/raid1/www/Hosts/bankrupt/TCR_Public/060311.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, March 11, 2006, Vol. 10, No. 60
Headlines
ADELPHIA COMMS: Posts $21.8 Million Net Loss in January 2006
ANCHOR GLASS: Posts $21.4 Million Net Loss in December 2005
CATHOLIC CHURCH: Portland's January 2006 Monthly Operating Report
CATHOLIC CHURCH: Spokane's January 2006 Monthly Operating Report
DANA CORPORATION: Files September 30, 2005, Balance Sheet
DELTA AIRLINES: Posts $300 Million Net Loss in January 2006
FEDERAL-MOGUL: Incurs $286.3 Million Net Loss in December 2005
FEDERAL-MOGUL: Incurs $19 Million Net Loss in January 2006
FOAMEX INTERNATIONAL: Earns $3.782 Million in January 2006
KAISER ALUMINUM: Earns $9.1 Million in January 2006
LARGE SCALE: Posts $66,496 Net Loss in January 2006
NORTHWEST AIRLINES: Posts $1.03 Billion Net Loss in December 2005
NORTHWEST AIRLINES: Posts $382 Million Net Loss in January 2006
PERFORMANCE TRANSPORTATION: Files Schedules of Assets & Debts
PERFORMANCE TRANSPORTATION: Leaseway Motorcar Files Schedules
PHARMACEUTICAL FORMULATIONS: Posts $972,000 Net Loss as of Oct. 29
PHARMACEUTICAL FORMULATIONS: Posts $1 Mil. Net Loss as of Nov. 26
PHARMACEUTICAL FORMULATIONS: Posts $663,000 Net Loss as of Dec. 31
UAL CORPORATION: Files January 2006 Monthly Operating Report
USG CORPORATION: Earns $45 Million in January 2006
XYBERNAUT CORP: Amends January 2006 Monthly Operating Report
*********
ADELPHIA COMMS: Posts $21.8 Million Net Loss in January 2006
------------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of January 31, 2006
(Dollars in thousands)
ASSETS
Cash and cash equivalents $380,398
Restricted cash 25,849
Accounts receivables - net 93,469
Receivable for securities 10,029
Other current assets 204,911
-----------
Total current assets 714,656
Restricted cash 262,400
Investments in equity affiliates 6,779
Receivables from non-filing entities 721,729
Property and equipment - net 4,198,937
Intangible assets - net 7,043,206
Other noncurrent assets - net 102,340
-----------
Total Assets $13,050,047
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $107,206
Subscriber advance payments and deposits 32,700
Accrued liabilities 539,806
Deferred income 20,537
Current portion of parent and subsidiary debt 875,610
-----------
Total current liabilities 1,575,859
Other liabilities 26,529
Deferred income 57,539
Deferred income taxes 749,421
-----------
Total noncurrent liabilities 833,489
Liabilities subject to compromise 18,447,202
-----------
Total liabilities 20,856,550
Minority interests in equity of subsidiary 71,868
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 47
Accumulated deficit (17,420,580)
Treasury stock, at cost (27,937)
-----------
Total stockholders' equity (7,878,371)
-----------
Total liabilities and stockholders' equity $13,050,047
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Operations
Month Ended January 31, 2006
(Dollars in thousands)
Revenue $353,623
Cost and expenses:
Direct operating and programming 215,822
Selling, general and administrative 32,268
Investigation, re-audit and sale transaction co 6,090
Depreciation and amortization 67,850
Impairment of long-lived assets -
Provision for uncollectible amounts from Rigases -
Gains on dispositions of long-lived assets -
-----------
Operating income (loss) 31,593
Other income (expense):
Interest expense (53,184)
Impairment of cost & available for sale investments -
Other income (expense) - net 161
-----------
Total other expense - net (53,023)
-----------
Loss from continuing operations before reorganization (21,430)
Reorganization expenses due to bankruptcy (1,257)
-----------
Loss from continuing operations before income taxes (22,687)
Income tax benefit -
Share of losses of equity affiliates - net (60)
Minority's interest in subsidiary losses - net 927
-----------
Net loss (21,820)
Beneficial conversion feature -
-----------
Net loss applicable to common stockholders ($21,820)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Cash Flows
For the Month Ended January 31, 2006
(Dollars in thousands)
Cash flows from operating activities:
Net loss ($21,820)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 67,850
Impairment of long-lived assets -
Provision for uncollectible amounts from Rigases -
Gains on disposition of long-lived assets -
Amortization of debt issuance costs 281
Impairment of cost & available for sale investment -
Provision for settlements -
Reorganization expenses due to bankruptcy 1,257
Deferred tax expense (benefit) -
Share in losses of equity affiliates - net 60
Minority interest in losses of subsidiaries (927)
Other noncash gains -
Depreciation, amortization and other non-cash
items from discontinued operations -
Change in operating assets & liabilities (14,851)
-----------
Net cash provided by operating activities before
payment of reorganization expenses 31,850
Reorganization expenses paid during the period (3,409)
-----------
Net cash provided by (used in) operating activities 28,441
Cash flows from investing activities:
Expenditures for property, plant and equipment (47,239)
Changes in restricted cash (73)
Proceeds from sale of investments -
Other 5,110
-----------
Net cash used in investing activities (42,202)
Cash flows from financing activities:
Proceeds from debt 8,000
Repayments of debt (1,292)
Payment of debt issuance costs -
-----------
Net cash provided by financing activities 6,708
Change in cash and cash equivalents cash (7,053)
Cash, beginning of period 387,451
-----------
Cash, end of period $380,398
===========
Headquartered in Coudersport, Pa., 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. Kasowitz, Benson, Torres & Friedman, LLP, and Klee,
Tuchin, Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors. (Adelphia Bankruptcy News, Issue No. 123;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
ANCHOR GLASS: Posts $21.4 Million Net Loss in December 2005
-----------------------------------------------------------
Anchor Glass Container Corporation
Unaudited Statement of Operations and Comprehensive Loss
For the month ending December 31, 2005
(In Thousands)
Net Sales $44,300
Costs and Expenses
Costs of products sold 58,931
Selling and administrative expenses 2,342
Restructuring charges 113
-----------
Loss from operations (17,086)
Reorganization items (1,995)
Other expense, net (633)
Interest expense (1,750)
-----------
Net Loss ($21,464)
===========
The Debtor did not file its balance sheet as of December 31,
2005.
