/raid1/www/Hosts/bankrupt/TCR_Public/060429.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 29, 2006, Vol. 10, No. 101
Headlines
ADELPHIA COMMS: Posts $78.5 Million Net Loss in March 2006
ADELPHIA COMMS: Century/ML Files March 2006 Statement of Account
INTEGRATED ELECTRICAL: Files Two-Month Financials Ended Feb. 28
INTERSTATE BAKERIES: Posts $10 Million Net Loss in March 2006
MUSICLAND HOLDING: Posts $53 Million Net Loss in March 2006
MUSICLAND HOLDING: Request Media Files Schedules of Assets & Debts
MUSICLANG HOLDING: MG Financial Files Schedules of Assets & Debts
MUSICLAND HOLDING: MLG Internet Files Schedules of Assets & Debts
MUSICLAND HOLDING: Sam Goody Files Schedules of Assets And Debts
MUSICLAND HOLDING: Suncoast Retail Files Schedules
MUSICLAND HOLDING: Suncoast Holding Files Schedules
MUSICLAND HOLDING: SC Motion Files Schedules of Assets and Debts
MUSICLAND HOLDING: Suncoast Group Files Schedules
MUSICLAND HOLDING: TMG Caribbean Files Schedules of Assets & Debts
MUSICLAND HOLDING: TMG Virgin Island Files Schedules
PERFORMANCE TRANSPORTATION: Logistics Files MOR Ended February 28
*********
ADELPHIA COMMS: Posts $78.5 Million Net Loss in March 2006
----------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of March 31, 2006
(Dollars in thousands)
ASSETS
Cash and cash equivalents $461,672
Restricted cash 264,516
Accounts receivables - net 80,501
Receivable for securities 10,029
Other current assets 195,269
-----------
Total current assets 1,011,987
Restricted cash 2,750
Investments in equity affiliates 6,266
Property and equipment - net 4,290,153
Intangible assets - net 7,504,351
Other noncurrent assets - net 118,133
-----------
Total Assets $12,933,640
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $66,046
Subscriber advance payments and deposits 35,466
Payable to non-filing entities 1,681
Accrued liabilities 646,019
Deferred income 21,114
Current portion of parent and subsidiary debt 926,207
-----------
Total current liabilities 1,696,533
Other liabilities 32,014
Deferred income 57,508
Deferred income taxes 833,535
-----------
Total noncurrent liabilities 923,057
Liabilities subject to compromise 18,424,419
-----------
Total liabilities 21,044,009
Minority interests in equity of subsidiary 70,374
Stockholders' equity:
Series preferred stock 397
Class A and Class B common stock 2,548
Additional paid-in capital 9,516,510
Accumulated other comprehensive income 94
Accumulated deficit (17,672,355)
Treasury stock, at cost (27,937)
-----------
Total stockholders' equity (8,180,743)
-----------
Total liabilities and stockholders' equity $12,933,640
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Operations
Month Ended March 31, 2006
(Dollars in thousands)
Revenue $374,168
Cost and expenses:
Direct operating and programming 232,750
Selling, general and administrative 19,271
Investigation, re-audit and sale transaction costs 6,900
Depreciation and amortization 70,871
Impairment of long-lived assets -
Provision for uncollectible amounts from Rigases -
Gains on dispositions of long-lived assets 140
-----------
Operating income (loss) 44,236
Other income (expense):
Interest expense (48,895)
Impairment of cost & available for sale investments -
Other income (expense) - net (66,685)
-----------
Total other expense - net (115,580)
-----------
Loss from continuing operations before reorganization (71,344)
Reorganization expenses due to bankruptcy (5,600)
-----------
Loss from continuing operations before income taxes (76,944)
Income tax benefit -
Share of losses of equity affiliates - net (823)
Minority's interest in subsidiary losses - net (739)
-----------
Net loss (78,506)
Beneficial conversion feature -
-----------
Net loss applicable to common stockholders ($78,506)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Cash Flows
For the Month Ended March 31, 2006
(Dollars in thousands)
Cash flows from operating activities:
Net loss ($78,506)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 70,871
Impairment of long-lived assets -
Provision for uncollectible amounts from Rigases -
Gains on disposition of long-lived assets 140
Amortization of debt issuance costs 283
Impairment of cost & available for sale investments -
Provision for settlements 64,038
Reorganization expenses due to bankruptcy 5,600
Deferred tax expense (benefit) -
Share in losses of equity affiliates - net 823
Minority interest in losses of subsidiaries 739
Other noncash gains (1,025)
Depreciation, amortization and other non-cash
