/raid1/www/Hosts/bankrupt/TCR_Public/080607.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, June 7, 2008, Vol. 12, No. 135
Headlines
AEGIS MORTGAGE: Posts April 2008 Net Loss of $22,964,945
ASARCO LLC: Earns $40,664,000 in Month Ended April 30, 2008
ATA AIRLINES: CRO Files Report for Period April 3 to 30, 2008
BLUE WATER: BWP Mexico Submits March 2008 Operating Report
BLUE WATER: BWP Mexico Submits April 2008 Operating Report
BLUE WATER: BWASP Submits March 2008 Monthly Operating Report
BLUE WATER: BWASP Submits April 2008 Monthly Operating Report
BOMBAY COMPANY: Incurs $237,870 Net Loss in March 2008
CATHOLIC CHURCH: Fairbanks Files April 2008 Operating Report
CATHOLIC CHURCH: Davenport Files April 2008 Operating Report
FEDDERS CORPORATION: Posts Net Loss of $5,730,000 in March 2008
FORTUNOFF: Posts $248,266 Net Loss for Month Ended April 30, 2008
FRONTIER AIRLINES: Incurs April 2008 Net Loss of $16,460,000
HOMEBANC MORTGAGE: Incurs April 2008 Net Loss of $3,493,000
NETBANK INC: Delivers Monthly Operating Report for April 2008
PACIFIC LUMBER: Scotia Dev't Delivers April 2008 Monthly Report
PACIFIC LUMBER: ScoPac Delivers April 2008 Monthly Report
TROPICANA ENTERTAINMENT: Submits Initial Monthly Operating Report
TWEETER HOME: Earns $527,397 in Month Ended October 31, 2007
TWEETER HOME: Posts $1,823,957 Loss in Month Ended Nov. 30, 2007
TWEETER HOME: Posts $557,013 Loss in Month Ended Dec. 31, 2007
TWEETER HOME: Earns $257,110 in Month Ended January 31, 2008
TWEETER HOME: Posts $144,084 Loss in Month Ended Feb. 29, 2008
TWEETER HOME: Posts $297,355 Loss in Month Ended March 31, 2008
ZIFF DAVIS: Submits March 2008 Monthly Operating Report
ZIFF DAVIS: Submits April 2008 Monthly Operating Report
*********
AEGIS MORTGAGE: Posts April 2008 Net Loss of $22,964,945
--------------------------------------------------------
Aegis Mortgage Corporation, et al.
Consolidated Balance Sheet
As of April 30, 2008
Unrestricted Cash & Equivalents $26,547,913
Restricted Cash and Equivalents 20,570,908
--------------
Total Cash and Cash Equivalents 47,118,821
Prime loans (5,659)
Nonconforming Loans -
Loan Premium (Discount), net 2,204,485
Repurchased Loans -
Loan Loss Reserve -
--------------
Mortgage Loans Held for Sale 2,198,826
ABS Nonconforming 3,151,698,233
ABS Loan Premium (Discount), net (18,414,804)
ABS Loan Loss Reserve (202,679,627)
--------------
Mortgage Loans Held for Investment 2,930,603,802
Accrued Interest - Loans Held for Sale -
Accrued Int. - Loans Held for Investment 21,270,566
--------------
Accrued Interest Receivable 21,270,566
Mortgage Servicing Rights -
Property and Equipment, net 238,309
Deferred Income Taxes 77,392,375
Goodwill -
Prepaid Rent and Deposits 919,790
Derivative Assets (15,057,805)
Receivable for Advances 35,376,831
Servicer Related 298,752
Other Assets 639,317,768
Intercompany Receivable 0
--------------
TOTAL ASSETS $3,739,678,036
==============
Liabilities & Shareholder's Equity
N/P Warehouse - Prime 540,186,233
N/P Warehouse - Nonconforming 25,222,476
N/P Warehouse - Other 17,617,881
N/P Warehouse - Repurchased 11,933,754
--------------
Warehouse and Repurchase Facilities 594,960,344
Bonds Payable 3,079,369,519
NAS IO Bonds Payable 653,032
NIM Bonds Payable 52,989,614
Bond Premium (Discount), net (21,525,299)
--------------
Bond Financing on Mortgage 3,111,486,866
Loans Held for Investment
Subordinated Debt 177,156,872
Accrued Interest Payable 6,060,937
Accounts Payable and
Accrued Expenses 74,198,033
Notes Payable-Other -
--------------
Total Liabilities 3,963,863,051
Common Stock 97,386
Preferred Stock 104,000
Other Comprehensive Income -
Paid in Capital 56,850,415
NR Related to Common Stock (5,890,925)
Distributions 6,500
Treasury Stock -
Dividends (45,500)
Retained Earnings (215,592,329)
Current Net Income Prepetition -
Current Net Income (59,714,562)
--------------
Total Equity (224,185,015)
--------------
TOTAL LIABILITIES & EQUITY $3,739,678,036
==============
Aegis Mortgage Corporation, et al.
Consolidated Income Statement
April 1 to 30, 2008
Loans Held for Sale
Interest Income $99,835
Interest Expense -
Servicing Expense (776)
--------------
Net Interest Income 99,059
Loans Held for Investment
Interest Income 19,393,736
Interest Expense (9,948,315)
Servicing Expense (1,360,893)
--------------
Net Interest Income 8,084,529
Gains on Sale 220,346
Premiums Paid 576
Loan Points -
Loan Origination Fees -
Broker Fees Received -
--------------
Production Income 220,922
Servicing and Prepayment Income 82,842
Late Charges -
--------------
Total Servicing Fees 82,842
Other Income (Loss) 8,510,901
--------------
Total Revenue 16,998,252
Salaries 189,131
Bonuses -
Commissions -
Employee Benefits (178)
Payroll Taxes 14,739
Meetings & Travel (15)
Meals & Entertainment 441
--------------
Total Personnel Expenses 204,118
Rent 45,406
Telephone 11,383
Office Supplies (113)
Shipping & Postage (182)
Equipment 66,390
--------------
Total Office Expenses
122,884
Professional Expense 1,077,938
Marketing -
Loan Related Expenses 205,685
Banking -
Other Taxes/Licenses/Fees 23,548
Other Expenses 80,647
--------------
Total Other Expenses 1,387,818
Direct Operating Expense 1,714,820
Direct Operating Income 15,283,432
Loan Loss Provision 38,228,627
Deferred SFAS 91 Expenses -
Sub Debt Expense -
Depreciation Expense 19,750
Amortization -
Direct Allocation to Subs -
Allocation Between Subs -
--------------
Indirect Operating Expense 38,248,377
--------------
Total Expenses 39,963,197
Income (Loss) Before Taxes (22,964,945)
Federal and State Income Taxes -
--------------
Net Income (Loss) ($22,964,945)
==============
Aegis Mortgage Corporation, et al.
Receipts and Disbursements
April 1 to 30, 2008
Balance at Beginning of Period $26,740,294
RECEIPTS:
Cash Sales 0
Accounts Receivable 818,544
Loans and Advances 0
Sale of Assets 0
Other--Interest on Cash Account 110,852
Transfers (from DIP Accounts) 0
Reclass cash to restricted 0
--------------
Total Receipts 929,397
DISBURSEMENTS:
Net Payroll (139,830)
Payroll Taxes (66,469)
Sales, Use & Other Taxes (2,711)
Inventory Purchases 0
Secured/Rental/Leases (39,644)
Insurance--Health Benefits (130,534)
Administrative (238,569)
Selling 0
Other NSF's 0
Owner Draw 0
Transfers to DIP Accounts 0
Professional Fees (492,033)
U.S. Trustee Quarterly Fees (16,250)
Court Costs 0
--------------
Total Disbursements (1,126,042)
--------------
Net Cash Flow (196,645)
--------------
Cash-End of Month $26,543,649
==============
Cash per balance sheet totaled $26,545,149. However, deducted
by cash in "ABS" of $1,500, total cash would be $26,543,649.
About Aegis Mortgage
Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage loan
products to brokers through its subsidiaries. The company
together with 10 affiliates filed for chapter 11 protection on
Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119). Curtis A. Hehn,
Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy
P. Cairns, Esq., at Pachulski, Stang, Ziehl, & Jones, L.L.P.,
serve as counsel to the Debtors. The Official Committee of
Unsecured Creditors is represented by Landis Rath & Cobb LLP. In
schedules filed with the Court, Aegis disclosed total assets of
$138,265,342 and total debts of $4,125,470. The Debtors'
exclusive period to file a plan expires on June 8, 2008. (Aegis
Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
ASARCO LLC: Earns $40,664,000 in Month Ended April 30, 2008
-----------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of April 30, 2008
ASSETS
Current Assets:
Cash $967,591,000
Restricted Cash 25,583,000
Accounts receivable, net 189,943,000
Inventory 314,066,000
Prepaid expenses 4,858,000
Other current assets 8,040,000
--------------
Total Current Assets 1,510,081,000
Net property, plant and equipment 505,734,000
Other Assets
Investments in subs 106,953,000
Advances to affiliates 295,000
Prepaid pension & retirement plan 0
Non-current deferred tax asset 40,951,000
Other 80,347,000
--------------
Total assets $2,244,361,000
==============
LIABILITIES
Postpetition liabilities:
Accounts payable $72,250,000
Accrued liabilities 606,709,000
Debtor-in-possession financing 0
--------------
Total postpetition liabilities 678,960,000
Prepetition liabilities:
Not subject to compromise - credit 3,567,000
Not subject to compromise - other 62,922,000
Advances from affiliates 24,801,000
Subject to compromise 1,722,893,000
--------------
Total prepetition liabilities 1,814,183,000
--------------
Total liabilities $2,493,143,000
==============
OWNERS' EQUITY (DEFICIT)
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive income (207,743,000)
Retained earnings: filing date (1,656,217,000)
--------------
Total prepetition owners' equity (1,251,059,000)
Retained earnings: post-filing date 1,002,277,000
--------------
Total owners' equity (net worth) (248,781,000)
Total liabilities and owners' equity $2,244,361,000
==============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended April 30, 2008
Sales $163,719,000
Cost of products and services 94,969,000
--------------
Gross profit 68,750,000
Operating expenses:
Selling and general & admin expenses 3,008,000
Depreciation & amortization 2,951,000
Provision accretion expense of asset
retirement obligation 103,000
--------------
Operating income 62,688,000
Interest expense 78,000
Interest income (2,471,000)
Reorganization expenses 6,424,000
Other miscellaneous (income) expenses (8,280,000)
--------------
Income (loss) before taxes 66,937,000
Income taxes 26,273,000
--------------
Net income (loss) $40,664,000
==============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended April 30, 2008
Receipts $170,882,000
Disbursements:
Inventory material 30,940,000
Operating disbursements 120,099,000
Capital expenditures 11,756,000
--------------
Total disbursements 162,795,000
Operating cash flow 8,088,000
Reorganization disbursements 5,291,000
--------------
Net cash flow 2,797,000
Net payments to secured Lenders 0
--------------
Net change in cash 2,797,000
Beginning cash balance 990,377,000
--------------
Ending cash balances $993,174,000
==============
About ASARCO
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/
-- is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The
Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts. Lehman
Brothers Inc. provides the ASARCO with financial advisory services
And investment banking services. Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee. When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and $1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since April 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to
06-20776).
