/raid1/www/Hosts/bankrupt/TCR_Public/081018.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, October 18, 2008, Vol. 12, No. 249
Headlines
ATA AIRLINES: Files Operating Report for Period Ended August 31
LANDSOURCE COMMS: Files Monthly Operating Report for August 2008
NEW CENTURY: Files Monthly Operating Report for July 2008
QUEBECOR WORLD: Files Monthly Operating Report for August 2008
REUNION INDUSTRIES: Earns $464,000 in Month Ended August 31
SEA CONTAINER: Files Monthly Operating Report for August 2008
STEVE & BARRY's: SB Manhattan's Operating Report for August 2008
TOUSA INC: Files Amended Schedules of Assets and Liabilities
TOUSA INC: Tousa Homes Files Amended Schedules of Assets & Debts
TOUSA INC: 3 Tousa Debtor-Affiliates File Amended Schedules
TOUSA INC: 10 Tousa Affiliates Amend Schedules of Assets
*********
ATA AIRLINES: Files Operating Report for Period Ended August 31
---------------------------------------------------------------
ATA Airlines Inc.'s chief restructuring officer Steve Turoff
filed with the U.S. Bankruptcy Court for the Southern District
of Indiana the airline's monthly operating report for the period
August 1 to 31, 2008.
Mr. Turoff disclosed that ATA Airlines had $3,014,801 in cash
profit and $331,436 in total payables for August.
The total professional fee incurred by or on behalf of ATA
Airlines during the reporting period is $627,302, for services
related to its bankruptcy.
ATA Airlines, Inc.
Receipts and Disbursements
Month Ended August 31, 2008
RECEIPTS
Military -
Charter -
Scheduled Service -
U.S. Bank -
Amex -
Discover -
Dinner's Club -
Other Scheduled Service -
Asset Sales--Inventory $16,095
Asset Sales--Ground Equipment 313,782
Asset Sales--Rotables -
Return of Deposits/Prepaids 433,605
Cash Collateral/LOCs 1,844,451
Interest 46,260
Miscellaneous 1,892,532
------------
Total $4,546,725
============
DISBURSEMENTS
Base Payroll Inc. All Taxes $336,870
Stay Bonus 101,828
Benefits 31,737
Employee Expense Payments 18
Facilities 231,121
Utilities/Communications 63,957
Contract Labor 24,463
Professionals 803,593
US Trustee -
Aircraft Ferry Cost -
Engine Changes/Certificate Mx 6,427
Insurance--D&O/Misc. -
Health Insurance Run-off Reserve -
Cobra Reserve -
Security 432
Shipping/Cargo 23,211
Returned Checks (142,014)
Miscellaneous 50,281
------------
Total $1,531,924
============
Beginning Balance $23,177,189
Receipts 4,546,724
Disbursements (1,531,923)
------------
Ending Balance $26,191,989
============
About ATA Airlines
Headquartered in Indianapolis, Indiana, ATA Airlines, Inc., is a
diversified passenger airline operating in two principal business
lines -- a low cost carrier providing scheduled passenger service
that leverages a code share agreement with Southwest Airlines; and
a charter operator that focused primarily on providing charter
service to the U.S. government and military. ATA is a wholly
owned subsidiary of New ATA Acquisition, Inc. -- a wholly owned
subsidiary of New ATA Investment, Inc., which in turn, is a wholly
owned subsidiary of Global Aero Logistics Inc. ATA Acquisition
also owns another holding company subsidiary, World Air Holdings,
Inc., which it acquired through merger on August 14, 2007. World
Air Holdings owns and operates two other airlines, North American
Airlines and World Airways.
ATA Airlines and its affiliates filed for Chapter 11 protection on
Oct. 26, 2004 (Bankr. S.D. Ind. Case Nos. 04-19866, 04-19868
through 04-19874). The Honorable Basil H. Lorch III confirmed the
Debtors' plan of reorganization on Jan. 31, 2006. The Debtors'
emerged from bankruptcy on Feb. 28, 2006.
Global Aero Logistics acquired certain of ATA's operations after
its first bankruptcy. The remaining ATA affiliates that were not
substantively consolidated in the company's first bankruptcy case
were sold or otherwise liquidated.
ATA Airlines filed for Chapter 22 on April 2, 2008 (Bankr. S.D.
Ind. Case No. 08-03675), citing the unexpected cancellation of a
key contract for ATA's military charter business, which made it
impossible for ATA to obtain additional capital to sustain its
operations or restructure the business. ATA discontinued all
operations subsequent to the bankruptcy filing. ATA's Chapter 22
bankruptcy petition lists assets and liabilities each in the range
of $100 million to $500 million.
