/raid1/www/Hosts/bankrupt/TCR_Public/080927.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 27, 2008, Vol. 12, No. 231
Headlines
ASARCO LLC: Earns $37.9 Million Net Loss in Period ended August 31
BLUE WATER: Files Monthly Operating Report for August 2008
BOMBAY COMPANY: Posts $385,901 Net Loss in August 2008
BUFFETS HOLDINGS: Files Monthly Operating Report for August 2008
BUFFETS HOLDINGS: BRHI'S Schedules of Assets and Schedules
CHARYS HOLDINGS: Earns $3,670,777 in August 2008
CHARYS HOLDINGS: Crochet & Borel Files Operating Report for August
EOS AIRLINES: Posts $574,855 Net Loss in August 2008
FREMONT GENERAL: Posts $7,834,752 Net Loss in August 2008
LAKE AT LAS VEGAS: Posts $3,547,515 Net Loss in August 2008
LINENS 'N THINGS: Files Amended Schedules of Assets and Debts
LINENS 'N THINGS: Posts $33.3 Million Net Loss in August 2008
NETBANK INC: Aug. 31 Balance Sheet Upside-Down by $20,807,207
PRC LLC: Files Operating Report for Period Ending August 31
REFCO LLC: Files Monthly Operating Report for June 2008
REFCO LLC: Files Operating Report for Period ended July 31, 2008
STEVE & BARRY'S: SB Manhattan's Schedules of Assets and Debts
STEVE & BARRY'S: SB New York's Schedules of Assets & Liabilities
STEVE & BARRY'S: SB Ohio's Schedules of Assets & Liabilities
STEVE & BARRY'S: SB Penn.'s Schedules of Assets & Liabilities
STEVE & BARRY'S: Stone Barn LLC's Schedules of Assets & Debts
STEVE & BARRY'S: SB Texas' Schedules of Assets & Liabilities
WELLMAN INC: Post $9.8 Million Net Loss in Period Ended August 31
*********
ASARCO LLC: Earns $37.9 Million Net Loss in Period ended August 31
------------------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of August 31, 2008
ASSETS
Current Assets:
Cash $1,246,145,000
Restricted Cash 24,935,000
Accounts receivable, net 186,919,000
Inventory 281,891,000
Prepaid expenses 15,027,000
Other current assets 14,357,000
--------------
Total Current Assets 1,769,274,000
Net property, plant and equipment 509,567,000
Other Assets
Investments in subs 80,280,000
Advances to affiliates 521,000
Prepaid pension & retirement plan 0
Non-current deferred tax asset 40,949,000
Other 55,473,000
--------------
Total assets $2,456,064,000
==============
LIABILITIES
Postpetition liabilities:
Accounts payable $75,006,000
Accrued liabilities 728,935,000
Debtor-in-possession financing 0
--------------
Total postpetition liabilities 803,942,000
Prepetition liabilities:
Not subject to compromise - credit 3,195,000
Not subject to compromise - other 92,023,000
Advances from affiliates 24,803,000
Subject to compromise 3,369,892,000
--------------
Total prepetition liabilities 3,489,913,000
--------------
Total liabilities $4,293,855,000
==============
OWNERS' EQUITY (DEFICIT)
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive income (233,939,000)
Retained earnings: filing date (3,368,084,000)
--------------
Total prepetition owners' equity (2,989,122,000)
Retained earnings: post-filing date 1,151,330,000
--------------
Total owners' equity (net worth) (1,837,791,000)
Total liabilities and owners' equity $2,456,064,000
==============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended August 31, 2008
Sales $161,605,000
Cost of products and services 107,282,000
--------------
Gross profit 54,323,000
Operating expenses:
Selling and general & admin expenses 3,163,000
Depreciation & amortization 3,736,000
Accretion expense 233,000
--------------
Operating income 47,191,000
Interest expense 21,000
Interest income (2,175,000)
Reorganization expenses 9,211,000
Other miscellaneous (income) expenses (22,273,000)
--------------
Income (loss) before taxes 62,407,000
Income taxes 24,495,000
--------------
Net income (loss) $37,912,000
==============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended August 31, 2008
Receipts $210,834,000
Disbursements:
Inventory material 30,777,000
Operating disbursements 75,459,000
Capital expenditures 3,294,000
--------------
Total disbursements 109,530,000
Operating cash flow 101,304,000
Reorganization disbursements 145,273,000
--------------
Total Disbursements 123,803,000
Net cash flow 87,031,000
Net payments to secured Lenders 0
--------------
Net change in cash 87,031,000
Net payments to secured lenders 0
Beginning cash balance 1,184,049,000
--------------
Ending cash balances $1,184,049,000
==============
About ASARCO LLC
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. Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors. Former judge Robert C. Pate
has been appointed as the future claims representative. 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).
Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008. (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).
The Debtors submitted to the Court a joint plan of reorganization
and disclosure statement on July 31, 2008. The plan incorporates
the sale of substantially all of the Debtors' assets to Sterlite
Industries, Ltd., for $2,600,000,000.
Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted a reorganization plan to retain its equity interest
in ASARCO LLC, by offering full payment to ASARCO's creditors in
connection with ASARCO's Chapter 11 case. AMC would provide up to
$2.7 billion in cash as well as a $440 million guarantee to assure
payment of all allowed creditor claims, including payment of
liabilities relating to asbestos and environmental claims. AMC's
plan is premised on the estimation of the approximate allowed
amount of the claims against ASARCO.
Asarco Inc. and AMC are represented by Luc A. Despins, Esq., at
Milbank, Tweed, Hadley & McCloy LLP, in New York.
(ASARCO Bankruptcy News Issue No. 85; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
BLUE WATER: Files Monthly Operating Report for August 2008
----------------------------------------------------------
Blue Water Automotive Systems, Inc. delivered to the U.S.
Bankruptcy Court for the Eastern District of Michigan its monthly
operating report for the month of August 2008.
Blue Water Automotive Systems, Inc.
Unaudited Balance Sheet
As of August 24, 2008
ASSETS:
Cash $2,332,923
Inventory 8,593,348
Accounts Receivable 50,707,088
Insider Receivables -
Land and Buildings -
Furniture, Fixtures & Equipment 37,967,799
Accumulated Depreciation (12,933,725)
Other: Current Assets 3,510,986
Other: Long Term Assets 61,251
------------
TOTAL ASSETS $90,239,670
============
LIABILITIES:
Postpetition Liabilities:
Accounts Payable $7,422,878
Rent and Lease Payable -
Wages and Salaries 598,352
Taxes Payable 1,281,681
Other: -
------------
Total Postpetition Liabilities 9,302,911
Secured Liabilities:
Subject to Postpetition Collateral or DIP Order 55,419,483
All Other Secured Liabilities -
------------
Total Secured Liabilities 55,419,483
Prepetition Liabilities:
Taxes and Other Priority Liabilities 2,174,588
Unsecured Liabilities: 42,387,384
Other: -
------------
Total Prepetition Liabilities 44,561,972
EQUITY:
Owners Capital 20,827,488
Retained Earnings - Prepetition (24,221,702)
Retained Earnings - Postpetition (15,650,482)
Total Equity: (19,044,696)
------------
TOTAL LIABILITIES AND EQUITY $90,239,670
============
Blue Water Automotive Systems, Inc.
Unaudited Operating Statement
Month Ended August 24, 2008
Total Revenue/Sales $16,646,916
Cost of Sales 14,292,397
------------
Gross Profit 2,354,519
Expenses:
Officer compensation 57,692
Salary Expenses other Employees 452,595
Employee Benefits & Pensions 336,526
Payroll Taxes 50,884
Other Taxes 30,203
Rent and Lease Expense 135,188
Interest Expense 242,622
Insurance 7,842
Automobile and Truck Expense 39,801
Utilities (gas, electric, phone) 71,364
Depreciation 25,857
Travel and Entertainment 11,330
Repairs and Maintenance 35,993
Advertising -
Supplies, Office Expense, etc 2,823
Other Specify: Legal 360
Other Specify: Misc 150,528
------------
Total Expenses 1,651,608
------------
Net Operating Profit (Loss) 702,911
Add: Non-Operating Income
Interest Income -
Other Income 416,681
Less: Non Operating Expenses
Professional Fees -
Other 1,461,837
------------
NET INCOME/(LOSS) ($342,245)
============
Blue Water Automotive Properties, L.L.C.
Unaudited Balance Sheet
As of August 24, 2008
ASSETS:
Cash $357,822
Inventory -
Accounts Receivable -
Insider Receivables -
Land and Buildings 27,459,897
Furniture, Fixtures & Equipment -
Accumulated Depreciation (3,454,147)
Other: Current Assets 464,250
Other: Long Term Assets -
------------
TOTAL ASSETS $24,827,822
============
LIABILITIES:
Postpetition Liabilities:
Accounts Payable -
Rent and Lease Payable -
Wages and Salaries -
Taxes Payable 219,891
Other: -
------------
Total Postpetition Liabilities 219,891
Secured Liabilities:
Subject to Postpetition Collateral or DIP Order -
All Other Secured Liabilities 14,698,215
------------
Total Secured Liabilities 14,698,215
Prepetition Liabilities:
Taxes and Other Priority Liabilities -
Unsecured Liabilities: -
Other: 12,303,747
------------
Total Prepetition Liabilities 12,303,747
EQUITY:
Owners Capital -
Retained Earnings - Prepetition (1,678,107)
Retained Earnings - Postpetition (715,924)
Total Equity: (2,394,031)
------------
TOTAL LIABILITIES AND EQUITY $24,827,822
============
Blue Water Automotive Properties, L.L.C.
Unaudited Operating Statement
Month Ended August 24, 2008
Total Revenue/Sales $0
Cost of Sales 104,693
------------
Gross Profit (104,693)
Expenses:
Officer compensation -
Salary Expenses other Employees -
Employee Benefits & Pensions -
Payroll Taxes -
Other Taxes -
Rent and Lease Expense -
Interest Expense 4,461
Insurance -
Automobile and Truck Expense -
Utilities (gas, electric, phone) -
Depreciation -
Travel and Entertainment -
Repairs and Maintenance -
Advertising -
Supplies, Office Expense, etc -
Other Specify: Legal -
Other Specify: Misc -
------------
Total Expenses 4,461
------------
Net Operating Profit (Loss) (109,154)
Add: Non-Operating Income
Interest Income -
Other Income 133,716
Less: Non Operating Expenses
Professional Fees -
Other -
------------
NET INCOME/(LOSS) $24,562
============
Blue Water Plastics Mexico Ltd.
Unaudited Balance Sheet
As of August 24, 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, Ltd., B.W.A.S. Mexico, L.L.C. and
B.W.A.S. Holdings, Inc., all posted $0 in revenues, assets and
liabilities for the month ended August 24, 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 $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, serve as the Debtors' bankruptcy counsel.