ASARCO and its debtor affiliates are scheduled to file a plan of
reorganization on June 10, 2008. (ASARCO Bankruptcy News, Issue
No. 73; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
ATA AIRLINES: CRO Files Report for Period April 3 to 30, 2008
-------------------------------------------------------------
ATA Airlines, Inc., Chief Restructuring Officer Steve Turoff
delivered to the Court on May 30, 2008, ATA's monthly operating
report for the period April 3 to 30, 2008.
For the month of April, Mr. Turoff disclosed, ATA had a cash
profit of $5,202,534 and $936,375 in total payables.
The total professional fees incurred by or on behalf of the
Debtor during the reporting period is $1,065,682, of which
$1,054,073 was incurred related to
bankruptcy.
ATA Airlines, Inc.
Receipts and Disbursements
Month Ended April 30, 2008
RECEIPTS:
Military $7,174,621
Charter 714,915
Scheduled Service
US Bank -
Amex 0
Discover 75,555
Diner's Club -
Other Scheduled Service 70,013
Asset Sales--Inventory -
Asset Sales--Ground Equipment -
Asset Sales--Rotables -
Return of Deposits/Prepaids -
Cash Collateral/LOCs 21,584
Interest 119,747
Miscellaneous 602,698
------------
Total $8,779,134
============
DISBURSEMENTS:
Base Payroll Inc. All Taxes $1,577,575
Stay Bonus -
Benefits 158,833
Employee Expense Payments 15,382
Facilities 196,585
Utilities/Communications 103,810
Contract Labor -
Professionals -
Professional Fees--Ordinary Course 20,000
US Trustee -
Aircraft Ferry Cost 375,877
Engine Changes/Certificate Mx 328,061
Insurance--D&O/Misc. -
Health Insurance Run-off Reserve 1,000,000
Cobra Reserve 300,000
Security -
Shipping/Cargo 21,290
Returned Checks (553,670)
Miscellaneous 32,856
------------
Total $3,576,600
============
Beginning Balance $23,593,408
Receipts 8,779,134
Disbursements (3,576,600)
------------
Ending Balance $28,795,942
============
About ATA Airlines
Headquartered in Indianapolis, Indiana, ATA Airlines, Inc., is a
diversified passenger airline operating in two principal business
lines -- a low cost carrier providing scheduled passenger service
that leverages a code share agreement with Southwest Airlines; and
a charter operator that focused primarily on providing charter
service to the U.S. government and military. ATA is a wholly
owned subsidiary of New ATA Acquisition, Inc. -- a wholly owned
subsidiary of New ATA Investment, Inc., which in turn, is a wholly
owned subsidiary of Global Aero Logistics Inc. ATA Acquisition
also owns another holding company subsidiary, World Air Holdings,
Inc., which it acquired through merger on August 14, 2007. World
Air Holdings owns and operates two other airlines, North American
Airlines and World Airways.
ATA Airlines and its affiliates filed for chapter 11 protection on
Oct. 26, 2004 (Bankr. S.D. Ind. Case Nos. 04-19866, 04-19868
through 04-19874). The Honorable Basil H. Lorch III confirmed the
Debtors' plan of reorganization on Jan. 31, 2006. The Debtors'
emerged from bankruptcy on Feb. 28, 2006.
Global Aero Logistics acquired certain of ATA's operations after
its first bankruptcy. The remaining ATA affiliates that were not
substantively consolidated in the company's first bankruptcy case
were sold or otherwise liquidated.
ATA Airlines filed for Chapter 22 on April 2 (Bankr. S.D. Ind.
Case No. 08-03675), citing the unexpected cancellation of a key
contract for ATA's military charter business, which made it
impossible for ATA to obtain additional capital to sustain its
operations or restructure the business. ATA discontinued all
operations subsequent to the bankruptcy filing. ATA's Chapter 22
bankruptcy petition lists assets and liabilities each in the range
of $100 million to $500 million.
The Debtor is represented in its Chapter 22 case by Haynes and
Boone, LLP, and Baker & Daniels, LLP, as bankruptcy counsel.
The United States Trustee for Region 10 appointed five members to
the Official Committee of Unsecured Creditors. Otterbourg,
Steindler, Houston & Rosen, P.C., serves as bankruptcy counsel to
the Committee. FTI Consulting, Inc., acts as the panel's
financial advisors.
The Debtors' exclusive period to file a plan expires on July 31,
2008. (ATA Airlines Bankruptcy News, Issue No. 83; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or
215/945-7000).
BLUE WATER: BWP Mexico Submits March 2008 Operating Report
----------------------------------------------------------
Blue Water Automotive Systems, Inc. and its debtor-affiliates
filed with the U.S. Bankruptcy Court for the Eastern District
of Michigan their monthly operating reports detailing the
balance sheets as of March 30, 2008, of Blue Water Automotive
Systems Properties, L.L.C., Blue Water Plastics Mexico, Ltd.,
B.W.A.S. Mexico, L.L.C., and B.W.A.S. Holdings, Inc.
Blue Water Plastics Mexico, Ltd.
Unaudited Balance Sheet
As of March 30, 2008
ASSETS:
Cash -
Inventory -
Accounts Receivable ($25)
Insider Receivables -
Land and Buildings -
Furniture, Fixtures & Equipment -
Accumulated Depreciation -
Other: Current Assets 1,640,857
Other: Long Term Assets -
------------
TOTAL ASSETS $1,640,832
============
LIABILITIES:
Postpetition Liabilities: -
Accounts Payable -
Rent and Lease Payable -
Wages and Salaries -
Taxes Payable -
Other: -
------------
Total Postpetition Liabilities -
Secured Liabilities:
Subject to Postpetition Collateral or DIP Order -
All Other Secured Liabilities $14,776,790
------------
Total Secured Liabilities 14,776,790
Prepetition Liabilities:
Taxes and Other Priority Liabilities -
Unsecured Liabilities: -
Other: -
------------
Total Prepetition Liabilities -
EQUITY:
Owners Capital 2,110,000
Retained Earnings - Prepetition (469,168)
Retained Earnings - Postpetition -
Total Equity: 1,640,832
------------
TOTAL LIABILITIES AND EQUITY $1,640,832
============
Blue Water Automotive Holdings, Inc., and BWAS Mexico, LLC,
recorded $0 as total assets and liabilities and equity as of
March 30, 2008.
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 Plan
contemplates a sale of substantially all of the Debtors' assets
and equity interests, except for a piece of real property located
at Yankee Road, in St. Clair, Michigan, on or before June 30,
2008. The Court will hold a hearing June 18, 2008, to consider
confirmation of the Plan. (Blue Water Automotive Bankruptcy News,
Issue No. 18, Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
BLUE WATER: BWP Mexico Submits April 2008 Operating Report
----------------------------------------------------------
Blue Water Automotive Systems, Inc. and its debtor-affiliates
filed with the U.S. Bankruptcy Court for the Eastern District
of Michigan their monthly operating reports detailing the
balance sheets as of March 30, 2008, of Blue Water Automotive
Systems Properties, L.L.C., Blue Water Plastics Mexico, Ltd.,
B.W.A.S. Mexico, L.L.C., and B.W.A.S. Holdings, Inc.
Blue Water Plastics Mexico, Ltd.
Unaudited Balance Sheet
As of April 27, 2008
ASSETS:
Cash -
Inventory -
Accounts Receivable ($25)
Insider Receivables -
Land and Buildings -
Furniture, Fixtures & Equipment -
Accumulated Depreciation -
Other: Current Assets 1,640,857
Other: Long Term Assets -
------------
TOTAL ASSETS $1,640,832
============
LIABILITIES:
Postpetition Liabilities: -
Accounts Payable -
Rent and Lease Payable -
Wages and Salaries -
Taxes Payable -
Other: -
------------
Total Postpetition Liabilities -
Secured Liabilities:
Subject to Postpetition Collateral or DIP Order -
All Other Secured Liabilities -
------------
Total Secured Liabilities -
Prepetition Liabilities:
Taxes and Other Priority Liabilities -
Unsecured Liabilities: -
Other: -
------------
Total Prepetition Liabilities -
EQUITY:
Owners Capital 2,110,000
Retained Earnings - Prepetition (469,168)
Retained Earnings - Postpetition -
Total Equity: 1,640,832
------------
TOTAL LIABILITIES AND EQUITY $1,640,832
============
Blue Water Plastics Mexico, Blue Water Mexico and BWAS Holdings
posted $0 in revenues, assets and liabilities as of
April 27, 2008.
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 Plan
contemplates a sale of substantially all of the Debtors' assets
and equity interests, except for a piece of real property located
at Yankee Road, in St. Clair, Michigan, on or before June 30,
2008. The Court will hold a hearing June 18, 2008, to consider
confirmation of the Plan. (Blue Water Automotive Bankruptcy News,
Issue No. 18, Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
BLUE WATER: BWASP Submits March 2008 Monthly Operating Report
-------------------------------------------------------------
Blue Water Automotive Systems, Inc. and its debtor-affiliates
filed with the U.S. Bankruptcy Court for the Eastern District
of Michigan their monthly operating reports detailing the
balance sheets as of March 30, 2008, of Blue Water Automotive
Systems Properties, L.L.C., Blue Water Plastics Mexico, Ltd.,
B.W.A.S. Mexico, L.L.C., and B.W.A.S. Holdings, Inc.
Blue Water Automotive Systems Properties, L.L.C.
Unaudited Balance Sheet
As of March 30, 2008
ASSETS:
Cash -
Inventory -
Accounts Receivable -
Insider Receivables -
Land and Buildings $27,459,896
Furniture, Fixtures & Equipment -
Accumulated Depreciation (2,930,669)
Other: Current Assets 464,250
Other: Long Term Assets
------------
TOTAL ASSETS $24,993,477
============
LIABILITIES:
Postpetition Liabilities: -
Accounts Payable -
Rent and Lease Payable -
Wages and Salaries -
Taxes Payable -
Other: $109,392
------------
Total Postpetition Liabilities 109,392
Secured Liabilities:
Subject to Postpetition Collateral or DIP Order
All Other Secured Liabilities 14,776,790
------------
Total Secured Liabilities 14,776,790
Prepetition Liabilities:
Taxes and Other Priority Liabilities -
Unsecured Liabilities: -
Other: 12,079,643
------------
Total Prepetition Liabilities 12,079,643
EQUITY:
Owners Capital -
Retained Earnings - Prepetition (1,678,107)
Retained Earnings - Postpetition (294,241)
Total Equity: (1,972,348)
------------
TOTAL LIABILITIES AND EQUITY $24,993,477
============
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 Plan
contemplates a sale of substantially all of the Debtors' assets
and equity interests, except for a piece of real property located
at Yankee Road, in St. Clair, Michigan, on or before June 30,
2008. The Court will hold a hearing June 18, 2008, to consider
confirmation of the Plan. (Blue Water Automotive Bankruptcy News,
Issue No. 18, Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
BLUE WATER: BWASP Submits April 2008 Monthly Operating Report
-------------------------------------------------------------
Blue Water Automotive Systems, Inc. and its debtor-affiliates
filed with the U.S. Bankruptcy Court for the Eastern District
of Michigan their monthly operating reports detailing the
balance sheets as of March 30, 2008, of Blue Water Automotive
Systems Properties, L.L.C., Blue Water Plastics Mexico, Ltd.,
B.W.A.S. Mexico, L.L.C., and B.W.A.S. Holdings, Inc.
Blue Water Automotive Systems Properties, L.L.C.
