/raid1/www/Hosts/bankrupt/TCR_Public/051203.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, December 3, 2005, Vol. 9, No. 287
Headlines
AOL LATIN: Files Monthly Operating Report for September 2005
COLLINS & AIKMAN: Earns $13 Million of Net Income in October 2005
FOAMEX INTERNATIONAL: Earns $294,000 of Net Income in October 2005
FOOTSTAR INC: Posts $1.3 Mil. Net Loss for Period Ended Oct. 29
KAISER ALUMINUM: Earns $3.98 Mil. of Net Income in October 2005
NEWPOWER HOLDINGS: Files October 2005 Monthly Operating Report
SONICBLUE INC: Files October 2005 Monthly Operating Report
*********
AOL LATIN: Files Monthly Operating Report for September 2005
------------------------------------------------------------
On Nov. 22, 2005, America Online Latin America, Inc., and its
debtor-affiliates, filed their monthly operating report for the
month ended September 2005, with the United States Bankruptcy
Court for the District of Delaware.
For the month ending Sept. 30, 2005, the Company's Income
Statement shows:
Net Income/
Revenue Net Loss
------- -----------
America Online Latin $0 ($475,356)
America, Inc.
AOL Latin America Management, $345,000 ($563,211)
LLC
AOL Puerto Rico Management $67,566 ($160,870)
Services, Inc.
America Online Caribbean Basin, $965,223 $330,781
Inc.
At Aug. 31, 2005, the Company's balance sheet shows:
America Online Latin America, Inc.
__________________________________
Current Assets $17,520,269
Total Assets 702,647,757
Current Liabilities 6,259,080
Total Liabilities 166,259,080
Total Stockholders' Equity $536,388,677
AOL Latin America Management, LLC
_________________________________
Current Assets $5,993,094
Total Assets 6,279,452
Current Liabilities 18,018,387
Total Liabilities 18,018,387
Total Stockholders' Deficit ($11,738,935)
AOL Puerto Rico Management Services, Inc.
_________________________________________
Current Assets $199,195
Total Assets 342,345
Current Liabilities 6,174,414
Total Liabilities 6,195,893
Total Stockholders' Deficit ($5,853,548)
America Online Caribbean Basin, Inc.
____________________________________
Current Assets $17,905,228
Total Assets 17,925,378
Current Liabilities (1,649,688)
Total Liabilities (1,649,688)
Total Stockholders' Equity $19,575,066
A full-text copy of America Online Latin America, Inc., and its
debtor-affiliates' Monthly Operating Report for the month ended
August 2005, is available at no charge at:
http://ResearchArchives.com/t/s?375
Headquartered in Fort Lauderdale, Florida, America Online Latin
America, Inc. -- http://www.aola.com/-- offers AOL-branded
Internet service in Argentina, Brazil, Mexico, and Puerto Rico, as
well as localized content and online shopping over its proprietary
network. Principal shareholders in AOLA are Cisneros Group, one
of Latin America's largest media firms, Brazil's Banco Itau, and
Time Warner, through America Online. The Company and its debtor-
affiliates filed for chapter 11 protection on June 24, 2005
(Bankr. D. Del. Case No. 05-11778). Pauline K. Morgan, Esq., and
Edmon L. Morton, Esq., at Young Conaway Stargatt & Taylor, LLP and
Douglas P. Bartner, Esq., at Shearman & Sterling LLP represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed total assets of
$28,500,000 and total debts of $181,774,000.