Administar Services Group LLC acts as the Debtors' claims,
noticing, and balloting agent. As of June 30, 2008, the Debtors'
unaudited balance sheet showed $93,264,863 in total assets and
$108,300,898 in total liabilities.
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.
(Blue Water Automotive Bankruptcy News, Issue No. 30, Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
BOMBAY COMPANY: Posts $385,901 Net Loss in August 2008
------------------------------------------------------
The Bombay Company Inc. and its debtor-affiliates filed with the
U.S. Bankruptcy Court for the Northern District of Texas their
monthly operating report for August 2008.
The Debtors had total assets of $30,417,922, total liabilities
of $29,532,672, and total stockholders' equity of $885,250 as
of August 2008.
For the month, the Debtors generated zero revenues and incurred
a net loss of $385,901.
Cash at the beginning of the month was $20,898,982, and cash at
the end of the month was $20,738,870.
A full-text copy of the Debtors' August 2008 monthly operating
report is available for free at:
http://researcharchives.com/t/s?32d2
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.
BUFFETS HOLDINGS: Files Monthly Operating Report for August 2008
----------------------------------------------------------------
Buffets Holdings, Inc. delivered to the U.S. Bankruptcy Court for
the District of Delaware its monthly operating report for August
2008.
Buffets Holdings, Inc.
Balance Sheet
As of August 27, 2008
ASSETS
Current Assets:
Cash on Hand - drawer $1,454,617
Total depository account 5,074,198
Temporary investments 60,000,000
Cash 5,061,216
--------------
Total cash & cash equivalents 71,590,031
Receivables-landlord 29,327
Credit card receivables 1,617,746
Intercompany 0
Total rebates receivable 4,105,931
Accounts receivable 1,092,708
Due to/From affiliate (312,368)
--------------
Total Receivables 6,573,344
Inventory 39,255,320
--------------
Total Inventories 39,255,320
Restricted cash 2,504,184
Employee advances 30,218
Escrow deposits - short term 720,594
Deposits - prefunded LC - current 8,072,860
Prepaid car leases 14,385
Prepaid Insurance 1,193,320
Prepaid rent 1,121,700
Prepaid other 2,139,690
Prepaid advertising 6,258,495
Prepaid rent escrow 102,702
Notes receivable - short term 10,537
--------------
Total prepaid expenses & other assets 19,664,499
Assets held for sale 2,132,000
Deferred income taxes - current 13,651,000
Deferred tax valuation allowance - current (13,651,000)
--------------
Total current assets 141,719,377
Cabinet division inventory 4,870,580
Corporate inventory 644,841
Proceeds of sale clearing account (1,200)
CIP - non system 1,108,760
Land 9,298,836
Building 6,513,412
Accumulated depreciation - building (891,968)
Leasehold improvement 166,708,102
Accumulated amortization 228,283,926
Equipment 226,824,575
Accumulated depreciation - equipment (138,641,473)
Automobile 199,173
Accumulated depreciation - auto (74,931)
Assets to be sold - PP&E 14,833,294
Accumulated depreciation - assets to be sold (52,018)
--------------
Total property, plant & equipment, net 197,047,209
Goodwill 117,993,181
Intellectual property 0
Acquisition costs 18,133,818
--------------
Total goodwill 136,126,999
Deferred income taxes - non-current 99,895,000
Deferred tax valuation allowance - non-current (99,895,000)
Liquor licenses 343,681
Leasehold interest 1,509,577
Recipes 2,124,337
Trademark 56,600,000
--------------
Total other intangible assets 60,577,596
Prepaid rent deposits 377,793
Deposits 6,299,068
Investments in subsidiaries 0
Interest rate swap 0
Total debt issuance costs 39,273,938
Total accum. amortization debt issuance costs (13,462,903)
Notes receivable from subsidiaries 0
Total notes receivable - long term 12,454
--------------
Total other noncurrent assets 32,500,350
Total assets $567,971,532
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable - prepetition $25,196,612
Accounts payable - postpetition 35,143,076
COD Clearing 0
Misc. accruals - restaurant level 9,601,880
Misc accruals - WIS 2,631
Misc. accruals - corp level 5,695,950
--------------
Total accounts payable 75,635,886
Accrued 401(k) 1,067,755
Accrued payroll 12,494,914
Accrued bonus 2,893,676
Accrued payroll taxes 4,009,827
Accrued vacation 6,556,243
--------------
Total accrued compensation 27,022,415
Accrued insurance - auto 5,937
Accrued insurance - general liability 14,908,753
Accrued insurance - other 3,095,195
--------------
Total accrued insurance 18,009,884
Accrued percentage rent 1,308,094
Accrued interest - short term 26,463,966
Accrued property taxes 9,454,725
Accrued postage 0
Accrued advertising 1,024,344
Accrued liabilities - other 16,455,442
Deferred income - current 69,556
--------------
Total other accrued liabilities 54,776,128
Gift certificates/gift cards 4,267,259
Cash receipts suspense 80,157
Workers compensation payable 22,439,305
Lease rejection claims reserve 37,983,156
Sales/Use tax payable 6,645,819
Accrued restaurant closing costs 1,393,274
--------------
Total accrued liabilities $172,617,397
Income taxes payable (3,561,386)
Estimated income taxes 556,149
--------------
Total income taxes payable (3,004,967)
Current maturities of long-term debt 5,300,000
Short term borrowings 56,300,000
Short term borrowings - DIP 80,900,000
Short term borrowings - vendor LC draws 5,936,168
--------------
Total current liabilities 393,684,484
Notes payable to parent
Senior debt - bank 518,728,000
Senior debt - public 300,000,000
--------------
Total long-term debt 818,728,000
Accrued rent 45,841,987
Deferred Income tax 22,793,000
Income tax payable - non-current 23,808,000
Long term sublease deposits 33,905
Post retirement benefits payable 20,405
Total deferred income 5,996,137
Total other long-term liabilities 6,050,447
Total non-current liabilities 917,221,435
Total liabilities 1,310,905,919
Shareholders' Equity:
Capital Stock 31,045
Additional paid in capital 81,601
Contributed capital 0
Interco contributions (distributions) 0
Dividends paid (interco) 0
Dividends received (interco) 0
Accum other comprehensive income 0
Dividends paid to shareholders (101,164,801)
Retained earnings (629,722,709)
Level 8 profit/loss (12,159,522)
--------------
Retained earnings (743,047,032)
Total shareholders' equity (742,934,387)
Total liabilities & Stockholders' equity $567,971,532
==============
Buffets Holdings, Inc.
Income Statement
For the month ended August 27, 2008
Total sales $222,087,356
Total food cost 77,411,273
Total labor 65,169,308
Operating costs 32,754,061
Occupancy costs 27,541,268
Total DIR & O/C 60,295,330
--------------
Total restaurant costs 202,875,911
--------------
Restaurant profit 19,211,445
Total SG&A Expense 15,283,825
Marketing 0
Closed restaurant costs 454,746
Merger/integration costs (1,170)
--------------
Earnings from operations 4,383,536
Other income (expense)
Franchise income 100,579
Interest income 99
Interest expense (12,489,087)
Other income (expense) 9,442
Loss related to refinancing 0
Reorganization Costs (3,622,920)
Net Worth Tax (17,170)
Intercompany -
--------------
Total other income (expense) (16,019,057)
--------------
Earnings before tax (11,635,521)
Net worth tax 0
Income taxes 524,001
--------------
Net earnings (loss) ($12,159,522)
==============
Buffets Holdings, Inc.
Schedule of Cash Receipts & Disbursements
For the month ended August 27, 2008
Cash Receipts (inc. Sales tax):
Cash receipts $68,609
Credit card 45,393
--------------
114,002
Receipts
(Gift card usage) 0
Rebates, other 4,617
--------------
Total cash receipts 118,619
Operating Disbursements:
A/P
Check 7,417
EFT 59,887
Change in trade terms 0
Payroll 33,478
Rent (Cash occupancy) 6,890
Sales tax 10,125
Other operating 0
--------------
Total operating disbursements 117,797
--------------
Net operating cash flows 822
Non-operating Disbursements (Receipts):
Income tax 0
Total CapEx 2,973
Professional fees, inc. holdbacks 1,410
Closed restaurant costs 0
Deposits (Utility) 0
Other (338)
Cash (Proceeds) from asset sales 0
--------------
Total non-operating disbursements 4,045
Financing Payments:
Interest expense 5,552
Interest (income) (124)
DIP Fees/other 0
Principal payments (350)
Total financing disbursements 5,078
--------------
Total net disbursements 126,920
Net cash receipts (disbursements) $8,301
==============
About Buffets Holdings
Headquartered in Eagan, Minnesota, Buffets Holdings Inc. --
http://www.buffet.com/-- is the parent company of Buffets,
Inc., which operates 626 restaurants in 39 states, comprised of
615 steak-buffet restaurants and eleven Tahoe Joe's Famous
Steakhouse restaurants, and franchises sixteen steak-buffet
restaurants in six states. The restaurants are principally
operated under the Old Country Buffet, HomeTown Buffet, Ryan's and
Fire Mountain brands. Buffets, Inc. employs approximately 37,000
team members and serves approximately 200 million customers
annually.
The company and all of its subsidiaries filed Chapter 11
protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to
08-10158). Joseph M. Barry, Esq., M. Blake Cleary, Esq., and
Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP,
represent the Debtors in their restructuring efforts. The Debtors
selected Epiq Bankruptcy Solutions LLC as claims and balloting
agent. The U.S Trustee for Region 3 appointed seven creditors to
serve on an Official Committee of Unsecured Creditors. The
Committee selected Otterbourg Steindler Houston & Rosen PC and
Pachulski Stang Ziehl Young & Jones as counsels.
As reported in the Troubled Company Reporter on Feb. 26, 2008,
the Court granted on February 22, 2008, final approval of the
Debtors' debtor-in-possession credit facility, consisting of $85
million of new funding and $200 million carried over from the
company's prepetition credit facility. (Buffets Holdings
Bankruptcy News, Issue No. 21; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BUFFETS HOLDINGS: BRHI'S Schedules of Assets and Schedules
----------------------------------------------------------
BRHI delivered to the U.S. Bankruptcy Court for the District of
Delaware its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.13 Stock and Interests
100% ownership of Buffets Holdings, Inc. undetermined
B.16 Accounts Receivable 755,298
TOTAL SCHEDULED ASSETS
$755,298
==========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims 0
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims
Accounts Payable - Buffets Holding, Inc. 442,929
TOTAL SCHEDULED LIABILITIES $442,929
==========================================================
About Buffets Holdings
Headquartered in Eagan, Minnesota, Buffets Holdings Inc. --
http://www.buffet.com/-- is the parent company of Buffets,
Inc., which operates 626 restaurants in 39 states, comprised of
615 steak-buffet restaurants and eleven Tahoe Joe's Famous
Steakhouse restaurants, and franchises sixteen steak-buffet
restaurants in six states. The restaurants are principally
operated under the Old Country Buffet, HomeTown Buffet, Ryan's and
Fire Mountain brands. Buffets, Inc. employs approximately 37,000
team members and serves approximately 200 million customers
annually.
