/raid1/www/Hosts/bankrupt/TCR_Public/060520.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, May 20, 2006, Vol. 10, No. 119
Headlines
CALPINE CORP: Files Schedules of Assets and Liabilities
CALPINE CORP: Calgen Holdings Files Schedules of Assets & Debts
CALPINE CORP: Calpine Power Files Schedules of Assets and Debts
CALPINE CORP: Calpine c*Power Files Schedules of Assets and Debts
DELTA AIR: Posts $1.5 Billion Net Loss for the Month of March 2006
INTEGRATED ELECTRICAL: Posts $18 Million Net Loss in March 2006
OWENS CORNING: Earns $296,000 for the Month of February 2006
PERFORMANCE TRANSPORTATION: Files Operating Report in March 2006
PLIANT CORPORATION: Files Monthly Operating Report in March 2006
SAINT VINCENTS: Files Monthly Operating Report for March 2006
SILICON GRAPHICS: March 31 Balance Sheet Upside-Down by $294 Mil.
TOWER AUTOMOTIVE: Posts $2.8 Million Net Loss in March 2006
USG CORP: Posts $249 Million Net Loss for the Month of March 2006
WINN-DIXIE: Incurs $6.5 Net Loss in Four Weeks Ended April 5
*********
CALPINE CORP: Files Schedules of Assets and Liabilities
-------------------------------------------------------
A. Real Estate
Land
Hayward, CA 2,071,731
Pajaro Site, CA 2,798,200
Fremont, OH 1,919,000
Fremont, OH 256,097
Generation Facility
Pace, FL 13,116,142
Pace, FL 16,578
Rights of way options -- Fremont 123,567
Land Options -- Sandusky Township 500
Easements, Grants of Right of Way, etc. undetermined
See http://bankrupt.com/misc/CalpineCorpA.pdf
B. Personal Property
B.1 Cash on Hand 1,777
B.2 Bank Accounts
Bayerische Landesbank 148,973,277
Citizens Savings Bank 2,105
Compass Bank 1,183
Provident Bank 220,595,859
Union Bank of California 2,813,891
Union Bank of California 406,905,330
Wachovia Bank 272
B.3 Security Deposits
JP Morgan-United Healthcare 1,128,000
One Ninety One Peachtree Assoc 44,998
Rosetta Resources Inc. 7,371,000
Searington, LLC 40,836
United Health Care 100,539
B.4 Household goods 0
B.5 Books, pictures & art objects 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sporting goods 0
B.9 Interests in insurance policies 3,411,175
See http://bankrupt.com/misc/CalpineCorpB9.pdf
B.10 Annuities 0
B.11 Interests in an education IRA 0
B.12 Interests in IRA, ERISA 0
B.13 Stock interests undetermined
See http://bankrupt.com/misc/CalpineCorpB13&14.pdf
B.14 Interests in partnerships undetermined
See http://bankrupt.com/misc/CalpineCorpB13&14.pdf
B.15 Government & corporate bonds 0
B.16 Accounts receivable 179,219
B.17 Alimony, maintenance, support 0
B.18 Other liquidated debts
Calpine Development 19,767,051
The Todd Organization 3,317,425
Fort Mojave Tribe 3,299,999
Marsh 1,910,195
Not Applicable 1,788,389
Pajaro 1,690,000
Geo Lease Rights 1,538,461
Not Applicable 1,502,762
Not Applicable 1,452,000
Union Bank of California 1,341,023
Others 8,973,148
B.19 Equitable and future interests 0
B.20 Contingent & noncontingent interests 0
B.21 Other contingent claims 0
B.22 Patents, copyrights & trademarks Undetermined
See http://bankrupt.com/misc/CalpineCorpB22.pdf
B.23 Licenses, franchises 0
B.24 Customer lists or other compilations 0
B.25 Automobiles, trucks, trailers 0
B.26 Automobiles, trucks, trailers 0
B.27 Boats, motors & accessories 0
B.28 Office equipment and supplies 27,173,180
See http://bankrupt.com/misc/CalpineCorpB28.pdf
B.29 Machinery, fixtures, equipment 506,780,401
See http://bankrupt.com/misc/CalpineCorpB29.pdf
B.30 Inventory 462,292
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment & implements 0
B.34 Farm supplies, chemicals & feed
B.35 Other personal property
Prepaid expenses -- insurance 2,447,998
Negative accounts payable 408,959
Prepaid expenses -- property tax 94,172
Other current assets 1,546,344
Prepaid expenses -- misc 81,250
Prepaid expenses -- software 1,241,025
Prepaid expenses -- rent 390,515
Project development costs (15,330)
TOTAL SCHEDULED ASSETS 1,399,062,534
==============
C. Property Claimed as Exempt None
D. Secured Claims
2nd Priority Term Loans Due 2007 746,229,609
1st Priority Senior Notes Due 2014 655,455,961
2nd Priority Senior Notes Due 2010 1,192,358,333
2nd Priority Senior Notes Due 2013 934,125,000
2nd Priority Senior Notes Due 2007 497,620,813
2nd Priority Senior Notes Due 2011 402,194,445
E. Unsecured priority claims undetermined
See http://bankrupt.com/misc/CalpineCorpE.pdf
F. Unsecured non-priority claims
Trade payables 17,466,240
See http://bankrupt.com/misc/CalpineCorpF1.pdf
Senior Notes 5,707,433,797
See http://bankrupt.com/misc/CalpineCorpF2.pdf
Intercompany claims (3,555,354,759)
See http://bankrupt.com/misc/CalpineCorpF3.pdf
Various Unsecured Employee Claims 13,975,299
See http://bankrupt.com/misc/CalpineCorpF4.pdf
Potential Litigation Claims undetermined
See http://bankrupt.com/misc/CalpineCorpF5.pdf
TOTAL SCHEDULED LIABILITIES $6,611,504,737
===============
Headquartered in San Jose, California, Calpine Corporation --
http://www.calpine.com/-- supplies customers and communities with
electricity from clean, efficient, natural gas-fired and
geothermal power plants. Calpine owns, leases and operates
integrated systems of plants in 21 U.S. states and in three
Canadian provinces. Its customized products and services include
wholesale and retail electricity, gas turbine components and
services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services. The Company filed for chapter 11 protection on Dec. 20,
2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard M. Cieri,
Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert
G. Burns, Esq., Kirkland & Ellis LLP represent the Debtors in
their restructuring efforts. Michael S. Stamer, Esq., at Akin
Gump Strauss Hauer & Feld LLP, represents the Official Committee
of Unsecured Creditors. As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities. (Calpine Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Calgen Holdings Files Schedules of Assets & Debts
---------------------------------------------------------------
A. Real Estate $0
B. Personal Property
B.13 Stock interests undetermined
See http://bankrupt.com/misc/CalgenHoldB13&14.pdf
B.14 Interests in partnerships undetermined