COLLINS & AIKMAN: Earns $13 Million of Net Income in October 2005
-----------------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of October 30, 2005
Current assets:
Cash $50,251,782
Accounts receivable 138,857,331
Other non-trade receivables 6,300,444
Inventories, net 120,236,166
Tooling and molding, net - current 68,510,341
Prepaids & other current assets 78,124,586
Deferred tax assets - current (87,825)
---------------
Total current assets 462,192,826
Investment in subsidiaries 2,534,708,519
Fixed assets, net 351,559,330
Goodwill, net 978,554,071
Deferred tax assets - long term 25,938,826
Tooling and molding, net-long term 15,176,104
Other noncurrent assets 96,863,271
Intercompany assets 179,590,894
PP IC accounts receivable 650,149,627
---------------
TOTAL ASSETS $5,294,733,468
===============
LIABILITIES & EQUITY
Current liabilities:
Notes payable $0
Short term borrowings 90
Advance on receivables 0
Current portion - long term debt 259,125,000
Current portion - capital leases 0
Accounts payable 27,698,590
Accrued interest payable 6,762,411
Accrued & other liabilities 63,793,070
Income taxes payable (4,638,817)
---------------
Total current liabilities 352,740,254
Liabilities subject to compromise 2,379,859,669
---------------
Total Liabilities 2,732,599,923
Total Equity 2,562,133,545
---------------
TOTAL LIABILITIES & EQUITY $5,294,733,468
===============
Collins & Aikman Corporation
Income Statement
Month Ended October 2005
Net outside sales $191,566,467
I/D Net sales 3,884,991
I/G Net sales 4,260,169
---------------
Total sales 199,711,627
Cost of goods sold 165,972,939
---------------
Gross profit 33,738,686
Selling, general & administrative expenses 19,566,396
---------------
Operating income 14,172,292
Interest expenses 7,123,722
Intercompany interest, net (2,041,819)
Preferred stock accretion 0
Miscellaneous (income)/expense (511)
Corporate allocation adjustment (3,414,608)
Commission income (157,672)
Commission expense 0
Royalty income (438,366)
Royalty expense 0
Joint Venture (Income)/Expense 270,880
Minority interest in cons net income 0
Dividend income 0
Discount/Income for Carcorp. 0
Gain/(Loss) early extinguishments of debt 0
Discount/Premium on hedges 0
(Gain)/Loss on hedges 0
(Gain)/Loss on swaps 0
NAAIS Intercompany sales profit 0
Loss on sale of receivables 0
Restructuring provision 0
Foreign transactions - (Gain)/Loss 489,943
Amort of discount on NPV of liabilities 0
(Gain)/Loss on sale-leaseback transaction 0
---------------
Income from continuing operations before taxes 12,340,723
Federal income tax 0
State income tax 0
Foreign income tax 21,023
---------------
Income from continuing operations 12,319,700
Discontinued operations (900,163)
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME $13,219,863
===============
Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a leading
supplier of instrument panels, automotive fabric, plastic-based
trim, and convertible top systems. The Company has a workforce of
approximately 23,000 and a network of more than 100 technical
centers, sales offices and manufacturing sites in 17 countries
throughout the world. The Company and its debtor-affiliates filed
for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case
No. 05-55927). When the Debtors filed for protection from their
creditors, they listed $3,196,700,000 in total assets and
$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News,
Issue No. 20; Bankruptcy Creditors' Service, Inc., 215/945-7000)
FOAMEX INTERNATIONAL: Earns $294,000 of Net Income in October 2005
------------------------------------------------------------------
Foamex International, et al., as Debtors
Consolidated Balance Sheet
As of October 30, 2005
ASSETS
Current Assets
Cash $3,697,000
Accounts Receivable, net 191,026,000
Inventory 80,682,000
Other current assets 39,099,000
------------
Total current assets 314,504,000
Land & land improvements 5,100,000
Buildings 92,242,000
Leasehold improvement 6,357,000
