/raid1/www/Hosts/bankrupt/TCR_Public/060401.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, April 1, 2006, Vol. 10, No. 78
Headlines
ADELPHIA COMMS: Incurs $10.2 Million Net Loss in February 2006
COLLINS & AIKMAN: Incurs $15.3 Million Net Loss in February 2006
FEDERAL-MOGUL: Incurs $40.1 Million Net Loss in February 2006
INTERSTATE BAKERIES: Incurs $20.8 Mil. Net Loss in February 2006
MUSICLAND HOLDING: Incurs $20.6 Million Net Loss in January 2006
MUSICLAND HOLDING: Incurs $57.3 Million Net Loss in February 2006
PERFORMANCE TRANSPORTATION: Logistics Files Schedules
PERFORMANCE TRANSPORTATION: E&L Transport Files Schedules
PERFORMANCE TRANSPORTATION: Vehicle Logistics Files Schedules
PERFORMANCE TRANSPORTATION: PLG Leasing Files Schedules
PERFORMANCE TRANSPORTATION: LAC Holdings Files Schedules
PERFORMANCE TRANSPORTATION: Automotive Logistics Files Schedules
PERFORMANCE TRANSPORTATION: Hadley Auto Transport Files Schedules
PERFORMANCE TRANSPORTATION: Hadley Computer Files Schedules
*********
ADELPHIA COMMS: Incurs $10.2 Million Net Loss in February 2006
--------------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of February 28, 2006
(Dollars in thousands)
ASSETS
Cash and cash equivalents $465,028
Restricted cash 25,917
Accounts receivables - net 114,610
Receivable for securities 10,029
Other current assets 195,558
-----------
Total current assets 811,142
Restricted cash 264,254
Investments in equity affiliates 7,128
Receivables from non-filing entities 717,915
Property and equipment - net 4,181,172
Intangible assets - net 7,035,222
Other noncurrent assets - net 100,360
-----------
Total Assets $13,117,193
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $155,329
Subscriber advance payments and deposits 33,323
Accrued liabilities 541,325
Deferred income 20,537
Current portion of parent and subsidiary debt 916,082
-----------
Total current liabilities 1,666,596
Other liabilities 26,529
Deferred income 56,220
Deferred income taxes 749,421
-----------
Total noncurrent liabilities 832,170
Liabilities subject to compromise 18,415,463
-----------
Total liabilities 20,914,229
Minority interests in equity of subsidiary 71,124
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 (17,410,369)
Treasury stock, at cost (27,937)
-----------
Total stockholders' equity (7,868,160)
-----------
Total liabilities and stockholders' equity $13,117,193
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Operations
Month Ended February 28, 2006
(Dollars in thousands)
Revenue $362,550
Cost and expenses:
Direct operating and programming 208,813
Selling, general and administrative 28,970
Investigation, re-audit and sale transaction co 6,326
Depreciation and amortization 69,126
Impairment of long-lived assets -
Provision for uncollectible amounts from Rigases -
Gains on dispositions of long-lived assets (1,104)
-----------
Operating income (loss) 50,419
Other income (expense):
Interest expense (49,702)
Impairment of cost & available for sale investment -
Other income (expense) - net 1,738
-----------
Total other expense - net (47,964)
-----------
Loss from continuing operations before reorganization 2,455
Reorganization expenses due to bankruptcy 7,021
-----------
Loss from continuing operations before income taxes 9,476
Income tax benefit -
Share of losses of equity affiliates - net (9)
Minority's interest in subsidiary losses - net 744
-----------
Net loss 10,211
Beneficial conversion feature -
-----------
Net loss applicable to common stockholders $10,211
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Cash Flows
For the Month Ended February 28, 2006
(Dollars in thousands)
Cash flows from operating activities:
Net loss $10,211
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 69,126
Impairment of long-lived assets -
Provision for uncollectible amounts from Rigases -
Gains on disposition of long-lived assets (1,104)
Amortization of debt issuance costs 282
Impairment of cost & available for sale investments -
Provision for settlements -
Reorganization expenses due to bankruptcy (7,021)
Deferred tax expense (benefit) -
Share in losses of equity affiliates - net 9
Minority interest in losses of subsidiaries (744)
Other noncash gains -
Depreciation, amortization and other non-cash
items from discontinued operations -