items from discontinued operations -
Change in operating assets & liabilities (31,100)
-----------
Net cash provided by operating activities before
payment of reorganization expenses 31,863
Reorganization expenses paid during the period (15,368)
-----------
Net cash provided by (used in) operating activities 16,495
Cash flows from investing activities:
Expenditures for property, plant and equipment (55,636)
Changes in restricted cash 22,906
Proceeds from sale of investments -
Other 3,653
-----------
Net cash used in investing activities (29,077)
Cash flows from financing activities:
Proceeds from debt 928,000
Repayments of debt (917,874)
Payment of debt issuance costs (900)
-----------
Net cash provided by financing activities 9,226
Change in cash and cash equivalents cash (3,356)
Cash, beginning of period 465,028
-----------
Cash, end of period $461,672
===========
About Adelphia Communications
Based in Coudersport, Pa., Adelphia Communications Corporation --
http://www.adelphia.com/-- 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. PricewaterhouseCoopers serves as the Debtors'
financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official
Committee of Unsecured Creditors. (Adelphia Bankruptcy News,
Issue No. 129; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMS: Century/ML Files March 2006 Statement of Account
----------------------------------------------------------------
Century/ML Cable Venture delivered to the Court on April 25,
2006, a Statement of Account for March:
Statement of Account
For the Month ended March 31, 2006
Beginning Balance $1,469,254
Additions 15,582
Disbursements 1,364
----------
Closing Balance $1,483,472
==========
Richard S. Toder, Esq., at Morgan Lewis & Bockius LLP, in New
York, notes that the Beginning Balance includes only those funds
that were held back as of the closing on Oct. 31, 2005, that were
applicable to potential liabilities of the Debtor. The Balance
excludes the $10,000,000 related to the Highland Holdings
claim.
Century Communications Corporation filed for Chapter 11 protection
on June 10, 2002. Century's case has been jointly administered to
proceedings of Adelphia Communications Corporation. Century
operates cable television services in Colorado, California and
Puerto Rico. CENTURY is an indirect wholly owned subsidiary of
ACOM and an affiliate of Adelphia Business Solutions, Inc.
Lawyers at Willkie, Farr & Gallagher represent CENTURY.
Based in Coudersport, Pa., Adelphia Communications Corporation --
http://www.adelphia.com/-- 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. PricewaterhouseCoopers serves as the Debtors'
financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official
Committee of Unsecured Creditors. (Adelphia Bankruptcy News,
Issue No. 129; Bankruptcy Creditors' Service, Inc., 215/945-7000)
INTEGRATED ELECTRICAL: Files Two-Month Financials Ended Feb. 28
---------------------------------------------------------------
Integrated Electrical Services, Inc., released interim financial
information for the period from Jan. 1, 2006, through Feb. 28,
2006, to:
-- give investors a context for the partial monthly financial
information set forth in IES' Monthly Operating Report
covering the period from Feb. 14, 2006, through Feb. 28,
2006; and
-- permit investors to relate the information to the Debtors'
financial statements and results of operations for the
quarterly period ended Dec. 31, 2005, filed on Form 10-Q
with the Securities and Exchange Commission in February.
"The Financial Results are limited in scope and cover a limited
time period. The Financial Results are unaudited, have not been
reviewed by the Debtors' independent registered public accounting
firm," Curt L. Warnock, IES senior vice president and general
counsel, cautions in a regulatory filing with the SEC.
A full-text copy of IES' Preliminary Consolidated Statements of
Operations is available at no charge at:
http://ResearchArchives.com/t/s?83d
IES also noted that the results for the quarter ended March 31,
2006, have not yet been prepared.
About Integrated Electrical
Headquartered in Houston, Texas, Integrated Electrical Services,
Inc. -- http://www.ielectric.com/and http://www.ies-co.com/-- is
an electrical and communications service provider with national
roll-out capabilities across the U.S. Integrated Electrical
Services offers seamless solutions and project delivery of
electrical and low-voltage services, including communications,
network, and security solutions.
