/raid1/www/Hosts/bankrupt/TCR_Public/080920.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, September 20, 2008, Vol. 12, No. 225
Headlines
ACCEPTANCE INSURANCE: Posts $90,551 Net Loss in August 2008
AEGIS MORTGAGE: Posts $8,856,963 Net Loss in Month Ended July 31
BOMBAY COMPANY: Posts $275,824 Net Loss in July 2008
REUNION INDUSTRIES: Posts $80,000 Net Loss in Month Ended July 31
STEVE & BARRY'S: 4004 Inc.'s Schedules of Assets and Liabilities
TWEETER HOME: Posts $255,944 Net Loss in Month Ended June 30
QUEBECOR WORLD: Posts $11,600,000 Net Loss in Month Ended Aug. 2
S & A RESTAURANT: S&A Ill. Files Schedules of Assets and Debts
S & A RESTAURANT: S&A Mass. Files Schedules of Assets and Debts
S & A RESTAURANT: S&A Properties Files Schedules of Assets & Debts
WHITEHALL JEWELERS: Files Operating Report for June 23 to July 5
*********
ACCEPTANCE INSURANCE: Posts $90,551 Net Loss in August 2008
-----------------------------------------------------------
Acceptance Insurance Companies Inc. reported total assets of
$23,795,947, total liabilities of $138,192,823, and stockholders'
deficit of $114,396,876 as of Aug. 31, 2008.
For the month ended Aug. 31, 2008, the Debtor generated total
revenue of $1,415 and incurred a net loss of $90,551.
A full-text copy of the Debtor's August 2008 monthly report is
available for free at http://researcharchives.com/t/s?3258
About Acceptance Insurance
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.
The company filed for chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates --
Acceptance Insurance Services, Inc. and American Agrisurance, Inc.
-- each filed chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on Jan. 7, 2005. John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts. Lawyers at McGrath North Mullin & Kratz PC LLO represent
the Official Committee of Unsecured Creditors in Acceptance
Insurance's case.
AEGIS MORTGAGE: Posts $8,856,963 Net Loss in Month Ended July 31
----------------------------------------------------------------
Aegis Mortgage Corporation, et al.
Consolidated Balance Sheet
As of July 31, 2008
Unrestricted Cash & Equivalents $38,373,582
Restricted Cash and Equivalents 20,801,580
--------------
Total Cash and Cash Equivalents 59,175,162
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 2,945,487,760
ABS Loan Premium (Discount), net (17,200,217)
ABS Loan Loss Reserve (194,358,608)
--------------
Mortgage Loans Held for Investment 2,733,928,935
Accrued Interest - Loans Held for Sale -
Accrued Int. - Loans Held for Investment 18,711,445
--------------
Accrued Interest Receivable 18,711,445
Mortgage Servicing Rights -
Property and Equipment, net 164,675
Deferred Income Taxes 70,315,434
Goodwill -
Prepaid Rent and Deposits 743,428
Derivative Assets (10,683,531)
Receivable for Advances 22,547,020
Servicer Related 298,752
Other Assets 638,300,379
Intercompany Receivable 0
--------------
TOTAL ASSETS $3,535,700,526
==============
Liabilities & Shareholder's Equity
N/P Warehouse - Prime (540,186,233)
N/P Warehouse - Nonconforming (25,222,476)
N/P Warehouse - Other (11,886,801)
N/P Warehouse - Repurchased (11,933,754)
--------------
Warehouse and Repurchase Facilities (589,229,263)
Bonds Payable (2,918,642,779)
NAS IO Bonds Payable (1,109,490)
NIM Bonds Payable (52,989,614)
Bond Premium (Discount), net 20,779,306
--------------
Bond Financing on Mortgage (2,951,962,577)
Loans Held for Investment
Subordinated Debt (177,156,872)
Accrued Interest Payable (9,630,598)
Accounts Payable and
Accrued Expenses (74,381,047)
Notes Payable-Other -
--------------
Total Liabilities (3,802,360,357)
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 52,000
Retained Earnings 61,414,176
Current Net Income Prepetition 154,178,153
Current Net Income 102,182,878
--------------
Total Equity 266,659,831
--------------
TOTAL LIABILITIES & EQUITY $3,535,700,526
==============
Aegis Mortgage Corporation, et al.
