligations for inventory not owned 36,007,214
Notes payable 1,602,521,523
Bank borrowings 253,190,679
---------------
2,261,279,329
FINANCIAL SERVICES
Accounts payable and other liabilities 2,234,641
Bank borrowings 2,054,871
---------------
4,289,512
---------------
Total Liabilities 2,265,568,841
Stockholders' Equity:
Preferred stock 91,553,341
Common stock 596,042
Additional paid in capital 484,350,734
Retained earnings (1,015,344,325)
---------------
Total Stockholders' Equity (438,844,208)
---------------
Total liabilities and Stockholders' Equity $1,826,724,633
===============
TOUSA, INC., and Subsidiaries
Consolidated Statement of Operations
For the Period April 1 to 30, 2008
HOMEBUILDING
Revenues:
Home sales $90,953,085
Land sales 6,704,150
---------------
97,657,235
Cost of Sales:
Home sales 82,684,629
Land sales 4,706,941
---------------
87,391,570
Gross Profit 10,265,665
Total selling, general and admin expenses 23,139,260
Loss (income) from joint ventures, net (13,103)
Interest expense, net 8,265,737
Other (income) expense, net (80,475)
---------------
Homebuilding pretax income (loss) (21,071,960)
FINANCIAL SERVICES
Revenue 1,635,295
Expenses 2,454,095
---------------
Financial services pretax income (loss) (818,800)
Income (loss) before income taxes (21,890,760)
Provision (benefit) for income taxes 0
---------------
Net Income (Loss) ($21,890,760)
===============
TOUSA, INC., and Subsidiaries
Schedule of Receipts and Disbursements
For the Period April 1 to 30, 2008
Funds at beginning of period $146,875,153
RECEIPTS
Cash sales 89,503,657
Accounts receivable 112,183
Other receipts 214,242,574
---------------
Total receipts 303,858,414
---------------
Total funds available for operations 450,733,567
DISBURSEMENTS
Advertising 1,123,399
Bank charges 2,141
Contract labor 67,349
Fixed asset payments 159,532
Insurance 3,264,255
Inventory payments 61,931,298
Leases 421,830
Manufacturing supplies 0
Office supplies 170,842
Payroll - net 11,234,508
Professional fees (accounting and legal) 3,959,466
Rent 954,013
Repairs & maintenance 767,476
Secured creditor payments 7,656,873
Taxes paid - payroll 43,877
Taxes paid - sales & use 949,416
Taxes paid - other 2,408,430
Telephone 377,376
Travel & entertainment 120,672
U.S. trustee quarterly fees 120,950
Utilities 138,228
Vehicle expenses 37,752
Other operating expenses 3,214,086
---------------
Total disbursements 99,123,769
---------------
Ending Balance $351,609,798
===============
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic
U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark
Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading
homebuilder in the United States, operating in various
metropolitan markets in 10 states located in four major geographic
regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA
designs, builds, and markets high-quality detached single-family
residences, town homes, and condominiums to a diverse group of
homebuyers, such as "first-time" homebuyers, "move-up" homebuyers,
homebuyers who are relocating to a new city or state, buyers of
second or vacation homes, active-adult homebuyers, and homebuyers
with grown children who want a smaller home. It also provides
financial services to its homebuyers and to others through its
subsidiaries, Preferred Home Mortgage Company and Universal Land
Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No.:
08-10928). The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta,
Esq., at Kirkland & Ellis LLP and Paul Steven Singerman, Esq., at
Berger Singerman to represent them in their restructuring efforts.
Lazard Freres & Co. LLC is the Debtors' investment banker and
financial advisor. Ernst & Young LLP is selected as the Debtors'
independent auditor and tax services provider. Kurtzman Carson
Consultants LLC acts as the Debtors' Notice, Claims & Balloting
Agent. The Official Committee of Unsecured Creditors hired
Patricia A. Redmond, Esq., and the law firm Stearns Weaver
Weissler Alhadeff & Sitterson, P.A., as its local counsel. TOUSA
Inc.'s financial condition as of Sept. 30, 2007,
showed total assets of $2,276,567,000 and total debts of
$1,767,589,000. Its consolidated detailed balance sheet as of
Feb. 29, 2008 showed total assets of $1,961,669,000 and total
liabilities of $2,278,106,000.
