/raid1/www/Hosts/bankrupt/TCR_Public/060318.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 18, 2006, Vol. 10, No. 66
Headlines
ASARCO LLC: Earns $21.6 Million of Net Income in January 2006
DELPHI CORPORATION: Incurs $121 Million Net Loss in January 2006
FLYI INC: Earns $893,058 of Net Income in January 2006
FLYI INC: Independence Posts $1.3 Million Net Loss in January 2006
INTERSTATE BAKERIES: Incurs $5.5 Million Net Loss in January 2006
PLIANT CORP: Incurs $8.9 Million Net Loss in January 2006
TOWER AUTOMOTIVE: Incurs $15 Million Net Loss in January 2006
WINN-DIXIE: Incurs $15.8 Million Net Loss in February 2006
*********
ASARCO LLC: Earns $21.6 Million of Net Income in January 2006
-------------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of January 31, 2006
ASSETS
Current assets:
Cash $16,329,000
Net accounts receivable 107,133,000
Inventory: lower of cost or market 198,686,000
Prepaid expenses 33,483,000
Deferred income tax assets 0
-------------
Total current assets 355,631,000
Net property, plant and equipment 420,300,000
Other assets
Investment in subs 74,153,000
Prepaid pension and retirement plan 76,104,000
Non-current deferred tax asset 40,952,000
Other 114,336,000
-------------
Total assets $1,081,477,000
===============
LIABILITIES
Postpetition liabilities:
Accounts payable $59,127,000
Accrued liabilities 10,330,000
Debtor-in-possession financing 0
-------------
Total postpetition liabilities 69,457,000
Prepetition liabilities:
Not subject to compromise - credit 1,016,000
Not subject to compromise - other 133,309,000
Subject to compromise 870,486,000
-------------
Total prepetition liabilities 1,004,811,000
-------------
Total liabilities $1,074,268,000
=============
OWNERS' EQUITY (DEFICIT)
Common stock $508,325,000
Additional paid-in capital 104,578,000
Other comprehensive income (144,217,000)
Retained earnings: filing Date (531,769,000)
-------------
Total prepetition owners' equity (63,083,000)
Retained earnings: post-filing Date 70,292,000
-------------
Total owners' equity (net worth) 7,209,000
-------------
Total liabilities and owners' equity $1,081,477,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ending January 31, 2006
Sales $80,595,000
Cost of products and services 57,250,000
-------------
Gross profit 23,345,000
Operating expenses:
Selling and general & admin expenses 2,969,000
Depreciation & amortization 2,007,000
Provision accretion expense of asset
retirement obligation 143,000
------------
Operating income 18,226,000
Interest expense 73,000
Interest Income (434,000)
Reorganization Expenses 1,214,000
Other miscellaneous (income) expenses (4,737,000)
-------------
Income (loss) before taxes 22,109,000
Income taxes 442,000
-------------
Net income $21,667,000
=============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ending January 31, 2006
Receipts $55,450,000
Disbursements:
Inventory material (94,000)
Operating disbursements 40,618,000
Capital expenditures 8,685,000
-------------
Total disbursements 49,209,000
Operating cash flow 6,241,000
Reorganization disbursements 1,555,000
-------------
Net cash flow 4,686,000
Net payments to secured Lenders 0
-------------
Net change in cash 4,686,000
Beginning cash balance 11,643,000
-------------
Ending cash balances $16,329,000
=============
Headquartered in Tucson, Arizona, ASARCO LLC --
http://www.asarco.com/-- is an integrated copper mining,
smelting and refining company. Grupo Mexico S.A. de C.V. is
ASARCO's ultimate parent. The Company filed for chapter 11
protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207).
James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A.
Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter
Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq.,
at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor
in its restructuring efforts. Lehman Brothers Inc. provides the
ASARCO with financial advisory services and investment banking
services. Paul M. Singer, Esq., James C. McCarroll, Esq., and
Derek J. Baker, Esq., at Reed Smith LLP give legal advice to
the Official Committee of Unsecured Creditors and David J.
Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee. When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and
$1 billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No.