Consolidated Income Statement
July 1 to 31, 2008
Loans Held for Sale
Interest Income $52,045
Interest Expense -
Servicing Expense (33,939)
--------------
Net Interest Income 18,106
Loans Held for Investment
Interest Income 21,214,833
Interest Expense (10,380,186)
Servicing Expense (1,302,192)
--------------
Net Interest Income 9,532,455
Gains on Sale -
Premiums Paid -
Loan Points -
Loan Origination Fees -
Broker Fees Received -
--------------
Production Income -
Servicing and Prepayment Income 86,126
Late Charges -
--------------
Total Servicing Fees 86,126
Other Income (Loss) (572,648)
--------------
Total Revenue 9,064,039
Salaries
190,361
Bonuses -
Commissions -
Employee Benefits -
Payroll Taxes 11,582
Meetings & Travel -
Meals & Entertainment 431
--------------
Total Personnel Expenses 202,374
Rent 44,722
Telephone 6,202
Office Supplies (1,293)
Shipping & Postage 691
Equipment 48,584
--------------
Total Office Expenses 98,906
Professional Expense 379,868
Marketing (47)
Loan Related Expenses 58,059
Banking 966
Other Taxes/Licenses/Fees 39,826
Other Expenses 18,520
--------------
Total Other Expenses 497,193
Direct Operating Expense 798,473
Direct Operating Income (Loss) 8,265,566
Loan Loss Provision 17,048,060
Deferred SFAS 91 Expenses -
Sub Debt Expense -
Depreciation Expense 73,634
Amortization -
Direct Allocation to Subs -
Allocation Between Subs -
--------------
Indirect Operating Expense 17,121,694
--------------
Total Expenses 17,920,167
Income (Loss) Before Taxes (8,856,128)
Federal and State Income Taxes 835
--------------
Net Income (Loss) ($8,856,963)
==============
Aegis Mortgage Corporation, et al.
Receipts and Disbursements
July 1 to 31, 2008
Cash Beginning of Month 32,017,306
RECEIPTS:
Cash Sales 0
Accounts Receivable 99,151
Loans and Advances 0
Sale of Assets 0
Other--Interest on Cash Account 51,968
Transfers (from DIP Accounts) 0
Reclass cash to restricted 0
--------------
Total Receipts 151,119
DISBURSEMENTS:
Net Payroll (136,605)
Payroll Taxes (82,490)
Sales, Use & Other Taxes 6,936,809
Inventory Purchases 0
Secured/Rental/Leases 0
Insurance--Health Benefits 0
Administrative (131,087)
Selling 0
Other NSF's 0
Owner Draw 0
Transfers to DIP Accounts 0
Professional Fees (382,003)
U.S. Trustee Quarterly Fees 0
Court Costs 0
--------------
Total Disbursements 6,204,622
--------------
Net Cash Flow 6,355,742
--------------
Cash-End of Month $38,373,048
==============
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 expired on Aug. 7,
2008. (Aegis Bankruptcy News, Issue No. 25; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
BOMBAY COMPANY: Posts $275,824 Net Loss in July 2008
----------------------------------------------------
The Bombay Company Inc. and its debtor-affiliates filed their
monthly operating report for July 2008.
The Debtors had total assets of $30,851,464, total liabilities
of $29,580,313, and total stockholders' equity of $1,271,151 as
of July 2008.
For the month, the Debtors generated zero revenues and incurred
a net loss of $275,824.
Cash at the beginning of the month was $18,941,087, and cash at
the end of the month was $20,898,982.
A full-text copy of the Debtors' July 2008 monthly operating
report is available for free at:
http://researcharchives.com/t/s?325a
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 decor
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 Bombay Furniture Company of Canada Inc. -- La Compagnie de
Mobilier Bombay Du Canada Inc. -- sought protection from its
creditors from the Ontario Superior Court of Justice on Sept. 20,
2007.
The U.S. Trustee for Region 6 appointed seven creditors to serve
on an Official Committee of Unsecured Creditors. Attorneys at
Cooley, Godward, Kronish LLP act as counsel to the Unsecured
Creditors Committee.
REUNION INDUSTRIES: Posts $80,000 Net Loss in Month Ended July 31
-----------------------------------------------------------------
Reunion Industries, Inc. reported a net loss of $80,000 on net
sales of $1,496,000 for the month of July 2008.
As of July 31, 2008, the Debtor had $24,582,000 in total assets,
$9,468,000 in total liabilities, and $15,114,000 in total
stockholders' equity.
A full-text copy of the Debtor's July 2008 monthly operating
report is available for free at:
http://researcharchives.com/t/s?3252
About Reunion Industries
Headquartered in Pittsburgh, Pennsylvania, Reunion Industries,
Inc. owns and operates industrial manufacturing operations that
design and manufacture engineered, high quality products for
specific customer requirements. These products include large
diameter seamless pressure vessels, manufactured by its CP
Industries division, and hydraulic and pneumatic cylinders,
manufactured by its Hanna Cylinders division. In addition,
the Debtor has a 65% interest in Shanghai Klemp Metal Products
Co., Ltd., a Chinese company located in Shanghai, China.
Shanghai Klemp manufactures metal bar grating.
Reunion Industries filed for chapter 11 protection on Nov. 26,
2007 (Bankr. D. Conn. Case No. 07-50727). Two Reunion Industries
stockholders, Charles E. Bradley, Sr. Family, L.P., and John Grier
Poole Family, L.P., filed separate chapter 11 petitions on the
same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726). Carol
A. Felicetta, Esq. at Reid and Riege, P.C.S. represents the
Debtors in their restructuring efforts.