Change in operating assets & liabilities 15,155
-----------
Net cash provided by operating activities before
payment of reorganization expenses 85,914
Reorganization expenses paid during the period (2,601)
-----------
Net cash provided by (used in) operating activities 83,313
Cash flows from investing activities:
Expenditures for property, plant and equipment (40,992)
Changes in restricted cash (1,922)
Proceeds from sale of investments 1,104
Other 2,656
-----------
Net cash used in investing activities (39,154)
Cash flows from financing activities:
Proceeds from debt 44,000
Repayments of debt (3,529)
Payment of debt issuance costs -
-----------
Net cash provided by financing activities 40,471
Change in cash and cash equivalents cash 84,630
Cash, beginning of period 380,398
-----------
Cash, end of period $465,028
===========
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. 126;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: Incurs $15.3 Million Net Loss in February 2006
----------------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of February 2006
Current assets:
Cash $63,684,831
Accounts receivable, net 126,702,086
Other non-trade receivables 6,488,582
Inventories, net 108,950,539
Tooling and molding, net - current 64,314,060
Prepaids & other current assets 74,183,529
Deferred tax assets - current (87,825)
---------------
Total current assets 444,235,802
Investment in subsidiaries 2,534,708,519
Fixed assets, net 328,189,523
Goodwill, net 978,554,071
Deferred tax assets - long term 25,938,826
Tooling and molding, net-long term 10,221,338
Other noncurrent assets 92,331,737
Intercompany assets 171,319,009
PP IC accounts receivable 671,429,883
---------------
TOTAL ASSETS $5,256,928,708
===============
LIABILITIES & EQUITY
Current liabilities:
Notes payable $0
Short term borrowings 0
Advance on receivables 0
Current portion - long term debt 248,825,000
Current portion - capital leases 0
Accounts payable 41,777,794
Accrued interest payable 6,073,867
Accrued & other liabilities 86,240,146
Income taxes payable (5,754,126)
---------------
Total current liabilities 377,162,681
Liabilities subject to compromise 2,375,538,544
---------------
Total Liabilities 2,752,701,225
Total Equity 2,504,227,483
---------------
TOTAL LIABILITIES & EQUITY $5,256,928,708
===============
Collins & Aikman Corporation
Income Statement
Month of February 2006
Net outside sales $157,857,450
I/C Net sales 10,840,059
---------------
Total sales 168,697,509
Cost of goods sold 157,053,957
---------------
Gross profit 11,643,552
Selling, general & administrative expenses 22,243,588
---------------
Operating income (10,600,036)
Interest expenses 7,241,489
Intercompany interest, net (2,385,801)
Preferred stock accretion 0
Miscellaneous (income)/expense 0
Corporate allocation adjustment 0
Commission income (193,601)
Commission expense 0
Royalty income (498,305)
Royalty expense 0
Joint Venture (Income)/Expense 0
Minority interest in cons net income 0
Dividend income 0
Discount/Income for Carcorp. 0
Gain/(Loss) early extinguishments of debt 0
Discount/Premium on hedges 0
(Gain)/Loss on hedges 0
(Gain)/Loss on swaps 0
NAAIS Intercompany sales profit 0
Loss on sale of receivables 0
Restructuring provision 0
Foreign transactions - (Gain)/Loss 444,381
Amort of discount on NPV of liabilities 0
(Gain)/Loss on sale-leaseback transaction 0
---------------
Income from continuing operations before taxes (15,208,200)
Federal income tax 0
State income tax 0
Foreign income tax 25,813
---------------
Income from continuing operations (15,234,013)
Discontinued operations 110,035
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME (LOSS) ($15,344,048)
===============
Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a leading
supplier of instrument panels, automotive fabric, plastic-based
trim, and convertible top systems. The Company has a workforce of
approximately 23,000 and a network of more than 100 technical
centers, sales offices and manufacturing sites in 17 countries
throughout the world. The Company and its debtor-affiliates filed
for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case
No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring. Lazard Freres & Co., LLC,
provides the Debtor with investment banking services. Michael S.
Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents
the Official Committee of Unsecured Creditors Committee. When the
Debtors filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total debts.
(Collins & Aikman Bankruptcy News, Issue No. 28; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
FEDERAL-MOGUL: Incurs $40.1 Million Net Loss in February 2006
-------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of February 28, 2006
(In millions)
Assets
Cash and equivalents $782.7
Accounts receivable 571.4
Inventories 458.4
Deferred taxes 95.3
Prepaid expenses and other current assets 91.4
----------
Total current assets 1,999.3
Summary of Unpaid Postpetition Debits (51.1)
Intercompany Loans Receivable (Payable) 2,097.0
----------
Intercompany Balances 2,045.9
Property, plant and equipment 878.7
Goodwill 945.9
Other intangible assets 407.4
Insurance recoverable 783.9
Other non-current assets 964.7
----------
Total Assets $8,025.7
==========
Liabilities and Shareholders' Equity
Short-term debt $572.0
Accounts payable 221.7
Accrued compensation 64.0
Restructuring and rationalization reserves 20.0
Current portion of asbestos liability -
Interest payable 4.6
Other accrued liabilities 233.3
----------
Total current liabilities 1,115.5
Long-term debt -
Post-employment benefits 1,913.9
Other accrued liabilities 810.2
Liabilities subject to compromise 5,993.7
Shareholders' equity:
Preferred stock 1,050.6
Common stock 565.8
Additional paid-in capital 8,053.8
Accumulated deficit (10,231.3)
Accumulated other comprehensive income (1,246.4)
Other -
----------
Total Shareholders' Equity (1,807.5)
----------
Total Liabilities and Shareholders' Equity $8,025.7
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the month ended February 28, 2006
(In millions)
Net sales $256.4
Cost of products sold 221.8
----------
Gross margin 34.6
Selling, general & administrative expenses (50.2)
Amortization (1.2)
Reorganization items (7.1)
Interest income (expense), net (12.5)
Other income (expense), net (3.4)
----------
Earnings before Income Taxes (39.8)
Income Tax (Expense) Benefit (0.4)
----------
Earnings before effect of change in acctg principle (40.1)
Cumulative effect of change in acctg principle -
----------
Net Earnings (loss) ($40.1)
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended February 28, 2006
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earnings (loss) ($40.1)
Adjustments to reconcile net earnings (loss):
Depreciation and amortization 12.8
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 4.7
Decrease/(increase) in accounts receivable (1.5)
Decrease/(increase) in inventories (5.0)
Increase/(decrease) in accounts payable 10.1
Change in other assets and other liabilities (19.1)
Change in restructuring charge 12.4
Refunds (payments) against asbestos liability -
----------
Net Cash Provided From Operating Activities (25.7)
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (3.8)
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 (3.8)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt 48.4
Sale of accounts receivable under securitization -
Dividends -
Other (9.3)
----------
Net Cash Provided From Financing Activities 39.1
Increase (Decrease) in Cash and Equivalents 9.7
Cash and equivalents at beginning of period 773.1
----------
Cash and equivalents at end of period $782.7
==========
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. 105;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
INTERSTATE BAKERIES: Incurs $20.8 Mil. Net Loss in February 2006
----------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended February 4, 2006
REVENUE
Gross Income $225,020,634
Less Cost of Goods Sold
Ingredients, Packaging, & Outside Purchasing 56,902,158
Direct & Indirect Labor 43,213,194
Overhead & Production Administration 13,703,090
------------
Total Cost of Goods Sold 113,818,442
------------
Gross Profit $111,202,192
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries $57,538,430
Advertising and Marketing 4,130,328
Insurance (Property, Casualty, & Medical) 12,620,649
Payroll Taxes 4,628,951
Lease and Rent 3,730,507
Telephone and Utilities 1,973,669
Corporate Expense (Including Salaries) 6,768,500
Other Expenses 31,265,186
------------
Total Operating Expenses $122,656,220
------------
EBITDA ($11,454,028)
Restructuring & Reorganization Charges 142,250
Depreciation and Amortization 5,721,442
Other Income (1,904)
Gain/Loss Sale of Property -
Interest Expense 3,960,768
------------
Operating Income (Loss) (21,276,584)
Income Tax Expense (Benefit) (423,057)
------------
Net Income (Loss) ($20,853,527)
============
CURRENT ASSETS
Accounts Receivable at end of period $149,487,595
Increase (Dec.) in Accounts Receivable 2,587,805
Inventory at end of period 58,359,078
Increase (Decrease) in Inventory for period 530,970
Cash at end of period 93,308,486
Increase (Decrease) in Cash for period (16,861,286)
Restricted Cash 74,370,798
Increase (Dec.) in Restricted Cash for period 5,183,929
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise 8,394,478
Increase (Decrease) in Liabilities
Subject to Compromise 498,923
Taxes payable:
Federal Payroll Taxes 10,423,260
State/Local Payroll Taxes 6,880,476
State Sales Taxes 719,302
Real Estate and Personal Property Taxes 15,214,083
Other 6,730,440
------------
Total Taxes Payable $39,967,561
============
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. 38; Bankruptcy Creditors' Service, Inc., 215/945-7000)
MUSICLAND HOLDING: Incurs $20.6 Million Net Loss in January 2006
----------------------------------------------------------------
Musicland Holding Corp.
