/raid1/www/Hosts/bankrupt/TCR_Public/060225.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, February 25, 2006, Vol. 10, No. 48
Headlines
FLYI INC: Posts $1.1 Million Net Loss in December 2005
FLYI INC: Independence Posts $12.9 Mil. Net Loss in December 2005
INTEGRATED ELECTRICAL: Files December 31 Balance Sheet
INTERSTATE BAKERIES: Cubbison's Files Schedules of Assets & Debts
MCLEODUSA INC: Files Schedules of Assets and Liabilities
MCLEODUSA INC: Holdings Files Schedules of Assets and Liabilities
MCLEODUSA INC: Information Files Schedules of Assets & Liabilities
MCLEODUSA INC: Network Files Schedules of Assets and Liabilities
MCLEODUSA INC: Purchasing Files Schedules of Assets & Liabilities
MCLEODUSA INC: Telecom Files Schedules Of Assets And Liabilities
MERIDIAN AUTOMOTIVE: Posts $16.6 Million Net Loss in December 2005
SOLUTIA INC: Posts $30 Million Net Loss in December 2005
UAL CORPORATION: Posts $16 Million Net Loss in December 2005
WINN-DIXIE: Earns $1.6 Million for Period Ended January 11
*********
FLYI INC: Posts $1.1 Million Net Loss in December 2005
------------------------------------------------------
FLYi Inc.
Consolidated Balance Sheet
As of December 31, 2005
ASSETS
Current assets
Cash $175,214
Short term investments 1,000,000
Net accounts receivable 380,527,959
IC Notes receivable 4,252,000
-------------
Total Current Assets $385,955,173
-------------
Other assets
Restricted cash $0
Long term investments 7,435,000
Property and equipment, net of depreciation 250
Intangible assets 0
Debt issuance cost 0
Aircraft deposits 0
Long term deferred tax 0
Other assets 14,055,412
-------------
Total Other Assets $21,490,662
-------------
TOTAL ASSETS $407,445,835
=============
LIABILITIES
Liabilities not subject to compromise $0
Liabilities subject to compromise
Secured debt 0
Priority debt 0
Unsecured debt 244,526,299
-------------
Total Liabilities $244,526,299
-------------
Owner Equity
Common stock 1,088,716
Additional paid in capital 158,254,512
Treasury stock (35,717,477)
Pre-petition retained earnings 39,858,773
Postpetition retained earnings (564,988)
-------------
Net Owners' Equity $162,919,536
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $407,445,835
=============
FLYi Inc.
Statement of Operations
December 2005
Revenues $0
Operating expenses
Retirement and Restructuring charge 2,057,413
Other income and expenses
Interest income (503,407)
Interest expense (500,000)
Other miscellaneous 54,909
-------------
Net Profit(Loss) ($1,108,915)
=============
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. 12; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
FLYI INC: Independence Posts $12.9 Mil. Net Loss in December 2005
-----------------------------------------------------------------
Independence Air Inc.
Consolidated Balance Sheet
As of December 31, 2005
ASSETS
Current assets
Cash $17,893,280
Short term investments 16,752,756
Restricted cash 18,863,290
Net accounts receivable 97,767,871
Net expandable parts and fuel 2,509,591
Net prepaid expenses 14,006,544
Deferred tax asset (1)
-------------
Total current assets $167,793,332
-------------
Other assets:
Restricted cash $19,685,375
Property and equipment, net of depreciation 30,748,701
Intangible assets 170,625
Aircraft deposits 10,800,000
Long term deferred tax 0
Other assets 1,947,267
-------------
TOTAL ASSETS $231,145,300
=============
LIABILITIES
Liabilities not subject to compromise
Accounts payable $1,549,024
Air traffic liability 12,986,338
Accrued liabilities 14,859,788
Amounts due to insiders 20,000
-------------
Total postpetition liabilities $29,415,150
-------------
Liabilities subject to compromise
Secured debt 3,018,410
Priority debt 218,737
Unsecured debt 417,663,088
Other accruals 41,923,024
-------------
Total prepetition liabilities $462,823,258
-------------
Total Liabilities $492,242,408
-------------
Owner Equity
Common stock -
Additional paid in capital -
Treasury stock 7,435,000
Owner's equity account -
Pre-petition retained earnings (243,575,613)
Postpetition retained earnings (24,956,493)
Adjustment to owner equity -
-------------
Net Owner Equity ($261,097,106)
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $231,145,300
=============
Independence Air Inc.
