/raid1/www/Hosts/bankrupt/TCR_Public/060527.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 27, 2006, Vol. 10, No. 125
Headlines
ALLIED HOLDINGS: Posts $416,000 Net Loss in March 2006
CALPINE CORP: Files Amended Schedules of Assets and Liabilities
CALPINE CORP: Baytown Power Files Schedules of Assets and Debts
CALPINE CORP: Calgen Expansion Files Schedules of Assets and Debts
CALPINE CORP: Calgen Finance Files Schedules of Assets and Debts
CALPINE CORPORATION: Calpine Construction Files Schedules
CALPINE CORP: Calpine Operating Files Schedules of Assets & Debts
CALPINE CORP: CPE Finance Files Schedules of Assets & Liabilities
CALPINE CORP: 85 Debtors File Schedules of Assets & Liabilities
COLLINS & AIKMAN: Posts $22.7 Million Net Loss in April 2006
FEDERAL-MOGUL: Global Posts $27.1 Million Net Loss in March 2006
FLYI INC: Files Monthly Operating Report for April 2006
FLYI INC: Independence Air Posts $8.1 Mil. Net Loss in April 2006
WINN-DIXIE: Posts $81 Million Net Loss in Four Weeks Ended May 3
*********
ALLIED HOLDINGS: Posts $416,000 Net Loss in March 2006
------------------------------------------------------
Allied Holdings, Inc., and its Debtor Subsidiaries
Unaudited Consolidated Balance Sheet
As of March 31, 2006
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $297
Receivables, net of allowances 57,647
Related party receivables 14,837
Inventories 5,149
Deferred income taxes 202
Prepayments and other current assets 48,750
---------
Total current assets 126,882
Property and equipment, net 119,524
Goodwill, net 3,545
Other noncurrent assets 22,640
Investment in related parties 26,402
---------
TOTAL ASSETS $298,993
=========
Liabilities and Stockholders' Deficit
Current liabilities not subject to compromise
DIP facility $150,496
Accounts and notes payable 49,182
Accrued liabilities 65,231
---------
Total current liabilities 264,909
Long-term liabilities not subject to compromise
Postretirement benefits 4,309
Deferred income taxes 218
Other long term liabilities 20,313
---------
Total long term liabilities 24,840
Liabilities subject to compromise 199,281
Stockholders deficit (190,037)
---------
Total liabilities & stockholders deficit $298,993
=========
Allied Holdings, Inc., and its Debtor Subsidiaries
Unaudited Consolidated Statement of Operations
For the Month Ended March 31, 2006
(In Thousands)
Revenues $92,703
Operating Expenses
Salaries, Wages & Fringe benefits 45,825
Operating supplies & expenses 17,396
Purchased transportation 11,692
Insurance, claims 4,286
Operating tax & licenses 2,686
Depreciation & amortization 2,336
Rents 609
Communications & utilities 702
Other operating expenses 791
---------
Total Operating Expenses 86,323
---------
Operating Income (Loss) 6,380
Other Income (Expense)
Interest expense (4,789)
Investment income 3
Foreign exchange (726)
---------
(5,512)
---------
Income before reorganization items and income taxes 868
Reorganization items (1,265)
---------
Loss before income taxes (397)
Income tax expense (19)
---------
NET INCOME (LOSS) ($416)
=========
The Debtors disclose cash disbursements totaling $5,115,326
during March 2006.
Headquartered in Decatur, Georgia, Allied Holdings, Inc. (OTC Pink
Sheets: AHIZQ.PK) -- http://www.alliedholdings.com/-- and its
affiliates provide short-haul services for original equipment
manufacturers and provide logistical services. The Company
and 22 of its affiliates filed for chapter 11 protection on
July 31, 2005 (Bankr. N.D. Ga. Case Nos. 05-12515 through
05-12537). Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP,
represents the Debtors in their restructuring efforts. Henry S.