Unaudited Balance Sheet
As of April 27, 2008
ASSETS:
Cash -
Inventory -
Accounts Receivable -
Insider Receivables -
Land and Buildings $27,459,896
Furniture, Fixtures & Equipment -
Accumulated Depreciation (3,035,365)
Other: Current Assets 464,250
Other: Long Term Assets -
------------
TOTAL ASSETS $24,888,781
============
LIABILITIES:
Postpetition Liabilities: -
Accounts Payable -
Rent and Lease Payable -
Wages and Salaries -
Taxes Payable -
Other: 215,081
------------
Total Postpetition Liabilities 215,081
Secured Liabilities:
Subject to Postpetition Collateral or DIP Order -
All Other Secured Liabilities 14,776,790
------------
Total Secured Liabilities 14,776,790
Prepetition Liabilities:
Taxes and Other Priority Liabilities -
Unsecured Liabilities: -
Other: 11,945,925
------------
Total Prepetition Liabilities 11,945,925
EQUITY:
Owners Capital -
Retained Earnings - Prepetition (1,678,107)
Retained Earnings - Postpetition (370,908)
Total Equity: (2,049,015)
------------
TOTAL LIABILITIES AND EQUITY $24,888,781
============
Blue Water Automotive Systems Properties, LLC
Unaudited Operating Statement
Month Ended April 27, 2008
Total Revenue/Sales $0
Cost of Sales 104,696
------------
Gross Profit (104,696)
Expenses:
Officer compensation -
Salary Expenses other Employees -
Employee Benefits & Pensions -
Payroll Taxes -
Other Taxes -
Rent and Lease Expenses -
Interest Expense 105,689
Insurance -
Automobile and Truck Expense -
Utilities (gas, electric, phone) -
Depreciation -
Travel and Entertainment -
Repairs and Maintenance dash -
Advertising -
Supplies, Office Expense, etc -
Other Specify: Legal -
Other Specify: Misc -
------------
Total Expenses 105,689
------------
Net Operating Profit (Loss) (210,385)
Add: Non-Operating Income
Interest Income -
Other Income 133,718
Less: Non Operating Expenses
Professional Fees -
Other -
------------
NET INCOME/(LOSS) ($76,667)
============
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 Plan
contemplates a sale of substantially all of the Debtors' assets
and equity interests, except for a piece of real property located
at Yankee Road, in St. Clair, Michigan, on or before June 30,
2008. The Court will hold a hearing June 18, 2008, to consider
confirmation of the Plan. (Blue Water Automotive Bankruptcy News,
Issue No. 18, Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
BOMBAY COMPANY: Incurs $237,870 Net Loss in March 2008
------------------------------------------------------
The Bombay Company Inc. and its debtor-affiliates filed their
monthly operating report for March 2008.
The Debtors had total assets of $34,373,692, total liabilities
of $32,288,989, and total stockholders' equity of $2,084,703 as
of March 2008.
For the month, the Debtors generated zero revenues and incurred
a net loss of $237,870.
Cash at the beginning of the month was $5,483,737, and cash at
the end of the month was $7,645,341.
A full-text copy of the Debtors' March 2008 monthly operating
report is available for free at:
http://ResearchArchives.com/t/s?2d6c
About Bombay Company
Based in Fort Worth, Texas, The Bombay Company Inc., (OTC
Bulletin Board: BBAO) -- http://www.bombaycompany.com/-- designs,
sources and markets a unique line of home accessories, wall d,cor
and furniture through 384 retail outlets and the Internet in the
U.S. and internationally, including Cayman Islands.
The company and five of its debtor-affiliates filed for Chapter 11
protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No.
07-44084). Robert D. Albergotti, Esq., John D. Penn, Esq., Ian T.
Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone, LLP,
represent the Debtors. The U.S. Trustee for Region 6 apppionted
seven creditors to serve on an Official Committee of Unsecured
Creditor. Attorneys at Cooley, Godward, Kronish LLP act as
counsel for the Official Committee of Unsecured Creditors. As
of May 5, 2007, the Debtors listed total assets of $239,400,000
and total debts of $173,400,000.
The Debtors filed their joint plan of of reorganization and
accompanying disclosure statement on May 29, 2008. The Court
will convene a hearing on July 2, 2008, to consider the adequacy
of the Debtors' disclosure statement.
CATHOLIC CHURCH: Fairbanks Files April 2008 Operating Report
------------------------------------------------------------
Catholic Bishop of Northern Alaska
Statement of Financial Position
As of April 30, 2008
CBNA Held for
ASSETS Total Others
----- --------
Cash and cash equivalents $348,873 $118,758
Investments:
Valuables in safe 168 -
Trust account @ market 2,022,767 -
457 Plan assets @ market - 216,385
Endowment Fund @ market - 14,880,815
Endowment Fund-earnings @ market 369,031 -
Stocks - -
Limited partnerships 261,324 -
Accounts receivable, net of allowance:
Tuition, fees and others 213,761 -
For parishes and school 50,873 -
Other 1,797 -
Notes and other receivables 72,342 -
Grants pledged 125,000 -
Fixed assets, net at cost:
Land and building 8,057,814 -
Aircraft 340,726 -
Equipment - -
Other assets 85,679 -
---------- ----------
Total Assets $11,950,162 $15,215,959
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable/accrued liabilities $183,528 -
Notes payable 209,478 -
Benefits payable 88,949 -
Deferred revenue 203,739 -
Annuities payable 201,169 -
Other liabilities 20,000 -
Payroll-related liabilities:
Payroll taxes 56,620 -
General vacation accrual account 16,339 -
Accrued leave 261,860 -
Insurance:
Long term disability 425 -
Insurance deposits A/R 133,197 -
Insurance reserves expense 36,819 -
Indemnity insurance reserves 102 -
Medical/Dental payroll deduction 237,871 -
CBNA building loan - -
---------- ----------
Total Liabilities 1,650,103 -
---------- ----------
Total net assets 10,300,059 15,215,959
---------- ----------
Total Liabilities and Net Assets $11,950,162 $15,215,959
========== ==========
Catholic Bishop of Northern Alaska
Statement of Activities
For the month ending April 30, 2008
CBNA Held for
Total Others
----- --------
Support and revenue:
Parish assessments $31,575 -
Tuition, net of tuition assistance 173,811 -
Curricular income 2,355 -
Donations 537,727 $29,861
Investment income 375,305 62,770
Other income 15,777 -
---------- ----------
Total support and revenue 1,136,551 92,631
Expenses:
Operating expenses 66,251 -
Supplies 25,010 -
Repair & Maintenance 14,005 -
Utilities 44,771 -
Insurance 13,885 -
Staff Expenses:
Salaries & Wages 372,554 -
Payroll Taxes 30,373 -
Employee Benefits 103,330 -
Staff Development/Misc. 535 -
Curricular Expenses 9,934 -
Recruiting, advertising and PRs 1,736 -
Travel Expenses 34,454 -
Student related expenses 3,286 -
Contributions 30 -
Professional and technical fees 24,114 -
Interest Expense 3,404 -
Subsidies 20,800 -
Rental/Lease Expense 35,858 -
Assessments 2,227 -
Fund Raising Expense 158 -
Radio Programming Expense 2,620 -
Radio Technical Dept. Expenses 4,978 -
Miscellaneous Expense 10,097 -
---------- ----------
Total General 824,418 -
Funds released from restricted funds - -
Net change in designated funds - -
---------- ----------
Total Expenses 824,418 -
---------- ----------
Increase (decrease) in net assets 312,133 92,631
---------- ----------
Net assets:
Beginning of month 9,987,925 -
---------- ----------
End of month $10,300,059 $92,631
========== ==========
Catholic Bishop of Northern Alaska
Cash Receipts and Disbursements
For the month ending April 30, 2008
CBNA Held for
Total Others
----- --------
Beginning balance - February 2008 $409,155 $77,681
Total receipts - prior general
account reports 703,115 121,471
Less total disbursements 853,259 100,997
---------- ----------
Beginning balance - March 31, 2008 259,012 98,155
Receipts during current period:
Transfers from KNOM-WF checking - -
Transfer from CBNA to CSF-donations 21,882 -
Funds collected from others - 157,233
Transfers between internal accounts 103,810 -
Accounts receivable - pre-filing 189,906 -
Accounts receivable - post filing 11,077 -
Proceeds from sale of stocks 91,000 -
Custodial funds - 18,475
Funds received by CBNA from KNOM 58,267 -
Funds received from Catholic Schools 40,253 -
Annual Catholic Schools Appeal 26 -
Interest & dividends 2,555 -
Donations 467,967 -
Weather service income 150 -
Restricted funds 38,341 -
Tribunal income 675 -
Programs 2,100 -
Co-curricular income 1,253 -
Curricular income 265 -
Parish assessments 31,573 -
Miscellaneous 4,544 -
---------- ----------
Total receipts this period 1,065,650 175,708
---------- ----------
Balance 1,324,662 273,864
Less total disbursements:
Transfers from KNOM to CBNA 58,267 -
Transfers to Catholic Schools 21,882 -
Transfers to CBNA from CSF 40,253 -
Transfers between internal accounts 103,810 -
Prepetition debt paid 9,034 -
Custodial funds - -
Co-curricular expense 906 34,699
Curricular expense 5,208 -
Funds disbursed for others - 86,691
Bank fees and charges 19,459 -
Interest Expense 3,324 -
Programming - News service - -
Wages & salaries 338,682 -
Employee benefits 139,067 -
Medical & dental insurance - -
Mission & program support 23,027 -
Equipment & supplies 20,179 -
Telephone/Internet 5,502 -
Music license fee - -
Staff development 2,007 -
Utilities 41,482 -
Services & insurance 129,975 -
Dues/fees 275 -
Volunteer expense 3,577 -
Maintenance/repairs 18,453 -
Office & other supplies 4,167 -
Miscellaneous 1,566 -
School supplies 1,503 -
Travel 2,222 -
NSF's 126 -
Postage 8,964 -
Professional fees 390 -
News service 1,307 -
U.S. Trustee fees 4,875 -
---------- ----------
Total disbursements this period 1,009,503 121,390
---------- ----------
Ending balance - April 30, 2008 315,158 152,473
Plus - Petty cash - -
---------- ----------
Ending balance - April 30, 2008*** $315,158 $159,757
========== ==========
*** The Diocese of Fairbanks reports ending balance of $159,757
in its cash and disbursements for properties held for others.
However, actual computation shows that the ending balance is
$152,473.
About Diocese of Fairbanks
The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka
The Diocese of Fairbanks, aka CBNA filed for chapter 11 bankruptcy
on March 1, 2008 (Bankr. D. Alaska Case No. 08-00110). Susan G.