STEVE & BARRY'S: 4004 Inc.'s Schedules of Assets and Liabilities
----------------------------------------------------------------
4004 Inc., debtor-affiliate of Steve & Barry's LLC, delivered to
the U.S. Bankruptcy Court for the Southern District of New York
its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property 0
B.1 Cash on hand 0
B.2 Bank Accounts 0
B.3 Security Deposit 0
B.4 Household goods 0
B.5 Book, artwork and collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and other equipment 0
B.9 Insurance Policies 0
B.10 Annuities 0
B.11 Interests in an education IRA 0
B.12 Interests in pension plans 0
B.13 Stock and Interests 0
B.14 Interests in partnerships & joint venture 0
B.15 Government and corporate bonds 0
B.16 Accounts Receivable 0
B.17 Alimony 0
B.18 Other Liquidated Debts Owing Debtor 0
B.19 Equitable or future interests 0
B.20 Interests in estate death benefit plan 0
B.21 Other Contingent and Unliquidated Claims 0
B.22 Patents unknown
B.23 Licenses, franchises & other intangibles 0
B.24 Customer lists or other compilations 0
B.25 Vehicles 0
B.26 Boats, motors and accessories 0
B.27 Aircraft and accessories 0
B.28 Office Equipment 0
B.29 Equipment and Supplies for Business 0
B.30 Inventory
Store 500 2,070,395
Store 504 1,043,873
Store 505 618,506
Store 507 524,376
Store 508 71,080
Store 512 1,407,903
Store 518 95,108
Store 520 674,995
Store 523 232,056
Store 524 14,572
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment and implements 0
B.34 Farm supplies, chemicals and feed 0
B.35 Other Personal Property 0
TOTAL SCHEDULED ASSETS $6,752,864
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
General Electric Capital Corporation
- senior credit facility 135,910,218
PrenSB, LLC - subordinated credit facility 30,454,866
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims
Texport Syndicate 3,258,030
Yixing City (J.J. Garments) 1,562,023
Sonal Garments 1,222,385
Destination Apparel 1,182,550
Bombay Rayon Fashion 1,061,421
Zhuhai Wintop 1,023,740
Kaytee Corporation 1,010,989
Excel Apparels 809,838
Putian Ala Footwear & Clothing 780,652
Cuthberts Apparels 742,206
Xiamen Century 726,736
Cherma's Exquisite Limited 655,791
Pinghu Huanqiu Garments Co. Ltd. 615,763
Putian Muncipal New Developing Co. Ltd. 566,203
Fujian Great 516,704
Texport Clothing Industries 479,208
Banalata Group (Pretty Dressers Ltd.) 435,939
Pinghu Kaier Garments Co. Ltd. 435,215
Pilot Sport Co. Ltd. 426,150
Permeshwar Fashion 410,858
Ami Apparels 404,613
Guoshi 367,189
Viku-J Indiacraft Pvt. Ltd. 353,802
Samrat Gems 353,756
Hindustan Apparels 352,320
Jiaxing Yourongda Garment Co. Ltd. 350,770
Binita Fashions 339,493
Amardeep Garments 333,058
Hangzhou Vandy 329,129
Wagon Wheel Knit Works 308,498
Bestyacht (HK) Co. Ltd. 295,406
Zhejiang Dongyang East 294,966
Hallmark Industries 279,795
Sky High Fashions 279,536
Chippa International 277,748
Lotus Clothing 261,891
Xiamen Fitex 260,279
Atraco Inds - Ashton 254,763
Jain Fashions 254,223
Nexus Sweater Ind. (Pvt.) Ltd. 249,970
Foshan Nanhai Grand Champion 237,332
ZS Sorathia & Sons 222,750
Shanghai New Union 222,560
Texport Industries 222,706
Jiangsu Light Industrial Products 218,663
M.R. Industries 215,717
Opera Clothing 209,831
Sunflag (Tanzania) Ltd. 208,138
Pt. Cipta Busana 192,292
Al Munaf Corporation 189,346
CPS Textiles Pvt. Ltd. 181,470
Punit Creation 176,128
Elite Sky International Industries Ltd. 175,637
Esjay International Pvt. Ltd. 172,080
Nanjing Hengrun Hongsu Trading Co. Ltd. 166,912
Cisons Exports 165,738
Hiking Groups Handong Haicheng 165,705
Pioneer Exports 162,150
Excellent Garment 161,397
Well Dresses 156,976
Crown Textile 150,842
Eastend Exports India 148,750
Bedi Investment Ltd. 148,602
Sumec Textile 143,672
Buksh Industries 142,136
Guilin Eisho 115,445
Creative Garments Pvt. Ltd. 105,151
Others 1,213,593
TOTAL SCHEDULED LIABILITIES $196,480,409
=========================================================
About Steve & Barry's
Based in Port Washington, New York, Steve and Barry's LLC --
http://www.steveandbarrys.com/-- is a national casual apparel
retailer that offers high quality merchandise at low prices for
men, women and children. Founded in 1985, the company operates
276 anchor and junior anchor shopping center and mall-based
locations throughout the U.S. STEVE & BARRY'S (R) stores include
brands like the BITTEN(TM) collection, the first-ever apparel line
created by actress and global fashion icon Sarah Jessica Parker,
and the STARBURY(TM) collection of athletic and lifestyle apparel
and sneakers created with NBA (R) star Stephon Marbury.