Miller at Miller Buckfire & Co., LLC, serves as the Debtors'
financial advisor. Anthony J. Smits, Esq., at Bingham McCutchen
LLP, provides the Official Committee of Unsecured Creditors with
legal advice and Russell A. Belinsky at Chanin Capital Partners,
LLC, provides financial advisory services to the Committee. When
the Debtors filed for protection from their creditors, they
estimated more than $100 million in assets and debts. (Allied
Holdings Bankruptcy News, Issue No. 22; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CALPINE CORP: Files Amended Schedules of Assets and Liabilities
---------------------------------------------------------------
Calpine Corporation amended its Schedules of Assets and
Liabilities to indicate that Peter Cartwright's claim is
contingent, unliquidated, and disputed. The Debtors scheduled
Mr. Cartwright for $7,882,000.
A full-text copy of the Amended Schedules is available for free
at http://ResearchArchives.com/t/s?9bf
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. Miller Buckfire & Co. serves as the
Debtors' financial advisor. Michael S. Stamer, Esq., at Akin
Gump Strauss Hauer & Feld LLP, represents the Official Committee
of Unsecured Creditors. Lazard Freres & Co. LLC serves as the
Committee's financial advisor. 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. 16;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Baytown Power Files Schedules of Assets and Debts
---------------------------------------------------------------
A. Real Estate $0
B. Personal Property
B.13 Stock interests undetermined
See http://ResearchArchives.com/t/s?9c7
B.14 Interests in partnerships undetermined
See http://ResearchArchives.com/t/s?9c7
TOTAL SCHEDULED ASSETS $0
===
C. Property Claimed as Exempt Not applicable
D. Secured Claims
Wilmington Trust FSB $1,740,013,735
Morgan Stanley Senior Funding 711,365,755
The Bank of Nova Scotia 0
E. Unsecured priority claims
Taxing authorities Undetermined
See http://ResearchArchives.com/t/s?9c8
F. Unsecured non-priority claims 0
TOTAL SCHEDULED LIABILITIES $2,451,379,490
===============
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. Miller Buckfire & Co. serves as the
Debtors' financial advisor. Michael S. Stamer, Esq., at Akin
Gump Strauss Hauer & Feld LLP, represents the Official Committee
of Unsecured Creditors. Lazard Freres & Co. LLC serves as the
Committee's financial advisor. 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. 16;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Calgen Expansion Files Schedules of Assets and Debts
------------------------------------------------------------------
A. Real Estate $0
B. Personal Property
B.13 Stock interests undetermined
See http://ResearchArchives.com/t/s?9c9
B.14 Interests in partnerships undetermined
See http://ResearchArchives.com/t/s?9c9
TOTAL SCHEDULED ASSETS $0
===
C. Property Claimed as Exempt Not applicable
D. Secured Claims
Wilmington Trust FSB 1,740,013,735
Morgan Stanley Senior Funding 711,365,755
The Bank of Nova Scotia 0
E. Unsecured priority claims
Taxing authorities Undetermined
See http://ResearchArchives.com/t/s?9ca
F. Unsecured non-priority claims
Intercompany claims
Baytown Energy Center, LP 29,085
CalGen Project Equipment
Finance Company One, LLC 12,873
Calpine Corporation 158,496,428
Calpine Generating Company, LLC 992,814
Calpine Oneta Power, L.P. 53,759
Carville Energy LLC 31,393
Columbia Energy LLC 7,578,318
Corpus Christi Cogeneration L.P. 28,113
Decatur Energy Center, LLC 43,210
Delta Energy Center, LLC (85,721,274)
Freestone Power Generation LP 58,636
Los Medanos Energy Center LLC (77,891,364)
Morgan Energy Center, LLC 34,160
Pastoria Energy Facility L.L.C. 2,808,798