Boswell, Esq., at Quarles & Brady LLP represents the Debtor in its
restructuring efforts. Michael R. Mills, Esq., of Dorsey &
Whitney LLP serves as the Debtor's local counsel and Cook,
Schuhmann & Groseclose Inc. as its special counsel. Judge Donald
MacDonald, IV, of the United States Bankruptcy Court for the
District of Alaska presides over Fairbanks' Chapter 11 case. The
Debtor's schedules show total assets of $13,316,864 and total
liabilities of $1,838,719. The church's exclusive plan filing
period expires on June 29, 2008. (Catholic Church Bankruptcy
News, Issue No. 126; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Davenport Files April 2008 Operating Report
------------------------------------------------------------
Diocese of Davenport in Iowa
Statement of Financial Position
As of April 30, 2008
ASSETS
Current Assets
Cash and cash equivalents - unrestricted $5,007,595
Cash and cash equivalents - restricted 2,430,023
Accounts receivable, net 49,303
Inventory -
Prepaid expenses 2,212
Professional retainers 55,652
Other: Assets Waiting Disposition 618,534
Misc 82
--------------
Total Current Assets 8,163,400
--------------
Property and Equipment
Real Property 3,000
Machinery and equipment 6,000
Furniture and fixtures 8,914
Office equipment 59,500
Leasehold improvements -
Vehicles 45,460
--------------
Total Property and Equipment 122,874
--------------
Total Assets $8,286,274
==============
LIABILITIES AND NET ASSETS
Postpetition
Current Liabilities:
Salaries and wages -
Payroll taxes -
Real and personal property taxes -
Income taxes -
Sales taxes -
Notes payable, short term -
Accounts payable, trade $56,173
Real property lease arrearage -
Personal property lease arrearage -
Accrued professional fees -
Current portion of long-term debt -
other: -
Pass-through collections 105,251
Additional Accrued Vacations 5,574
Misc -
--------------
Total Current Liabilities 166,998
--------------
Long-Term Postpetition Debt, Net -
--------------
Total Postpetition Liabilities 166,998
--------------
Prepetition
Secured claims -
Priority unsecured claims 159,388
General unsecured claims 13,554,891
--------------
Total Prepetition Liabilities 13,714,279
--------------
Total Liabilities 13,881,277
--------------
Equity (deficit):
Retained earnings/(deficit) at filing 5,855,424
Capital stock -
Additional paid-in capital -
Cumulative profit/loss since filing (11,472,554)
Post-petition contributions/distributions
or draws -
Market value adjustment 22,128
--------------
Total equity (deficit) (5,595,003)
--------------
Total liabilities & equity (deficit) $8,286,274
==============
Diocese of Davenport in Iowa
Statement of Operations
For the month ending April 30, 2008
Revenues
Gross sales $800
Less: sales returns & allowances -
Net sales 800
Less: cost of goods sold -
Gross profit 800
Interest 1,630
Other income:
Charitable gifts 232,668
Insurance receipts 157,318
Investment income (loss)/fees 32,014
--------------
Total revenues 424,430
--------------
Expenses:
Compensation to owner(s)/officer(s) 12,209
Salaries 110,607
Commissions -
Contract labor 7,869
Rent/Lease: -
Personal property 1,908
Real property -
Insurance 43,700
Management fees -
Depreciation 2,105
Taxes:
Employer payroll taxes 7,025
Real property taxes -
Other taxes -
Other selling -
Other administrativ 105,866
Interest -
Other expenses:
Employee benefits 22,092
Charity collection 980
Medical assistance/Victim assistance 1,114
Utilities 14,469
Transfer to unrestricted -
Professional fees 591
Sabbatical -
Cemetery perpetual care -
Youth trip expenses -
--------------
Total expenses 330,535
--------------
Reorganization items:
Professional fees -
Estimate of claims payments -
Interest earned on accumulated cash
from resulting Chapter 11 case 12,177
Gain or (Loss) from sale of equipment -
U.S. Trustee quarterly fees (6,500)
Advertising/printing/mailing -
--------------
Total reorganization items 5,677
--------------
Net profit (loss) before federal &
state taxes 99,573
Federal & state income taxes -
--------------
Net profit (loss) $99,573
==============
Diocese of Davenport in Iowa
Statement of Cash Receipts and Disbursements
For the month ending April 30, 2008
Cash receipts
Rent/Leases collected $4,345
Cash received from sales 800
Interest received 13,807
Borrowings increase in accounts payable -
Funds from shareholders, partners,
or other insiders (Sale of property) -
Capital contributions -
Annual diocesan appeal/donations 232,668
Investment income/misc. -
Insurance receipts 157,318
Tribunal/Immigration/Faith Formation fees/
Investment gains/(losses) 27,669
Decrease in prepaids/accounts receivable 48,220
Misc./Increase in accounts payable -
--------------
Total Cash Receipts 484,827
Cash disbursements:
Payments for inventory -
Selling -
Administrative 121,806
Capital expenditures -
Principal payments on de -
Interest paid -
Rent/Lease:
Personal Prope 1,908
Real Proper -
Amount paid to owner(s)/officer(s)
Salaries 12,209
Draws -
Commissions/Royalties -
Expense Reimbursements -
Other -
Salaries/Commissions (less employee
withholding 86,811
Management fees -
Taxes
Employee withholding 23,796
Employer payroll taxes 7,025
Real property taxes -
Other taxes -
Other cash outflows
Insurance 43,700
Utilities 14,469
Medical Assistance 1,114
Employee benefits 22,091
Misc 36,409
--------------
Total Cash Disbursements 371,338
--------------
Net increase (decrease) in cash 113,489
Cash balance, beginning of period 1,936,693
--------------
Cash balance, end of period $2,050,182
==============
About Diocese of Davenport
The Diocese of Davenport in Iowa filed for chapter 11 protection
(Bankr. S.D. Ia. Case No. 06-02229) on Oct. 10, 2006. Richard A.
Davidson, Esq., at Lane & Waterman LLP, represents the Davenport
Diocese in its restructuring efforts. Hamid R. Rafatjoo, Esq.,
and Gillian M. Brown, Esq., at Pachulski Stang Zhiel Young Jones &
Weintraub LLP represent the Official Committee of Unsecured
Creditors. In its schedules of assets and liabilities, the
Davenport Diocese reported $4,492,809 in assets and $1,650,439 in
liabilities. The Court approved on April 3, 2008, the Diocese of
Davenport's second amended disclosure statement explaining its
joint plan of reorganization. The Committee is a proponent to the
plan, which was confirmed on April 30, 2008. (Catholic Church
Bankruptcy News, Issue No. 126; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
FEDDERS CORPORATION: Posts Net Loss of $5,730,000 in March 2008
---------------------------------------------------------------
Fedders Corporation and its debtor-affiliates submitted their
monthly operating report for the period ended March 31, 2008.
The Debtors generated consolidated gross sales of $2,287,000 and
incurred consolidated net loss of $5,730,000 for the month.
As of March 31, 2008, the Debtors' consolidated balance sheet
showed total assets of $108,280,000, total liabilities of
$318,982,000, and total stockholders' deficit of $210,702,000.
A full-text copy of the Debtors' March 2008 monthly operating
report is available for free at:
http://ResearchArchives.com/t/s?2d70
About Fedders Corporation
Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers. The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.
The company and several affiliates filed for Chapter 11 protection
on Aug. 22, 2007, (Bankr. D. Del. Lead Case No. 07-11182). The
law firm of Cole, Schotz, Meisel, Forman & Leonard P.A.; and
Norman L. Pernick, Esq., Irving E. Walker, Esq., and Adam H.
Isenberg, Esq., at Saul Ewing LLP, represent the Debtors in their
restructuring efforts. The Debtors have selected Logan & Company
Inc. as claims and noticing agent. The Official Committee of
Unsecured Creditors is represented by Brown Rudnick Berlack
Israels LLP. When the Debtors filed for protection from its
creditors, it listed total assets of $186,300,000 and total debts
of $322,000,000.
The Debtors' exclusive plan filing period expired on May 31, 2008.
They've asked the Court to extend the period file a chapter 11
plan until June 14, 2008.
FORTUNOFF: Posts $248,266 Net Loss for Month Ended April 30, 2008
-----------------------------------------------------------------
Source Financing Corp./Fortunoff
Balance Sheet
As Of
April 30, Petition Date
2008 or Scheduled
-------------- ------------
ASSETS
Current assets:
Unrestricted cash & equivalents $3,306,860 $1,384,000
Restricted Cash & Cash equivalents 990,867 -
Accounts receivable 937,428 3,111,000
Inventories - 95,568,000
Prepaid expenses - 3,612,000
Profesional Retainers 255,627 -
Other current assets - 6,332,000
------------ ------------
Total current assets 5,490,422 110,007,000
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 $5,490,422 $232,642,000
============ ============
LIABILITIES & OWNER EQUITY
Liabilities Subject to Compromise
(Postpetition):
Accounts Payable $84,351 -
Taxes Payable - -
Wages Payable - -
Notes Payable - -
Rent/Leases - Building Equipment 67,765 -
Secured Debt - -
Professional Fees 840,108 -
Amounts Due to Insider - -
Other Postpetition Liabilities 618,780 -
------------ ------------
Total Postpetition Liabilities 1,611,004 -
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 98,171,687 183,346,518
------------ ------------
Total Prepetition Liabilities 126,903,169 280,935,000
------------ ------------
Total Liabilities $128,514,173 280,935,000
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
March 7 to April 30, 2008
Revenues:
Gross Revenues, net -
Cost of Goods Sold:
Beginning inventory -
Purchases -
Less: Ending inventory -
------------
Cost of goods sold -
------------
Gross profit -
Operating Expenses:
Advertising -
Bad debts -
Employee benefits programs ($154,701)
Officer/insider compensation -
Insurance -
Office expense -
Repairs & maintenance 54,959
Rent & lease expense 14,796
Salaries/commissions/fees -
Supplies 162,013
Taxes - payroll -
Taxes - real estate -
Taxes - other 1,065
Travel & entertainment 15,480
Others 92,295
------------
Total operating expenses before depreciation 185,907
Depreciation/depletion/amortization -
------------
Net profit before other income & expenses (185,907)
Other Income & Expenses:
Other income 240,888
Interest expense -
------------
Net profit before reorganization items 54,981
Reorganization Items:
Professional fees 303,247
U.S. Trustee quarterly fees -
------------
Total reorganization expenses 303,247
------------
Net profit (loss) ($248,266)
============
Source Financing Corp./Fortunoff
Schedule of Cash Receipts & Disbursement
March 7 to April 30, 2008
Cash - beginning of month $1,546,137
Receipts:
Cash sales -
Accounts Receivable, prepetition 15,752
Accounts Receivable, postpetition 1,739,741
Loans & advances -
Others 240,888
------------
Total receipts 1,996,381
Disbursements:
Net payroll 24,925
Payroll taxes & 401k contributions -
Sales, use, & other taxes -
Inventory purchases -
Insurance 116,965
Others 93,768
Professional fees -
------------
Total disbursements 235,658
------------
Net cash flow 1,760,723
------------
Cash - end of month $3,306,860
============
Substantially all of the assets of Fortunoff Fine Jewelry and
Silverware, L.L.C., and its affiliates, were sold on March 7,
2008, to NRDC Equity Partners LLC's H Acquisition LLC, now known
as Fortunoff Holdings LLC.
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. Effective March 6, 2008, Morrison & Foerster LLP is
counsel to the Creditors Committee in substitution of Otterbourg
Steidler Houston & Rosen PC. Mahoney Cohen & Company, CPA, P.C.,
serves as financial advisor to the Creditors' Committee.
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. 12; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
FRONTIER AIRLINES: Incurs April 2008 Net Loss of $16,460,000
------------------------------------------------------------
FRONTIER AIRLINES HOLDINGS, INC., ET AL.