Steve & Barry's, LLC, and 63 affiliates filed separate voluntary
petitions under Chapter 11 on July 9, 2008 (Bankr. S.D. N.Y. Lead
Case No. 08-12579). Lori R. Fife, Esq., and Shai Waisman, Esq., at
Weil, Gotshal & Manges, LLP, represent the Debtors in their
restructuring efforts.
Diana G. Adams, United States Trustee for Region 2, has appointed
seven members to the Official Committee of Unsecured Creditors in
the Debtors' Chapter 11 cases.
On Aug. 22, 2008, the Debtors obtained permission from the Court
to sell substantially all of their assets for $168 million to a
joint venture by Bay Harbour Management and York Capital, BHY S&B
Holdings, LLC. Under the terms of the purchase agreement,
majority of the Debtors' 276 stores will remain open.
Pursuant to the Purchase Agreement, the Court authorized the 51
Debtors to change their corporate names. Lead Debtor Steve &
Barry's Manhattan LLC (Case No. 08-12579) has been changed to
Stone Barn Manhattan LLC. Parent company Steve & Barry's LLC
(Case No. 08-12615) is now known as Steel Bolt LLC.
When the Debtors filed for bankruptcy, they listed $693,492,000 in
total assets and $638,086,000 in total debts. (Steve & Barry's
Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
TWEETER HOME: Posts $255,944 Net Loss in Month Ended June 30
------------------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Balance Sheet
As of June 30, 2008
Assets
Current Assets:
Cash and Cash Equivalents $3,642,237
Accounts Receivable 0
Inventory 0
Deferred Tax Assets 0
Prepaid Expenses and Other Current Assets 381,425
------------
Total Current Assets 4,023,662
Property and Equipment 0
Long-Term Investments 0
Intangible Assets, Net 0
Other Assets 0
Goodwill 0
------------
Total Assets $4,023,662
============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition)
Current Portion of Long-Term Debt $0
Escrow 581,500
Total Accounts Payable 2,722,065
------------
Total Postpetition Liabilities 3,303,565
Liabilities Subject to Compromise (Prepetition):
Deferred Consideration 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 36,790,984
-----------
Total Stockholder's Equity (32,767,322)
-----------
Total Liabilities and Stockholder's Equity $4,023,662
===========
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Statement of Operations
For the Month Ended June 30, 2008
Revenue $0
Cost of Goods Sold 0
------------
Gross Profit 0
------------
Total Operating Expenses 0
Operating Income 0
Other Income (Expense) (255,944)
Loss on Transaction 0
------------
Earnings Before Tax (255,944)
Taxes 0
------------
Net Income ($255,944)
============
Tweeter Home Entertainment Group, Inc., et al.
Schedule of Cash Receipts and Disbursement
For the Month Ended June 30, 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. 24, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
QUEBECOR WORLD: Posts $11,600,000 Net Loss in Month Ended Aug. 2
----------------------------------------------------------------
Quebecor World (USA), Inc., et al.
Combined Balance Sheet
As of August 2, 2008
ASSETS
Current Assets
Cash and Cash equivalents $146,500,000
Accounts receivables 504,300,000
Trade and receivables 51,000,000
Inventories 163,600,000
Future income taxes and tax receivable 18,700,000
Prepaid Expenses 46,600,000
--------------
Total current expenses 930,700,000
--------------
Property, plant and equipment 1,174,600,000
Goodwill 336,400,000
Restricted cash 32,300,000
Future income taxes 900,000
Other assets 280,100,000
--------------
TOTAL ASSETS $2,755,000,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities not subject to compromise:
Bank indebtedness $13,400,000
Trade payables and accrued liabilities 232,300,000
Payables to related parties 3,100,000
Income and other taxes payable 15,500,000
Current portion long-term debt 491,800,000
Liabilities subject to compromise 2,848,700,000
--------------
Total current liabilities 3,604,800,000
--------------
Other liabilities not subject to compromise:
Long-term debt 7,400,000
Other liabilities 134,200,000
Future income taxes 114,700,000
Shareholders equity:
Capital stock 1,031,200,000
Contributed surplus 470,000,000
Retained earnings (2,608,200,000)
Accumulated other comprehensive loss 900,000
--------------
Total Equity (1,106,100,000)
--------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $2,755,000,000
==============
Quebecor World (USA), Inc., et al.
Combined Statement of Operations
For the month ended August 2, 2008
Operating Revenues $274,500,000
Operating expenses:
Cost of sales 229,800,000
Selling, general and administrative 20,200,000
Depreciation and amortization 17,400,000
------------
Total operating expenses 267,400,000
------------
Operating income 7,100,000
Financial expenses 23,200,000
Reorganization items 5,300,000
Income taxes (9,800,000)
------------
18,700,000
------------
Net loss and comprehensive loss ($11,600,000)
============
Quebecor World (USA), Inc., et al.