See http://bankrupt.com/misc/CalgenHoldB13&14.pdf
B.29 Machinery, fixtures, equipment
PP&E Capitalized Interest
Calgen Holdings 9,811,518
Columbia Adjustment Company 5,018,480
A/D Not in AMS-Misc. Fixed Assets 823,908
PPE Bldg Mach Equip 37,352,114
TOTAL SCHEDULED ASSETS $53,006,022
============
C. Property Claimed as Exempt Not applicable
D. Secured Claims 0
E. Unsecured priority claims undetermined
See http://bankrupt.com/misc/CalgenHoldE.pdf
F. Unsecured non-priority claims
Intercompany claims
Calpine CCFC Holdings, Inc. (36,550)
Calpine Corporation 1,250,420
Calpine Generating Company, LLC 51,067,101
TOTAL SCHEDULED LIABILITIES $52,280,971
============
Headquartered in San Jose, California, Calpine Corporation --
http://www.calpine.com/-- supplies customers and communities with
electricity from clean, efficient, natural gas-fired and
geothermal power plants. Calpine owns, leases and operates
integrated systems of plants in 21 U.S. states and in three
Canadian provinces. Its customized products and services include
wholesale and retail electricity, gas turbine components and
services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services. The Company filed for chapter 11 protection on Dec. 20,
2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard M. Cieri,
Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert
G. Burns, Esq., Kirkland & Ellis LLP represent the Debtors in
their restructuring efforts. Michael S. Stamer, Esq., at Akin
Gump Strauss Hauer & Feld LLP, represents the Official Committee
of Unsecured Creditors. As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities. (Calpine Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Calpine Power Files Schedules of Assets and Debts
---------------------------------------------------------------
A. Real Estate $0
B. Personal Property
B.13 Stock interests undetermined
See http://bankrupt.com/misc/PowerCoB13&14.pdf
B.14 Interests in partnerships undetermined
See http://bankrupt.com/misc/PowerCoB13&14.pdf
B.29 Machinery, fixtures, equipment
CIP - Turbine 1F9923 -- Fremont, OH 20,000,000
CIP - Turbine 1F9924 -- Fremont, OH 20,000,000
Construction in Progress 29,742
B.35 Other personal property 141,583
TOTAL SCHEDULED ASSETS $40,171,326
============
C. Property Claimed as Exempt Not applicable
D. Secured Claims
UCC financing statements
Credit Lyonnais New York 0
ING Capital LLC 0
E. Unsecured priority claims
Taxing authorities Undetermined
See http://bankrupt.com/misc/PowerCoE.pdf
F. Unsecured non-priority claims
Trade payables 9,883
Intercompany claims 296,509,360
Calpine Construction Mgmt Co. (206,827)
Calpine Corporation 308,040,459
Calpine Operating Services Company (4,487)
Calpine Power, L.P. 1,906
Calpine Unrestricted Holdings, LLC (11,314,554)
CPN Pipeline Company (475)
Rocky Mountain Energy Center, LLC (6,662)
Deferred compensation 13,772
TOTAL SCHEDULED LIABILITIES $296,533,016
=============
Headquartered in San Jose, California, Calpine Corporation --
http://www.calpine.com/-- supplies customers and communities with
electricity from clean, efficient, natural gas-fired and
geothermal power plants. Calpine owns, leases and operates
integrated systems of plants in 21 U.S. states and in three
Canadian provinces. Its customized products and services include
wholesale and retail electricity, gas turbine components and
services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services. The Company filed for chapter 11 protection on Dec. 20,
2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard M. Cieri,
Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert
G. Burns, Esq., Kirkland & Ellis LLP represent the Debtors in
their restructuring efforts. Michael S. Stamer, Esq., at Akin
Gump Strauss Hauer & Feld LLP, represents the Official Committee
of Unsecured Creditors. As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities. (Calpine Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Calpine c*Power Files Schedules of Assets and Debts
-----------------------------------------------------------------
A. Real Estate $0
B. Personal Property
B.13 Stock interests undetermined
See http://bankrupt.com/misc/cPowerB13&14.pdf
B.14 Interests in partnerships undetermined
See http://bankrupt.com/misc/cPowerB13&14.pdf
TOTAL SCHEDULED ASSETS $0
===
C. Property Claimed as Exempt Not applicable
D. Secured Claims 0
E. Unsecured priority claims undetermined
See http://bankrupt.com/misc/cPowerE.pdf
F. Unsecured non-priority claims
Intercompany claims
Anacapa Land Company, LLC 10,886
Calpine Canada Power Ltd. (6,512)
Calpine Central, Inc. (727)
Calpine Central, L.P. (148)
Calpine Corporation 142,098,051
Calpine Eastern Corporation 152,412
Calpine Energy Services, L.P. 43,084
Calpine Operations Management Co. 31,680
Los Esteros Critical Energy Facility (90,978,389)
Otay Mesa Energy Center, LLC (16,904)
Wawayanda Energy Center, LLC (1,889)
TOTAL SCHEDULED LIABILITIES $51,331,544
============
Headquartered in San Jose, California, Calpine Corporation --
http://www.calpine.com/-- supplies customers and communities with
electricity from clean, efficient, natural gas-fired and
geothermal power plants. Calpine owns, leases and operates
integrated systems of plants in 21 U.S. states and in three
Canadian provinces. Its customized products and services include
wholesale and retail electricity, gas turbine components and
services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services. The Company filed for chapter 11 protection on Dec. 20,
2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard M. Cieri,
Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert
G. Burns, Esq., Kirkland & Ellis LLP represent the Debtors in
their restructuring efforts. Michael S. Stamer, Esq., at Akin
Gump Strauss Hauer & Feld LLP, represents the Official Committee
of Unsecured Creditors. As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities. (Calpine Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
DELTA AIR: Posts $1.5 Billion Net Loss for the Month of March 2006
------------------------------------------------------------------
DELTA AIR LINES, INC.
