/raid1/www/Hosts/bankrupt/TCR_Public/060107.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, January 7, 2006, Vol. 10, No. 6
Headlines
ADELPHIA COMMS: Posts $36.3 Million Net Loss in November 2005
ADELPHIA COMMS: Century/ML's Nov. 2005 Monthly Operating Report
ASARCO LLC: Earns $2.4 Million for the Month of August 2005
ASARCO LLC: Earns $5.2 Million for the Month of September 2005
ASARCO LLC: Earns $3.5 Million for the Month of October 2005
ASARCO LLC: Earns $4 Million for the Month of November 2005
ASARCO LLC: Consulting Files Schedules of Assets and Debts
ASARCO LLC: Encycle Files Schedules of Assets and Liabilities
ASARCO LLC: Master Files Schedules of Assets and Liabilities
CATHOLIC CHURCH: Portland Amends June 2005 Financial Reports
CATHOLIC CHURCH: Portland Amends July 31 Balance Sheet
CATHOLIC CHURCH: Portland Amends August 31 Balance Sheet
CATHOLIC CHURCH: Portland Amends September 30 Balance Sheet
CATHOLIC CHURCH: Portland's November 2005 Monthly Operating Report
CATHOLIC CHURCH: Spokane's November 2005 Monthly Operating Report
ENTERGY NEW ORLEANS: Earns $3 Mil. for the Month of November 2005
FEDERAL-MOGUUL: Earns $27.2 Million for the Month of November 2005
FGI GROUP: Files Monthly Operating Report for November 2005
FLYI INC: Files Schedules of Assets and Liabilities
FLYI INC: Independence Air Files Schedules of Assets and Debts
FLYI INC: Five Affiliates Report No Assets and Liabilities
FOAMEX INT'L: Earns $14.6 Million for the Month of October 2005
INTERSTATE BAKERIES: Posts $32MM Net Loss for Period Ended Nov. 12
KAISER ALUMINUM: Earns $4 Million for the Month of November 2005
KUSHNER-LOCKE: Releases September 2005 Monthly Operating Reports
LEVITZ HOME: Posts $11.3 Million Net Loss in October 2005
LEVITZ HOME: Posts $9 Million Net Loss in November 2005
LEVITZ HOME: Furniture Files Schedules of Assets and Liabilities
LEVITZ HOME: Furniture Corp. Files Schedules of Assets and Debts
LEVITZ HOME: Furniture Midwest Files Schedules of Assets and Debts
LEVITZ HOME: Furniture Washington Files Schedules
LEVITZ HOME: Home Furnishings Files Schedules of Assets and Debts
LEVITZ HOME: Seaman Furniture Files Schedules of Assets and Debts
LEVITZ HOME: Seaman Pennsylvania Files Schedules of Assets & Debts
LEVITZ HOME: Six Affiliates File Schedules of Assets and Debts
MCLEODUSA INC: Files Monthly Report for Period Ended Nov. 30
MERIDIAN AUTOMOTIVE: Posts $10 Million Net Loss in November 2005
MIRANT CORP: Earns $74.6 Million for the Month of October 2005
MIRANT CORP: MAGi Earns $70 Million for the Month of October 2005
O'SULLIVAN INDUS: Files Monthly Operating Report for November 2005
O'SULLIVAN INDUS: Furniture Files Monthly Report for November 2005
O'SULLIVAN INDUS: Holdings Files Operating Report for Nov. 2005
O'SULLIVAN INDUS: Virginia Files Monthly Report for November 2005
OWENS CORNING: Posts $343 Million Net Loss in September 2005
PLIANT CORP: Sept. 30 Balance Sheet Upside Down by $599.9 Million
REFCO INC: Files Schedules of Assets and Liabilities
SAINT VINCENTS: Posts $4.7 Million Net Loss in November 2005
SOLUTIA INC: Posts $25 Million Net Loss in October 2005
SONICBLUE INC: Files November 2005 Monthly Operating Report
TRIGEM COMPUTER: Posts KRW216B Net Loss for Period Ended Sept. 30
UAL CORP: Posts $186 Million Net Loss in November 2005
XYBERNAUT CORP: Posts $886,391 Net Loss in November 2005
*********
ADELPHIA COMMS: Posts $36.3 Million Net Loss in November 2005
-------------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of November 30, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $344,437
Restricted cash 24,008
Accounts receivables - net 107,401
Receivable for securities 25,129
Other current assets 181,168
-----------
Total current assets 682,143
Restricted cash 266,511
Investments in equity affiliates 7,610
Receivables from non-filing entities 731,125
Property and equipment - net 4,235,299
Intangible assets - net 7,059,789
Other noncurrent assets - net 82,879
-----------
Total Assets $13,065,356
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $118,868
Subscriber advance payments and deposits 31,851
Accrued liabilities 538,272
Deferred income 23,458
Current portion of parent and subsidiary debt 834,206
-----------
Total current liabilities 1,546,655
Other liabilities 34,899
Deferred income 58,406
Deferred income taxes 827,457
-----------
Total noncurrent liabilities 920,762
Liabilities subject to compromise 18,463,257
-----------
Total liabilities 20,930,674
Minority interests in equity of subsidiary 74,325
Stockholders' equity:
Series preferred stock 397
Class A and Class B common stock 2,548
Additional paid-in capital 9,567,154
Accumulated other comprehensive income 42
Accumulated deficit (17,481,847)
Treasury stock, at cost (27,937)
-----------
Total stockholders' equity (7,939,643)
-----------
Total liabilities and stockholders' equity $13,065,356
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Operations
Month Ended November 30, 2005
(Dollars in thousands)
Revenue $340,914
Cost and expenses:
Direct operating and programming 213,417
Selling, general and administrative 34,715
Investigation, re-audit and sale transaction co 1,005
Depreciation and amortization 71,888
Impairment of long-lived assets -
Provision for uncollectible amounts from Rigases -
Gains on dispositions of long-lived assets 42
-----------
Operating income (loss) 19,847
Other income (expense):
Interest expense (49,995)
Impairment of cost & available for sale investments -
Other income (expense) - net 784
-----------
Total other expense - net (49,211)
-----------
Loss from continuing operations before
reorganization expenses (29,364)
Reorganization expenses due to bankruptcy (9,104)
-----------
Loss from continuing operations before income taxes (38,468)
Income tax expense -
Share of losses of equity affiliates - net 580
Minority's interest in subsidiary losses - net 1,578
-----------
Net loss ($36,310)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Cash Flows
For the Month Ended November 30, 2005
(Dollars in thousands)
Cash flows from operating activities:
Net loss ($36,310)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 71,888
Impairment of long-lived assets -
Provision for uncollectible amounts from Rigases -
Gains on disposition of long-lived assets 42
Amortization of debt issuance costs 279
Impairment of cost & available for sale investments -
Provision for settlements -
Reorganization expenses due to bankruptcy 9,104
Deferred tax expense (benefit) -
Share in losses of equity affiliates - net (580)
Minority interest in losses of subsidiaries (1,578)
Other noncash gains (542)
Depreciation, amortization and other non-cash
items from discontinued operations -
Change in operating assets & liabilities 16,053
-----------
Net cash provided by operating activities before
payment of reorganization expenses 58,356
Reorganization expenses paid during the period (7,880)
-----------
Net cash provided by (used in) operating activities 50,476
Cash flows from investing activities:
Expenditures for property, plant and equipment (52,449)
Changes in restricted cash (678)
Proceeds from sale of investments -
Other 353
-----------
Net cash used in investing activities (52,774)
Cash flows from financing activities:
Proceeds from debt 20,000
Repayments of debt (1,310)
Payment of debt issuance costs -
-----------
Net cash provided by financing activities 18,690
Change in cash and cash equivalents cash 16,392
Cash, beginning of period 328,045
-----------
Cash, end of period $344,437
===========
Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country. Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks. The Company and its more than
200 affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002. Those cases are jointly
administered under case number 02-41729. Willkie Farr & Gallagher
represents the ACOM Debtors. (Adelphia Bankruptcy News, Issue No.
118; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMS: Century/ML's Nov. 2005 Monthly Operating Report
---------------------------------------------------------------
Instead of the usual Balance Sheet, Statement of Operations and
Statement of Cash Flows, Century/ML Cable Venture, on Dec. 28,
2005, filed a Statement of Account as its monthly operating
report.
Statement of Account
For the Month ended November 30, 2005
Beginning Balance $3,297,194
Additions 10,046
Disbursements 425,254
----------
Closing Balance $2,881,986
==========
Richard S. Toder, Esq., at Morgan Lewis & Bockius LLP, in New
York, notes that the Beginning Balance includes only those funds
that were held back as of the closing on October 31, 2005, that
were applicable to potential liabilities of the Debtor. The
Balance excludes the $10,000,000 related to the Highland Holdings
claim.
Century Communications Corporation filed for Chapter 11 protection
on June 10, 2002. Century's case has been jointly administered to
proceedings of Adelphia Communications Corporation. Century
operates cable television services in Colorado, California and
Puerto Rico. CENTURY is an indirect wholly owned subsidiary of
ACOM and an affiliate of Adelphia Business Solutions, Inc.
Lawyers at Willkie, Farr & Gallagher represent CENTURY.
Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country. Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks. The Company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002. Those cases are jointly
administered under case number 02-41729. Willkie Farr & Gallagher
represents the ACOM Debtors. (Adelphia Bankruptcy News, Issue
No. 118; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ASARCO LLC: Earns $2.4 Million for the Month of August 2005
-----------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of August 31, 2005
ASSETS
Current assets:
Cash $15,796,000
Net accounts receivable 71,895,000
Inventory: lower of cost or market 166,152,000
Prepaid expenses 15,418,000
Deferred income tax assets 0
----------------
Total current assets 269,262,000
Net property, plant and equipment 479,891,000
Other assets
Investment in subs (48,368,000)
Prepaid pension and retirement plan 74,329,000
Non-current deferred tax asset 48,929,000
Other 112,354,000
----------------
Total assets $936,397,000
================
LIABILITIES
Postpetition liabilities:
Accounts payable $8,170,000
Accrued liabilities (844,000)
Debtor-in-possession financing 0
----------------
Total postpetition liabilities 7,326,000
Prepetition liabilities:
Not subject to compromise - credit 2,147,000
Not subject to compromise - other 16,307,000
Subject to compromise 885,327,000
----------------
Total prepetition liabilities 903,781,000
----------------
Total liabilities $911,107,000
================
OWNERS'S EQUITY (DEFICIT)
Common stock $508,325,000
Additional paid-in capital 104,578,000
Other comprehensive income (122,526,000)
Retained earnings: filing Date (467,516,000)
----------------
Total prepetition owner's equity 22,861,000
Retained earnings: post-filing date 2,428,000
----------------
Total owner's equity (net worth) 25,289,000
----------------
Total liabilities and owner's equity $936,397,000
================
ASARCO LLC, et al.
Consolidated Statement of Operations
For the Period From August 10 to 31, 2005
Sales $13,472,000
Cost of products and services (10,942,000)
----------------
Gross profit 2,530,000
Operating expenses:
Selling and general & administrative expenses 913,000
Depreciation and amortization 1,176,000
Provision accretion expense of asset
retirement obligation 89,000
----------------
Operating income 352,000
Interest expense 585,000
Interest Income (325,000)
Reorganization Expenses 658,000
Other miscellaneous (income) expenses (2,994,000)
----------------
Income (loss) before taxes 2,428,000
Income taxes 0
----------------
Net income $2,428,000
================
ASARCO LLC, et al.
Consolidated Cash Receipts and Disbursements
For the Period From August 10 to 31, 2005
Receipts $12,041,000
Disbursements:
Inventory material 12,000
Operating disbursements 14,491,000
Capital expenditures 736,000
----------------
Total disbursements 15,239,000
Operating cash flow (3,198,000)
Reorganization disbursements 0
----------------
Net cash flow (3,198,000)
Net payments to secured Lenders 0
----------------
Net change in cash (3,198,000)
Beginning cash balance 18,995,000
----------------
Ending cash balances $15,796,000
================
Headquartered 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. When the Debtor filed for protection
from its creditors,it listed $600 million in total assets and $1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 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. (ASARCO Bankruptcy News,
Issue No. 12; Bankruptcy Creditors' Service, Inc., 215/945-7000).
ASARCO LLC: Earns $5.2 Million for the Month of September 2005
--------------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of September 30, 2005
ASSETS
Current assets:
Cash $18,869,000
Net accounts receivable 71,965,000
Inventory: lower of cost or market 173,783,000
Prepaid expenses 20,689,000
Deferred income tax assets 0
----------------
Total current assets 285,306,000
Net property, plant and equipment 478,942,000
Other assets
Investment in subs (45,632,000)
Prepaid pension and retirement plan 72,959,000
Non-current deferred tax asset 48,929,000
Other 111,165,000
----------------
Total assets $951,669,000
================
LIABILITIES
Post-petition liabilities
Accounts payable $19,999,000
Accrued liabilities 2,069,000
Debtor-in-possession financing 0
----------------
Total postpetition liabilities 22,068,000
Prepetition liabilities:
Not subject to compromise - credit 2,126,000
Not subject to compromise - other 16,307,000
Subject to compromise 880,709,000
----------------
Total prepetition liabilities 899,143,000
----------------
Total liabilities $921,211,000
================
OWNERS'S EQUITY (DEFICIT)
Common stock $508,325,000
Additional paid-in capital 104,578,000
Other comprehensive income (122,601,000)
Retained earnings: filing Date (467,515,000)
----------------
Total prepetition owner's equity 22,787,000
Retained earnings: post-filing date 7,671,000
----------------
Total owner's equity (net worth) 30,458,000
----------------
Total liabilities and owner's equity $951,669,000
================
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ending September 30, 2005
Sales $27,225,000
Cost of products and services (20,949,000)
----------------
Gross profit 6,276,000
Operating expenses:
Selling and general & administrative expenses 1,316,000
Depreciation and amortization 1,499,000
Provision accretion expense of asset
retirement obligation 126,000
----------------
Operating income 3,334,000
Interest expense (3,000)
Interest income (417,000)
Reorganization expenses 1,323,000
Other miscellaneous (income) expenses (2,811,000)
----------------
Income (loss) before taxes 5,242,000
Income Taxes 0
----------------
Net Income $5,242,000
================
ASARCO LLC, et al.
Consolidated Cash Receipts and Disbursements
Month Ending September 30, 2005
Receipts $28,281,000
Disbursements:
Inventory material 3,420,000
Operating disbursements 20,926,000
Capital expenditures 557,000
----------------
Total disbursements 24,903,000
Operating cash flow 3,379,000
Reorganization disbursements 306,000
----------------
Net cash flow 3,073,000
Net payments to secured Lenders 0
----------------
Net change in cash 3,073,000
Beginning cash balance 15,796,000
----------------
Ending cash balances $18,869,000
================
Headquartered 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. When the Debtor filed for protection
from its creditors,it listed $600 million in total assets and $1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 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. (ASARCO Bankruptcy News,
Issue No. 12; Bankruptcy Creditors' Service, Inc., 215/945-7000).
ASARCO LLC: Earns $3.5 Million for the Month of October 2005
------------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of October 31, 2005
ASSETS
Current assets:
Cash $16,897,000
Net accounts receivable 73,242,000
Inventory: lower of cost or market 183,612,000
Prepaid expenses 23,387,000
Deferred income tax assets 0
----------------
Total current assets 297,138,000
Net property, plant and equipment 478,450,000
Other assets:
Investment in subs (41,578,000)
Prepaid pension and retirement plan 75,880,000
Non-current deferred tax asset 48,929,000
Other 112,058,000
----------------
Total assets $970,878,000
================
LIABILITIES
Postpetition liabilities:
Accounts payable $21,168,000
Accrued liabilities 3,515,000
Debtor-in-possession financing 0
----------------
Total postpetition liabilities 24,683,000
Pre-petition liabilities:
Not subject to compromise - credit 7,000
Not subject to compromise - other 16,307,000
Subject to compromise 895,911,000
----------------
Total prepetition liabilities 912,224,000
----------------
Total liabilities $936,907,000
================
OWNERS'S EQUITY (DEFICIT)
Common stock $508,325,000
Additional paid-in capital 104,578,000
Other comprehensive income (122,601,000)
Retained earnings: filing date (467,515,000)
----------------
Total prepetition owner's equity 22,787,000
Retained earnings: post-filing date 11,184,000
----------------
Total owner's equity (net worth) 33,970,000
----------------
Total liabilities and owner's equity $970,878,000
================
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ending October 31, 2005
Sales $26,793,000
Cost of products and services 22,884,000
----------------
Gross profit 3,908,000
Operating expenses:
Selling and general & administrative expenses 3,463,000
Depreciation and amortization 1,391,000
Provision accretion expense of asset retirement
obligation 126,000
----------------
Operating income (1,071,000)
Interest expense 283,000
Interest income (449,000)
Reorganization expenses (364,000)
Other miscellaneous (income) expense (4,055,000)
----------------
Income (loss) before taxes 3,513,000
Income taxes 0
----------------
Net income $3,513,000
================
ASARCO LLC, et al.
Consolidated Cash Receipts and Disbursements
Month Ending October 31, 2005
Receipts $27,780,000
Disbursements:
Inventory material 4,937,000
Operating disbursements 23,645,000
Capital expenditures 899,000
----------------
Total disbursements 29,482,000
Operating cash flow (1,702,000)
Reorganization disbursements 270,000
----------------
Net cash flow (1,971,000)
Net (borrowings) payments to secured lenders 0
----------------
Net change in cash (1,971,000)
Beginning cash balance 18,869,000
----------------
Ending cash balances $16,897,000
================
Headquartered 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. When the Debtor filed for protection
from its creditors,it listed $600 million in total assets and $1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 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. (ASARCO Bankruptcy News,
Issue No. 12; Bankruptcy Creditors' Service, Inc., 215/945-7000).