Combined Statement of Cash Flows
For Month Ended August 2, 2008
Cash flows from operating activities:
Net loss ($11,600,000)
Adjustments for:
Depreciation of property, plant & equipment 17,400,000
Future income taxes (9,800,000)
Amortization of other assets 800,000
Other 1,700,000
------------
(1,500,000)
------------
Net changes in non-cash balances to operations:
Accounts receivable 9,800,000
Inventories (17,500,000)
Trade payables and accrued liabilities 8,800,000
Other current assets and liabilities 7,100,000
Other non-current assets and liabilities (4,100,000)
------------
4,100,000
------------
Cash flows provided by (used in)
operating activities 2,600,000
------------
Cash flows from financing activities:
Net change in bank indebtedness (200,000)
Repayment of long-term debt obligations under (3,300,000)
------------
Cash flows provided by (used in)
operating activities (3,500,000)
------------
Cash flows from investing activities:
Additions to property, plant and equipment (5,200,000)
Restricted cash related to insolvency proceed (2,100,000)
------------
Cash flows provided by (used in) operating
activities (7,300,000)
------------
Net changes in cash and cash equivalents (8,200,000)
Cash and cash equivalents, beginning of period (154,700,000)
------------
Cash and cash equivalents, end of period $146,500,000
============
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW) -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of $3,412,100,000 total
liabilities of $4,326,500,000 preferred shares of $62,000,000
and total shareholders' deficit of $976,400,000.
The Debtors' CCAA stay has been extended to Sept. 30, 2008.
(Quebecor World Inc. News, Issue No. 25; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
S & A RESTAURANT: S&A Ill. Files Schedules of Assets and Debts
--------------------------------------------------------------
S & A of Illinois Inc., the debtor-affiliate of S & A Restaurant
Corp., filed with the U.S. Bankruptcy Court for the Eastern
District of Texas its schedules of assets and liabilities,
disclosing:
A. Real Property
5016 Northwest Hgwy. Lease land & own bldg. $388,513
3615 E. Main Street; St. Charles 0
B. Personal Property
B.1 Cash on hand
Chicago South Michigan 4,200
Chicago Michigan Ave. 2,000
Calumet City 2,000
Chicago O'Hare 1,500
Chicago Ridgeland 1,500
Niles 1,500
Chicago Schaumberg 1,500
Chicago Oakbrook 1,500
Bloomington Normal 1,500
Batavia 1,000
St. Charles 1,000
Bollingbrook 1,000
Chicago Woodbridge 1,000
Lake Zurich 750
Deerfield 750
B.2 Bank Accounts
JP Morgan Chase Bank 663000404 6,304
JP Morgan Chase Bank 663000396 1,269
JP Morgan Chase Bank 663000461 0
JP Morgan Chase Bank 663000412 0
JP Morgan Chase Bank 663000388 0
JP Morgan Chase Bank 663000495 0
JP Morgan Chase Bank 663000438 0
JP Morgan Chase Bank 663000420 0
JP Morgan Chase Bank 663000453 0
JP Morgan Chase Bank 663000503 0
JP Morgan Chase Bank 663000479 0
JP Morgan Chase Bank 663000529 0
JP Morgan Chase Bank 663000537 0
JP Morgan Chase Bank 663000545 0
JP Morgan Chase Bank 663000487 0
JP Morgan Chase Bank 663000511 0
JP Morgan Chase Bank 663000446 0
B.14 Interests in partnerships Undetermined
B.16 Accounts Receivable
Trade Receivable
House Accounts 21
House Accounts 591
House Accounts (5,088)
House Accounts 2,980
B.23 Licenses, franchises, and other
general intangibles
Liquor License Undetermined
City Business License Beer & Wine,
Mixed Beverage, Restaurant Undetermined
Retailer on Premise Undetermined
B.29 Machinery
Ice Machine 12,539
Randell Chef base 8,042
Artifacts Pkgs. 7,197
Ice Machine 5,857
Chef Base 4,366
Rankin Broiler 4,355
Wk-In Freezer 4,352
Replace Beer Unit 4,122
Chef Base 4 Drawer 3,994
Wk-In Cooler 3,990
Wk-In Freezer 3,990
Counter Top Fryer 3,965
Wk-In Beer Cooler 3,823
Randell Pizza Prep Top 3,795
48" Rankin Broiler 3,569
Pizza Prep Top 2 Doors/4 shelves 3,467
Freezer s/shelves 3,044
True Prep Top 2 Doors/4 Shelve 3,067
Flat Top Grill 3,021
Hobart Dishmachine C-44 2,952
Others 187,161
see http://bankrupt.com/misc/S&A_IllinoisMachinery.pdf
B.30 Inventory
Chicago South Liquor 28,362
Chicago South Beer 10,734
Chicago South Meat 8,935
Niles Grocery 7,623
Calumet Liquor 7,451
Lake Zurich Grocery 6,865
Chicago Grocery 6,656
Chicago Beer 6,645
Chicago Woodbridge Grocery 6,526
Chicago Woodbridge Liquor 6,643
Chicago Liquor 6,473
Calumet Grocery 6,006
Bolingbrook Grocery 5,920
Bloomington Grocery 5,452
Chicago Meat 5,386
Chicago Meat 5,243
Bolingbrook Meat 5,157
Chicago Beer 5,091
St. Charles Grocery 5,089
Calumet Meat 5,077
Others 222,730
See http://bankrupt.com/misc/S&A_IllinoisInventory.pdf
TOTAL SCHEDULED ASSETS $1,072,022
=========================================================
C. Property Claimed as Exempt None
D. Secured Claim
GE Capital Finance Franchise Corp. $1,025,855
GE Capital Finance Franchise Corp. 879,796
GE Capital Finance Franchise Corp. 846,011
GE Capital Finance Franchise Corp. 52,293
E. Unsecured Priority Claims Undetermined
F. Unsecured Non-priority Claims
Accounts payable
George and Lorraine Shepard 192,524
JRC Investments LLC 121,000
CNL APF Partners LP 108,966
Michigan Plaza LLC 92,252
Inland Commercial Property 60,031
Excel Building Maintenance Inc. 40,880
Covington Main Street Commons 25,380
TDC Ocean Pointe LLC 24,769
Stanley Singer Real Estate Co. 9,315
Deerfield Associates LLC 7,853
System Parking Inc. 2,312
Pera Willow Creek Inc. 1,840
Heller Investments 1,150
The Prospective Investment 1,035
Litigation Claims
Heather Henry Undetermined
Jeffrey Dyckman Undetermined
Monet Jackson Undetermined
Sally Wohlgemuth Undetermined
Veronica Forero Undetermined
Other secured debts Undetermined
S&A Fee Properties SPE 1, L.L.C.
