/raid1/www/Hosts/bankrupt/TCR_Public/060415.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 15, 2006, Vol. 10, No. 89
Headlines
ACCEPTANCE INSURANCE: Posts $155,720 Net Loss in March 2006
ALLIED HOLDINGS: Posts $2.82 Million Net Loss in February 2006
ANCHOR GLASS: Earns $1.14 Million for the Month of February 2006
DELTA AIRLINES: Posts $209 Million Net Loss in February 2006
KAISER ALUMINUM: Earns $7.1 Million for the Month of February 2006
PLIANT CORPORATION: Posts $6.77 Million Net Loss in February 2006
REFCO INC: Files Operating Report for Period Ended Oct. 31, 2005
SOLUTIA INC: Posts $8 Million Net Loss in February 2006
THAXTON GROUP: Posts $77.5 Mil. Cumulative Net Loss in Feb. 2006
*********
ACCEPTANCE INSURANCE: Posts $155,720 Net Loss in March 2006
-----------------------------------------------------------
On April 6, 2006, Acceptance Insurance Companies Inc. filed its
monthly operating report for March 2006 with the U.S.
Bankruptcy Court for the District of Nebraska.
The Debtor reports a $155,720 net loss on $10,099 of total revenue
for March 2006.
At March 31, 2006, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $2,426,876
Total Assets $31,885,882
Total Liabilities $138,178,797
Total Shareholders' Equity Deficit ($106,292,915)
A full-text copy of Acceptance Insurance Companies Inc.'s March
2006 Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?7d3
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups. The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059). The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance, Inc. -- filed separate
chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 & 05-
80058) on Jan. 7, 2005. John J. Jolley, Esq., at Kutak Rock LLP,
represents the Debtor in its restructuring efforts. When the
Debtor filed for protection from its creditors, it listed
$33,069,446 in total assets and $137,120,541 in total debts.
ALLIED HOLDINGS: Posts $2.82 Million Net Loss in February 2006
--------------------------------------------------------------
Allied Holdings, Inc., and its Debtor Subsidiaries
Unaudited Consolidated Balance Sheet
As of February 28, 2006
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $384
Receivables, net 57,519
Related party receivables 14,430
Inventories 4,907
Deferred income taxes 118
Prepayments and other current assets 51,013
---------
Total current assets 128,371
Property and equipment, net 120,516
Goodwill, net 3,545
Other noncurrent assets 26,762
Investment in related parties 36,402
---------
TOTAL ASSETS $305,596
=========
Liabilities and Stockholders' Deficit
Current Liabilities not subject to compromise:
Revolving credit facilities $1,090
DIP term borrowings 157,715
Accounts and notes payable 50,265
Accrued liabilities 62,877
---------
Total current liabilities 271,947
Long-term liabilities not subject to compromise:
Postretirement benefits 4,313
Deferred income taxes 111
Other long-term liabilities 20,396
---------
Total long-term liabilities 24,820
Liabilities subject to compromise 199,075
Stockholders' deficit (190,246)
---------
Total liabilities and stockholders' deficit $305,596
=========
Allied Holdings, Inc., and its Debtor Subsidiaries
Unaudited Consolidated Statement of Operations
For the Month Ended February 28, 2006
(In Thousands)
Revenues $72,299
Operating expenses:
Salaries, wages and fringe benefits 38,068
Operating supplies and expenses 14,681
Purchased transportation 9,590
Insurance and claims 3,030
Operating taxes and licenses 2,439
Depreciation and amortization 2,167
Rents 523
Communications and utilities 591
Other operating expenses 611
Gain on disposal of operating assets, net (27)
---------
Total operating expenses 71,673
---------
Operating income 626
Other income (expense):
Interest expense (2,302)
Investment income 4
Foreign exchange gains, net (6)
---------
(2,304)
---------
Income before reorganization items and income taxes (1,678)
Reorganization items (1,148)
---------
Income before income taxes (2,826)
Income tax provision -
---------
NET INCOME ($2,826)
=========
The Debtors disclose cash disbursements totaling $8,078,142
during February 2006.