Statement of Operations
December 2005
Revenues
Operating Revenue
Passenger revenue $22,479,142
ID Passenger (968)
In-flight Sales 29,905
Other revenue 1,326,074
-------------
Total operating revenues $23,834,153
-------------
Operating expenses
Insider compensation $140,015
Wages 4,599,179
Fringes and benefits 2,227,766
aircraft fuel 9,327,603
aircraft maintenance and materials 2,151,393
aircraft rentals 5,762,019
traffic commissions 353,952
CRS fees 167,239
facilities rent 2,854,595
Landing fees 904,337
Depreciation and amortization 1,422,646
Others 1,019,485
Retirement and restructuring charge 5,381,402
-------------
Total operating expense $36,311,631
-------------
Other income and expenses
Interest income (340,320)
Interest expense (238,119)
Other miscellaneous 56
-------------
Total other (income) expense (578,383)
-------------
Reorganization items
Professional fees 1,056,261
Gain from sale of equipment 922
-------------
Net Profit (Loss) ($12,976,345)
=============
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. 12; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
INTEGRATED ELECTRICAL: Files December 31 Balance Sheet
------------------------------------------------------
INTEGRATED ELECTRICAL SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
As of December 31, 2005
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $24,879,000
Restricted cash 19,090,000
Accounts receivable:
Trade, net of allowance 177,252,000
Retainage 41,883,000
Costs and estimated earnings
in excess of billings
on uncompleted contracts 23,482,000
Inventories 23,300,000
Prepaid expenses and other current assets 26,403,000
Assets held for sale
associated with discontinued operations 262,000
--------------
Total current assets $336,551,000
--------------
PROPERTY AND EQUIPMENT, net 23,708,000
GOODWILL 24,343,000
OTHER NON-CURRENT ASSETS 15,601,000
--------------
Total assets $400,203,000
==============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $26,000
Accounts payable and accrued expenses 114,084,000
Billings in excess of costs and estimated
earnings on uncompleted contracts 32,053,000
Liabilities related to assets held for sale
associated with discontinued operations 51,000
Senior convertible notes, net 50,711,000
Senior subordinated notes, net 173,115,000
--------------
Total current liabilities $370,040,000
--------------
LONG-TERM DEBT, net of current maturities 139,000
OTHER NON-CURRENT LIABILITIES 15,522,000
--------------
Total liabilities $385,701,000
--------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock -
Common stock $390,000
Restricted voting common stock 26,000
Treasury stock, at cost (12,544,000)
Unearned restricted stock -
Additional paid-in capital 429,776,000
Retained deficit (403,146,000)
--------------
Total stockholders' equity $14,502,000
--------------
Total liabilities and stockholders' equity $400,203,000
==============
Headquartered in Houston, Texas, Integrated Electrical Services,
Inc. -- http://www.ielectric.com/and http://www.ies-co.com/-- is
an electrical and communications service provider with national
roll-out capabilities across the U.S. Integrated Electrical
Services offers seamless solutions and project delivery of
electrical and low-voltage services, including communications,
network, and security solutions. The company provides everything
from system design, installation, and testing to long-term service
and maintenance on a wide array of projects. With approximately
140 locations nationwide, the company is prepared to seamlessly
manage and deliver all your electrical, security, and
communication requirements. The Debtor and 132 of its affiliates
filed for chapter 11 protection on Feb. 14, 2006 (Bankr. N.D. Tex.
Lead Case No. 06-30602). Daniel C. Stewart, Esq., and Michaela C.
Crocker, Esq., at Vinson & Elkins, L.L.P., represent the Debtors
in their restructuring efforts. As of Dec. 31, 2005, Integrated
Electrical reported assets totaling $400,827,000 and debts
totaling $385,540,000. (Integrated Electrical Bankruptcy News,
Issue No. 1; Bankruptcy Creditors' Service, Inc., 215/945-7000)
INTERSTATE BAKERIES: Cubbison's Files Schedules of Assets & Debts
-----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.16 Accounts receivable
Trade receivable 1,600,333
Other receivable 232,588
Intercompany receivable 11,143,241
B.18 Other liquidated debts owed 747
B.30 Inventory
Aspen Distribution 73,961
La Grou Distribution 60,217
Acme Distribution 52,320
Anchor Distribution 113,041
Lou Misterly/L & B Whse. (Brea, CA) 201,114
Southwest Storage 86,048
Star Marketing Canada 27,505
M & W Distribution 60,681
United Warehouse #4 67,716
East Coast Warehouse 106,024
Empire Terminal Warehouse 187,186
IBC 61 Northwood Ohio 131,664
Plant #28 Henderson NV 421,237
Saddle Creek - Lakeland, FL 32,685
Premier Packaging 21,010
Commerce, CA - UPS Samples Inventory 1,775
TOTAL SCHEDULED ASSETS $14,621,091
============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims $0
E. Unsecured Priority Claims $0
F. Unsecured Non-Priority Claims
Fleming Companies, Inc. (PCT) $23,265
Interstate Brands Corporation 1,570,400
Miscellaneous Customer 20,828
Miscellaneous Returns Accrual 1,138,479
Public Logistics 14,056
Others 39,984
TOTAL SCHEDULED LIABILITIES $2,807,012
===========
Headquartered in Commerce, California, Mrs. Cubbison's Foods, Inc.
-- http://www.mrscubbisons.com/-- is an affiliate of Interstate
Bakeries Corporation. The Debtor makes stuffing, dressings, and
croutons. The Debtor filed for chapter 11 protection on Jan. 14,
2006 (Bankr. W.D. Mo. Case No. 06-40111). Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, and Paul M. Hoffmann,
Esq., at Stinson Morrison Hecker LLP represent the Debtor in its
restructuring efforts. When the Debtor filed for protection from
its creditors, it estimated assets between $10 million and $50
million and debts between $1 million and $10 million.
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.