Unaudited Consolidated Balance Sheet
As of April 30, 2008
ASSETS
CURRENT
ASSETS:
Cash and cash equivalents $99,788,000
Short-term investments 8,501,000
Restricted investments 91,686,000
Receivable, net of an allowance for
doubtful accounts of $421 56,756,000
Security and other deposits 75,000
Prepaid expenses and other assets 32,113,000
Inventories, net of allowance of $490 15,457,000
Assets held for sale 1,150,000
--------------
Total current assets 305,526,000
Property and other equipment, net 870,664,000
Security and other deposits 25,314,000
Aircraft pre-delivery payments 13,985,000
Restricted investments 2,845,000
Deferred loan expenses and other assets 38,902,000
--------------
Total Assets $1,257,236,000
==============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Liabilities not subject to compromise:
CURRENT LIABILITIES:
Accounts payable $29,273,000
Air traffic liability 238,065,000
Other accrued expenses 68,060,000
Deferred revenue and other current liabilities 18,380,000
---------------
Total current liabilities
not subject to compromise 353,778,000
Deferred revenue and other liabilities 24,194,000
--------------
Total liabilities not subject to compromise 377,972,000
Liabilities subject to compromise 751,135,000
--------------
Total Liabilities 1,129,107,000
STOCKHOLDERS' DEFICIT:
Preferred stock -
Common stock 37,000
Treasury stock, stated at cost -
Additional paid-in capital 195,984,000
Unearned ESOP shares (548,000)
Other comprehensive loss (299,000)
Accumulated deficit (67,045,000)
--------------
Total Stockholders' Equity 128,129,000
---------------
Total Liabilities and Stockholders' Equity $1,257,236,000
==============
FRONTIER AIRLINES HOLDINGS, INC., ET AL.
Unaudited Consolidated Statement of Operations
For the period April 11 to 30, 2008
Revenues:
Passenger $66,833,000
Cargo 322,000
Other 1,914,000
--------------
Total revenues 69,069,000
Operating expenses:
Flight operations 10,623,000
Aircraft fuel 27,592,000
Aircraft lease 6,563,000
Aircraft and traffic servicing 10,804,000
Maintenance 4,632,000
Promotion and sales 6,415,000
General and administrative 3,280,000
Operating expense -- regional partner 8,726,000
Loss on sales of assets, net 6,000
Depreciation 2,714,000
--------------
Total operating expenses 81,355,000
--------------
Operating loss (12,286,000)
Non-operating income (expense):
Interest income 262,000
Interest expense (1,907,000)
Other, net 2,000
--------------
Total non-operating expense, net (1,643,000)
Loss before reorganization items and income taxes (13,929,000)
Reorganization items 2,531,000
Income taxes -
--------------
Net Loss ($16,460,000)
==============
FRONTIER AIRLINES HOLDINGS, INC., ET AL.
Unaudited Consolidated Statement of Cash Flow
For the period April 11 to 30, 2008
Cash flows from operating activities:
Net Loss ($16,460,000)
Adjustments to reconcile net loss to net cash in
operating activities:
ESOP and stock option compensation expense 119,000
Depreciation and amortization 2,793,000
Assets beyond economic repair 72,000
Mark to market gains on derivative contracts (4,853,000)
Gain on disposal of equipment
and other assets, net 6,000
Changes in operating assets and liabilities:
Restricted investments (12,443,000)
Receivables 483,000
Security and other deposits (105,000)
Prepaid expenses and other assets (581,000)
Inventories (31,000)
Other assets 2,628,000
Accounts payable 6,928,000
Air traffic liability 4,607,000
Other accrued expenses 10,909,000
Deferred revenue and other liabilities 1,783,000
--------------
Net cash used in operating activities (4,145,000)
Cash flows from investing activities:
Proceeds from the sale of property and assets
held for sale 113,000
Capital expenditures (3,436,000)
--------------
Net cash used in investing activities (3,323,000)
Cash flows from financing activities: -
--------------
Net cash provided by financing activities -
Decrease in cash and cash equivalents (7,468,000)
Cash and cash equivalents at beginning of period 107,256,000
--------------
Cash and cash equivalents at end of period $99,788,000
==============
About Frontier Airlines
Headquartered in Denver, Colorado, Frontier Airlines Inc. --
http://www.frontierairlines.com/-- provides air transportation
for passengers and freight. The company and its affiliates
operate jet service carriers linking their Denver, Colorado hub
to 46 cities coast-to-coast, 8 cities in Mexico, and 1 city in
Canada, well as provide service from other non-hub cities,
including service from 10 non-hub cities to Mexico. As of
May 18, 2007 they operated 59 jets, including 49 Airbus A319s and
10 Airbus A318s.
The Debtor and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008, (Bankr. S.D.N.Y. Case No. 08-11297
through 08-11299.) Hugh R. McCullough, Esq. at Davis Polk &
Wardwell represent the Debtors in their restructuring efforts.
Togul, Segal & Segal LLP is Debtors' Conflicts Counsel, Faegre &
Benson LLP is the Debtors' Special Counsel, and Kekst and
Company is the Debtors' Communications Advisors. Epiq
Bankruptcy Solutions serves as the Debtors' notice and claims
agent. The Official Committee of Unsecured Creditors is
represented by Wilmer Cutler Pickering Hale and Dorr LLP.
At Dec. 31, 2007, Frontier Airlines and its subsidiaries' total
assets was $1,126,748,000 and total debts was $933,176,000. The
Debtors have until Aug. 8, 2008, to exclusively file a chapter
11 plan. (Frontier Airlines Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000)
HOMEBANC MORTGAGE: Incurs April 2008 Net Loss of $3,493,000
-----------------------------------------------------------
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Balance Sheet
As of April 30, 2008
ASSETS
Cash $5,797,000
Restricted cash 0
Mortgage loans held for sale, net 3,454,000
Mortgage loans held for investment, net 0
Mortgage servicing rights 0
Receivable from custodian 0
Trading securities 500,000
Securities available for sale 0
Securities held to maturity 0
Accrued interest receivable 0
Premises and equipment, net 0
Goodwill, net 0
Deferred tax asset, net 0
Accounts receivable from affiliates 0
Investment in subsidiaries 0
Other Assets 13,361,000
---------------
TOTAL ASSETS $23,112,000
===============
LIABILITIES & EQUITY
Warehouse lines of credit $0
Repurchase agreements 0
Loan funding payable 1,478,000
Accrued interest payable 0
Accrued expenses 5,545,000
Other accounts payable 0
Accounts payable to affiliates 0
Collaterized debt obligations 0
Junior subordinated debentures representing 175,260,000
obligations for trust preferred securities
---------------
Total liabilities 182,283,000
Minority interest 64,000
Shareholders Equity:
Preferred stock 47,992,000
Common stock 571,000
Additional paid-in capital 278,865,000
Accumulated deficit (468,759,000)
Treasury stock (17,904,000)
Accumulated other comprehensive (loss) income 0
---------------
Total shareholder's equity (159,235,000)
---------------
TOTAL LIABILITIES & EQUITY $23,112,000
===============
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Statement of Operations
For 4 Months Ended April 30, 2008
REVENUES
MBS interest income $710,000
Other miscellaneous income 378,000
---------------
Total revenues 1,088,000
EXPENSES
Professionals 2,653,000
Insurance 575,000
Contract personnel 155,000
Data facility 0
Compensation and benefits 312,000
Financial systems 122,000
Record storage 54,000
Medical insurance run-off payments 189,000
Loan sales expense 107,000
U.S. trustee fees 45,000
Office rental 23,000
Other misc. operating expenses 345,000
---------------
Total expenses 4,581,000
---------------
Income tax expense 0
---------------
Net loss ($3,493,000)
===============
HomeBanc Mortgage Corporation and Subsidiaries
Consolidated Statement of Cash Flows
For the 4 Months Ended April 30, 2008
OPERATING ACTIVITIES
Net loss ($3,493,000)
Adjustments to reconcile net loss to net cash
(used in) provided by operating activities:
(Increase) decrease in mortgage loans held for 1,957,000
sale, net
Decrease (interest) in other assets (1,000)
Decrease in other liabilities (55,000)
---------------
Net cash (used in) provided by operating (1,592,000)
activities
INVESTING ACTIVITIES
Net cash provided by (used in) investing 0
activities
FINANCING ACTIVITIES
Net cash (used in) provided by financing 0
activities
---------------
Net increase (decrease) in cash (1,592,000)
Cash and cash equivalents at beginning of period 7,389,000
---------------
Cash and cash equivalents at end of period $5,797,000
===============
About Homebanc Mortgage
Headquartered in Atlanta, Georgia, HomeBanc Mortgage Corporation
-- http://www.homebanc.com/-- is a mortgage banking company
focused on originating primarily prime purchase money residential
mortgage loans in the Southeast United States.
HomeBanc Mortgage together with five affiliates filed for chapter
11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079
through 07-11084). Joel A. Waite, Esq., at Young, Conaway,
Stargatt & Taylor was selected by the Debtors to represent them in
these cases. The Official Committee of Unsecured Creditors
selected the firm Otterbourg, Steindler, Houston and Rosen, P.C.
as its counsel. The Debtors' financial condition as of June 30,
2007, showed total assets of $5,100,000,000 and total liabilities
of $4,900,000,000. The Debtors' exclusive period to file a plan
ends on April 7, 2008. (HomeBanc Bankruptcy News, Issue No. 26;
Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
NETBANK INC: Delivers Monthly Operating Report for April 2008
-------------------------------------------------------------
NetBank Inc. submitted its monthly operating report for the period
ended April 30, 2008.
The Debtor's funds at the beginning of the period were $6,062,831,
and funds at the end of the period were $5,858,657.
A full-text copy of the Debtor's April 2008 monthly operating
report is available for free at:
http://ResearchArchives.com/t/s?2d6d
About NetBank
Headquartered in Jacksonville, Florida, NetBank Inc. --
http://www.netbank.com/-- is a financial holding company of
Netbank, the United States' oldest Internet bank serving retail
and business customers in all 50 states. NetBank Inc. does retail
banking, mortgage banking, business finance, and providing ATM and
merchant processing services.
The company filed for Chapter 11 protection on Sept. 28, 2007
(Bankr. M.D. Fla. Case No. 07-04295). Alan M. Weiss, Esq., at
Holland & Knight LLP. The U.S. Trustee for Region 21 appointed
six creditors to serve on an Official Committee of Unsecured
Creditors of the Debtor's case. Rogers Towers and Kilpatrick
Stockton LLP represent the Committee in this case. As of
Sept. 25, 2007, the Debtor listed total assets at $87,213,942
and total debts at $42,245,857.
PACIFIC LUMBER: Scotia Dev't Delivers April 2008 Monthly Report
---------------------------------------------------------------
Scotia Development LLC, et al.
Consolidated Balance Sheet
As of April 30, 2008
ASSETS
Current Assets
Cash $2,625,283
Accounts receivable, net 5,697,475
Inventory: lower cost or market 9,420,002
Prepaid expenses 5,046,729
Prepaid Restructuring 200,000
Investments 0
Other 262,924
------------
Total Current Assets 23,252,414
Property, Plant & Equipment 186,978,401
Less: Accumulated Depreciation (121,395,836)
------------
Net book value of property & plant 65,582,565
Other Assets
Notes Receivable 591,357
Deferred Financing Costs 4,002,201
Long-term Investments 3,473,544
Restricted Cash 2,592,844
Restricted Cash -- L.C. Collateralization 10,862,851
Deferred Tax Assets 13,313,381
------------
TOTAL ASSETS $123,671,157
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $962,106
Tax Payable
Federal payroll taxes 42,761
State payroll taxes 3,019
Ad valorem taxes (67,672)
Other taxes 1,299,528
------------
Total taxes payable 1,277,637
Secured debt postpetition 75,000,000
Accrued interest payable 3,869,531
Accrued professional fees 6,344,889
Other accrued liabilities
Trade Accruals 258,850
Compensation and benefits 1,436,929
Other accrued 2,324,237
Due to (from) affiliate/parent 9,179,665
------------
Total Postpetition Liabilities 100,653,844
Prepetition Liabilities
Notes payable - Secured 84,277,251
Priority debt 3,439,288
Federal income tax (17,006)
FICA/ Withholding 0
Unsecured debt 2,995,245
Other 27,798,225
Due to Affiliate/Parent 41,661,505
------------
Total Prepetition Liabilities 160,154,508
------------
Total Liabilities 260,808,352
Owner's Equity (Deficit)
Equity in Affiliates 561,995,300
Common Stock 1,001
Additional Paid-in Capital 275,546,288
Retained Earnings: Filing Date (792,985,229)
Retained Earnings: Post Filing Date (181,694,555)
------------
Total Owner's Equity (137,137,195)
------------
TOTAL LIABILITIES & OWNERS EQUITY $123,671,157
============
Scotia Development LLC, et al.