ASARCO LLC: Earns $4 Million for the Month of November 2005
-----------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of November 30, 2005
ASSETS
Current assets:
Cash $18,939,000
Net accounts receivable 65,410,000
Inventory: lower of cost or market 201,156,000
Prepaid expenses 25,571,000
Deferred income tax assets 0
----------------
Total current assets 311,076,000
Net property, plant and equipment 477,355,000
Other assets
Investment in subs 60,143,000
Prepaid pension and retirement plan 74,518,000
Non-current deferred tax asset 40,951,000
Other 118,924,000
----------------
Total assets $1,082,968,000
================
LIABILITIES
Postpetition liabilities:
Accounts payable $27,945,000
Accrued liabilities 5,512,000
Debtor-in-possession financing 0
----------------
Total postpetition liabilities 33,456,000
Prepetition liabilities:
Not subject to compromise - credit 2,084,000
Not subject to compromise - other 16,307,000
Subject to compromise 993,080,000
----------------
Total prepetition liabilities 1,011,472,000
----------------
Total liabilities $1,044,928,000
================
OWNERS'S EQUITY (DEFICIT)
Common stock $508,325,000
Additional paid-in capital 104,578,000
Other comprehensive income (122,601,000)
Retained earnings: filing Date (467,515,000)
----------------
Total prepetition owner's equity 22,787,000
Retained earnings: post-filing date 15,253,000
----------------
Total owner's equity (net worth) 38,040,000
----------------
Total liabilities and owner's equity $1,082,968,000
================
ASARCO LLC, et al.
Consolidated Statement of Operations
As of November 30, 2005
Sales $27,437,000
Cost of products and services 26,552,000
----------------
Gross profit 886,000
Operating expenses:
Selling and general & administrative expenses (684,000)
Depreciation and amortization 1,666,000
Provision accretion expense of asset
retirement obligation 126,000
----------------
Operating income (223,000)
Interest expense (359,000)
Interest Income (441,000)
Reorganization Expenses 3,066,000
Other miscellaneous (income) expenses (6,558,000)
----------------
Income (loss) before taxes 4,069,000
Income taxes 0
----------------
Net income $4,069,000
================
ASARCO LLC, et al.
Consolidated Cash Receipts and Disbursements
As of November 30, 2005
Receipts $35,030,000
Disbursements:
Inventory material 3,089,000
Operating disbursements 29,057,000
Capital expenditures 793,000
----------------
Total disbursements 32,939,000
Operating cash flow 2,091,000
Reorganization disbursements 60
----------------
Net cash flow 2,031,000
Net payments to secured Lenders 0
----------------
Net change in cash 2,031,000
Beginning cash balance 16,897,000
----------------
Ending cash balances $18,929,000
================
Headquartered 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. When the Debtor filed for protection
from its creditors,it listed $600 million in total assets and $1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 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. (ASARCO Bankruptcy News,
Issue No. 13; Bankruptcy Creditors' Service, Inc., 215/945-7000).
ASARCO LLC: Consulting Files Schedules of Assets and Debts
----------------------------------------------------------
A. Real estate $0
B. Personal property
B.1 Cash on hand $1,500
B.2 Bank accounts
Wells Fargo Payroll Account 2,002
Two certificates pledged in lieu of bond to
Montana and Washington 10,092
B.3 Security deposits 0
B.4 Household goods 0
B.5 Books, art work & collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sporting goods 0
B.9 Interests in insurance policies undetermined
B.10 Annuities 0
B.11 Interests in retirement plans 0
B.12 Stock interests 0
B.13 Interests in partnerships 0
B.14 Bonds 0
B.15 Accounts receivable
Employees advance 11,325
B.16 Alimony 0
B.17 Other liquidated debts owed
ASARCO LLC Inter-company account balance 5,217,124
B.18 Equitable and future interests 0
B.19 Contingent interests 0
B.20 Other contingent & unliquidated claims 0
B.21 Patents, copyrights & trademarks 0
B.22 Other intangibles 0
B.23 Automobiles 0
B.24 Boats 0
B.25 Aircraft 0
B.26 Office equipment and supplies 0
B.27 Machinery, furniture and fixtures 0
B.28 Inventory 0
B.29 Animals 0
B.30 Crops 0
B.31 Farming equipment 0
B.32 Farm supplies 0
B.33 Other personal property 0
Prepaid insurance 19,504
TOTAL SCHEDULED ASSETS undetermined
=============
C. Property claimed as exempt Not applicable
D. Secured claims $0
E. Unsecured Priority Claims 0
F. Unsecured non-priority claims
Pension Benefit Guaranty Corporation undetermined
Department of Labor & Securities 8,074
Northland Engineering 770
Pacific Office Automation 370
The Montana Power Company 230
Cascade Coffee 133
Shawnee Instruments, Inc. 121
FEDEX 99
Global Crossing Conferencing 10
MCI 7
Randall Constructing, Inc. undetermined
ASARCO LLC 3,233
TOTAL SCHEDULED LIABILITIES undetermined
=============
Headquartered 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. When the Debtor filed for protection
from its creditors,it listed $600 million in total assets and $1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 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. (ASARCO Bankruptcy News,
Issue No. 12; Bankruptcy Creditors' Service, Inc., 215/945-7000).
ASARCO LLC: Encycle Files Schedules of Assets and Liabilities
-------------------------------------------------------------
A. Real property $0
B. Personal property
B.9 Interests in insurance policies undetermined
B.13 Stock and interests undetermined
TOTAL SCHEDULED ASSETS undetermined
=============
C. Property claimed as exempt Not applicable
D. Secured claims 0
E. Unsecured priority claims 0
F. Unsecured non-priority claims undetermined
TOTAL SCHEDULED LIABILITIES undetermined
=============
Headquartered 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. When the Debtor filed for protection
from its creditors,it listed $600 million in total assets and $1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 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. (ASARCO Bankruptcy News,
Issue No. 12; Bankruptcy Creditors' Service, Inc., 215/945-7000).
ASARCO LLC: Master Files Schedules of Assets and Liabilities
------------------------------------------------------------
A. Real Property
Block 4349, San Francisco, California $150,000
Trenton Plant Site, Trenton, New Jersey 370,000
Lone Star Lead Site, Houston, Texas 850,000
B. Personal Property
B.3 Security deposits
Indiana Community Department of
Environmental Management $384,319
B.9 Interests in insurance policies Undetermined
B.16 Accounts receivable
Oklahoma Department of Environmental Quality 111,668
B.18 Other liquidated debts owed
ASARCO LLC 1,680,437
B.20 Contingent interests undetermined
Lone Star Surplus 32,383
TOTAL SCHEDULED ASSETS Undetermined
=============
C. Property claimed as exempt Not applicable
D. Secured claims $0
E. Unsecured priority claims 0
F. Unsecured non-priority claims Undetermined
TOTAL SCHEDULED LIABILITIES Undetermined
=============
Headquartered 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. When the Debtor filed for protection
from its creditors,it listed $600 million in total assets and $1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 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. (ASARCO Bankruptcy News,
Issue No. 13; Bankruptcy Creditors' Service, Inc., 215/945-7000).
CATHOLIC CHURCH: Portland Amends June 2005 Financial Reports
------------------------------------------------------------
The Archdiocese of Portland in Oregon adjusted its monthly
operating report for the period ending June 30, 2005.
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of June 30, 2005
ASSETS
Cash and cash equivalents $18,853,554
Accounts receivable, net 570,249
Notes, estates and other receivables 13,214,674
Loans receivable from Archdiocesan entities, net 10,081,172
Loans receivable from Archdiocesan housing entities 522,109
Interest receivable and other assets 206,246
Inventories 1,493,382
Real Property 226,688
Deposits and prepaid expenses 178,342
Investments 87,633,907
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,710,620
--------------
Total Assets $142,330,943
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $822,302
Accrued liabilities 2,224,190
Funds held for others
Second Collections (12)
Short-term investments payable 18,101,483
Long-term pool investments payable 19,642,572
Reserve for insurance claims 2,343,946
Notes payable 11,140,712
Pre-need liability and reserve 456,268
Accrued port-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 62,338,725
--------------
Postpetition
Accounts payable 595,812
Accrued liabilities 2,259,224
Funds held for others
Second Collections 149,013
Short-term investments payable 2,023,124
Long-term pool investments 2,482,738
Reserve for insurance claims (15,922)
Notes payable -
Pre-need liability and reserve 25,384
Accrued port-retirement liability 404,521
--------------
Total Postpetition Liabilities 7,923,894
--------------
Total Liabilities 70,262,619
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,966,955
Other Assets (3,577,194)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 3,966,184
Other Assets 1,712,379
--------------
Total Postpetition Net Assets 5,678,563
--------------
Total Net Assets 72,068,324
--------------
Total liabilities & net assets $142,330,943
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending June 30, 2005
Revenues, gains and other support
Annual Catholic Appeal income $3,350,309
Gross profit on cemetery sales 99,476
Contributions, gifts, annuities and bequests 828,615
Operating support - Oregon Catholic Press 757,500
Investment income and realized gains (losses),
net of expenses 437,855
Change in unrealized losses 624,121
Insurance premiums, net (59,065)
Interest income from loans 36,311
Parish assessments 241,023
Other income 771,130
Departmental revenues 30,297
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 7,117,572
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 205,744
Clergy Services 43,220
Catholic Schools 66,493
Pastoral Services 59,666
Evangelization Services 48,790
Public Services 13,092
Tribunal Services 21,250
Deposit and loan interest 105,333
Insurance program 372,187
Cemetery operating expenses 160,966
High School grants/charitable annuities (27,937)
Other program expenses 738,318
--------------
Total program services 1,807,122
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 47,333
Finance & Administration:
Resource Development 53,701
Business Affairs 13,896
Financial Services 142,801
Human Resources 27,021
Shared Services 30,381
Occupancy and physical plant expenses 7,466
Designated funds expense 179,198
Bankruptcy expense 745,408
Depreciation expense 566,865
--------------
Total supporting services 1,814,070
--------------
Total expenses and program support 3,621,192
--------------
Increase (decrease) in net assets before
transfers and designations of net assets 3,496,380
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets 3,496,380
Net assets at beginning of year 68,571,944
--------------
Net assets at end of year $72,068,324
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending June 30, 2005
Beginning Cash Balance: $15,295,099
Add:
Transfers in 310,843
Receipts Deposited 2,150,717
Other (Return of Direct Deposits) -
Other (Interest Income) 39,709
--------------
Total Cash Receipts 2,501,269
Subtract:
Transfers out (310,843)
Disbursements by check or debit (2,322,307)
Cash withdrawn -
Other (Service Charges) (1,451)
Other (NSF Checks) (466)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (2,635,066)
--------------
Ending Cash Balance $15,161,302
==============
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. In its Schedules of Assets and Liabilities filed with
the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities. (Catholic
Church Bankruptcy News, Issue No. 49; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland Amends July 31 Balance Sheet
------------------------------------------------------
The Archdiocese of Portland in Oregon adjusted its Balance
Sheet as of July 31, 2005.
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of July 31, 2005
ASSETS
Cash and cash equivalents $13,537,567
Accounts receivable, net 707,904
Notes, estates and other receivables 13,122,930
Loans receivable from Archdiocesan entities, net 9,877,588
Loans receivable from Archdiocesan housing entities 521,228
Interest receivable and other assets 221,446
Inventories 1,489,252
Real Property 226,688
Deposits and prepaid expenses 30,005
Investments 93,639,529
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,710,620
--------------
Total Assets $142,724,757
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $822,302
Accrued liabilities 2,223,387
Funds held for others
Second Collections (11)
Short-term investments payable 17,747,805
Long-term pool investments payable 19,570,358
Reserve for insurance claims 2,343,946
Notes payable 11,113,254
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 61,884,573
--------------
Postpetition
Accounts payable 604,500
Accrued liabilities 1,992,756
Funds held for others
Second Collections 221,724
Short-term investments payable 2,112,058
Long-term pool investments 2,991,188
Reserve for insurance claims (15,922)
Notes payable -
Pre-need liability and reserve 28,261
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 8,339,086
--------------
Total Liabilities 70,223,659
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,965,992
Other Assets (3,576,231)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 5,695,796
Other Assets 415,541
--------------
Total Postpetition Net Assets 6,111,337
--------------
Total Net Assets 72,501,098
--------------
Total liabilities & net assets $142,724,757
==============
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. In its Schedules of Assets and Liabilities filed with
the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities. (Catholic
Church Bankruptcy News, Issue No. 49; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland Amends August 31 Balance Sheet
--------------------------------------------------------
The Archdiocese of Portland in Oregon amended its Balance
Sheet as of Aug. 31, 2005.
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of August 31, 2005
ASSETS
Cash and cash equivalents $13,415,470
Accounts receivable, net 7,714,714
Notes, estates and other receivables 12,822,096
Loans receivable from Archdiocesan entities, net 9,587,859
Loans receivable from Archdiocesan housing entities 523,353
Interest receivable and other assets 236,294
Inventories 1,486,260
Real Property 226,688
Deposits and prepaid expenses 27,064
Investments 93,249,328
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,733,994
--------------
Total Assets $148,663,120
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $822,302
Accrued liabilities 2,222,268
Funds held for others
Second Collections (11)
Short-term investments payable 17,363,891
Long-term pool investments payable 19,538,823
Reserve for insurance claims 2,343,946
Notes payable 11,084,874
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 61,439,625
--------------
Postpetition
Accounts payable 551,888
Accrued liabilities 2,234,495
Funds held for others
Second Collections 131,172
Short-term investments payable 2,119,540
Long-term pool investments 3,015,918
Reserve for insurance claims (15,922)
Notes payable -
Pre-need liability and reserve 27,702
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 8,469,314
--------------
Total Liabilities 69,908,939
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,965,768
Other Assets (3,576,007)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 4,115,422
Other Assets 8,248,998
--------------
Total Postpetition Net Assets 12,364,420
--------------
Total Net Assets 78,754,181
--------------
Total liabilities & net assets $148,663,120
==============
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. In its Schedules of Assets and Liabilities filed with
the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities. (Catholic
Church Bankruptcy News, Issue No. 49; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland Amends September 30 Balance Sheet
-----------------------------------------------------------
The Archdiocese of Portland in Oregon amended its Balance
Sheet as of Sept. 30, 2005.