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537). Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor. Anthony J. Smits,
Esq., at Bingham McCutchen LLP, provides the Official Committee of
Unsecured Creditors with legal advice and Russell A. Belinsky at
Chanin Capital Partners, LLC, provides financial advisory services
to the Committee. When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts. (Allied Holdings Bankruptcy News, Issue No. 19;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
ANCHOR GLASS: Earns $1.14 Million for the Month of February 2006
----------------------------------------------------------------
Anchor Glass Container Corporation
Unaudited Statement of Operations and Comprehensive Loss
For the month ending February 28, 2006
(In Thousands)
Net Sales $50,412
Costs and Expenses
Costs of products sold 45,177
Selling and administrative expenses 1,636
Restructuring charges
Income (Loss) from operations 3,599
Reorganization items (1,063)
Other expense, net (2)
Interest expense (1,390)
Net Income (Loss) $1,144
===========
The Debtor did not file its balance sheet as of February 28,
2006.
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. 22;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
DELTA AIRLINES: Posts $209 Million Net Loss in February 2006
------------------------------------------------------------
Delta Air Lines, Inc. (Other OTC: DALRQ), filed its Monthly
Operating Report for February 2006 with the U.S. Bankruptcy Court
for the Southern District of New York. Key points are Delta:
-- reported a net loss of $209 million, including
$71 million in reorganization items.
-- reduced its operating loss to $71 million, a $112 million
improvement over February 2005.
-- ended the month with $2.2 billion of unrestricted cash.
Delta reported a net loss of $209 million for February 2006,
compared to a net loss of $267 million in February 2005.
Excluding reorganization items totaling $71 million, the net loss
was $138 million in February 2006, a $129 million improvement
versus the prior year period. The February 2006 reorganization
items reflect estimated bankruptcy claims for aircraft lease
matters and professional fees in the company's Chapter 11 case.
Operating loss for the month was $71 million, a $112 million
improvement compared to February 2005. On February 28, 2006,
Delta had $3 billion of cash and cash equivalents, of which
$2.2 billion was unrestricted.
"Six months into our reorganization, we are seeing tangible
results from the various initiatives implemented under our
business plan," said Edward H. Bastian, executive vice president
and chief financial officer. "While we are encouraged by the
progress we are making, we are still in the early stages of our
turnaround efforts. We need to remain focused to ensure flawless
execution of all elements of our business plan."
DELTA AIR LINES, INC.
Unaudited Consolidated Balance Sheets
As of February 28, 2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $2,170,000,000
Restricted cash 841,000,000
Accounts receivable, net of an allowance for
uncollectible accounts of $41 1,005,000,000
Expendable parts and supplies inventories, net
of an allowance for obsolescence of $203 172,000,000
Deferred income taxes 101,000,000
Prepaid expenses and other 546,000,000
---------------
Total current assets 4,835,000,000
PROPERTY AND EQUIPMENT:
Flight equipment 18,579,000,000
Accumulated depreciation (6,709,000,000)
---------------
Flight equipment, net 11,870,000,000
Flight and ground equipment
under capital leases 577,000,000
Accumulated amortization (191,000,000)
---------------
Flight and ground equipment
under capital leases, net 386,000,000
---------------
Ground property and equipment 4,797,000,000
Accumulated depreciation (2,890,000,000)
---------------
Ground property and equipment, net 1,907,000,000
Advance payments for equipment 44,000,000
---------------
Total property and equipment, net 14,207,000,000
OTHER ASSETS:
Goodwill 227,000,000
Operating rights and other intangibles,
net of accumulated amortization of $191 72,000,000
Other noncurrent assets 979,000,000
---------------
Total other assets 1,278,000,000
---------------
Total assets $20,320,000,000
===============
LIABILITIES AND SHAREOWNERS' DEFICIT
CURRENT LIABILITIES:
Current maturities of long-term debt
and capital leases $1,261,000,000
Accounts payable, deferred credits
and other accrued liabilities 1,428,000,000