Chicago Calumet River Oak 1,464,802
S&A Fee Properties SPE 2, L.L.C.
Chicago Ridgeland Benin 1,745,145
Normal Bloomington 1,254,542
S&A Leased Properties SPE 1, Inc.
Chicago O'Hare Towers 474,584
S&A Fee Properties SPE 2, L.L.C.
Chicago S. Michigan Ave. 1,185,957
TOTAL SCHEDULED LIABILITIES $9,618,292
=========================================================
About S & A Restaurant
Headquartered in Plano, Texas, S & A Restaurant Corp. --
http://www.metrogroup.com,http://www.steakandale.com,
http://www.steakandalerestaurants.com,http://www.bennigans.com/
-- and other affiliated entities operate the Bennigan's Grill &
Tavern, and the Steak & Ale restaurant chains under the Metromedia
Restaurant Group. Bennigan's Grill & Tavern is a chain of more
than 310 pub-themed restaurants offering sandwiches and burgers,
as well as ribs, steaks, and seafood. The Steak & Ale chain
offers a broader menu set in the atmosphere of an 18th century
English country inn. The Metromedia Restaurant Group, a unit of
closely held conglomerate Metromedia Company, is one of the
world's leading multi-concept table-service restaurant groups,
with more than 800 Bennigan's(R), Bennigan's SPORT(TM), Steak and
Ale(R), Ponderosa Steakhouse(R) and Bonanza(TM) Steakhouse
restaurants in the United States and abroad. MRG's annual U.S.
sales are estimated at $1,000,000,000.
S & A Restaurant and 38 of its affiliates filed Chapter 7 petition
under the U.S. Bankruptcy Code on July 29, 2008 (Bankr. E.D. Tex.
Case No. 08-41898). J. Michael Sutherland, Esq. at Carrington
Coleman Sloman & Blumenthal, is the Debtors' counsel. The Debtors
disclosed total scheduled assets of $2,302,057 and total scheduled
liabilities of $159,432,691.
Michelle H. Chow is the Debtors' Chapter 7 bankruptcy trustee.
The lead counsel for the trustee is Kane Russell Coleman & Logan
PC. Mark Ian Agee, Esq., of the law firm Mark Ian Agee, Attorney
at Law, is co-counsel. (Bennigan's and Steak & Ale Bankruptcy
News, Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
S & A RESTAURANT: S&A Mass. Files Schedules of Assets and Debts
---------------------------------------------------------------
S & A of Massachusetts Inc., the debtor-affiliate of S & A
Restaurant Corp., filed with the U.S. Bankruptcy Court for the
Eastern District of Texas its schedules of assets and liabilities,
disclosing:
A. Real Property
71 Newbury St. Peabody, MA 01960 $1,524,671
B. Personal Property
B.1 Cash on hand
Boston City Place 1,500
Milford 1,500
Peabody 1,000
B.2 Bank Accounts
290 Old Gate Lane 488009788217 0
B.3 Security Deposits None
B.4 Household goods None
B.5 Collectibles None
B.6 Wearing apparel None
B.7 Furs and jewelry None
B.8 Firearms and sports equipment None
B.9 Interests in Insurance Policies None
B.10 Annuities None
B.11 Interests in an education IRA as defined in
26 U.S.C. Section 530(b)(1) None
B.12 Interests in IRA, ERISA, Keogh, or other
Pension or profit-sharing plans None
B.13 Business Interests and stocks None
B.14 Interests in partnerships Undetermined
B.15 Government and Corporate Bonds None
B.16 Accounts Receivable None
B.17 Alimony, maintenance, support, and
property settlements debtor is entitled to None
B.18 Other Liquidated Debts None
B.19 Equitable or future interests, life estates,
and rights or powers exercisable for the None
debtor's benefit None
B.20 Contingent and noncontingent interests in