Headquartered in Tampa, Florida, Anchor Glass Container
Corporation is the third-largest manufacturer of glass containers
in the United States. Anchor manufactures a diverse line of flint
(clear), amber, green and other colored glass containers for the
beer, beverage, food, liquor and flavored alcoholic beverage
markets. The Company filed for chapter 11 protection on Aug. 8,
2005 (Bankr. M.D. Fla. Case No. 05-15606). Robert A. Soriano,
Esq., at Carlton Fields PA, represents the Debtor in its
restructuring efforts. Edward J. Peterson, III, Esq., at
Bracewell & Guiliani, represents the Official Committee of
Unsecured Creditors. When the Debtor filed for protection from
its creditors, it listed $661.5 million in assets and $666.6
million in debts. (Anchor Glass Bankruptcy News, Issue No. 20;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
CATHOLIC CHURCH: Portland's January 2006 Monthly Operating Report
-----------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of January 31, 2006
ASSETS
Cash and cash equivalents $15,951,277
Accounts receivable, net 2,776,959
Notes, estates and other receivables 11,999,076
Loans receivable from Archdiocesan entities, net 7,870,542
Loans receivable from Archdiocesan housing entities 529,401
Interest receivable and other assets 245,063
Inventories 1,654,689
Real Property 226,688
Deposits and prepaid expenses 32,074
Investments 98,189,656
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,772,450
--------------
Total Assets 148,887,875
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable 822,302
Accrued liabilities 2,222,226
Funds held for others
Second Collections (12)
Short-term investments payable 15,437,970
Long-term pool investments payable 19,137,118
Reserve for insurance claims 2,343,946
Notes payable 10,940,179
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 58,967,261
--------------
Postpetition
Accounts payable 576,842
Accrued liabilities 3,510,728
Funds held for others
Second Collections 385,311
Short-term investments payable 2,711,762
Long-term pool investments 4,630,667
Reserve for insurance claims (15,922)
Notes payable -
Pre-need liability and reserve 29,472
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 12,233,381
--------------
Total Liabilities 71,200,642
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,965,507
Other Assets (3,575,746)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 7,402,707
Other Assets 3,894,765
--------------
Total Postpetition Net Assets 11,297,472
--------------
Total Net Assets 77,687,233
--------------
Total liabilities & net assets 148,887,875
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending January 31, 2006
Revenues, gains and other support
Annual Catholic Appeal income 1,258
Gross profit on cemetery sales 84,372
Contributions, gifts, annuities and bequests 185,385
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 1,030,603
Change in unrealized gains (losses) 1,676,295
Insurance premiums, net 1,100
Interest income from loans 39,671
Parish assessments 249,986
Other income 51,791
Departmental revenues 51,267
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 3,371,728
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 316,035
Clergy Services 70,080
Catholic Schools 33,179
Pastoral Services 46,454
Evangelization Services 41,356
Public Services 9,317
Tribunal Services 20,204
Deposit and loan interest 241,062
Insurance program 287,847
Cemetery operating expenses 71,939
High School grants/charitable annuities 304,653
Other program expenses 58,295
--------------
Total program services 1,500,421
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 72,130
Finance & Administration:
Resource Development 97,165
Business Affairs 11,813
Financial Services 68,655
Human Resources 26,261
Shared Services 23,413
Occupancy and physical plant expenses 17,424
Designated funds expense 17,126
Bankruptcy expense 392,581
Depreciation expense -
--------------
Total supporting services 726,568
--------------
Total expenses and program support 2,226,989
--------------
Increase (decrease) in net assets before
transfers and designations of net assets 1,144,739
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets 1,144,739
Net assets at beginning of year 76,542,494
--------------
Net assets at end of year 77,687,233
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending January 31, 2006
Beginning Cash Balance: 15,442,177
Add:
Transfers in 290,362
Receipts Deposited 3,460,507
Other (Return of Direct Deposits) -
Other (Interest Income) 48,738
--------------
Total Cash Receipts 3,799,607
Subtract:
Transfers out (290,362)
Disbursements by check or debit (2,997,665)
Cash withdrawn -
Other (Service Charges) (2,467)
Other (Misc Check Correction) -
Other (NSF Checks) (11)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (3,290,505)
--------------
Ending Cash Balance 15,951,278
==============
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. 53; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
CATHOLIC CHURCH: Spokane's January 2006 Monthly Operating Report
----------------------------------------------------------------
Catholic Diocese of Spokane
Balance Sheet
As of January 31, 2006
ASSETS
Total Cash Accounts $2,016,257
Total Investments 3,879,209
Total Property 495,004
Total Loans Receivable 2,869,056
Total Interfund Loan Receivable 396,887
Total Accounts Receivable 57,297
Total Land and Buildings & Equip 2,474,977
Total Prepaid Expenses 61,788
--------------
Total Assets $12,250,474
==============
LIABILITIES AND NET ASSETS
Liabilities
Total Deposits Payable 6,581,880
Total Interest Payable 0
Total Accounts Payable 7,832
Total Long-term Liabilities 9,335,400
Net Assets
Total Unrestricted - Fund Balance (15,956,140)
Total Unrestricted Net Assets (15,956,140)
T.R. - Guse Grant Funds 274,146
T.R. - Bishop's School Grants Funds 122,331
Total Replacement Fund 9,630,288
Total Diocesan D&L Funding 2,176,115
Total Guatemala Funds 605,100
Temporarily Restricted (80)
--------------
Total liabilities & net assets $12,380,474
==============
Catholic Diocese of Spokane
Income and Expense Statement
For the month ending January 31, 2006
Total Income $2,138,591
Total Expenses 3,550,742
--------------
Net Excess or Deficit $1,412,151
==============
Catholic Diocese of Spokane
Statement of Cash Receipts and Disbursements
January 1, 2006 to January 31, 2006
Total Cash Receipts $305,164
Total Cash Disbursements ($246,268)
A full-text copy of the Diocese of Spokane's January 2006
monthly operating report is available for free at:
http://ResearchArchives.com/t/s?658
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. 53; Bankruptcy Creditors' Service, Inc., 215/945-7000)
DANA CORPORATION: Files September 30, 2005, Balance Sheet
---------------------------------------------------------
DANA CORPORATION
Unaudited Consolidated Balance Sheet
As of September 30, 2005
ASSETS
Current assets
Cash and cash equivalents $730,000,000
Accounts receivable
Trade 1,454,000,000
Other 274,000,000
Inventories
Raw materials 280,000,000
Work in process and finished goods 598,000,000
Other current assets 146,000,000
---------------
Total current assets 3,482,000,000
Property, plant and equipment, net 1,742,000,000
Investments in leases 256,000,000
Investments and other assets 2,397,000,000
---------------
Total assets $7,877,000,000
===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Notes payable, including current
portion of long-term debt $2,304,000,000
Accounts payable 1,322,000,000
Other current liabilities 1,082,000,000
---------------
Total current liabilities 4,708,000,000
Long-term debt 280,000,000
Deferred employee benefits and
other noncurrent liabilities 1,747,000,000
Minority interest in consolidated subsidiaries 85,000,000
Shareholders' equity 1,057,000,000
---------------
Total liabilities and shareholders' equity $7,877,000,000
===============
Headquartered in Toledo, Ohio, Dana Corporation --
http://www.dana.com/-- designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to those
companies. Dana employs 46,000 people in 28 countries. Dana is
focused on being an essential partner to automotive, commercial,
and off-highway vehicle customers, which collectively produce more
than 60 million vehicles annually. Corinne Ball, Esq., and
Richard H. Engman, Esq., at Jones Day, in Manhattan and
Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black,
Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio,
represent the Debtors. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor and investment
banker. Ted Stenger from AlixPartners serves as Dana's Chief
Restructuring Officer. When the Debtors filed for protection
from their creditors, they listed $7.9 billion in assets and
$6.8 billion in liabilities as of Sept. 30, 2005. (Dana
Corporation Bankruptcy News, Issue No. 1, Bankruptcy Creditors'
Service, Inc., 215/945-7000)
DELTA AIRLINES: Posts $300 Million Net Loss in January 2006
-----------------------------------------------------------
DELTA AIR LINES, INC.