The Debtor is represented in its Chapter 22 case by Haynes and
Boone, LLP, and Baker & Daniels, LLP, as bankruptcy counsel.
The United States Trustee for Region 10 appointed five members to
the Official Committee of Unsecured Creditors. Otterbourg,
Steindler, Houston & Rosen, P.C., serves as bankruptcy counsel to
the Committee. FTI Consulting, Inc., acts as the panel's
financial advisors. The Court gave ATA Airlines Inc. until
Feb. 26, 2009, to file its Chapter 11 plan and April 27, 2009, to
solicit acceptances of that plan.
(ATA Airlines Bankruptcy News, Issue No. 91; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
LANDSOURCE COMMS: Files Monthly Operating Report for August 2008
----------------------------------------------------------------
LandSource Communities Development, LLC
Consolidated Balance Sheet
As of August 31, 2008
Assets
Cash $11,140,038
Recievables 36,536,034
Inventories 1,373,763,518
Operating Properties, net 86,205,063
Investment in unconsolidated entities 21,940,405
Other assets 47,363,152
--------------
Total Assets $1,576,948,210
==============
Liabilities and Members' Capital
Liabilities
Prepetition
Debt- Principal $246,414,305
Debt - Accrued interest 11,756,566
Accounts payable 29,652,806
Golf course / Other deposits 7,889,156
Payables to affiliates 59,345,814
Refundable Deposits owed affiliate 26,469,916
Tenant deposits 463,797
Other 4,391,489
--------------
Sub-total 386,383,849
--------------
Postpetition
Accounts payable 3,520,426
Property tax accrual 2,375,471
Payables to affiliates 582,570
--------------
Sub-total 6,478,467
--------------
Others
Debt- DIP Revolver 14,672,624
Debt - DIP Term Roll-Up 1,032,853,563
Development accruals 38,161,763
Accrued Employee Related Benefits 7,775,271
Non-qualified Pension Plan Accruals 5,685,622
Reserves - school fees, energy remediation 15,119,129
Non-refundable deposits 30,900,799
Deferred Revenue 91,169,701
Other 3,435,433
--------------
Sub-total 1,239,773,905
Members' Capital (55,688,102)
--------------
Total Liabilities and Members' Capital $1,576,948,119
==============
LandSource Communities Development, LLC
Consolidated Statement of Operations
Month Ended August 31, 2008
Statistical Information
Homesites sold to related parties $0
Homesites sold to third parties 0
Acreage sold to related parties 0
Acreage sold to third parties 0
Homes sold to third parties 0
Land Sale Operations
Sales related parties 2,229,645
Sales to third parties 399,415
----------
Total Land Sale Revenue 2,629,060
----------
Cost of sales to related parties 2,032,696
Cost of sales to third parties 61,442
----------
Total Cost of Land Sales 2,094,138
----------
Gross Margin on Land Sales Operations 534,922
Home Sale Operations
Sales 0
Cost of sales 0
----------
Gross Margin on Home Sale Operations 0
----------
Operating Cost and Expenses
Field, selling, general & administrative 14,050,566
Management fees to related parties (10,649,535)
----------
Total Operating Costs and Expenses 3,401,031
----------
Other Operations, net
Equity in earnings of unconsolidated entities (335,127)
Rental operations 1,094,118
Club operations (551,583)
Interest income 318,995
Interest expense (21,338,779)
Loss on debt restructuring 0
Loss on interest rate swap termination (25,392,563)
Miscellaneous 7,017,879
-----------
Total Other Operations, net (39,187,060)
-----------
Net Loss ($42,053,169)
===========
LandSource Communities Development, LLC
Consolidated Schedule of Cash Receipts and Disbursements
Month Ended August 31, 2008
Net Operating Cash Flow
Housing revenue $0
Commercial Revenue 2,141,741
Other 0
Option deposits 23,562
Less: Closing Costs 7,739
----------
Total Operating Inflows 2,173,042
----------
Operating Cash Outflows
Master improvements & CFDs (8,342,390)
Property tax (383,332)
General & Administrative (1,616,107)
Other (189,693)
Management fees (810,013)
----------
Total Operating Outflows (11,341,535)
----------
Total Net Operating Cash Flow (9,168,493)
Bankruptcy Disbursements
Bankruptcy Payments 0
Utility Deposits 0
Mechanic's liens/Other 0
----------
Total Bankruptcy Payments 0
DIP Interest and Fees
DIP Facility interest (61,019)
Undrawn fee (76,912)
DIP Facility fees 0
----------
Total DIP Interest and Fees (137,931)
Restructuring professionals (214,733)
Total Bankruptcy Disbursements (352,664)
----------
Total Net Cash Flow ($9,521,157)
==========
Disbursement Per Debtor
LandSource Communities Development, LLC $1,288,794
California Land Company 0
Friendswood Development Company, LLC 778
Lennar Land Partners II 0
Kings Wood Development Company, L.C. 0
LSC Associates, LLC 0
Lennar Mare Island, LLC 408,863
LandSource Communities Development Sub, L 0
Lennar Moorpark, LLC 2,964
Lennar Stevenson Holdings, LLC 0
The Newhall Land and Farming Company 0
LandSource Holding Company, LLC 6,757,915
LNR-Lennar Washington Square, LLC 1,355,779
Lennar Bressi Ranch Venture, LLC 0
The Newhall Land and Farming Company
(a California Limited Partnership) 7,499,517
NWI-IL GP, LLC 0
Tournament Players Club at Valencia, LLC 354,807
Southwest Communities Development, LLC 132,337
Valencia Corporation 0
Stevenson Ranch Venture, LLC 7,304
Valencia Realty Company 0
-----------
Total Disbursement $17,809,058
===========
About LandSource Communities
LandSource Communities Development LLC, which operates in Arizona,
California, Florida, New Jersey, Nevada and Texas, is involved in
the planning and development of master planned communities and
transforming undeveloped land into ready-to-build home sites and
commercial properties. With the exception of one development
project in Marina del Rey, California, LandSource does not build
homes or commercial properties.