Air traffic liability 2,195,000,000
Taxes payable 594,000,000
Accrued salaries and related benefits 405,000,000
---------------
Total current liabilities 5,883,000,000
NONCURRENT LIABILITIES:
Long-term debt and capital leases 6,520,000,000
Other 297,000,000
Deferred revenue and other credits 184,000,000
---------------
Total noncurrent liabilities 7,001,000,000
LIABILITIES SUBJECT TO COMPROMISE 17,597,000,000
COMMITMENTS AND CONTINGENCIES
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 1,503,000,000
Accumulated deficit (8,720,000,000)
Accumulated other comprehensive loss (2,722,000,000)
Treasury stock at cost, 4,747,718 shares (224,000,000)
---------------
Total shareowners' deficit (10,161,000,000)
---------------
Total liabilities and shareowners' deficit $20,320,000,000
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statement of Operations
For the Month Ended February 28, 2006
OPERATING REVENUES:
Passenger:
Mainline $812,000,000
Regional affiliates 264,000,000
Cargo 39,000,000
Other, net 94,000,000
---------------
Total operating revenues 1,209,000,000
OPERATING EXPENSES:
Salaries and related costs 346,000,000
Aircraft fuel 282,000,000
Contract carrier arrangements 187,000,000
Depreciation and amortization 99,000,000
Contracted services 82,000,000
Passenger commissions and
other selling expenses 66,000,000
Landing fees and other rents 60,000,000
Aircraft maintenance materials and
outside repairs 59,000,000
Aircraft rent 34,000,000
Passenger service 21,000,000
Other 44,000,000
---------------
Total operating expenses 1,280,000,000
---------------
OPERATING LOSS 71,000,000
---------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest
expense equals $104 for the Month ended
February 28, 2006) (70,000,000)
Interest income 4,000,000
Miscellaneous, net (1,000,000)
---------------
Total other expense, net (67,000,000)
---------------
LOSS BEFORE REORGANIZATION ITEMS, NET (138,000,000)
REORGANIZATION ITEMS, NET (71,000,000)
---------------
LOSS BEFORE INCOME TAXES (209,000,000)
INCOME TAX PROVISION --
---------------
NET LOSS ($209,000,000)
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statements of Cash Flows
For the Month ended February 28, 2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($209,000,000)
Adjustments to reconcile net loss to cash
provided by operating activities, net 220,000,000
Changes in certain assets and liabilities, net 211,000,000
---------------
Net cash used by operating activities 222,000,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
Flight equipment, including
advance payments (33,000,000)
Ground property and equipment (10,000,000)
Proceeds from sale of flight equipment 7,000,000
Decrease in restricted cash (113,000,000)
---------------
Net cash provided by investing activities (149,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and
capital lease obligations (3,000,000)
---------------
Net cash used by financing activities (3,000,000)
---------------
Net increase in cash and cash equivalents 70,000,000
Cash & cash equivalents at beginning of period 2,100,000,000
---------------
Cash & cash equivalents at end of period $2,170,000,000
===============
Headquartered in Atlanta, Georgia, Delta Air Lines, Inc. --
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. 27; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
KAISER ALUMINUM: Earns $7.1 Million for the Month of February 2006
------------------------------------------------------------------
Kaiser Aluminum Corporation -- All Debtors
Unaudited Balance Sheet
As of February 28, 2006
(In Thousands)
ASSETS
Cash $48,607
Receivables:
Trade 113,119
Other 5,983
----------
Total Receivables 119,102
Inventories 121,879
Prepaid expenses and other current assets 24,188
----------
Total current assets 313,776
Investments in and advances to subsidiaries 19,950
Intercompany receivables/payables, net (4,482)
Property, plant, and equipment - net 228,833
Deferred income taxes
Restricted proceeds from sale of commodity interests -
Other assets 1,017,334
----------
Total Assets $1,575,411
==========
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities not subject to compromise:
Accounts Payable 65,401
Accrued interest 1,070
Accrued salaries, wages and related expenses 42,441
Accrued post retirement benefit - current -
Other accrued liabilities 55,542
Payable to affiliates 16,876
Long term debt - current portion 1,147
----------
Total current liabilities 182,477