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of September 30, 2005
ASSETS
Cash and cash equivalents $15,326,701
Accounts receivable, net 4,700,517
Notes, estates and other receivables 12,904,945
Loans receivable from Archdiocesan entities, net 9,245,949
Loans receivable from Archdiocesan housing entities 525,501
Interest receivable and other assets 248,187
Inventories 1,538,840
Real Property 226,688
Deposits and prepaid expenses 30,826
Investments 93,420,333
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,733,994
--------------
Total Assets $147,542,481
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $822,302
Accrued liabilities 2,222,268
Funds held for others
Second Collections (12)
Short-term investments payable 16,315,813
Long-term pool investments payable 19,412,972
Reserve for insurance claims 2,343,946
Notes payable 11,056,990
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 60,237,811
--------------
Postpetition
Accounts payable 1,083,842
Accrued liabilities 1,963,284
Funds held for others
Second Collections 300,936
Short-term investments payable 2,329,182
Long-term pool investments 3,207,251
Reserve for insurance claims (15,922)
Notes payable -
Pre-need liability and reserve 28,924
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 9,302,018
--------------
Total Liabilities 69,539,829
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,957,446
Other Assets (3,567,685)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 4,076,025
Other Assets 7,536,866
--------------
Total Postpetition Net Assets 11,612,891
--------------
Total Net Assets 78,002,652
--------------
Total liabilities & net assets $147,542,481
==============
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. In its Schedules of Assets and Liabilities filed with
the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities. (Catholic
Church Bankruptcy News, Issue No. 49; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland's November 2005 Monthly Operating Report
------------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of November 30, 2005
ASSETS
Cash and cash equivalents $15,802,948
Accounts receivable, net 3,459,098
Notes, estates and other receivables 12,035,562
Loans receivable from Archdiocesan entities, net 8,973,214
Loans receivable from Archdiocesan housing entities 527,398
Interest receivable and other assets 268,504
Inventories 1,600,899
Real Property 226,688
Deposits and prepaid expenses 25,037
Investments 94,698,371
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,764,778
--------------
Total Assets $147,022,497
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $822,302
Accrued liabilities 2,222,268
Funds held for others
Second Collections (12)
Short-term investments payable 15,830,389
Long-term pool investments payable 19,311,896
Reserve for insurance claims 2,343,946
Notes payable 10,999,681
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 59,594,002
--------------
Postpetition
Accounts payable 1,115,024
Accrued liabilities 2,707,090
Funds held for others
Second Collections 126,724
Short-term investments payable 2,410,598
Long-term pool investments 3,590,641
Reserve for insurance claims (15,922)
Notes payable -
Pre-need liability and reserve 22,375
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 10,361,051
--------------
Total Liabilities 69,955,053
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,965,813
Other Assets (3,576,052)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 4,947,923
Other Assets 5,729,760
--------------
Total Postpetition Net Assets 10,677,683
--------------
Total Net Assets 77,067,444
--------------
Total liabilities & net assets $147,022,497
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending November 30, 2005
Revenues, gains and other support
Annual Catholic Appeal income $1,101
Gross profit on cemetery sales 44,476
Contributions, gifts, annuities and bequests 366,771
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 493,244
Change in unrealized gains (losses) 1,881,959
Insurance premiums, net 1,081
Interest income from loans 42,395
Parish assessments 251,797
Other income 52,959
Departmental revenues 32,123
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 3,167,906
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 212,324
Clergy Services 50,764
Catholic Schools 46,949
Pastoral Services 52,439
Evangelization Services 61,273
Public Services 11,143
Tribunal Services 20,947
Deposit and loan interest 201,928
Insurance program 266,692
Cemetery operating expenses 82,441
High School grants/charitable annuities 6,996
Other program expenses 124,181
--------------
Total program services 1,138,077
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 52,356
Finance & Administration:
Resource Development 69,279
Business Affairs 10,221
Financial Services 69,092
Human Resources 30,933
Shared Services 22,423
Occupancy and physical plant expenses 10,996
Designated funds expense 30,114
Bankruptcy expense 724,456
Depreciation expense -
--------------
Total supporting services 1,019,870
--------------
Total expenses and program support 2,157,947
--------------
Increase (decrease) in net assets before
transfers and designations of net assets 1,009,959
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets 1,009,959
Net assets at beginning of year 76,057,485
--------------
Net assets at end of year $77,067,444
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending November 30, 2005
Beginning Cash Balance: $16,154,225
Add:
Transfers in 279,982
Receipts Deposited 1,633,978
Other (Return of Direct Deposits) -
Other (Interest Income) 48,227
--------------
Total Cash Receipts 1,962,187
Subtract:
Transfers out (279,982)
Disbursements by check or debit (2,030,146)
Cash withdrawn -
Other (Service Charges) (2,255)
Other (Misc Check Correction) -
Other (NSF Checks) (1,080)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (2,313,463)
--------------
Ending Cash Balance $15,802,948
==============
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. In its Schedules of Assets and Liabilities filed with
the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities. (Catholic
Church Bankruptcy News, Issue No. 50; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Spokane's November 2005 Monthly Operating Report
-----------------------------------------------------------------
Catholic Diocese of Spokane
Balance Sheet
As of November 30, 2005
ASSETS
Total Cash Accounts $2,704,579
Total Investments 3,875,875
Total Property 495,004
Total Loans Receivable 2,920,805
Total Interfund Loan Receivable 396,887
Total Accounts Receivable 75,555
Total Land and Buildings & Equip 2,474,977
Total Prepaid Expenses 63,866
--------------
Total Assets $13,007,547
==============
LIABILITIES AND NET ASSETS
Liabilities
Total Deposits Payable 6,254,174
Total Interest Payable 0
Total Accounts Payable 464
Total Long-term Liabilities 9,335,400
Net Assets
Total Unrestricted - Fund Balance (15,155,293)
Total Unrestricted Net Assets (15,155,293)
T.R. - Guse Grant Funds 228,573
Total Replacement Fund 9,923,659
Total Diocesan D&L Funding 2,176,115
Total Guatemala Funds 602,928
Temporarily Restricted 99
--------------
Total liabilities & net assets $13,137,547
==============
Catholic Diocese of Spokane
Income and Expense Statement
For the month ending November 30, 2005
Total Income $206,254
Total Expenses 500,955
--------------
Net Excess or Deficit $294,700
==============
Catholic Diocese of Spokane
Statement of Cash Receipts and Disbursements
November 1, 2005 to November 30, 2005
Total Cash Receipts $263,322
Total Cash Disbursements ($209,141)
A full-text copy of the Diocese of Spokane's November 2005
monthly operating report is available for free at:
http://bankrupt.com/misc/spokane_mor_nov.pdf
The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 50; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ENTERGY NEW ORLEANS: Earns $3 Mil. for the Month of November 2005
-----------------------------------------------------------------
Entergy New Orleans, Inc.
Balance Sheet
As of November 30, 2005
(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents
Cash $62,743
Temporary cash investments -
-----------
Total cash and cash equivalents 62,743
Accounts receivable:
Customer 86,835
Allowance for doubtful accounts (18,621)
Associated companies 28,841
Other 6,440
Accrued unbilled revenues 13,413
-----------
Total accounts receivable 116,908
Deferred fuel costs 26,805
Fuel inventory 8,003
Materials and supplies 10,409
Prepayments and other 73,215
-----------
Total current assets 298,083
Other Property and Investments
Investment in affiliates 3,259
Non-utility property at cost 1,107
-----------
Total other property and investments 4,366
Utility Plant
Electric 689,761
Natural gas 188,926
Construction work in progress 205,552
-----------
Total Utility Plant 1,084,239
Less - accumulated depreciation and amortization 427,135
-----------
Utility plant - net 657,104
Deferred Debits and Other Assets
Regulatory assets:
Other regulatory assets 134,158
Long term receivables 1,812
Other 21,094
-----------
Total deferred debits and other assets 157,064
-----------
TOTAL ASSETS $1,116,617
===========
LIABILITIES:
Postpetition liabilities:
Taxes payable $5,656
Accounts payable 36,089
DIP credit facility 100,000
-----------
Total postpetition liabilities 141,745
Current liabilities:
Currently maturing long-term debt -
Notes payable 15,000
Accounts payable:
Associated companies 48,767
Other 259,174
Customer deposits 17,609
Taxes accrued -
Accumulated deferred income taxes 8,318
Interest accrued 4,868
Energy efficiency program provision 6,938
Other 2,277
-----------
Total current liabilities 362,951
Non-current liabilities:
Accumulated deferred income taxes & taxes accrued 115,132
Accumulated deferred investment tax credits 3,605
SFAS 109 regulatory liability - net 50,345
Other regulatory liabilities 8,749
Accumulated provisions 7,930
Pension liability 28,111
Long-term debt 229,858
Other 3,783
-----------
Total non-current liabilities 447,513
-----------
Total Liabilities 952,209
Commitments and Contingencies:
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund 19,780
Common stock, $4 par value, authorized
10,000,000 shares; issued and
outstanding 8,435,900 shares in
2005 and 2004 33,744
Paid-in capital 36,294
Retained earnings -- prepetition 99,593
Retained earnings -- postpetition (25,003)
-----------
Total shareholders equity 164,408
-----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,116,617
===========
Entergy New Orleans, Inc.
Statement of Operations
Month Ended November 2005
(in thousands)
Operating Revenues
Domestic electric $28,371
Natural gas 6,597
-----------
Total operating revenues 34,968
Operating Expenses:
Operation and maintenance
Fuel 924
Purchased power 18,658
Other operation and maintenance 4,071
Taxes other than income taxes 4,252
Depreciation and amortization 2,746
Other regulatory charges - net 360
-----------
Total operating expenses 31,011
-----------
Operating income 3,957
Other income:
Allowance for equity funds used
during construction 1,070
Interest and dividend income 231
Miscellaneous - net (100)
-----------
Total other income 1,201
Interest and other charges:
Interest on long-term debt 1,078
Other interest-net 619
Allowance for borrowed funds used
during construction (875)
-----------
Total interest and other charges 822
Income (loss) before income taxes 4,336
Income taxes 1,273
-----------
NET INCOME 3,063
===========
Entergy New Orleans, Inc.
Cash Receipts and Disbursement Statement
Month Ended November 2005
(in thousands)
Beginning cash balance $32,788,515
Cash receipts 90,869,527
Cash disbursements (60,914,834)
-----------
Net cash flow 29,954,694
-----------
ENDING CASH BALANCE $62,743,208
===========
Headquartered in Baton Rouge, Louisiana, Entergy New Orleans Inc.
-- http://www.entergy-neworleans.com/-- is a wholly owned
subsidiary of Entergy Corporation. Entergy New Orleans provides
electric and natural gas service to approximately 190,000 electric
and 147,000 gas customers within the city of New Orleans. Entergy
New Orleans is the smallest of Entergy Corporation's five utility
companies and represents about 7% of the consolidated revenues and
3% of its consolidated earnings in 2004. Neither Entergy
Corporation nor any of Entergy's other utility and non-utility
subsidiaries were included in Entergy New Orleans' bankruptcy
filing. Entergy New Orleans filed for chapter 11 protection on
Sept. 23, 2005 (Bankr. E.D. La. Case No. 05-17697). Elizabeth J.
Futrell, Esq., and R. Partick Vance, Esq., at Jones, Walker,
Waechter, Poitevent, Carrere & Denegre, L.L.P., represent the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed total assets of
$703,197,000 and total debts of $610,421,000. (Entergy New
Orleans Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
FEDERAL-MOGUUL: Earns $27.2 Million for the Month of November 2005
------------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of November 30, 2005
(In millions)
Assets
Cash and equivalents $504.6
Accounts receivable 621.6
Inventories 448.5
Deferred taxes 95.5
Prepaid expenses and other current assets 98.7
----------
Total current assets 1,768.8
Summary of Unpaid Postpetition Debits (77.1)
Intercompany Loans Receivable (Payable) 2,392.7
----------
Intercompany Balances 2,315.6
Property, plant and equipment 932.0
Goodwill 1,009.3
Other intangible assets 420.7
Insurance recoverable 782.9
Other non-current assets 957.4
----------
Total Assets $8,186.7
==========
Liabilities and Shareholders' Equity
Short-term debt $290.0
Accounts payable 202.1
Accrued compensation 82.9
Restructuring and rationalization reserves 8.8
Current portion of asbestos liability -
Interest payable 0.6
Other accrued liabilities 264.5
----------
Total current liabilities 848.9
Long-term debt -
Post-employment benefits 1,899.0
Other accrued liabilities 899.7
Liabilities subject to compromise 5,989.7
Shareholders' equity:
Preferred stock 1,050.6
Common stock 565.8
Additional paid-in capital 8,022.0
Accumulated deficit (9,823.1)
Accumulated other comprehensive income (1,265.7)
Other -
----------
Total Shareholders' Equity (1,450.4)
----------
Total Liabilities and Shareholders' Equity $8,186.7
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the month ended November 30, 2005
(In millions)
Net sales $271.3
Cost of products sold 227.9
----------
Gross margin 43.5
Selling, general & administrative expenses (43.7)
Amortization (1.2)
Reorganization items (8.7)
Interest income (expense), net (12.3)
Other income (expense), net 51.8
----------
Earnings before Income Taxes 29.4
Income Tax (Expense) Benefit (2.2)
----------
Earnings before effect of change in acctg principle (27.2)
Cumulative effect of change in acctg principle -
----------
Net Earnings (loss) $27.2
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended November 30, 2005
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earnings (loss) $27.2
Adjustments to reconcile net earnings (loss):
Depreciation and amortization 12.9
Adjustments of assets held for sale to fair value 0.0
-
Asbestos Charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg principle -
Change in post-employment benefits (0.9)
Decrease/(increase) in accounts receivable (15.5)
Decrease/(increase) in inventories 7.2
Increase/(decrease) in accounts payable (3.9)
Change in other assets and other liabilities 96.4
Change in restructuring charge (0.1)
Refunds (payments) against asbestos liability -
----------
Net Cash Provided From Operating Activities 123.2
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (8.3)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
----------
Net Cash Provided From (Used By) Investing Activities (8.3)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (18.5)
Sale of accounts receivable under securitization -
Dividends -
Other (12.5)
----------
Net Cash Provided From Financing Activities (31.0)
Increase (Decrease) in Cash and Equivalents 84.0
Cash and equivalents at beginning of period 420.6
----------
Cash and equivalents at end of period $504.6
==========
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some US$6
billion. The Company filed for chapter 11 protection on Oct. 1,
2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq.,
James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin
Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed US$10.15 billion in
assets and US$8.86 billion in liabilities. At Dec. 31, 2004,
Federal-Mogul's balance sheet showed a US$1.925 billion
stockholders' deficit. At Nov. 30, 2005, Federal-Mogul's balance
sheet showed a US$1,450.4 billion stockholders' deficit, compared
to a US$1.926 billion deficit at Dec. 31, 2004. Federal-Mogul
Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill,
Bradford. (Federal-Mogul Bankruptcy News, Issue No. 100;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
FGI GROUP: Files Monthly Operating Report for November 2005
-----------------------------------------------------------
On Dec. 13, 2005, FGI Group Inc., filed a monthly operating report
for Florsheim Group, Inc., et al., and its debtor-affiliates
covering the period from Nov. 1 to Nov. 30, 2005, with the
United States Bankruptcy Court for the Northern District of
Illinois, Eastern Division.
FGI Group reports a $1,017,667 cash balance at Nov. 30, 2005, and
provides a summary of cash accounts; receipts listings;
disbursements listings; loan account; statement of aged
receivables and accounts payable aging; tax questionnaire; and
declaration.
A full-text copy of FGI Group's November 2005 Monthly Operating
Report is available at no charge at:
http://ResearchArchives.com/t/s?42f
Florsheim Group, Inc., filed for chapter 11 protection on March 4,
2002 (Bankr. N.D. Ill. Case No. 02-08209) to facilitate a sale of
its U.S. wholesale business and 23 retail stores to its U.S.
assets to the Weyco Group, Inc., for $45.6 million in cash,
subject to post closing adjustment.
FLYI INC: Files Schedules of Assets and Liabilities
---------------------------------------------------
A. Real Property $0
B. Personal Property
B.2 Checking, savings or other
financial accounts,
certificates of deposit,
or shares in banks, savings
and loan, thrift, building
and loan, and homestead
associations, or credit
unions, brokerage houses,
or cooperatives 163,204
B.12 Stock and interests in
incorporated and
unincorporated businesses Unknown
B.14 Government and corporate
bonds and other negotiable
and non-negotiable instruments 1,008,595
B.15 Accounts Receivables 285,869,450
B.17 Other liquidated debts
owing debtor including tax
refunds 92,136
B.19 Contingent & noncontingent
interests in estate of a
decedent, death benefit
plan, life insurance
policy, or trust Unknown
B.20 Other contingent and
unliquidated claims of
every nature, including tax
refunds, counterclaims of
the debtor, and rights to
setoff claims Unknown
TOTAL SCHEDULED ASSETS $287,133,385
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims $0
E. Priority Claims $0
F. Unsecured Non-Priority Claims
1997-1 Pass Through Trusts 7,316,072
AVSA S.A.R.L Unknown
BAE Systems (Operations) Limited 3,661,438
BAE Systems Regional Aircraft, Inc. 5,000,000
Canadian Regional Aircraft Finance 18,924,087
Erste Bank 665,830
Export Development Canada 56,734,624
Finova 4,459,208
HSH Nordbank AG 19,598,202
Loudon Gateway III, LLC 35,383
Stacy M. Platone 370,000
Trident Turboprop (Dublin) Ltd. 13,442,905
Trident Turboprop (Dublin) Ltd. 2,750,309
Trident Turboprop (Dublin) Ltd. 69,493
U.S. Bank National Association 125,000,000
Wachovia Bank (BofA) Unknown
Wachovia Bank (GECAS) Unknown
Wachovia Bank (Goldman Sachs) Unknown
Wachovia Bank (Transamerica) Unknown
Wachovia Bank (Barclays (GECAS)) 146,678
Wachovia Bank (Bremer LB/Nord LB) 226,895
Wachovia Bank (Bank of Montreal) 55,858
Wachovia Bank (CRAFT (BofA)) 120,382
Wachovia Bank (CRAFT (GECAS)) 59,101
Wachovia Bank (CRAFT (Mellon)) 31,761
Wachovia Bank (EDC (BofA)) 506,373
Wachovia Bank (EDC (Comerica)) 149,796
Wachovia Bank (EDC (Debis)) 336,821
Wachovia Bank (EDC (Fifth Third)) 153,159
Wachovia Bank (EDC (Key)) 171,704
Wachovia Bank (EDC (Goldman Sachs)) 304,435
Wachovia Bank (EDC (National City) 43,937
Wachovia Bank (HSH (GECAS)) 150,120
Wachovia Bank (HSH (Wells Fargo)) 129,605
Wachovia Bank (HVB (GECAS)) 157,566
TOTAL SCHEDULED LIABILITIES $260,771,743
=============
Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. As of Sept. 30, 2005, the Debtors listed
assets totaling $378,500,000 and debts totaling $455,400,000.
(FLYi Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
FLYI INC: Independence Air Files Schedules of Assets and Debts
--------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on hand $30,270
B.2 Bank Accounts 56,225,406
B.3 Security deposits 21,764,801
B.9 Interests in insurance policies Unknown
B.12 Stocks and interests Unknown
B.14 Government and corporate bonds 20,581,561
B.15 Accounts Receivable 22,387,573
B.17 Other liquidated debts 1,481,091
B.19 Contingent and noncontingent interests Unknown
B.20 Other contingent and unliquidated claims Unknown
B.21 Patents and other intellectual property Unknown
B.22 Licenses and other general intangibles 170,625
B.23 Automobiles and other vehicles 519,982
B.25 Aircraft and accessories 129,189,094
B.26 Office equipment 9,958,100
B.27 Machinery, fixtures and equipment 6,878,010
B.28 Inventory 14,544,143
B.33 Other personal property
GE Spare Parts Collateral 1,040,300
Split Dollar Life 789,986
2 Lowe's Island Country Club Membership Unknown
1 Landsowne Resort Country Club Membership Unknown
1 International Country Club Membership Unknown
TOTAL SCHEDULED ASSETS $285,560,942
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims 168,649,600
E. Unsecured Priority Claims 3,173,302
F. Unsecured Non-Priority Claims
Trade 11,938,089
Lease 2,744,192
Letter of Credit 1,730,614
Litigation 1,000
Other
Employee Vacation Pay & Reimbursements 111,253
Federal Aviation Authority 1,550,000
FLYi, Inc. 285,869,450
IDA, Loudon County Hangar 12,345,000
Kerry Skeen 639,391
U.S. Bank National Association 150,494
Wachovia Bank, N.A. 125,200
TOTAL SCHEDULED LIABILITIES $489,027,585
=============
Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. As of Sept. 30, 2005, the Debtors listed
assets totaling $378,500,000 and debts totaling $455,400,000.