estate of a decedent, death benefits
plan, life insurance policy, or trust None
B.21 Other contingent and unliquidated claims
Primrose Food Services Undetermined
B.22 Patents, copyrights & intellectual property None
B.23 Licenses, franchises, and other
general intangibles
Liquor License Undetermined
City Business License Beer & Wine,
Mixed Beverage, Restaurant Undetermined
B.24 Customer lists or other compilations None
B.25 Vehicles None
B.26 Boats, motors, and accessories None
B.27 Aircraft and accessories None
B.28 Office equipment, furnishings and supplies None
B.29 Machinery
Smallwares 23,807
Equip Purchased from Frontier 6,183
Misc. Equipment repairs 5,474
Accutemp 36" Flat Top Grill 3,414
Microwaves qty. 4 3,007
Slicer 2,797
Mega prep top - sandwich unit 2,702
Back bar cooler 1,940
Bottle cooler 1,653
Data Cables Tested/Installed 1,565
Safe 1,546
Misc. Kitchen Equipment 1,480
Dito Dean Food Processor 1,324
Freezer W/dipper well 956
Stainless Steel Cove Base 883
Victorian Bench 663
B.30 Inventory
Boston Beer 6,159
Milford Grocery 5,030
Boston Grocery 4,868
Boston Liquor 4,503
Boston Meat 3,620
Milford Meat 3,401
Boston Non-alcoholic 3,101
Milford Beer 2,886
Milford Liquor 2,510
Milford Non-alcoholic 2,359
Boston Wine 1,802
Boston Dairy 1,235
Milford Dairy 1,066
Milford Wine 727
Milford Produce 563
Boston Produce 533
B.31 Animals None
B.32 Crops - growing or harvested None
B.33 Farming equipment and implements None
B.34 Farm supplies, chemicals, and feed None
B.35a Other Personal Property None
B.35b Vendors and Debit Balances None
TOTAL SCHEDULED ASSETS $1,632,429
=========================================================
C. Property Claimed as Exempt None
D. Secured Claim $0
E. Unsecured Priority Claims Undetermined
F. Unsecured Non-priority Claims
Accounts payable
Central Parking Inc. 2,400
Theater Dist. Limited Partners 96,369
Litigation Claims
James Arrigo Undetermined
TOTAL SCHEDULED LIABILITIES $98,769
=========================================================
About S & A Restaurant
Headquartered in Plano, Texas, S & A Restaurant Corp. --
http://www.metrogroup.com,http://www.steakandale.com,
http://www.steakandalerestaurants.com,http://www.bennigans.com/
-- and other affiliated entities operate the Bennigan's Grill &
Tavern, and the Steak & Ale restaurant chains under the Metromedia
Restaurant Group. Bennigan's Grill & Tavern is a chain of more
than 310 pub-themed restaurants offering sandwiches and burgers,
as well as ribs, steaks, and seafood. The Steak & Ale chain
offers a broader menu set in the atmosphere of an 18th century
English country inn. The Metromedia Restaurant Group, a unit of
closely held conglomerate Metromedia Company, is one of the
world's leading multi-concept table-service restaurant groups,
with more than 800 Bennigan's(R), Bennigan's SPORT(TM), Steak and
Ale(R), Ponderosa Steakhouse(R) and Bonanza(TM) Steakhouse
restaurants in the United States and abroad. MRG's annual U.S.
sales are estimated at $1,000,000,000.
S & A Restaurant and 38 of its affiliates filed Chapter 7 petition
under the U.S. Bankruptcy Code on July 29, 2008 (Bankr. E.D. Tex.
Case No. 08-41898). J. Michael Sutherland, Esq. at Carrington
Coleman Sloman & Blumenthal, is the Debtors' counsel. The Debtors
disclosed total scheduled assets of $2,302,057 and total scheduled
liabilities of $159,432,691.
Michelle H. Chow is the Debtors' Chapter 7 bankruptcy trustee.