The company and all of its subsidiaries filed Chapter 11
protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to
08-10158). Joseph M. Barry, Esq., M. Blake Cleary, Esq., and
Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP,
represent the Debtors in their restructuring efforts. The Debtors
selected Epiq Bankruptcy Solutions LLC as claims and balloting
agent. The U.S Trustee for Region 3 appointed seven creditors to
serve on an Official Committee of Unsecured Creditors. The
Committee selected Otterbourg Steindler Houston & Rosen PC and
Pachulski Stang Ziehl Young & Jones as counsels.
As reported in the Troubled Company Reporter on Feb. 26, 2008,
the Court granted on February 22, 2008, final approval of the
Debtors' debtor-in-possession credit facility, consisting of $85
million of new funding and $200 million carried over from the
company's prepetition credit facility. (Buffets Holdings
Bankruptcy News, Issue No. 21; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CHARYS HOLDINGS: Earns $3,670,777 in August 2008
------------------------------------------------
Charys Holdings Company, Inc. filed with the U.S. Bankruptcy Court
for the District of Delaware its monthly operating report for the
month of August 2008.
Cash at the beginning of the month was $284,015. Total cash
receipts were $77,397 and total cash disbursments were $331,634.
Cash balance at Aug. 31, 2008, was $29,778.
At Aug. 31, 2008, the company had total assets of $242,729,852 and
total liabilities of $378,599,371, resulting in a $135,869,519
stockholders' deficit.
The company reported net profit of $3,670,777 for the month of
August 2008. Total revenues were $1,300,000 representing
management fees billable to subsidiaries.
About Charys Holding
Headquartered in Atlanta, Georgia, Charys Holding Co., Inc., --
http://www.charys.com/-- provides remediation & reconstruction
and wireless communications & data infrastructure. The company
and its Crochet & Borel Services, Inc. subsidiary filed for
Chapter 11 protection on Feb. 14, 2008 (Bankr. Del. Case No.
08-10289). Harvey R. Miller, Esq., Stephen Karotkin, Esq., and
Lydia T. Protopapas, Esq., at Weil, Gotshal & Manges LLP,
represent the Debtors as counsel. Mark D. Collins, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors as co-
counsel. No Official Committee of Unsecured Creditors has been
appointed in these cases to date. Chary's Holdings Co. Inc.'s
schedules show total assets of $818,880 and total liabilities of
$286,416,560. Crochet Borel Services' schedules show total assets
of $18,543,560 and total liabilities of $17,782,500.
CHARYS HOLDINGS: Crochet & Borel Files Operating Report for August
------------------------------------------------------------------
Crochet & Borel Services, Inc., a debtor-affiliate of Charys
Holdings Company, Inc., filed with the U.S. Bankruptcy Court for
the District of Delaware its operating report for the month of
August 2008.
Cash at the beginning of the month was $107,180. Total cash
receipts amounted to $150 and total disbursements were $196.
Cash at the end of the month was $107,134.
At Aug. 31, 2008, Crochet & Borel had total assets of $29,626,085,
total liabilities of $25,946,814, and net owners' equity of
$3,679,271.
The company reported a net loss of $47,372 for the month of August
2008. The company did not generate any revenue for the period.
About Charys Holding
Headquartered in Atlanta, Georgia, Charys Holding Co., Inc., --
http://www.charys.com/-- provides remediation & reconstruction
and wireless communications & data infrastructure. The company
and its Crochet & Borel Services, Inc. subsidiary filed for
Chapter 11 protection on Feb. 14, 2008 (Bankr. Del. Case No.
08-10289). Harvey R. Miller, Esq., Stephen Karotkin, Esq., and
Lydia T. Protopapas, Esq., at Weil, Gotshal & Manges LLP,
represent the Debtors as counsel. Mark D. Collins, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors as co-
counsel. No Official Committee of Unsecured Creditors has been
appointed in these cases to date. Chary's Holdings Co. Inc.'s
schedules show total assets of $818,880 and total liabilities of
$286,416,560. Crochet Borel Services' schedules show total assets
of $18,543,560 and total liabilities of $17,782,500.
EOS AIRLINES: Posts $574,855 Net Loss in August 2008
----------------------------------------------------
Eos Airlines, Inc. filed with the U.S. Bankruptcy Court for the
Southern District of New York its monthly operating report for the
month ended Aug. 31, 2008.
Cash at the beginning of the month was $7,503,265. Total cash
receipts amounted to $38,839 and total disbursements were
$661,167, leaving a cash balance of $6,880,937 at Aug. 31, 2008.
The company reported a net loss of $574,855 for the month ended
Aug. 31, 2008. Net revenue was a negative $37,947 representing
deductions for returns and allowances. Gross revenues were zero
for the period.
At Aug. 31, 2008, the company's balance sheet showed $22,976,762
in total assets and $31,498,291 in total liabilities, resulting
in
a stockholders' deficit of $8,521,530.
About EOS Airlines
Based in Purchase, New York, EOS Airlines, Inc. --
http://www.eosairlines.com/-- is a transatlantic airline. The
company filed for Chapter 11 protection April 26, 2008 (Bankr.
S.D.N.Y. Case No.08-22581). Tim J. Robinson, Esq., Nicholas J.
Brannick, Esq., and Christine M. Piernpont, Esq., at Squire,
Sanders & Dempsey L.L.P, represent the Debtor as counsel. The
Debtor selected Kurztman Carson Consultants LLC as its claims
agent. The U.S. Trustee for Region 2 appointed creditors to serve
on an Official Committee of Unsecured Creditors. Joseph M. Vann,
Esq., and Robert A. Boghosian, Esq., at Cohen Tauber Spievack &
Wagner P.C. in New York, represent the Committee in this case.
Alvarez & Marsal in New York is the Financial Advisor for the
Debtor.
Menzies Corporate Restructuring has been appointed as joint
administrators in the U.K.
When the Debtor filed for protection against it creditors, it
listed total assets of $70,233,455 and total debts of $34,858,485.
FREMONT GENERAL: Posts $7,834,752 Net Loss in August 2008
---------------------------------------------------------
Fremont General Corporations filed with the U.S. Bankruptcy Court
for the Central District of California its monthly operating
report for the month ended Aug. 31, 2008.
The Debtors reported total assets of $475,497,187, total
liabilities of $359,985,012, and total equity of $115,512,175 at
Aug. 31, 2008.
For the month, the Debtors generated zero revenues and incurred
a net loss of $7,834,752.
A full-text copy of the Debtor' August 2008 monthly operating
report is available for free at:
http://researcharchives.com/t/s?32cb
About Fremont General
Based in Santa Monica, Calif., Fremont General Corp. (OTC: FMNTQ)
-- http://www.fremontgeneral.com/-- was a financial services
holding company with $8.8 billion in total assets at Sept. 30,
2007. Fremont General ceased being a financial services holding
company on July 25, 2008, when its wholly owned bank subsidiary,
Fremont Reorganizing Corporation (f/k/a Fremont Investment & Loan)
completed the sale of its assets, including all of its 22
branches, and 100% of its $5.2 billion of deposits to
CapitalSource Bank.
Fremont General filed for Chapter 11 protection on June 18, 2008,
(Bankr. C.D. Calif. Case No. 08-13421). Robert W. Jones, Esq.,
and J. Maxwell Tucker, Esq., at Patton Boggs LLP, are the proposed
counsel for the Debtor. Theodore Stolman, Esq., and Scott H. Yun,
at Stutman Treister & Glatt, are the proposed co-counsel for the
Debtor. The Debtor selected Kurtzman Carson Consultants LLC as
its claims agent.
Lee R. Bogdanoff, Esq., Jonathan S. Shenson, Esq., and Jonathan D.
Petrus, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, represent
the Official Committee of Unsecured Creditors as counsel.
In its schedules, Fremont General reported $362,227,537 in total
assets and $326,529,372 in total debts. When the Debtor filed for
protection from its creditors, it listed total assets of
$643,197,000 and total debts of $320,630,000.
LAKE AT LAS VEGAS: Posts $3,547,515 Net Loss in August 2008
-----------------------------------------------------------
Lake at Las Vegas Joint Venture, LLC filed with the U.S.
Bankruptcy Court for the District of Nevada its monthly report for
the month of August 2008.
Cash at the beginning of the period was $359,049. Cash receipts
were $78,717,335 and cash disbursements were $73,040,523, leaving
a cash balance of $6,035,861 at Aug. 31, 2008.
At Aug. 31, 2008, the company's balance sheet showed $693,426,158
in total assets and $789,327,788 in total liabilities, resulting
in a $95,901,630 equity deficit.
The company reported a net loss of $3,547,515 on zero sales for
the month ended Aug. 31, 2008.
About Lake at Las Vegas
Headquartered in Henderson, Nevada, Lake at Las Vegas Joint
Venture, LLC and 14 of its debtor-affiliates --
http://www.lakelasvegas.com/-- are owners and developers of
3,592-acre residential and resort destination Lake Las Vegas
Resort in Las Vegas, Nevada. Centered around a 320-acre man-made
lake, Lake Las Vegas contains more than 9,000 residential units,
and also includes two luxury resort hotels (a Loews and a Ritz-
Carlton), a casino, a specialty retail village shopping area,
marinas, three signature golf courses and related clubhouses, and
other real property.
The Debtors filed separate petitions for Chapter 11 relief on
July 17, 2008 (Bankr. D. Nev. Lead Case No. 08-17814). When Lake
at Las Vegas Joint Venture, LLC filed for protection from its
creditors, it listed assets of $100 million to $500 million, and
debts of $500 million to $1.0 billion. Schwartzer & McPherson Law
Firm is the Debtors' proposed local counsel.
Santoro, Driggs, Walch, Kearney, Holley & Thompson is the Debtors'
proposed special litigation counsel. Munger, Tolles & Olson LLP
is the Official Committee of Unsecured Creditors' proposed lead
counsel. McDonald Carano Wilson LLP is the Creditors Committee's
proposed local counsel.
LINENS 'N THINGS: Files Amended Schedules of Assets and Debts
-------------------------------------------------------------
Linens 'n Things Inc. and its debtor-affiliates filed with
the United States Bankruptcy Court for the District of
Delaware their schedules of assets and liabilities, disclosing:
The Debtors have modified Schedule F of Linens 'N Things Inc.'s
schedule of assets and liabilities to reflect certain additional
vendor-related claims asserted by:
(1) Lifetime Brands Inc.;
(2) World Kitchen, LLC;
(3) Textiles from Europe Inc., doing business as Victoria
Classics Imports; and
(4) Sander Sales Enterprises, Ltd.