Long-term liabilities 42,040
Accrued postretirement benefit obligation
Long-term debt 1,212
Liabilities subject to compromise 4,467,848
Minority interests 655
Stockholders' equity:
Preference stock
Common stock 789
Additional capital 538,009
Accumulated deficit - As of filing date (932,038)
Accumulated deficit - Post filing date (2,723,090)
Accumulated other comprehensive income (loss) (2,491)
Note receivable from parent -
----------
Total Liabilities & Stockholders' Equity $1,575,411
==========
Kaiser Aluminum Corporation -- All Debtors
Unaudited Statement of Operations
For the Month Ending February 28, 2006
(In Thousands)
Net Sales $107,810
Costs and expenses:
Cost of products sold 89,648
Depreciation & amortization 1,598
Selling, administrative, R&D and general 6,732
Other operating charges (benefits), net -
----------
Total costs and expenses 97,978
----------
Operating income (loss) 9,832
Other income (expense):
Interest expenses, net (268)
Reorganization items (1,871)
Other-net (176)
----------
Income (loss) before
income taxes and minority interest 7,517
(Provision) benefit for income taxes (746)
Minority interests -
Equity in income (loss) of subsidiaries 382
----------
Net income (loss) $7,153
==========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ending February 28, 2006
(In Thousands)
Receipts:
Trade Receivables
KACC Receivables $68,446
KAII Receivables 42,465
----------
Total Trade Receivables 110,911
Return of Collateral-Workman's Compensation 1,511
Asbestos Insurance Recoveries -
COBRA Receipts 581
647
----------
Total Receipts 113,650
Disbursements:
Inventory/Raw Materials 57,877
Capital Expenditures 4,223
Domestic Income Tax Payment -
Maintenance, Materials, etc. 3,421
Freight 4,951
Utilities/Energy 5,042
Hourly Payroll 6,988
Salaried Payroll 3,748
Hedging Activities 119
Pension Contributions 1,152
VEBA Advances 1,915
Medical - Current Employees 2,327
Annual Insurance Premiums -
Workmen's Compensation 470
Corporate General and Administrative 5,224
JV Fundings - Primary, Net of Reimbursements 12,431
Other Disbursements 6,644
----------
Total Operating and G&A Disbursements 116,532
Reorganization Items 1,295
----------
Total Disbursements 117,827
----------
Net Cash Flow (4,177)
Beginning Bank Cash Balances 58,916
----------
Ending Bank Cash Balances $54,739
Reconciling Items (6,132)
----------
Ending Book Cash Balances $48,607
==========
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. 93; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
PLIANT CORPORATION: Posts $6.77 Million Net Loss in February 2006
-----------------------------------------------------------------
Pliant Corporation and Subsidiaries
Unaudited Condensed Consolidated Balance Sheet
As of February 28, 2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $3,127,000
Receivables
Trade accounts 124,224,000
Allowance for doubtful accounts (5,692,000)
Other 6,947,000
Inventories 119,469,000
Prepaid expenses and other 5,710,000
Income taxes receivable, net -
Deferred income taxes 12,360,000
---------------
Total Current Assets 266,145,000
---------------
PLANT AND EQUIPMENT:
Gross asset value 516,019,000
Less: accumulated depreciation (252,278,000)
---------------
Plant and equipment, net 263,741,000
---------------
GOODWILL, net 181,075,000
INTANGIBLE ASSETS, net 14,420,000
INVESTMENT IN SUBSIDIARIES (15,851,000)
OTHER ASSETS 43,944,000
---------------
TOTAL ASSETS $753,474,000
===============
LIABILITIES & STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Trade accounts payable $56,591,000
Accrued liabilities:
Customer rebates 6,379,000
Interest payable 38,987,000
Other 41,503,000
Current portion of long-term debt 978,720,000
Due to affiliates (67,016,000)
Deferred income taxes -
Income taxes payable (918,000)
---------------
Total current liabilities 1,054,246,000
---------------
LONG-TERM DEBT, net of current portion
Revolving credit facility 130,924,000
DIP Credit facility -
Sr. subordinated bonds - 13% 314,306,000
Sr. secured notes - 11 1/8% 250,000,000
Sr. secured notes discount notes - 11 1/8% 7,163,000
Sr. secured notes discount notes - 11 5/8% 274,982,000
Other 5,172,000
Reclassification to current liabilities (978,720,000)
---------------
Total long-term debt, net 3,827,000
LOANS FROM AFFILIATES -
OTHER LIABILITIES 30,870,000
DEFERRED INCOME TAXES 29,018,000
SHARES SUBJECT TO MANDATORY REDEMPTION 270,688,000
---------------
Total Liabilities 1,388,649,000