LandSource and 20 of its affiliates filed for Chapter 11
bankruptcy protection before the U.S. Bankruptcy Court for the
District of Delaware on June 8, 2008 (Lead Case No. 08-11111).
The Debtors are represented by Marcia Goldstein, Esq., at Weil
Gotshal & Manges in New York, and Mark D. Collins, Esq., at
Richards Layton & Finger in Wilmington, Delaware. Lazard Freres &
Co. acts as the Debtors' financial advisors, and Kurtzmann Carson
Consultants serves as the Debtors' notice and claims agent.
According to the Troubled Company Reporter on May 22, 2008,
LandSource sought help from its lender consortium to restructure
$1.24 billion of its debt. LandSource engaged a 100-bank lender
group led by Barclays Capital Inc., which syndicates LandSource's
debt. LandSource had received a default notice on that debt from
the lender group after it was not able to timely meet its payments
during mid-April. However, LandSource failed to reach an
agreement with its lenders on a plan to modify and restructure its
debt, forcing it to seek protection from creditors.
The Debtors' exclusive plan filing period expired on Oct. 6, 2008.
LandSource Bankruptcy News, Issue No. 13;
http://bankrupt.com/newsstand/or 215/945-7000).
NEW CENTURY: Files Monthly Operating Report for July 2008
---------------------------------------------------------
New Century Financial Corp. and Affiliates
Consolidated Balance Sheet
As of July 31, 2008
Assets
Current Assets:
Unrestricted Cash and Equivalents $81,374,149
Restricted Cash and Equivalents 10,289,397
Accounts Receivable, Net 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 0
Professional Retainers 0
Other Current Assets 2,875,222
--------------
Total Current Assets 94,538,768
--------------
Property and Equipment 1,923,797
Other Assets 146,818,540
--------------
Total Assets $243,281,105
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition):
Accounts Payable $0
Professional Fees (14,754,334)
--------------
Total Postpetition Liabilities (14,754,334)
Liabilities Subject to Compromise (Prepetition):
Secured Debt 402,427
Priority Debt 11,323,226
Unsecured Debt 1,132,682,465
--------------
Total Prepetition Liabilities 1,144,408,118
--------------
Total Liabilities 1,129,653,784
--------------
Owner Equity:
Capital Stock 4,530,047
Additional Paid-in Capital 2,170,845,310
Partners' Capital Account 0
Owners' Equity Account 0
Retained Earnings - Prepetition (1,083,442,468)
Retained Earnings - Postpetition (1,978,305,568)
Adjustments to Owner Equity 0
Postpetition Contributions 0
--------------
Net Owner Equity (886,372,679)
--------------
Total Liabilities and Owners' Equity $243,281,105
==============
New Century Financial Corp. and Affiliates
Consolidated Statement of Operations
Month Ended July 31, 2008
Revenues ($101,157)
Cost of Goods Sold 0
Operating Expenses:
Employee Benefits Programs (1,562)
Insurance (587)
Office Expense 63,294
Rent and Lease Expense 44,073
Salaries, Commissions, & Fees 368,342
Travel and Entertainment 1,755
Other 870,503
Depreciation, Depletion & Amortization 100,088
--------------
Net Profit (Loss) before Other Income & Expenses (1,547,063)
--------------
Reorganization Items
Professional Fees 1,923,000
Interest Earned for Accumulated Cash (91,654)
Income Taxes 0
--------------
Net Profit (Loss) ($3,378,409)
==============
New Century Financial Corp. and Affiliates
Consolidated Statement of Operations
Month Ended July 31, 2008
Cash, Beginning of month $98,371,736
Total Receipts 1,801,058
Total Disbursements (8,509,247)
--------------
Net Cash Flow (6,708,190)
--------------
Cash, End of month $91,663,546
==============
About New Century Financial
Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation. The company offers
a broad range of mortgage products designed to meet the needs of
all borrowers.