Prior to the submission of the Amended Schedule F, the Vendors
filed separate requests asking the Court to compel the Debtors to
amend the schedules because their claims were listed in LNT
Merchandising Company' schedules, and not in Linens 'N Things'.
The Vendors added that the amounts of their claims were not
reflected correctly:
Vendor-Asserted Debtors-listed
Vendor/Creditor Claim Amount Claim Amount
--------------- ------------ ------------
Lifetime Brands, Inc. $4,036,166 $4,184,316
Textiles from Europe Inc. 1,710,836 684
Sander Sales Enterprises 861,537 119
World Kitchen, LLC 302,017 95,180
According to the Amended Schedule F, Linens 'N Things' total
scheduled assets remains at $8,404,867. Its total scheduled
liabilities, however, increased from $1,081,786,470 to
$1,219,030,979.
A copy of the Amended Schedule F is available for free at:
http://researcharchives.com/t/s?32da
Pursuant to the order setting bar dates for filing proofs of
claim, the Debtors say that if any of the claimants affected by
the modifications to Schedule F disagree with the change to the
nature, amount or classification of their claims, the claimant
must file a proof of claim with respect to the claim no later
than 5:00 p.m., Prevailing Pacific Time, on October 6, 2008.
The Debtors submit that Amended Schedule F includes claims for
each of the Lifetime Brands, et al., and hence, moots the relief
requested in the requests to compel.
Victoria Classics Talks Back
Robert R. Leinwand, Esq., at Robinson Brog Leinwand Greene
Genovese & Gluck P.C., in New York, contends that the Amended
Schedule F does not reflect the obligations due to Victoria
Classics. He notes that the Amended Schedule F does correctly
list Victoria Classics in the Linen 'N Things' schedule, however,
it does not list the claim in the correct amount. The Amended
Schedule F listed Victoria Classics' claim at $684.
Mr. Leinwand informs the Court that a manager of merchandise
accounts payable from Linens 'N Things has acknowledged that the
undisputed amount due to Victoria Classics is $1,440,125. To
ensure the fair administration of the bankruptcy cases, he says,
the Debtors should be compelled to amend their schedules to
properly reflect the undisputed obligation of Linen 'N Things to
Victoria Classics in an amount no less than $1,440,125, or, in
the amount as represented by Victoria Classics' proof of claim --
$1,710,836.
Victoria Classics asks Judge Sontchi to overrule the Debtors'
reply to its request to compel, and direct them to amend their
schedules to include the correct amount for Victoria Classics'
claim in an amount no less than the undisputed amount, as already
admitted by the Debtor.
* * *
The Debtors further amended the Amended Schedule F to reflect
these claims:
Vendor/Creditor Claim Amount
--------------- ------------
Lifetime Brands, Inc. $2,543,912
Textiles from Europe Inc. 1,440,125
Sander Sales Enterprises 507,235
World Kitchen, LLC 301,017
About Linens 'n Things Inc.
Headquartered in Clifton, New Jersey, Linens 'n Things Inc. --
http://www.lnt.com/-- is the second largest specialty retailer of
home textiles, housewares and home accessories in North America
operating 589 stores in 47 U.S. states and seven Canadian
provinces as of Dec. 29, 2007. The company is a destination
retailer, offering one of the broadest and deepest selections of
high quality brand-name as well as private label home furnishings
merchandise in the industry. Linens 'n Things has some 585
superstores (33,000 sq. ft. and larger), emphasizing low-priced,
brand-name merchandise, in more than 45 states and about seven
Canadian provinces. Brands include Braun, Krups, Calphalon, Laura
Ashley, Croscill, Waverly, and the company's own label. Linens 'n
Things was acquired by private equity firm Apollo Management in
2006.
On May 2, 2008, these Linens entities filed chapter 11 petition
(Bankr. D. Del.): Linens Holding Co. (08-10832), Linens 'n Things,
Inc. (08-10833), Linens 'n Things Center, Inc. (08-10834),
Bloomington, MN., L.T., Inc. (08-10835), Vendor Finance, LLC
(08-10836), LNT, Inc. (08-10837), LNT Services, Inc. (08-10838),
LNT Leasing II, LLC (08-10839), LNT West, Inc. (08-10840), LNT
Virginia LLC (08-10841), LNT Merchandising Company LLC (08-10842),
LNT Leasing III, LLC (08-10843), and Citadel LNT, LLC (08-10844).
Judge Christopher S. Sontchi presides over the case.
Mark D. Collins, Esq., John H. Knight, Esq., and Jason M. Madron,
Esq., at Richards, Layton & Finger, P.A., provide Linens 'n Things
with bankruptcy counsel. The Debtors' special corporate counsel
are Holland N. O'Neil, Esq., Ronald M. Gaswirth, Esq., Stephen A.
McCaretin, Esq., Randall G. Ray, Esq., and Michael S. Haynes,
Esq., at Morgan, Lewis & Bockius, LLP. The Debtors' restructuring
management services provider is Conway Del Genio Gries & Co., LLC.
The Debtors' CRO and Interim CEO is Michael F. Gries, co-founder
of Conways Del Genio Gries & Co., LLC. The Debtors' claims agent
is Kurtzman Carson Consultants, LLC. The Debtors' consultants are
Asset Disposition Advisors, LLC, and Protivit, Inc. The Debtors'
investment bankers are Financo, Inc., and Genuity Capital Markets.
(Bankruptcy News About Linens 'n Things, Issue No. 18; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
LINENS 'N THINGS: Posts $33.3 Million Net Loss in August 2008
------------------------------------------------------------
Linens Holding Co., et al.
Balance Sheet
As of August 23, 2008
Assets
Current Assets
Cash $14,332,958
Accounts receivable, net 38,355,962
Inventory 507,435,408
Inventory - liquidation sales 54,000,000
Prepaid expenses 14,468,985
-------------
Total Current Assets 628,593,313
Property & Equipment
Building 5,010,000
Furniture & fixtures 240,474,732
Hardware 13,558,607
Leasehold improvements 179,813,541
Land 1,030,400
Software 8,677,619
Less: accumulated depreciation (204,115,933)
-------------
Total Property & Equipment 244,448,966
Other Assets
Identifiable intangible 134,900,948
Goodwill 253,159,671
Other non-current assets 35,340,658
-------------
Total other assets 423,401,277
-------------
Total Assets $1,296,443,556
=============
Liabilities and Shareholders' Equity
Liabilities not subject to compromise
Current liabilities
Merchandise accounts payable
accruals, refunds & allowances $54,958,628
Due to customers 10,176,624
Salaries and wages 11,575,211
Taxes, non-franchise and income tax 14,286,267
Workers compensation 559,345
Current retirement plans 66,550
Rent -
General liability claims 286,749
Accrued auto claims & uninsured losses 26,184
Other accrued liabilities 100,322,953
-------------
Total Current Liabilities 192,258,511
Long Term Liabilities
Long-term borrowings 150,925,423
Non-current deferred income -
Other liabilities 2,997,721
-------------
Total long term liabilities 153,923,144
-------------
Total liabilities not subject to compromise 346,181,655
Liabilities subject to compromise
L/T senior secured note 650,000,000
Unsecured claims 348,506,731
Priority claims 26,783,321
-------------
Total Liabilities Subject to Compromise 1,025,290,053
-------------
Total Liabilities 1,371,471,708
Shareholders' Equity
Common stock 130,130
Additional paid-in capital 601,541,602
Retained earnings - prepetition (536,191,697)
Retained earnings - postpetition (142,736,031)
Currency gain/loss 2,227,844
-------------
Net shareholders' equity (75,028,152)
-------------
Total Liabilities and Shareholders' Equity $1,296,443,556
=============
Linens Holding Co., et al.
Income Statement
For the month ending August 23, 2008
Gross revenues $118,609,288
Rebates and returns (985,191)
Cost of goods sold (56,878,976)
-------------
Initial Mark On (IMO) 60,745,121
Markdowns 13,332,584
Gross allowances (5,062,107)
Deferred allowances (1,959,321)
-------------
Total markdowns - net 6,311,156
-------------
Merchant margin 54,433,965
Supply chain expenses (3,894,036)
Buying, product development, shrink (3,283,858)
-------------
Gross profit 47,256,071
Store payroll expense (15,378,142)
Other store selling expenses (3,714,808)
-------------
Total selling expense (19,092,950)
-------------
Margin after selling expenses 28,163,121
Occupancy (32,141,900)
Sales promotions (4,957,045)
Other store expenses (1,258,773)
Supervisory/Other (796,058)
-------------
Total store expenses (39,153,776)
-------------
Store contribution (10,990,655)
Administrative salaries (2,053,878)
Other administrative expenses (1,336,131)
Other income/(expense) 306,152
Interest (1,764,086)
Taxes (269,869)
-------------
Total General & Administrative (5,117,812)
-------------
Net Earnings [Loss] (16,108,467)
-------------
Reorganization Items (17,186,867)
-------------
Net Earnings [Loss] After Reorg. Items ($33,295,334)
=============
Linens Holding Co., et al.
Schedule of Cash Receipts and Disbursements
For the month ending August 23, 2008
Cash Receipts:
Sales receipts $155,296,000
Other receipts, i.e. tenant allow. 1,736,000
Store closure proceeds 54,549,000
-------------
Total receipts 211,581,000
Cash Disbursements:
Trade payments:
A/P - Merchandise 72,311,000
Rollover A/P - Prepaid -
A/P - LC's & Trade Card 10,951,000
A/P - LAPP -
-------------
Total trade payments 83,262,000
Operating Expenses:
Payroll, payroll taxes & benefits 24,565,000
Rent checks and wires 20,746,000
Marketing 3,079,000
Capital expenditures -
Freight 7,330,000
Sales tax payable 14,777,000
SCS Expense/Savings (894,000)
Other (Import duties, misc. CC fees) 17,148,000
Administrative & selling expenses -
-------------
Total operating expenses 86,751,000
Non-Operating Expenses:
DIP & revolver interest & fees -
Other Interest Expense/(Income) (5,000)
-------------
Total non-operating expenses (5,000)
-------------
Net operating cash flow 41,573,000
Bankruptcy Expenses:
DIP fees & expenses -
Deposits for utilities -
Professional fees 585,000
-------------
Total Bankruptcy Expenses 585,000
-------------
Net Cash Flows 40,988,000
-------------
Draw / (Paydown) of DIP Facility (44,152,000)
-------------
Net Change in Cash ($3,164,000)
=============
About Linens 'n Things Inc.