Unaudited Consolidated Balance Sheets
As of January 31, 2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $2,100,000,000
Restricted cash 728,000,000
Accounts receivable, net of an allowance for
uncollectible accounts of $41 963,000,000
Expendable parts and supplies inventories,
net of an allowance for obsolescence of $202 172,000,000
Deferred income taxes 99,000,000
Prepaid fuel 244,000,000
Prepaid expenses and other 291,000,000
---------------
Total current assets 4,597,000,000
PROPERTY AND EQUIPMENT:
Flight equipment 18,582,000,000
Accumulated depreciation (6,676,000,000)
---------------
Flight equipment, net 11,906,000,000
Flight and ground equipment
under capital leases 539,000,000
Accumulated amortization (184,000,000)
---------------
Flight and ground equipment
under capital leases, net 355,000,000
---------------
Ground property and equipment 4,787,000,000
Accumulated depreciation (2,862,000,000)
---------------
Ground property and equipment, net 1,925,000,000
Advance payments for equipment 44,000,000
---------------
Total property and equipment, net 14,230,000,000
OTHER ASSETS:
Goodwill 227,000,000
Operating rights and other intangibles,
net of accumulated amortization of $191 72,000,000
Restricted investments for
Boston airport terminal project 47,000,000
Other noncurrent assets 943,000,000
---------------
Total other assets 1,289,000,000
---------------
Total assets $20,116,000,000
===============
LIABILITIES AND SHAREOWNERS' DEFICIT
CURRENT LIABILITIES:
Current maturities of long-term debt
and capital leases $1,212,000,000
Accounts payable, deferred credits
and other accrued liabilities 1,425,000,000
Air traffic liability 1,933,000,000
Taxes payable 576,000,000
Accrued salaries and related benefits 417,000,000
---------------
Total current liabilities 5,563,000,000
NONCURRENT LIABILITIES:
Long-term debt and capital leases 6,528,000,000
Other 298,000,000
Deferred revenue and other credits 186,000,000
---------------
Total noncurrent liabilities 7,012,000,000
LIABILITIES SUBJECT TO COMPROMISE 17,484,000,000
COMMITMENTS AND CONTINGENCIES
EMPL STOCK OWNERSHIP PLAN PREFERRED STOCK:
Series B ESOP Convertible Preferred Stock,
$1.00 par value, $72.00 stated and
liquidation value; 4,540,235 shares issued
and outstanding 327,000,000
Unearned compensation under employee stock
ownership plan (89,000,000)
---------------
Total Employee Stock Ownership
Plan Preferred Stock 238,000,000
SHAREOWNERS' DEFICIT:
Common stock:
$0.01 par value; 900,000,000 shares
authorized; 202,081,648 shares issued 2,000,000
Additional paid-in capital 1,639,000,000
Accumulated deficit (8,509,000,000)
Accumulated other comprehensive loss (2,722,000,000)
Treasury stock at cost, 12,525,059 shares (591,000,000)
---------------
Total shareowners' deficit (10,181,000,000)
---------------
Total liabilities and shareowners' deficit $20,116,000,000
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statement of Operations
For the Month Ended January 31, 2006
OPERATING REVENUES:
Passenger:
Mainline $834,000,000
Regional affiliates 257,000,000
Cargo 37,000,000
Other, net 88,000,000
---------------
Total operating revenues 1,216,000,000
OPERATING EXPENSES:
Salaries and related costs 361,000,000
Aircraft fuel 311,000,000
Contract carrier arrangements 203,000,000
Depreciation and amortization 99,000,000
Contracted services 92,000,000
Passenger commissions and
other selling expenses 70,000,000
Landing fees and other rents 61,000,000
Aircraft maintenance materials and
outside repairs 62,000,000
Aircraft rent 33,000,000
Passenger service 25,000,000
Other 46,000,000
---------------
Total operating expenses 1,363,000,000
---------------
OPERATING LOSS (147,000,000)
---------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest
expense equals $104 for the Month ended
January 31, 2006) (70,000,000)
Interest income 3,000,000
Miscellaneous, net 1,000,000
---------------
Total other expense, net (66,000,000)
---------------
LOSS BEFORE REORGANIZATION ITEMS, NET (213,000,000)
REORGANIZATION ITEMS, NET (87,000,000)
---------------
LOSS BEFORE INCOME TAXES (300,000,000)
INCOME TAX PROVISION --
---------------
NET LOSS ($300,000,000)
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statements of Cash Flows
For the Month ended January 31, 2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($300,000,000)
Adjustments to reconcile net loss
to cash provided by operating activities, net 236,000,000
Changes in certain assets and liabilities, net 110,000,000
---------------
Net cash used by operating activities 46,000,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
Flight equipment, including
advance payments (20,000,000)
Ground property and equipment (7,000,000)
Decrease in restricted investments related
to Boston airport terminal project 4,000,000
Decrease in restricted cash 142,000,000
---------------
Net cash provided by investing activities 119,000,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and
capital lease obligations (73,000,000)
---------------
Net cash used by financing activities (73,000,000)
---------------
Net increase in cash and cash equivalents 92,000,000
Cash & cash equivalents at beginning of period 2,008,000,000
---------------
Cash & cash equivalents at end of period $2,100,000,000
===============
Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in
terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities. (Delta Air Lines
Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service,
Inc., 215/945-7000).
FEDERAL-MOGUL: Incurs $286.3 Million Net Loss in December 2005
--------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of December 31, 2005
(In millions)
Assets
Cash and equivalents $746.3
Accounts receivable 596.0
Inventories 438.5
Deferred taxes 95.1
Prepaid expenses and other current assets 89.7
----------
Total current assets 1,965.6
Summary of Unpaid Postpetition Debits (55.5)
Intercompany Loans Receivable (Payable) 2,115.2
----------
Intercompany Balances 2,059.6
Property, plant and equipment 919.1
Goodwill 945.5
Other intangible assets 408.0
Insurance recoverable 777.4
Other non-current assets 981.0
----------
Total Assets $8,056.2
==========
Liabilities and Shareholders' Equity
Short-term debt $570.7
Accounts payable 187.2
Accrued compensation 74.0
Restructuring and rationalization reserves 8.6
Current portion of asbestos liability -
Interest payable 2.3
Other accrued liabilities 278.1
----------
Total current liabilities 1,120.9
Long-term debt -
Post-employment benefits 1,890.2
Other accrued liabilities 805.5
Liabilities subject to compromise 5,988.8
Shareholders' equity:
Preferred stock 1,050.6
Common stock 565.8
Additional paid-in capital 8,049.9
Accumulated deficit (10,134.3)
Accumulated other comprehensive income (1,281.1)
Other -
----------
Total Shareholders' Equity (1,749.2)
----------
Total Liabilities and Shareholders' Equity $8,056.2
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the month ended December 31, 2005
(In millions)
Net sales $245.3
Cost of products sold 200.7
----------
Gross margin 44.6
Selling, general & administrative expenses (23.3)
Amortization (1.2)
Reorganization items (40.2)
Interest income (expense), net (12.1)
Other income (expense), net (316.0)
----------
Earnings before Income Taxes (348.2)
Income Tax (Expense) Benefit (61.9)
----------
Earnings before effect of change in acctg principle (286.3)
Cumulative effect of change in acctg principle -
----------
Net Earnings (loss) ($286.3)
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended December 31, 2005
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earnings (loss) ($286.3)
Adjustments to reconcile net earnings (loss):
Depreciation and amortization 14.0
Adjustments of assets held for sale to fair value 38.5