Consolidated Balance Sheet
As of January 31, 2006
ASSETS
Current assets
Cash $5,149,000
Inventories 236,931,000
Other 24,013,000
Fixed assets 43,182,000
Other assets 191,000
-------------
TOTAL ASSETS $309,466,000
=============
LIABILITIES & SHAREHOLDERS DEFICIT
Current liabilities
Accounts payable 7,997,000
Other accrued liabilities 34,015,000
Gift Card liabilities 540,000
DIP financing 41,236,000
Other LT liabilities 13,872,000
Liabilities subject to compromise 370,119,000
Shareholders' deficit (158,314,000)
-------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $309,465,000
=============
Musicland Holding Corp.
Statement of Operations
Period from January 13 to 31, 2006
Merchandise revenue $27,911,000
Non-merchandise revenue 506,000
Cost of goods sold (22,317,000)
-------------
Gross profit 6,100,000
-------------
Store operating expenses
Payroll 3,038,000
Occupancy 6,047,000
Others 934,000
Other operating expenses
Net advertising expense (484,000)
Logistics 1,740,000
Field administration & others 760,000
General & administrative expenses 1,139,000
EBITDA (Loss) (7,074,000)
Media Play wind down (11,795,000)
Depreciation & amortization (725,000)
-------------
Operating income (Loss) (19,594,000)
-------------
Interest expense (208,000)
DIP financing fees (750,000)
Other non-operating charges (54,000)
Income Tax (2,000)
-------------
Net Earnings (Loss) ($20,608,000)
=============
Musicland Holding Corp.
Statements of Cash Flow
Period from January 13 to 31, 2006
Operating activities
Net earnings (Loss) ($20,608,000)
Depreciation 744,000
Inventory 33,152,000
Other current assets (16,262,000)
Accounts payable (305,532,000)
Other operating liabilities (50,374,000)
Gift card liability (24,235,000)
Liabilities subject to compromise
Prepetition accounts payable 309,593,000
Accrued liabilities 56,193,000
Property and other taxes 4,333,000
-------------
Net Cash provided by (used in)
operating activities (12,996,000)
-------------
Investing activities
Change in other long term asset/liabilities (507,000)
Retirement of fixed assets 791,000
-------------
Net Cash provided by (used in)
Investing activities 284,000
-------------
Financing Activities
Revolver borrowings 10,741,000
-------------
Increase (Decrease) in Cash
Cash at beginning of period 7,119,000
-------------
Cash at end of Period $5,149,000
=============
Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products. The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts. Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors. When the Debtors filed for
protection from their creditors, they estimated more than $100
million in assets and debts. (Musicland Bankruptcy News, Issue
No. 8; Bankruptcy Creditors' Service, Inc., 215/945-7000)
MUSICLAND HOLDING: Incurs $57.3 Million Net Loss in February 2006
-----------------------------------------------------------------
Musicland Holding Corp.