(FLYi Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
FLYI INC: Five Affiliates Report No Assets and Liabilities
----------------------------------------------------------
Five debtor-affiliates of FLYi, Inc., report no assets and
liabilities:
-- Atlantic Coast Jet, LLC
-- Atlantic Coast Academy, Inc.
-- IA Sub, Inc.
-- Atlantic Coast Airlines, Inc.
-- WaKeeney, Inc.
David Asai, the Company's chief financial officer, tells the
Court that Atlantic Coast Academy has an executory contract with
Eagle Research Laboratories, Inc., dated Dec. 16, 2002.
Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. As of Sept. 30, 2005, the Debtors listed
assets totaling $378,500,000 and debts totaling $455,400,000.
(FLYi Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
FOAMEX INT'L: Earns $14.6 Million for the Month of October 2005
---------------------------------------------------------------
Foamex International, et al., as Debtors
Consolidated Balance Sheet
As of November 31, 2005
ASSETS
Current Assets
Cash $3,912,000
Accounts Receivable, net 196,677,000
Inventory 92,587,000
Other current assets 43,970,000
-------------
Total current assets 337,146,000
Land & land improvements 5,100,000
Buildings 92,251,000
Leasehold improvement 5,302,000
Machinery & Equipment 226,966,000
Furniture & Fixtures 5,159,000
Auto equipment 7,895,000
Computer equipment 7,506,000
Construction in progress 1,241,000
Accumulated depreciation (250,201,000)
-------------
Total property plant & equipment, net 101,219,000
-------------
Goodwill, net 86,191,000
Debt Issuance costs, net 6,753,000
Investment in subsidiaries 21,543,000
Long-term intercompany receivable 4,850,000
Other Assets 40,202,000
-------------
Total Assets $597,906,000
=============
LIABILITIES & STOCKHOLDERS' DEFICIENCY
Current Liabilities
Revolver borrowings $161,158,000
Current portion of long-term debt 86,195,000
Accounts payable 64,648,000
Intercompany 115,000
Accrued employee costs 15,637,000
Accrued rebates 10,518,000
Accrued interest 587,000
Other current liabilities 17,438,000
-------------
Total current liabilities 356,066,000
Long-term debt 301,000
Intercompany debt -
Liability Subject to Compromise 644,683,000
Other liabilities 14,347,000
-------------
Total Long-Term Liabilities 659,231,000
-------------
Total Liabilities 1,015,397,000
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) (34,488,000)
Shareholder loans (9,221,000)
Accumulated deficit (448,843,000)
-------------
(417,491,000)
-------------
Liabilities & Stockholders Deficiency $597,906,000
=============
Foamex International, et al., as Debtors
Consolidated Income Statement
Month Ended November 31, 2005
Gross Sales $136,733,000
Rebates, Discount & Sale Allowance (7,187,000)
-------------
Net Sales 129,546,000
Material 72,239,000
Labor 5,054,000
Overhead 15,137,000
Freight/Shipping 5,528,000
-------------
Cost of Sales 97,958,000
Gross Profit 31,588,000
Labor & Employee Expense 4,047,000
Indirect Materials & Samples (44,000)
Equipment & Maintenance Expense 43,000
Facility Expense 247,000
Travel & Entertainment 304,000
Technology 225,000
Professional Fees & Services 1,873,000
Other Miscellaneous Expense 353,000
Insurance & Tax 200,000
Bad debt expense 1,526,000
Bank/Collection Costs 75,000
Transportation Cost 14,000
Depreciation/Amortization 363,000
Corp. Cost to COS (912,000)
-------------
Selling, general & admin expenses 8,315,000
Restructuring & Impairment Charges 135,000
-------------
Income from operations 23,138,000
Interest Expense 7,470,000
Equity in earnings of JV & non-debtor subs 442,000
Other Income & (Expense) 34,000
Professional Fees 1,494,000
Provision/(Gains) - Rejected Contracts (132,000)
Bankruptcy Filing Fees -
Other Expense 142,000
Debt Adjustment Gain/Loss -
-------------
Reorganization Expense (Income) 1,504,000
Income before Tax 14,641,000
Tax Provision -
-------------
Net Income $14,641,000
=============
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. 9; Bankruptcy Creditors' Service, Inc., 215/945-
7000)
INTERSTATE BAKERIES: Posts $32MM Net Loss for Period Ended Nov. 12
------------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended November 12, 2005
REVENUE
Gross Income $231,310,359
Less Cost of Goods Sold
Ingredients, Packaging, & Outside Purchasing 58,752,731
Direct & Indirect Labor 42,082,731
Overhead & Production Administration 14,709,574
------------
Total Cost of Goods Sold 115,545,036
------------
Gross Profit $115,765,323
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries $57,742,526
Advertising and Marketing 1,765,098
Insurance (Property, Casualty, & Medical) 13,826,621
Payroll Taxes 4,768,675
Lease and Rent 3,772,919
Telephone and Utilities 1,210,133
Corporate Expense (Including Salaries) 5,793,783
Other Expenses 33,763,029
------------
Total Operating Expenses $122,642,784
------------
EBITDA ($6,877,461)
Restructuring & Reorganization Charges 334,886
Depreciation and Amortization 5,769,034
Other Income (48,740)
Gain/Loss Sale of Property (48,333)
Interest Expense 3,890,886
------------
Operating Income (Loss) (16,775,194)
Income Tax Expense (Benefit) 15,759,552
------------
Net Income (Loss) ($32,534,746)
============
CURRENT ASSETS
Accounts Receivable at end of period $157,000,667
Increase (Decrease) in Accounts Receivable 4,535,319
Inventory at end of period 62,199,768
Increase (Decrease) in Inventory for period (1,373,840)
Cash at end of period 134,819,375
Increase (Decrease) in Cash for period (14,020,308)
Restricted Cash 19,923,050
Increase (Dec.) in Restricted Cash for period 288,214
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise 54,120,775
Increase (Decrease) in Liabilities
Subject to Compromise 5,093,955
Taxes payable:
Federal Payroll Taxes 11,762,728
State/Local Payroll Taxes 5,555,639
State Sales Taxes 743,247
Real Estate and Personal Property Taxes 17,708,345
Other 5,898,438
------------
Total Taxes Payable $41,668,397
============
The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts. (Interstate Bakeries
Bankruptcy News, Issue No. 34; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
KAISER ALUMINUM: Earns $4 Million for the Month of November 2005
----------------------------------------------------------------
Kaiser Aluminum Corporation -- All Debtors
Unaudited Balance Sheets
As of November 30, 2005
(In Thousands)
ASSETS
Cash $53,586
Receivables:
Trade 100,516
Other 12,702
----------
Total Receivables 113,218
Inventories 104,040
Prepaid expenses and other current assets 18,396
----------
Total current assets 289,240
Investments in and advances to subsidiaries 21,308
Intercompany receivables/payables, net (4,142)
Property, plant, and equipment - net 221,546
Deferred income taxes -
Restricted proceeds from sale of commodity interests 684,876
Other assets 1,013,153
----------
Total Assets $2,225,981
==========
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities not subject to compromise:
Accounts Payable $51,358
Accrued interest 981
Accrued salaries, wages and related expenses 50,188
Accrued post retirement benefit - current -
Other accrued liabilities 86,537
Payable to affiliates 14,315
Long term debt - current portion 1,162
----------
Total current liabilities 204,541
Long-term liabilities 41,738
Accrued postretirement benefit obligation 1
Long-term debt 1,212
Liabilities subject to compromise 3,976,377
Minority interests 655
Stockholders' equity:
Preference stock -
Common stock 789
Additional capital 538,009
Accumulated deficit - As of filing date (952,443)
Accumulated deficit - Post filing date (1,575,144)
Accumulated other comprehensive income (loss) (9,754)
Note receivable from parent -
----------
Total Liabilities & Stockholders' Equity $2,225,981
==========
Kaiser Aluminum Corporation -- All Debtors
Unaudited Statements of Operations
For the Month Ending November 30, 2005
(In Thousands)
Net Sales $95,134
Costs and expenses:
Cost of products sold 80,574
Depreciation & amortization 1,644
Selling, administrative, R&D and general 6,165
Other operating charges (benefits), net -
----------
Total costs and expenses 88,383
----------
Operating income (loss) 6,751
Other income (expense):
Interest expenses, net (302)
Reorganization items (173)
Other-net (128)
----------
Income (loss) before
income taxes and minority interest 6,148
(Provision) benefit for income taxes (2,043)
Minority interests -
Equity in income (loss) of subsidiaries (6)
----------
Net income (loss) $4,099
==========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ending November 30, 2005
(In Thousands)
Receipts:
Trade Receivables
KACC Receivables $72,898
KAII Receivables 21,241
----------
Total Trade Receivables 94,139
COBRA receipts 645
Proceeds from Hedging Settlement 242
----------
Total Receipts 95,026
Disbursements:
Inventory/Raw Materials 37,474
Capital Expenditures 5,255
Domestic Income Tax Payment -
Maintenance, Materials, etc. 3,647
Freight 5,592
Utilities/Energy 6,823
Hourly Payroll 6,734
Salaried Payroll 3,388
Hedging Activities 286
VEBA Advances 1,967
Medical - Current Employees 2,698
Annual Insurance Premiums 1,965
Workmen's Compensation 408
Corporate General and Administrative 7,166
JV Fundings - Primary, Net of Reimbursements 9,821
Other Disbursements 4,820
----------
Total Operating and G&A Disbursements 98,044
Reorganization Items 1,121
----------
Total Disbursements 99,165
----------
Net Cash Flow (4,139)
Beginning Bank Cash Balances 54,402
----------
Ending Bank Cash Balances 50,263
Reconciling Items 3,323
----------
Ending Book Cash Balances $53,586
==========
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. 87; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
KUSHNER-LOCKE: Releases September 2005 Monthly Operating Reports
----------------------------------------------------------------
On Dec. 16, 2005, The Kushner-Locke Company and its debtor-
affiliates filed their unaudited September 2005 Monthly Operating
Reports with the U.S. Bankruptcy Court for the Central District of
California, Los Angeles Division.
For the month ending Sept. 30, 2005, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 64,649
Total Non-Operating Expenses 98,922
Net Income (Loss) ($163,570)
For the period from Sept. 1, 2005, through Sept. 30, 2005, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $2,082,918 $117,567
Total Receipts 6,022 159,029
Total Disbursements 152,000 163,520
Ending Balance $1,936,941 $113,076
Full-text copies of The Kushner-Locke Company's September 2005
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?42a
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?42b
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
LEVITZ HOME: Posts $11.3 Million Net Loss in October 2005
---------------------------------------------------------
Levitz Home Furnishings, Inc.
Consolidated Balance Sheet
As of October 31, 2005
ASSETS
Current Assets
Cash & Cash Equivalents $9,261,000
Net Receivables 3,460,000
Net Inventory 73,861,000
Prepaid Expenses & Other 9,074,000
Deferred Financing Fees 2,557,000
--------------
TOTAL CURRENT ASSETS 98,213,000
Net PP&E 53,411,000
Capital Leases, net 13,092,000
Other Assets 6,002,000
Deferred Financing Fees 6,847,000
Leasehold Interests 42,114,000
--------------
TOTAL ASSETS $219,679,000
==============
LIABILITIES & EQUITY
Current Liabilities
Liabilities Subjected to Compromise $93,067,000
Accounts Payable -
Accrued Expenses 88,862,000
Customer Deposits 42,400,000
Deferred Revenue 2,431,000
Current Portion LTD 1,054,000
--------------
TOTAL CURRENT LIABILITIES 227,814,000
Long Term Debt
DIP 50,082,000
Class A Notes 100,000,000
Class B Notes 30,341,000
Capital Leases 25,509,000
--------------
TOTAL LONG TERM DEBT 205,932,000
Deferred Revenue and Other 1,805,000
Minimum Pension Liability 14,967,000
Equity
Preferred Stock 10,000
Capital Stock 231,000
Equity Receivable (500,000)
Paid In Capital 179,230,000
Capital Stock Unissued and Reserved
for Class 5 Claims 18,000
Warrants 35,090,000
Dividends Distributable 13,769,000
Retained Earnings (451,919,000)
Accum. Other Comprehensive Loss (6,768,000)
--------------
TOTAL EQUITY (230,839,000)
--------------
TOTAL LIABILITIES & EQUITY $219,679,000
==============
Levitz Home Furnishings, Inc.
Statement of Operations
For the Period October 12 - 31, 2005
Delivered Sales $21,205,000
Cost of Sales 12,065,000
--------------
Gross Margin 9,140,000
Store Operating Costs
Payroll 3,086,000
Occupancy 5,313,000
Credit (includes Private Label) 645,000
Other Store Expenses 405,000
--------------
Total Store Operating Costs 9,449,000
--------------
Store operating profit/(loss)
before depreciation & amortization (309,000)
Distribution Costs
Payroll 1,115,000
Occupancy 1,011,000
Customer Service 345,000
Delivery Expense 856,000
Delivery Income (949,000)
Other Warehouse Expenses 425,000
--------------
Total Distribution Costs 2,803,000
Advertising
Gross Advertising 581,000
Less: Co-op Advertising (57,000)
--------------
Net Advertising Expense 524,000
General & Administrative Expenses
Payroll 1,082,000
Occupancy 148,000
Other G&A Expenses 660,000
--------------
Total General & Administrative Expenses 1,890,000
EBITDA (5,526,000)
Reorganization 4,337,000
One Time Expenses 4,000
Slotting Income 257,000
ADJUSTED EBITDA (9,611,000)
Depreciation 671,000
Amortization 327,000
Straight Line Rent 72,000
Interest Expense 634,000
Other/Franchise Taxes -
--------------
Loss before Income Taxes (11,314,000)
Provision for Income Taxes -
--------------
NET LOSS ($11,314,000)
==============
Levitz Home Furnishings, Inc.
Statement of Cash Receipts and Disbursements
For the Period October 12 - 31, 2005
Est. Cash and cash equivalents 10-11-05 $8,896,785
Cash in
Household - Pre petition 550,863
Household - Post Petition 7,400,700
Store Receipts 18,744,018
Net change Credit line (net Borrowings) 6,997,416
Other 532,578
--------------
TOTAL CASH IN 34,225,575
Payments out
Merchandise 12,297,185
Payroll 2,500,517
Payroll Taxes 1,208,935
Petty Cash 200
Beneficial Credit Refund 2,314
Prepaid Occupancy -
Prepaid Insurance -
Prepaid Expenses (Oracle service contract) 24,263
Other Prepaids (MIS) 59,831
Prepaid Postage -
Prepaid Point of Purchase 9,346
Pennsylvania Withholding Taxes Payable 8,216
Langhorne Withholding Taxes Payable 1,279
Whitehall Withholding Taxes Payable 1,236
Wilmington Withholding Taxes Payable 6,508
Local Withholding Taxes Payable 784
Arizona Unemployment/Disability Tax 140
Delaware Unemployment/Disability Tax 2,500
Nevada Unemployment/Disability Tax 5,000
New York Unemployment/Disability Tax 62,000
Union Dues 11,459
Garnishee Payable 73,430
Sales Tax Liability 4,396,262
Accrued Expenses - Municipal taxes 3,097
Accrued Expense - Rent Rolls 7,478,592
Purchase Discounts (760)
Medical 562,786
Life Insurance 25,601
Other 17,247
Union Health and Welfare 305,221
Rent 1,200
Electric 450
Heat 22
Water 5,271
Maintenance & Repair- General 32,406
Maintenance & Repair-Computer Equip 3,844
Maintenance & Repair-Landscaping 819
Maintenance & Repair-Office Cleaning 121,300
Telephone 6,975
Security-Service Contract 9,585
Security-Guards 25,773
Security-Repairs 530
Oper Exp - Furniture.com Fees -
Office Supplies 1,194
Safety Supplies 25
Crown Parts Supplies 2,748
Furn Workroom Supplies 133
Meals 10,566
Entertainment 100
Air Travel 9,982
Lodging/hotel 17,233
Auto Allowance 35,075
Car Service/Rental 4,661
Cell Phone Use 4,621
Other Travel Expenses 22,806
Recr/Training - Internet 420
Recruiting/Training General Expenses 172
Transfers 377,170
Prof Fees - Consulting 5,000
Prof Fees - Legal -
Prof Fees - Employee Related 5,650
Prof Fees - Personal Injury 11,383
Prof Fees - Real Estate 3,302
Armored Car 24,292
Leased Equipment 11,047
Displays 303
Signs 130
Temp Help 5,996
Rubbish 356
Postage 431
Other Misc Exp 2,170
Business Taxes 12,585
Dues and Subscriptions 313
Sales Promotion 5,056
Donations 100
Penalties 692
Messenger 3,262
ADP 33,596
Kronos 15,915
Bounces Check Fees 173
Workers Compensation Claims 266,977
Delivery Expense 1,656,294
Del Chg - Even Exchange/Red Rose 29,702
Del Chg - Refusals 12,527
Del Chg - Specials 27,157
Del Chg - Bunk Beds 14,603
Del Chg - Peddle Runs 10,297
Del Chg - Fuel 33,684
Del Chg - Shortfall 2,734
Delivery Expense - Flat Rate 16,300
Delivery Expense - Misc (13,430)
Del Chg - Non Eletto Vendors 15,003
Customer Service / Repair 384,008
Advertising - Television 2,210
Advertising - Print 468,596
Misc Advertising 500
Advertising - Point of Purchase 20,394
Straight-line Rent 40
AlixPartners LLC -
FTI -
Customer refunds 210,000
401 K 297,828
Service Charge/ Misc 31,110
GE Loan Fees 475,000
--------------
TOTAL PAYMENTS OUT 33,861,555
--------------
NET CASH ACTIVITY $364,020
==============
Headquartered in Woodbury, New York, Levitz Home Furnishings, Inc.