Headquartered in Clifton, New Jersey, Linens 'n Things Inc. --
http://www.lnt.com/-- is the second largest specialty retailer of
home textiles, housewares and home accessories in North America
operating 589 stores in 47 U.S. states and seven Canadian
provinces as of Dec. 29, 2007. The company is a destination
retailer, offering one of the broadest and deepest selections of
high quality brand-name as well as private label home furnishings
merchandise in the industry. Linens 'n Things has some 585
superstores (33,000 sq. ft. and larger), emphasizing low-priced,
brand-name merchandise, in more than 45 states and about seven
Canadian provinces. Brands include Braun, Krups, Calphalon, Laura
Ashley, Croscill, Waverly, and the company's own label. Linens 'n
Things was acquired by private equity firm Apollo Management in
2006.
On May 2, 2008, these Linens entities filed chapter 11 petition
(Bankr. D. Del.): Linens Holding Co. (08-10832), Linens 'n Things,
Inc. (08-10833), Linens 'n Things Center, Inc. (08-10834),
Bloomington, MN., L.T., Inc. (08-10835), Vendor Finance, LLC
(08-10836), LNT, Inc. (08-10837), LNT Services, Inc. (08-10838),
LNT Leasing II, LLC (08-10839), LNT West, Inc. (08-10840), LNT
Virginia LLC (08-10841), LNT Merchandising Company LLC (08-10842),
LNT Leasing III, LLC (08-10843), and Citadel LNT, LLC (08-10844).
Judge Christopher S. Sontchi presides over the case.
Mark D. Collins, Esq., John H. Knight, Esq., and Jason M. Madron,
Esq., at Richards, Layton & Finger, P.A., provide Linens 'n Things
with bankruptcy counsel. The Debtors' special corporate counsel
are Holland N. O'Neil, Esq., Ronald M. Gaswirth, Esq., Stephen A.
McCaretin, Esq., Randall G. Ray, Esq., and Michael S. Haynes,
Esq., at Morgan, Lewis & Bockius, LLP. The Debtors' restructuring
management services provider is Conway Del Genio Gries & Co., LLC.
The Debtors' CRO and Interim CEO is Michael F. Gries, co-founder
of Conways Del Genio Gries & Co., LLC. The Debtors' claims agent
is Kurtzman Carson Consultants, LLC. The Debtors' consultants are
Asset Disposition Advisors, LLC, and Protivit, Inc. The Debtors'
investment bankers are Financo, Inc., and Genuity Capital Markets.
(Bankruptcy News About Linens 'n Things, Issue No. 18; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
NETBANK INC: Aug. 31 Balance Sheet Upside-Down by $20,807,207
-------------------------------------------------------------
NetBank, Inc. filed with the U.S. Bankruptcy Court for the Middle
District of Florida its monthly operating report for the month
ended Aug. 31, 2008.
Cash at the beginning of the period were $6,758,700. Cash
receipts were $6,657 and cash disbursements were $89,136. Cash at
the end of the month was $6,676,220.
At Aug. 31, 2008, the company had total assets of $13,807,207 and
total liabilities of $34,607,868, resulting in a stockholders'
deficit of $20,800,661.
The company did not include a Statement of Income in its monthly
operating report for August 2008.
A full-text copy of the company's monthly operating report for
August 2008 is available for free at:
http://researcharchives.com/t/s?32ce
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 provides
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, represents the Debtor. 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, Esq. at Kilpatrick Stockton LLP, represents the Committee
in this case. Rogers Towers P.A. serves as co-counsel to the
Committee. As of Sept. 25, 2007, the Debtor listed total assets
of $87,213,942 and total debts of $42,245,857.
PRC LLC: Files Operating Report for Period Ending August 31
-----------------------------------------------------------
Precision Response Corporation LLC
Schedules of Receipts and Disbursements
For the Period From August 1 to August 31, 2008
Cash, beginning of period $30,734,200
Receipts during the period 18,859,085
Transfer of funds between entities 1,464,759
Disbursements
Operating expenses (Fees and Taxes)
U.S. Trustee quarterly fees 0
Federal taxes Not applicable
State taxes Not applicable
Other taxes 118,010
Other operating expenses 26,409,454
Plan payments 2,502,372
Administrative claims
Class 1 Not applicable
Class 2 Not applicable
Class 3 Not applicable
Class 4 Not applicable
---------------
Total disbursements 29,029,836
---------------
Cash, end of period $22,028,208
===============
Access Direct Telemarketing, Inc.
Schedules of Receipts and Disbursements
For the Period From August 1 to August 31, 2008
Cash, beginning of period $528,273
Receipts during the period 2,092,230
Transfer of funds between entities (879,396)
Disbursements
Operating expenses (Fees and Taxes)
U.S. Trustee quarterly fees 0
Federal taxes Not applicable
State taxes Not applicable
Other taxes 0
Other operating expenses 1,716,821
Plan payments 0
Administrative claims
Class 1 Not applicable
Class 2 Not applicable
Class 3 Not applicable
Class 4 Not applicable
---------------
Total disbursements 1,716,821
---------------
Cash, end of period $24,286
================
PRC B2B, LLC
Schedules of Receipts and Disbursements
For the Period From August 1 to August 31, 2008
Cash, beginning of period $569,046
Receipts during the period 2,078,442
Transfer of funds between entities (585,363)
Disbursements
Operating expenses (Fees and Taxes)
U.S. Trustee quarterly fees 0
Federal taxes Not applicable
State taxes Not applicable
Other taxes 0
Other operating expenses 2,047,829
Plan payments 0
Administrative claims
Class 1 Not applicable
Class 2 Not applicable
Class 3 Not applicable
Class 4 Not applicable
---------------
Total disbursements 2,047,829
---------------
Cash, end of period $14,297
===============
Precision Response of PA LLC
Schedules of Receipts and Disbursements
For the Period From August 1 to August 31, 2008
Cash, beginning of period $0
Receipts during the period 0
Transfer of funds between entities 0
Disbursements
Operating expenses (Fees and Taxes)
U.S. Trustee quarterly fees 0
Federal taxes Not applicable
State taxes Not applicable
Other taxes 0
Other operating expenses 0
Plan payments 0
Administrative claims
Class 1 Not applicable
Class 2 Not applicable
Class 3 Not applicable
Class 4 Not applicable
---------------
Total disbursements 0
---------------
Cash, end of period $0
===============
Panther/DCP Holdings, LLC
Schedules of Receipts and Disbursements
For the Period From August 1 to August 31, 2008
Cash, beginning of period $0
Receipts during the period 0
Transfer of funds between entities 0
Disbursements
Operating expenses (Fees and Taxes)
U.S. Trustee quarterly fees 0
Federal taxes Not applicable
State taxes Not applicable
Other taxes 0
Other operating expenses 0
Plan payments 0
Administrative claims
Class 1 Not applicable
Class 2 Not applicable
Class 3 Not applicable
Class 4 Not applicable
---------------
Total disbursements 0
---------------
Cash, end of period $0
===============
About PRC LLC
Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC --
http://www.prcnet.com/-- is a leading provider of customer
management solutions. PRC markets its services to brand-focused,
Fortune 500 U.S. corporations and delivers these services through
a global network of call centers in the U.S., Philippines, India,
and the Dominican Republic.
PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of Access
Direct Telemarketing, Inc., each of which is a debtor and debtor-
in-possession in PRC's joint Chapter 11 cases.
Panther/DCP Intermediate Holdings LLC, is the sole member of
PRC.
PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry. Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.
The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No.
08-10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges,
LLP, represents the Debtors in their restructuring efforts. The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring and
turnaround advisor. Additionally, Evercore Group LLC provides
investment and financial counsel to the Debtors.
The Debtors' consolidated financial condition as of Dec. 31, 2007
showed total assets of $354,000,000 and total debts of
$261,000,000.
The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008. The Court confirmed that Plan
mid-June 2008.
(PRC LLC Bankruptcy News, Issue No. 21; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
REFCO LLC: Files Monthly Operating Report for June 2008
-------------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation of
Refco LLC's estate, filed with the Court a monthly statement of
cash receipts and disbursements for the period from June 1 to 30,
2008.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
in its Chase Money Market account with JPMorgan Chase Bank, N.A.,
totaled $78,760,000 as of June 1.
During the Reporting Period, Refco LLC received $74,000, and
disbursed $336,000. The Debtor held $78,598,000 at the end of
the period.
Refco, LLC
Schedule of Cash Receipts and Disbursements
Through JPMorgan Money Market and Checking Accounts
June 1 through June 30, 2008
Beginning Balance, June 1, 2008 $78,760,000
RECEIPTS
Interest Income 134,000
Man Financial - Return of Erroneous Funds Received -
Man Financial - Excess Capital return -
Other Receivables 40,000
-----------
TOTAL RECEIPTS 174,000
TRANSFERS
Money Market Account to Checking Account -
-----------
TOTAL TRANSFERS -
DISBURSEMENTS
Operating Expenses and Other Disbursements 336,000
Other Disbursements -
Reorganization Expenses -
-----------
TOTAL DISBURSEMENTS 336,000
-----------
Ending Balance, June 30, 2008 $78,598,000
===========
A full-text copy of Refco LLC's June 2008 Monthly Statement is
available at no charge at:
http://bankrupt.com/misc/RefcoLLCMORJune08.pdf
About Refco
Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base. Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore. In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives. The company has operations in Bermuda.
The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.
The Court confirmed the Modified Joint Chapter 11 Plan of Refco
Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26,
2006. (Refco Bankruptcy News, Issue No. 87; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
REFCO LLC: Files Operating Report for Period ended July 31, 2008
---------------------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation of
Refco, LLC's estate, filed with the Court a monthly statement of
cash receipts and disbursements for the period from July 1 to 31,
2008.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
in its Chase Money Market account with JPMorgan Chase Bank, N.A.,
totaled $78,598,000 as of July 1.
During the Reporting Period, Refco LLC received $126,000. The
Debtor held $78,724,000 at the end of the period.
Refco, LLC
Schedule of Cash Receipts and Disbursements
Through JPMorgan Money Market and Checking Accounts
July 1 through July 31, 2008
Beginning Balance, July 1, 2008 $78,598,000
RECEIPTS
Interest Income 126,000
Man Financial - Return of Erroneous Funds Received -
Man Financial - Excess Capital return -
Other Receivables -
-----------
TOTAL RECEIPTS 126,000
TRANSFERS
Money Market Account to Checking Account -
-----------
TOTAL TRANSFERS -
DISBURSEMENTS
Operating Expenses and Other Disbursements -
Other Disbursements -
Reorganization Expenses -
-----------
TOTAL DISBURSEMENTS 0
-----------
Ending Balance, July 31, 2008 $78,724,000
===========
A full-text copy of Refco LLC's July 2008 Monthly Statement is
available at no charge at:
http://bankrupt.com/misc/RefcoLLCMORJuly08.pdf
About Refco
Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base. Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore. In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives. The company has operations in Bermuda.
The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.