Asbestos Charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg principle -
Change in post-employment benefits (1.6)
Decrease/(increase) in accounts receivable (25.3)
Decrease/(increase) in inventories 9.8
Increase/(decrease) in accounts payable (14.7)
Change in other assets and other liabilities 191.4
Change in restructuring charge (0.3)
Refunds (payments) against asbestos liability -
----------
Net Cash Provided From Operating Activities (24.0)
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (13.7)
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 (13.7)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt 281.0
Sale of accounts receivable under securitization -
Dividends -
Other (1.6)
----------
Net Cash Provided From Financing Activities 279.5
Increase (Decrease) in Cash and Equivalents 241.7
Cash and equivalents at beginning of period 504.6
----------
Cash and equivalents at end of period $746.3
==========
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. 104;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
FEDERAL-MOGUL: Incurs $19 Million Net Loss in January 2006
----------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of January 31, 2006
(In millions)
Assets
Cash and equivalents $773.1
Accounts receivable 571.1
Inventories 454.0
Deferred taxes 95.5
Prepaid expenses and other current assets 91.8
----------
Total current assets 1,985.5
Summary of Unpaid Postpetition Debits (58.4)
Intercompany Loans Receivable (Payable) 2,115.6
----------
Intercompany Balances 2,057.2
Property, plant and equipment 887.3
Goodwill 946.3
Other intangible assets 410.2
Insurance recoverable 791.7
Other non-current assets 989.0
----------
Total Assets $8,067.2
==========
Liabilities and Shareholders' Equity
Short-term debt $523.3
Accounts payable 211.9
Accrued compensation 82.3
Restructuring and rationalization reserves 7.7
Current portion of asbestos liability -
Interest payable 0.3
Other accrued liabilities 243.3
----------
Total current liabilities 1,068.8
Long-term debt -
Post-employment benefits 1,924.0
Other accrued liabilities 808.3
Liabilities subject to compromise 5,996.2
Shareholders' equity:
Preferred stock 1,050.6
Common stock 565.8
Additional paid-in capital 8,052.9
Accumulated deficit (10,179.5)
Accumulated other comprehensive income (1,219.7)
Other -
----------
Total Shareholders' Equity (1,730.0)
----------
Total Liabilities and Shareholders' Equity $8,067.2
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the month ended January 31, 2006
(In millions)
Net sales $265.6
Cost of products sold 223.3
----------
Gross margin 42.3
Selling, general & administrative expenses (51.1)
Amortization (1.2)
Reorganization items (7.0)
Interest income (expense), net (13.3)
Other income (expense), net 11.8
----------
Earnings before Income Taxes (18.4)
Income Tax (Expense) Benefit (0.6)
----------
Earnings before effect of change in acctg principle (19.0)
Cumulative effect of change in acctg principle -
----------
Net Earnings (loss) ($19.0)
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended January 31, 2006
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earnings (loss) ($19.0)
Adjustments to reconcile net earnings (loss):
Depreciation and amortization 13.0
Adjustments of assets held for sale to fair value -
Asbestos Charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg principle -
Change in post-employment benefits 3.7
Decrease/(increase) in accounts receivable 27.3
Decrease/(increase) in inventories (15.6)
Increase/(decrease) in accounts payable (23.7)
Change in other assets and other liabilities 22.0
Change in restructuring charge (1.0)
Refunds (payments) against asbestos liability -
----------
Net Cash Provided From Operating Activities 54.1
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (3.5)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses 3.5
Business acquisitions, net of cash acquired -
Other -
----------
Net Cash Provided From (Used By) Investing Activities (0.0)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt 46.4
Sale of accounts receivable under securitization -
Dividends -
Other 19.1
----------
Net Cash Provided From Financing Activities (27.2)
Increase (Decrease) in Cash and Equivalents 26.9
Cash and equivalents at beginning of period 746.3
----------
Cash and equivalents at end of period $773.1
==========
eadquartered 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. 104;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
FOAMEX INTERNATIONAL: Earns $3.782 Million in January 2006
----------------------------------------------------------
Foamex International, et al., as Debtors
Consolidated Balance Sheet
As of January 31, 2006
ASSETS
Current Assets
Cash $5,319,000
Accounts Receivable, net 182,486,000
Inventory 107,495,000
Other current assets 23,260,000
------------
Total current assets 318,561,000
Land & land improvements 5,100,000
Buildings 92,259,000
Leasehold improvement 5,302,000
Machinery & Equipment 227,665,000
Furniture & Fixtures 5,180,000
Auto equipment 7,966,000
Computer equipment 7,904,000
Construction in progress 1,452,000
Accumulated depreciation (253,551,000)
------------
Total property plant & equipment, net 99,277,000
Goodwill, net 86,191,000
Debt Issuance costs, net 5,169,000
Investment in subsidiaries 21,779,000
Long-term intercompany receivable 4,850,000
Other Assets 48,389,000
-------------
Total Assets $584,216,000
=============
LIABILITIES & STOCKHOLDERS' DEFICIENCY
Current Liabilities
Revolver borrowings $142,319,000
Current portion of long-term 86,210,000
Accounts payable 64,886,000
Intercompany 341,000
Accrued employee costs 15,975,000
Accrued rebates 7,568,000
Accrued interest 1,735,000
Other current liabilities 19,588,000
------------
Total current liabilities 338,622,000
Long-term debt 341,000
Intercompany debt -
Liability Subject to Compromise 637,200,000
Other liabilities 14,696,000
------------
Total Long-Term Liabilities 652,237,000
------------
Total Liabilities 990,859,000
Common stock 280,000
Preferred stock 15,000
Additional paid-in capital 102,555,000
Treasury stock (27,780,000)
Other comprehensive income (loss) (34,867,000)
Shareholder loans (9,221,000)
Accumulated deficit (437,625,000)
------------
Stockholders' Deficiency (406,643,000)
------------
Liabilities & Stockholders' Deficiency $584,216,000
============
Foamex International, et al., as Debtors
Consolidated Income Statement
Month Ended January 31, 2006
Gross Sales $110,227,000
Rebates, Discount & Sale Allowance (6,372,000)
-------------
Net Sales 103,855,000
Material 65,540,000
Labor 3,964,000
Overhead 12,597,000
Freight/Shipping 4,389,000
-------------
Cost of Sales 86,490,000
Gross Profit 17,365,000
Labor & Employee Expense 3,388,000
Indirect Materials & Samples (14,000)
Equipment & Maintenance Expense 5,000
Facility Expense 207,000
Travel & Entertainment 144,000
Technology 127,000
Professional Fees & Services 1,651,000
Other Miscellaneous Expense 248,000
Insurance & Tax 196,000
Bad debt expense 498,000
Bank/Collection Costs 67,000
Transportation Cost 11,000
Depreciation/Amortization 302,000
Corp. Cost to COS (685,000)
-------------
Selling, general & admin expenses 6,171,000
Restructuring & Impairment Charges 227,000
-------------
Income from operations 10,966,000
Interest Expense 5,470,000
Equity in earnings of JV & non-debtor subs 214,000
Other Income & (Expense) 29,000
Professional Fees 1,528,000
Provision/(Gains) - Rejected Contracts 283,000
Bankruptcy Filing Fees 12,000
Other Expense 134,000
-------------
Reorganization Expense (Income) 1,957,000
Income before Tax 3,782,000
Tax Provision -
-------------
Net Income $3,782,000
=============
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 Bankruptcy News, Issue
No. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000).