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. Kenneth A. Rosen, Esq., at
Lowenstein Sandler, PC, represents the Official Committee of
Unsecured Creditors. Peter D. Wolfson, Esq., at Sonnenschein Nath
& Rosenthal, LLP, represents the Official Committee of Equity
Security Holders. 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. 36; Bankruptcy Creditors' Service, Inc., 215/945-7000)
MCLEODUSA INC: Files Schedules of Assets and Liabilities
--------------------------------------------------------
A. Real Property
Building in Cedar Rapids, IA:
1st Street Ave. NE $36,422
6250 C St. SW-OSP Bldg. 817,438
Land & building in Cedar Rapids, IA:
6400 C St. SW, Bldg. No. 2 24,531,900
B. Personal Property
B.1 Cash on hand 0
B.2 Checking, savings or other financial accounts
JPMorgan Chase, Account No. 304292257 8,803,315
JPMorgan Chase, Account No. 304291390 7,624,490
JPMorgan Chase, Account No. 304615196 5,574,155
US Bank, Account No. 121372734 1,166,046
US Bank, Account No. 196631766 69,593
US Bank, Account No. 121376362 7,844
US Bank, Account No. 196455994125 5,392
B.3 Security deposits
Lease deposits
427 S. LaSalle 18,813
530 6TH ST., LLC 13,047
635 Remington, LLC 14,549
Automotive Rentals 45,000
Callowhill Management, Inc. 45,307
Capstar/Carlyle Toll Hill, LP 10,546
Centurion Pacific LLC 19,375
City of Phoenix 40,000
CLPF-Heritage Five, LP 13,650
CLPF-Heritage Five, LP 11,350
Downtown Properties, LLC 67,538
Farmington Hills DPM Assoc. 11,250
Green Fairways, Inc. 20,509
Juster Associates 24,094
McAllen Properties, Inc. 11,574
Quest Software, Inc. 41,726
Woodlands Commercial Properties 33,313
Others 108,907
B.4 Household goods and furnishings 0
B.5 Books, pictures and other art objects -
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sports, and other hobby equipment 0
B.9 Interests in insurance policies 0
B.10 Annuities 0
B.11 Interest in education IRA or state tuition plan 0
B.12 Interests in pension or profit sharing plans 0
B.13 Stock and interests in businesses 0
B.14 Interests in partnerships or joint ventures 0
B.15 Government and corporate bonds 0
B.16 Accounts receivable
Net Accounts Receivable 4,041,664
Intercompany Receivable from:
McLeodUSA Information 348,941,385
McLeodUSA Network 1,396,796,272
McLeodUSA Purchasing 604,882,034
McLeodUSA Telecom 1,502,681,025
B.17 Alimony, maintenance, support 0
B.18 Other liquidated debts 0
B.19 Equitable or future interests 0
B.20 Interests in decedent's estate 0
B.21 Other contingent and unliquidated claims
Oklahoma Quality Jobs Rebate 247,500
B.22 Patents and other intellectual property
Trademark: McLeodUSA 37,200,000
Trademark: Primeline 142,965
B.23 Licenses, franchises & other intangibles 0
B.24 Customer list or other complications 0
B.25 Automobiles, trucks, & other vehicles 0
B.26 Boats, motors, and accessories 0
B.27 Aircraft and accessories 0
B.28 Office equipment, furnishings, and supplies 0
B.29 Machinery, fixtures, equipment and supplies 0
B.30 Inventory 0
B.31 Animals 0
B.32 Growing or harvested crop 0
B.33 Farm equipment and implements 0
B.34 Farm supplies, chemicals, and feed 0
B.35 Other personal property
Deferred Financing fees 9,968,728
Prepaid Bank fees 60,000
Prepaid Insurance 5,017,100
Prepaid Professional fees 1,673,442
TOTAL SCHEDULED ASSETS $3,960,839,258
===============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
JPMorgan Chase, as of 10/31/05 $777,277,946
Accrued Interest, as of 10/31/05 51,105,448
E. Unsecured Priority Claims
Property taxes, County of Linn 1,043,168
Sales & Use tax, State of Iowa Unliquidated
F. Unsecured Non-Priority Claims
Accounts Payable
ADP, Inc. 5,007
Anderson Partners 25,941
Automotive Rentals Inc. 27,002
Deloitte & Touche, LLP 44,055
Dickinson, Mackaman, Tyler & Hagen 9,941
Ernst & Young LLP 5,833
Eurest Dining Services 7,800
Human Capital Solutions 5,771
Moss & Barnett PA 6,775
QSI Consulting, Inc. 7,070
Schiff Hardin LLP 7,718
TMP Worldwide 5,827
Others 34,965
Intercompany Payable
McLeodUSA Holdings, Inc. 381,388,171
Litigation & Potential Litigation Unliquidated
TOTAL SCHEDULED LIABILITIES $1,211,008,438
===============
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.
Judge Squires confirmed the Debtors' Joint Prepackaged Plan of
Reorganization on Dec. 16, 2005, and that plan took effect on
Jan. 6, 2006.
McLeodUSA Inc. previously filed for chapter 11 protection on
Jan. 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 that case on May 20, 2005. (McLeodUSA Bankruptcy News,
Issue No. 10 Bankruptcy Creditors' Service, Inc., 215/945-7000).
MCLEODUSA INC: Holdings Files Schedules of Assets and Liabilities
-----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.13 Stock and interests in businesses
Shareholder
McLeodUSA Information Services, Inc. unknown
McLeodUSA Telecommunications Services unknown
B.14 Interests in partnerships or joint ventures
Partnership
Midwest Cellular Associates unknown
B.15 Government and corporate bonds
Investment in Limited Partnership
Credit Suisse Asset Management LLC 97,466
B.16 Intercompany receivable
McLeodUSA Incorporated 381,388,171
McLeodUSA Information Services, Inc. 1,038
McLeodUSA Network Services, Inc. 28,753,212
B.22 Patents and other intellectual property
Trademark: Key System Preferred unknown
Trademark: Oneline Preferred unknown
Trademark: Premium Preferred unknown
Trademark: Simple Preferred unknown
Trademark: Starquality unknown
Trademark: Value Preferred unknown
Trademarks: Preferred Advantage unknown
TOTAL SCHEDULED ASSETS $410,239,887
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
JPMorgan Chase Bank Unliquidated
E. Unsecured Priority Claims $0
F. Unsecured Non-Priority Claims
Intercompany Payables
McLeodUSA Purchasing, L.L.C. 44,698,606
McLeodUSA Telecommunications 188,997,846
TOTAL SCHEDULED LIABILITIES $233,696,452
=============
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.
Judge Squires confirmed the Debtors' Joint Prepackaged Plan of
Reorganization on Dec. 16, 2005, and that plan took effect on
Jan. 6, 2006.