The Company provides everything from system design, installation,
and testing to long-term service and maintenance on a wide array
of projects. With approximately 140 locations nationwide, the
Company is prepared to seamlessly manage and deliver all your
electrical, security, and communication requirements. The Debtor
and 132 of its affiliates filed for chapter 11 protection on Feb.
14, 2006 (Bankr. N.D. Tex. Lead Case No. 06-30602). Daniel C.
Stewart, Esq., and Michaela C. Crocker, Esq., at Vinson & Elkins,
L.L.P., represent the Debtors in their restructuring efforts.
Marcia L. Goldstein, Esq., and Alfredo R. Perez, Esq., at Weil,
Gotshal & Manges LLP, represent the Official Committee of
Unsecured Creditors. As of Dec. 31, 2005, Integrated Electrical
reported assets totaling $400,827,000 and debts totaling
$385,540,000. (Integrated Electrical Bankruptcy News, Issue No. 7;
Bankruptcy Creditors' Service, Inc. 215/945-7000)
INTERSTATE BAKERIES: Posts $10 Million Net Loss in March 2006
-------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended March 4, 2006
REVENUE
Gross Income $222,006,839
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 54,766,831
Direct & Indirect Labor 40,882,139
Overhead & Production Administration 13,431,471
------------
Total Cost of Goods Sold 109,080,441
------------
Gross Profit $112,926,398
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries $55,947,993
Advertising and Marketing 408,682
Insurance (Property, Casualty, & Medical) 8,873,991
Payroll Taxes 4,680,233
Lease and Rent 2,628,076
Telephone and Utilities 2,002,785
Corporate Expense (Including Salaries) 3,683,279
Other Expenses 28,979,886
------------
Total Operating Expenses $107,204,925
------------
EBITDA $5,721,473
Restructuring & Reorganization Charges 2,757,355
Depreciation and Amortization 7,892,409
Other( Income)/Expense 338,901
Gain/Loss Sale of Property -
Interest Expense 4,378,172
------------
Operating Income (Loss) (9,645,364)
Income Tax Expense (Benefit) 403,943
------------
Net Income (Loss) ($10,049,307)
============
CURRENT ASSETS
Accounts Receivable at end of period $154,629,901
Increase (Dec.) in Accounts Receivable 5,142,306
Inventory at end of period 58,844,924
Increase (Decrease) in Inventory for period 485,846
Cash at end of period 98,613,761
Increase (Decrease) in Cash for period 5,305,275
Restricted Cash 74,681,476
Increase (Dec.) in Restricted Cash for period 310,678
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise 11,762,579
Increase (Decrease) in Liabilities
Subject to Compromise 2,935,227
Taxes payable:
Federal Payroll Taxes 10,417,354
State/Local Payroll Taxes 7,637,151
State Sales Taxes 736,562
Real Estate and Personal Property Taxes 15,135,525
Other 6,812,329
------------
Total Taxes Payable $40,738,921
============
About Interstate Bakeries
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. 39; Bankruptcy Creditors' Service, Inc., 215/945-7000)
MUSICLAND HOLDING: Posts $53 Million Net Loss in March 2006
-----------------------------------------------------------
Musicland Holding Corp.
Consolidated Balance Sheet
As of March 31, 2006
ASSETS
Current assets
Cash $74,146,000
Other 46,448,000
Other assets
Transport Logistic deposit 600,000
Utility and tax deposit 326,000
-------------
TOTAL ASSETS $121,520,000
=============
LIABILITIES & SHAREHOLDERS DEFICIT
Current liabilities
Accounts payable
Due to Transworld 1,705,000
Due to Deluxe 1,183,000
Other accrued liabilities 19,852,000
DIP financing 0
Other LT liabilities 13,970,000
Liabilities subject to compromise 354,401,000
Shareholders' deficit (269,591,000)
-------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $121,520,000
=============
Musicland Holding Corp.