Unaudited Consolidated Balance Sheet
As of March 31, 2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $2,429,000,000
Restricted cash 933,000,000
Accounts receivable, net of an allowance for
uncollectible accounts of $38 1,012,000,000
Expendable parts and supplies inventories,
net of an allowance for obsolescence of $204 171,000,000
Prepaid expenses and other 562,000,000
---------------
Total current assets 5,107,000,000
PROPERTY AND EQUIPMENT:
Flight equipment 18,160,000,000
Accumulated depreciation (6,440,000,000)
---------------
Flight equipment, net 11,720,000,000
Ground property and equipment 4,760,000,000
Accumulated depreciation (2,885,000,000)
---------------
Ground property and equipment 1,875,000,000
---------------
Flight and ground equipment
under capital leases 558,000,000
Accumulated amortization (171,000,000)
---------------
Flight and ground equipment
under capital leases 387,000,000
Advance payments for equipment 44,000,000
---------------
Total property and equipment, net 14,026,000,000
OTHER ASSETS:
Goodwill 227,000,000
Operating rights and other intangibles,
net of accumulated amortization of $192 71,000,000
Other noncurrent assets 1,127,000,000
---------------
Total other assets 1,425,000,000
---------------
Total assets $20,558,000,000
===============
LIABILITIES AND SHAREOWNERS' DEFICIT
CURRENT LIABILITIES:
Current maturities of long-term debt
and capital leases $1,302,000,000
Accounts payable, deferred credits
and other accrued liabilities 1,638,000,000
Air traffic liability 2,347,000,000
Taxes payable 626,000,000
Accrued salaries and related benefits 401,000,000
---------------
Total current liabilities 6,314,000,000
NONCURRENT LIABILITIES:
Long-term debt and capital leases 6,654,000,000
Other 251,000,000
Deferred revenue and other credits 307,000,000
---------------
Total noncurrent liabilities 7,212,000,000
LIABILITIES SUBJECT TO COMPROMISE 18,695,000,000
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 1,560,000,000
Accumulated deficit (10,280,000,000)
Accumulated other comprehensive loss (2,721,000,000)
Treasury stock at cost, 4,745,710 shares (224,000,000)
---------------
Total shareowners' deficit (11,663,000,000)
---------------
Total liabilities and shareowners' deficit $20,558,000,000
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statement of Operations
For the Month Ended March 31, 2006
OPERATING REVENUES:
Passenger:
Mainline $926,000,000
Regional affiliates 337,000,000
Cargo 47,000,000
Other, net (16,000,000)
---------------
Total operating revenues 1,294,000,000
OPERATING EXPENSES:
Salaries and related costs 459,000,000
Aircraft fuel 336,000,000
Contract carrier arrangements 219,000,000
Depreciation and amortization 103,000,000
Contracted services 87,000,000
Passenger commissions and
other selling expenses 76,000,000
Landing fees and other rents 171,000,000
Aircraft maintenance materials and
outside repairs 75,000,000
Aircraft rent 28,000,000
Passenger service 25,000,000
Restructuring, asset writedowns, pension
settlements, and related items, net 9,000,000
Other (27,000,000)
---------------
Total operating expenses 1,561,000,000
---------------
OPERATING LOSS (267,000,000)
---------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest
expense equals $101 for the Month ended
March 31, 2006) (74,000,000)
Interest income 5,000,000
---------------
Total other expense, net (69,000,000)
---------------
LOSS BEFORE REORGANIZATION ITEMS, NET (336,000,000)
REORGANIZATION ITEMS, NET (1,245,000,000)
---------------
LOSS BEFORE INCOME TAXES (1,581,000,000)
INCOME TAX PROVISION $21,000,000
---------------
NET LOSS ($1,560,000,000)
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statement of Cash Flows
For the Month ended March 31, 2006
Net cash provided by operating activities $433,000,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
Flight equipment, including
advance payments (10,000,000)
Ground property and equipment
Proceeds from sale of flight equipment 8,000,000
Change in restricted investments related to
Boston airport terminal project (1,000,000)
Decrease in restricted cash (92,000,000)
Other, net 5,000,000
---------------
Net cash provided by investing activities (102,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and
capital lease obligations (67,000,000)
Other financing, net
---------------
Net cash used by financing activities (72,000,000)
---------------
Net increase in cash and cash equivalents 259,000,000
Cash & cash equivalents at beginning of period 2,170,000,000
---------------
Cash & cash equivalents at end of period $2,429,000,000
===============
Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in
terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities. (Delta Air Lines
Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service,
Inc., 215/945-7000).
INTEGRATED ELECTRICAL: Posts $18 Million Net Loss in March 2006
---------------------------------------------------------------
Integrated Electrical Services, Inc., et al.
Balance Sheet
As of March 31, 2006
Assets:
Unrestricted Cash $14,496,000
Restricted Cash 20,060,000
Total Cash 34,556,000
Accounts Receivable 163,397,000
Inventory 23,579,000
Notes Receivable -
Prepaid Expenses 24,518,000
Other 66,930,000
Total Current Assets 312,980,000
Property, Plant, Equipment 81,178,000
Less: Accumulated Depreciation 59,393,000
Net Property, Plant, Equipment 21,785,000
Due From Insiders -
Other Assets - Net of Amortization 24,343,000
Other 7,044,000
-------------
TOTAL ASSETS $366,152,000
Postpetition Liabilities:
Accounts Payable $40,397,000
Taxes Payable 3,968,000
Notes Payable 0
Professional Fees 1,519,000
Secured Debt 0
Other 54,200,000
-------------
Total Postpetition Liabilities 100,084,000
Prepetition Liabilities:
Secured Debt 12,000
Priority Debt 6,361,000
Unsecured Debt 258,418,000
Other 18,680,000
-------------
Total Prepetition Liabilities 283,471,000
-------------
Total Liabilities 383,555,000
Equity:
Prepetition Owners' Equity 6,034,000
Postpetition Cumulative Profit (23,437,000)
Direct Charges to Equity
-------------
Total Equity (17,403,000)
-------------
TOTAL LIABILITIES AND OWNERS' EQUITY $384,735,000
Integrated Electrical Services, Inc., et al.