-- http://www.levitz.com/-- is a leading specialty retailer of
furniture in the United States with 121 locations in major
metropolitan areas principally the Northeast and on the West Coast
of the United States. The Company and its 12 affiliates filed for
chapter 11 protection on Oct. 11, 2005 (Bank. S.D.N.Y. Lead Case
No. 05-45189). David G. Heiman, Esq., and Richard Engman, Esq.,
at Jones Day, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they reported $245 million in assets and $456 million
in debts. (Levitz Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
LEVITZ HOME: Posts $9 Million Net Loss in November 2005
-------------------------------------------------------
Levitz Home Furnishings, Inc.
Consolidated Balance Sheet
As of November 30, 2005
ASSETS
Current Assets
Cash & Cash Equivalents $6,044,000
Net Receivables 3,231,000
Net Inventory 76,681,000
Prepaid Expenses & Other 6,462,000
Deferred Financing Fees 2,403,000
--------------
TOTAL CURRENT ASSETS 94,821,000
Net PP&E 52,306,000
Capital Leases, net 12,977,000
Other Assets 5,858,000
Deferred Financing Fees 6,665,000
Leasehold Interests 41,655,000
--------------
TOTAL ASSETS $214,282,000
==============
LIABILITIES & EQUITY
Current Liabilities
Liabilities Subjected to Compromise $88,736,000
Accounts Payable -
Accrued Expenses 91,235,000
Customer Deposits 37,476,000
Deferred Revenue 2,011,000
Current Portion LTD 1,051,000
--------------
TOTAL CURRENT LIABILITIES 220,509,000
Long Term Debt
DIP 61,074,000
Class A Notes 100,000,000
Class B Notes 30,341,000
Capital Leases 25,494,000
--------------
TOTAL LONG TERM DEBT 216,909,000
--------------
Deferred Revenue and Other 1,736,000
Minimum Pension Liability 14,967,000
Equity
Preferred Stock 10,000
Capital Stock 231,000
Equity Receivable (500,000)
Paid In Capital 179,230,000
Capital Stock Unissued and Reserved
for Class 5 Claims 18,000
Warrants 35,090,000
Dividends Distributable 13,769,000
Retained Earnings (460,919,000)
Accum. Other Comprehensive Loss (6,768,000)
--------------
TOTAL EQUITY (239,839,000)
--------------
TOTAL LIABILITIES & EQUITY $214,282,000
==============
Levitz Home Furnishings, Inc.
Statement of Operations
For the Period November 1 to 30, 2005
Delivered Sales $41,910,000
Cost of Sales 21,921,000
--------------
Gross Margin 19,989,000
Store Operating Costs
Payroll 4,203,000
Occupancy 7,842,000
Credit (includes Private Label) 1,694,000
Other Store Expenses 710,000
--------------
Total Store Operating Costs 14,449,000
--------------
Store operating profit/(loss)
before depreciation & amortization 5,540,000
Distribution Costs
Payroll 1,822,000
Occupancy 1,448,000
Customer Service 518,000
Delivery Expense 2,211,000
Delivery Income (1,952,000)
Other Warehouse Expenses 553,000
--------------
Total Distribution Costs 4,600,000
Advertising
Gross Advertising 2,735,000
Less: Co-op Advertising (62,000)
--------------
Net Advertising Expense 2,673,000
General & Administrative Expenses 2,797,000
--------------
EBITDA (4,530,000)
Reorganization 2,182,000
One Time Expenses -
Slotting Income 398,000
--------------
ADJUSTED EBITDA (6,314,000)
Depreciation 1,125,000
Amortization 507,000
Straight Line Rent 105,000
Interest Expense 916,000
Other/Franchise Taxes 33,000
--------------
Loss before Income Taxes (9,000,000)
Provision for Income Taxes -
--------------
NET LOSS ($9,000,000)
==============
Levitz Home Furnishings, Inc.
Statement of Cash Receipts and Disbursements
For the Period November 1 to 30, 2005
Est. Cash and cash equivalents 10-31-05 $9,260,806
Cash in
Store Receipts 41,525,334
Net GE Funding 11,270,472
--------------
TOTAL CASH IN 52,795,806
Payments out
Manual Checks - Merchandise 100,814
Merchandise 25,971,638
Customer Refunds 1,505,000
401 k 312,147
Payroll 5,877,945
Medical 524,619
Workers Compensation Claims 258,214
Payroll Taxes 1,894,755
Sales Tax 2,248,149
Life Insurance 10,722
Furniture.com 57,716
Miscellaneous 6,958
MC/VISA Receivable - ADS 4,894
A/R Cam 555
Beneficial Credit Receivable 3,150
Prepaid Advertising 224,000
Prepaid Occupancy 682,683
Prepaid Insurance 401,482
Other Prepaids 14,967
Prepaid Postage 20,000
Prepaid Point of Purchase 14,768
Computer Software 10,975
Fixtures 3,988
Signs 22,200
Construction in Progress 4,752
Other Deposits 10,000
Pennsylvania Withholding Taxes Payable 1,199
Langhorne Withholding Taxes Payable 1,133
Whitehall Withholding Taxes Payable 1,003
Wilmington Withholding Taxes Payable 4,889
New York Unemployment/Disability Tax 16,228
Union Dues 7,540
Garnishee Payable 61,311
Sales Tax Liability 490,472
Use Tax Liability (267)
Accrued Expenses - Miscellaneous 15,450
Accrued Real Estate Taxes 1,399
Accrued Expense - Rent Rolls 7,472,293
Customer Deposits - Insurance Adjustments 17,482
Salvage with Claim -
Demurrage 800
Purchase Discounts (334)
Finishing Materials 2,679
Medical 835,191
Disability 126,808
Life Insurance 25,524
Other 9,436
Union Health and Welfare 237,854
Other Union Expenses 354
Rent 3,893
Real Estate Tax 49,258
Electric 219,559
Heat 11,595
Water 11,759
Maintenance & Repair-General 130,157
Maintenance & Repair-Air Conditioners 38,954
Maintenance & Repair-Computer Equip 10,437
Maintenance & Repair-Landscaping 47,372
Maintenance & Repair-Office Cleaning 200,858
Maintenance & Repair-Sprinklers 3,996
Maintenance & Repair-Telephone 2,223
Telephone 166,673
Data Lines 51,854
Customer Service-Auto Lines 8,830
Customer Service-Email 237
Security-Service Contract 66,049
Security-Guards 22,935
Security-Repairs 1,404
HRS Discount 5,683
Household chargebacks 11,581
Office Supplies 49,314
Light Bulbs 1,535
Janitorial 69
Crown Parts Supplies 16,384
Furn Workroom Supplies 38,764
Meals 11,730
Air Travel 16,172
Lodging/hotel 20,706
Auto Allowance 29,771
Car Service/Rental 4,033
Cell Phone Use 3,466
Other Travel Expenses 17,116
Recr/Training - Newspaper 2,898
Recr/Training - Training Expense 1,500
Recr/Training - Employee Recognition 361
Recruiting/Training General Expenses 60
Transfers 231,899
Prof Fees - Legal 27,234
Prof Fees - Real Estate 13,208
Prof Fees - Environmental 51,356
Prof Fees - Other 41,714
Armored Car 38,179
Leased Equipment 20,291
Leased Data Lines 25,359
Signs 1,711
Temp Help 66,138
Rubbish 115,336
Pre-Opening 2,370
Postage 84
Other Misc Exp 29,296
Business Taxes 8,076
Dues and Subscriptions 5,483
Sales Promotion 11,729
Donations 40
Penalties 20,303
Messenger 19,445
ADP 62,937
Kronos 48,053
Bounces Check Fees 159
Workers Compensation Claims 204,864
Delivery Expense 1,163,983
Del Chg - Even Exchange/Red Rose 16,905
Del Chg - Refusals 7,172
Del Chg - Specials 25,205
Del Chg - Bunk Beds 8,058
Del Chg - Peddle Runs 10,659
Del Chg - Tolls 354
Del Chg - Fuel 18,648
Del Chg - Shortfall 1,623
Delivery Expense - Flat Rate 12,375
Delivery Expense - Misc 15,644
Del Chg - Non Eletto Vendors 208,522
Customer Service / Repair 153,916
Advertising - Television 1,496,323
Advertising - Radio 75,753
Advertising - Broadcast (Agency TV and Radio) 125,000
Advertising - Print 633,696
Misc Advertising 454
Advertising - Outdoors 5,712
Advertising - Point of Purchase 16,881
Bankruptcy professional - KCC 25,000
Bankruptcy professional - Chrysalis 150,000
--------------
TOTAL PAYMENTS OUT 56,011,914
--------------
NET CASH ACTIVITY (3,216,108)
--------------
CASH & CASH EQUIVALENTS AT END OF PERIOD $6,044,697
==============
Headquartered in Woodbury, New York, Levitz Home Furnishings, Inc.
-- http://www.levitz.com/-- is a leading specialty retailer of
furniture in the United States with 121 locations in major
metropolitan areas principally the Northeast and on the West Coast
of the United States. The Company and its 12 affiliates filed for
chapter 11 protection on Oct. 11, 2005 (Bank. S.D.N.Y. Lead Case
No. 05-45189). David G. Heiman, Esq., and Richard Engman, Esq.,
at Jones Day, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they reported $245 million in assets and $456 million
in debts. (Levitz Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
LEVITZ HOME: Furniture Files Schedules of Assets and Liabilities
----------------------------------------------------------------
A. Real Estate $0
B. Personal Property
B.1 Cash on Hand 39,100
B.2 Bank Accounts
Bank of America 2,204,754
Wells Fargo 55,414
B.3 Security Deposits
41 Grand Avenue LLC 210,000
Alan & Shirley Silvers 100,000
GHP BUXTON LLC 100,000
Southern California Edison 350,000
Sears, Roebuck & Company 76,163
Klaff Realty, LP 81,458
Pacific Gas & Electric Company 84,758
Jerome & Joan Leflien 43,023
Pinnacle Flooring 50,000
Others 331,461
B.9 Interests in insurance policies unknown
B.15 Accounts receivable
HSBC 1,327,045
Rentway 126,676
Sunrise Credit Corp 18,659
B.20 Other contingent & unliquidated claims unknown
B.23 Automobiles
2000 Ford Taurus 8,738
1998 Ford Van 3,500
Accumulated Depreciation - Autos (2,894)
B.26 Office equipment, furnishings & supplies 13,736,254
B.28 Inventory
Levitz Mesa SSC 1,776,870
Levitz Mira LOMA SSC 5,772,465
Levitz Sacramento SSC 2,273,382
Levitz Santa Clara SSC 1,847,249
Levitz Tukwila SSC 1,753,795
Bellevue Store 396,332
Cherry Hill Store 485,298
Deptford Store 346,960
Downingtown Store 364,926
Dublin Store 351,467
East Brunswick Store 375,265
Eatontown Store 424,477
Fremont Store 393,465
Fresno Store 403,507
Turano - West Coast 580,441
Langhorne Clearance 915,096
Levitz Glendale California SSC 1,783,408
Levitz Mesa SSC 1,776,870
Levitz San Leandro SSC 3,947,736
Paramus Store 464,367
Robbinsville Warehouse 13,319,295
So. San Francisco store 515,852
Wilmington Clearance 850,423
Others 37,752,011
B.33 Other Personal Property
Capital Leases 11,532,783
Construction in Progress 3,520,239
Leasehold Improvement unknown
Leasehold Interests 45,609,562
TOTAL SCHEDULED ASSETS $158,477,651
=============
D. Secured Claims
US Bank Corporate Trust Services 105,694,444
The Travelers Indemnity Company 5,068,640
US Bank Corporate Trust Services 32,391,667
GE Corporate Financial Services 54,808,293
LaSalle Bank National Association 1,092,206
Warm Springs Promenade LLC 433,000
Others 1,592,122
F. Unsecured Non-Priority Claims
Acklinis Original Building, L.L.C. 127,958
Active Media Services, Inc. 353,403
Adplex Rhodes 849,368
ADT Security Systems Inc 114,153
Advo, Inc. 191,055
All Pro-Carpet Co, Inc 238,841
Amisco Industries Ltd 318,557
Ang Newspapers 88,773
Banner Advertising 366,900
Bassett Mirror Company 425,507
Bay Plaza Community Center, LLC 111,807
Bel Air Lighting 98,365
Benchcraft LLC 952,936
Berkline, LLC 5,741,055
Berkshire/Dresher/JB Ross 231,511
Blank Aschkenasy Properties LLC 87,977
Brockwood 1,180,444
Bush Ind Inc. 749,187
Capitol Signs & Service, Inc. 219,910
Carat 3,625,341
CBA Industries, Inc. 109,212
Cerritos Best Plaza, LLC 116,493
Clipper Express 187,266
Constantino Noval Nevada LLC 109,523
Constellation Newenergy, Inc. 399,778
Crown Equipment Corporation 94,972
Daily News, L.P. 357,507
Dale Tiffany 102,904
Decoro USA Ltd. Logistics 130,977
Decoro 4,137,555
Digital Generation Systems, Inc. 83,025
Direct Marketing Worldwide 501,200
Douglas Furn. Of Calif. 1,665,366
Ernst & Young 209,731
Exel Transportation Services Inc. 338,896
Feinco LLC 107,642
Furniture.com 273,084
Glendale Industrial Park, LP 76,000
Good Company 703,218
Hallmart Collectibles 112,534
Harrigan & Weidenmuller 92,037
Highland Design 286,822
HK EB Holdings, LLC 75,464
HK Livingston Holdings, LLC 108,451
Home News Tribune 144,987
Household Retail Services 238,677
Idea Italia 354,097
Intl. Schnadig-Table Div 93,472
JDI Group 177,080
John Turano & Sons Inc. 1,648,502
Jonathan Louis International 368,738
KDG Construction Inc 133,388
Kellermeyer Building Services, LLC 653,371
Kimco Realty Corp. 134,861
Klaff Realty L.P. 2,002,767
Klaussner Furn. Ind. 5,554,473
Krausz Puente LLC 116,072
Labor Ready Inc. 87,129
Las Vegas Review-Journal 211,198
Leggett And Platt Financial 88,589
Life Style Furniture Mfg., Inc. 2,805,020
Lloyd's of Chatham 149,810
Los Angeles Newspaper Group 179,165
Los Angeles Times 320,304
Louise Partners 466,750
Mab Ltd d/b/a Natale Furniture 99,705
Magnussen Home Furnishings Inc. 162,559
Matrix/PR I LLC 151,000
Media Marketing Solutions 374,541
Mike Cims Inc 188,226
Nesco 104,983
New Generations 467,236
Newsday Inc. 374,342
North Jersey Media Group 134,625
Nova Lighting 92,051
Oak Furniture West 196,458
Oakleaf Waste Management, LLC 236,040
Pacific Gas And Electric Company 101,219
Palliser Furn Corp 4,529,432
Palliser Furniture 1,294,560
Paramus South 17, LLC 116,181
Park Place Shopping Center Partners 101,016
Philip Reinisch Co. 171,898
Pinnacle Flooring 294,800
Prime Resources/Harbor Home 593,395
Progressive Furn Inc. 789,227
PSE&G 200,815
R B & G Construction Co Inc. 472,957
Racanelli Construction Co Inc. 1,662,615
Randomlane Oakdale Decor 100,922
Reflex Offset, Inc. 371,507
Rimco Air Conditioning Co. Inc. 143,175
River Oaks Furniture 118,407
Riversedge Furniture Co. 250,570
Samuel Lawrence Furn Co 136,363
San Francisco Chronicle 246,053
Schnadig Corp 346,867
Sealy Mattress Company 3,417,630
Sealy Mattress Company 910,941
Serta Mattress 4,115,849
Sofa Art By Nicoletti 478,656
Sofatrend 356,086
Sofatrend 121,300
Southern California Edison Co. 329,190
Southland Furniture LLC 203,760
Steve Silver 3,425,384
Stile Associates Ltd. 386,347
The Arizona Republic 340,713
The Coco Collection 244,239
The Hartford Courant 132,492
The Journal News 187,174
The News Journal 132,678
The Seattle Times 163,649
The Star Ledger 359,560
The Valspar Corporation 2,189,489
The Wackenhut Corp (San Leandro) 80,805
Tiaa-Cref/Harrell Street 174,668
Us Quality Furniture Services 264,224
Vaughan Furniture Company Inc. 101,760
Vertical Industrial Park Associates 121,221
Viewpoint Leather Works 374,838
Others 11,279,621
TOTAL SCHEDULED LIABILITIES $287,977,545
=============
Headquartered in Woodbury, New York, Levitz Home Furnishings, Inc.
-- http://www.levitz.com/-- is a leading specialty retailer of
furniture in the United States with 121 locations in major
metropolitan areas principally the Northeast and on the West Coast
of the United States. The Company and its 12 affiliates filed for
chapter 11 protection on Oct. 11, 2005 (Bank. S.D.N.Y. Lead Case
No. 05-45189). David G. Heiman, Esq., and Richard Engman, Esq.,
at Jones Day, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they reported $245 million in assets and $456 million
in debts. (Levitz Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
LEVITZ HOME: Furniture Corp. Files Schedules of Assets and Debts
----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.9 Interests in Insurance Policies Unknown
B.12 Stock and Interests Unknown
B.20 Other contingent & unliquidated claims
Potential Litigation Claim against City of
Florida 22,173
B.33 Other Personal Property 0
TOTAL SCHEDULED ASSETS $22,173
========
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
GE Corporate Financial Services $54,808,293
US Bank Corporate Trust Services 105,694,444
US Bank Corporate Trust Services 32,391,667
Others Unknown
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims 0
TOTAL SCHEDULED LIABILITIES $192,894,404
=============
Headquartered in Woodbury, New York, Levitz Home Furnishings, Inc.