Zion Energy LLC 22,767
TOTAL SCHEDULED LIABILITIES $2,457,957,206
===============
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. Miller Buckfire & Co. serves as the
Debtors' financial advisor. Michael S. Stamer, Esq., at Akin
Gump Strauss Hauer & Feld LLP, represents the Official Committee
of Unsecured Creditors. Lazard Freres & Co. LLC serves as the
Committee's financial advisor. 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. 16;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Calgen Finance Files Schedules of Assets and Debts
----------------------------------------------------------------
A. Real Estate $0
B. Personal Property
B.13 Stock interests undetermined
See http://ResearchArchives.com/t/s?9cb
B.14 Interests in partnerships undetermined
See http://ResearchArchives.com/t/s?9cb
TOTAL SCHEDULED ASSETS $0
===
C. Property Claimed as Exempt Not applicable
D. Secured Claims
Wilmington Trust FSB 1,740,013,735
E. Unsecured priority claims
Taxing authorities Undetermined
See http://ResearchArchives.com/t/s?9cc
F. Unsecured non-priority claims 0
TOTAL SCHEDULED LIABILITIES $1,740,013,735
===============
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. Miller Buckfire & Co. serves as the
Debtors' financial advisor. Michael S. Stamer, Esq., at Akin
Gump Strauss Hauer & Feld LLP, represents the Official Committee
of Unsecured Creditors. Lazard Freres & Co. LLC serves as the
Committee's financial advisor. 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. 16;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORPORATION: Calpine Construction Files Schedules
---------------------------------------------------------
A. Real Estate $0
B. Personal Property
B.1 Cash on Hand 165
B.2 Bank Accounts
HSH Nordbank 50,000,000
Union Bank of California 553,929
B.13 Stock interests undetermined
See http://ResearchArchives.com/t/s?9c4
B.14 Interests in partnerships undetermined
See http://ResearchArchives.com/t/s?9c4
B.18 Other liquidated debts 559,930
B.28 Office equipment and supplies 2,393,815
B.29 Machinery, fixtures, equipment 146,264,453
See http://ResearchArchives.com/t/s?9c5
B.35 Other personal property 344,576
TOTAL SCHEDULED ASSETS $200,116,869
=============
C. Property Claimed as Exempt Not applicable
D. Secured Claims 0
E. Unsecured priority claims
Taxing authorities Undetermined
See http://ResearchArchives.com/t/s?9c6
F. Unsecured non-priority claims
Trade payables 343,210
Intercompany claims
Calpine Central, L.P. 23
Calpine Corporation 721,424,857
Calpine Eastern Corporation 13,750
Calpine Greenfield (Holdings) Corp. 38,100,000
Calpine Power Company 206,827
CCFC Equipment Finance Company LLC 105,676,897
CPN Pipeline Company 15,494
Dighton Power Associates Ltd. 19
Hillabee Energy Center LLC 129,386
Towantic Energy, LLC 625
Less: Receivables (99,822,938)
Deferred compensation 101,397
TOTAL SCHEDULED LIABILITIES $766,189,547
=============
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. Miller Buckfire & Co. serves as the
Debtors' financial advisor. Michael S. Stamer, Esq., at Akin
Gump Strauss Hauer & Feld LLP, represents the Official Committee
of Unsecured Creditors. Lazard Freres & Co. LLC serves as the
Committee's financial advisor. 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. 16;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: Calpine Operating Files Schedules of Assets & Debts
-----------------------------------------------------------------
A. Real Estate $0
B. Personal Property
B.1 Cash on Hand 2,382
B.2 Bank Accounts
Union Bank of California-No. 1870033954 1,286,857
Union Bank of California-No. 1870034101 5,580,560
Union Bank of California-No. 1870034446 1,115,747
Others 73,436