The Debtors can exclusively file their chapter 11 plan until
Oct. 25, 2008. (Sharper Image Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
TROPICANA ENTERTAINMENT: Files Initial Monthly Operating Report
---------------------------------------------------------------
Tropicana Entertainment, Inc., and 33 of its debtor affiliates
delivered to the Court an initial monthly report on May 23, 2008.
Among others, the Debtors attached to their initial monthly
report a copy of their 13-week DIP Budget for the period from
May 4, 2008, through July 27, 2008; their existing certificates
of insurance; a list of their Bank Accounts; a chart showing
their cash management system; and a schedule of retainers paid to
certain professionals.
The Debtors' 13-week budget for the period commencing on May 4,
2008, estimates about $118 million in operating disbursements and
roughly $14 million in restructuring costs. The Debtors also
estimate up to $40 million in DIP borrowings for the same 13 week
period.
According to Robert Kocienski, Tropicana's chief financial
officer, with respect to self-insurance, general liability,
workers compensation and automobile insurance, the Debtors have
stop loss coverage for over $1 million. Each legal entity is
responsible for their per incident claims up to $1 million.
A full-text copy of the Debtors' Initial MOR is available for
free at http://bankrupt.com/misc/Tropicana_InitialMOR.pdf
About Tropicana Entertainment
Based in Crestview Hills, Kentucky, Tropicana Entertainment LLC --
http://www.tropicanacasinos.com/-- is an indirect subsidiary of
Tropicana Casinos and Resorts. The company is one of the largest
privately-held gaming entertainment providers in the United
States. Tropicana Entertainment owns eleven casino properties in
eight distinct gaming markets with premier properties in Las
Vegas, Nevada and Atlantic City, New Jersey.
Tropicana Entertainment LLC filed for Chapter 11 protection on
May 5, 2008, (Bankr. D. Del. Case No. 08-10856) Its debtor-
affiliates filed for separate Chapter 11 petitions but with no
case numbers assigned yet. Kirkland & Ellis LLP and Mark D.
Collins, Esq. at Richards Layton & Finger represent the Debtors in
their restructuring efforts. Their financial advisor is Lazard
Ltd. Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. The Debtors' consolidated financial condition as
of Feb. 29, 2008, showed $2,845,847,596 in total assets and
$2,429,890,642 in total debts.
(Tropicana Bankruptcy News, Issue No. 6; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
VESTA INSURANCE: Florida Select Files April 2008 Operating Report
-----------------------------------------------------------------
Florida Select Insurance Agency
Income Statement
Month Ended April 30, 2008
Revenue from Total Sales $0
Less:
Cost of Sales 0
------------
Gross Profit 0
Less:
Operating Expenses 685
------------
Net Profit Operations (685)
Non-Operating Income (Expenses)
Interest Earned 5,995
Miscellaneous Income 0
-------------
Net Profit (Loss) $5,310
============
Florida Select Insurance Agency
Schedule of Cash Receipts and Disbursements
Month Ended April 30, 2008
Cash On Hand (Beginning) $2,021,594
Cash Receipts:
Accounts Receivable 0
Management Fees 0
Loan Proceeds 0
Sale of Property 0
Interest Earned 5,995
Miscellaneous Income 0
------------
Total Receipts 5,995
Cash Disbursements:
Business Disbursements Form BA-02(B) 685
------------
Surplus Or Deficit 5,310
------------
Cash on Hand (End) $2,026,904
============
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. The Court confirmed FSIA's
plan on March 24, 2008. (Vesta Bankruptcy News, Issue No. 37;
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.
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