McLeodUSA Inc. previously filed for chapter 11 protection on
Jan. 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 that case on May 20, 2005. (McLeodUSA Bankruptcy News,
Issue No. 10 Bankruptcy Creditors' Service, Inc., 215/945-7000).
MCLEODUSA INC: Information Files Schedules of Assets & Liabilities
------------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.16 Accounts Receivable
Intercompany receivables
McLeodUSA Network Services, Inc. 30,051,464
McLeodUSA Purchasing, LLC 126,450,795
McLeodUSA Telecommunication Services 758,517
B.28 Office equipment, furnishings and supplies
Furniture 34,661
Leasehold improvement 6,471
Office Equipment 3,986
TOTAL SCHEDULED ASSETS $157,305,894
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
JPMorgan Chase Bank Unliquidated
E. Unsecured Priority Claims
Personal Property Taxes
Aldine ISD Unliquidated
County of Harris Unliquidated
County of Montgomery $9,214
County of Tulsa 2
Woodlands Metro Center MUD 890
F. Unsecured Non-Priority Claims
Accounts Payable
Callowhill Management Inc. 36,665
Downtown Properties LLC 52,606
Others 7,614
Intercompany Payable
McLeodUSA Holdings, Inc. 1,038
McLeodUSA Incorporated 348,941,385
TOTAL SCHEDULED LIABILITIES $349,049,415
=============
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.
Judge Squires confirmed the Debtors' Joint Prepackaged Plan of
Reorganization on Dec. 16, 2005, and that plan took effect on
Jan. 6, 2006.
McLeodUSA Inc. previously filed for chapter 11 protection on
Jan. 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 that case on May 20, 2005. (McLeodUSA Bankruptcy News,
Issue No. 10 Bankruptcy Creditors' Service, Inc., 215/945-7000).
MCLEODUSA INC: Network Files Schedules of Assets and Liabilities
----------------------------------------------------------------
A. Real Property
Land owned located in:
1201 Patton St., Sulphur, LA $38,727
1400 FM 440, Killeen, TX 63,624
1780 Jet Stream Drive, Colorado Springs 218,534
1864 Dallas Drive, Baton Rouge, LA 29,875
3501 Digital Drive, Dubuque, IA 188,105
502 Guy Drive, Temple, TX 163,209
5617 West Locust Street, Davenport, IA 273,768
Others 242,935
B. Personal Property
B.2 Bank Account
US Bank 274,087
B.3 Security deposits
Lease deposits
APS Business Center 22,870
US Signal 399,960
B.13 Stock and interests in businesses
Membership Interest
McLeodUSA Purchasing, LLC unknown
B.16 Accounts receivable
Accounts receivable
McLeodUSA Network Services, Inc. 483,911
Intercompany receivable
McLeodUSA Telecommunication 518,675,705
B.27 Aircraft and accessories
Falcon 50 (N750MC) 3,062,500
B.28 Office equipment, furnishings and supplies
Communication equipment 92,560
Computer equipment 5,081
Furniture 35,613
Leasehold improvement 133,549
Office equipment 4,357
Software 1,121,566
B.29 Machinery, fixtures, equipment & supplies
Central office equipment 37,290,278
Fiber 185,796,133
Integrated access device 2,037,819
Land huts 5,197,302
Land improvement 5,933,563
Switch equipment 31,994,158
Technical equipment 781,112
Testing equipment 123,129
B.35 Other personal property
Prepaid maintenance 495,202
Prepaid rents 476,399
TOTAL SCHEDULED ASSETS $795,655,631
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
JP Morgan Chase Bank unliquidated
E. Unsecured Priority Claims
Personal Property Taxes
City of Grambling $2,290
City of Lafayette 2,530
City of Shreveport 2,745
City of St. Louis 29,020
County of Albany 2,669
County of Barton 14,188
County of Bates 26,634
County of Bernalillo 44,532
County of Bexar 29,332
County of Brazos 1,602
County of Cache 1,136
County of Cass 15,696
County of Christian 23,879
County of Clackamas 5,021
County of Clark 8,297
County of Cleveland 5,215
County of Comanche 7,393
County of Cotton 5,955
County of Cuyahoga 74,229
County of Dearborn 11,332
County of Franklin 14,926
County of Grady 8,364
County of Grant 18,021
County of Greene 24,696
County of Jackson 28,635
County of Jasper 20,923
County of Lake 55,870
County of Lawrence 16,792
County of Los Angeles 10,464
County of Montgomery 41,277
County of Multnomah 34,488
County of Muskogee 14,477
County of Oklahoma 9,564
County of Salt Lake 72,395
County of Santa Fe 1,735
County of Sequoyah 8,882
County of Shawnee 5,592
County of St. Louis 30,463
County of Travis 21,566
County of Tulsa 21,801
County of Utah 5,273
County of Vernon 27,859
County of Victoria 3,132
County of Wyandotte 4,020
East Baton Rouge Parish 7,917
Lafayette Parish 16,863
Lampasas County Appraisal District 2,766
Lincoln Parish 5,388
Midland County Appraisal District 2,301
Ouachita Parish 7,042
San Saba County Appraisal District 6,148
St. John the Baptist Parish 6,840
State of Wisconsin 336,258
Tangipahoa Parish 3,536
Woodlands Metro Center MUD 3,786
Others 114,334
Sales & Use Taxes
State of Iowa Unliquidated
F. Unsecured Non-Priority Claims
Accounts Payable
Alliant Energy 4,107
Ameritech 2,750
Central Iowa Power Coop 9,280
Dash Properties 9,688
Future Telecom Inc. 5,600
Monfox LLC 3,099
Nuvox Communications, Inc. 6,694
Qwest 42,682
Robert Half Technology 3,431
Southwestern Bell Telephone 2,389
Others 22,024
Intercompany Payables
McLeodUSA Holdings, Inc. 28,753,212
McLeodUSA Incorporated 1,396,796,272
McLeodUSA Information 30,051,464
McLeodUSA Purchasing 601,468,040
TOTAL SCHEDULED LIABILITIES $2,058,498,758
===============
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.