05-21346) also filed for chapter 11 protection, and ASARCO has
asked that the three subsidiary cases be jointly administered with
its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7
Trustee. (ASARCO Bankruptcy News, Issue No. 18; Bankruptcy
Creditors' Service, Inc., 215/945-7000).
DELPHI CORPORATION: Incurs $121 Million Net Loss in January 2006
----------------------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of January 31, 2006
(In Millions)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $1,290
Accounts receivable, net:
General Motors and affiliates 1,641
Other third parties 1,556
Non-Debtor subsidiaries 285
Notes receivable from non-Debtor subsidiaries 356
Inventories, net:
Productive material, work-in-process and supplies 878
Finished goods 308
Prepaid expenses and other 180
--------
TOTAL CURRENT ASSETS 6,494
--------
Long-term assets:
Property, net 2,600
Goodwill 40
Other intangible assets 41
Pension intangible assets 871
Investments in non-Debtor subsidiaries 3,048
Other 719
--------
TOTAL ASSETS $13,813
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Note payable to non-Debtor subsidiary 2
Accounts payable 1,006
Accounts payable to non-Debtor subsidiaries 501
Accrued liabilities 443
--------
TOTAL CURRENT LIABILITIES 1,952
--------
Long-term liabilities not subject to compromise:
Debtor-in-possession financing 250
Employee benefit plan obligations and other 522
--------
TOTAL LONG-TERM LIABILITIES 772
--------
Liabilities subject to compromise 17,460
--------
TOTAL LIABILITIES 20,184
--------
Stockholders' deficit:
Common stock 6
Additional paid-in capital 2,677
Accumulated deficit (6,843)
Minimum pension liability (2,053)
Accumulated other comprehensive loss (106)
Treasury stock (52)
--------
TOTAL STOCKHOLDERS' DEFICIT (6,371)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $13,813
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended January 31, 2006
(In Millions)
Net sales:
General Motors and affiliates $835
Other customers 592
Intercompany non-Debtor subsidiaries 47
--------
Total net sales 1,474
--------
Operating expenses:
Cost of sales, excluding items listed below 1,454
Selling, general and administrative 85
Depreciation and amortization 50
Goodwill and long-lived asset impairment charges -
--------
Total operating expenses 1,589
--------
Operating loss (115)
Interest expense (30)
Other expense, net (4)
--------
Loss before reorganization items,
income taxes, and equity income (149)
Reorganization items (2)
Income tax expense -
Equity income from non-consolidated subsidiaries 5
Equity income from non-Debtor subsidiaries,
net of tax 25
--------
NET LOSS ($121)
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended January 31, 2006
(In Millions)
Cash flows from operating activities:
Net loss ($121)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 50
Pension and other postretirement benefit expenses 126
Equity income from unconsolidated subsidiaries, net (5)
Equity income from non-Debtor subsidiaries, net (25)
Reorganization items 2
Changes in operating assets and liabilities:
Accounts receivable, net 85
Inventories, net (84)
Prepaid expenses and other (40)
Accounts payable, accrued and other long-term debt 66
Pension contributions (58)
Other postretirement benefit payments (17)
Receipts (payments) for reorganization items, net (1)
Other (1)
--------
Net cash used in operating activities (23)
--------
Cash flows from investing activities:
Capital expenditures (30)
Proceeds from sale of property 1
--------
Net cash used in investing activities (29)
--------
Cash flows from financing activities:
Proceeds from revolving credit facility, net 1
Proceeds from note payable to non-Debtor subsidiary 2
Repayments of other debt (1)
Repayment of cash overdraft (22)
--------
Net cash used in financing activities (20)
--------
Decrease in cash and cash equivalents (72)
Cash and cash equivalents at beginning of period 1,362
--------
Cash and cash equivalents at end of period $1,290
========
Headquartered in Troy, Michigan, Delphi Corporation --
http://www.delphi.com/-- is the single largest global supplier of
vehicle electronics, transportation components, integrated systems
and modules, and other electronic technology. The Company's
technology and products are present in more than 75 million
vehicles on the road worldwide. The Company filed for chapter 11
protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and
Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
represent the Debtors in their restructuring efforts. Robert J.
Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude,
Esq., at Latham & Watkins LLP, represents the Official Committee
of Unsecured Creditors. As of Aug. 31, 2005, the Debtors' balance
sheet showed $17,098,734,530 in total assets and $22,166,280,476
in total debts. (Delphi Bankruptcy News, Issue No. 18; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
FLYI INC: Earns $893,058 of Net Income in January 2006
------------------------------------------------------
FLYi Inc.
Consolidated Balance Sheet
As of January 31, 2006
ASSETS
Current assets
Cash $182,562
Short term investments 1,000,000
Net accounts receivable 379,627,553
IC Notes receivable 4,252,000
-------------
Total Current Assets $385,062,115
-------------
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 $406,552,777
=============
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 (1,458,046)
-------------
Net Owners' Equity $162,026,478
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $406,552,777
=============
FLYi Inc.
Statement of Operations
January 2006
Revenues $0
Other income and expenses
Interest income 893,058
Interest expense -
Other miscellaneous -
-------------
Net Profit(Loss) $893,058
=============
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. Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000. (FLYi Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
FLYI INC: Independence Posts $1.3 Million Net Loss in January 2006
------------------------------------------------------------------
Independence Air Inc.
Consolidated Balance Sheet
As of January 31, 2006
ASSETS
Current assets
Cash $14,710,316
Short term investments 6,300,000
Restricted cash 11,357,330
Net accounts receivable 94,846,512
Net expandable parts and fuel 1,610,454
Net prepaid expenses 11,582,897
Deferred tax asset (1)
-------------
Total current assets $140,407,508
-------------
Other assets:
Restricted cash $17,925,791
Property and equipment, net of depreciation 27,960,754
Aircraft deposits 21,912,000
Other assets 1,855,933
-------------
Total other assets $69,654,478
-------------
TOTAL ASSETS $210,061,986
=============
LIABILITIES
Liabilities not subject to compromise
Accounts payable $5,811,885
Air traffic liability 2,337,939
Accrued liabilities 4,740,510
Amounts due to insiders 36,000
-------------
Total postpetition liabilities $12,926,334
-------------
Liabilities subject to compromise
Secured debt 3,016,675
Priority debt 447,025
Unsecured debt 420,014,418
Other accruals 36,106,328
-------------
Total prepetition liabilities $459,584,445
-------------
Total Liabilities $472,510,780
-------------
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 (26,308,180)
Adjustment to owner equity -
-------------
Net Owner Equity (262,448,793)
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $210,061,986
=============
Independence Air Inc.
Statement of Operations
January 2006
Revenues
Operating Revenue
Passenger revenue $3,631,039
Other revenue 212,533
-------------
Total operating revenues $3,843,572
-------------
Operating expenses
Insider compensation
Wages $4,438,938
Fringes and benefits 1,706,406
Aircraft fuel 1,424,233
Aircraft maintenance and materials 663,527
Traffic commissions (170,998)
CRS fees 75,254
Facilities rent 2,785,884
Landing fees 137,996
Depreciation and amortization 516,594
Others 1,620,058
Retirement and restructuring charge (7,120,412)
-------------
Total operating expense $6,077,480
-------------
Net operating income (2,233,908)
-------------
Net Profit (Loss) before other income & expenses (2,233,908)
-------------
Other income and expenses
Interest income (256,892)
Interest expense (873,996)
Other miscellaneous 27
-------------
Total other (income) expense (1,130,861)
-------------
Net Profit (Loss) before reorganization items (1,103,047)
-------------
Reorganization items
Professional fees (248,638)
-------------
Net Profit (Loss) ($1,351,685)
=============
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. Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000. (FLYi Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