Statement of Operations
Period from March 1 to 31, 2006
Merchandise revenue $26,693,000
Non-merchandise revenue 188,000
Cost of goods sold (19,787,000)
-------------
Gross profit 7,040,000
-------------
Store operating expenses
Payroll 2,933,000
Occupancy 3,531,000
Others 1,092,000
Other operating expenses
Net advertising expense 13,000
Logistics 365,000
Field administration & others 392,000
General & administrative expenses 2,324,000
EBITDA (Loss) (3,610,000)
Hilco 340 Store GOB
Nat AP/AR (23,000)
Miscellaneous Asset 9,501,000
Chapter 11 & related charges
Professional/Legal fees (2,057,000)
Severance (633,000)
Sale to Transworld
Proceeds 104,160,000
Occupancy cure costs (3,700,000)
Book Value of Assets (156,658,000)
Media Play Wind down 399,000
Depreciation & amortization (321,000)
-------------
Operating income (loss) (52,942,000)
-------------
Interest expense (398,000)
DIP financing fees (750,000)
Other non-operating charges 96,000
Income Tax 115,000
-------------
Net Earnings (Loss) ($53,879,000)
=============
Musicland Holding Corp.
Statements of Cash Flow
Period from March 1 to 31, 2006
Operating activities
Net earnings (Loss) ($53,879,000)
Depreciation (10,389,000)
Inventory 149,512,000
Other current assets (16,098,000)
Accounts payable 1,420,000
Other operating liabilities (13,553,000)
Gift card liability (443,000)
Liabilities subject to compromise (28,398,000)
-------------
Net Cash provided by (used in)
operating activities (28,172,000)
-------------
Investing activities
Change in other long term asset/liabilities 3,148,000
Retirement of fixed assets 45,857,000
-------------
Net Cash provided by (used in)
Investing activities 49,005,000
-------------
Financing Activities
Revolver borrowings (17,752,000)
-------------
Increase (Decrease) in Cash
Cash at beginning of period 14,721,000
-------------
Cash at end of Period $74,146,000
=============
About Musicland Holding
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. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000)
MUSICLAND HOLDING: Request Media Files Schedules of Assets & Debts
------------------------------------------------------------------
A. Real Property $0
B. Personal Property -
TOTAL SCHEDULED ASSETS $0
=====
C. Property Claimed As Exempt Not applicable
D. Secured Claims
20th Century Fox Home Entertainment $27,612,242
Warner Home Video Inc. 26,941,787
Sony BMG Music Distribution 24,187,156
Warner/Elektra/Atlantic Corp. 23,542,339
Universal Music and Video Distribution 17,570,019
Paramount Pictures, Home Video Div. 13,450,961
Sony Pictures Home Entertainment 11,342,636
Buena Vista Home Entertainment Inc. 7,976,516
EMI Recorded Music, North America 7,705,060
V.D.P IV, Inc. 5,990,510
Fleet Retail Finance, Inc. 5,714,663
Wachovia Bank, National Association 5,714,663
National City Business Credit, Inc. 4,444,865
The CIT Group/Business Credit, Inc. 4,444,865
GMAC Commercial Finance LLC 3,174,686
Westernbank Business Credit 3,174,686
Lasalle Retail Finance 2,539,977
Textron Financial Corporation 2,222,242
Wells Fargo Retail Finance, LLC 2,222,242
Burdale Financial Limited 1,904,888
Grayson & Co. 1,523,910
Investment Advisor, Boston Management 889,202
Eaton Vance Senior Income Trust 126,866
E. Unsecured Priority Claims None
F. Unsecured Non-priority Claims Undetermined
TOTAL SCHEDULED LIABILITIES $204,416,981
=============
About Musicland Holding
Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, Puerto Rico and the Virgin
Islands. 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. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000)
MUSICLANG HOLDING: MG Financial Files Schedules of Assets & Debts
-----------------------------------------------------------------
A. Real Property $0
B. Personal Property -
TOTAL SCHEDULED ASSETS $0
=====
C. Property Claimed As Exempt Not applicable
D. Secured Claims
20th Century Fox Home Entertainment $27,612,242
Warner Home Video Inc. 26,941,787
Sony BMG Music Distribution 24,187,156
Warner/Elektra/Atlantic Corp. 23,542,339