Judge Squires confirmed the Debtors' Joint Prepackaged Plan of
Reorganization on Dec. 16, 2005, and that plan took effect on
Jan. 6, 2006.
McLeodUSA Inc. previously filed for chapter 11 protection on
Jan. 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 that case on May 20, 2005. (McLeodUSA Bankruptcy News,
Issue No. 10 Bankruptcy Creditors' Service, Inc., 215/945-7000).
MCLEODUSA INC: Purchasing Files Schedules of Assets & Liabilities
-----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.16 Accounts receivable
McLeodUSA Purchasing, LLC 72,979
Intercompany receivable
McLeodUSA Holdings 44,735,636
McLeodUSA Network Services 584,909,756
McLeodUSA Telecommunications 50,140,421
B.28 Office equipment, furnishings and supplies
Communication Equipment 150,410
Computer Equipment 49,318
Furniture 24,582
Leasehold Improvement 15,493
Office Equipment 4,980
Software 47,745
Software Development 35,747
B.29 Machinery, fixtures, equipment & supplies
Central Office Equipment 19,945,724
Fiber 16,434,410
Integrated Access Device 78,524
Land Huts 40,683
Land improvement 1,483,140
Spare parts 12,769,289
Switch equipment 7,546,611
Technical equipment 31,165
Testing equipment 219
B.35 Other personal property
Prepaid Network Equipment 112,535
TOTAL SCHEDULED ASSETS $738,629,365
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
JPMorgan Chase Bank Unliquidated
E. Unsecured Priority Claims
Personal Property Taxes
County of Bexar $61,440
County of Brazos 10,045
County of Gregg 6,458
County of Hidalgo 3,212
County of Jackson 3,885
County of Jefferson 3,769
County of Kenedy 2,837
County of Mobile 6,050
County of Montgomery 34,159
County of Refugio 4,992
County of Smith 5,315
County of Tarrant 12,421
County of Travis 59,984
County of Victoria 19,536
County of Wharton 4,148
County of Zapata 4,338
Laredo ISD 4,275
Lubbock County Appraisal District 2,206
Post ISD 3,529
Swisher County Appraisal District 3,308
Tom Green County Appraisal District 6,714
Woodlands Metro Center MUD 3,133
Others 60,961
F. Unsecured Non-Priority Claims
Accounts Payables
ABM Janitorial Services 27,951
Acterna 7,303
Air force one, inc. 14,181
Communication & Electrical 5,665
Communication Technologies, Inc. 39,977
Computer Translations, Inc. 13,050
Galaxy Communications 15,500
Graybar Electric Company 6,113
Great Lakes Wire & Cable, Inc. 3,619
Ikon Office Solutions 8,158
Iowa One Call 9,407
Klaasmeyer Construction Co., Inc. 25,798
Koch's Telecommunications 2,160
Linderlake Corporation 4,385
Lucent Technologies 83,498
MP Nexlevel LLC 8,004
Nave Communications Company 12,507
Nortel Networks, Inc. 5,901
Orius Telecommunication SRVC 28,132
Precision Communications 6,813
Robert Half Technology 4,500
Southwestern Battery Supply Co. 9,393
Texus Telecommunications 8,738
Turn-Key Network Solutions 12,487
United Parcel Service 6,720
Walker & Associates, Inc. 12,874
Wisconsin Public Service 9,198
Others 95,606
Intercompany Payables
McLeodUSA Incorporated 604,882,034
McLeodUSA Information Services 126,450,795
TOTAL SCHEDULED LIABILITIES $732,147,184
=============
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.
Judge Squires confirmed the Debtors' Joint Prepackaged Plan of
Reorganization on Dec. 16, 2005, and that plan took effect on
Jan. 6, 2006.
McLeodUSA Inc. previously filed for chapter 11 protection on
Jan. 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 that case on May 20, 2005. (McLeodUSA Bankruptcy News,
Issue No. 10 Bankruptcy Creditors' Service, Inc., 215/945-7000).