---------------
COMMITMENTS & CONTINGENCIES
Restricted common stock, net shareholder loans 6,645,000
Redeemable series B preferred stock 102,000
STOCKHOLDERS' EQUITY:
Common stock 104,983,000
Additional paid-in capital 19,306,000
Warrants 39,133,000
Retained earnings (794,211,000)
Stockholders' notes receivable (660,000)
Other comprehensive income (10,473,000)
---------------
Total stockholders' equity (641,922,000)
---------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $753,474,000
===============
Pliant Corporation and Subsidiaries
Unaudited Consolidated Statement of Operations
For the month ended February 28, 2006
Sales $176,295,000
Cost of sales 155,762,000
---------------
Gross profit 20,533,000
Operating expenses
Selling, general & administrative 10,851,000
Research & development 1,474,000
Restructuring & other costs 2,251,000
---------------
Total operating expenses 14,576,000
---------------
Operating Income 5,957,000
Interest (expense) 12,446,000
Other income (expense), net (137,000)
Equity in earnings of subsidiary -
---------------
Income before income taxes (6,352,000)
---------------
Income tax expense (benefit) 418,000
---------------
Net income before discontinued operations (6,770,000)
Discontinued operations -
---------------
NET LOSS ($6,770,000)
===============
Pliant Corporation and Subsidiaries
Schedule of Cash Receipts and Disbursements
For the Month Ended February 28, 2006
Receipts
Total Receipts $176,295,000
Disbursements
Payroll 20,612,000
Payroll benefits and taxes 3,637,000
Raw material 112,789,000
Freight 6,731,000
Packaging 6,037,000
Utilities 4,250,000
Other direct costs (3,355,000)
Administration and selling 6,196,000
Other fixed costs 5,590,000
---------------
Total disbursements 162,487,000
---------------
Cash from operating activities 13,808,000
Working capital and other requirements (19,591,000)
Capital expenditures and interest
Capital expenditures (2,015,000)
Repayment of capital leases -
Cash interest -
Income taxes -
Professional fees 29,000
U.S. Trustee costs -
Court costs -
---------------
Net Cash Flow (7,769,000)
Cash, February 1, 2006 11,348,000
Intercompany transfer (452,000)
---------------
Cash, February 28, 2006 $3,127,000
===============
Headquartered in Schaumburg, Illinois, Pliant Corporation --
http://www.pliantcorp.com/-- produces value-added film and
flexible packaging products for personal care, medical, food,
industrial and agricultural markets. The Debtor and 10 of its
affiliates filed for chapter 11 protection on Jan. 3, 2006
(Bankr. D. Del. Lead Case No. 06-10001). 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. 10; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
REFCO INC: Files Operating Report for Period Ended Oct. 31, 2005
----------------------------------------------------------------
Refco, Inc., and its debtor-affiliates delivered to the U.S.
Bankruptcy Court for the Southern District of New York a monthly
statement of their cash receipts and disbursements for the period
from October 18 to 31, 2005.
Refco discloses a beginning cash balance of $69,163,000 during
the Reporting Period. The company received $191,381,000 during
the period and made disbursements totaling $6,696,000. Refco's
ending cash balance total $253,847,000.
The Debtors serve as a paying agent for certain Non-Debtors.
During Reporting Period, $6,115,000 was disbursed on behalf of
and reimbursed by Non-Debtors.
Refco paid $6,393,000 in Gross Wages on October 31. Of the Gross
Wages, $5,849,000 were paid on behalf of Non-Debtors and the
Debtors were reimbursed in cash for these disbursements.
Refco also reports that all taxes due and owing have been paid
for the current period. In addition, all tax returns due during
the period have been filed.
All insurance policies are fully paid for the current period,
including amounts owed for workers' compensation and disability
insurance.
Peter F. James, controller of Refco Inc., relates that Refco Inc.
is unable to issue comprehensive financial statements at this
time.
He explains that on October 9, 2005, after consultation by the
Audit Committee with the company's independent accountants, Refco
determined that its financial statements, as of, and for the
periods ended, February 28, 2002, February 28, 2003, February 28,
2004, February 28, 2005, and May 31, 2005, taken as a whole, for
each of Refco Inc., Refco Group Ltd., LLC and Refco Finance,
Inc., should no longer be relied upon.