The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416). Suzzanne Uhland, Esq., Austin K. Barron, Esq., and
Ana Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors. The
Official Committee of Unsecured Creditors selected Hahn & Hessen
as its bankruptcy counsel and Blank Rome LLP as its co-counsel.
When the Debtors filed for bankruptcy, they listed total assets
of $36,276,815 and total debts of $102,503,950.
The Court confirmed the Debtors' second amended joint Chapter 11
plan on July 15, 2008. (New Century Bankruptcy News, Issue
No. 47; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
QUEBECOR WORLD: Files Monthly Operating Report for August 2008
--------------------------------------------------------------
Quebecor World (USA), Inc., et al.
Combined Balance Sheet
As of August 30, 2008
ASSETS
Current Assets:
Cash and Cash equivalents $152,400,000
Accounts receivables 531,900,000
Trade and receivables 51,600,000
Inventories 151,700,000
Future income taxes and tax receivable 18,700,000
Prepaid Expenses 30,300,000
-------------
Total current expenses 936,600,000
Property, plant and equipment 1,165,000,000
Goodwill 336,400,000
Restricted cash 32,300,000
Future income taxes 900,000
Other assets 302,800,000
--------------
TOTAL ASSETS $2,774,000,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities not subject to compromise:
Bank indebtedness $16,000,000
Trade payables and accrued liabilities 246,900,000
Payables to related parties 3,100,000
Income and other taxes payable 15,000,000
Current portion long-term debt 491,800,000
Combined Statement of Operations 2,866,200,000
-------------
Total current liabilities 3,639,000,000
Other liabilities not subject to compromise:
Long-term debt 7,400,000
Other liabilities 132,200,000
Future income taxes 113,100,000
Shareholders equity:
Capital stock 1,031,200,000
Contributed surplus 470,000,000
Retained earnings (2,619,800,000)
Accumulated other comprehensive loss (900,000)
--------------
Total Equity (1,117,700,000)
--------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $2,774,000,000
==============
Quebecor World (USA), Inc., et al.
Combined Statement of Operations
For the month ended August 30, 2008
Operating Revenues $244,300,000
Operating expenses:
Cost of sales 200,600,000
Selling, general and administrative 13,500,000
Depreciation and amortization 14,000,000
-----------
Total operating expenses 228,100,000
-----------
Operating income 16,200,000
Financial expenses 25,200,000
Reorganization items 4,200,000
Income taxes (1,600,000)
----------
27,800,000
-----------
Net loss and comprehensive loss ($11,600,000)
===========
Quebecor World (USA), Inc., et al.
Combined Statement of Cash Flows
For Month Ended August 30, 2008
Cash flows from operating activities:
Net loss ($11,600,000)
Adjustments for:
Depreciation of property, plant and equipment 14,000,000
Future income taxes (1,600,000)
Amortization of other assets 700,000
Other (800,000)
-----------
700,000
-----------
Net changes in non-cash balances to operations:
Accounts receivable (27,800,000)
Inventories (11,900,000)
Trade payables and accrued liabilities 30,400,000
Other current assets and liabilities 15,700,000
Other non-current assets and liabilities (24,300,000)
----------
5,900,000
----------
Cash flows provided by (used in)
operating activities 6,600,000
----------
Cash flows from financing activities:
Net change in bank indebtedness 2,600,000
Repayment of long-term debt obligations
under capital lease 1,000,000
----------
Cash flows provided by (used in)
operating activities 3,600,000
----------
Cash flows from investing activities:
Additions to property, plant and equipment (4,300,000)
Restricted cash related to insolvency
proceedings 0
----------
Cash flows provided by (used in)
operating activities (4,300,000)
----------
Net changes in cash and cash equivalents 5,900,000
Cash and cash equivalents, beginning of period 146,500,000
------------
Cash and cash equivalents, end of period $152,400,000
============
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW) -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, as well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Ernst & Young, Inc., the monitor of Quebecor World Inc., and its
affiliates' reorganization proceedings under the Canadian
Companies' Creditors Arrangement Act, filed a petition under
Chapter 15 of the Bankruptcy Code before the U.S. Bankruptcy Court
for the Southern District of New York on September 30, 2008, on
behalf of QWI (Bankr. S.D.N.Y. Case No. 08-13814). The Chapter 15
case is before Judge James M. Peck. Kenneth P. Coleman, Esq., at
Allen & Overy LLP, in New York, serves as counsel to the Chapter
15 petitioner.