MCLEODUSA INC: Telecom Files Schedules Of Assets And Liabilities
----------------------------------------------------------------
A. Real Property
Land and Land Improvements
309 Commerce Drive, Norman, OK $88,520
14 Highway 38 South, Widener, AR 27,663
214 Telegraph Road, Prichard, AL 43,593
2425 US Highway 287, Decatur, TX 41,494
2700 Eanes Road, N. Little Rock, AR 30,429
3101 Wilson Avenue, Cedar Rapids, IA 24,783
4074 South Linden Road, Flint, MI 354,080
4074 South Linden Road, Flint, MI 55,096
501 Washington Street, Laredo, TX 30,429
508 East Airline Highway, La Place, LA 52,559
6400 C Street-SW-Bldg #2, Cedar Rapids 1,637,729
899 Baker Road, Haughton, LA 49,793
900 1/2 Beech Street, McAllen, TX 30,429
American Road, Toledo, OH 27,663
IH-35 and Exit 55, Tornillo, TX 30,429
Others 439,162
B. Personal Property
B.1 Cash on hand 500
B.2 Bank Accounts
US Bank 7,742,122
Wells Fargo 220,761
B.13 Stock and interests in businesses
Shareholder
McLeodUSA Network Services, Inc. unknown
B.16 Accounts receivable
Net Accounts Receivable
McLeodUSA Telecommunications 41,842,420
Intercompany Receivable
McLeodUSA Holdings, Inc. 188,997,846
B.22 Patents and other intellectual property
Patent Application No. 09/540,195 unknown
B.23 Licenses, franchises & other intangibles
Franchise Agreement for Cable Operations unknown
B.25 Automobiles, trucks, and other vehicles 86,606
B.28 Office equipment, furnishings and supplies
Communication Equipment 887,416
Computer Equipment 23,951
Furniture 1,846,092
Leased Equipment 11,008
Leasehold Improvement 1,043,672
Office Equipment 198,875
Signs and Billboards 23,353
Software 89,876
Software Development 11,126,697
B.29 Machinery, fixtures, equipment & supplies
Central Office Equipment 330,332
Fiber 20,036,486
Land Improvement 2,592,362
Switch Equipment 299,639
Technical Equipment 191,102
Testing Equipment 15,630
Tower 22,468
B.35 Other personal property
Customer Lists 7,000,000
Deferred Customer Acquisition Costs 415,267
Deferred Customer Installation Costs 884,893
Deferred Line Installation Charges 39,933,279
Prepaid Advertising Expense 63,340
Prepaid Line Costs 4,534,375
Prepaid Postage Expense 103,281
Prepaid Software Maintenance Contracts 1,325,561
Prepaid Universal Service Fund 76,740
TOTAL SCHEDULED ASSETS $334,929,799
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
JPMorgan Chase Bank Unliquidated
E. Unsecured Priority Claims
Personal Property Taxes
Aspermont ISD 5,257
Bell County Tax Appraisal District 12,307
Bossier Parish 6,124
Brownsboro ISD 7,491
Caddo Parish 37,229
City of Harlingen & ISD 7,637
City of Shreveport 11,659
County of Bexar 39,557
County of Brazos 5,474
County and City of El Paso 17,645
County of Gray 5,443
County of Guadalupe 9,466
County of Henderson 7,669
County of Hidalgo 7,347
County of Jackson 9,523
County of Jefferson 12,090
County of Kenedy 7,609
County of Liberty 6,255
County of McLennan 20,363
County of Midland 1,420
County of Montague 1,158
County of Montgomery 1,042
County of Multnomah 9,735
County of Muskogee 4,242
County of Oklahoma 5,144
County of Orange 5,522
County of Refugio 4,750
County of Robertson 1,256
County of San Patricio 3,116
County of Sequoyah 3,617
County of Smith 10,940
County of St. Charles 18,336
County of Starr 5,259
County of Stonewall 5,602
County of Swisher 1,383
County of Travis 29,251
County of Tulsa 34,753
County of Tyler 6,623
County of Victoria 18,508
County of Waller 2,768
County of Ward 3,451
County of Washington 6,536
County of Webb 3,687
County of Wharton 11,813
County of Wichita 8,060
County of Wise 9,612
County of Zapata 10,505
Eustace ISD 1,206
Fayette County Appraisal District 2,422
Frio Cad-Dilley 1,399
Frio County Appraisal District 4,192
Hale County Appraisal District 3,077
Hardin-Jefferson ISD 1,300
Harrison CAD 10,181
Haskell County Appraisal District 9,847
Hill County Appraisal District 1,882
Jack County Appraisal District 3,631
Jefferson Davis Parish 1,952
Lafayette Parish 9,749
LaFourche Parish 1,079
Lampasas County Appraisal District 5,260
Laredo ISD 4,250
Lasalle County Appraisal District 4,360
Lincoln Parish 2,733
Livingston Parish 1,131
Lubbock County Appraisal District 10,147
McCulloch County Appraisal District 3,944
Midland County Appraisal District 2,664
Montague County Appraisal District 3,310
Nacogdoches County 4,079
Ouachita Parish 5,391
Parker County Appraisal District 2,879
Pecos-Barstow-Toyah ISD 5,016
Pine Tree ISD 2,622
Post ISD 2,525
Roma ISD 4,520
San Saba County Appraisal District 4,126
Southland ISD 1,031
St. Charles Parish 1,163
St. Mary Parish 1,635
Swisher County Appraisal District 3,813
Taylor County Central 1,562
Throckmorton County 7,474
Tom Green County Appraisal District 7,774
United ISD 8,845
Wise County Appraisal District 8,737
Others 149,970
Sales and Use Tax
City of Omaha 11,725
City of Phoenix 8,423
City of Plano 2,378
City of Port Orchard 1,127
City of Pueblo 5,759
City of Renton 1,339
City of Richardson 1,955
City of San Angelo 1,342
City of San Antonio 24,921
City of Seattle 5,919
City of Spokane 3,925
City of Springfield 4,769
City of St. Charles 1,821
City of St. Louis 8,903
City of Tacoma 4,157
City of Tucson 4,400
City of Vancouver 2,375
City of Victoria 2,368
City of Waco 2,181
Federal Excise Tax-720 823,627
South Dakota Department 20,760
State of Arizona 48,864
State of Arkansas 3,498
State of Colorado 108,528
State of Florida 5,810
State of Indiana 101,637
State of Kansas 13,545
State of Minnesota 191,812
State of Missouri 69,264
State of Montana 11,624
State of Nebraska 21,875
State of New Mexico 38,265
State of New York 1,266
State of New York 2,648
State of North Dakota 21,410
State of Ohio 39,155
State of Oklahoma 10,288
State of Pennsylvania 4,836
State of Texas 75,147
State of Texas 13,335
State of Utah 54,620
State of Utah 31,692
State of Washington 81,201
State of Wisconsin 93,762
State of Wyoming 24,035
Telecommunications Excise Tax 25,539
Others 238,648
F. Unsecured Non-Priority Claims
Accounts Payable
Ameritech 544,284
Ameritech Pagesplus 82,961
Ameritech-Cabs 5,509,801
Ameritech-Lec Services 143,310
AT&T Wireless 36,598
AT&T Wireless Services, Inc. 45,688
Bell South 22,803
Centurytel 27,294
Centurytel of the Midwest Wisconsin 22,308
Centurytel of Washington 52,190
Citizens Communications 30,138
Consolidated Communications 42,832
Cricket Communications 36,906
Emeritus Communications 211,912
Global Crossing 77,867
Grande Communications Networks 124,178
IBM Corporation 246,755
Iowa Telecom 39,660
Protocol Services Inc. 28,174
Qwest 6,857,256
Southwestern Bell Telephone 570,409
U.S. Postmaster 25,500
Universal Service 401,522
US West Communications 201,192
Verizon 167,158
Voicestream Wireless Corp. 63,929
Others 483,202
Intercompany Payable
McLeodUSA Incorporated 1,502,680,989
McLeodUSA Information 758,517
McLeodUSA Network 518,675,705
McLeodUSA Purchasing 33,619,166
TOTAL SCHEDULED LIABILITIES $2,074,883,797
===============
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.