Machinery & Equipment 226,821,000
Furniture & Fixtures 5,237,000
Auto equipment 7,895,000
Computer equipment 7,283,000
Construction in progress 1,388,000
Accumulated depreciation (250,292,000)
------------
Total property plant & equipment, net 102,032,000
------------
Goodwill, net 86,191,000
Debt Issuance costs, net 8,658,000
Investment in subsidiaries 20,836,000
Long-term intercompany receivable 4,850,000
Other Assets 40,661,000
------------
Total Assets $577,729,000
============
LIABILITIES & EQUITY
Current Liabilities
Revolver borrowings $159,082,000
Current portion of long-term debt 86,515,000
Accounts payable 65,737,000
Intercompany 72,000
Accrued employee costs 14,801,000
Accrued rebates 9,133,000
Accrued interest 2,189,000
Other current liabilities 15,009,000
------------
Total current liabilities 352,539,000
Intercompany debt -
Liability Subject to Compromise 641,230,000
Other liabilities 16,359,000
------------
Total Long-Term Liabilities 657,589,000
------------
Total Liabilities 1,010,128,000
Common stock 280,000
Preferred stock 15,000
Additional paid-in capital 102,547,000
Treasury stock (27,780,000)
Partners capital 0
Other comprehensive income (loss) (34,755,000)
Shareholder loans (9,221,000)
Accumulated deficit (463,484,000)
------------
(432,399,000)
------------
Liabilities & Stockholders Deficiency $577,729,000
============
Foamex International, et al., as Debtors
Consolidated Income Statement
Month Ended October 30, 2005
Gross Sales
Rebates, Discount & Sale Allowance $104,607,000
Net Sales (4,924,000)
------------
99,683,000
Material 65,853,000
Labor 4,586,000
Overhead 12,258,000
Freight/Shipping 4,929,000
------------
Cost of Sales 87,626,000
Gross Profit 12,057,000
Labor & Employee Expense 3,143,000
Indirect Materials & Samples (136,000)
Equipment & Maintenance Expense 11,000
Facility Expense 242,000
Travel & Entertainment 200,000
Technology 140,000
Professional Fees & Services 1,652,000
Other Miscellaneous Expense 48,000
Insurance & Tax 174,000
Bad debt expense (107,000)
Bank/Collection Costs 66,000
Transportation Cost 13,000
Depreciation/Amortization 292,000
Corp. Cost to COS (730,000)
------------
Selling, general & admin expenses 5,006,000
Restructuring & Impairment Charges 1,012,000
------------
Income from operations 6,041,000
Interest Expense 4,911,000
Equity in earnings of JV & non-debtor subs 323,000
Other Income & (Expense) (51,000)
Professional Fees 970,000
Provision/Gains - Rejected Contracts -
Bankruptcy Filing Fees 12,000
Other Expense 127,000
Debt Adjustment Gain/Loss -
------------
Reorganization Expense (Income) 1,109,000
Income before Tax 294,000
Tax Provision -
------------
Net Income $294,000
============
Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets. The Company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries. The
Company and eight affiliates filed for chapter 11 protection on
Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-12693).
Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison LLP,
represent the Debtors in their restructuring efforts. Houlihan,
Lokey, Howard and Zukin and O'Melveny & Myers LLP are advising the
ad hoc committee of Senior Secured Noteholders. As of July 3,
2005, the Debtors reported $620,826,000 in total assets and
$744,757,000 in total debts. (Foamex International Bankruptcy
News, Issue No. 7; Bankruptcy Creditors' Service, Inc., 215/945-
7000).
FOOTSTAR INC: Posts $1.3 Mil. Net Loss for Period Ended Oct. 29
---------------------------------------------------------------
On Nov. 30, 2005, Footstar, Inc., and its debtor-affiliates filed
their monthly operating report for the period from Oct. 2, 2005,
to Oct. 29, 2005, with the U.S. Bankruptcy Court for the Southern
District of New York.
The Debtors reported a $1,300,000 net loss on $56,100,000 of net
sales for the period from Oct. 2, 2005, to Oct. 29, 2005. The
Debtors also reported a cumulative net loss of $62,900,000 on
$1,259,800,000 of net sales from March 3, 2004, through Oct. 29,
2005.