QWI and certain of its subsidiaries commenced the CCAA proceedings
before the Quebec Superior Court (Commercial Division) on Jan. 20,
2008. The following day, 53 of QWI's U.S. subsidiaries, including
Quebecor World (USA), Inc., filed petitions under Chapter 11 of
the U.S. Bankruptcy Code.
The Honorable Justice Robert Mongeon oversees the CCAA case.
Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the
company in the CCAA case. Ernst & Young Inc. was appointed as
Monitor.
Quebecor World (USA) Inc., its U.S. subsidiary, along with other
U.S. affiliates, filed for chapter 11 bankruptcy before the U.S.
Bankruptcy Court for the Southern District of New York (Lead Case
No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter
LLP, represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
QWI is the only entity involved in the CCAA proceedings that is
not a Debtor in the Chapter 11 Cases.
As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of $3,412,100,000 total
liabilities of $4,326,500,000 preferred shares of $62,000,000
and total shareholders' deficit of $976,400,000.
The Hon. Robert Mongeon of the Quebec Superior Court has extended
until Dec. 14, 2008, the stay under the Canadian Companies'
Creditors Arrangement Act.
(Quebecor World Bankruptcy News, Issue No. 28; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
REUNION INDUSTRIES: Earns $464,000 in Month Ended August 31
-----------------------------------------------------------
Reunion Industries, Inc. reported net income of $464,000 on net
sales of $1,437,000 for the month of August 2008.
As of Aug. 31, 2008, the Debtor had $24,908,000 in total assets,
$9,330,000 in total liabilities, and $15,578,000 in total
stockholders' equity.
A full-text copy of the Debtor's August 2008 monthly operating
report is available for free at:
http://researcharchives.com/t/s?33f5
About Reunion Industries
Headquartered in Pittsburgh, Pennsylvania, Reunion Industries,
Inc. owns and operates industrial manufacturing operations that
design and manufacture engineered, high quality products for
specific customer requirements. These products include large
diameter seamless pressure vessels, manufactured by its CP
Industries division, and hydraulic and pneumatic cylinders,
manufactured by its Hanna Cylinders division. In addition,
the Debtor has a 65% interest in Shanghai Klemp Metal Products
Co., Ltd., a Chinese company located in Shanghai, China.
Shanghai Klemp manufactures metal bar grating.
Reunion Industries filed for chapter 11 protection on Nov. 26,
2007 (Bankr. D. Conn. Case No. 07-50727). Two Reunion Industries
stockholders, Charles E. Bradley, Sr. Family, L.P., and John Grier
Poole Family, L.P., filed separate Chapter 11 petitions on the
same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726). Carol
A. Felicetta, Esq. at Reid and Riege, P.C.S. represents the
Debtors in their restructuring efforts.
SEA CONTAINER: Files Monthly Operating Report for August 2008
-------------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of August 31, 2008
Assets
Current Assets
Cash and cash equivalents $17,415,913
Trade receivables, less allowances
for doubtful accounts 470,054
Due from related parties 354,463
Prepaid expenses and other current assets 268,272
------------
Total current assets 18,508,702
Fixed assets, net -
Long-term equipment sales receivable, net -
Investments in group companies 104,881,856
Intercompany receivables -
Investment in equity ownership interests 231,956,649
Other assets 2,628,423
------------
Total assets $357,975,630
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $13,669,636
Accrued expenses 93,014,240
Current portion of long-term debt 173,184,721
Current portion of senior notes 385,661,949
------------
Total current liabilities 665,530,546
Total shareholders' equity (307,548,916)
------------
Total liabilities and shareholders' equity $357,981,630
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended August 31, 2008
Revenue $1,643,767
Costs and expenses:
Operating income -
Selling, general and admin. expenses (669,452)
Professional fees (4,818,208)
Charges against intercompany accounts 12,007,784
Impairment of investment in subsidy Co. (3,877,945)
Forgiveness of intercompany debt -
Depreciation and amortization -
------------
Total costs and expenses 2,642,179
------------
Profit/(Loss) on sale of assets 2,464
------------
Operating income (loss) 4,288,410
Other income (expense)
Investment income 28,982
Foreign exchange gains or (losses) 38,233
Interest expense, net (3,682,071)
------------
Profit before taxes 673,554
Income tax expense (283,383)
------------
Profit after taxes $390,171
============
Sea Containers Services, Ltd.