-- http://www.levitz.com/-- is a leading specialty retailer of
furniture in the United States with 121 locations in major
metropolitan areas principally the Northeast and on the West Coast
of the United States. The Company and its 12 affiliates filed for
chapter 11 protection on Oct. 11, 2005 (Bank. S.D.N.Y. Lead Case
No. 05-45189). David G. Heiman, Esq., and Richard Engman, Esq.,
at Jones Day, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they reported $245 million in assets and $456 million
in debts. (Levitz Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
LEVITZ HOME: Furniture Midwest Files Schedules of Assets and Debts
------------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.9 Interests in Insurance Policies Unknown
B.12 Stock and Interests Unknown
TOTAL SCHEDULED ASSETS $0
====
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
GE Corporate Financial Services 54,808,293
GE Corporate Financial Services Unknown
US Bank Corporate Trust Services 105,694,444
US Bank Corporate Trust Services 32,391,667
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims 0
TOTAL SCHEDULED LIABILITIES $192,894,404
=============
Headquartered in Woodbury, New York, Levitz Home Furnishings, Inc.
-- http://www.levitz.com/-- is a leading specialty retailer of
furniture in the United States with 121 locations in major
metropolitan areas principally the Northeast and on the West Coast
of the United States. The Company and its 12 affiliates filed for
chapter 11 protection on Oct. 11, 2005 (Bank. S.D.N.Y. Lead Case
No. 05-45189). David G. Heiman, Esq., and Richard Engman, Esq.,
at Jones Day, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they reported $245 million in assets and $456 million
in debts. (Levitz Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
LEVITZ HOME: Furniture Washington Files Schedules
-------------------------------------------------
A. Real Property $0
B. Personal Property
B.9 Interests in Insurance Policies Unknown
B.12 Stock and Interests Unknown
TOTAL SCHEDULED ASSETS $0
=====
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
GE Corporate Financial Services 54,808,293
GE Corporate Financial Services Unknown
US Bank Corporate Trust Services 105,694,444
US Bank Corporate Trust Services 32,391,667
Wells Fargo Bank, N.A. Unknown
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims 0
TOTAL SCHEDULED LIABILITIES $192,894,404
=============
Headquartered in Woodbury, New York, Levitz Home Furnishings, Inc.
-- http://www.levitz.com/-- is a leading specialty retailer of
furniture in the United States with 121 locations in major
metropolitan areas principally the Northeast and on the West Coast
of the United States. The Company and its 12 affiliates filed for
chapter 11 protection on Oct. 11, 2005 (Bank. S.D.N.Y. Lead Case
No. 05-45189). David G. Heiman, Esq., and Richard Engman, Esq.,
at Jones Day, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they reported $245 million in assets and $456 million
in debts. (Levitz Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
LEVITZ HOME: Home Furnishings Files Schedules of Assets and Debts
-----------------------------------------------------------------
A. Real Estate $0
B. Personal Property
B.1 Cash on Hand 1,200
B.2 Bank Accounts 0
B.3 Security Deposits 0
B.4 Household goods 0
B.5 Book, art work & collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sporting goods 0
B.9 Interests in Insurance Policies Unknown
B.10 Annuities 0
B.11 Interests in retirement plans 0
B.12 Stock and Interests Unknown
B.13 Interests in partnerships 0
B.14 Bonds 0
B.15 Accounts Receivable 0
B.16 Alimony 0
B.17 Other liquidated debts owed 0
B.18 Equitable and future interests 0
B.19 Contingent interests 0
B.20 Other contingent & unliquidated claims 0
B.21 Patents, copyrights & trademarks 0
Machine Operator Protection Guard Pend Unknown
B.22 Other intangibles 0
B.23 Automobiles 0
B.24 Boats 0
B.25 Aircraft 0
B.26 Office Equipment 0
B.27 Machinery, furniture and fixtures 0
B.28 Inventory 0
B.29 Animals 0
B.30 Crops 0
B.31 Farming equipment 0
B.32 Farm supplies 0
B.33 Other Personal Property 0
TOTAL SCHEDULED ASSETS $1,200
=======
C. Property Claimed as Exempt Not Applicable
D. Creditors Holding Secured Claims
GE Corporate Financial Services $54,808,293
US Bank Corporate Trust Services 105,674,444
US Bank Corporate Trust Services 32,391,667
Others 310,325
E. Unsecured Priority Claims
Jay Carothers 571,154
Gerald Tacinelli 36,462
Gene Rohrer 23,077
Charles Castaneda 23,077
Dave Brunson 40,385
F. Unsecured Non-Priority Claims 0
TOTAL SCHEDULED LIABILITIES $193,878,883
=============
Headquartered in Woodbury, New York, Levitz Home Furnishings, Inc.
-- http://www.levitz.com/-- is a leading specialty retailer of
furniture in the United States with 121 locations in major
metropolitan areas principally the Northeast and on the West Coast
of the United States. The Company and its 12 affiliates filed for
chapter 11 protection on Oct. 11, 2005 (Bank. S.D.N.Y. Lead Case
No. 05-45189). David G. Heiman, Esq., and Richard Engman, Esq.,
at Jones Day, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they reported $245 million in assets and $456 million
in debts. (Levitz Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
LEVITZ HOME: Seaman Furniture Files Schedules of Assets and Debts
-----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on Hand 0
B.2 Bank Accounts
Bank of America N.A. 239,442
Bank of New York 5,510
B.3 Security Deposits
8812 Queens Blvd LLC 54,069
Bruce N. Brown (E.Brunswick Kids) 24,640
Con Edison AK/KK 16,975
Ken Bar Development (SI Store) 33,000
Lake Park 300 Crossways Park Drive 56,667
Liberty Mutual Escrow Acct For Workers 89,354
Liberty Realty of NY Inc. 31,867
Matrix Realty, Inc. 40,000
Others 77,573
B.9 Interests in Insurance Policies Unknown
B.12 Stock and Interests Unknown
B.15 Accounts Receivable
Sunrise Credit Corp. 54,130
B.23 Automobiles
Golf Carts 53,086
Accumulated Depreciation (51,871)
B.26 Office Equipment 4,251,645
B.28 Inventory
Robbinsville Warehouse 175,446
Star Warehouse 36,978
Turbano Warehouse 12,911
Others 4,643
B.33 Other Personal Property
Cap Leases 3,265,499
Construction in Progress 22,488
Leasehold Improvements Unknown
Accumulated Depreciation (1,665,706)
TOTAL SCHEDULED ASSETS $6,828,346
===========
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
GE Corporate Financial Services $54,808,293
Leasehold Agency Associates, LLC 2,050,000
US Bank Corporate Trust Services 105,694,444
US Bank Corporate Trust Services 32,391,667
Others 887,500
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims
8812 Queens Blvd LLC 54,069
Dairan Furniture, Inc. 61,826
Decoro 230,842
Decor-Rest 135,277
Elran XX 104,925
Furniture Direct, Inc. 70,872
HillCraft Furn Co. 100,627
Household Retail Services 56,729
John Turano & Sons, Inc. 533,132
Leatherline Divani 141,023
Miresco Investments Services 71,354
Newsday Inc. 233,189
Palliser Furniture Corp 641,415
Palliser XX 112,300
Racanelli Construction Co. Inc. 353,471
Seaman Furniture Co Inc 171,762
Serta Matt/Natl Bedding Co LLC 424,784
Sharut Furniture Imports Inc 197,435
Sofa Art Ltd. 220,570
Sofatrend 161,780
Solo Furn Ind 99,940
Steve Silver 203,975
The Star Ledger 51,897
The Valspar Corporation 62,999
Waughan Furniture 78,502
Others 1,675,830
TOTAL SCHEDULED LIABILITIES $202,082,429
=============
Headquartered in Woodbury, New York, Levitz Home Furnishings, Inc.
-- http://www.levitz.com/-- is a leading specialty retailer of
furniture in the United States with 121 locations in major
metropolitan areas principally the Northeast and on the West Coast
of the United States. The Company and its 12 affiliates filed for
chapter 11 protection on Oct. 11, 2005 (Bank. S.D.N.Y. Lead Case
No. 05-45189). David G. Heiman, Esq., and Richard Engman, Esq.,
at Jones Day, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they reported $245 million in assets and $456 million
in debts. (Levitz Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
LEVITZ HOME: Seaman Pennsylvania Files Schedules of Assets & Debts
------------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on Hand 0
B.2 Bank Accounts
Bank of America N.A. 3,232
B.3 Security Deposits
Kahn Joint Venture - Oregon 40,000
Utility - Suffolk City Water 400
B.9 Interests in Insurance Policies Unknown
Machine Operator Protection Guard Pend Unknown
B.28 Inventory
Whiteshall Store 37
B.33 Other Personal Property Unknown
TOTAL SCHEDULED ASSETS $43,669
========
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
GE Corporate Financial Services $54,808,293
GE Corporate Financial Services 105,694,444
US Bank Corporate Trust Services 32,391,667
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims 0
TOTAL SCHEDULED LIABILITIES $192,894,404
=============
Headquartered in Woodbury, New York, Levitz Home Furnishings, Inc.
-- http://www.levitz.com/-- is a leading specialty retailer of
furniture in the United States with 121 locations in major
metropolitan areas principally the Northeast and on the West Coast
of the United States. The Company and its 12 affiliates filed for
chapter 11 protection on Oct. 11, 2005 (Bank. S.D.N.Y. Lead Case
No. 05-45189). David G. Heiman, Esq., and Richard Engman, Esq.,
at Jones Day, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they reported $245 million in assets and $456 million
in debts. (Levitz Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
LEVITZ HOME: Six Affiliates File Schedules of Assets and Debts
--------------------------------------------------------------
Six Debtors filed their schedules of assets and liabilities and
statements of financial affairs, disclosing $0 assets and
$192,894,404 in liabilities.
The six Debtors are:
1. Levitz Shopping Service, Inc.;
2. Paralax Development Industries Inc.;
3. RHM Inc.;
4. Seaman Furniture Company of Union Square, Inc.;
5. John M. Smyth Company; and
6. Levitz Furniture Company of Delaware, Inc.
Each of the six Debtors scheduled $192,894,404 in Secured Claims
from:
Creditors Holding Secured Claims Amount
-------------------------------- ------
GE Corporate Financial Services $54,808,293
US Bank Corporate Trust Services 105,694,444
US Bank Corporate Trust Services 32,391,667
Levitz Furniture Corporation, Levitz Furniture Company of
Washington, Inc., and Levitz Furniture Company of the Midwest,
Inc., also filed their statements of financial affairs.
Robert N. Webber, Levitz Home Furnishings, Inc.'s senior vice
president, general counsel and secretary, reports that each of
the six Debtors as well as Levitz Furniture Corp., Levitz
Washington and Levitz Midwest did not earn income from operation
of business or other means within the two-year period before the
Petition Date.
In addition, Levitz Furniture, LLC, and Seaman Furniture Company,
Inc., made various to professionals for services related to the
Debtors' potential need to file for bankruptcy.
Headquartered in Woodbury, New York, Levitz Home Furnishings, Inc.
-- http://www.levitz.com/-- is a leading specialty retailer of
furniture in the United States with 121 locations in major
metropolitan areas principally the Northeast and on the West Coast
of the United States. The Company and its 12 affiliates filed for
chapter 11 protection on Oct. 11, 2005 (Bank. S.D.N.Y. Lead Case
No. 05-45189). David G. Heiman, Esq., and Richard Engman, Esq.,
at Jones Day, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they reported $245 million in assets and $456 million
in debts. (Levitz Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
MCLEODUSA INC: Files Monthly Report for Period Ended Nov. 30
------------------------------------------------------------
MCLEODUSA INCORPORATED AND SUBSIDIARIES
Summary of Cash Receipts and Cash Disbursements
For period October 28 - November 30, 2005
Cash, beginning of month $27,243,455
Receipts:
Receipts from operations 61,587,524
Disbursements:
Net payroll (5,114,192)
Payroll taxes (2,199,032)
401K (280,664)
Commissions (597,925)
Health/Dental/Prescription/vision/other benefits (1,333,332)
Asset purchases (1,444,000)
Line costs (cost of service) (31,606,726)
Maintenance and repairs (1,795,254)
Rents (1,862,738)
Federal excise taxes (1,734,825)
Federal Universal Service Fund (656,061)
Interest expense (716,944)
State and local taxes (sales, use, excise, etc.) (3,552,688)
Utilities (690,872)
Deferred Line Installation charges (1,775,378)
Charges incurred in connection with reorganization (5,150,413)
Other (2,545,347)
----------
Total Disbursements (63,056,391)
Net Disbursements for the Current Period (1,468,867)
Ending Balance in U.S. Bank 9,546,771
Ending Balance in Wells Fargo 169,504
Ending Balance in JP Morgan 16,058,313
Ending Balance in All Accounts $25,774,588
A full-text copy of McLeodUSA Incorporated and its debtor-
subsidiaries' Monthly Operating Report for the period October 28
to November 30, 2005, is available for free at:
http://bankrupt.com/misc/mcleodusa_MOR112005.pdf
Headquartered in Cedar Rapids, Iowa, McLeodUSA Incorporated --
http://www.mcleodusa.com/-- provides integrated communications
services, including local services in 25 Midwest, Southwest,
Northwest and Rocky Mountain states. The Debtor and its
affiliates filed for chapter 11 protection on Oct. 28, 2005
(Bankr. N.D. Ill. Case Nos. 05-53229 through 05-63234). Peter
Krebs, Esq., and Timothy R. Pohl, Esq., at Skadden, Arps, Slate,
Meagher and Flom, represent the Debtors in their restructuring
efforts. As of June 30, 2005, McLeodUSA Incorporated reported
$674,000,000 in total assets and $1,011,000,000 in total debts.
McLeodUSA Inc. previously filed for chapter 11 protection on
January 30, 2002 (Bankr. D. Del. Case No. 02-10288). The Court
confirmed the Debtor's chapter 11 plan on April 5, 2003, and
that Plan took effect on April 16, 2002. The Court formally
closed the case on May 20, 2005. (McLeodUSA Bankruptcy News,
Issue No. 7 Bankruptcy Creditors' Service, Inc., 215/945-7000).
MERIDIAN AUTOMOTIVE: Posts $10 Million Net Loss in November 2005
----------------------------------------------------------------
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of November 30, 2005
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $115,007
Intercompany receivable 13,327
Inventories 79,000
Tooling costs in excess of billings and others 22,907
----------
TOTAL CURRENT ASSETS 230,241
----------
Property, plant and equipment, net 233,123
Intangible assets 15,363
Investment in subsidiaries 23,863
Other assets 17,207
----------
TOTAL ASSETS $519,797
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current portion of long term debt $323,916
Accounts payable 37,305
Accrued expenses 51,271
Tooling billings in excess of costs 6,872
----------
TOTAL CURENT LIABILITIES 419,364
----------
Liabilities subject to comprise 463,928
Non-Current Liabilities Not Subject to Compromise:
Other long-term liabilities 15,910
Accumulated post-retirement benefit obligation 16,452
----------
TOTAL LIABILITIES 915,654
STOCKHOLDERS' EQUITY (395,857)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $519,797
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operation
November 1 to 30, 2005
(In Thousands)
Net sales $67,975
Cost of sales 64,055
----------
Gross profit 3,920
Selling, general and administrative expenses 2,920
Restructuring charges 1,231
----------
Operating income (loss) (231)
Interest expense, net 7,996
Other income (expense) (8)
Chapter 11 and related reorganization items 2,224
----------
Loss before provision for income taxes (10,459)
(Benefit) Provision for income taxes (33)
----------
NET LOSS ($10,426)
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
November 1 to 30, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($10,426)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization, and impairment 4,824
Change in working capital and other operating
items 12,925
----------
Net cash provided by (used for) operating
activities before reorganization items 7,323
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items 2,224
Payments on Chapter 11 and related reorg items (1,720)
----------
Net cash provided by Chapter 11 and related
reorg items 504
Net cash provided by (used for) operating
activities 7,827
INVESTING ACTIVITIES:
Additions to property and equipment (4,016)
Proceeds from sale or property and equipment (7)
----------
Net cash used for investing activities (4,023)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 44,400
Repayments of DIP credit facility (48,200)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized (4)
----------
Net cash (used for) provided by financing activities (3,804)
----------
Net increase (decrease) in cash -
----------
Cash and Cash Equivalents, beginning of period -
Cash and Cash Equivalents, end of period -
==========
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $530 million in
total assets and approximately $815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 20; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
MIRANT CORP: Earns $74.6 Million for the Month of October 2005
--------------------------------------------------------------
Mirant Corporation and Subsidiaries
Consolidated Balance Sheet
As of October 31, 2005
ASSETS
Cash and cash equivalents $1,317,121,148
Accounts receivable - net 783,352,451
Assets from risk management activities 1,056,328,450
Derivative hedging instruments -
Inventories 365,087,128
Other 1,473,144,069
--------------
Total Current Assets 4,995,033,246
Property, plant and equipment 5,235,545,878
Less: accumulated depreciation/depletion 940,665,450
Leasehold interests - net 1,431,690,063
Construction work in progress 136,645,905
Investment in suspended construction 174,318,060
--------------
Total net property, plant and equipment 6,037,534,456
Investments 263,282,353
Long-term accounts receivable - net 47,568,602
Notes receivable - net -
Assets from risk management activities 151,437,308
Goodwill - net 5,767,352
Other intangibles - net 264,334,783
Derivative hedging instruments -
Restricted cash, non-current 187,639,516
Other long-term assets -
Miscellaneous deferred charges 386,643,128
--------------
Total Non-current Assets 1,306,673,042
--------------
TOTAL ASSETS $12,339,240,744
==============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,216,466,067
Accounts Payable 689,574,480
Liabilities from risk management activities 1,606,493,485
Obligations under energy deliveries 6,056,818
Derivative hedging instruments -
Other 285,489,143
Miscellaneous deferred credits 625,373,937
--------------
Total postpetition liabilities 4,429,453,930
Prepetition Liabilities 10,480,094,493
-------------
TOTAL LIABILITIES 14,909,548,423
EQUITY:
Minority interest in subsidiaries 171,636,738
Mandatory redeemable securities -
Common stock 4,056,621
Additional paid-in capital 4,918,013,573
Retained earnings (7,594,415,347)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (67,339,264)
--------------
Total Equity ($2,570,307,679)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $12,339,240,744
===============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending October 31, 2005
REVENUES:
Generation $471,698,056
Net trading revenue 8,525,791
Distribution 69,363,427
Other 579,184
---------------
Net Revenue 550,166,458
OPERATING EXPENSES:
Energy cost 287,263,706
Operations and maintenance 79,319,896
Depreciation and amortization 25,430,604
Gain on sale of property and investment -
Impairment loss 22,535
Restructuring costs 187,326
---------------
Total Operating Expenses 392,224,067
---------------
Income before non-operating income
and expense 157,942,391
OTHER INCOME AND EXPENSES:
Interest income 3,295,781
Interest expense (62,426,259)
Equity in income of affiliates 3,190,318
Other (1,164,340)
Reorganization items (11,594,731)
Minority interest (1,539,922)
Net income from discontinued operations (295,779)
Gain on sale assets, minority owned -
---------------
Total Other Income (70,534,932)
Provision for income tax (12,805,475)
---------------
NET PROFIT (LOSS) $74,601,984
===============
Mirant Corporation
Unconsolidated Cash Receipts and Disbursements
For the month ending October 31, 2005
Cash, beginning of month $248,725,339
Non-Operating Receipts:
Loans & Advances $23,899,030
Sale of Assets -
---------------
Total non-operating receipts 23,899,030
---------------
Total receipts 23,899,030
---------------
Total Cash Available 272,624,369
Operating Disbursements 0
Reorganization Expenses
---------------
Total disbursements 0
---------------
Net Cash Flow 23,899,030
---------------
Cash, end of month $272,624,369
===============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines. Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally. Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590). Thomas E. Lauria, Esq., at White &
Case LLP, represents the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts.