Consolidated Balance Sheet
As of February 28, 2006
ASSETS
Current assets
Cash $14,721,000
Inventories 149,512,000
Other 30,350,000
Fixed assets 35,467,000
Other assets 4,085,000
-------------
TOTAL ASSETS $234,135,000
=============
LIABILITIES & SHAREHOLDERS' DEFICIT
Current liabilities
Accounts payable 1,467,000
Other accrued liabilities 33,405,000
Gift Card liabilities 443,000
-------------
Total 35,315,000
DIP financing 17,752,000
Other LT Liabilities 13,981,000
Liabilities subject to compromise 382,799,000
Shareholders' deficit (215,712,000)
-------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $234,135,000
=============
Musicland Holding Corp.
Statement of Operations
Period from February 1 to 28, 2006
Merchandise revenue $29,463,000
Non-merchandise revenue 743,000
Cost of good sold (23,372,000)
-------------
Gross Profit 6,834,000
-------------
Store operating expenses
Payroll 4,186,000
Occupancy 2,590,000
Other 965,000
Other operating expenses
Net advertising expense (701,000)
Logistics 1,933,000
Field administration & others 682,000
General & administrative 1,824,000
EBITDA (Loss) (4,724,000)
Media Play wind down (1,399,000)
Chapter 11 & related charges
Legal Fees 1,713,000
Severance 2,260,000
GOB expenses
Proceeds from HILCO (44,705,000)
Book value of assets 96,755,000
Depreciation & amortization (2,291,000)
-------------
Operating income (Loss) (57,057,000)
-------------
Interest expense (136,000)
DIP financing fees
Other non-operating charges (88,000)
Income tax (118,000)
-------------
Net earnings (Loss) ($57,399,000)
=============
Musicland Holding Corp.
Statements of Cash Flow
Period from February 1 to 28, 2006
Operating activities
Net earnings (Loss) ($57,398,000)
Depreciation 706,000
Inventory 87,419,000
Other current assets (6,337,000)
Accounts payable (6,530,000)
Other operating liabilities (610,000)
Gift card liability (97,000)
Liabilities subject to compromise 12,679,000
-------------
Net cash provided by (used in)
operating activities 29,832,000
-------------
Investing activities
Change in other long term asset/liabilities (3,785,000)
Retirement of fixed assets 7,008,000
-------------
Net cash provided by (used in)
investing activities 3,223,000
-------------
Financing activities
Revolver borrowings (23,485,000)
-------------
Increase (decrease) in cash
Cash at the beginning of Period 5,149,000
-------------
Cash at the end of Period $14,721,000
=============
Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products. The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts. Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors. When the Debtors filed for
protection from their creditors, they estimated more than $100
million in assets and debts. (Musicland Bankruptcy News, Issue
No. 8; Bankruptcy Creditors' Service, Inc., 215/945-7000)
PERFORMANCE TRANSPORTATION: Logistics Files Schedules
-----------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on hand 6,184
B.13 Stock and interests in businesses
100% Common stock
Automotive Logistics Corp. unknown
Performance Transportation Services, Inc. unknown
PLG Leasing unknown
B.16 Accounts Receivable 193,356
B.22 Intellectual property
Trademark licensed dated March 24, 2006,
between Penske Logistics LLC and Performance
Logistics Group, Inc. unknown
B.35 Other Personal Property
Accrued interest receivable 8,512
Deferred debits 2,459,551
Intercompany receivables 11,893,073
Investment in subsidiary 5,576,000
TOTAL SCHEDULED ASSETS $20,136,676
============
C. Property Claimed as Exempt not applicable
D. Secured Claim
Credit Suisse First Boston unknown
De Lage Landen Financial Service unknown
Great America Leasing Corp. unknown
Relational Funding Corp. unknown
U.S. Bancorp unknown
Wells Fargo Bank, N.A. unknown
E. Unsecured Priority Claims $0
F. Unsecured Non-priority Claims
Hadley Auto Transport 16,222,330
HFS Investments Inc. 920,727
Hidden Creek Industries 701,182
Performance Transportation Services 78,309,692
Others 91,098
TOTAL SCHEDULED LIABILITIES $96,245,029
============
Headquartered in Wayne, Michigan, Performance Logistics Group
Inc., through subsidiary Performance Transportation Services Inc.,
is a motor carrier of automobiles and light trucks in North
America. It was formed with the acquisition of Hadley Auto
Transport in 1999 and subsequent purchase of E. & L. Transport Co.