The Court confirmed the Modified Joint Chapter 11 Plan of Refco
Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26,
2006. (Refco Bankruptcy News, Issue No. 87; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
STEVE & BARRY'S: SB Manhattan's Schedules of Assets and Debts
-------------------------------------------------------------
Stone Barn Manhattan, LLC delivered to the U.S. Bankruptcy Court
for the Southern District of New York its schedules of assets and
liabilities, disclosing:
Stone Barn Manhattan, LLC
f/k/a Steve & Barry's Manhattan LLC
A. Real Property $0
B. Personal Property
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 0
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
Store 106 - PPE Manhattan Mall 595,925
B.29 Equipment and Supplies for Business
Store 106 - leasehold improvements 44,982
B.30 Inventory
Store 106 - Manhattan Mall 725,113
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 $1,366,020
=========================================================
C. Property Claimed as Exempt 0
D. Creditors Holding Secured Claims
General Electric Capital Corporation
- senior credit facility 135,910,217
PrenSB, LLC - subordinated credit facility 30,454,866
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims
131 West 33rd Street Holdings LLC 37,916
Others unknown
TOTAL SCHEDULED LIABILITIES $166,402,999
=========================================================
About Steve & Barry's
Headquartered 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. The discount clothing chain's
brands include 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 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: SB New York's Schedules of Assets & Liabilities
----------------------------------------------------------------
Stone Barn New York, LLC delivered to the U.S. Bankruptcy Court
for the Southern District of New York its schedules of assets and
liabilities, disclosing:
Stone Barn New York LLC
f/k/a Steve & Barry's New York LLC
A. Real Property $0
B. Personal Property
B.3 Security Deposit
Conedison - utility deposit 8,980
Guardian Ins 1,247
Keyspan 3,940
Lipa 4,970
Lipa-NY 16,440
Massena Electric Dep - utility deposit 8,000
Nation Grid - utility deposit 3,885
National Grid - utility deposits 18,100
National Grid refund - utility deposit 0
NYSEG - utility deposits 10,390
Others 41,176
Roch B&E - utility deposit 3,735
St. Lawrence Gas - utility deposit 7,900
B.16 Accounts Receivable
Store 241 - Olean Center Mall 165,665
Store 256 - Ithaca Mall 397,756
Store 266 - Southside Mall Oneonta 1,170,875
Store 267 - St. Lawrence Centre 847,818
Store 271 - Dunning Farms Shopping Center 353,893
Store 283 - DSW Plaza 326,900
Store 288 - West Shore Plaza 294,466
Store 294 - Aviation Mall 340,881
Store 307 - West Gates Shopping Center 1,015,000
B.28 Office Equipment
Store 0 - PPE (726,082)
Store 119 - The Mall at the Source 314,631
Store 124 - Summit Mall 173,974
Store 133 - Carousel Mall 133,843
Store 152 - Riverside Center 102,987
Store 186 - Salmon Run Mall 173,252
Store 193 - Pyramid Mall 154,569
Store 197 - Westfield Sunrise 106,631
Store 205 - Henrietta-Jefferson Plaza 124,089
Store 222 - Sunshine Square Shopping Center 148,646
Store 241 - Olean Center Mall 131,358
Store 256 - Pyramid Mall - Ithaca 137,456
Store 266 - Southside Mall 123,725
Store 267 - St. Lawrence Centre 225,274
Store 271 - Dunning Farms Shopping Center 117,418
Store 275 - Kingston Plaza 244,239
Store 283 - DSW Plaza 119,330
Store 288 - West Shore Plaza 255,795
Store 294 - Aviation Mall 55,947
Store 30 - Walden Galleria 43,272
Store 301 - PPE 26,792,432
Store 307 - West Gates Shopping Center 185,674
Store 313 - Circle Road Plaza 91,067
Store 37 - Broadway Mall 94,179
Store 44 - Palisades Center 169,523
Store 49 - Colonie Center 72,497
Store 59 - Fingerlakes Mall 92,873
Store 96 - Medley Centre 442,278
B.29 Equipment and Supplies for Business
Store 0 - fixtures 55,314
Store 0 - leasehold improvements (2,288,332)
Store 119 - The Mall at the Source 747,667
Store 124 - Summit Mall 95,009
Store 133 - Carousel Mall 1,450
Store 152 - Riverside Center 125,781
Store 186 - Salmon Run Mall 98,541
Store 193 - Pyramid Mall 155,919
Store 197 - Westfield Sunrise 105,045
Store 205 - Henrietta-Jefferson Plaza 135,131
Store 222 - Sunshine Square Shopping Center 550,042
Store 241 - Olean Center Mall 302,892
Store 256 - Ithaca Mall 948,967
Store 266 - Southside Mall 764,383
Store 267 - St. Lawrence Centre 726,891
Store 271 - Dunning Farms Shopping Center 763,462
Store 275 - Kingston Plaza 332,657
Store 283 - DSW Plaza 464,402
Store 288 - West Shore Plaza 720,813
Store 294 - Aviation Mall 172,770
Store 30 - Walden Galleria 144,898
Store 301 - PPE 13,618,899
Store 307 - West Gates Shopping Center 668,490
Store 313 - Circle Road Plaza 271,755
Store 37 - Broadway Mall 595,744
Store 44 - Palisades Center 185,819
Store 49 - Colonie Center 65,070
Store 59 - Fingerlakes Mall 86,062
Store 96 - Medley Centre 192,235
B.30 Inventory
Store 0 - PPE 565
Store 119 - The Mall at the Source 636,056
Store 124 - Summit Mall 526,548
Store 133 - Carousel Mall 521,417
Store 152 - Riverside Center 376,250
Store 186 - Salmon Run Mall 464,886
Store 193 - Pyramid Mall 579,987
Store 197 - Westfield Sunrise 695,078
Store 205 - Henrietta-Jefferson Plaza 354,330
Store 222 - Sunshine Square Shopping Center 526,961
Store 241 - Olean Center Mall 502,885
Store 256 - Ithaca Mall 333,672
Store 266 - Southside Mall (341)
Store 267 - St. Lawrence Centre 722,015
Store 271 - Dunning Farms Shopping Center 460,912
Store 275 - Kingston Plaza 522,269
Store 283 - DSW Plaza 340,449
Store 288 - West Shore Plaza 382,505
Store 294 - Aviation Mall 306,183
Store 30 - Walden Galleria 616,309
Store 307 - West Gates Shopping Center 603,456
Store 313 - Circle Road Plaza 0
Store 37 - Broadway Mall 729,594
Store 44 - Palisades Center 488,519
Store 49 - Colonie Center 526,276
Store 59 - Fingerlakes Mall 484,579
Store 96 - Medley Centre 179,997
TOTAL SCHEDULED ASSETS $67,832,071
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims 0
General Electric Capital Corporation - senior 135,910,217
credit facility
PrenSB, LLC - subordinated credit facility 30,454,865
E. Creditors Holding Unsecured Priority Claims 2,058
F. Creditors Holding Unsecured Non-priority Claims
Bersin Properties LLC 80,972
Nagle Holding CO, LLC and Cam Holding Co, LLC 61,938
Southside Mall Oneonta 48,879
Kingston Plaza 45,709
Fingerlakes Mall, LLC 35,454
New Plan Excel Realty Trust, Inc. 27,141
Riverside Enterprises LLC 23,679
St. Lawrence Center 23,124
Pyramid Mall of Ithaca, L.L.C. 21,282
4B's Realty Harbor Park Drive, LLC 18,583
4B's Realty Harbor Park Drive Leasing 9,580
Others unknown
TOTAL SCHEDULED LIABILITIES $166,763,489
About Steve & Barry's
Headquartered 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. The discount clothing chain's
brands include 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 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: SB Ohio's Schedules of Assets & Liabilities
------------------------------------------------------------
Stone Barn Ohio, LLC delivered to the U.S. Bankruptcy Court for
the Southern District of New York its schedules of assets and
liabilities, disclosing:
Stone Barn Ohio LLC
f/k/a Steve & Barry's Ohio LLC
A. Real Property $0
B. Personal Property
B.3 Security Deposit
Amer Elec 74 - utility deposit 2,489
American Electric Power - utility deposit 6,467
AT&T - utility deposit 170
Cinergy - utility deposit 3,650
City Clev - utility deposit 368
City of Niles - utility deposit 10,000
City of North Canton - utility deposit 300
Columbia Gas of Ohio - utility deposit 2,784
Domohio26785 - utility deposit 200
First Ener - utility deposit 117
Ohio Edison - utility deposit 635
Toledo Edison - utility deposit 3,510
B.16 Accounts Receivable
Store 273 - Promenade at Belden 287,875
Store 279 - Upper Valley Mall 621,184
B.28 Office Equipment
Store 101 - Woodland Mall 239,071
Store 113 - Southland Shopping Center 170,003
Store 143 - Eastwood Mall 129,901
Store 147 - Glenway Crossing 235,036
Store 182 - Plazas of Great Northern 248,008
Store 184 - Fort Steuben 90,628
Store 199 - Chapel Hill Mall 157,103
Store 200 - College Plaza 112,291
Store 204 - Richmond Town Square 122,906
Store 21 - Cincinnati Mills 383,199
Store 211 - Williston Road 343,440
Store 214 - New Boston Shopping Center 202,786
Store 220 - New Towne Mall 161,585
Store 253 - Washington Park Plaza 136,660
Store 273 - Promenade at Belden 207,230
Store 279 - Upper Valley Mall 202,049
Store 28 - Eastgate Mall 30,007
Store 303 - Hamilton Crossings 4,055
Store 34 - River Valley Mall 113,729
Store 43 - Indian Mound Mall 136,505
Store 53 - Westfield Shopping Town Midway 134,751
Store 55 - Miami Valley Centre 131,755
Store 74 - Ohio Valley Mall 128,070
Store 75 - Southland Mall 130,704
Store 81 - Ashtabula Mall 214,431
B.29 Equipment and Supplies for Business
Store 101 - Woodland Mall 83,164
Store 113 - Southland Shopping Center 116,184
Store 143 - Eastwood Mall 12,810
Store 147 - Glenway Crossing 272,800
Store 182 - Plazas of Great Northern 33,943
Store 184 - Fort Steuben 30,775
Store 199 - Chapel Hill Mall 27,235
Store 200 - College Plaza 25,186
Store 204 - Richmond Town Square 50,076
Store 21 - Cincinnati Mills 278,478
Store 211 - Williston Road 154,324
Store 214 - New Boston Shopping Center 269,570
Store 220 - New Towne Mall 132,261
Store 253 - Washington Park Plaza 154,979
Store 273 - Promenade at Belden 103,147
Store 279 - Upper Valley Mall 53,828
Store 28 - Eastgate Mall 116,328
Store 34 - River Valley Mall 153,836
Store 43 - Indian Mound Mall 259,732
Store 53 - Westfield Shopping Town Midway 112,261
Store 55 - Miami Valley Centre 146,919
Store 74 - Ohio Valley Mall 122,337
Store 75 - Southland Mall 186,438
Store 81 - Ashtabula Mall 156,830
B.30 Inventory
Store 101 - Woodland Mall 573,013
Store 113 - Southland Shopping Center 469,423
Store 143 - Eastwood Mall 472,398
Store 147 - Glenway Crossing 719,526
Store 182 - Plazas of Great Northern 407,102
Store 184 - Fort Steuben 489,722
Store 199 - Chapel Hill Mall 383,737
Store 200 - College Plaza 435,324
Store 204 - Richmond Town Square 362,800
Store 21 - Cincinnati Mills 1,021,279
Store 211 - Williston Road 788,935
Store 214 - New Boston Shopping Center 653,131
Store 220 - New Towne Mall 401,654
Store 253 - Washington Park Plaza 364,230
Store 273 - Promenade at Belden 477,057
Store 279 - Upper Valley Mall 435,581
Store 28 - Eastgate Mall 341,177
Store 303 - Hamilton Crossings 0
Store 34 - River Valley Mall 671,575
Store 43 - Indian Mound Mall 817,521
Store 53 - Westfield Shopping Town Midway 428,384
Store 55 - Miami Valley Centre 878,475
Store 74 - Ohio Valley Mall 637,354
Store 75 - Southland Mall 756,180
Store 81 - Ashtabula Mall 1,062,689
TOTAL SCHEDULED ASSETS $22,207,394
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
General Electric Capital Corporation - senior 135,910,217
credit facility