Income Statement
Period From March 1 to 31, 2006
Revenues:
Gross Revenues $85,179,000
Less: Returns & Discounts 0
-------------
Net Revenue 85,179,000
Cost of Goods Sold:
Material 40,424,000
Direct Labor 24,201,000
Direct Overhead 12,756,000
-------------
Total Cost of Goods Sold 77,381,000
-------------
Gross Profit 7,798,000
Operating Expenses:
Officer/Inside Compensation 253,000
Selling & Marketing 493,000
General & Administrative 11,597,000
Rent & Lease 743,000
Other 0
-------------
Total Operating Expenses 13,086,000
-------------
Income Before Non-Operating Income & Expense (5,288,000)
Other Income & Expenses:
Non-Operating Income -
Non-Operating Expense -
Interest Expense (122,000)
Depreciation/Depletion 0
Other 232,000
-------------
Net Other Income & Expenses $635,000
Reorganization Expenses
Professional Fees 8,151,000
U.S. Trustee Fees -
Other 3,960,000
-------------
Total Reorganization Expenses 12,111,000
Income Tax -
-------------
Net Profit (Loss) ($18,034,000)
Integrated Electrical Services, Inc., et al.
Statement of Cash Receipts & Disbursements
For the Month Ended March 31, 2006
Cash, Beginning of Month $32,764,000
Receipts from Operations:
Cash Sales 1,735,000
Collection of Accounts Receivable
Prepetition 44,930,000
Postpetition 44,545,000
-------------
Total Operating Receipts $91,210,000
Non-Operating Receipts:
Loans & Advances $30,000
Sales of Assets 42,000
Other 2,679,000
-------------
Total Non-Operating Receipts 2,751,000
-------------
Total Receipts 93,961,000
-------------
Total Cash Available $126,725,000
Operating Disbursements:
Net Payroll $21,523,000
Payroll Taxes Paid 7,171,000
Sales, Use & Other Taxes Paid 734,000
Secured/Rental/Leases 888,000
Utilities 445,000
Insurance 1,327,000
Inventory Purchases 21,728,000
Vehicle Expenses 1,258,000
Travel 285,000
Entertainment 193,000
Repairs & Maintenance 205,000
Supplies 314,000
Advertising 61,000
Other 34,520,000
-------------
Total Operating Disbursements $90,650,000
Reorganization Expenses:
Professional Fees $1,519,000
U.S. Trustee Fees -
Other -
-------------
Total Reorganization Expenses 1,519,000
-------------
Total Disbursements $92,168,000
-------------
Net Cash Flow $1,793,000
-------------
Cash -- End of Month $34,556,000
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. As of Dec. 31, 2005, Integrated Electrical reported
assets totaling $400,827,000 and debts totaling $385,540,000.
OWENS CORNING: Earns $296,000 for the Month of February 2006
------------------------------------------------------------
Owens Corning
Balance Sheet
As of February 28, 2006
(In Thousands)
Current Assets:
Cash and cash equivalents $935,042
Receivables 432,809
Receivables - intercompany 1,048,419
Inventories, net of LIFO reserve 210,842
Insurance for asbestos litigation claims -
Deferred income taxes -
Income tax receivable 926
Other current assets 39,486
-----------
Total Current Assets 2,667,524
Other Assets:
Insurance for asbestos litigation claims 75,220
Restricted cash 198,407
Restricted cash and securities - Fibreboard -
Deferred income taxes 1,403,797
Goodwill 48,568
Investment in affiliates 32,663
Investment in subsidiaries 2,022,050
Notes receivable - intercompany 5,270
Other non-current assets 416,642
-----------
Total Other Assets 4,202,617
Plant & Equipment:
Land 34,252
Buildings & leasehold improvements 550,521
Machinery & equipment 2,210,057
Construction in progress 145,536
Less: Accumulated Depreciation 1,650,254
-----------
Net Plant & Equipment 1,290,112
-----------
TOTAL ASSETS $8,160,253
===========
Liabilities not Subject to Compromise:
Accounts payable & accrued liabilities $535,620
Accrued postpetition interest 735,042
Intercompany liabilities 1,160,971
Short-term debt -
Long-term debt - current portion 1,367
-----------
Total Current Liabilities 2,433,000
Long-Term Debt 9,334
Other:
Other employee benefits liability 242,004
Pension plan liability 577,546
Other liability 171,840
-----------
Total Non-Current Liabilities 991,390
-----------
Total Postpetition Liabilities 3,433,724
Prepetition Liabilities:
Accounts payable and accrued liabilities 270,542
Other employee benefits liability 179,641
Pension plan liability -
Debt - US bank credit facility 1,450,986
Debt - bonds & other 1,500,920
Asbestos-related liability 6,166,734
Intercompany 2,452,666
Other -
-----------
Total Prepetition Liabilities 12,021,489
-----------
Total Liabilities 15,455,213
Minority Interest -
Stockholder's Equity:
Common stock 697,252
Deficit (7,658,284)
Accumulated Comprehensive Loss (6,054)
Other (327,874)
-----------
Net Stockholder's Deficit (7,294,960)
-----------
TOTAL LIABILITIES & STOCKHOLDER'S DEFICIT $8,160,253
===========
Owens Corning
Statement of Operations
For the Month Ended February 28, 2006
(In Thousands)
Net sales $350,969