Statement of Income
For the Period Ended April 30, 2008
Revenues $8,169,696
Total cost of revenues 10,554,257
------------
Gross Profit (2,384,561)
Operating Expenses
Selling & Marketing 87,335
General & Administrative (8,968)
Insiders Compensation 106,680
Idle Facilities 106,662
Environmental 23,216
------------
Total Operating Expenses 314,924
------------
Income before interest, depreciation, tax (2,699,485)
Interest Expense 1,435,205
Depreciation 713,219
Other (Income) Expenses 216,835
Amortization of Deferred Financing Costs 387,997
Restructuring
Professional Fees 3,851,997
Other (44,850)
Equity Loss (Earnings) in Subsidiary 5,139,866
Total Interest, Depreciation & Other Items 11,700,269
------------
Net Income Before Taxes (14,399,753)
Federal Income Tax -
------------
Net Income (Loss) ($14,399,753)
============
Scotia Development LLC, et al.
Cash Receipts and Disbursements
For the Month Ended April 30, 2008
Receipts
Cash Sales $12,985
Collection of Accounts Receivable 9,099,566
Loans & Advances -
Sale of Assets 36,283
Other 3,040
------------
Total Receipts 9,151,874
Disbursements
Net payroll 937,235
Payroll taxes paid 493,348
Sales, use & other taxes paid 389,486
Secured/rentals/leases 184,032
Utilities & telephone 45,648
Insurance 638,278
Cost of goods sold 3,521,686
Vehicle expenses 22,929
Travel & entertainment 27,510
Repairs, maintenance & supplies 689,900
Administrative & selling 299,490
Interest 812,191
Other -
------------
Total Disbursements from operations 8,061,733
Professional fees 807,603
U.S. Trustee fees -
Other reorganization expenses -
------------
Total Disbursements 8,869,336
------------
Net Cash Flow 282,538
------------
Cash, at the beginning of the month 2,342,745
------------
Cash, at the end of the month $2,625,283
============
About Pacific Lumber
Based in Oakland, California, The Pacific Lumber Company --
http://www.palco.com/-- and its subsidiaries operate in several
principal areas of the forest products industry, including the
growing and harvesting of redwood and Douglas-fir timber, the
milling of logs into lumber and the manufacture of lumber into a
variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel. Kyung S. Lee, Esq., Esq., at Diamond
McCarthy LLP is Scotia Pacific's co-counsel, replacing Porter &
Hedges LLP. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335.
The Debtors filed their Joint Plan of Reorganization on Sept. 30,
2007, which was amended on Dec. 20, 2007. Four other parties-in-
interest have filed competing plans for the Debtors -- The Bank of
New York Trust Company, N.A., as Indenture Trustee for the Timber
Notes; the Official Committee of Unsecured Creditors; Marathon
Structured Finance Fund L.P, the Debtors' DIP Lender and Agent
under the DIP Credit Facility; and the Heartlands Commission,
which represents the tribal members of the Bear River Band of
Rohnerville Rancheria and PALCO employees.
The Debtors' exclusive plan filing period expired on Feb. 29,
2008. (Scotia/Pacific Lumber Bankruptcy News, Issue No. 61;
http://bankrupt.com/newsstand/or 215/945-7000).
PACIFIC LUMBER: ScoPac Delivers April 2008 Monthly Report
---------------------------------------------------------
Scotia Pacific Company LLC
Consolidated Balance Sheet
As of April 30, 2008
ASSETS
Current Assets
Cash $6,138,415
Accounts receivable, net 9,705,775
Inventory: lower cost or market 1,287,274
Prepaid expenses 6,234,793
Prepaid Restructuring 774,671
Investments 26,763,175
Other 869,796
------------
Total Current Assets 51,773,900
Property, Plant & Equipment 602,576,350
Less: Accumulated Depreciation (361,929,703)
------------
Net book value of property & plant 240,646,647
Other Assets
Capitalized Expenses 9,469,259
------------
TOTAL ASSETS $301,889,807
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $40,753
Tax payable
Federal payroll taxes 10,419
State payroll taxes 393
Ad valorem taxes 49,814
Other taxes 54,540
------------
Total taxes payable [sic] 115,166
Secured debt postpetition 0
Accrued interest payable 69,011,966
Accrued professional fees 3,681,796
Other accrued liabilities
Unsecured Debt 2,146,222
Payroll 655,013
Other 231,838
------------
Total Postpetition Liabilities 75,882,753
Prepetition Liabilities
Notes payable - Secured 767,421,582
Priority debt 79,064
Federal income tax 0
FICA/ Withholding 0
Unsecured debt 3,357,954
Other 0
------------
Total Prepetition Liabilities 770,858,601
------------
Total Liabilities 846,741,354
Owner's Equity (Deficit)
Preferred Stock 0
Common Stock 20,384,905
Additional Paid-in Capital 179,838,186
Retained Earnings: Filing Date (662,058,832)
Retained Earnings: Post Filing Date (83,015,806)
------------
Total Owner's Equity (544,851,547)
------------
TOTAL LIABILITIES & OWNERS EQUITY $301,889,807
============
Scotia Pacific Company LLC
Statement of Income
For the Period Ended April 30, 2008
Revenues $2,880,360
Total cost of revenues 708,969
Gross Profit 2,171,391
Operating Expenses
Selling & Marketing 0
General & Administrative 224,354
Insiders Compensation 0
Professional Fees 0
Idle Facilities 0
Environmental 0
------------
Total Operating Expenses 224,354
------------
Income before interest, depreciation, tax 1,947,037
Interest Expense 4,805,704
Depreciation 647,980
Other (Income) Expenses (149,038)
Amortization of Deferred Financing Costs 0
Restructuring
Professional Fees 1,722,821
Other 59,437
Equity Loss (Earnings) in Subsidiary 0
Total Interest, Depreciation & Other Items 7,086,904
------------
Net Income Before Taxes (5,139,866)
Federal Income Tax 0
------------
Net Income (Loss) ($5,139,866)
============
Scotia Pacific Company LLC
Cash Receipts and Disbursements
For the Month Ended April 30, 2008
Receipts
Cash Sales $0
Collection of Accounts Receivable 0
Loans & Advances 0
Sale of Assets 0
Interest Income 276,939
Log Sales to Palco less Reimbursable 2,209,359
Other 208,755
------------
Total Receipts 2,695,053
Disbursements
Net payroll 275,759
Payroll taxes paid 113,249
Sales, use & other taxes paid 434,824
Secured/rentals/leases 25,217
Utilities & telephone 378
Insurance 12,382
Cost of goods sold 551,730
Vehicle expenses 102
Travel & entertainment 0
Repairs, maintenance & supplies 0
Administrative & selling 454,912
Decking, logging & hauling 837,116
Other 0
------------
Total Disbursements from operations 2,705,668
Professional fees 2,935,623
U.S. Trustee fees 0
Interest 164,993
Other reorganization expenses 0
------------
Total Disbursements 5,806,283
------------
Net Cash Flow (3,111,230)
------------
Reclassification to investment (26,763,175)
Cash, at the beginning of the month 36,012,821
------------
Cash, at the end of the month $6,138,415
============
About Pacific Lumber
Based in Oakland, California, The Pacific Lumber Company --
http://www.palco.com/-- and its subsidiaries operate in several
principal areas of the forest products industry, including the
growing and harvesting of redwood and Douglas-fir timber, the
milling of logs into lumber and the manufacture of lumber into a
variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel. Kyung S. Lee, Esq., Esq., at Diamond
McCarthy LLP is Scotia Pacific's co-counsel, replacing Porter &
Hedges LLP. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335.
The Debtors filed their Joint Plan of Reorganization on Sept. 30,
2007, which was amended on Dec. 20, 2007. Four other parties-in-
interest have filed competing plans for the Debtors -- The Bank of
New York Trust Company, N.A., as Indenture Trustee for the Timber
Notes; the Official Committee of Unsecured Creditors; Marathon
Structured Finance Fund L.P, the Debtors' DIP Lender and Agent
under the DIP Credit Facility; and the Heartlands Commission,
which represents the tribal members of the Bear River Band of
Rohnerville Rancheria and PALCO employees.
The Debtors' exclusive plan filing period expired on Feb. 29,
2008. (Scotia/Pacific Lumber Bankruptcy News, Issue No. 61;
http://bankrupt.com/newsstand/or 215/945-7000).
TROPICANA ENTERTAINMENT: Submits Initial Monthly Operating Report
-----------------------------------------------------------------
The Debtors filed an Initial Monthly Operating Report on May 23,
2008, disclosing, among other things, numerous certificates of
insurance evidencing their workers compensation, property,
general liability, and vehicle insurance policies.
The Debtors notified the Court that the Certificates of Insurance
did not name the United States Trustee as a party to be notified
in the event of a policy cancellation, as required by the Initial
Operating Report instructions. Along with the Certificates of
Insurance, the Debtors filed an explanation stating that they
were working to have the U.S. Trustee listed on the Certificates
of Insurance as a party to be notified in the event of a
cancellation, and that they would supplement the IOR when that
change to the Certificates of Insurance has been made.
Accordingly, the Debtors filed a supplemental Initial Operating
Report to include the U.S. Trustee as a party to be notified in
the event of a policy cancellation.
Copies of the updated Certificates are available for free at:
http://ResearchArchives.com/t/s?2d76
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. 8; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
TWEETER HOME: Earns $527,397 in Month Ended October 31, 2007
------------------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Balance Sheet
As of October 31, 2007
Assets
Current Assets:
Cash and Cash Equivalents $5,996,469
Accounts Receivable 0
Inventory 0
Deferred Tax Assets 0
Prepaid Expenses and Other Current Assets 779,009
--------------
Total Current Assets 6,775,478
Property and Equipment 0
Long-Term Investments 0
Intangible Assets, Net 0
Other Assets 0
Goodwill 0
--------------
Total Assets $6,775,478
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition):
Current Portion of Long-Term Debt $0
Escrow 650,000
Total Accounts Payable 2,636,840
--------------
Total Postpetition Liabilities 3,286,840
Liabilities Subject to Compromise (Prepetition):
Deferred Compensation 0
Accrued Expenses 0
Customer Deposits 0
Prepetition Accounts Payable 32,536,235
--------------
Total Prepetition Liabilities 32,536,235
Secured Bank Debt 0
Other Long-Term Liabilities:
Accrued Income Taxes 951,185
Long-Term Restructuring and Discontinued
Store Reserve 0
Rent-Related Accruals 0
--------------
Total Other Long-Term Liabilities 951,185
--------------
Total Liabilities 36,774,260
Total Stockholder's Equity (29,998,781)
--------------
Total Liabilities and Stockholder's Equity $6,775,479
==============
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Statement of Operations
For the Month Ended October 31, 2007
Revenue $0
Cost of Goods Sold 0
--------------
Gross Profit 0
--------------
Total Operating Expenses 0
Operating Income 0
Other Income (Expense)
(527,397)
Loss on Transaction 0
--------------
Earnings Before Tax 527,397
Taxes 0
--------------
Net Income $527,397
==============
Tweeter Home Entertainment Group, Inc., et al.