KAISER ALUMINUM: Earns $9.1 Million in January 2006
---------------------------------------------------
Kaiser Aluminum Corporation -- All Debtors
Unaudited Balance Sheets
As of January 31, 2006
(In Thousands)
ASSETS
Cash $58,916
Receivables:
Trade 113,038
Other 14,313
----------
Total Receivables 127,351
Inventories 120,091
Prepaid expenses and other current assets 26,129
----------
Total current assets 332,487
Investments in and advances to subsidiaries 21,167
Intercompany receivables/payables, net (4,536)
Property, plant, and equipment - net 224,463
Deferred income taxes -
Restricted proceeds from sale of commodity interests -
Other assets 1,018,506
----------
Total Assets $1,592,087
==========
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities not subject to compromise:
Accounts Payable $70,037
Accrued interest 1,056
Accrued salaries, wages and related expenses 41,060
Accrued post retirement benefit - current -
Other accrued liabilities 64,350
Payable to affiliates 15,930
Long term debt - current portion 1,152
----------
Total current liabilities 193,585
Long-term liabilities 42,374
Accrued postretirement benefit obligation (1)
Long-term debt 1,212
Liabilities subject to compromise 4,497,339
Minority interests 655
Stockholders' equity:
Preference stock -
Common stock 789
Additional capital 538,009
Accumulated deficit - As of filing date (946,933)
Accumulated deficit - Post filing date (2,730,243)
Accumulated other comprehensive income (loss) (4,699)
Note receivable from parent -
----------
Total Liabilities & Stockholders' Equity $1,592,087
==========
Kaiser Aluminum Corporation -- All Debtors
Unaudited Statements of Operations
For the Month Ending January 31, 2006
(In Thousands)
Net Sales $112,283
Costs and expenses:
Cost of products sold 93,160
Depreciation & amortization 1,593
Selling, administrative, R&D and general 4,757
Other operating charges (benefits), net -
----------
Total costs and expenses 99,510
----------
Operating income (loss) 12,773
Other income (expense):
Interest expenses, net (318)
Reorganization items (2,295)
Other-net (122)
----------
Income (loss) before
income taxes and minority interest 10,038
(Provision) benefit for income taxes (881)
Minority interests -
Equity in income (loss) of subsidiaries (56)
----------
Net income (loss) $9,101
==========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ending January 31, 2006
(In Thousands)
Receipts:
Trade Receivables
KACC Receivables $74,278
KAII Receivables 27,786
----------
Total Trade Receivables 102,064
Asbestos insurance recoveries 1,800
COBRA receipts 650
Proceeds from Hedging Settlement 1,232
----------
Total Receipts 105,746
Disbursements:
Inventory/Raw Materials 42,399
Capital Expenditures 2,118
Domestic Income Tax Payment -
Maintenance, Materials, etc. 4,313
Freight 5,193
Utilities/Energy 6,880
Hourly Payroll 8,567
Salaried Payroll 3,581
Pension Contributions 2,021
VEBA Advances 1,915
Medical - Current Employees 2,594
Annual Insurance Premiums -
Workmen's Compensation 455
Corporate General and Administrative 4,413
JV Fundings - Primary, Net of Reimbursements 12,522
Other Disbursements 3,505
----------
Total Operating and G&A Disbursements 100,476
Reorganization Items 2,022
----------
Total Disbursements 102,498
----------
Net Cash Flow 3,248
Beginning Bank Cash Balances 56,262
----------
Ending Bank Cash Balances 59,510
Reconciling Items (594)
----------
Ending Book Cash Balances $58,916
==========
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. 91; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
LARGE SCALE: Posts $66,496 Net Loss in January 2006
---------------------------------------------------
On March 1, 2006, Large Scale Biology Corporation filed its
monthly operating report for the month ended January 2006, with
the United States Bankruptcy Court for the Eastern District of
California.
The Company reported a $66,496 net loss on $25,398 of revenues for
the month ended January 2006.
For the month ended January 2006, Pharmaceutical Formulations,
Inc.'s balance sheet shows:
Current Assets $22,221,120
Total Assets 25,209,293
Current Liabilities 889,819
Total Liabilities 12,996,589
Total Stockholders' Equity 12,212,704
A full-text copy of Pharmaceutical Formulations, Inc.'s Monthly
Operating Report for the month ended January 2006, is available
at no charge at http://researcharchives.com/t/s?652
Headquartered in Vacaville, California, Large Scale Biology
Corporation -- http://www.lsbc.com/-- develops, manufactures and
sells plant-made pharmaceutical proteins and vaccines. LSBC and
its debtor-affiliates filed for chapter 11 protection on Jan. 9,
2006. (Bankr. E.D. Calif. Case No. 06-20046). Paul J. Pascuzzi,
Esq., at Felderstein Fitzgerald Willoughby & Pascuzzi, represent
the Debtors in their restructuring efforts. As of Nov. 30, 2005,
the LSBC had $9,760,000 in total assets and $7,836,000 in total
debts.
NORTHWEST AIRLINES: Posts $1.03 Billion Net Loss in December 2005
-----------------------------------------------------------------
Northwest Airlines Corporation
Unaudited Condensed Consolidated Balance Sheets
As of December 31, 2005
ASSETS
Current assets:
Cash and cash equivalents $684,000,000
Unrestricted short-term investments 578,000,000
Restricted cash, cash equivalents &
short-term investments 600,000,000
Accounts receivable, net 592,000,000
Flight equipment spare parts, net 136,000,000
Prepaid expenses & other 403,000,000
---------------
Total current assets 2,993,000,000
Property and equipment:
Flight equipment, net 7,394,000,000
Other property & equipment, net 753,000,000
---------------
Total property & equipment 8,147,000,000
Flight Equipment under capital leases, net 100,000,000
Other assets:
Intangible pension asset 363,000,000
International routes 634,000,000
Investments in affiliated companies 41,000,000
Other 805,000,000
---------------
Total other assets 1,843,000,000
---------------
Total assets $13,083,000,000
===============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Air traffic liability $1,586,000,000
Accounts payable & other liabilities 1,119,000,000
Current maturities of long-term debt
& capital lease obligations 85,000,000
---------------
Total current liabilities 2,790,000,000
Long-term debt 1,085,000,000
Deferred Credits & other liabilities:
Long-term pension & postretirement
Health care benefits 292,000,000
Other 102,000,000
---------------
Total deferred credits & other liabilities 394,000,000
Liabilities Subject to Compromise 14,162,000,000
Preferred redeemable stock 280,000,000
Common Stockholders' Equity (Deficit)
Common stock 1,000,000
Additional paid-in capital 1,500,000,000
Accumulated deficit (4,548,000,000)
Accumulated other comprehensive
income (loss) (1,568,000,000)
Treasury stock (1,013,000,000)
---------------
Total common stockholders' equity (deficit) (5,628,000,000)
---------------
Total Liabilities & Stockholders' Equity $13,083,000,000
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statements of Operations
For the Month Ended December 31, 2005
Operating Revenues
Passenger $685,000,000
Regional carrier revenues 110,000,000
Cargo 77,000,000
Other 97,000,000
---------------
Total Operating Revenues 969,000,000
Operating Expenses
Salaries, wages, and benefits 257,000,000
Aircraft fuel and taxes 247,000,000
Selling and marketing 60,000,000
Aircraft maintenance materials and repair 75,000,000
Other rentals and landing fees 46,000,000
Depreciation and amortization 52,000,000
Aircraft rentals 23,000,000
Regional carrier expenses 128,000,000
Other 161,000,000
---------------
Total Operating Expenses 1,049,000,000
Operating Income (Loss) (80,000,000)
Other Income (Expense)
Interest expense, net (50,000,000)
Investment income 10,000,000
Foreign currency gain (loss) (902,000,000)
Other, net (9,000,000)
---------------
Total other income (expense) (951,000,000)
---------------
Income (Loss) Before Income Taxes (1,031,000,000)
Income tax expense (benefit) 1,000,000
---------------
Net Income (Loss) ($1,032,000,000)
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
For the Month Ended December 31, 2005
Cash Flows from Operating Activities:
Net income (loss) ($1,032,000,000)
Adjustments to reconcile net loss to net
cash provided by (used in)
operating activities:
Depreciation and amortization 52,000,000
Pension and other postretirement benefit
contributions less than expense 60,000,000
Changes in certain assets & liabilities (75,000,000)
Reorganization items 902,000,000
Other, net (6,000,000)
---------------
Net cash provided by operating activities (99,000,000)
Cash Flows from Reorganization Activities:
Net cash provided by (used in)
reorganization activities (1,000,000)
Cash Flows from Investing Activities:
Capital expenditures (24,000,000)
Decrease (increase) in restricted
cash, cash equivalents &
short-term investments (150,000,000)
---------------
Net cash provided by (used in) investing
activities (174,000,000)
Cash Flows from Financing Activities:
Payments of long-term debt and capital