Universal Music and Video Distribution 17,570,019
Paramount Pictures, Home Video Div. 13,450,961
Sony Pictures Home Entertainment 11,342,636
Buena Vista Home Entertainment Inc. 7,976,516
EMI Recorded Music, North America 7,705,060
V.D.P IV, Inc. 5,990,510
Fleet Retail Finance, Inc. 5,714,663
Wachovia Bank, National Association 5,714,663
National City Business Credit, Inc. 4,444,865
The CIT Group/Business Credit, Inc. 4,444,865
GMAC Commercial Finance LLC 3,174,686
Westernbank Business Credit 3,174,686
Lasalle Retail Finance 2,539,977
Textron Financial Corporation 2,222,242
Wells Fargo Retail Finance, LLC 2,222,242
Burdale Financial Limited 1,904,888
Grayson & Co. 1,523,910
Investment Advisor, Boston Management 889,202
Eaton Vance Senior Income Trust 126,866
E. Unsecured Priority Claims None
F. Unsecured Non-priority Claims Undetermined
TOTAL SCHEDULED LIABILITIES $204,416,981
=============
About Musicland Holding
Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, Puerto Rico and the Virgin
Islands. 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. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000)
MUSICLAND HOLDING: MLG Internet Files Schedules of Assets & Debts
-----------------------------------------------------------------
A. Real Property $0
B. Personal Property -
TOTAL SCHEDULED ASSETS $0
=====
C. Property Claimed As Exempt Not applicable
D. Secured Claims
20th Century Fox Home Entertainment $27,612,242
Warner Home Video Inc. 26,941,787
Sony BMG Music Distribution 24,187,156
Warner/Elektra/Atlantic Corp. 23,542,339
Universal Music and Video Distribution 17,570,019
Paramount Pictures, Home Video Div. 13,450,961
Sony Pictures Home Entertainment 11,342,636
Buena Vista Home Entertainment Inc. 7,976,516
EMI Recorded Music, North America 7,705,060
V.D.P IV, Inc. 5,990,510
Fleet Retail Finance, Inc. 5,714,663
Wachovia Bank, National Association 5,714,663
National City Business Credit, Inc. 4,444,865
The CIT Group/Business Credit, Inc. 4,444,865
GMAC Commercial Finance LLC 3,174,686
Westernbank Business Credit 3,174,686
Lasalle Retail Finance 2,539,977
Textron Financial Corporation 2,222,242
Wells Fargo Retail Finance, LLC 2,222,242
Burdale Financial Limited 1,904,888
Grayson & Co. 1,523,910
Investment Advisor, Boston Management 889,202
Eaton Vance Senior Income Trust 126,866
E. Unsecured Priority Claims None
F. Unsecured Non-priority Claims Undetermined
TOTAL SCHEDULED LIABILITIES $204,416,981
=============
About Musicland Holding
Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, Puerto Rico and the Virgin
Islands. 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. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000)
MUSICLAND HOLDING: Sam Goody Files Schedules of Assets And Debts
----------------------------------------------------------------
A. Real Property $0
B. Personal Property -
TOTAL SCHEDULED ASSETS $0
=====
C. Property Claimed As Exempt Not applicable
D. Secured Claims
20th Century Fox Home Entertainment $27,612,242
Warner Home Video Inc. 26,941,787
Sony BMG Music Distribution 24,187,156
Warner/Elektra/Atlantic Corp. 23,542,339
Universal Music and Video Distribution 17,570,019
Paramount Pictures, Home Video Div. 13,450,961
Sony Pictures Home Entertainment 11,342,636
Buena Vista Home Entertainment Inc. 7,976,516
EMI Recorded Music, North America 7,705,060
V.D.P IV, Inc. 5,990,510
Fleet Retail Finance, Inc. 5,714,663
Wachovia Bank, National Association 5,714,663
National City Business Credit, Inc. 4,444,865
The CIT Group/Business Credit, Inc. 4,444,865
GMAC Commercial Finance LLC 3,174,686
Westernbank Business Credit 3,174,686
Lasalle Retail Finance 2,539,977
Textron Financial Corporation 2,222,242
Wells Fargo Retail Finance, LLC 2,222,242
Burdale Financial Limited 1,904,888
Grayson & Co. 1,523,910
Investment Advisor, Boston Management 889,202
Eaton Vance Senior Income Trust 126,866
E. Unsecured Priority Claims None
F. Unsecured Non-priority Claims Undetermined
TOTAL SCHEDULED LIABILITIES $204,416,981
=============