B.13 Stock interests undetermined
See http://ResearchArchives.com/t/s?9c1
B.14 Interests in partnerships undetermined
See http://ResearchArchives.com/t/s?9c1
B.18 Other liquidated debts 4,655
B.25 Automobiles, trucks, trailers 12,374
B.28 Office equipment and supplies 6,155,933
B.29 Machinery, fixtures, equipment 73,039,302
See http://ResearchArchives.com/t/s?9c2
B.30 Inventory 4,796,979
B.35 Other personal property 2,389,057
TOTAL SCHEDULED ASSETS $94,457,282
============
C. Property Claimed as Exempt Not applicable
D. Secured Claims 0
E. Unsecured priority claims
Taxing authorities Undetermined
See http://ResearchArchives.com/t/s?9c3
F. Unsecured non-priority claims
Trade payables
Deer Park Energy Center LP 676,829
General Electric International Inc. 1,977,420
Hickham Industries Inc. 1,063,031
Kenny Construction Co. 2,079,769
Nabors Drilling USA Inc. 1,327,982
Western Area Power Administration 965,183
Others 20,862,809
Intercompany claims 296,509,360
Brazos Valley Energy LP 22,129
Calpine Acadia Holdings, LLC 89,467
Calpine Central, L.P. 10,077,647
Calpine Construction Finance Co. LP 5,000
Calpine Construction Mgmt. Co. Inc. 754,279
Calpine Corporation 139,614,697
Calpine Eastern Corporation 1,326,621
Calpine Gilroy Cogen, L.P. 15,105
Calpine King City, Inc. 76
Calpine Pittsburg, LLC 25,023
Calpine Power Company 4,487
Calpine Power, L.P. 963
Calpine Power America, LP 2,456,300
CPN Pipeline Company 206,152
CPN Pleasant Hill, LLC 10,710
Geysers Power Company, LLC 69,507,239
Gilroy Energy Center, LLC 205,209
Hillabee Energy Center, LLC 2,713
Metcalf Holdings, LLC 865
Power Systems MFG., LLC 6,991,425
Thomassen Turbine Systems B.V. 5,929
Less: Receivables (140,798,241)
Deferred compensation 31,133
TOTAL SCHEDULED LIABILITIES $119,507,951
=============
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. Miller Buckfire & Co. serves as the
Debtors' financial advisor. Michael S. Stamer, Esq., at Akin
Gump Strauss Hauer & Feld LLP, represents the Official Committee
of Unsecured Creditors. Lazard Freres & Co. LLC serves as the
Committee's financial advisor. 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. 16;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: CPE Finance Files Schedules of Assets & Liabilities
-----------------------------------------------------------------
A. Real Estate $0
B. Personal Property
B.13 Stock interests undetermined
See http://ResearchArchives.com/t/s?9cd
B.14 Interests in partnerships undetermined
See http://ResearchArchives.com/t/s?9cd
TOTAL SCHEDULED ASSETS $0
===
C. Property Claimed as Exempt Not applicable
D. Secured Claims
Wilmington Trust FSB 1,740,013,735
Morgan Stanley Senior Funding 711,365,755
The Bank of Nova Scotia 0
E. Unsecured priority claims
Taxing authorities Undetermined
See http://ResearchArchives.com/t/s?9ce
F. Unsecured non-priority claims
Intercompany claims
Calpine Generating Company, LLC (122,859,458)
Zion Energy LLC (2,188,324)
TOTAL SCHEDULED LIABILITIES $2,326,331,708
===============
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. Miller Buckfire & Co. serves as the
Debtors' financial advisor. Michael S. Stamer, Esq., at Akin
Gump Strauss Hauer & Feld LLP, represents the Official Committee
of Unsecured Creditors. Lazard Freres & Co. LLC serves as the
Committee's financial advisor. 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. 16;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CALPINE CORP: 85 Debtors File Schedules of Assets & Liabilities
---------------------------------------------------------------
About 85 Debtors filed schedules of assets and liabilities and
statements of financial affairs disclosing $0 assets and $0
liabilities. The Debtors are:
1. Amelia Energy Center, LP;
2. Augusta Development Company, LLC;
3. Blue Spruce Holdings, LLC;
4. Broad River Holdings, LLC;
5. Calpine Bethpage 3 Pipeline Construction Company, Inc.;
6. Calpine California Development Company, LLC;
7. Calpine Power Inc.;
8. CCFC Project Equipment Finance Company One, LLC;
9. Celtic Power Corporation;
10. CES GP, LLC;
11. Cogenamerica Asia, Inc.;
12. Cogenamerica Parlin Supply Corp.;
13. CPN Acadia, Inc.;
14. CPN Berks Generation, Inc.;
15. CPN Berks LLC;
16. CPN Cascade, Inc.;
17. CPN Decatur Pipeline, Inc.;
18. CPN East Fuels, LLC;
19. CPN Oxford, Inc.;
20. CPN Pleasant Hill Operating, LLC;
21. CPN Power Services GP, LLC;
22. CPN Power Services, LP;
23. Deer Park Power GP, LLC;
24. Deer Park Power, LP;
25. Fontana Energy Center, LLC;
26. Geothermal Energy Partners, LLC;
27. Hammond Energy LLC;
28. JMC Bethpage, Inc.;
29. Lake Wales Energy Center, LLC;
30. Magic Valley Gas Pipeline GP, LLC;
31. Magic Valley Gas Pipeline LP;
32. Mt. Vernon Energy LLC;
33. NTC GP, LLC;
34. Odyssey Land Acquisition Company;
35. Pajaro Energy Center, LLC;
36. Pastoria Energy Center, LLC;
37. Philadelphia Biogas Supply Inc.;
38. Phipps Bend Energy Center, LLC;
39. Skipanon Natural Gas, LLC;
40. South Point Holdings, LLC;
41. VEC Holdings, LLC;
42. Venture Acquisition Company;
43. Vineyard Energy Center, LLC;
44. Calpine Amelia Energy Center LP, LLC;
45. Calpine Amelia Energy Center GP, LLC;
46. Calpine Bethpage 3, LLC;
47. Calpine California Energy Finance, LLC;
48. Calpine California Equipment Finance Company, LLC;
49. Calpine Capital Trust;
50. Calpine Capital Trust II;
51. Calpine Capital Trust III;
52. Calpine Capital Trust IV;
53. Calpine Capital Trust V;
54. Calpine Clear Lake Energy, LP;
55. Calpine Clear Lake Energy GP, LLC;
56. Calpine Decatur Pipeline, L.P.;
57. Calpine Decatur Pipeline Inc.;
58. Calpine East Fuels, Inc.;
59. Calpine Energy Holdings, Inc.;
60. Calpine Finance Company;
61. Calpine Gas Holdings LLC;
62. Calpine Gordonsville GP Holdings, LLC;
63. Calpine Gordonsville LP Holdings, LLC;
64. Calpine Hidalgo Power GP, LLC;
65. Calpine Hidalgo Power, LP;
66. Calpine Investment Holdings, LLC;
67. Calpine Kennedy Airport, Inc.;
68. Calpine Leasing, Inc.;
69. Calpine Long Island, Inc.;
70. Calpine Lost Pines Operations, Inc.;
71. Calpine Louisiana Pipeline Company;
72. Calpine Magic Valley Pipeline, Inc.;
73. Calpine NCTP GP, LLC;
74. Calpine NCTP, LP;
75. Calpine NTC, LP;
76. Calpine PowerAmerica - NH, LLC;
77. Calpine PowerAmerica - NY, LLC;
78. Calpine PowerAmerica-OR, LLC;
79. Calpine PowerAmerica-CT, LLC;
80. Calpine Sonoran Pipeline, LLC;
81. Calpine Stony Brook Power Marketing, LLC;
82. Calpine Texas Pipeline LP, Inc.;
83. Calpine Texas Pipeline GP, Inc.;
84. Calpine ULC I Holding, LLC; and
85. Calpine University Power, Inc.
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. Miller Buckfire & Co. serves as the
Debtors' financial advisor. Michael S. Stamer, Esq., at Akin
Gump Strauss Hauer & Feld LLP, represents the Official Committee
of Unsecured Creditors. Lazard Freres & Co. LLC serves as the
Committee's financial advisor. 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. 16;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: Posts $22.7 Million Net Loss in April 2006
------------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of April 30, 2006
ASSETS
Cash $69,333,677