Schedule of Cash Receipts and Disbursements
For the Month Ended October 31, 2007
Cash, Beginning of Month $0
Total Receipts 0
Total Disbursements 0
--------------
Net Cash Flow 0
--------------
Cash, End of Month $0
==============
About Tweeter Home
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M.
Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represent the Debtors. Kurtzman Carson Consultants LLC acts as
the Debtors' claims and noticing agent.
Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy
Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott
L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq.,
at Otterbourg, Steindler, Houston & Rosen, P.C., represent the
Official Committee of Unsecured Creditors.
As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and
total debts of $190,417,285. The Court expects the Debtors to
file a plan of reorganization on June 5, 2008. (Tweeter
Bankruptcy News, Issue No. 19, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TWEETER HOME: Posts $1,823,957 Loss in Month Ended Nov. 30, 2007
----------------------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Balance Sheet
As of November 30, 2007
Current Assets:
Cash and Cash Equivalents $4,479,644
Accounts Receivable 0
Inventory 0
Deferred Tax Assets 0
Prepaid Expenses and Other Current Assets 466,424
--------------
Total Current Assets 4,946,068
Property and Equipment 0
Long-Term Investments 0
Intangible Assets, Net 0
Other Assets 0
Goodwill 0
--------------
Total Assets $4,946,068
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition):
Current Portion of Long-Term Debt $0
Escrow 650,000
Total Accounts Payable 2,631,387
--------------
Total Postpetition Liabilities 3,281,387
Liabilities Subject to Compromise (Prepetition):
Deferred Compensation 0
Accrued Expenses 0
Customer Deposits 0
Prepetition Accounts Payable 32,536,235
--------------
Total Prepetition Liabilities 32,536,235
Secured Bank Debt 0
Other Long-Term Liabilities:
Accrued Income Taxes 951,185
Long-Term Restructuring and Discontinued
Store Reserve 0
Rent-Related Accruals 0
--------------
Total Other Long-Term Liabilities 951,185
--------------
Total Liabilities 36,768,806
Total Stockholder's Equity (31,822,739)
--------------
Total Liabilities and Stockholder's Equity $4,946,068
==============
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Statement of Operations
For the Month Ended November 30, 2007
Revenue $0
Cost of Goods Sold 0
--------------
Gross Profit 0
--------------
Total Operating Expenses 0
Operating Income 0
Other Income (Expense) 1,823,957
Loss on Transaction 0
--------------
Earnings Before Tax (1,823,957)
Taxes 0
--------------
Net Income ($1,823,957)
==============
Tweeter Home Entertainment Group, Inc., et al.
Schedule of Cash Receipts and Disbursements
For the Month Ended November 30, 2007
Cash, Beginning of Month $0
Total Receipts 0
Total Disbursements 0
--------------
Net Cash Flow 0
--------------
Cash, End of Month $0
==============
About Tweeter Home
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M.
Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represent the Debtors. Kurtzman Carson Consultants LLC acts as
the Debtors' claims and noticing agent.
Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy
Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott
L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq.,
at Otterbourg, Steindler, Houston & Rosen, P.C., represent the
Official Committee of Unsecured Creditors.
As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and
total debts of $190,417,285. The Court expects the Debtors to
file a plan of reorganization on June 5, 2008. (Tweeter
Bankruptcy News, Issue No. 19, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TWEETER HOME: Posts $557,013 Loss in Month Ended Dec. 31, 2007
--------------------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Balance Sheet
As of December 31, 2007
Assets
Current Assets:
Cash and Cash Equivalents $3,957,631
Accounts Receivable 0
Inventory 0
Deferred Tax Assets 0
Prepaid Expenses and Other Current Assets 381,424
--------------
Total Current Assets 4,339,055
Property and Equipment 0
Long-Term Investments 0
Intangible Assets, Net 0
Other Assets 0
Goodwill 0
--------------
Total Assets $4,339,055
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition):
Current Portion of Long-Term Debt $0
Escrow 600,000
Total Accounts Payable 2,631,387
--------------
Total Postpetition Liabilities 3,231,387
Liabilities Subject to Compromise (Prepetition):
Deferred Compensation 0
Accrued Expenses 0
Customer Deposits 0
Prepetition Accounts Payable 32,536,235
--------------
Total Prepetition Liabilities 32,536,235
Secured Bank Debt 0
Other Long-Term Liabilities:
Accrued Income Taxes 951,185
Long-Term Restructuring and Discontinued
Store Reserve 0
Rent-Related Accruals 0
--------------
Total Other Long-Term Liabilities 951,185
--------------
Total Liabilities 36,718,806
Total Stockholder's Equity (32,379,751)
--------------
Total Liabilities and Stockholder's Equity $4,339,055
==============
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Statement of Operations
For the Month Ended December 31, 2007
Revenue $0
Cost of Goods Sold 0
--------------
Gross Profit 0
--------------
Total Operating Expenses 0
Operating Income 0
Other Income (Expense) 557,013
Loss on Transaction 0
--------------
Earnings Before Tax (557,013)
Taxes 0
--------------
Net Income ($557,013)
==============
Tweeter Home Entertainment Group, Inc., et al.
Schedule of Cash Receipts and Disbursements
For the Month Ended December 31, 2007
Cash, Beginning of Month $0
Total Receipts 0
Total Disbursements 0
--------------
Net Cash Flow 0
--------------
Cash, End of Month $0
==============
About Tweeter Home
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M.
Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represent the Debtors. Kurtzman Carson Consultants LLC acts as
the Debtors' claims and noticing agent.
Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy
Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott
L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq.,
at Otterbourg, Steindler, Houston & Rosen, P.C., represent the
Official Committee of Unsecured Creditors.
As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and
total debts of $190,417,285. The Debtors exclusive period to file
a plan of reorganization expired on June 5, 2008. (Tweeter
Bankruptcy News, Issue No. 20, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TWEETER HOME: Earns $257,110 in Month Ended January 31, 2008
------------------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Balance Sheet
As of January 31, 2008
Assets
Current Assets:
Cash and Cash Equivalents $3,801,199
Accounts Receivable 0
Inventory 0
Deferred Tax Assets 0
Prepaid Expenses and Other Current Assets 381,424
--------------
Total Current Assets 4,182,623
Property and Equipment 0
Long-Term Investments 0
Intangible Assets, Net 0
Other Assets 0
Goodwill 0
--------------
Total Assets $4,182,623
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition):
Current Portion of Long-Term Debt $0
Escrow 600,000
Total Accounts Payable 2,732,065
--------------
Total Postpetition Liabilities 3,332,065
Liabilities Subject to Compromise (Prepetition):
Deferred Compensation 0
Accrued Expenses 0
Customer Deposits
Prepetition Accounts Payable 32,536,235
--------------
Total Prepetition Liabilities 32,536,235
Secured Bank Debt 0
Other Long-Term Liabilities:
Accrued Income Taxes 951,185
Long-Term Restructuring and Discontinued
Store Reserve 0
Rent-Related Accruals 0
--------------
Total Other Long-Term Liabilities 951,185
--------------
Total Liabilities
36,819,860
Total Stockholder's Equity (32,636,860)
--------------
Total Liabilities and Stockholder's Equity $4,182,624
==============
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Statement of Operations
For the Month Ended January 31, 2008
Revenue $0
Cost of Goods Sold 0
--------------
Gross Profit 0
--------------
Total Operating Expenses 0
Operating Income 0
Other Income (Expense) (257,110)
Loss on Transaction 0
--------------
Earnings Before Tax 257,110
Taxes 0
--------------
Net Income $257,110
==============
Tweeter Home Entertainment Group, Inc., et al.
Schedule of Cash Receipts and Disbursements
For the Month Ended January 31, 2008
Cash, Beginning of Month $0
Total Receipts 0
Total Disbursements 0
--------------
Net Cash Flow 0
--------------
Cash, End of Month $0
==============
About Tweeter Home
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M.
Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represent the Debtors. Kurtzman Carson Consultants LLC acts as
the Debtors' claims and noticing agent.
Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy
Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott
L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq.,
at Otterbourg, Steindler, Houston & Rosen, P.C., represent the
Official Committee of Unsecured Creditors.
As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and
total debts of $190,417,285. The Debtors exclusive period to file
a plan of reorganization expired on June 5, 2008. (Tweeter
Bankruptcy News, Issue No. 20, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TWEETER HOME: Posts $144,084 Loss in Month Ended Feb. 29, 2008
------------------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Balance Sheet
As of February 29, 2008
Current Assets:
Cash and Cash Equivalents $3,945,283
Accounts Receivable 0
Inventory 0
Deferred Tax Assets 0
Prepaid Expenses and Other Current Assets 381,424
--------------
Total Current Assets 4,326,707
Property and Equipment 0
Long-Term Investments 0
Intangible Assets, Net 0
Other Assets 0
Goodwill 0
--------------
Total Assets $4,326,707
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition):
Current Portion of Long-Term Debt 0
Escrow 600,000
Total Accounts Payable 2,732,065
--------------
Total Postpetition Liabilities 3,332,065
Liabilities Subject to Compromise (Prepetition):
Deferred Compensation 0
Accrued Expenses 0
Customer Deposits 0
Prepetition Accounts Payable 32,536,235
--------------
Total Prepetition Liabilities 32,536,235
Secured Bank Debt 0
Other Long-Term Liabilities:
Accrued Income Taxes 951,185
Long-Term Restructuring and Discontinued
Store Reserve 0
Rent-Related Accruals 0
--------------
Total Other Long-Term Liabilities 951,185
--------------
Total Liabilities 36,819,485
Total Stockholder's Equity (32,492,776)
--------------
Total Liabilities and Stockholder's Equity $4,326,709
==============
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Statement of Operations
For the Month Ended February 29, 2008
Revenue $0
Cost of Goods Sold 0
--------------
Gross Profit 0
--------------
Total Operating Expenses 0
Operating Income 0
Other Income (Expense) 144,084
Loss on Transaction 0
--------------
Earnings Before Tax (144,084)
Taxes 0
--------------
Net Income ($144,084)
==============
Tweeter Home Entertainment Group, Inc., et al.
Schedule of Cash Receipts and Disbursements
For the Month Ended February 29, 2008
Cash, Beginning of Month $0
Total Receipts 0
Total Disbursements 0
--------------
Net Cash Flow 0
--------------
Cash, End of Month $0
==============
About Tweeter Home
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M.
Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represent the Debtors. Kurtzman Carson Consultants LLC acts as
the Debtors' claims and noticing agent.
Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy
Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott
L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq.,
at Otterbourg, Steindler, Houston & Rosen, P.C., represent the
Official Committee of Unsecured Creditors.