INTERSTATE BAKERIES: Incurs $5.5 Million Net Loss in January 2006
-----------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended January 7, 2006
REVENUE
Gross Income $204,436,273
Less Cost of Goods Sold
Ingredients, Packaging, & Outside Purchasing 50,768,359
Direct & Indirect Labor 40,607,995
Overhead & Production Administration 12,596,501
------------
Total Cost of Goods Sold 103,972,855
------------
Gross Profit $100,463,418
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries $54,032,234
Advertising and Marketing 3,733,003
Insurance (Property, Casualty, & Medical) 13,212,737
Payroll Taxes 4,848,690
Lease and Rent 3,559,603
Telephone and Utilities 1,794,984
Corporate Expense (Including Salaries) 6,768,500
Other Expenses 29,451,131
------------
Total Operating Expenses $117,400,882
------------
EBITDA ($16,937,464)
Restructuring & Reorganization Charges (20,529,280)
Depreciation and Amortization 5,717,337
Other Income (2,959)
Gain/Loss Sale of Property (149,286)
Interest Expense 4,018,792
------------
Operating Income (Loss) (5,992,068)
Income Tax Expense (Benefit) (423,057)
------------
Net Income (Loss) ($5,569,011)
============
CURRENT ASSETS
Accounts Receivable at end of period $146,899,790
Increase (Dec.) in Accounts Receivable (4,109,712)
Inventory at end of period 57,828,108
Increase (Decrease) in Inventory for period (2,556,645)
Cash at end of period 110,169,772
Increase (Decrease) in Cash for period (27,318,091)
Restricted Cash 69,186,869
Increase (Dec.) in Restricted Cash for period 37,834,297
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise (4,053,954)
Increase (Decrease) in Liabilities
Subject to Compromise 424,448
Taxes payable:
Federal Payroll Taxes 10,283,263
State/Local Payroll Taxes 6,652,011
State Sales Taxes 677,103
Real Estate and Personal Property Taxes 15,118,391
Other 6,457,463
------------
Total Taxes Payable $39,188,231
============
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. 37; Bankruptcy Creditors' Service, Inc., 215/945-7000)
PLIANT CORP: Incurs $8.9 Million Net Loss in January 2006
---------------------------------------------------------
Pliant Corporation and Subsidiaries
Consolidated Statement of Operations
As of January 31, 2006
(Unaudited)
Sales $91,239,000
Cost of sales 80,702,000
-----------
Gross profit 10,537,000
Operating expenses
Selling, general & administrative 5,320,000
Research & development 718,000
Restructuring & other costs -
-----------
Total operating expenses 6,038,000
-----------
Operating Income 4,499,000
Interest (expense) 13,269,000
Other income (expense), net 16,000
Equity in earnings of subsidiary -
-----------
Income before income taxes (8,786,000)
-----------
Income tax expense (benefit) 117,000
-----------
Net income before discontinued operations (8,903,000)
Discontinued operations -
-----------
NET INCOME (LOSS) ($8,903,000)
===========
Pliant Corporation and Subsidiaries
Schedule of Cash Receipts and Disbursements
For the Month Ended January 31, 2006
Receipts
Total Receipts $91,239,000
Disbursements
Payroll 10,608,000
Payroll benefits and taxes 1,872,000
Raw material 59,747,000
Freight 3,501,000
Packaging 3,102,000
Utilities 2,252,000
Other direct costs (3,108,000)
Administration and selling 2,935,000
Other fixed costs 2,853,000
---------------
Total disbursements 83,762,000
---------------
Cash from operating activities 7,477,000
Working capital and other requirements (4,372,000)
Capital expenditures and interest
Capital expenditures (1,286,000)
Repayment of capital leases -
Cash interest -
Income taxes -
Professional fees -
U.S. Trustee costs -
Court costs -
---------------
Net Cash Flow 1,819,000
Cash, January 1, 2006 6,910,000
Intercompany transfer 2,619,000
---------------
Cash, January 31, 2006 $11,348,000
===============
The Debtors delivered an illegible copy of their unaudited
consolidated balance sheet as of Jan. 31, 2006, to the U.S.
Bankruptcy Court for the District of Delaware.
The Debtors report more than $700,000,000 in total assets, which
includes more than $11,000,000 in cash and cash equivalents.