Accounts receivable-trade, net 151,179,343
Other non-trade receivables 5,902,346
Inventories, net 99,547,283
Tooling and molding, net-current 58,156,592
Prepaids & other current assets 68,545,801
Deferred tax assets-current (87,825)
---------------
TOTAL CURRENT ASSETS 452,577,217
Investments in subsidiaries 2,534,708,519
Fixed assets, net 322,630,793
Goodwill, net 978,554,071
Deferred tax assets-long term 25,938,826
Tooling and molding, net-long term 8,407,797
Other noncurrent assets 90,781,082
Intercompany accounts - net 153,178,858
Prepetition intercompany - net 683,934,662
---------------
TOTAL ASSETS $5,250,711,824
===============
LIABILITIES & EQUITY
Notes payable $0
Short term borrowings 0
Advance on receivables 0
Current portion-long term debt 245,562,575
Current portion-capital leases 0
Accounts payable 40,689,531
Accrued interest payable 7,270,105
Accrued & other liabilities 86,691,682
Income taxes payable (5,639,514)
---------------
TOTAL CURRENT LIABILITIES 374,574,380
Liabilities subject to compromise 2,388,837,987
---------------
Total liabilities 2,763,412,366
Total equity 2,487,299,458
---------------
TOTAL LIABILITIES & EQUITY $5,250,711,824
===============
Collins & Aikman Corporation
Income Statement
Month Ending April 30, 2006
Net outside sales $129,530,638
I/C Net sales 10,469,584
---------------
Total sales 140,000,222
Cost of goods sold 139,335,155
---------------
Gross profit 665,067
Selling, general & administrative expenses 19,473,769
---------------
Operating income (18,808,702)
Interest expenses 7,168,400
Intercompany interest, net (2,473,350)
Preferred stock accretion 0
Miscellaneous (income)/expense 0
Corporate allocation adjustment 0
Commission income (179,991)
Commission expense 0
Royalty income (449,357)
Royalty expense 0
Joint Venture (Income)/Expense 0
Minority interest in cons net income 0
Dividend income 0
Discount/Income for Carcorp. 0
Gain/(Loss) early extinguishments of debt 0
Discount/Premium on hedges 0
(Gain)/Loss on hedges 0
(Gain)/Loss on swaps 0
NAAIS Intercompany sales profit 0
Loss on sale of receivables 0
Restructuring provision 0
Foreign transactions - (Gain)/Loss (246,380)
Amort of discount on NPV of liabilities 0
(Gain)/Loss on sale-leaseback transaction 0
---------------
Income from continuing operations before taxes (22,628,024)
Federal income tax 0
State income tax 0
Foreign income tax 23,999
---------------
Income from continuing operations (22,652,023)
Discontinued operations 110,035
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME (LOSS) ($22,762,058)
=============
Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a leading
supplier of instrument panels, automotive fabric, plastic-based
trim, and convertible top systems. The Company has a workforce of
approximately 23,000 and a network of more than 100 technical
centers, sales offices and manufacturing sites in 17 countries
throughout the world. The Company and its debtor-affiliates filed
for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case
No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring. Lazard Freres & Co., LLC,
provides the Debtor with investment banking services. Michael S.
Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents
the Official Committee of Unsecured Creditors Committee. When the
Debtors filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total debts.