Judge Squires confirmed the Debtors' Joint Prepackaged Plan of
Reorganization on Dec. 16, 2005, and that plan took effect on
Jan. 6, 2006.
McLeodUSA Inc. previously filed for chapter 11 protection on
Jan. 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 that case on May 20, 2005. (McLeodUSA Bankruptcy News,
Issue No. 10 Bankruptcy Creditors' Service, Inc., 215/945-7000).
MERIDIAN AUTOMOTIVE: Posts $16.6 Million Net Loss in December 2005
------------------------------------------------------------------
Meridian Automotive Systems - Composites
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of December 31, 2005
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $97,884
Intercompany receivable 14,099
Inventories 77,100
Tooling costs in excess of billings and others 22,851
----------
TOTAL CURRENT ASSETS 211,934
----------
Property, plant and equipment, net 233,064
Intangible assets 15,346
Investment in subsidiaries 23,863
Other assets 19,167
----------
TOTAL ASSETS $503,374
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current portion of long term debt $324,088
Accounts payable 45,121
Accrued expenses 43,864
Tooling billings in excess of costs 5,840
----------
TOTAL CURENT LIABILITIES 418,913
----------
Liabilities subject to comprise 463,535
Non-Current Liabilities Not Subject to Compromise:
Other long-term liabilities 17,196
Accumulated post-retirement benefit obligation 17,127
----------
TOTAL LIABILITIES 916,771
STOCKHOLDERS' EQUITY (413,397)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $503,374
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operations
December 1 to 31, 2005
(In Thousands)
Net sales $58,057
Cost of sales 62,250
----------
Gross profit (4,193)
Selling, general and administrative expenses 4,188
Restructuring charges 3,013
----------
Operating income (loss) (11,394)
Interest expense, net 6,055
Other (expense) income 60
Chapter 11 and related reorganization items (642)
----------
Loss before provision for income taxes (16,747)
(Benefit) Provision for income taxes (51)
----------
NET LOSS ($16,696)
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
December 1 to 31, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($16,696)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization, and impairment 3,580
Change in working capital and other operating
items 22,883
----------
Net cash provided by (used for) operating
activities before reorganization items 9,767
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items (642)
Payments on Chapter 11 and related reorg items (2,980)
----------
Net cash provided by Chapter 11 and related
reorg items (3,622)
Net cash provided by (used for) operating
activities 6,145
INVESTING ACTIVITIES:
Additions to property and equipment (5,805)
Proceeds from sale or property and equipment 60
----------
Net cash used for investing activities (5,745)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 29,000
Repayments of DIP credit facility (29,400)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized -
----------
Net cash (used for) provided by financing activities (400)
----------
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. 22; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
SOLUTIA INC: Posts $30 Million Net Loss in December 2005
--------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of December 31, 2005
Assets
Current Assets:
Cash $18,000,000
Trade Receivables, net 125,000,000
Account Receivables-Unconsolidated Subsidiaries 41,000,000
Inventories 174,000,000
Other Current Assets 89,000,000
--------------
Total Current Assets 447,000,000
Property, Plant and Equipment, net 674,000,000
Investments in Subsidiaries and Affiliates 538,000,000
Intangible Assets, net 100,000,000
Other Assets 61,000,000
--------------
TOTAL ASSETS $1,820,000,000
==============
Liabilities and Shareholders' Deficit
Current Liabilities:
Accounts Payable $175,000,000
Short Term Debt 300,000,000
Other Current Liabilities 168,000,000
--------------
Total Current Liabilities 643,000,000
Other Long-Term Liabilities 201,000,000
--------------
Total Liabilities not Subject to Compromise 844,000,000
Liabilities Subject to Compromise 2,280,000,000
Shareholders' Deficit (1,304,000,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $1,820,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended December 31, 2005
Total Net Sales $181,000,000
Total Cost Of Goods Sold 180,000,000
--------------
Gross Profit 1,000,000
Total MAT Expense 22,000,000
--------------
Operating Loss (21,000,000)
Equity Earnings from Affiliates (2,000,000)
Interest Expense, net (5,000,000)
Other Income, net 3,000,000
Reorganization Items:
Professional fees (4,000,000)
Employee severance and retention costs -
Settlements of prepetition claims 4,000,000
Other (1,000,000)
--------------
Total Reorganization Items (1,000,000)
--------------
Income Before Taxes (28,000,000)
Income Taxes 2,000,000
--------------
NET LOSS ($30,000,000)
==============
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. 55; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
UAL CORPORATION: Posts $16 Million Net Loss in December 2005
------------------------------------------------------------
UAL Corporation and Subsidiary Companies
Condensed Consolidating Statement of Operations
For The Month Ended December 31, 2005
(In Thousands)
Total operating revenues $1,490,513
Total operating expenses 1,612,470
----------
Earnings (loss) from operations (121,957)
Non-operating income (expenses):
Net interest expense (55,772)
Other income (expenses), net: 17,274
----------
Total non-operating income (expenses): (38,498)
----------
Net Earnings (loss) before Reorganization items (160,455)
Reorganization Expenses (15,863,774)
----------
Net earnings (loss) ($16,024,229)
==========