Cost of Sales 289,084
----------
Gross Margin 61,885
Operating Expenses:
Marketing & administrative expenses 33,058
Science & technology expenses 2,598
Provision for asbestos litigation claims -
Insider compensation 823
Restructure costs -
Other 7,920
-----------
Income from Operations 17,487
Other Expenses:
Cost of borrowed funds 310
Other -
-----------
Income (Loss) Before Reorganization Items 17,177
Reorganization Items:
Professional fees 6,664
U.S. Trustee quarterly fees -
Interest earned on accum. cash from Chapter 11 (2,396)
(Gain) Loss from sale of equipment -
(Gain) Loss from settlement of liabilities -
Other reorganization expenses 2,129
-----------
Total Reorganization Expenses 6,397
-----------
Income Before Income Taxes 10,780
Provision for Income Tax 10,484
-----------
Income Before Minority Interest & Equity in
Net Income of Affiliates 296
Minority interest -
Equity in net income (loss) of affiliates -
-----------
Net Income $296
===========
Owens Corning
Statement of Cash Receipts & Disbursements
For the Month Ended February 28, 2006
(In Thousands)
Cash, beginning of month $1,066,725
Receipts:
Customer receipts 307,711
Intercompany sales 3,681
Loans & advances -
Sale of assets -
Other receipts 12,854
Intercompany transfers 90,627
Transfers from DIP 276,332
-----------
Total Receipts 691,205
Disbursements:
Net payroll 90,426
Payroll taxes -
Sales use & other taxes 8,908
Inventory purchases 137,050
Insurance 2,232
Administrative & selling 97,506
Other 124,697
Intercompany transfers 82,962
Transfers to DIP 276,332
Professional Fees 2,775
U.S. Trustee Quarterly Fees -
Court costs -
Adjustment -
-----------
Total Disbursements 822,888
Net Cash Flow (131,683)
-----------
Cash, end of month $935,042
===========
Owens Corning (OTC: OWENQ.OB) (BULLETIN BOARD: OWENQ.OB) --
http://www.owenscorning.com/-- manufactures fiberglass
insulation, roofing materials, vinyl windows and siding, patio
doors, rain gutters and downspouts. Headquartered in Toledo,
Ohio, the Company filed for chapter 11 protection on Oct. 5, 2000
(Bankr. Del. Case. No. 00-03837). Norman L. Pernick, Esq., at
Saul Ewing LLP, represents the Debtors. Elihu Inselbuch, Esq., at
Caplin & Drysdale, Chartered, represents the Official Committee of
Asbestos Creditors. James J. McMonagle serves as the Legal
Representative for Future Claimants and is represented by Edmund
M. Emrich, Esq., at Kaye Scholer LLP. (Owens Corning Bankruptcy
News, Issue No. 130; Bankruptcy Creditors' Service, Inc.,
215/945-7000).
PERFORMANCE TRANSPORTATION: Files Operating Report in March 2006
----------------------------------------------------------------
On April 28, 2006, Performance Transportation Services, Inc, and
its debtor-affiliates filed with the U.S. Bankruptcy Court for the
Western District of New York their Monthly Operating Statement for
the period March 1, 2006, to March 31, 2006.
The Operating Statements do not include a Balance Sheet or
Statement of Operations but note of a $220.50 operating loss for
the period.
A full-text copy of the Debtors' March 2006 Operating Statements
is available for free at http://ResearchArchives.com/t/s?987
Performance Logistics Group, Inc.
In re. Leaseway Motorcar Transport Company, et al.,
U.S. Operations Cash Flow
For the Month Ender March 31, 2006
Book balance:
Opening book balance, 03/01/06 $10,024,812
-----------
Receipts
Customers 28,119,325
Miscellaneous receipts 209,406
-----------
Total receipts 28,328,731
-----------
Disbursements
Payroll, payroll taxes & fringe benefits 16,232,527
Insurance & cargo losses 2,062,575
Fuel 4,267,396
Parts, tires, other operating supplies & expenses 3,637,931
Licenses, permits & tolls 785,641
Tractor, trailer lease payments 60,946
Building, land, service vehicles and other rents 341,898
Interest & bank fee payments 742,007
Income, franchise & property taxes 314,301
Bank term debt principal repayments 175,000
Misc/DIP Line (Draw) / Repayments 0
Capital expenditures 33,022
Professional Fees 616,187
-----------
Total Disbursements 29,269,431
-----------
Closing Book Balance, End of Month $9,084,113
===========
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. 8; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
PLIANT CORPORATION: Files Monthly Operating Report in March 2006
----------------------------------------------------------------
Pliant Corporation and its debtor-affiliates delivered to the U.S.
Bankruptcy Court for the Southern District of New York an
illegible copy of their unaudited balance sheet and statement of
operations for the reporting period ended March 31, 2006.
A full-text copy of the Debtors' March 2006 Monthly Operating
Report is available for free at
http://bankrupt.com/misc/Pliant_MarchMOR.pdf
The Debtors did not file their schedule of cash receipts and
disbursements.