Unaudited Balance Sheet
As of August 31, 2008
Assets
Current Assets
Cash and cash equivalents $49,701
Trade receivables 4,552
Due from related parties (GE SeaCo) 67,007
Prepaid expenses and other current assets 1,227,561
------------
Total current assets 1,348,820
Fixed assets, net 8,348
Investments 2,448,650
Intercompany receivables 14,762,715
Other assets -
------------
Total assets $18,568,534
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable 695,961
Accrued expenses 3,289,939
Current portion of long-term debt 1,384,476
------------
Total current liabilities 5,370,376
Total shareholders' equity 13,198,158
------------
Total liabilities and shareholders' equity $18,568,534
============
Sea Containers Services, Ltd.
Unaudited Statement of Operations
For the Month Ended August 31, 2008
Revenue $964,939
Costs and expenses:
Selling, general and admin. expenses (625,871)
Professional Fees (280,498)
Depreciation and amortization (1,778)
------------
Total costs and expenses (908,147)
------------
Gains on sale of assets -
------------
Operating income (loss) 56,791
Other income (expense)
Interest income -
Foreign exchange gains (losses) -
Interest expense, net (13,335)
------------
Profit (Loss) before taxes 43,456
Income tax credit -
------------
Net Profit $43,456
============
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S. Sea
Containers Ltd. and two subsidiaries filed for Chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
In its schedules filed with the Court, Sea Containers disclosed
total assets of $62,400,718 and total liabilities of
$1,545,384,083. (Sea Containers Bankruptcy News, Issue No. 53;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
STEVE & BARRY's: SB Manhattan's Operating Report for August 2008
----------------------------------------------------------------
Stone Barn Manhattan LLC, et al.
Consolidated Balance Sheet
As of August 31, 2008
ASSETS
Current Assets:
Unrestricted cash and equivalents $4,646,000
Restricted cash and equivalents 28,200,000
Accounts receivable, net 0
Notes receivable 0
Inventories 0
Prepaid expenses 867,000
Professional retainers 0
Other current assets 5,793,000
------------
Total current assets 39,506,000
Property and equipment:
Real property improvements 0
Machinery and equipment 0
Furniture, fixtures and office equipment 0
Leasehold improvements 0
Vehicles 0
Less: accumulated depreciation 0
------------
Total property & equipment 0
Other assets:
Amounts due from insiders 0
Other assets 5,083,000
------------
Total other assets 5,083,000
------------
TOTAL ASSETS $44,589,000
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities Not Subject to Compromise:
(Postpetition)
Accounts payable $540,000
Taxes payable 2,178,000
Wages payable 353,000
Notes payable 0
Rent/leases - building/equipment 0
Secured debt/adequate protection payments 0
Professional fees 2,677,000
Amounts due to insiders 0
Other postpetition liabilities 688,000
------------
Total Postpetition liabilities 6,436,000
------------
Liabilities Subject to Compromise: (Prepetition)
Secured debt 29,166,000
Priority debt 0
Unsecured debt 63,625,000
Other prepetition liabilities 212,056,000
------------
Total Prepetition Liabilities 304,847,000
------------
TOTAL LIABILITIES 311,283,000
Owners' Equity:
Capital stock 0
Additional paid-in capital 0
Partners' capital account 0
Owners' equity account 0
Retained earnings -- prepetition (118,719,000)
Retained earnings -- postpetition (147,975,000)
Adjustments to owner equity 0
Postpetition contributions 0
------------
TOTAL LIABILITIES & OWNERS' EQUITY $44,589,000
============
Stone Barn Manhattan LLC, et al.
Consolidated Statement of Operations
For the Month Ended August 31, 2008
Net revenue $35,624,000
Cost of goods sold 28,106,000
Gross profit 7,518,000
Operating Expenses:
Advertising (38,000)
Auto and truck expense 7,000
Bad debts 0
Contributions 0
Employee benefits programs 650,000
Officer/insider compensation 34,000
Insurance 536,000
Management fees/bonuses 0
Office expense (498,000)
Pension & profit-sharing plans 0
Repairs and maintenance 84,000
Rent and lease expense 4,186,000
Salaries/commissions/fees 7,297,000
Supplies 165,000
Taxes - payroll 515,000
Taxes - real estates 0
Taxes - other 0
Travel and entertainment 73,000
Utilities 1,046,000
Other 1,744,000
------------
Total Operating expenses Before Depreciation 15,801,000
Depreciation/depletion/amortization 3,464,000
Net Profit (Loss) Before Other Income & Expenses (11,747,000)
Other Income and Expenses:
Other income and expenses 0
Interest expense 781,000
Other expense 0
------------
Net Profit (Loss) Before Reorganization Items (12,528,000)
Reorganization Items:
Professional fees 3,634,000
U.S. trustee quarterly fees 0
Interest earned on accumulated cash from 0
Chapter 11
Gain (Loss) from sale of equipment (380,967,000)
Other reorganization expenses 115,394,000
-------------
Total Reorganization Expenses (269,207,000)
Income taxes 0
-------------
Net Profit (Loss) ($281,735,000)
=============
Stone Barn Manhattan LLC, et al.