The Debtors also posted over $1,000,000,000 in total liabilities,
with the current liabilities aggregating less than $100,000,000.
A full-text copy of the Debtors' Monthly Operating Report for the
period ending January 31, 2006, is available for free at:
http://researcharchives.com/t/s?6a6
Headquartered in Schaumburg, Illinois, Pliant Corporation --
http://www.pliantcorp.com/-- produces value-added film and
flexible packaging products for personal care, medical, food,
industrial and agricultural markets. The Debtor and 10 of its
affiliates filed for chapter 11 protection on Jan. 3, 2006
(Bankr. D. Del. Lead Case No. 06-10001). James F. Conlan, Esq.,
at Sidley Austin LLP, and Edmon L. Morton, Esq., and Robert S.
Brady, Esq., at Young, Conaway, Stargatt & Taylor, represent the
Debtors in their restructuring efforts. The Debtors tapped
McMillan Binch Mendelsohn LLP, as their Canadian bankruptcy
counsel. The Ontario Superior Court of Justice named RSM
Richter, Inc., as the Debtors' information officer in their
restructuring proceeding under Companies Creditors Arrangement Act
in Canada. As of Sept. 30, 2005, the company had $604,275,000 in
total assets and $1,197,438,000 in total debts. (Pliant
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
TOWER AUTOMOTIVE: Incurs $15 Million Net Loss in January 2006
--------------------------------------------------------------
Tower Automotive, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
As of January 31, 2006
(In Thousands)
CURRENT ASSETS:
Cash and cash equivalents $1,957
Accounts receivable, net 235,359
Inventories 65,752
Prepaid tooling and other 57,336
----------
TOTAL CURRENT ASSETS 360,404
----------
Property, plant and equipment, net 541,172
Investment in joint ventures -
Investment in subsidiaries 744,602
Inter-company receivables -
Other assets, net 59,281
----------
TOTAL ASSETS $1,705,459
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current maturities of long-term debt $14,257
Accounts payable 160,330
Accrued liabilities 150,956
----------
TOTAL CURENT LIABILITIES 325,543
----------
Liabilities subject to comprise 1,140,322
Non-Current Liabilities Not Subject to
Compromise:
Long-term debt, net of current maturities 84,754
DIP borrowings, net of current maturities 578,500
Other non-current liabilities 130,502
----------
TOTAL LIABILITIES 2,259,621
STOCKHOLDERS' DEFICIT (554,162)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,705,459
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Operations
January 1 to 31, 2006
(In Thousands)
Revenues $129,621
Cost of sales 129,013
----------
Gross profit 608
Selling, general and administrative expenses 7,418
Restructuring and asset impairment charges, net (326)
----------
Operating income (loss) (6,484)
Interest expense 5,904
Interest income (2,028)
Other income -
Chapter 11 and related reorganization items 4,571
----------
Income (loss) before provision for income taxes,
equity earnings and minority interest (14,931)
Provision (benefit) for income taxes 211
----------
Income (loss) before equity in earnings (15,142)
Equity in earnings of joint ventures, net of tax 60
----------
NET LOSS/(INCOME) ($15,082)
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
January 1 to 31, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($15,082)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Chapter 11 & related reorganization expenses 2,970
Restructuring and asset impairment, net -
Depreciation 8,062
Equity in earnings of joint ventures, net (60)
Change in working capital and operating items (39,804)
----------
Net cash used in operating activities (43,914)
----------
INVESTING ACTIVITIES:
Capital expenditures (2,487)
----------
Net cash used for investing activities (2,487)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Borrowings from DIP credit facility 97,500
Repayments of borrowings from DIP credit facility (50,000)
Net proceeds from issuance of common stock -
----------
Net cash provided by financing activities 47,500
----------
Net Change in cash and cash equivalents 1,099
----------
Cash and Cash Equivalents, beginning of period 858
Cash and Cash Equivalents, end of period $1,957
==========
Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan,
Toyota, Volkswagen and Volvo. Products include body structures
and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components. The Company and
25 of its debtor-affiliates filed voluntary chapter 11 petitions
on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through 05-
10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq., Anup
Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet, Esq.,
at Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed $787,948,000 in total assets and
$1,306,949,000 in total debts. (Tower Automotive Bankruptcy News,
Issue No. 30; Bankruptcy Creditors' Service, Inc., 215/945-7000).