About Musicland Holding
Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, Puerto Rico and the Virgin
Islands. 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. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000)
MUSICLAND HOLDING: Suncoast Retail Files Schedules
--------------------------------------------------
A. Real Property $0
B. Personal Property -
TOTAL SCHEDULED ASSETS $0
=====
C. Property Claimed As Exempt Not applicable
D. Secured Claims
20th Century Fox Home Entertainment $27,612,242
Warner Home Video Inc. 26,941,787
Sony BMG Music Distribution 24,187,156
Warner/Elektra/Atlantic Corp. 23,542,339
Universal Music and Video Distribution 17,570,019
Paramount Pictures, Home Video Div. 13,450,961
Sony Pictures Home Entertainment 11,342,636
Buena Vista Home Entertainment Inc. 7,976,516
EMI Recorded Music, North America 7,705,060
V.D.P IV, Inc. 5,990,510
Fleet Retail Finance, Inc. 5,714,663
Wachovia Bank, National Association 5,714,663
National City Business Credit, Inc. 4,444,865
The CIT Group/Business Credit, Inc. 4,444,865
GMAC Commercial Finance LLC 3,174,686
Westernbank Business Credit 3,174,686
Lasalle Retail Finance 2,539,977
Textron Financial Corporation 2,222,242
Wells Fargo Retail Finance, LLC 2,222,242
Burdale Financial Limited 1,904,888
Grayson & Co. 1,523,910
Investment Advisor, Boston Management 889,202
Eaton Vance Senior Income Trust 126,866
E. Unsecured Priority Claims
Boone County Tax Collector 269
Douglas County Tax Collector 203
F. Unsecured Non-priority Claims Undetermined
TOTAL SCHEDULED LIABILITIES $204,417,453
=============
About Musicland Holding
Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, Puerto Rico and the Virgin
Islands. 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. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000)
MUSICLAND HOLDING: Suncoast Holding Files Schedules
---------------------------------------------------
A. Real Property $0
B. Personal Property -
TOTAL SCHEDULED ASSETS $0
=====
C. Property Claimed As Exempt Not applicable
D. Secured Claims
20th Century Fox Home Entertainment $27,612,242
Warner Home Video Inc. 26,941,787
Sony BMG Music Distribution 24,187,156
Warner/Elektra/Atlantic Corp. 23,542,339
Universal Music and Video Distribution 17,570,019
Paramount Pictures, Home Video Div. 13,450,961
Sony Pictures Home Entertainment 11,342,636
Buena Vista Home Entertainment Inc. 7,976,516
EMI Recorded Music, North America 7,705,060
V.D.P IV, Inc. 5,990,510
Fleet Retail Finance, Inc. 5,714,663
Wachovia Bank, National Association 5,714,663
National City Business Credit, Inc. 4,444,865
The CIT Group/Business Credit, Inc. 4,444,865
GMAC Commercial Finance LLC 3,174,686
Westernbank Business Credit 3,174,686
Lasalle Retail Finance 2,539,977
Textron Financial Corporation 2,222,242
Wells Fargo Retail Finance, LLC 2,222,242
Burdale Financial Limited 1,904,888
Grayson & Co. 1,523,910
Investment Advisor, Boston Management 889,202
Eaton Vance Senior Income Trust 126,866
E. Unsecured Priority Claims None
F. Unsecured Non-priority Claims Undetermined
TOTAL SCHEDULED LIABILITIES $204,416,981
=============
About Musicland Holding
Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, Puerto Rico and the Virgin
Islands. 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. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000)
MUSICLAND HOLDING: SC Motion Files Schedules of Assets and Debts
----------------------------------------------------------------
A. Real Property $0
B. Personal Property -
TOTAL SCHEDULED ASSETS $0
=====
C. Property Claimed As Exempt Not applicable
D. Secured Claims
20th Century Fox Home Entertainment $27,612,242
Warner Home Video Inc. 26,941,787
Sony BMG Music Distribution 24,187,156
Warner/Elektra/Atlantic Corp. 23,542,339
Universal Music and Video Distribution 17,570,019
Paramount Pictures, Home Video Div. 13,450,961
Sony Pictures Home Entertainment 11,342,636
Buena Vista Home Entertainment Inc. 7,976,516
EMI Recorded Music, North America 7,705,060
V.D.P IV, Inc. 5,990,510