lease obligations (50,000,000)
---------------
Net cash provided by (used in)
financing activities (50,000,000)
---------------
Increase (Decrease) in Cash and
Cash Equivalents (324,000,000)
Cash & cash equivalents at beginning of period 1,008,000,000
---------------
Cash & cash equivalents at end of period $684,000,000
===============
Northwest Airlines Corporation -- http://www.nwa.com/-- is
the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures. Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks. Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents. The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930). Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $14.4 billion in total assets and $17.9 billion in total
debts. (Northwest Airlines Bankruptcy News, Issue No. 20;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
NORTHWEST AIRLINES: Posts $382 Million Net Loss in January 2006
---------------------------------------------------------------
Northwest Airlines Corporation
Unaudited Condensed Consolidated Balance Sheets
As of January 31, 2006
ASSETS
Current assets:
Cash and cash equivalents $821,000,000
Unrestricted short-term investments 563,000,000
Restricted cash, cash equivalents &
short-term investments 554,000,000
Accounts receivable, net 585,000,000
Flight equipment spare parts, net 137,000,000
Prepaid expenses & other 389,000,000
---------------
Total current assets 3,049,000,000
Property and equipment:
Flight equipment, net 7,421,000,000
Other property & equipment, net 749,000,000
---------------
Total property & equipment 8,170,000,000
Flight Equipment under capital leases, net 86,000,000
Other assets:
Intangible pension asset 363,000,000
International routes 634,000,000
Investments in affiliated companies 41,000,000
Other 893,000,000
---------------
Total other assets 1,931,000,000
---------------
Total assets $13,245,000,000
===============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Air traffic liability $1,727,000,000
Accounts payable & other liabilities 1,209,000,000
Current maturities of long-term debt
& capital lease obligations 102,000,000
---------------
Total current liabilities 3,038,000,000
Long-term debt 1,356,000,000
Deferred Credits & other liabilities:
Long-term pension & postretirement
Health care benefits 308,000,000
Other 96,000,000
---------------
Total deferred credits & other liabilities 404,000,000
Liabilities Subject to Compromise 14,175,000,000
Preferred redeemable stock 280,000,000
Common Stockholders' Equity (Deficit)
Common stock 1,000,000
Additional paid-in capital 1,500,000,000
Accumulated deficit (4,930,000,000)
Accumulated other comprehensive
income (loss) (1,566,000,000)
Treasury stock (1,013,000,000)
---------------
Total common stockholders' equity (deficit) (6,008,000,000)
---------------
Total Liabilities & Stockholders' Equity $13,245,000,000
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statements of Operations
For the Month Ended January 31, 2006
Operating Revenues
Passenger $635,000,000
Regional carrier revenues 104,000,000
Cargo 63,000,000
Other 88,000,000
---------------
Total Operating Revenues 890,000,000
Operating Expenses
Salaries, wages, and benefits 222,000,000
Aircraft fuel and taxes 236,000,000
Selling and marketing 63,000,000
Aircraft maintenance materials and repair 66,000,000
Other rentals and landing fees 48,000,000
Depreciation and amortization 44,000,000
Aircraft rentals 24,000,000
Regional carrier expenses 123,000,000
Other 129,000,000
---------------
Total Operating Expenses 955,000,000
Operating Income (Loss) (65,000,000)
Other Income (Expense)
Interest expense, net (44,000,000)
Investment income 5,000,000
Foreign currency gain (loss) (279,000,000)
Other, net 1,000,000
---------------
Total other income (expense) (317,000,000)
---------------
Income (Loss) Before Income Taxes (382,000,000)
Income tax expense (benefit) --
---------------
Net Income (Loss) ($382,000,000)
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
For the Month Ended January 31, 2006
Cash Flows from Operating Activities:
Net income (loss) ($382,000,000)
Adjustments to reconcile net loss to net
cash provided by (used in)
operating activities:
Depreciation and amortization 44,000,000
Pension and other postretirement benefit
contributions less than expense 14,000,000
Changes in certain assets & liabilities 210,000,000
Reorganization items 279,000,000
Other, net (41,000,000)
---------------
Net cash provided by operating activities 124,000,000
Cash Flows from Reorganization Activities:
Net cash provided by (used in)
reorganization activities (2,000,000)
Cash Flows from Investing Activities:
Capital expenditures (56,000,000)
Decrease (increase) in restricted
cash, cash equivalents &
short-term investments 63,000,000
Other
(1,000,000)
Net cash provided by (used in) investing
activities 6,000,000
Cash Flows from Financing Activities:
Proceeds from long-term debt 29,000,000
Payments of long-term debt and capital
lease obligations (20,000,000)
---------------
Net cash provided by (used in)
financing activities 9,000,000
---------------
Increase (Decrease) in Cash and
Cash Equivalents 137,000,000
Cash & cash equivalents at beginning of period 684,000,000
---------------
Cash & cash equivalents at end of period $821,000,000
===============
Northwest Airlines Corporation -- http://www.nwa.com/-- is
the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures. Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks. Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents. The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930). Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $14.4 billion in total assets and $17.9 billion in total
debts. (Northwest Airlines Bankruptcy News, Issue No. 20;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
PERFORMANCE TRANSPORTATION: Files Schedules of Assets & Debts
-------------------------------------------------------------
A. Real Property
Ingham County, Michigan $1,920,000
Scott County, Kentucky 770,000
B. Personal Property
B.1 Cash on hand 0
B.2 Bank Accounts
US Bank - General Account 1,931,014
US Bank - Payroll Account (5,097)
US Bank - Accounts Payable Account 73,210
B.3 Security Deposits
Miscellaneous Special Deposits 50,000
B.4 Household goods and furnishings 0
B.5 Collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Hobby equipment 0
B.9 Interests in insurance policies 0
B.10 Annuities 0
B.11 Interest in an education IRA 0
B.12 Interest in pension plans 0
B.13 Stock and interests in businesses 0
100% Common stock
E & L Transport, LLC unknown
Hadley Auto Transport unknown
LAC Holding Corp. unknown
Transportation Releasing unknown
B.14 Interests in partnerships or joint ventures 0
B.15 Government and Corporate Bonds 0
B.16 Accounts Receivable 918,265
B.17 Alimony 0
B.18 Other liquidated debts owing debtor 0
B.19 Equitable or future interests 0
B.20 Interests in estate of a decedent 0
B.21 Other Contingent & Unliquidated Claims 0
B.22 Intellectual property 0
B.23 General intangibles 0
B.24 Customer lists or compilations 0
B.25 Vehicles
Trucks, Trailers and Upgrades 2,215,433
Accumulated depreciation (290,593)
B.26 Boats, motors and accessories 0
B.27 Aircraft and accessories 0
B.28 Office Equipment
Other equipment 2,396,795
Accumulated depreciation (114,492)
B.29 Machinery, fixtures, equipment and supplies 0
B.30 Inventory 0
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment and implements 0
B.34 Farm supplies, chemicals and feed 0
B.35 Other Personal Property
Deferred debits 4,823
Intercompany receivables 146,514,452
Investment in subsidiary 19,999,966
Long term prepayment 37,030
Prepaid items 1,268,922
TOTAL SCHEDULED ASSETS $177,689,728
=============
C. Property Claimed as Exempt $0
D. Secured Claim
Credit Suisse First Boston 121,400,000
Wells Fargo Bank N.A. 35,000,000
GreatAmerica Leasing unknown
US Bancorp unknown
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims
Automotive Logistics Corp. 53,664
E & L Transport Company LLC 24,688,095
Hadley Auto Transport 46,425,077
Leaseway Motorcar Transport Co. of Canada 28,466,317
Transportation Releasing LLC 3,240,404
Corporate Lodging 140,180
Fleet Fuel 158,186
Others 1,351,404
TOTAL SCHEDULED LIABILITIES $260,923,327
=============
Headquartered in Wayne, Michigan, Performance Transportation
Services, Inc. -- http://www.pts-inc.biz/-- is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America. The Company provides transit stability,
cargo damage elimination and proactive customer relations that are
second to none in the finished vehicle market segment. The
company's chapter 11 case is administered jointly under Leaseway
Motorcar Transport Company. (Performance Bankruptcy News, Issue
No. 5; Bankruptcy Creditors' Service, Inc., 215/945-7000)
Headquartered in Niagara Falls, New York, Leaseway Motorcar
Transport Company Debtor and 13 affiliates filed for chapter 11
protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Case No. 06-00107).