PrenSB, LLC - subordinated credit facility 30,454,865
E. Creditors Holding Unsecured Priority Claims
Butler County's Treasurer 25
Cincinnati Police Dept. False Alarm Reduction 250
unit
City of Akron 15
City of Columbus 400
City of Mansfield 185
City Treasurer License Section 435
Katherine Kozikowski 62
Ohio Secretary of State 125
Stark County Treasurer 50
Store 182 personal property tax 31,658
Store 21 personal property tax 68,039
Store 55 personal property tax 49,621
F. Creditors Holding Unsecured Non-priority Claims
Southland Mall 52,710
Ohio Valley Mall 47,792
Ashtabula Mall 42,285
DDR-MDT Great Northern LLC 41,109
Centro Midway LLC 38,709
Galileo Southland LLC 37,503
Midamco 34,776
HK New Plan Exchange Property Owner II, LLC 29,010
Forts Teuben Improvements, LLC 18,781
College Plaza 15,205
Others unknown
TOTAL SCHEDULED LIABILITIES $166,873,835
About Steve & Barry's
Headquartered 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. The discount clothing chain's
brands include 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 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: SB Penn.'s Schedules of Assets & Liabilities
-------------------------------------------------------------
Stone Barn Pennsylvania, LLC delivered to the U.S. Bankruptcy
Court for the Southern District of New York its schedules of
assets and liabilities, disclosing:
Stone Barn Pennsylvania LLC
f/k/a Steve & Barry's Pennsylvania LLC
A. Real Property $0
B. Personal Property
B.3 Security Deposit
Allegheny - utility deposit 832
Dominion People - utility deposit 643
Peco Energy - utility deposit 7,910
B.16 Accounts Receivable
Store 232 - East End Valley Mall 53,707
Store 291 - East End Center 1,073,333
Store 293 - Franklin Center 949,627
Store 304 - Norwin Hills 332,840
Store 310 - West Manchester Mall 989,690
B.28 Office Equipment
Store 144 - Franklin Mills 392,227
Store 217 - Hillcrest Shopping Center 192,933
Store 232 - Beaver Valley Mall 122,069
Store 243 - Schuylkill Mall 309,714
Store 249 - Rockvale Square Outlets 168,648
Store 254 - Valley Forge Shopping Center 131,115
Store 268 - Johnstown Galleria 55,122
Store 29 - Century III Mall 26,825
Store 291 - East End Centre 141,774
Store 293 - Franklin Center 163,351
Store 304 - Norwin Hills 165,576
Store 31 - Millcreek Mall 24,481
Store 310 - West Manchester Mall 141,329
Store 35 - South Mall 70,133
Store 42 - Westmoreland Mall 33,136
Store 47 - The Mall at Steamtown 105,386
B.29 Equipment and Supplies for Business
Store 144 - Franklin Mills 294,010
Store 217 - Hillcrest Shopping Center 266,994
Store 232 - Beaver Valley Mall 111,039
Store 243 - Schuylkill Mall 1,061,312
Store 249 - Rockvale Square Outlets 599,497
Store 254 - Valley Forge Shopping Center 554,244
Store 268 - Johnstown Galleria 636,899
Store 29 - Century III Mall 215,145
Store 291 - East End Centre 429,618
Store 293 - Franklin Center 351,015
Store 304 - Norwin Hills 108,610
Store 31 - Millcreek Mall 167,350
Store 310 - West Manchester Mall 460,718
Store 35 - South Mall 148,615
Store 42 - Westmoreland Mall 203,025
Store 47 - The Mall at Steamtown 248,196
B.30 Inventory
Store 144 - Franklin Mills 1,194,801
Store 217 - Hillcrest Shopping Center 657,219
Store 232 - Beaver Valley Mall 434,021
Store 243 - Schuylkill Mall 868,542
Store 249 - Rockvale Square Outlets 406,802
Store 254 - Valley Forge Shopping Center 413,738
Store 268 - Johnstown Galleria 403,569
Store 29 - Century III Mall 789,280
Store 291 - East End Centre 620,426
Store 293 - Franklin Center 625,139
Store 304 - Norwin Hills 413,396
Store 31 - Millcreek Mall 413,948
Store 310 - West Manchester Mall 388,381
Store 35 - South Mall 630,533
Store 42 - Westmoreland Mall 628,591
Store 47 - The Mall at Steamtown 576,671
TOTAL SCHEDULED ASSETS $20,973,745
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
General Electric Capital Corporation - senior 135,910,218
credit facility
PrenSB, LLC - subordinated credit facility 30,454,866
E. Creditors Holding Unsecured Priority Claims
Millcreek Township Sewer Revenue Dept. 70
Store 29 Municipal license 60
Store 35 business privilege tax 5,270
The Township of North Huntington Police Dept. 25
F. Creditors Holding Unsecured Non-priority Claims
WP Franklin Associates, LLC 103,387
Johnstown Galleria 67,060
CBL Westmoreland LP 62,334
Hillcrest Shopping Center, Inc. 53,763
Others unknown
TOTAL SCHEDULED LIABILITIES $166,657,054
About Steve & Barry's
Headquartered 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. The discount clothing chain's
brands include 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 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: Stone Barn LLC's Schedules of Assets & Debts
-------------------------------------------------------------
Stone Barn, 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
B.3 Security Deposits
Spiegel Catalog Holdings Corp. 10,000
The Water Source 180
B.28 Office Equipment
Store 300 - PPE 14,533,694
B.29 Equipment and Supplies for Business
Store 300 - leasehold improvements 498,838
B.30 Inventory
Store 992 596,398
Store 995 7,699,147
Store 996 63,164,781
TOTAL SCHEDULED ASSETS $86,503,040
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
General Electric Capital Corporation 135,910,217
- senior credit facility
PrenSB, LLC - subordinated credit facility 30,454,865
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims
PCCP IRG, Columbus, LLC 721,047
Others unknown
TOTAL SCHEDULED LIABILITIES $167,086,130
About Steve & Barry's
Headquartered 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. The discount clothing chain's
brands include 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 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: SB Texas' Schedules of Assets & Liabilities
------------------------------------------------------------
Stone Barn Texas, LLC delivered to the U.S. Bankruptcy Court for
the Southern District of New York its schedules of assets and
liabilities, disclosing:
Stone Barn Texas LLC
f/k/a Steve & Barry's Texas LLC
A. Real Property $0
B. Personal Property
B.3 Security Deposit
Atmos Energy - utility deposits 500
City of Centerville - utility deposit 125
City of Del Rio - utility report 210
City of Garland - utility deposit 1,900
City of Irving - utility deposit 500
City of Kileen - utility deposit 200
City of Pasadena - utility deposit 3,650
City of Warner Robins - utility deposit 600
CPS Energy - utility deposit 2,030
Entergy Texas Inc. - utility deposit 8,100
Haltom City Water Dept. - utility deposit 60
Integrys Energy - utility deposit 25,000
Relian650475 - utility deposit 13,660
Reliant Energy - utility deposit 8,126
Simon Propery Group Irving Mall 6,500
TXU Dallas - utility deposit 270
TXU Energy - utility deposit 3,390
WTU Energy - utility deposit 6,750
B.16 Accounts Receivable
Store 180 - Temple Mall 2,616
Store 225 - Corum Station 50,000
Store 257 - Haltom Commons 429,954
Store 269 - Irving Mall 506,025
B.28 Office Equipment
Store 110 - Katy Mills 295,748
Store 128 - West Oaks Mall 325,986
Store 131 - The Parks at Arlington 359,687
Store 150 - Valley View Center 160,738
Store 153 - Valle Vista Mall 143,783
Store 173 - Mall De Las Aguilas 104,617
Store 180 - Temple Mall 293,883
Store 208 - Military Drive 275,756
Store 209 - Broadway Center 363,688
Store 225 - Corum Station I Shopping Center 199,958
Store 236 - Deerbrook Mall 144,109
Store 257 - Haltom Commons 143,484
Store 269 - Irving Mall 183,511
Store 282 - Plaza Del Sol 185,496
Store 286 - East Southmore 189,417
Store 64 - Grapevine Mills 149,303
Store 73 - Killeen Mall 108,635
Store 84 - Brazos Mall 199,498
Store 85 - Central Mall 112,509
Store 88 - Mall of Abilene 125,510
Store 92 - Parkdale Mall 146,623
Store 93 - Post Oak Mall 157,162
Store 97 - Almeda Mall 131,233
B.29 Equipment and Supplies for Business
Store 110 - Katy Mills 422,567
Store 128 - West Oaks Mall 161,656
Store 131 - The Parks at Arlington 103,706
Store 150 - Valley View Center 43,326
Store 153 - Valle Vista Mall 131,132
Store 173 - Mall De Las Aguilas 27,097
Store 180 - Temple Mall 82,527
Store 208 - Military Drive 284,132
Store 209 - Broadway Center 278,729
Store 225 - Corum Station I Shopping Center 263,438
Store 236 - Deerbrook Mall 257,653
Store 257 - Haltom Commons 381,045
Store 269 - Irving Mall 380,890
Store 282 - Plaza Del Sol 311,130
Store 286 - East Southmore 616,984
Store 64 - Grapevine Mills 381,550
Store 73 - Killeen Mall 143,986
Store 84 - Brazos Mall 159,729
Store 85 - Central Mall 114,148
Store 88 - Mall of Abilene 77,285
Store 90 - Sharpstown Mall 4,072
Store 92 - Parkdale Mall 2,300
Store 93 - Post Oak Mall 4,983
Store 97 - Almeda Mall 60,266
B.30 Inventory
Store 110 - Katy Mills 743,295
Store 128 - West Oaks Mall 831,034
Store 131 - The Parks at Arlington 1,033,123
Store 150 - Valley View Center 607,773
Store 153 - Valle Vista Mall 409,157
Store 173 - Mall De Las Aguilas 357,599
Store 180 - Temple Mall 589,725
Store 208 - Military Drive 1,102,819
Store 209 - Broadway Center 707,279
Store 225 - Corum Station I Shopping Center 675,965
Store 236 - Deerbrook Mall 533,942
Store 257 - Haltom Commons 456,782
Store 269 - Irving Mall 378,940
Store 282 - Plaza Del Sol 454,809
Store 286 - East Southmore 527,142
Store 64 - Grapevine Mills 800,509
Store 73 - Killeen Mall 555,664
Store 84 - Brazos Mall 748,299
Store 85 - Central Mall 394,619
Store 88 - Mall of Abilene 403,787
Store 92 - Parkdale Mall 524,559
Store 93 - Post Oak Mall 492,538
Store 97 - Almeda Mall 412,884
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 $24,007,108
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
General Electric Capital Corporation - senior 135,910,217
credit facility
PrenSB, LLC - subordinated credit facility 30,454,865
E. Creditors Holding Unsecured Priority Claims
Arlington Police Dept. 50
Association of Certified Fraud Examiners 150
City of Beaumont Police Dept. 10
City of Dallas 100
City of Del Rio 89
City of Garland 609
City of Grapevine 392
City of Houston Alarm Detail 90
City of Irving 4,084
City of Katy 582
City of Lake Jackson 478
City of Pasadena 30
Harris County 100
Harris County Treasurer 525
Store 131 personal property taxes 79,591
Store 173 personal property tax 11,815
Store 84 personal property tax 39,315
Store 85 personal property tax 21,473
Store 92 personal property tax 40,695
Tarrant County 20
F. Creditors Holding Unsecured Non-priority Claims
Coyote Temple Mall LP 78,578
Post Oak Mall & Associates 52,507
Deerbrook Mall Anchor ACQ 46,097
Brazos Outlets Center LLC 44,258
Mall Shopping Center Co, L.P. 25,890
Mall of Abilene 23,016
GG&A Central Mall Partners, L.P. - Port 16,772
Enterprise Eagle Pass Associates, L.P. 461
Others unknown
TOTAL SCHEDULED LIABILITIES $166,852,869
About Steve & Barry's
Headquartered 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. The discount clothing chain's
brands include 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 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.