(Mirant Bankruptcy News, Issue No. 89 Bankruptcy Creditors'
Service, Inc., 215/945-7000)
MIRANT CORP: MAGi Earns $70 Million for the Month of October 2005
-----------------------------------------------------------------
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheet
As of October 31, 2005
ASSETS
Cash and cash equivalents $228,927,102
Accounts receivable - net 851,809,978
Assets from risk management activities (3,398,772)
Derivative hedging instruments -
Inventories 170,603,705
Other 181,375,193
---------------
Total Current Assets 1,429,317,206
Property, plant and equipment 2,237,012,084
Less: accumulated depreciation/depletion 400,709,173
Leasehold interests - net -
Construction work in progress 89,272,625
Investment in suspended construction 174,018,060
---------------
Total net property, plant and equipment 2,099,593,596
Investments 25,000
Long-term accounts receivable - net 92,171,429
Notes receivable - net 223,275,000
Assets from risk management activities 21,837,397
Other intangibles - net 200,673,707
Derivative hedging instruments -
Restricted cash, non-current 5,142,763
Other long-term assets -
Miscellaneous deferred charges 214,960,423
---------------
Total Non-current Assets 758,085,719
---------------
TOTAL ASSETS $4,286,996,521
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt -
Accounts Payable 288,715,027
Liabilities from risk management activities 404,710,215
Obligations under energy deliveries -
Derivative hedging instruments -
Other 191,148,350
Miscellaneous deferred credits 33,379,671
---------------
Total postpetition liabilities 917,953,263
Prepetition Liabilities 3,863,685,999
---------------
TOTAL LIABILITIES 4,781,639,262
EQUITY:
Minority interest in subsidiaries 35,002
Mandatory redeemable securities -
Common stock 1,000
Additional paid-in capital 3,853,859,362
Retained earnings (4,348,538,105)
Treasury stock, at cost -
Accumulated other comprehensive income -
---------------
Total Equity (494,642,741)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,286,996,521
===============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending October 31, 2005
REVENUES:
Generation $348,989,395
Net trading revenue -
Distribution -
Other 11,201
---------------
Net Revenue 349,000,596
OPERATING EXPENSES:
Energy cost 193,065,441
Operations and maintenance 50,628,081
Depreciation and amortization 7,721,605
Gain on sale of property and investment -
Impairment loss 22,535
Restructuring costs 180,206
---------------
Total Operating Expenses 251,617,868
---------------
Income before non-operating income
and expense 97,382,728
OTHER INCOME AND EXPENSES:
Interest income 289
Interest expense (25,451,290)
Equity in income of affiliates -
Other 7,679
Reorganization items (2,155,547)
Minority interest -
Net income from discontinued operations -
---------------
Total Other Income (27,598,869)
Provision for income tax 297,098
---------------
NET PROFIT (LOSS) $70,080,957
===============
Mirant Americas Generation, LLC, and Subsidiaries
Unconsolidated Cash Receipts and Disbursements
For the month ending October 31, 2005
Cash, beginning of month $66,737,731
Non-Operating Receipts:
Loans & Advances (28,947,186)
Sale of Assets -
---------------
Total non-operating receipts (28,947,186)
---------------
Total receipts (28,947,186)
---------------
Total Cash Available 37,790,545
Operating Disbursements 0
Reorganization Expenses 0
---------------
Total disbursements 0
---------------
Net Cash Flow ($28,947,186)
---------------
Cash, end of month $37,790,545
===============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines. Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally. Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590). Thomas E. Lauria, Esq., at White &
Case LLP, represents the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts.
(Mirant Bankruptcy News, Issue No. 89 Bankruptcy Creditors'
Service, Inc., 215/945-7000)
O'SULLIVAN INDUS: Files Monthly Operating Report for November 2005
------------------------------------------------------------------
O'Sullivan Industries, Inc.
Cash Receipts and Disbursements
Month Ended November 30, 2005
Funds at the beginning of period $1,178,455
Receipts:
Cash sales -
Less: Refunds -
-----------
Net cash sales -
Collection of postpetition accounts receivable -
Collection of prepetition accounts receivable 17,581,562
Other receipts (transfers) 24,924,820
-----------
Total receipts 42,506,382
-----------
Total Cash Available for Operations $43,684,837
===========
Disbursements:
U.S. Trustee quarterly fee -
Net payroll $2,552,944
Payroll taxes paid 947,654
Professional fees 128,851
Other taxes 393,635
Rent & equipment rent 97,227
Other leases 425,157
Telephone 32,103
Utilities 123,322
Travel and entertainment 175,213
Vehicle expenses 23,896
Office expenses 28,970
Advertising 86,634
Insurance 770,064
Freight 1,561,242
Job-cost raw materials 8,519,899
Foreign bank fees 234
Repairs and maintenance 680,049
Payments to secured creditors -
Employee benefits 985,746
Other expenses 983,282
Transfers 24,854,725
-----------
Total Disbursements 43,370,847
-----------
Ending Cash Balance $313,990
===========
Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings,
Inc. -- http://www.osullivan.com/-- designs, manufactures, and
distributes ready-to-assemble furniture and related products,
including desks, computer work centers, bookcases, filing
cabinets, home entertainment centers, commercial furniture, garage
storage units, television, audio, and night stands, dressers, and
bedroom pieces. O'Sullivan sells its products primarily to large
retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and
Office Depot. The Company and its subsidiaries filed for chapter
11 protection on October 14, 2005 (Bankr. N.D. Ga. Case No. 05-
83049). On September 30, 2005, the Debtor listed $161,335,000 in
assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News,
Issue No. 8; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
O'SULLIVAN INDUS: Furniture Files Monthly Report for November 2005
------------------------------------------------------------------
O'Sullivan Furniture Factory Outlet, Inc.
Cash Receipts and Disbursements
Month Ended November 30, 2005
Funds at the beginning of period $6,773
Receipts:
Cash sales 42,965
Less: Refunds -
-----------
Net cash sales 42,965
Collection of postpetition accounts receivable -
Collection of prepetition accounts receivable -
Other receipts (transfers) 7
-----------
Total receipts 42,972
-----------
Total Cash Available for Operations $49,745
===========
Disbursements:
Other expenses 347
Transfers 45,166
-----------
Total Disbursements 45,513
-----------
Ending Cash Balance $4,232
===========
Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings,
Inc. -- http://www.osullivan.com/-- designs, manufactures, and
distributes ready-to-assemble furniture and related products,
including desks, computer work centers, bookcases, filing
cabinets, home entertainment centers, commercial furniture, garage
storage units, television, audio, and night stands, dressers, and
bedroom pieces. O'Sullivan sells its products primarily to large
retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and
Office Depot. The Company and its subsidiaries filed for chapter
11 protection on October 14, 2005 (Bankr. N.D. Ga. Case No. 05-
83049). On September 30, 2005, the Debtor listed $161,335,000 in
assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News,
Issue No. 8; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
O'SULLIVAN INDUS: Holdings Files Operating Report for Nov. 2005
---------------------------------------------------------------
O'Sullivan Industries Holdings, Inc., reports $0 cash receipts
and disbursements for the period Nov. 1 to 30, 2005.
Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings,
Inc. -- http://www.osullivan.com/-- designs, manufactures, and
distributes ready-to-assemble furniture and related products,
including desks, computer work centers, bookcases, filing
cabinets, home entertainment centers, commercial furniture, garage
storage units, television, audio, and night stands, dressers, and
bedroom pieces. O'Sullivan sells its products primarily to large
retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and
Office Depot. The Company and its subsidiaries filed for chapter
11 protection on October 14, 2005 (Bankr. N.D. Ga. Case No. 05-
83049). On September 30, 2005, the Debtor listed $161,335,000 in
assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News,
Issue No. 8; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
O'SULLIVAN INDUS: Virginia Files Monthly Report for November 2005
-----------------------------------------------------------------
O'Sullivan Industries Virginia, Inc., disbursed $76 for expenses
for the period November 1 to 30, 2005. O'Sullivan Virginia
reports $15,034 in ending cash balance for the same period.
O'Sullivan Virginia held $15,110 at the beginning of the period.
Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings,
Inc. -- http://www.osullivan.com/-- designs, manufactures, and
distributes ready-to-assemble furniture and related products,
including desks, computer work centers, bookcases, filing
cabinets, home entertainment centers, commercial furniture, garage
storage units, television, audio, and night stands, dressers, and
bedroom pieces. O'Sullivan sells its products primarily to large
retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and
Office Depot. The Company and its subsidiaries filed for chapter
11 protection on October 14, 2005 (Bankr. N.D. Ga. Case No. 05-
83049). On September 30, 2005, the Debtor listed $161,335,000 in
assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News,
Issue No. 8; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
OWENS CORNING: Posts $343 Million Net Loss in September 2005
------------------------------------------------------------
Owens Corning
Balance Sheet
As of September 30, 2005
(In Thousands)
Current Assets:
Cash and cash equivalents $827,236
Receivables 414,206
Receivables-Inter-company 999,122
Inventories 227,525
Insurance for Asbestos Litigation Claims 0
Deferred Income Taxes 484
Income Tax Receivable 926
Other Current Assets 17,343
-----------
Total Current Assets $2,486,842
Other Assets:
Insurance for Asbestos Litigation Claims 4,220
Restricted Cash 188,809
Restricted cash and securities - Fibreboard 0
Deferred Income Taxes 1,072,212
Goodwill 48,568
Investment in Affiliates 31,271
Investment in Subsidiaries 2,022,050
Notes Receivable - Intercompany 5,270
Other Non-current Assets 542,453
-----------
Total Other Assets 3,914,853
Plant & Equipment:
Land 34,668
Buildings & Leasehold Improvements 549,555
Machinery & Equipment 2,214,983
Construction in Progress 94,076
Less: Accumulated Depreciation 1,621,793
-----------
Net Plant and Equipment 1,271,793
-----------
TOTAL ASSETS $7,673,488
===========
Liabilities not Subject to Compromise:
Accounts Payable & Accrued Liabilities 565,747
Inter-company Liabilities 1,047,043
Short-term debt 0
Long-term debt - current portion 1,367
-----------
Total Current Liabilities 2,152,127
Long-Term Debt 9,571
Other:
Other Employee Benefits Liability 225,933
Pension Plan Liability 617,635
Other Liability 165,943
-----------
Total Non-Current Liabilities 1,011,711
-----------
Total Postpetition Liabilities 3,173,409
Prepetition Liabilities:
Accounts Payable and Accrued Liabilities 259,335
Other Employee Benefits Liability 190,806
Pension Plan Liability 0
Debt-US Bank Credit Facility 1,450,986
Debt-Bonds & Other 1,501,166
Asbestos-Related Liability 6,166,734
Inter-company 2,452,666
Other 0
-----------
Total Prepetition Liabilities 12,021,693
Total Liabilities 15,195,102
Minority Interest 0
Stockholder's Equity:
Common Stock 697,298
Retained Earnings (Deficit) (7,888,346)
Accumulated Comprehensive Income (Loss) (6,347)
Other (324,219)
-----------
Net Stockholder's Equity (7,521,614)
-----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,673,488
===========
Owens Corning
Statement of Operations
For the Month Ended September 30, 2005
(In Thousands)
Net sales $382,468
Cost of Sales 320,784
-----------
Gross Margin 61,684
Operating Expenses:
Marketing and Administrative Expenses 36,088
Science and Technology Expenses 2,572
Provision for Asbestos Litigation Claims 0
Insider Compensation 810
Restructure Costs 0
Other Expenses 8,961
-----------
Income (Loss) from Operations 13,254
Other Expenses:
Cost of Borrowed Funds 538,000
Other 0
-----------
Income (Loss) Before Reorganization Items (524,746)
Reorganization Items:
Professional Fees 3,484
U.S. Trustee Quarterly Fees 0
Interest Earned on Accumulated Cash from Chapter 11 (1,641)
(Gain) Loss from sale of equipment 0
(Gain) Loss from Settlement of Liabilities 0
Other Reorganization Expenses 2,543
-----------
Total Reorganization Expenses 4,386
-----------
Income (Loss) Before Income Taxes (529,133)
Provision (credit) for Income Tax (186,029)
------------
Income (Loss) Before Minority Interest and
Equity in Net Income (Loss) of Affiliates (343,104)
Minority interest 0
Equity in net income (loss) of affiliates (84)
-----------
Net Income (Loss) ($343,188)
===========
Owens Corning
Statement of Cash Receipts & Disbursements
For the Month Ended September 30, 2005
(In Thousands)
Cash, Beginning of Month $7,691
Receipts:
Customer Receipts 343,800
Inter-company Sales (885)
Loans and Advances 0
Sale of Assets 0
Other Receipts 14,510
Inter-company Transfers 108,496
Transfers from DIP 131,200
-----------
Total Receipts $597,120
Disbursements:
Net Payroll 79
Payroll Taxes 0
Sales Use & Other Taxes 8,059
Inventory Purchases 133,156
Insurance 961
Administrative & Selling 54,726
Other 128,488
Inter-company Transfers 82,711
Transfers to DIP 179,130
Professional Fees 1,931
U.S. Trustee Quarterly Fees 0
Court costs 0
Adjustment 0
-----------
Total Disbursements $589,241
Net Cash Flow 7,879
-----------
Cash -- End of Month $15,570
===========
Owens Corning -- http://www.owenscorning.com/-- manufactures
fiberglass insulation, roofing materials, vinyl windows and
siding, patio doors, rain gutters and downspouts. Headquartered
in Toledo, Ohio, the Company filed for chapter 11 protection on
October 5, 2000 (Bankr. Del. Case. No. 00-03837). Mark S. Chehi,
Esq., at Skadden, Arps, Slate, Meagher & Flom, represents the
Debtors in their restructuring efforts. (Owens Corning Bankruptcy
News, Issue No. 122; Bankruptcy Creditors' Service, Inc., 215/945-
7000)
PLIANT CORP: Sept. 30 Balance Sheet Upside Down by $599.9 Million
-----------------------------------------------------------------
Pliant Corporation and Subsidiaries
Condensed Consolidated Balance Sheet
As of September 30, 2005
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $6,949,000
Receivables, net of $6,088,000 allowance 131,320,000
Inventories 91,266,000
Prepaid expenses and other 5,023,000
Income taxes receivable, net 1,388,000
Deferred income taxes 9,490,000
---------------
Total current assets $245,436,000
---------------
PLANT AND EQUIPMENT, net $293,384,000
GOODWILL 182,245,000
INTANGIBLE ASSETS, net 15,384,000
OTHER ASSETS 39,855,000
---------------
TOTAL ASSETS $776,304,000
===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Trade accounts payable $101,278,000
Accrued liabilities:
Interest payable 16,126,000
Customer rebates 7,844,000
Other 40,163,000
Current portion of long-term debt 1,355,000
---------------
Total current liabilities $166,766,000
---------------
LONG-TERM DEBT, net of current portion $885,630,000
OTHER LIABILITIES 28,725,000
DEFERRED INCOME TAXES 29,438,000
SHARES SUBJECT TO MANDATORY REDEMPTION 258,908,000
---------------
Total Liabilities $1,369,467,000
---------------
MINORITY INTEREST -
REDEEMABLE PREFERRED STOCK - Series B $104,000
REDEEMABLE COMMON STOCK 6,645,000
STOCKHOLDERS' DEFICIT:
Common stock - no par value 103,376,000
Warrants to purchase common stock 39,133,000
Accumulated deficit (727,954,000)
Stockholders' notes receivable (660,000)
Accumulated other comprehensive loss (13,807,000)
---------------
Total stockholders' deficit ($599,912,000)
---------------
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT $776,304,000
===============
Headquartered in Schaumburg, Illinois , Pliant Corporation --
http://www.pliantcorp.com/-- produces value-added film and
flexible packaging products for personal care, medical, food,
industrial and agricultural markets. The Debtor and 10 of its
affiliates filed for chapter 11 protection on Jan. 3, 2006 (Bankr.