James A. Stempel, Esq., James W. Kapp, III, Esq., and Jocelyn A.
Hirsch, Esq., at Kirkland & Ellis, LLP, and Garry M. Graber, Esq.,
at Hodgson Russ LLP represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they estimated assets between $10 million and $50
million and more than $100 million in debts.
PERFORMANCE TRANSPORTATION: Leaseway Motorcar Files Schedules
-------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on hand
Petty Cash Funds 87,750
B.2 Bank Accounts
US Bank - General Account 3,895
US Bank - Payroll Account (27,438)
US Bank - Accounts Payable Account 202,050
B.3 Security Deposits
Miscellaneous Special Deposits 188,447
B.16 Accounts Receivable 14,824,365
B.21 Other Contingent & Unliquidated Claims
Subrogated claims 93,618
B.25 Vehicles
Trucks, Trailers and Upgrades 22,731,839
Accumulated depreciation (10,565,154)
B.28 Office Equipment
Other equipment 2,123,031
Accumulated depreciation (825,018)
B.30 Inventory
Materials & supplies 1,172,669
B.35 Other Personal Property
Deferred debits 3,426
Intercompany receivables 29,748,785
Land 2,990,000
Other investments 669
Structures 1,440,000
Accumulated depreciation - structures (111,910)
TOTAL SCHEDULED ASSETS $64,081,024
============
C. Property Claimed as Exempt $0
D. Secured Claim
Credit Suisse First Boston unknown
The Firestone Tire & Rubber Company unknown
Wells Fargo Bank N.A. unknown
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims
Allied Freight Broker 29,317
Allied Systems (Canada) 64,462
Allied Systems 71,781
Armand Cerrone Inc. 44,236
Atlantic Detroit Diesel Allison LLC 26,067
B/A Products Co. 29,768
Brenner Oil Co. 60,545
Bridgestone/Firestone 25,375
Bridgestone/Firestone - Lease 154,907
Buffalo Truck Center 31,767
C.F. Bender Company Inc. 46,613
Cassens Transport Co. 35,840
Cottrell Inc. 42,880
Del-Val Int'l. Trucks, Inc. 33,590
Fleetwash Inc. 22,172
General Motors of Canada Ltd. 92,438
Great Lakes Petroleum 50,807
Hadley Auto Transport 768,916
Heating Oil Partners 31,404
Keystone Spring 22,439
LAC Holding Corp. 1,738,067
Larry's Truck Repair & Towing Center 21,836
Leaseway Motorcar Transport Co. of Canada 115,360
Leaseway of Puerto Rico Inc. 288,954
Logistics Computer Services 478,387
McCarthy Tire Service Co. Inc. 24,678
Penske Truck 184,125
R & R Inc. 26,062
Schafer's Inc. 22,782
Sentrex Security Systems Inc. 28,648
Southwest Brake 38,395
Superior Distributors 53,789
Tapco Industries 48,654
Toyota Motor Sales USA Inc. 104,707
U.S. Security Association 31,269
Others 1,075,322
TOTAL SCHEDULED LIABILITIES $5,966,359
===========
Headquartered in Wayne, Michigan, Performance Transportation
Services, Inc. -- http://www.pts-inc.biz/-- is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America. The Company provides transit stability,
cargo damage elimination and proactive customer relations that are
second to none in the finished vehicle market segment. The
company's chapter 11 case is administered jointly under Leaseway
Motorcar Transport Company. (Performance Bankruptcy News, Issue
No. 5; Bankruptcy Creditors' Service, Inc., 215/945-7000)
Headquartered in Niagara Falls, New York, Leaseway Motorcar
Transport Company Debtor and 13 affiliates filed for chapter 11
protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Case No. 06-00107).
James A. Stempel, Esq., James W. Kapp, III, Esq., and Jocelyn A.
Hirsch, Esq., at Kirkland & Ellis, LLP, and Garry M. Graber, Esq.,
at Hodgson Russ LLP represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they estimated assets between $10 million and $50
million and more than $100 million in debts.
PHARMACEUTICAL FORMULATIONS: Posts $972,000 Net Loss as of Oct. 29
------------------------------------------------------------------
On March 2, 2006, Pharmaceutical Formulations, Inc., filed its
monthly operating report for the period ended Oct. 29, 2005, with
the United States Bankruptcy Court for the District of Delaware.
The Company reported a $972,000 net loss on $1,783,000 of gross
sales for the period ended Oct. 29, 2005.
At Oct. 29, 2005, Pharmaceutical Formulations, Inc.'s balance
sheet shows:
Current Assets $12,126,000
Total Assets 21,380,000
Current Liabilities 31,637,000
Total Liabilities 53,286,000
Total Stockholders' Deficit ($31,906,000)
A full-text copy of Pharmaceutical Formulations, Inc.'s Monthly
Operating Report for the period ended Oct. 29, 2005, is available
at no charge at http://researcharchives.com/t/s?624
Headquartered in Edison, New Jersey, Pharmaceutical Formulations,
Inc. -- http://www.pfiotc.com/-- is a publicly traded private
label manufacturer and distributor of nonprescription over-the-
counter solid dose generic pharmaceutical products in the United
States. The Company filed for chapter 11 protection on July 11,
2005 (Bankr. Del. Case No. 05-11910). Matthew Barry Lunn, Esq.,
and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor
LLP, represent the Debtor in its chapter 11 proceeding.
Christopher S. Sontchi, Esq., Gregory Alan Taylor, Esq., and
William Pierce Bowden, Esq., at Ashby & Geddes, represent the
Official Committee of Unsecured Creditors. As of Apr. 30, 2005,
the Debtor reported $40,860,000 in total assets and $44,195,000 in
total debts.
PHARMACEUTICAL FORMULATIONS: Posts $1 Mil. Net Loss as of Nov. 26
-----------------------------------------------------------------
On March 2, 2006, Pharmaceutical Formulations, Inc., filed its
monthly operating report for the period ended Nov. 26, 2005, with
the United States Bankruptcy Court for the District of Delaware.
The Company reported a $1,182,000 net loss on $518,000 of gross
sales for the period ended Nov. 26, 2005.
At Nov. 26, 2005, Pharmaceutical Formulations, Inc.'s balance
sheet shows:
Current Assets $9,640,000
Total Assets 18,894,000
Current Liabilities 30,458,000
Total Liabilities 51,982,018
Total Stockholders' Deficit ($33,088,000)
A full-text copy of Pharmaceutical Formulations, Inc.'s Monthly
Operating Report for the period ended Nov. 26, 2005, is available
at no charge at http://researcharchives.com/t/s?63a
Headquartered in Edison, New Jersey, Pharmaceutical Formulations,
Inc. -- http://www.pfiotc.com/-- is a publicly traded private
label manufacturer and distributor of nonprescription over-the-
counter solid dose generic pharmaceutical products in the United
States. The Company filed for chapter 11 protection on July 11,
2005 (Bankr. Del. Case No. 05-11910). Matthew Barry Lunn, Esq.,
and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor
LLP, represent the Debtor in its chapter 11 proceeding.