As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and
total debts of $190,417,285. The Debtors exclusive period to file
a plan of reorganization expired on June 5, 2008. (Tweeter
Bankruptcy News, Issue No. 20, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TWEETER HOME: Posts $297,355 Loss in Month Ended March 31, 2008
---------------------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Balance Sheet
As of March 31, 2008
Assets
Current Assets:
Cash and Cash Equivalents $3,647,929
Accounts Receivable 0
Inventory 0
Deferred Tax Assets 0
Prepaid Expenses and Other Current Assets 381,424
--------------
Total Current Assets 4,029,353
Property and Equipment 0
Long-Term Investments 0
Intangible Assets, Net 0
Other Assets 0
Goodwill 0
--------------
Total Assets $4,029,353
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition):
Current Portion of Long-Term Debt 0
Escrow 600,000
Total Accounts Payable 2,732,065
--------------
Total Postpetition Liabilities 3,332,065
Liabilities Subject to Compromise (Prepetition):
Deferred Compensation 0
Accrued Expenses 0
Customer Deposits 0
Prepetition Accounts Payable 32,536,234
--------------
Total Prepetition Liabilities 32,536,234
Secured Bank Debt 0
Other Long-Term Liabilities:
Accrued Income Taxes 951,185
Long-Term Restructuring and Discontinued
Store Reserve 0
Rent-Related Accruals 0
--------------
Total Other Long-Term Liabilities 951,185
--------------
Total Liabilities 36,819,484
Total Stockholder's Equity (32,790,131)
--------------
Total Liabilities and Stockholder's Equity $4,029,353
==============
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Statement of Operations
For the Month Ended March 31, 2008
Revenue $0
Cost of Goods Sold 0
--------------
Gross Profit 0
--------------
Total Operating Expenses 0
Operating Income 0
Other Income (Expense) (297,355)
Loss on Transaction 0
--------------
Earnings Before Tax (297,355)
Taxes 0
--------------
Net Income ($297,355)
==============
Tweeter Home Entertainment Group, Inc., et al.
Schedule of Cash Receipts and Disbursements
For the Month Ended March 31, 2008
Cash, Beginning of Month $0
Total Receipts 0
Total Disbursements 0
--------------
Net Cash Flow 0
--------------
Cash, End of Month $0
==============
About Tweeter Home
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M.
Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represent the Debtors. Kurtzman Carson Consultants LLC acts as
the Debtors' claims and noticing agent.
Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy
Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott
L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq.,
at Otterbourg, Steindler, Houston & Rosen, P.C., represent the
Official Committee of Unsecured Creditors.
As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and
total debts of $190,417,285. The Debtors exclusive period to file
a plan of reorganization expired on June 5, 2008. (Tweeter
Bankruptcy News, Issue No. 20, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
ZIFF DAVIS: Submits March 2008 Monthly Operating Report
-------------------------------------------------------
Ziff Davis Media Inc.
Balance Sheet
As of March 31, 2008
Cash and Cash Equivalents $120,708,000
Restricted Cash 0
AR - net 15,454,000
Inventory -
Prepaid Expenses 4,126,000
-------------
Total Current Assets 140,288,000
Property, Plant & Equipment - Net 8,344,000
Other Non Current Assets 17,048,000
Goodwill & Intangible Assets - Net 139,874,000
-------------
Total Assets $305,555,000
=============
LIABILITIES NOT SUBJECT TO COMPROMISE:
Accounts Payable (1,437,000)
Interest & Dividend Payable 1,806,000
Accrued Other Expenses 5,675,000
Unexpired Subscriptions & Deferred Revenue 12,601,000
Short Term Liabilities 323,000
-------------
Total Current Liabilities 18,968,000
Pre-Petition Long Term Debt -
Post-Petition Debt -
Troubled Debt (1,368,000)
Other Non Current Liabilities 49,000
Preferred Stock - Mandatorily Redeemable 10,460,000
-------------
Total Liabilities Not Subject to Compromise 28,110,000
LIABILITIES SUBJECT TO COMPROMISE:
Accounts Payable 11,764,000
Interest & Dividend Payable 36,941,000
Accrued Other Expenses 7,512,000
Unexpired Subscriptions & Deferred Revenue -
Short Term Liabilities 4,226,000
-------------
Total Current Liabilities 60,442,000
Long Term Debt 391,471,000
Troubled Debt 23,935,000
Other Non Current Liabilities 16,467,000
Preferred Stock - Mandatorily Redeemable 1,128,087,000
-------------
Total Liabilities Subject to Compromise 1,620,403,000
Total Liabilities 1,648,513,000
Stockholders' Equity/Deficit (1,342,958,000)
-------------
Total Liabilities and Equity/Deficit $305,555,000
=============
Ziff Davis Media Inc.
Statement of Operations
For the Period March 6 to March 31, 2008
Total Revenue $4,276,000
Total Cost of Sales 3,687,000
Total Circ/Prod/DB Mktg 92,000
-------------
Income Before Indirect Expense 497,000
Rent, O&M, Telecom 302,000
Corporate 615,000
-------------
EBITDAR (420,000)
Discontinued Operations -
Unreconciled Differences -
Gain/Loss on Sale -
Equity Income from JV -
Employee Stock Option Expense -
Restructuring Expense 173,000
-------------
EBITDA (592,000)
Depreciation 621,000
Amortization 890,000
-------------
EBIT (2,104,000)
Interest Expense (Cash + PIK) 2,668,000
Interest Income (365,000)
-------------
Total Interest Expense 2,304,000
Taxes 6,000
-------------
Net Income ($4,413,000)
=============
Ziff Davis Media Inc.
Cash Flow Statement
For the Period March 6 to March 31, 2008
Net Income ($4,413,000)
Depreciation 621,000
Amortization 890,000
Accrued dividends on preferred stock 10,460,000
Changes in Working Capital
Accounts Receivable (1,559,000)
Inventory -
Other Assets 724,000
Accounts Payable (1,437,000)
Accrued Liabilities 3,396,000
Other Current Liabilities 323,000
Change in Long Term Liabilities (1,318,000)
-------------
Cash Flows from Operations 7,687,000
Cash Flows from Investing
Capex (255,000)
-------------
Cash Flows from Investing (255,000)
Cash Flows from Financing -
-------------
Cash Flows from Financing -
Beginning Cash Position $120,870,000
Change in Cash 7,431,000
-------------
Ending Cash Position 120,708,000
Segregated Account 101,489,000
-------------
Cash Available $19,219,000
=============
Upon computation, the Beginning Cash Position added to the Change
In Cash do not concur with the $120,708,000 Ending Cash Position.
A full-text copy of Ziff Davis Media Inc.'s Monthly Operating
Report for the month of March is available for free at:
http://bankrupt.com/misc/ZIFF_March_MOR.pdf
About Ziff Davis Media, Inc.
Headquartered in New York city, Ziff Davis Media, Inc. --
http://www.ziffdavis.com/-- and its affiliates are integrated
media companies serving the technology and videogame markets.
They are information services and marketing solutions providers of
technology media, including publications, Websites, conferences,
events, eSeminars, eNewsletters, custom publishing, list rentals,
research and market intelligence. Their US-based media properties
reach over 22 million people per month at work, home and play.
They operate in three segments: the Consumer Tech Group, which
includes PC Magazine and pcmag.com; the Enterprise Group, which
includes eWEEK and eweek.com, and the Game Group, which includes
Electronic Gaming Monthly and 1up.com.
Ziff Davis Holdings Inc. is the ultimate parent company of Ziff
Davis Media Inc.
The company and six debtor-affiliates filed for bankruptcy
protection on March 5, 2008 (Bankr. S.D.N.Y., Case No. 08-10768).
Carey D. Schreiber, Esq. at Winston & Strawn, LLP represents the
Debtors in their restructuring efforts. An Official Committee of
Unsecured Creditors have been appointed in the case. When Ziff
Davis filed for bankruptcy protection, it listed assets of between
$100 million to $500 million and debts of $500 million to $1
billion.
The Debtors delivered to the United States Bankruptcy Court for
the Southern District of New York, a Joint Chapter 11 Plan of
Reorganization, on March 26, 2008. The Plan confirmation hearing
is scheduled for June 25, 2008 at 10:00 a.m., prevailing Eastern
time. (Ziff Davis Bankruptcy News, Issue No. 13, Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstandor
215/945-7000)
ZIFF DAVIS: Submits April 2008 Monthly Operating Report
-------------------------------------------------------
Ziff Davis Media, Inc.
Summary of Cash Receipts & Disbursements
For the period ended April 2008
Beginning balance in all accounts $121,149,164
RECEIPTS:
Receipts from operations 4,600,275
Subtenant & TSA 732,607
Interest income 192,997
ZDE case 130,084
------------
Receipts Total 5,655,965
DISBURSEMENTS:
Payroll, taxes, & benefits
Payroll & payroll taxes 1,894,237
401k 185,554
UHC & Metlife 173,430
Flex spending 10,000
Insurance benefit invoices 68,914
Necessary expenses
Rent NY & SF 1,210,906
Operating expenses 2,743,032
Financial restructuring 324,644
Restricted account disbursements 81,000,030
ZDE disbursements 130,084
------------
Disbursements Total 87,740,834
Net Receipts (Disbursements) (82,084,869)
Ending Book Cash Balance 39,064,294
Ending Bank Balance at 4/30/08
Merrill Lynch - Main operating acct. 16,982,900
Bank of New York - Legacy operating acct. 1
Bank of New York - Overnight investment acct. 1,325,462
U.S. Bank - Subscriptions receivable acct. 52,693
Bank of New York - Advertising credit card 472,420
receivables acct.
Merrill Lynch - Payroll acct. 6,529
Merrill Lynch - Flex acct. 4,624
Merrill Lynch - Refunds acct. 1,084
Merrill Lynch - Sweepstakes acct. 17,054
Merrill Lynch - Segregated acct. 20,619,248
JPMorgan Chase - Inactive 33,498
LaSalle Bank - Inactive -
U.S. Bank - Inactive -
------------
Ending balance in all accounts 39,515,517
Outstanding checks (385,468)
Other reconciling items (65,753)
------------
Ending Book Balance at 4/30/08 $39,064,294
============
A full-text copy of Ziff Davis Media Inc.'s Monthly Operating
Report for the month of April is available for free at:
http://bankrupt.com/misc/ZIFF_April_MOR.pdf
About Ziff Davis Media, Inc.
Headquartered in New York city, Ziff Davis Media, Inc. --
http://www.ziffdavis.com/-- and its affiliates are integrated
media companies serving the technology and videogame markets.
They are information services and marketing solutions providers of
technology media, including publications, Websites, conferences,
events, eSeminars, eNewsletters, custom publishing, list rentals,
research and market intelligence. Their US-based media properties
reach over 22 million people per month at work, home and play.
They operate in three segments: the Consumer Tech Group, which
includes PC Magazine and pcmag.com; the Enterprise Group, which
includes eWEEK and eweek.com, and the Game Group, which includes
Electronic Gaming Monthly and 1up.com.
Ziff Davis Holdings Inc. is the ultimate parent company of Ziff
Davis Media Inc.
The company and six debtor-affiliates filed for bankruptcy
protection on March 5, 2008 (Bankr. S.D.N.Y., Case No. 08-10768).
Carey D. Schreiber, Esq. at Winston & Strawn, LLP represents the
Debtors in their restructuring efforts. An Official Committee of
Unsecured Creditors have been appointed in the case. When Ziff
Davis filed for bankruptcy protection, it listed assets of between
$100 million to $500 million and debts of $500 million to $1
billion.
The Debtors delivered to the United States Bankruptcy Court for
the Southern District of New York, a Joint Chapter 11 Plan of
Reorganization, on March 26, 2008. The Plan confirmation hearing
is scheduled for June 25, 2008 at 10:00 a.m., prevailing Eastern
time. (Ziff Davis Bankruptcy News, Issue No. 13, Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstandor
215/945-7000)
*********
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*********
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