The lead counsel for the trustee is Kane Russell Coleman & Logan
PC. Mark Ian Agee, Esq., of the law firm Mark Ian Agee, Attorney
at Law, is co-counsel. (Bennigan's and Steak & Ale Bankruptcy
News, Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
S & A RESTAURANT: S&A Properties Files Schedules of Assets & Debts
------------------------------------------------------------------
S & A Properties Corp., the debtor-affiliate of S & A Restaurant
Corp., filed with the U.S. Bankruptcy Court for the Eastern
District of Texas its schedules of assets and liabilities,
disclosing:
A. Real Property
6399 W. Commercial Blvd. own land & bldg. $453,332
7630 S. Orange Blossom Trl. own land & bldg. 623,891
B. Personal Property
B.2 Bank Accounts
JP Morgan Chase Bank 649664281 0
B.14 Interests in partnerships Undetermined
TOTAL SCHEDULED ASSETS $1,077,223
=========================================================
C. Property Claimed as Exempt None
D. Secured Claim
Capmark Finance Inc. $1,033,587
Capmark Finance Inc. 938,387
Amresco 4,693
Amresco 4,693
Amresco 4,693
E. Unsecured Priority Claims Undetermined
F. Unsecured Non-priority Claims
Accounts payable
Colorado Blue Fox LLC 13,648
CPE Houston Electric, LLC 13,352
Gateway Investments LC 900
GE Capital 1,853
Jersey Wahoos Swim Club Inc. 6,271
Tri-land Properties Inc. 450
Litigation Claims
Barbara Gunter Undetermined
CT-Stamford Forum Undetermined
Doris Ruggieri Undetermined
Florida Retail Federation
Self-Insurers Fund Undetermined
LKTK, KKC Undetermined
National Retail Properties, LP. Undetermined
TOTAL SCHEDULED LIABILITIES $2,022,526
=========================================================
About S & A Restaurant
Headquartered in Plano, Texas, S & A Restaurant Corp. --
http://www.metrogroup.com,http://www.steakandale.com,
http://www.steakandalerestaurants.com,http://www.bennigans.com/
-- and other affiliated entities operate the Bennigan's Grill &
Tavern, and the Steak & Ale restaurant chains under the Metromedia
Restaurant Group. Bennigan's Grill & Tavern is a chain of more
than 310 pub-themed restaurants offering sandwiches and burgers,
as well as ribs, steaks, and seafood. The Steak & Ale chain
offers a broader menu set in the atmosphere of an 18th century
English country inn. The Metromedia Restaurant Group, a unit of
closely held conglomerate Metromedia Company, is one of the
world's leading multi-concept table-service restaurant groups,
with more than 800 Bennigan's(R), Bennigan's SPORT(TM), Steak and
Ale(R), Ponderosa Steakhouse(R) and Bonanza(TM) Steakhouse
restaurants in the United States and abroad. MRG's annual U.S.
sales are estimated at $1,000,000,000.
S & A Restaurant and 38 of its affiliates filed Chapter 7 petition
under the U.S. Bankruptcy Code on July 29, 2008 (Bankr. E.D. Tex.
Case No. 08-41898). J. Michael Sutherland, Esq. at Carrington
Coleman Sloman & Blumenthal, is the Debtors' counsel. The Debtors
disclosed total scheduled assets of $2,302,057 and total scheduled
liabilities of $159,432,691.
Michelle H. Chow is the Debtors' Chapter 7 bankruptcy trustee.
The lead counsel for the trustee is Kane Russell Coleman & Logan
PC. Mark Ian Agee, Esq., of the law firm Mark Ian Agee, Attorney
at Law, is co-counsel. (Bennigan's and Steak & Ale Bankruptcy
News, Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
WHITEHALL JEWELERS: Files Operating Report for June 23 to July 5
----------------------------------------------------------------
Whitehall Jewelers Holdings Inc., and its debtor-affiliates, filed
their monthly operating report for the period June 23, 2008 to
July 5, 2008.
The Debtors reported total assets of $162,906,000 and total
liabilities of $180,368,000, resulting in a $17,462,000
stockholders' deficit at the end of the reporting period.
The Debtor posted a net loss of $27,378,000 on net revenue of
$7,151,000 for the period.
Cash at the beginning of the period was $1,867,000 and cash at
the end of the period was $2,606,000.
A full-text copy of the Debtor's operating report for the period
June 23, 2008 to July 5, 2008, is available for free at:
http://ResearchArchives.com/t/s?3273
About Whitehall Jewelers
Headquartered in Chicago, Illinois, Whitehall Jewelers Holdings
Inc. -- http://www.whitehalljewellers.com/-- owns and operates
375 stores jewelry stores in 39 states. The company operates
stores in regional and regional shopping malls under the brand
names Whitehall Jewellers, Marks Bros. Jewellers and Lundstrom
Jewellers. The Debtors' retail stores operate under the names
Whitehall (271 locations), Lundstrom (24 locations), Friedman's
(56 locations, and Crescent (22 locations). As of June 23, 2008,
the Debtors have about 2,852 workers.
The company and its affiliates, Whitehall Jewelers Inc., filed for
Chapter 11 protection on June 23, 2008 (Bankr. D. Del. Lead Case
No. 08-11261). James E. O'Neill, Esq., Kathleen P. Makowski,
Esq., and Laura Davis Jones, Esq., at Pachulski Stang Ziehl &
Jones, LLP, represent the Debtors in their restructuring efforts.
Epiq Bankruptcy Solutions LLC is their claims, noticing and
balloting agent. The Debtors selected DJM Realty, a Gordon
Brothers Group Company, to exclusively manage the national
disposition of all remaining retail store leases in the United
States.
When the Debtors' filed for protection against their creditors,
they listed total assets of $207,100,000 and total debts of
$185,400,000.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
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trades are probably different. Our objective is to share
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Each Tuesday edition of the TCR contains a list of companies with
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For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
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Anthony G. Lopez, Cecil R. Villacampa, Melanie C. Pador, Ludivino
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Copyright 2008. All rights reserved. ISSN: 1520-9474.
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