WELLMAN INC: Post $9.8 Million Net Loss in Period Ended August 31
-----------------------------------------------------------------
Wellman, Inc.
Condensed Consolidated Balance Sheet
(Unaudited)
As of August 31, 2008
Current assets:
Cash and cash equivalents $1,100,000
Accounts receivable 119,200,000
Inventories 72,500,000
Prepaid expenses and other current assets 29,000,000
Current assets held for sale -
------------
Total current assets 221,800,000
Property, plant and equipment:
Land, buildings and improvements 90,400,000
Machinery and equipment 340,100,000
CIP 4,600,000
------------
435,100,000
Less accumulated depreciation 199,700,000
------------
Net property, plant and equipment 235,400,000
Other assets 11,600,000
Noncurrent assets held for sale -
------------
Total Assets $468,800,000
============
LIABILITIES & STOCKHOLDERS' DEFICIT
Liabilities Not Subject to Compromise
Current Liabilities:
Accounts payable — trade $2,600,000
Accrued liabilities 22,100,000
Debtor in possession credit agreement 114,700,000
Other debt -
Current liabilities associated with
assets held for sale -
------------
Total current liabilities 139,400,000
Liabilities subject to compromise 531,900,000
Long-term debt -
Deferred income taxes and other
noncurrent liabilities 37,700,000
Noncurrent liabilities associated with
assets held for sale -
------------
Total Liabilities 709,000,000
Stockholders' Deficit:
Common stock -
Preferred stock 185,700,000
Paid-in capital 248,500,000
Common stock warrants 4,900,000
Accumulated other comprehensive loss -
Accumulated deficit (629,800,000)
Less common stock in treasury (49,500,000)
------------
Total Stockholders Deficit (240,200,000)
------------
$468,800,000
============
Wellman, Inc.
Consolidated Statements of Operations
(Unaudited)
For the Month Ended August 31, 2008
Net Sales $77,300,000
Cost of Sales 81,500,000
------------
Gross Profit (Loss) (4,200,000)
Selling, General and Administrative Expenses 2,300,000
Other (Income) Loss 0
------------
Operating Income (Loss) (6,500,000)
Interest Expense, Net 1,100,000
------------
Earnings (Loss) from continuing operations
before reorganization items and income taxes (7,600,000)
Reorganization Items, Net 2,200,000
------------
Earnings (Loss) from continuing operations
before income taxes (9,800,000)
Income Tax Expense (Benefit) 0
------------
Earnings (Loss) from continuing operations (9,800,000)
Earnings (Loss) from discontinued operations,
net of tax 0
------------
Net Earnings (Loss) ($9,800,000)
============
Wellman, Inc.
Simplified Statement of Cash Flows
(Unaudited)
For the Month Ended August 31, 2008
Cash flow from operating activities:
Net earnings (loss) ($9,800,000)
Adjustments to reconcile net earnings (loss) to
net cash used in operating activities:
Loss from discontinued operations, net of tax 0
Depreciation 1,100,000
Amortization 1,300,000
Amortization in interest expense 600,000
Deferred taxes on income 0
Reorganization Items 2,200,000
Payment of reorganization items (3,500,000)
Gain on sale of assets 0
Changes in assets and liabilities:
Accounts receivable 10,900,000
Inventories 1,300,000
Prepaid expenses and other current assets (3,400,000)
Other assets (0)
Accounts payable and accrued liabilities 1,500,000
Other liabilities 0
Other (100,000)
------------
Net cash provided (used) by operating activities 2,100,000
Cash flows from investing activities:
Additions to property, plant and equipment (net) (200,000)
Proceeds from sale of assets 0
------------
Net cash used by investing activities (200,000)
Cash flows from financing activities:
Borrowings (Repayments) of long-term debt (2,200,000)
Dividends paid on common stock 0
Debt and equity issuance costs 0
------------
Net cash provided (used) by financing activities (2,200,000)
Discontinued Operations:
Operating activities 0
Investing activities 0
Financing activities 0
------------
Net cash provided (used) by discontinued
operations 0
Increase (decrease) in cash and cash equivalents (300,000)
Cash and cash equivalents, beginning 1,400,000
------------
Cash and cash equivalents at end of period $1,100,000
============
According to Wellman, the $0.8 million increase in gross profit
-- from a loss of $5.0 million in July to a loss of $4.2 million
in August--was attributable to a decrease in the loss of the
chemical-based segment of $1.6 million and an increase in the
loss of recycled-based segment of $0.8 million.
In the chemical-based segment, current raw material margin
increased by approximately $6 million. This increase was
substantially offset by the effect of the FIFO method of
accounting for inventory, which resulted in approximately
$5 million of higher raw material costs from prior months being
charged against current month's selling prices.
Gross profit for the recycled-based segment decreased due
primarily to a decision to sell raw materials that would
generally be processed into finished goods to provide additional
liquidity. Wellman established a reserve of $1.3 million for
this material. SG&A costs decreased by $0.1 million due to
continued cost reduction activities. As a result, Wellman
reported an operating loss of $6.5 million in August, compared to
a $7.4 million operating loss in July. Interest expense was
$1.1 million in August and $1.2 million in July. Interest expense
was calculated only on the amount borrowed under Wellman's DIP
Credit Agreement.
Reorganization costs, which consisted primarily of legal fees
related to the Chapter 11 filing, were $2.2 million in August,
compared to $3.9 million in July. As a result, Wellman's net
loss decreased to $9.8 million in August, compared to
$12.5 million for July 2008.
Wellman's current assets decreased by approximately $10.8 million
from July, primarily as a result of lower accounts receivable
partly due to lower sales volume. The balance sheet at August
31, 2008, reflected $114.7 million in borrowings under the DIP
Facility. This is $2.2 million lower than the comparable net
amount in July.
Net cash flows from operations were $2.1 million in August, which
is lower than the $20.7 million provided by operations in July.
The cash flow in August related to the decrease in receivables
and the cash flow in July resulted primarily from decreasing
accounts receivable and inventory of Wellman. These cash flows
resulted in debt repayments of $2.2 million.
About Wellman Inc.
Headquartered in Fort Mill, South Carolina, Wellman Inc. ([OTC]:
WMANQ.OB) -- http://www.wellmaninc.com/-- manufactures and
markets packaging and engineering resins used in food and
beverage packaging, apparel, home furnishings and
automobiles. They manufacture resins and polyester staple fiber a
three major production facilities.
The company and its debtor-affiliates filed for Chapter 11
protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No.
08-10595). Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP,
in New York City, represents the Debtors. Lazard Freres & Co.,
LLC, acts as the Debtors' financial advisors and investment
bankers. Conway, Del Genio, Gries & Co., LLC, was also retained
as the Debtors' chief restructuring advisor.
The United States Trustee for Region 2 has appointed seven members
to the Official Committee of Unsecured Creditors. Mark R.
Somerstein, Esq., at Ropes & Gray LLP, serves as the Committee's
bankruptcy counsel. FTI Consulting, Inc., acts as the panel's
financial advisors.
Wellman Inc., in its bankruptcy petition, listed total assets
of $124,277,177 and total liabilities of $600,084,885, as of
Dec. 31, 2007, on a stand-alone basis. Debtor-affiliate ALG,
Inc., listed assets between $500 million and $1 billion on a
stand-alone basis at the time of the bankruptcy filing.
Debtor-affiliates Fiber Industries Inc., Prince Inc., and
Wellman of Mississippi Inc., listed assets between $100 million
and $500 million at the time of their bankruptcy filings.
On a consolidated basis, Wellman Inc., and its debtor-affiliates
listed $512,400,000 in total assets and $730,500,000 in
liabilities as of June 30, 2008.
Wellman filed a restructuring plan before the Bankruptcy Court on
June 25, 2008. (Wellman Bankruptcy News, Issue No. 23; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
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related conferences are encouraged. Send announcements to
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On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Julybien D. Atadero, Sheryl Joy P. Olano, Ronald C. Sy, Joel
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Patalinghug, and Peter A. Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9474.
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not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher Beard
at 240/629-3300.
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