Fleet Retail Finance, Inc. 5,714,663
Wachovia Bank, National Association 5,714,663
National City Business Credit, Inc. 4,444,865
The CIT Group/Business Credit, Inc. 4,444,865
GMAC Commercial Finance LLC 3,174,686
Westernbank Business Credit 3,174,686
Lasalle Retail Finance 2,539,977
Textron Financial Corporation 2,222,242
Wells Fargo Retail Finance, LLC 2,222,242
Burdale Financial Limited 1,904,888
Grayson & Co. 1,523,910
Investment Advisor, Boston Management 889,202
Eaton Vance Senior Income Trust 126,866
E. Unsecured Priority Claims None
F. Unsecured Non-priority Claims Undetermined
TOTAL SCHEDULED LIABILITIES $204,416,981
=============
About Musicland Holding
Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, Puerto Rico and the Virgin
Islands. 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. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000)
MUSICLAND HOLDING: Suncoast Group Files Schedules
-------------------------------------------------
A. Real Property $0
B. Personal Property -
TOTAL SCHEDULED ASSETS $0
====
C. Property Claimed As Exempt Not applicable
D. Secured Claims
20th Century Fox Home Entertainment $27,612,242
Warner Home Video Inc. 26,941,787
Sony BMG Music Distribution 24,187,156
Warner/Elektra/Atlantic Corp. 23,542,339
Universal Music and Video Distribution 17,570,019
Paramount Pictures, Home Video Div. 13,450,961
Sony Pictures Home Entertainment 11,342,636
Buena Vista Home Entertainment Inc. 7,976,516
EMI Recorded Music, North America 7,705,060
V.D.P IV, Inc. 5,990,510
Fleet Retail Finance, Inc. 5,714,663
Wachovia Bank, National Association 5,714,663
National City Business Credit, Inc. 4,444,865
The CIT Group/Business Credit, Inc. 4,444,865
GMAC Commercial Finance LLC 3,174,686
Westernbank Business Credit 3,174,686
Lasalle Retail Finance 2,539,977
Textron Financial Corporation 2,222,242
Wells Fargo Retail Finance, LLC 2,222,242
Burdale Financial Limited 1,904,888
Grayson & Co. 1,523,910
Investment Advisor, Boston Management 889,202
Eaton Vance Senior Income Trust 126,866
E. Unsecured Priority Claims
Commonwealth of PA Dept. of Revenue 10,901
Lexington County Tax Collector 58
St. Louis County Tax Collector 495
State of Connecticut Dept. of Revenue 721
State of New Mexico Dept. of Revenue 50
Tennessee Dept. of Revenue 7,022
F. Unsecured Non-priority Claims Undetermined
TOTAL SCHEDULED LIABILITIES $204,437,358
=============
About Musicland Holding
Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, Puerto Rico and the Virgin
Islands. 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. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000)
MUSICLAND HOLDING: TMG Caribbean Files Schedules of Assets & Debts
------------------------------------------------------------------
A. Real Property $0
B. Personal Property -
TOTAL SCHEDULED ASSETS $0
====
C. Property Claimed As Exempt Not applicable
D. Secured Claims
20th Century Fox Home Entertainment $27,612,242
Warner Home Video Inc. 26,941,787
Sony BMG Music Distribution 24,187,156
Warner/Elektra/Atlantic Corp. 23,542,339
Universal Music and Video Distribution 17,570,019
Paramount Pictures, Home Video Div. 13,450,961
Sony Pictures Home Entertainment 11,342,636
Buena Vista Home Entertainment Inc. 7,976,516
EMI Recorded Music, North America 7,705,060
V.D.P IV, Inc. 5,990,510
Fleet Retail Finance, Inc. 5,714,663
Wachovia Bank, National Association 5,714,663
National City Business Credit, Inc. 4,444,865
The CIT Group/Business Credit, Inc. 4,444,865
GMAC Commercial Finance LLC 3,174,686
Westernbank Business Credit 3,174,686
Lasalle Retail Finance 2,539,977
Textron Financial Corporation 2,222,242
Wells Fargo Retail Finance, LLC 2,222,242
Burdale Financial Limited 1,904,888
Grayson & Co. 1,523,910
Investment Advisor, Boston Management 889,202
Eaton Vance Senior Income Trust 126,866
E. Unsecured Priority Claims None
F. Unsecured Non-priority Claims Undetermined
TOTAL SCHEDULED LIABILITIES $204,416,981
=============
About Musicland Holding
Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, Puerto Rico and the Virgin
Islands. 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. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000)
MUSICLAND HOLDING: TMG Virgin Island Files Schedules
----------------------------------------------------
A. Real Property $0
B. Personal Property -
TOTAL SCHEDULED ASSETS $0
=====
C. Property Claimed As Exempt Not applicable
D. Secured Claims
20th Century Fox Home Entertainment $27,612,242
Warner Home Video Inc. 26,941,787
Sony BMG Music Distribution 24,187,156
Warner/Elektra/Atlantic Corp. 23,542,339
Universal Music and Video Distribution 17,570,019
Paramount Pictures, Home Video Div. 13,450,961
Sony Pictures Home Entertainment 11,342,636
Buena Vista Home Entertainment Inc. 7,976,516
EMI Recorded Music, North America 7,705,060
V.D.P IV, Inc. 5,990,510
Fleet Retail Finance, Inc. 5,714,663
Wachovia Bank, National Association 5,714,663
National City Business Credit, Inc. 4,444,865
The CIT Group/Business Credit, Inc. 4,444,865
GMAC Commercial Finance LLC 3,174,686
Westernbank Business Credit 3,174,686
Lasalle Retail Finance 2,539,977
Textron Financial Corporation 2,222,242
Wells Fargo Retail Finance, LLC 2,222,242
Burdale Financial Limited 1,904,888
Grayson & Co. 1,523,910
Investment Advisor, Boston Management 889,202
Eaton Vance Senior Income Trust 126,866
E. Unsecured Priority Claims None
F. Unsecured Non-priority Claims Undetermined
TOTAL SCHEDULED LIABILITIES $204,416,981
=============
About Musicland Holding
Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, Puerto Rico and the Virgin
Islands. 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. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000)
PERFORMANCE TRANSPORTATION: Logistics Files MOR Ended February 28
-----------------------------------------------------------------
On March 29, 2006, the Debtors filed with the Court their Monthly
Operating Statements for the period from Jan. 25, 2006, to
Feb. 28, 2006.
The Operating Statements do not include a Balance Sheet or
Statement of Operations.
Charles Makarov, Performance Transportation Services, Inc.'
director of finance, says the company incurred $1,287,000 net
loss during the period.
A full-text copy of the Monthly Operating Statements is available
for free at http://bankrupt.com/misc/PTS_MORjanfeb2006.pdf
Performance Logistics Group, Inc.
In re. Leaseway Motorcar Transport Company, et al.,
U.S. Operations Cash Flow
From January 25 to February 28, 2006
Book balance:
Opening book balance, 01/25/06 $202,464
-----------
Receipts
Customers 36,945,233
Miscellaneous receipts 315,675
-----------
Total receipts 37,260,908
-----------
Disbursements
Payroll, payroll taxes & fringe benefits 14,096,655
Insurance & cargo losses 3,298,582
Fuel 4,053,399
Parts, tires, other operating supplies & expenses 847,523
Licenses, permits & tolls 1,606,250
Tractor, trailer lease payments 26,039
Building, land, service vehicles and other rents 647,693
Interest & bank fee payments 2,024,737
Income, franchise & property taxes 160,666
Bank term debt principal repayments 0
Misc/DIP Line (Draw) / Repayments 0
Capital expenditures 119,400
Professional Fees 557,616
-----------
Total Disbursements 27,438,561
-----------
Closing Book Balance, End of Month $10,024,812
===========
About Performance Transportation
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. David Neier, Esq., at Winston & Strawn LLP, represents
the Official Committee of Unsecured Creditors. 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. 7; 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
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related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
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, Joel Anthony
Lopez, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Cherry A.
Soriano-Baaclo, Christian Q. Salta, Jason A. Nieva, Lucilo Junior
M. Pinili, Tara Marie A. Martin and Peter A. Chapman, Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***