D. Del. Lead Case No. 06-10001). Edmon L. Morton, Esq., and
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor,
represent the Debtors in their restructuring efforts. As of Sept.
30, 2005, the company had $604,275,000 in total assets and
$1,197,438,000 in total debts. (Pliant Bankruptcy News, Issue No.
1; Bankruptcy Creditors' Service, Inc., 215/945-7000)
REFCO INC: Files Schedules of Assets and Liabilities
----------------------------------------------------
A. Real property $0
B. Personal property
B.1 Cash on hand $0
B.2 Bank accounts
Harris Trust & Savings Bank 357,868
B.3 Security deposits 0
B.4 Household goods 0
B.5 Books, art work & collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sporting goods 0
B.9 Interests in insurance policies 0
B.10 Annuities 0
B.11 Interests in retirement plans 0
B.12 Stock interests
Investment in subsidiary 241,772,000
B.13 Interests in partnerships 0
B.14 Bonds 0
B.15 Accounts receivable 0
B.16 Alimony 0
B.17 Other liquidated debts owed 0
B.18 Equitable and future interests 0
B.19 Contingent interests 0
B.20 Other contingent & unliquidated claims undetermined
B.21 Patents, copyrights & trademarks 0
B.22 Other intangibles 0
B.23 Automobiles 0
B.24 Boats 0
B.25 Aircraft 0
B.26 Office equipment and supplies 0
B.27 Machinery, furniture and fixtures 0
B.28 Inventory 0
B.29 Animals 0
B.30 Crops 0
B.31 Farming equipment 0
B.32 Farm supplies 0
B.33 Other personal property 0
TOTAL SCHEDULED ASSETS $242,129,868
=============
C. Property claimed as exempt Not applicable
D. Secured claims $0
E. Unsecured Priority Claims undetermined
F. Unsecured non-priority claims
Intercompany liabilities $16,393,000
Litigation claims undetermined
Potential indemnification obligations undetermined
TOTAL SCHEDULED LIABILITIES $16,393,000
============
Headquartered in New York, 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 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. Refco
reported $16.5 billion in assets and $16.8 billion in debts to the
Bankruptcy Court on the first day of its chapter 11 cases. (Refco
Bankruptcy News, Issue No. 18; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
SAINT VINCENTS: Posts $4.7 Million Net Loss in November 2005
------------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of November 30, 2005
ASSETS
Cash & Cash Equivalents $50,263,437
Investments 1,084,605
Patients Accounts Receivable, less allowance for
doubtful accounts 166,038,052
Accounts Receivable 30,625,218
Other Current Assets 38,717,000
--------------
Total Current Assets 286,728,312
Depreciation Reserve Funds & Collaterized Assets 53,493,456
Assets Designated for Self-Insurance
Investments at Market 42,146,539
Assets whose use is limited -
Investments at Market 55,992,169
Other Non-Current Assets 12,375,600
Land, Buildings & Equipment, net of
Accumulated Depreciation 285,338,418
--------------
Total Assets $736,074,494
==============
LIABILITIES AND NET ASSETS
Liabilities Subject to Compromise:
HFG Loan $30,885,000
Accounts Payable & Accrued Expenses 237,707,598
Estimated Retroactive Payables to
Third Parties, net 105,034,332
Long-term Debt 299,806,278
Long-term Debt, excluding current installments 7,802,826
Estimated Liability for Self-Insurance 123,423,348
Other Liabilities 78,388,993
--------------
Total Liabilities Subject to Compromise 883,048,375
Liabilities Not Subject to Compromise:
Accrued Salaries & Payroll Taxes Withheld 59,532,494
Accounts Payables & Accrued Expenses 85,779,145
--------------
Total Liabilities 1,028,360,014
Net Assets:
Unrestricted (348,294,324)
Temporarily Restricted 31,577,804
Permanently Restricted 24,431,000
--------------
Total Net Assets (292,285,520)
--------------
Total Liabilities & Net Assets $736,074,494
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From November 1 to November 30, 2005
Operating Revenue
Inpatient $62,791,799
Outpatient 31,362,984
Patient Service Revenue 94,154,782
Less Provision for Bad Debt 8,623,305
Net Patient Service Revenue 85,531,478
Pool Revenue 4,298,509
Capitation 6,808,405
Other 11,843,806
--------------
Total Operating Revenue 108,482,197
Operating Expenses:
Salaries and Wages 46,664,157
Fringe Benefits 14,379,744
Supplies and Other 38,889,592
Insurance 4,092,164
--------------
Total Direct Operating Costs 104,025,657
Salaries and Wages 2,689,824
Fringe Benefits 722,400
Supplies and Other 5,756,597
--------------
Total Corporate Allocated 9,168,821
--------------
Total Operating Expense 113,194,478
--------------
Interest 3,920,898
Depreciation 3,807,357
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items (12,440,537)
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) (0)
St. Mary's Op Pac Rate Adjustment -
ZBEC/HFE Recoveries (114,565)
Restructuring & Bankruptcy Related Costs (6,222,898)
Estimated Close-out of St. Mary's 4,906,317
Hanys Investment Income (SFS INS) 1,330,091
Prior Period Ambulance Revenue 2,261,818
Transfer of Equity Foundation (153,743)
--------------
Total Non-Recurring and/or Unusual Items 2,007,020
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (10,433,517)
--------------
Non-Operating Revenue 2,236,599
Change in Temporary Restricted Net Assets 206,000
--------------
Change in Net Assets ($7,990,918)
--------------
EBITDA ($4,712,281)
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From November 1 to November 30, 2005
Cash Flows from Operation Activities:
Changes in Net Assets ($7,990,918)
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Change in Net Assets from July 1 to July 4, 2005 -
Depreciation & Amortization 3,823,514
Change in Unrealized Gains & Losses 1,967,751
Change in Patient's Accounts Receivable 14,823,294
Change in Accounts Receivables, Other (2,071,599)
Change in Prepaid Expenses & Other 611,000
Change in Other Non-Current Assets (589,604)
Change in Accounts Payable &
Accrued Exp-Prepetition 18,938,261
Change in Accounts Payable &
Accrued Exp-Postpetition 12,132,645
Change in Accrued Salaries & P/R Taxes 822,625
Change in Est. Retro rec/pay
from/to third parties 11,217,473
Change in Est. Liability for self-insurance (21,623,774)
Change in Other Non-Current Liabilities (4,357,272)
--------------
Net Cash Provided by Operating Activities 27,703,396
Cash flows From Investment Activities:
Sale of Investments, Net 9,379
(Purchase) of Assets Whose Use is Limited (4,559,506)
Acquisition/Sale of Land, Building,
& Equipment (2,610,117)
--------------
Net Cash Provided by Investing Activities (7,160,244)
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Loan 26,296,000
Proceed from issuance of Long-term debt -
Repayment of Long-term debt 2,941,950
--------------
Net Cash (Used) in Financing Activities 29,237,950
Net Increase (Decrease)
in Cash & Cash Equivalents 49,781,102
Cash & Cash Equivalents at Beginning of Month 482,335
--------------
Cash & Cash Equivalents at End of the Month $50,263,436
==============
Headquartered in New York, New York, Saint Vincents Catholic
Medical Centers of New York -- http://www.svcmc.org/-- the
largest Catholic healthcare providers in New York State, operate
hospitals, health centers, nursing homes and a home health agency.
The hospital group consists of seven hospitals located throughout
Brooklyn, Queens, Manhattan, and Staten Island, along with four
nursing homes and a home health care agency. The Company and six
of its affiliates filed for chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary
Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will &
Emery, LLP, represent the Debtors in their restructuring efforts.
As of Apr. 30, 2005, the Debtors listed $972 million in total
assets and $1 billion in total debts. (Saint Vincent Bankruptcy
News, Issue No. 18; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
SOLUTIA INC: Posts $25 Million Net Loss in October 2005
-------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of October 31, 2005
Assets
Current assets:
Cash $13,000,000
Trade Receivables, net 154,000,000
Account Receivables-Unconsolidated Subsidiaries 42,000,000
Inventories 154,000,000
Other Current Assets 78,000,000
--------------
Total Current Assets 441,000,000
Property, Plant and Equipment, net 673,000,000
Investments in Subsidiaries and Affiliates 545,000,000
Intangible Assets, net 100,000,000
Other Assets 85,000,000
--------------
TOTAL ASSETS $1,844,000,000
==============
Liabilities and Shareholders' Deficit
Current liabilities:
Accounts Payable $171,000,000
Short Term Debt 340,000,000
Other Current Liabilities 169,000,000
--------------
Total Current Liabilities 680,000,000
Other Long-Term Liabilities 197,000,000
--------------
Total Liabilities not Subject to Compromise 877,000,000
Liabilities Subject to Compromise 2,260,000,000
Shareholders' Deficit (1,293,000,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $1,844,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended October 31, 2005
Total Net Sales $167,000,000
Total Cost Of Goods Sold 169,000,000
--------------
Gross Profit (2,000,000)
Total MAT Expense 17,000,000
--------------
Operating Loss (19,000,000)
Equity Earnings from Affiliates 1,000,000
Interest Expense, net (5,000,000)
Other Income, net 3,000,000
Reorganization Items:
Professional fees (4,000,000)
Employee severance and retention costs (1,000,000)
--------------
Total reorganization items (5,000,000)
--------------
Loss Before Taxes (25,000,000)
Income Taxes -
--------------
Net Loss ($25,000,000)
==============
Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/-- with its subsidiaries, make and sell a
variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949). When the Debtors filed for
protection from their creditors, they listed $2,854,000,000 in
assets and $3,223,000,000 in debts. Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis. (Solutia Bankruptcy
News, Issue No. 52; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
SONICBLUE INC: Files November 2005 Monthly Operating Report
-----------------------------------------------------------
At Nov. 30, 2005, SONICblue Incorporated reports that it is
sitting on $77,696,215 of cash, has accrued $525,459 in
postpetition liabilities and faces a $237,129,625 mountain of
prepetition debts.
A full-text copy of SONICblue Inc.'s November 2005 Operating
Report is available at no charge at
http://ResearchArchives.com/t/s?429
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.
TRIGEM COMPUTER: Posts KRW216B Net Loss for Period Ended Sept. 30
-----------------------------------------------------------------
TriGem Computer, Inc., posted KRW216,162,480,000 net loss for
the nine-month period ended Sept. 30, 2005, Esther Jang at
Bloomberg News in Seoul, South Korea, reports.
The company earned KRW35,303,140,000 in net income for the same
period in 2004.
TriGem also reported KRW626,987,180,000 in net sales for the
nine-month period ended Sept. 30, 2005, lower compared to
KRW1,589,681,000,000 for the same period in 2004.
Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/-- manufactures desktop PCs,
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year to
clients all over the world. Il-Hwan Park, the Foreign
Representative, filed a chapter 15 petition on Nov. 3, 2005
(Bankr. C.D. Calif. Case No. 05-50052). Charles D. Axelrod, Esq.,
at Stutman Treister & Glatt, P.C., represents the Foreign
Representative in the United States.
TriGem America Corporation, an affiliate of the Debtor, filed for
chapter 11 protection on June 3, 2005 (Bankr. C.D. Calif. Case No.
05-13972). TriGem Texas, Inc., another affiliate of the Debtor,
also filed for chapter 11 protection on June 8, 2005 (Bankr. C.D.
Calif. Case No. 05-14047). (TriGem Bankruptcy News, Issue No. 2
Bankruptcy Creditors' Service, Inc., 215/945-7000)
UAL CORP: Posts $186 Million Net Loss in November 2005
------------------------------------------------------
UAL Corporation (OTC Bulletin Board: UALAQ), the holding company
whose primary subsidiary is United Airlines, filed on Dec. 21,
2005, its November Monthly Operating Report with the U.S.
Bankruptcy Court for the Northern District of Illinois. The
company reported operating earnings of $9 million for November
2005 (filing entities only), an improvement of $197 million over
the same period last year, despite higher fuel prices resulting
in $124 million increase in fuel costs year over year for
mainline and United Express operations. In November 2004, the
company reported an operating loss of $188 million. For November
2005, the company reported a net loss of $187 million, including
$159 million of largely non-cash reorganization expenses driven
by aircraft-related transactions. Excluding reorganization
expenses, the company reported a net loss of $28 million.
As previously disclosed, the company will continue to record large
non-cash reorganization items as it moves towards exit. It is
common for the results of operations of companies progressing
through Chapter 11 to be impacted by non-cash charges related to
their reorganization, especially as restructuring work nears
completion. Charges based on the claims of our creditors are
recorded at the amount expected to be allowed by the court.
However, as shown in our Plan of Reorganization, these claims are
expected to be settled at exit for a minor fraction of the amount
of the charges recorded.
UAL consolidated mainline unit costs (CASM) in November decreased
1% over the same month last year despite 3% lower capacity and 39
percent higher fuel prices. Excluding fuel, mainline CASM in
November decreased 15% year-over-year. Mainline passenger unit
revenue (PRASM) in November increased 15% over the same period a
year ago.
UAL ended November with a cash balance of $3 billion, which
included $959 million in restricted cash (filing entities only).
The cash balance increased by $310 million in November. UAL met
the requirements of its DIP financing for the month of November.
In the most recent data available from the U.S. Department of
Transportation (for October 2005), United was ranked first in
on-time arrivals, and had the fewest cancellations and mishandled
bags among the seven major carriers.
"Building upon the foundation of our successful restructuring, the
United team is delivering new, innovative travel products, while
providing consistently improved operational performance. These
solid results are evidence of real progress in our work to make
United competitive and resilient," said Glenn Tilton, United's
Chairman, CEO and President.
"The numbers tell the story. Year to date in 2005, the company's
operating earnings improved by over $450 million, despite fuel
costs that are $1.3 billion higher than last year. When United
exits bankruptcy in February 2006, we will be ready to compete
aggressively with the best carriers in a way that is distinctly
United," said Jake Brace, United's Chief Financial Officer.
UAL Corporation and Subsidiary Companies
Condensed Consolidating Statement of Operations
For The Month Ended November 30, 2005
(In Thousands)
Total operating revenues $1,636,070
Total operating expenses 1,627,190
----------
Earnings (loss) from operations 8,880
Non-operating income (expenses):
Net interest expense (47,345)
Other income (expenses), net: 10,815
----------
Total non-operating income (expenses): (36,530)
----------
Net Earnings (loss) before Reorganization items (27,650)
Reorganization Expenses (158,819)
----------
Net earnings (loss) ($186,469)
==========
A full-text copy of UAL Corporation's November 2005 Operating
Report is available for free at the Securities and Exchange
Commission at http://ResearchArchives.com/t/s?428
Headquartered in Chicago, Illinois, UAL Corporation --
http://www.united.com/-- through United Air Lines, Inc., is the
holding company for United Airlines -- the world's second largest
air carrier. The Company filed for chapter 11 protection on
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $24,190,000,000
in assets and $22,787,000,000 in debts. (United Airlines
Bankruptcy News, Issue No. 110; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
XYBERNAUT CORP: Posts $886,391 Net Loss in November 2005
--------------------------------------------------------
On Dec. 16, 2005, Xybernaut Corporation filed its monthly
operating report for the month of November 2005 with the U.S.
Bankruptcy Court for the Eastern District of Virginia, Alexandria
Division.
The company reported a $886,391 net loss on $64,225 of revenue
for the month of November 2005.
At Nov. 30, 2005, the Company's balance sheet reflects:
Total Assets $4,642,372
Total Liabilities 3,775,670
Stockholders' Equity $866,702
A full-text copy of Xybernaut Corporation's November 2005 Monthly
Operating Report is available at no charge at
http://ResearchArchives.com/t/s?42c
The Company's affiliate, Xybernaut Solutions, Inc., also filed its
monthly operating report for the month of November 2005 with the
U.S. Bankruptcy Court for the Eastern District of Virginia.
A full-text copy of Xybernaut Solution Inc.'s November 2005
Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?42e
Headquartered in Fairfax, Virginia, Xybernaut Corporation,
develops and markets small, wearable, mobile computing and
communications devices and a variety of other innovative products
and services all over the world. The corporation never turned a
profit in its 15-year history. The Company and its affiliate,
Xybernaut Solutions, Inc., filed for chapter 11 protection on
July 25, 2005 (Bankr. E.D. Va. Case Nos. 05-12801 and 05-12802).
John H. Maddock III, Esq., at McGuireWoods LLP, represents the
Debtors in their chapter 11 proceedings. When the Debtors filed
for protection from their creditors, they listed $40 million in
total assets and $3.2 million in total debts.
*********
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland, USA. Yvonne L.
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P.
Laureno, Cherry A. Soriano-Baaclo, Marjorie C. Sabijon, Terence
Patrick F. Casquejo, Christian Q. Salta, Jason A. Nieva, Lucilo
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Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9474.
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