LLC in 2000. It delivers almost 4 million vehicles annually to
dealership locations from rail terminals, port facilities and
assembly plants.
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.
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
Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
PERFORMANCE TRANSPORTATION: E&L Transport Files Schedules
---------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on hand
Petty cash funds 76,158
B.2 Bank Accounts 30,891
B.3 Security Deposits
Miscellaneous special deposits 50,960
B.16 Accounts Receivable
Accounts receivable - customers 5,696,172
Accounts receivable - other 120,952
Allowance for doubtful accounts (246,363)
B.21 Other Contingent & Unliquidated Claims 15,867
B.25 Vehicles
Trucks, trailers and upgrades 3,571,990
Accumulated depreciation (1,508,813)
B.28 Office Equipment
Other equipment 10,118,005
Accumulated depreciation (3,652,287)
B.30 Inventory
Materials and supplies 530,174
B.35 Other Personal Property
Deferred debits 4,918
Intercompany receivables 27,970,626
Prepaid items 1,553,178
TOTAL SCHEDULED ASSETS $44,332,428
============
C. Property Claimed as Exempt not applicable
D. Secured Claim
BCL Capital unknown
Credit Suisse First Boston unknown
EMC Corporation unknown
Ervin Leasing Company unknown
Fleet National Bank unknown
Florida Leasco Company LLC unknown
IBM Credit Corporation unknown
New Court Communications Finance Corp. unknown
Safeco Credit Company Inc. unknown
Wells Fargo Bank, N.A. unknown
E. Unsecured Priority Claims $0
F. Unsecured Non-priority Claims
Florida Leasco Co. LLC 1,791,141
Leaseway Motorcar Transport Co. 1,792,139
Performance Logistics GRP 11,868,073
PLG Leasing Corp. 2,516,875
Others 2,299,105
TOTAL SCHEDULED LIABILITIES $20,267,333
============
E&L Transport Co. provides haulaway at seven assembly plants,
three rail ramps and one border transfer site in the states of
Illinois, Michigan, Ohio and New York. It serves 13 customer
operations.
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.
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
Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
PERFORMANCE TRANSPORTATION: Vehicle Logistics Files Schedules
-------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.35 Other Personal Property
Intercompany receivables 507,345
TOTAL SCHEDULED ASSETS $507,345
=========
C. Property Claimed as Exempt Not applicable
D. Secured Claim
Credit Suisse First Boston unknown
Wells Fargo Bank, N.A. unknown
E. Unsecured Priority Claims $0
F. Unsecured Non-priority Claims 0
TOTAL SCHEDULED LIABILITIES $0
====
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.
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
Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
PERFORMANCE TRANSPORTATION: PLG Leasing Files Schedules
-------------------------------------------------------
A. Real Property $0
B. Personal Property
B.13 Stock and interests in businesses
100% Common stock in:
Florida Leasco Co., LLC unknown
HFS Investments, Inc. unknown
B.25 Vehicles
Trucks and trailers 20,553,519
Accumulated depreciation (5,091,804)
B.35 Other Personal Property
Intercompany receivables 3,857,348
TOTAL SCHEDULED ASSETS $19,319,063
============
C. Property Claimed as Exempt Not applicable
D. Secured Claim
Credit Suisse First Boston unknown
Wells Fargo Bank, N.A. unknown
E. Unsecured Priority Claims $0
F. Unsecured Non-priority Claims
Florida Leasco Co. LLC 16,822,496
HGS Investments Inc. 1,157,393
Leaseway Motorcar Transport Co. 104,015
Performance Transportation Services 1,227,588
TOTAL SCHEDULED LIABILITIES $19,311,492
============
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.