At Oct. 29, 2005, Footstar, Inc.'s consolidated balance sheet
showed:
Total Current Assets $307,400,000
Total Assets 349,900,000
Current Liabilities Subject to Compromise 149,900,000
Total Liabilities 307,600,000
Total Shareholders' Equity $42,300,000
A full-text copy of Footstar, Inc.'s Monthly Operating Report for
the period from Oct. 2, 2005, to Oct. 29, 2005, is available at
no charge at http://ResearchArchives.com/t/s?376
Headquartered in West Nyack, New York, Footstar Inc., retails
family and athletic footwear. As of August 28, 2004, the Company
operated 2,373 Meldisco licensed footwear departments nationwide
in Kmart, Rite Aid and Federated Department Stores. The Company
also distributes its own Thom McAn brand of quality leather
footwear through Kmart, Wal-Mart and Shoe Zone stores. The
Company and its debtor-affiliates filed for chapter 11 protection
on March 3, 2004 (Bankr. S.D.N.Y. Case No. 04-22350). Paul M.
Basta, Esq., at Weil Gotshal & Manges represents the Debtors in
their restructuring efforts. When the Debtor filed for chapter 11
protection, it listed $762,500,000 in total assets and
$302,200,000 in total debts.
KAISER ALUMINUM: Earns $3.98 Mil. of Net Income in October 2005
---------------------------------------------------------------
Kaiser Aluminum Corporation -- All Debtors
Unaudited Balance Sheets
As of October 31, 2005
(In Thousands)
ASSETS
Cash $54,402
Receivables:
Trade 100,117
Other 5,117
----------
Total Receivables 105,234
Inventories 101,552
Prepaid expenses and other current assets 12,577
----------
Total current assets 273,765
Investments in and advances to subsidiaries 21,128
Intercompany receivables/payables, net (4,250)
Property, plant, and equipment - net 217,935
Deferred income taxes -
Restricted proceeds from sale of commodity interests 682,823
Other assets 1,012,359
----------
Total Assets $2,203,760
==========
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities not subject to compromise:
Accounts Payable $43,437
Accrued interest 961
Accrued salaries, wages and related expenses 49,029
Accrued post retirement benefit - current -
Other accrued liabilities 79,451
Payable to affiliates 12,669
Long term debt - current portion 1,167
----------
Total current liabilities 186,744
Long-term liabilities 40,886
Accrued postretirement benefit obligation -
Long-term debt 1,212
Liabilities subject to compromise 3,976,177
Minority interests 655
Stockholders' equity:
Preference stock -
Common stock 789
Additional capital 538,007
Accumulated deficit - As of filing date (952,438)
Accumulated deficit - Post filing date (1,579,243)
Accumulated other comprehensive income (loss) (9,029)
Note receivable from parent -
----------
Total Liabilities & Stockholders' Equity $2,203,760
==========
Kaiser Aluminum Corporation -- All Debtors
Unaudited Statements of Operations
For the Month Ending October 31, 2005
(In Thousands)
Net Sales $94,970
Costs and expenses:
Cost of products sold 79,857
Depreciation & amortization 1,646
Selling, administrative, R&D and general 5,524
Other operating charges (benefits), net 1,051
----------
Total costs and expenses 88,078
----------
Operating income (loss) 6,712
Other income (expense):
Interest expenses, net (313)
Reorganization items 910
Other-net (159)
----------
Income (loss) before
income taxes and minority interest 7,150
(Provision) benefit for income taxes (3,140)
Minority interests -
Equity in income (loss) of subsidiaries (29)
----------
Net income (loss) $3,981
==========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ending October 31, 2005
(In Thousands)
Receipts:
Trade Receivables
KACC Receivables $72,975
KAII Receivables 28,603
----------
Total Trade Receivables 101,038
Proceeds from Asset Sales -
Asbestos insurance recoveries -
COBRA receipts 857
Proceeds from Hedging Settlement 712
----------
Total Receipts 102,607
Disbursements:
Inventory/Raw Materials 40,604
Capital Expenditures 1,107
Domestic Income Tax Payment -
Maintenance, Materials, etc. 3,554
Freight 3,960
Utilities/Energy 7,101
Hourly Payroll 6,331
Salaried Payroll 3,258
Hedging Activities -
Pension Contributions -
VEBA Advances 1,900
Medical - Current Employees 2,708
Workmen's Compensation 414
Corporate General and Administrative 5,017
JV Fundings - Primary, Net of Minority Interest 9,854
Other Disbursements 3,659
----------
Total Operating and G&A Disbursements 89,467
Reorganization Items 1,726
----------
Total Disbursements 91,193
----------
Net Cash Flow 11,414
Beginning Bank Cash Balances 43,602
----------
Ending Bank Cash Balances 55,016
Reconciling Items (614)
----------
Ending Book Cash Balances $54,402
==========
Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corporation -- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications. The Company filed for chapter 11 protection on
February 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold
off a number of its commodity businesses during course of its
cases. Corinne Ball, Esq., at Jones Day, represents the Debtors
in their restructuring efforts. On June 30, 2004, the Debtors
listed $1.619 billion in assets and $3.396 billion in debts.