WINN-DIXIE: Incurs $15.8 Million Net Loss in February 2006
----------------------------------------------------------
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Balance Sheet
At February 8, 2006
(In thousands)
Assets
Current assets:
Cash and cash equivalents $89,611
Marketable securities 13,280
Trade and other receivables, net 174,694
Insurance claims receivable 76,456
Income tax receivable 30,283
Merchandise inventories, net 532,097
Prepaid expenses and other current assets 49,416
------------
Total current assets 965,837
Property, plant and equipment, net 542,764
Other assets, net 119,323
------------
Total assets $1,627,924
============
Liabilities and Shareholders' Deficit
Current liabilities:
Current portion of long-term debt $225
Current obligations under capital leases 3,989
Accounts payable 260,832
Reserve for self-insurance liabilities 86,436
Accrued wages and salaries 81,261
Accrued rent 29,194
Accrued expenses 121,559
------------
Total current liabilities 583,496
Reserve for self-insurance liabilities 142,770
Long-term debt 244
Long-term borrowings under DIP Credit Facility 40,093
Obligations under capital leases 5,019
Other liabilities 16,817
------------
Total liabilities not subject to compromise 788,439
Liabilities subject to compromise 1,111,610
------------
Total liabilities 1,900,049
Shareholders' deficit:
Common stock 141,882
Additional paid-in-capital 32,461
Accumulated deficit (411,211)
Accumulated other comprehensive loss (35,257)
------------
Total shareholders' deficit (272,125)
------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $1,627,924
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Operations
Four Weeks Ended February 8, 2006
(In thousands)
Net sales $584,718
Cost of sales 433,549
------------
Gross profit on sales 151,169
Other operating and administrative expenses 163,944
Restructuring gains (5)
------------
Operating loss (12,770)
Interest expense, net 417
------------
Loss before reorganization items and
income taxes (13,187)
Reorganization items, net expense 3,420
Income tax expense -
------------
Net loss from continuing operations (16,607)
Discontinued operations:
Loss from discontinued operations (447)
Gain on disposal of discontinued operations 1,231
Income tax expense -
------------
Net earnings from discontinued operations 784
------------
Net loss ($15,823)
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Cash Flows
Four Weeks Ended February 8, 2006
(In thousands)
Cash flows from operating activities:
Net loss ($15,823)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Loss on sales of assets, net 44
Reorganization items, net expense 3,420
Depreciation and amortization 8,384
Stock compensation plans 734
Change in operating assets and liabilities:
Trade and other receivables (11,944)
Merchandise inventories (8,319)
Prepaid expenses and other current assets 18,498
Accounts payable 14,534
Reserve for self-insurance liabilities 580
Lease liability on closed facilities (3,109)
Defined benefit plan (92)
Other accrued expenses 4,729
------------
Net cash provided by operating
activities before reorganization items 11,636
Cash effect of reorganization items (3,198)
------------
Net cash provided by operating activities 8,438
Cash flows from investing activities:
Purchases of property, plant and equipment (1,725)
Decrease in investments and other assets 1,174
Proceeds from sales of assets 99
Purchases of marketable securities (293)
Sales of marketable securities 267
Other (13)
------------
Net cash used in investing activities (491)
Cash flows from financing activities:
Gross borrowings on DIP Credit Facility 2,980
Gross payments on DIP Credit Facility (2,888)
Principal payments on long-term debt (18)
Principal payments on capital lease obligations (119)
Other (133)
------------
Net cash used in financing activities (178)
------------
Increase in cash and cash equivalents 7,769
Cash and cash equivalents at beginning of period 81,842
------------
Cash and cash equivalents at end of period $89,611
============
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. 34; 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.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $725 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher Beard
at 240/629-3300.
*** End of Transmission ***