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
Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
PERFORMANCE TRANSPORTATION: LAC Holdings Files Schedules
--------------------------------------------------------
A. Real Property $0
B. Personal Property
B.35 Other Personal Property
Investment in subsidiary $49,213,765
TOTAL SCHEDULED ASSETS $49,213,765
============
C. Property Claimed as Exempt Not applicable
D. Secured Claim
Credit Suisse First Boston Unknown
Wells Fargo Bank N.A. Unknown
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims
Performance Transportation Svcs $27,475,732
TOTAL SCHEDULED LIABILITIES $27,475,732
============
With terminals in the East and Midwest, Leaseway Auto Carriers
serves seven assembly plants, three rail ramps, one border
crossing location and six import operations. Additionally, its
three terminal sites in the Canadian province of Ontario handle
five assembly plants. Lastly, its import operation handles
vehicle deliveries in the U.S. territory of Puerto Rico.
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.
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
Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
PERFORMANCE TRANSPORTATION: Automotive Logistics Files Schedules
----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.13 Stock and interests in businesses Unknown
100% Common Stock in:
Hadley Computer Services
Logistics Computer Services, Inc.
Vehicle Logistics Associates, LLC
B.35 Other Personal Property
Intercompany receivables 81,309
TOTAL SCHEDULED ASSETS $81,309
========
C. Property Claimed as Exempt Not applicable
D. Secured Claim
Credit Suisse First Boston Unknown
Wells Fargo Bank N.A. Unknown
E. Unsecured Priority Claims $0
F. Unsecured Non-priority Claims
Hadley Auto Transport 58,613
TOTAL SCHEDULED LIABILITIES $58,613
========
Automotive Logistics Corp., is the parent of and holds 100% of the
stock of Logistics Computer Services, Inc., and 100% of the units
of Vehicle Logistics Associates, L.L.C. In turn, Logistics
Computer Services, Inc., holds 100% of the stock of Hadley
Computer Services.
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.
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
Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
PERFORMANCE TRANSPORTATION: Hadley Auto Transport Files Schedules
-----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on hand 34,650
B.2 Bank Accounts 577,298
B.3 Security Deposits 12,600
B.9 Interests in insurance policies 169,974
B.16 Accounts Receivable
Customers 3,807,182
Others 1,131,115
Allowance for doubtful accounts (49,002)
B.21 Other Contingent & Unliquidated Claims 37,151
B.25 Vehicles
Trucks, Trailers and Upgrades 3,031,473
Accumulated depreciation (1,777,923)
B.28 Office Equipment
Other equipment 1,704,250
Accumulated depreciation (1,436,122)
B.35 Other Personal Property
Deferred debits 1,764
Intercompany receivables 60,230,507
Prepaid items 1,604,656
TOTAL SCHEDULED ASSETS $69,656,969
============
C. Property Claimed as Exempt Not applicable
D. Secured Claim
BCL CAPITAL unknown
Credit Suisse First Boston unknown
De Lage Landen Financial Service unknown
Deere & Company unknown
Ervin Leasing Company unknown
Florida Leasco Company LLC unknown
Honda Leasco Company, L.L.C. unknown
Northwest Financial Leasing, Inc. unknown
Pitney Bowes unknown
US Bank National Association unknown
Wells Fargo Bank N.A. unknown
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims
E & L Transport Company LLC 1,560,781
Florida Leasco 476,088
Florida Leasco 1,311,747
Hadley Auto Transport 426,008
HFS Investments 2,934,069
HFS Investments 695,192
Performance Transportation Svc 421,422
PLG Leasing 1,340,780
Vehicle Logistics 500,000
Consolidated Waste Ind. 205,288
Others 1,829,967
TOTAL SCHEDULED LIABILITIES $11,701,342
============
Hadley Auto Transport serves 17 seventeen customers at 10 rail
ramps, seven customers at three ports and one through a border
crossing point throughout the West and Southwest.
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.
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
Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
PERFORMANCE TRANSPORTATION: Hadley Computer Files Schedules
-----------------------------------------------------------
A. Real Property $0
B. Personal Property
B.35 Other Personal Property
Intercompany receivables 426,007
TOTAL SCHEDULED ASSETS $426,007
=========
C. Property Claimed as Exempt Not applicable
D. Secured Claim
Credit Suisse First Boston unknown
Unisys unknown
Wells Fargo Bank, N.A. unknown
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims 0
TOTAL SCHEDULED LIABILITIES $0
=====
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.
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
Bankruptcy News, Issue No. 6; 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 ***