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. Kenneth A. Rosen, Esq., at Lowenstein Sandler, P.C.,
serves as counsel to the Official Committee of Unsecured
Creditors. Don A. Beskrone, Esq., at Ashby & Geddes, P.A., is
local counsel to the Creditors' Committee. 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. 13; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
SAINT VINCENTS: Files Monthly Operating Report for March 2006
-------------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of March 31, 2006
ASSETS
Cash & Cash Equivalents $22,027,713
Investments -
Patients Accounts Receivable, less allowance for
doubtful accounts 172,326,993
Accounts Receivable 35,024,747
Other Current Assets 66,531,012
--------------
Total Current Assets 295,910,465
Depreciation Reserve Funds & Collaterized Assets 13,740,034
Assets Designated for Self-Insurance
Investments at Market 45,253,623
Assets whose use is limited -
Investments at Market 53,851,248
Other Non-Current Assets 22,544,203
Land, Buildings & Equipment, net of
Accumulated Depreciation 276,725,197
--------------
Total Assets $708,024,770
==============
LIABILITIES AND NET ASSETS
Liabilities Subject to Compromise:
HFG Loan -
Accounts Payable & Accrued Expenses $234,975,020
Estimated Retroactive Payables to
Third Parties, net 118,277,577
Long-term Debt 130,058,012
Long-term Debt, excluding current installments -
Estimated Liability for Self-Insurance 232,834,820
--------------
Total Liabilities Subject to Compromise 716,145,429
Liabilities Not Subject to Compromise:
Accrued Salaries & Payroll Taxes Withheld 51,747,666
Accounts Payables & Accrued Expenses 89,365,765
Long-term Debt (GE) 169,000,000
--------------
Total Liabilities 1,026,258,860
Net Assets:
Unrestricted (376,787,460)
Temporarily Restricted 32,946,831
Permanently Restricted 25,606,539
--------------
Total Net Assets (318,234,090)
--------------
Total Liabilities & Net Assets $708,024,770
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From March 1 to March 31, 2006
Operating Revenue
Inpatient $65,270,538
Outpatient 32,215,148
--------------
Patient Service Revenue 97,485,686
--------------
Less Provision for Bad Debt 9,187,198
--------------
Net Patient Service Revenue 88,298,488
--------------
Pool Revenue 3,851,914
Capitation 7,451,421
Other 9,862,733
--------------
Total Operating Revenue 109,464,555
Operating Expenses:
Salaries and Wages 47,627,146
Fringe Benefits 13,861,558
Supplies and Other 35,125,988
Insurance 4,326,765
--------------
Total Direct Operating Costs 100,941,457
Salaries and Wages 2,627,044
Fringe Benefits 781,544
Supplies and Other 6,356,101
--------------
Total Corporate Allocated 9,764,689
--------------
Total Operating Expense 110,706,146
--------------
Interest 2,025,190
Depreciation 3,601,055
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items (6,867,836)
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) -
St. Mary's Op Pac Rate Adjustment -
ZBEC/HFE Recoveries -
Restructuring & Bankruptcy Related Costs (2,672,962)
Estimated Close-out of St. Mary's -
Hanys Investment Income (SFS INS) -
Prior Period Ambulance Revenue -
Transfer of Equity Foundation -
--------------
Total Non-Recurring and/or Unusual Items (2,672,962)
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (9,540,798)
--------------
Non-Operating Revenue 890,287
Change in Temporary Restricted Net Assets 171,411
--------------
Change in Net Assets ($8,479,100)
--------------
EBITDA ($1,241,591)
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From March 1 to March 31, 2006
Cash Flows from Operation Activities:
Changes in Net Assets ($8,479,100)
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Depreciation & Amortization 3,601,055
Gain on Refinancing -
Change in Unrealized Gains & Losses (472,860)
Change in Patient's Accounts Receivable 10,080,756
Change in Accounts Receivables, Other 1,491,197
Change in Prepaid Expenses & Other (1,903,336)
Change in Other Non-Current Assets 27,767
Change in Accounts Payable &
Accrued Exp-Prepetition -
Change in Accounts Payable &
Accrued Exp-Postpetition (3,343,469)
Change in Accrued Salaries & P/R Taxes (133,907)
Change in Est. Retro rec/pay
from/to third parties 1,161,884
Change in Est. Liability for self-insurance -
Change in Other Non-Current Liabilities 255,837
--------------
Net Cash Provided by Operating Activities 2,285,824
Cash flows From Investment Activities:
Sale of Investments, Net (31,311)
Sale of Assets Whose Use is Limited (497,659)
Acquisition/Sale of Land, Building,
& Equipment (1,287,470)
--------------
Net Cash Provided by Investing Activities (1,816,440)
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Loan -
Proceed from issuance of Long-term debt -
Repayment of Long-term debt (256,118)
--------------
Net Cash (Used) in Financing Activities (256,118)
Net Increase (Decrease)
in Cash & Cash Equivalents 213,266
Cash & Cash Equivalents at Beginning of Month 21,814,446
--------------
Cash & Cash Equivalents at End of the Month $22,027,712
==============
Headquartered in New York, New York, Saint Vincents Catholic
Medical Centers of New York -- http://www.svcmc.org/-- the
largest Catholic healthcare providers in New York State, operate
hospitals, health centers, nursing homes and a home health agency.
The hospital group consists of seven hospitals located throughout
Brooklyn, Queens, Manhattan, and Staten Island, along with four
nursing homes and a home health care agency. The Company and six
of its affiliates filed for chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary
Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will &
Emery, LLP, filed the Debtors' chapter 11 cases. On Sept. 12,
2005, John J. Rapisardi, Esq., at Weil, Gotshal & Manges LLP took
over representing the Debtors in their restructuring efforts.
Martin G. Bunin, Esq., at Thelen Reid & Priest LLP, represents the
Official Committee of Unsecured Creditors. As of Apr. 30, 2005,
the Debtors listed $972 million in total assets and $1 billion in
total debts. (Saint Vincent Bankruptcy News, Issue No. 25;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
SILICON GRAPHICS: March 31 Balance Sheet Upside-Down by $294 Mil.
-----------------------------------------------------------------
SILICON GRAPHICS, INC.
PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS
As of March 31, 2006
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $54,257,000
Short-term marketable investments 601,000
Short-term restricted investments 40,641,000
Accounts receivable, net 58,035,000
Inventories 71,911,000
Prepaid expenses & other current assets 38,067,000
-------------
Total current assets 263,512,000
-------------
Restricted investments 409,000
Net property and equipment 37,134,000
Other assets 68,362,000
-------------
$369,417,000
=============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $57,782,000
Accrued compensation 25,384,000
Income taxes payable 2,426,000
Other current liabilities 68,581,000
Current portion of long-term debt 38,293,000
Current portion of deferred revenue 104,887,000
-------------
Total current liabilities 297,353,000
-------------
Long-term debt 253,078,000
Long-term deferred revenue 48,458,000
Other liabilities 65,380,000
-------------
Total liabilities 664,269,000
-------------
Total stockholders' deficit (294,852,000)
-------------
$369,417,000
=============
Headquartered in Mountain View, California, Silicon Graphics, Inc.