Schedule of Cash Receipts & Disbursement
For the Month Ended August 31, 2008
Cash - Beginning of Month $9,219,206
Receipts:
Cash sales 33,966,659
Accounts receivable -- prepetition 0
Accounts receivable -- postpetition 0
Loans and advances 0
Sale of assets 138,550,000
Other 1,560,448
Transfers 0
-------------
Total Receipts 174,077,107
Disbursements:
Net payroll 2,260,204
Payroll taxes 71,957
Sales, use & other taxes 2,112,095
Inventory purchases 323,964
Secured/rental/leases 90,929
Insurance 491,318
Selling, general & administrative 12,046,783
Other 153,833,418
Owner draw 0
Transfers 5,941,969
Professional fees 2,509,487
U.S. trustee quarterly fees 0
Court costs 0
------------
Total Disbursements 179,682,126
------------
Net cash flow (5,605,019)
------------
Cash -- End of Month $3,614,187
============
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.
TOUSA INC: Files Amended Schedules of Assets and Liabilities
------------------------------------------------------------
TOUSA, Inc., amended its Schedules of Assets and Liabilities to
disclose $2,103,412,931 in total assets and $1,268,330 in total
liabilities. The Debtor reported to have creditors holding
unsecured priority claims comprised of wages for $1,089,333 and
unsecured non-priority claims aggregating $178,996.
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic
U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark
Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading
homebuilder in the United States, operating in various
metropolitan markets in 10 states located in four major geographic
regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA
designs, builds, and markets high-quality detached single-family
residences, town homes, and condominiums to a diverse group of
homebuyers, such as "first-time" homebuyers, "move-up" homebuyers,
homebuyers who are relocating to a new city or state, buyers of
second or vacation homes, active-adult homebuyers, and homebuyers
with grown children who want a smaller home. It also provides
financial services to its homebuyers and to others through its
subsidiaries, Preferred Home Mortgage Company and Universal Land
Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No. 08-10928).
The Debtors have selected M. Natasha Labovitz, Esq., Brian S.
Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta, Esq., at
Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at Berger
Singerman, to represent them in their restructuring efforts.
Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst
& Young LLP is the Debtors' independent auditor and tax services
provider. Kurtzman Carson Consultants LLC acts as the Debtors'
Notice, Claims & Balloting Agent.
TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008,
(Bankr. S.D. Fla. Case No.: 08-20746). It listed assets between
$1 million and $10 million, and debts between $1 million and
$10 million.
The Official Committee of Unsecured Creditors hired Patricia A.
Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff &
Sitterson, P.A., as its local counsel.
TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets
of $1,734,422,756 and total liabilities of $2,300,053,979.
TOUSA's Exclusive Plan Filing Period expires Oct. 25, 2008.
(TOUSA Bankruptcy News, Issue No. 21; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TOUSA INC: Tousa Homes Files Amended Schedules of Assets & Debts
----------------------------------------------------------------
In an amended Schedules of Assets and Liabilities, TOUSA Homes,
Inc., reported total assets of $1,194,095,250 and total
liabilities of $9,884,943. TOUSA Homes has liabilities in (i)
secured claims aggregating $2,112,224, (ii) unsecured non-
priority claims for $7,772,719, and (iii) unsecured priority
claims at $0.
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic
U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark
Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading
homebuilder in the United States, operating in various
metropolitan markets in 10 states located in four major geographic
regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA
designs, builds, and markets high-quality detached single-family
residences, town homes, and condominiums to a diverse group of
homebuyers, such as "first-time" homebuyers, "move-up" homebuyers,
homebuyers who are relocating to a new city or state, buyers of
second or vacation homes, active-adult homebuyers, and homebuyers
with grown children who want a smaller home. It also provides
financial services to its homebuyers and to others through its
subsidiaries, Preferred Home Mortgage Company and Universal Land
Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No. 08-10928).
The Debtors have selected M. Natasha Labovitz, Esq., Brian S.
Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta, Esq., at
Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at Berger
Singerman, to represent them in their restructuring efforts.
Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst
& Young LLP is the Debtors' independent auditor and tax services
provider. Kurtzman Carson Consultants LLC acts as the Debtors'
Notice, Claims & Balloting Agent.
TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008,
(Bankr. S.D. Fla. Case No.: 08-20746). It listed assets between
$1 million and $10 million, and debts between $1 million and
$10 million.