Refco prepared the Statement of Cash Receipts and Disbursements
in lieu of the comprehensive financial statements.
A full-text copy of Refco's Monthly Statement is available at no
charge at http://ResearchArchives.com/t/s?7d8
Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base. Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore. In addition
to its futures brokerage activities, Refco is a major broker of
cash market products, including foreign exchange, foreign exchange
options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity
products. Refco is one of the largest global clearing firms for
derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc A.
Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents
the Official Committee of Unsecured Creditors. Refco reported
$16.5 billion in assets and $16.8 billion in debts to the
Bankruptcy Court on the first day of its chapter 11 cases.(Refco
Bankruptcy News, Issue No. 27; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
SOLUTIA INC: Posts $8 Million Net Loss in February 2006
-------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of February 28, 2006
Assets
Current Assets:
Cash $28,000,000
Trade Receivables, net 169,000,000
Account Receivables-Unconsolidated Subsidiaries 38,000,000
Inventories 186,000,000
Other Current Assets 62,000,000
--------------
Total Current Assets 483,000,000
Property, Plant and Equipment, net 666,000,000
Investment in Subsidiaries and Affiliates 544,000,000
Intangible Assets, net 100,000,000
Other assets 63,000,000
--------------
TOTAL ASSETS $1,856,000,000
==============
Liabilities and Shareholders' Deficit
Current Liabilities:
Accounts Payable $160,000,000
Short Term Debt 357,000,000
Other Current Liabilities 198,000,000
--------------
Total Current Liabilities 715,000,000
Other Long-Term Liabilities 199,000,000
--------------
Total Liabilities not Subject to Compromise 914,000,000
Liabilities Subject to Compromise 2,260,000,000
Shareholders' Deficit (1,318,000,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $1,856,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended February 28, 2006
Total Net Sales $176,000,000
Total Cost of Goods Sold 164,000,000
--------------
Gross Profit 12,000,000
Total MAT Expense 18,000,000
--------------
Operating Income (Loss) (6,000,000)
Equity Earnings from Affiliates 4,000,000
Interest Expense, net (5,000,000)
Other Income, net 3,000,000
Reorganization Items:
Professional fees (5,000,000)
Adjustment to allowed claim amounts 2,000,000
Other (1,000,000)
--------------
Total Reorganization Items (4,000,000)
--------------
Loss Before Taxes (8,000,000)
Income Taxes -
--------------
NET LOSS ($8,000,000)
==============
Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/-- with its subsidiaries, make and sell a
variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949). When the Debtors filed for
protection from their creditors, they listed $2,854,000,000 in
assets and $3,223,000,000 in debts. Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis. Daniel H. Golden,
Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin
Gump Strauss Hauer & Feld LLP represent the Official Committee of
Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey
Howard & Zukin Capital provides the Creditors' Committee with
financial advice. (Solutia Bankruptcy News, Issue No. 58;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
THAXTON GROUP: Posts $77.5 Mil. Cumulative Net Loss in Feb. 2006
----------------------------------------------------------------
On April 7, 2006, The Thaxton Group filed its monthly operating
report for the month of February 2006 with the U.S. Bankruptcy
Court for the District of Delaware.
The company reported a cumulative net loss of $77,564,667 on
$128,341,531 of revenue for the period from Oct. 17, 2003 thru
Feb. 28, 2006.
At Feb. 28, 2006, the Company's balance sheet reflects:
Total Assets $98,861,255
Total Liabilities $176,843,816
Stockholders' Equity Deficit ($77,982,561)
A full-text copy of Thaxton Group's February 2006 Monthly
Operating Report is available at no charge at:
http://ResearchArchives.com/t/s?7d4
Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company.
The Company filed for Chapter 11 protection on October 17, 2003
(Bankr. Del. Case No. 03-13183). Daniel B. Butz, Esq.,
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at
Morris, Nichols, Arsht & Tunnell, represent the Debtors in their
restructuring efforts. Alan Kolod, Esq., at Moses & Singer LLP,
represents the Offical Committee of Unsecured Creditors. As of
Dec. 31, 2005, the Debtors reported assets totaling $98,889,297
and debts totaling $175,693,613.
*********
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
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