(OTC: SGID) -- http://www.sgi.com/-- offers high-performance
computing. SGI helps customers solve their computing challenges,
whether it's sharing images to aid in brain surgery, finding oil
more efficiently, studying global climate, providing technologies
for homeland security and defense, enabling the transition from
analog to digital broadcasting, or helping enterprises manage
large data. The Debtor and 13 of its affiliates filed for chapter
11 protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990). Gary Holtzer, Esq., and Shai Y. Waisman, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed total assets of $369,416,815 and
total debts of $664,268,602. (Silicon Graphics Bankruptcy News,
Issue No. 1; Bankruptcy Creditors' Service, Inc., 215/945-7000)
TOWER AUTOMOTIVE: Posts $2.8 Million Net Loss in March 2006
-----------------------------------------------------------
Tower Automotive, Inc., and Subsidiaries
Unaudited Consolidated Balance Sheet
As of March 31, 2006
(In Thousands)
CURRENT ASSETS:
Cash and cash equivalents $52,067
Accounts receivable 218,587
Inventories 68,281
Prepaid tooling and other 33,425
----------
TOTAL CURRENT ASSETS 372,360
----------
Property, plant and equipment, net 528,266
Investment in joint ventures -
Investment in subsidiaries 736,674
Inter-company receivables -
Other assets, net 56,169
----------
TOTAL ASSETS $1,693,469
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current maturities of long-term debt $14,257
Current maturities of DIP borrowings 612,000
Accounts payable 145,838
Accrued liabilities 147,860
----------
TOTAL CURENT LIABILITIES 919,955
----------
Liabilities subject to comprise 1,143,331
Non-Current Liabilities Not Subject to
Compromise:
Long-term debt, net of current maturities 84,752
DIP borrowings, net of current maturities -
Other non-current liabilities 137,567
----------
TOTAL LIABILITIES 2,285,605
STOCKHOLDERS' DEFICIT (592,136)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,693,469
===========
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Operations
March 1 to 31, 2006
(In Thousands)
Revenues $162,882
Cost of sales 151,884
----------
Gross profit 10,998
Selling, general and administrative expenses 5,764
Restructuring and asset impairment charges, net (985)
----------
Operating income (loss) 6,219
Interest expense 6,185
Interest income (2,278)
Other income (787)
Chapter 11 and related reorganization items 3,316
----------
Income (loss) before provision for income taxes,
equity in earnings of joint ventures, and
minority interest (217)
Provision (benefit) for income taxes 2,584
----------
Income (loss) before equity in earnings (2,801)
Equity in earnings of joint ventures, net of tax (55)
----------
NET INCOME/(LOSS) ($2,856)
========
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Cash Flows
March 1 to 31, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($2,856)
Adjustments required to reconcile net loss to net
Cash provided by (used in) operating activities:
Chapter 11 & related reorganization items, net 1,205
Restructuring and asset impairment, net 679
Depreciation 8,038
Equity in earnings of joint ventures, net 55
Change in working capital and operating items 10,490
----------
Net cash provided by operating activities 17,611
INVESTING ACTIVITIES:
Cash disbursed for purchase of property, plant
and equipment (1,969)
----------
Net cash used for investing activities (1,969)
FINANCING ACTIVITIES:
Proceeds from non-DIP borrowings -
Repayments of non-DIP borrowings (1)
Borrowings from DIP credit facility 33,000
Repayments of borrowings from DIP credit facility (40,000)
----------
Net cash provided by financing activities (7,001)
----------
Net change in cash and cash equivalents 8,641
Cash and Cash Equivalents, beginning of period 43,426
----------
Cash and Cash Equivalents, end of period $52,067
========
Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan,
Toyota, Volkswagen and Volvo. Products include body structures
and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components. The Company and
25 of its debtor-affiliates filed voluntary chapter 11 petitions
on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through
05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq.,
Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet,
Esq., at Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts. Ira S. Dizengoff, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors. When the Debtors filed for protection from
their creditors, they listed $787,948,000 in total assets and
$1,306,949,000 in total debts. (Tower Automotive Bankruptcy News,
Issue No. 33; Bankruptcy Creditors' Service, Inc., 215/945-7000).
USG CORP: Posts $249 Million Net Loss for the Month of March 2006
-----------------------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet 31-Mar-2006
__________________________ ___________
Assets:
Cash and cash equivalents $844,240,000
Marketable Securities 227,254,000
Restricted Cash 93,050,000
Receivables 558,388,000
Inventories 285,421,000
Income taxes receivable 5,649,000
Deferred income taxes 28,337,000
Other current assets 148,550,000
---------------
Total current assets 2,190,889,000
Property, plant and equipment, net 1,669,496,000
Deferred income taxes 1,624,342,000
Goodwill 104,827,000
Other assets 429,684,000
---------------
Total Assets $6,019,238,000
===============
Liabilities and Stockholders' Equity:
Accounts payable $276,736,000
Accrued expenses 202,847,000
Taxes on income 131,809,000
---------------
Total current liabilities 611,392,000
Other liabilities 448,860,000
Liabilities subject to compromise 5,830,706,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (213,095,000)
Capital received in excess of par value 149,123,000
Accumulated other comprehensive income/(loss) (7,472,000)
Retained earnings (805,274,000)
---------------
Total stockholders' equity (871,720,000)
---------------
Total Liabilities and Stockholders' Equity $6,019,238,000
===============
USG Corporation, et al.
Month Ending
Consolidated Income Statement 31-Mar-2006
__________________________ ___________
Net sales $506,226,000
Cost of products sold 382,396,000
Selling and administrative expenses 29,836,000
Chapter 11 reorganization expenses 9,671,000)
Interest expense 484,533,000
Interest income (150,000)
Other (income)/expense, net (189,000)
---------------
Earnings before income taxes (399,871,000)
Income taxes (benefit) (150,713,000)
---------------
Net Earnings (loss) ($249,158,000)
==============
Headquartered in Chicago, Illinois, USG Corporation --
http://www.usg.com/-- through its subsidiaries, is a leading
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes.