The Official Committee of Unsecured Creditors hired Patricia A.
Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff &
Sitterson, P.A., as its local counsel.
TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets
of $1,734,422,756 and total liabilities of $2,300,053,979.
TOUSA's Exclusive Plan Filing Period expires Oct. 25, 2008.
(TOUSA Bankruptcy News, Issue No. 21; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TOUSA INC: 3 Tousa Debtor-Affiliates File Amended Schedules
-----------------------------------------------------------
Three debtor affiliates of TOUSA, Inc., amended their reported
assets ranging from $100,000,000 to $300,000,000.
Debtor Assets Debts
------ ------------ ----------
Newmark Homes LP $266,929,576 $2,132,802
Newmark Homes, LLC 195,823,329 0
TOUSA Homes Florida, LP 149,316,999 2,813,815
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic
U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark
Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading
homebuilder in the United States, operating in various
metropolitan markets in 10 states located in four major geographic
regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA
designs, builds, and markets high-quality detached single-family
residences, town homes, and condominiums to a diverse group of
homebuyers, such as "first-time" homebuyers, "move-up" homebuyers,
homebuyers who are relocating to a new city or state, buyers of
second or vacation homes, active-adult homebuyers, and homebuyers
with grown children who want a smaller home. It also provides
financial services to its homebuyers and to others through its
subsidiaries, Preferred Home Mortgage Company and Universal Land
Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No. 08-10928).
The Debtors have selected M. Natasha Labovitz, Esq., Brian S.
Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta, Esq., at
Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at Berger
Singerman, to represent them in their restructuring efforts.
Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst
& Young LLP is the Debtors' independent auditor and tax services
provider. Kurtzman Carson Consultants LLC acts as the Debtors'
Notice, Claims & Balloting Agent.
TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008,
(Bankr. S.D. Fla. Case No.: 08-20746). It listed assets between
$1 million and $10 million, and debts between $1 million and
$10 million.
The Official Committee of Unsecured Creditors hired Patricia A.
Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff &
Sitterson, P.A., as its local counsel.
TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets
of $1,734,422,756 and total liabilities of $2,300,053,979.
TOUSA's Exclusive Plan Filing Period expires Oct. 25, 2008.
(TOUSA Bankruptcy News, Issue No. 21; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TOUSA INC: 10 Tousa Affiliates Amend Schedules of Assets
--------------------------------------------------------
Ten debtor affiliates of TOUSA, Inc., amended their reported
assets ranging from $0 to $45,000,000:
Debtor Assets Debts
------ ----------- -----------
Reflection Key, LLC $7,975,767 $50,580
LB/TE #1, LLC 5,063,168 2,474
Engle Homes Residential Construction 2,440,932 9,030,310
Engle Sierra Verde P5, LLC 2,219,640 67,873
Engle/Gilligan, LLC 733,341 12,355
Engle Sierra Verde P4, LLC 239,938 41,567
TOUSA Associates Services Company 54,134 2,108,127
TOUSA Homes, LP 33,867 3,877,628
Newmark Homes Purchasing, LP 13,274 0
Lorton South Condominium, LLC 4,999 4,408
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic
U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark
Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading
homebuilder in the United States, operating in various
metropolitan markets in 10 states located in four major geographic
regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA
designs, builds, and markets high-quality detached single-family
residences, town homes, and condominiums to a diverse group of
homebuyers, such as "first-time" homebuyers, "move-up" homebuyers,
homebuyers who are relocating to a new city or state, buyers of
second or vacation homes, active-adult homebuyers, and homebuyers
with grown children who want a smaller home. It also provides
financial services to its homebuyers and to others through its
subsidiaries, Preferred Home Mortgage Company and Universal Land
Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No. 08-10928).
The Debtors have selected M. Natasha Labovitz, Esq., Brian S.
Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta, Esq., at
Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at Berger
Singerman, to represent them in their restructuring efforts.
Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst
& Young LLP is the Debtors' independent auditor and tax services
provider. Kurtzman Carson Consultants LLC acts as the Debtors'
Notice, Claims & Balloting Agent.
TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008,
(Bankr. S.D. Fla. Case No.: 08-20746). It listed assets between
$1 million and $10 million, and debts between $1 million and
$10 million.
The Official Committee of Unsecured Creditors hired Patricia A.
Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff &
Sitterson, P.A., as its local counsel.
TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets
of $1,734,422,756 and total liabilities of $2,300,053,979.
TOUSA's Exclusive Plan Filing Period expires Oct. 25, 2008.
(TOUSA Bankruptcy News, Issue No. 21; 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
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cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
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Monthly Operating Reports are summarized in every Saturday edition
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For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
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
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Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9474.
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