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. Judge Wedoff confirmed
the Debtors' Second Amended Plan on Jan. 20, 2006. The Company
emerged from bankruptcy protection on February 1, 2006. (United
Airlines Bankruptcy News, Issue Nos. 118; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
WINN-DIXIE: Earns $1.6 Million for Period Ended January 11
----------------------------------------------------------
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Balance Sheet
At January 11, 2006
(In thousands)
Assets
Current assets:
Cash and cash equivalents $81,842
Marketable securities 13,254
Trade and other receivables, net 166,098
Insurance claims receivable 73,187
Income tax receivable 30,283
Merchandise inventories, net 523,778
Prepaid expenses and other current assets 64,475
------------
Total current assets 952,917
Property, plant and equipment, net 548,314
Other assets, net 125,681
------------
Total assets $1,626,912
============
Liabilities and Shareholders' Deficit
Current liabilities:
Current portion of long-term debt $223
Current obligations under capital leases 4,073
Accounts payable 246,311
Reserve for self-insurance liabilities 86,099
Accrued wages and salaries 77,140
Accrued rent 32,729
Accrued expenses 109,258
------------
Total current liabilities 555,833
Reserve for self-insurance liabilities 142,527
Long-term debt 263
Long-term borrowings under DIP Credit Facility 40,000
Obligations under capital leases 5,134
Other liabilities 17,335
------------
Total liabilities not subject to compromise 761,092
Liabilities subject to compromise 1,122,996
------------
Total liabilities 1,884,088
Shareholders' deficit:
Common stock 141,682
Additional paid-in-capital 32,087
Accumulated deficit (395,388)
Accumulated other comprehensive loss (35,557)
------------
Total shareholders' deficit (257,176)
------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $1,626,912
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Operations
Four Weeks Ended January 11, 2006
(In thousands)
Net sales $630,335
Cost of sales 470,879
------------
Gross profit on sales 159,456
Other operating and administrative expenses 157,962
Impairment charges 1,888
Restructuring gains (9,723)
------------
Operating income 9,329
Interest expense, net 822
------------
Earnings before reorganization items and
income taxes 8,507
Reorganization items, net 3,542
Income tax expense -
------------
Net earnings from continuing operations 4,965
Discontinued operations:
Loss from discontinued operations (4,104)
Gain on disposal of discontinued operations 746
Income tax expense -
------------
Net loss from discontinued operations (3,358)
------------
Net income $1,607
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Cash Flows
Four Weeks Ended January 11, 2006
(In thousands)
Cash flows from operating activities:
Net income $1,607
Adjustments to reconcile net loss to
net cash provided by operating activities:
Gain on sales of assets, net (5,707)
Reorganization items, net 3,542
Depreciation and amortization 7,923
Stock compensation plans 711
Change in operating assets and liabilities:
Trade and other receivables 8,639
Merchandise inventories 32,133
Prepaid expenses and other current assets (1,617)
Accounts payable (19,310)
Reserve for self-insurance liabilities (10,502)
Lease liability on closed facilities (1,590)
Income taxes payable 16
Defined benefit plan (156)
Other accrued expenses 4,263
------------
Net cash provided by operating
activities before reorganization items 21,840
Cash effect of reorganization items (628)
------------
Net cash provided by operating activities 21,212
Cash flows from investing activities:
Purchases of property, plant and equipment (2,612)
Increase in investments and other assets (550)
Proceeds from sales of assets 8,230
Purchases of marketable securities (298)
Sales of marketable securities 268
Other 879
------------
Net cash provided by investing activities 5,917
Cash flows from financing activities:
Gross borrowings on DIP Credit Facility 37,819
Gross payments on DIP Credit Facility (37,843)
Principal payments on long-term debt (18)
Principal payments on capital lease obligations (119)
Other 219
------------
Net cash provided by financing activities 58
------------
Decrease in cash and cash equivalents 27,187
Cash and cash equivalents at beginning of period 54,655
------------
Cash and cash equivalents at end of period $81,842
============
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers. The Company operates stores across the
Southeastern United States and in the Bahamas and employs
approximately 90,000 people. The Company, along with 23 of its
U.S. subsidiaries, filed for chapter 11 protection on Feb. 21,
2005 (Bankr. S.D.N.Y. Case No. 05-11063, transferred Apr. 14,
2005, to Bankr. M.D. Fla. Case Nos. 05-03817 through 05-03840).
D.J. Baker, Esq., at Skadden Arps Slate Meagher & Flom LLP, and
Sarah Robinson Borders, Esq., and Brian C. Walsh, Esq., at King &
Spalding LLP, represent the Debtors in their restructuring
efforts. Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors. Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors. Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee. When the Debtors filed for protection from their
creditors, they listed $2,235,557,000 in total assets and
$1,870,785,000 in total debts. (Winn-Dixie Bankruptcy News,
Issue No. 33; Bankruptcy Creditors' Service, Inc., 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland, USA. Marie
Therese V. Profetana, Shimero Jainga, Emi Rose S.R. Parcon,
Rizande B. Delos Santos, Cherry A. Soriano-Baaclo, Terence Patrick
F. Casquejo, Christian Q. Salta, Jason A. Nieva, Lucilo Junior M.
Pinili, Tara Marie A. Martin and Peter A. Chapman, Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9474.
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