The Company filed for chapter 11 protection on June 25, 2001
(Bankr. Del. Case No. 01-02094). David G. Heiman, Esq., Gus
Kallergis, Esq., Brad B. Erens, Esq., Michelle M. Harner, Esq.,
Mark A. Cody, Esq., and Daniel B. Prieto, Esq., at Jones Day
represent the Debtors in their restructuring efforts.
Lewis Kruger, Esq., Kenneth Pasquale, Esq., and Denise Wildes,
Esq., represent the Official Committee of Unsecured Creditors.
Elihu Inselbuch, Esq., and peter Van N. Lockwood, Esq., at Caplin
& Drysdale, Chartered, represent the Official Committee of
Asbestos Personal Injury Claimants. Martin J. Bienenstock, Esq.,
Judy G. Z. Liu, Esq., Ralph I. Miller, Esq., and David A.
Hickerson, Esq., at Weil Gotshal & Manges LLP represent the
Statutory Committee of Equity Security Holders. Dean M. Trafelet
is the Future Claimants Representative. Michael J. Crames, Esq.,
and Andrew A. Kress, Esq., at Kaye Scholer, LLP, represent the
Future Claimants Representative. Scott Baena, Esq., and Jay
Sakalo, Esq., at Bilzen Sumberg Baena Price & Axelrod LLP,
represent the Asbestos Property Damage Claimants Committee.
When the Debtors filed for protection from their creditors, they
listed $3,252,000,000 in assets and $2,739,000,000 in debts.
(USG Bankruptcy News, Issue No. 110; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
WINN-DIXIE: Incurs $6.5 Net Loss in Four Weeks Ended April 5
------------------------------------------------------------
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Balance Sheet
At April 5, 2006
(In thousands)
Assets
Current assets:
Cash and cash equivalents $131,714
Marketable securities 14,191
Trade and other receivables, net 159,604
Insurance claims receivable 52,356
Income tax receivable 30,382
Merchandise inventories, net 493,889
Prepaid expenses and other current assets 46,646
------------
Total current assets 928,782
Property, plant and equipment, net 530,625
Other assets, net 116,606
------------
Total assets $1,576,013
===========
Liabilities and Shareholders' Deficit
Current liabilities:
Current borrowings under DIP Credit Facility $40,552
Current portion of long-term debt 228
Current obligations under capital leases 3,834
Accounts payable 225,492
Reserve for self-insurance liabilities 88,642
Accrued wages and salaries 77,871
Accrued rent 27,608
Accrued expenses 111,978
------------
Total current liabilities 576,205
Reserve for self-insurance liabilities 143,744
Long-term debt 204
Obligations under capital leases 4,788
Other liabilities 16,496
------------
Total liabilities not subject to compromise 741,437
Liabilities subject to compromise 1,119,138
------------
Total liabilities 1,860,575
Shareholders' deficit:
Common stock 141,872
Additional paid-in-capital 33,565
Accumulated deficit (425,367)
Accumulated other comprehensive loss (34,632)
------------
Total shareholders' deficit (284,562)
------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $1,576,013
===========
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Operations
Four Weeks Ended April 5, 2006
(In thousands)
Net sales $581,422
Cost of sales 425,856
------------
Gross profit on sales 155,566
Other operating and administrative expenses 158,480
Impairment charges 2,126
Restructuring charges 340
------------
Operating loss (5,380)
Interest expense, net 552
------------
Loss before reorganization items and income taxes (5,932)
Reorganization items, net expense 3,700
Income tax expense -
------------
Net loss from continuing operations (9,632)
Discontinued operations:
Loss from discontinued operations (3,776)
Gain on disposal of discontinued operations 6,835
Income tax expense -
------------
Net earnings from discontinued operations 3,059
------------
Net loss ($6,573)
========
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Cash Flows
Four Weeks Ended April 5, 2006
(In thousands)
Cash flows from operating activities:
Net loss ($6,573)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Gain on sales of assets, net (2,853)
Reorganization items, net expense 3,700
Depreciation and amortization 8,083
Impairment charges 5,326
Stock compensation plans 1,590
Change in operating assets and liabilities:
Trade and other receivables 30,802
Merchandise inventories 10,285
Prepaid expenses and other current assets 11,125
Accounts payable (12,945)
Reserve for self-insurance liabilities 1,541
Lease liability on closed facilities (7,193)
Income taxes receivable (62)
Defined benefit plan (125)
Other accrued expenses 3,775
------------
Net cash provided by operating
activities before reorganization items 46,476
Cash effect of reorganization items (7,385)
------------
Net cash provided by operating activities 39,091
Cash flows from investing activities:
Purchases of property, plant and equipment (3,225)
Increase in investments and other assets (3,241)
Proceeds from sales of assets 3,199
Purchases of marketable securities (639)
Sales of marketable securities 515
Other 538
------------
Net cash used in investing activities (2,853)
Cash flows from financing activities:
Gross borrowings on DIP Credit Facility 1,072
Gross payments on DIP Credit Facility (552)
Principal payments on long-term debt (18)
Principal payments on capital lease obligations (119)
Other 213
------------
Net cash used in financing activities 596
------------
Increase in cash and cash equivalents 36,834
Cash and cash equivalents at beginning of period 94,880
------------
Cash and cash equivalents at end of period $131,714
=========
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers. The Company operates stores across the
Southeastern United States and in the Bahamas and employs
approximately 90,000 people. The Company, along with 23 of its
U.S. subsidiaries, filed for chapter 11 protection on Feb. 21,
2005 (Bankr. S.D.N.Y. Case No. 05-11063, transferred Apr. 14,
2005, to Bankr. M.D. Fla. Case Nos. 05-03817 through 05-03840).
D.J. Baker, Esq., at Skadden Arps Slate Meagher & Flom LLP, and
Sarah Robinson Borders, Esq., and Brian C. Walsh, Esq., at King &
Spalding LLP, represent the Debtors in their restructuring
efforts. Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors. Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors. Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee. When the Debtors filed for protection from their
creditors, they listed $2,235,557,000 in total assets and
$1,870,785,000 in total debts. (Winn-Dixie Bankruptcy News, Issue
No. 38; 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.
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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
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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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