(Kaiser Bankruptcy News, Issue No. 83; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
NEWPOWER HOLDINGS: Files October 2005 Monthly Operating Report
--------------------------------------------------------------
On Nov. 21, 2005, NewPower Holdings, Inc., filed its September
2005 Monthly Operating Report for the period from Sept. 30, 2005,
to Oct. 31, 2005, with the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division. The company reports an
opening cash balance of $51,970,000 and a closing cash balance of
$51,881,000.
A full-text copy of NewPower Holdings, Inc.'s Monthly Operating
Report for the period from Sept. 30, 2005, to Oct. 31, 2005, is
available at no charge at http://ResearchArchives.com/t/s?374
NewPower Holdings, Inc., and its debtor-affiliates filed for
chapter 11 protection on June 11, 2002 (Bankr. N.D. Ga. 02-10836).
Paul K. Ferdinands, Esq., at King & Spalding and William M.
Goldman, Esq., at Sidley Austin Brown & Wood LLP represent the
Debtors. When the Debtors filed for chapter 11 protection, they
reported $231,837,000 in assets and $87,936,000 in debts.
On Aug. 15, 2003, the United States Bankruptcy Court for the
Northern District of Georgia, Newnan Division, confirmed the
Second Amended Chapter 11 Plan with respect to NewPower Holdings,
Inc., and TNPC Holdings, Inc., a wholly owned subsidiary of the
Company. On Feb. 28, 2003, the Bankruptcy Court previously
confirmed the Plan, and the Plan has been effective as of
March 11, 2003, with respect to The New Power Company, a wholly
owned subsidiary of the Company. The Plan became effective on
Oct. 9, 2003, with respect to the Company and TNPC.
SONICBLUE INC: Files October 2005 Monthly Operating Report
----------------------------------------------------------
At Oct. 31, 2005, SONICblue Incorporated reports that it is
sitting on $78,224,799 of cash, has accrued $986,250 in
postpetition liabilities and faces a $236,604,166 mountain of
prepetition debts.
A full-text copy of SONICblue Inc.'s October 2005 Operating
Report is available at no charge at
http://ResearchArchives.com/t/s?378
Headquartered in Santa Clara, California, SONICblue Incorporated
is involved in the converging Internet, digital media,
entertainment and consumer electronics markets. The Company,
together with three of its wholly owned subsidiaries, Diamond
Multimedia Systems, Inc., ReplayTV, Inc., and Sensory Science
Corporation, filed for chapter 11 protection on Mar. 21, 2003
(Bankr. N.D. Calif. Case Nos. 03-51775 to 03-51778). Craig A.
Barbarosh, Esq., at the LAw Offices of Pillsbury Winthrop,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
assets totaling $342,871,000 and debts totaling $335,473,000.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
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For copies of court documents filed in the District of Delaware,
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of Delaware, contact Ken Troubh at Nationwide Research &
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
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