Christopher S. Sontchi, Esq., Gregory Alan Taylor, Esq., and
William Pierce Bowden, Esq., at Ashby & Geddes, represent the
Official Committee of Unsecured Creditors. As of Apr. 30, 2005,
the Debtor reported $40,860,000 in total assets and $44,195,000 in
total debts.
PHARMACEUTICAL FORMULATIONS: Posts $663,000 Net Loss as of Dec. 31
------------------------------------------------------------------
On March 2, 2006, Pharmaceutical Formulations, Inc., filed its
monthly operating report for the period ended Dec. 31, 2005, with
the United States Bankruptcy Court for the District of Delaware.
The Company reported a $663,000 net loss on $0 of gross sales for
the period ended Dec. 31, 2005.
At Dec. 31, 2005, Pharmaceutical Formulations, Inc.'s balance
sheet shows:
Current Assets $8,842,000
Total Assets 18,100,000
Current Liabilities 30,327,000
Total Liabilities 51,851,000
Total Stockholders' Equity Deficit ($33,751,000)
A full-text copy of Pharmaceutical Formulations, Inc.'s Monthly
Operating Report for the period ended Dec. 31, 2005, is available
at no charge at http://researcharchives.com/t/s?63b
Headquartered in Edison, New Jersey, Pharmaceutical Formulations,
Inc. -- http://www.pfiotc.com/-- is a publicly traded private
label manufacturer and distributor of nonprescription over-the-
counter solid dose generic pharmaceutical products in the United
States. The Company filed for chapter 11 protection on July 11,
2005 (Bankr. Del. Case No. 05-11910). Matthew Barry Lunn, Esq.,
and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor
LLP, represent the Debtor in its chapter 11 proceeding.
Christopher S. Sontchi, Esq., Gregory Alan Taylor, Esq., and
William Pierce Bowden, Esq., at Ashby & Geddes, represent the
Official Committee of Unsecured Creditors. As of Apr. 30, 2005,
the Debtor reported $40,860,000 in total assets and $44,195,000 in
total debts.
UAL CORPORATION: Files January 2006 Monthly Operating Report
------------------------------------------------------------
UAL Corporation received $1,889,651,778 from operations and
activities related to restricted cash for the one-month period
ending January 31, 2006.
UAL's disbursements for the period total $1,843,164,377:
Net payroll
Officers $554,927
Non-Officer 164,526,722
Taxes paid or deposited
Federal Income Tax and FICA withholdings 65,009,228
State income tax w/held 7,616,652
State sales or use tax 263,393
Other 128,092,685
Necessary Operational Disbursements
Operating Disbursements, net 1,182,100,770
Transferred to escrows/restricted cash 295,000,000
UAL reports an ending cash balance of $2,746,902,481 in January.
Beginning Balance $2,701,393,381
Cash Receipts 1,889,651,778
Cash Disbursements 1,843,164,377
--------------
Ending Balance 2,747,880,783
Bank One Overnight Investment Account (978,301)
--------------
Total Ending Balance $2,746,902,481
==============
UAL will file a consolidated Statement of Operations, Statements
of Consolidated Financial Position, and Consolidated Cash Flows
as part of its Form 10-K to be filed with the Securities and
Exchange Commission on March 16, 2006.
A full-text copy of UAL's January 2006 Monthly Operating Report
is available for free at http://ResearchArchives.com/t/s?660
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 No. 119; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
USG CORPORATION: Earns $45 Million in January 2006
--------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet
As of January 31, 2006
Assets:
Cash and cash equivalents $767,365,000
Marketable Securities 169,410,000
Restricted Cash 87,722,000
Receivables 412,739,000
Inventories 275,690,000
Income taxes receivable 5,669,000
Deferred income taxes 7,335,000
Other current assets 119,684,000
---------------
Total current assets 1,845,614,000
Property, plant and equipment, net 1,662,967,000
Marketable Securities 305,445,000
Deferred income taxes 1,425,138,000
Goodwill 63,711,000
Other assets 428,545,000
---------------
Total Assets $5,731,420,000
===============
Liabilities and Stockholders' Equity:
Accounts payable $268,881,000
Accrued expenses 244,762,000
Taxes on income 64,803,000
---------------
Total current liabilities 578,446,000
Other liabilities 451,016,000
Liabilities subject to compromise 5,340,140,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (217,155,000)
Capital received in excess of par value 146,016,000
Accumulated other comprehensive income/(loss) 25,070,000
Retained earnings (597,111,000)
---------------
Total stockholders' equity (638,182,000)
---------------
Total Liabilities and Stockholders' Equity $5,731,420,000
===============
USG Corporation, et al. Month Ending
Consolidated Income Statement 31-Jan-2006
_____________________________ ____________
Net sales $416,028,000
Cost of products sold 317,472,000
Selling and administrative expenses 26,421,000
Chapter 11 reorganization expenses (4,442,000)
Interest expense 510,000
Interest income (149,000)
Other (income)/expense, net (219,000)
---------------
Earnings before income taxes $76,435,000
Income taxes 31,118,000
---------------
Net Earnings $45,317,000
===============
Lewis Kruger, Esq., Kenneth Pasquale, Esq., and Denise Wildes,
Esq., represent the Official Committee of Unsecured Creditors.
Elihu Inselbuch, Esq., and peter Van N. Lockwood, Esq., at Caplin
& Drysdale, Chartered, represent the Official Committee of
Asbestos Personal Injury Claimants. Martin J. Bienenstock, Esq.,
Judy G. Z. Liu, Esq., Ralph I. Miller, Esq., and David A.
Hickerson, Esq., at Weil Gotshal & Manges LLP represent the
Statutory Committee of Equity Security Holders. Dean M. Trafelet
is the Future Claimants Representative. Michael J. Crames, Esq.,
and Andrew A. Kress, Esq., at Kaye Scholer, LLP, represent the
Future Claimants Representative. Scott Baena, Esq., and Jay
Sakalo, Esq., at Bilzen Sumberg Baena Price & Axelrod LLP,
represent the Asbestos Property Damage Claimants Committee. When
the Debtors filed for protection from their creditors, they
listed $3,252,000,000 in assets and $2,739,000,000 in debts.
(USG Bankruptcy News, Issue No. 105; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
XYBERNAUT CORP: Amends January 2006 Monthly Operating Report
------------------------------------------------------------
On March 7, 2006, Xybernaut Corporation filed an amended monthly
operating report for the period ended Jan. 31, 2006, with the U.S.
Bankruptcy Court for the Eastern District of Virginia, Alexandria
Division.
The company reported a $802,141 net loss on $38,864 of revenue
for the month of January 2006.
At Jan. 31, 2006, the Company's balance sheet reflects:
Total Assets $3,611,836
Total Liabilities 4,503,865
Stockholders' Deficit ($892,029)
A full-text copy of Xybernaut Corporation's Amended January 2006
Monthly Operating Report is available at no charge at
http://researcharchives.com/t/s?63c
The Company's affiliate, Xybernaut Solutions, Inc., also filed its
amended monthly operating report for the month of January 2006
with the U.S. Bankruptcy Court for the Eastern District of
Virginia.
A full-text copy of Xybernaut Solution Inc.'s Amended January 2006
Monthly Operating Report is available at no charge at
http://researcharchives.com/t/s?63e
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.
*********
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.
This material is copyrighted and any commercial use, resale or
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herein is obtained from sources believed to be reliable, but is
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*** End of Transmission ***