(Collins & Aikman Bankruptcy News, Issue No. 31; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
FEDERAL-MOGUL: Global Posts $27.1 Million Net Loss in March 2006
----------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of March 31, 2006
(In millions)
Assets
Cash and equivalents $755.5
Accounts receivable 623.4
Inventories 444.5
Deferred taxes 95.2
Prepaid expenses and other current assets 91.4
----------
Total current assets 2,010.1
Summary of Unpaid Postpetition Debits (54.2)
Intercompany Loans Receivable (Payable) 2,087.7
----------
Intercompany Balances 2,033.6
Property, plant and equipment 864.2
Goodwill 945.7
Other intangible assets 405.3
Insurance recoverable 779.9
Other non-current assets 937.3
----------
Total Assets $7,976.1
=========
Liabilities and Shareholders' Equity
Short-term debt $542.4
Accounts payable 230.5
Accrued compensation 65.3
Restructuring and rationalization reserves 22.4
Current portion of asbestos liability -
Interest payable 2.4
Other accrued liabilities 261.7
----------
Total current liabilities 1,124.7
Long-term debt -
Post-employment benefits 1,896.8
Other accrued liabilities 804.4
Liabilities subject to compromise 5,994.5
Shareholders' equity:
Preferred stock 1,050.6
Common stock 565.8
Additional paid-in capital 8,054.7
Accumulated deficit (10,248.2)
Accumulated other comprehensive income (1,267.1)
Other -
----------
Total Shareholders' Equity (1,844.2)
----------
Total Liabilities and Shareholders' Equity $7,976.1
=========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Three Months Ended March 31, 2006
(In millions)
Net sales $315.4
Cost of products sold 260.7
----------
Gross margin 54.6
Selling, general & administrative expenses (50.5)
Amortization (1.2)
Reorganization items (7.1)
Interest income (expense), net (13.4)
Other income (expense), net (4.3)
----------
Earnings before Income Taxes (21.9)
Income Tax (Expense) Benefit 5.2
----------
Earnings before effect of change in acctg principle (27.1)
Cumulative effect of change in acctg principle -
----------
Net Loss ($27.1)
=======
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended March 31, 2006
(In millions)
Cash Provided From (Used By) Operating Activities:
Net loss ($27.1)
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 13.2
Adjustments of assets held for sale to fair value 10.4
Asbestos Charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg principle -
Change in post-employment benefits (9.6)
Decrease/(increase) in accounts receivable (52.6)
Decrease/(increase) in inventories 13.5
Increase/(decrease) in accounts payable 9.2
Change in other assets and other liabilities 55.1
Change in restructuring charge 2.5
Refunds (payments) against asbestos liability -
----------
Net Cash Provided From Operating Activities 14.6
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (8.2)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses (0.1)
Business acquisitions, net of cash acquired -
Other -
----------
Net Cash Provided From (Used By) Investing Activities (8.3)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (28.8)
Sale of accounts receivable under securitization -
Dividends -
Other (4.8)
----------
Net Cash Provided From Financing Activities (33.6)
Increase (Decrease) in Cash and Equivalents (27.2)
Cash and equivalents at beginning of period 782.7
----------
Cash and equivalents at end of period $755.5
=======
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some
$6 billion. The Company filed for chapter 11 protection on
Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan
Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley
Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski,
Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed US$10.15 billion
in assets and US$8.86 billion in liabilities. Federal-Mogul
Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill,
Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath &
Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq.,
and Eric M. Sutty, Esq., at The Bayard Firm represent the Official
Committee of Unsecured Creditors. (Federal-Mogul Bankruptcy News,
Issue No. 108; Bankruptcy Creditors' Service, Inc., 215/945-7000)
FLYI INC: Files Monthly Operating Report for April 2006
-------------------------------------------------------
FLYi Inc.
Consolidated Balance Sheet
As of April 30, 2006
ASSETS
Current assets
Cash $193,823
Short term investments 1,000,000
Net accounts receivable 379,627,803
IC Notes receivable 4,252,000
-------------
Total Current Assets $385,073,626
-------------
Other assets
Restricted cash 0
Long term investments 7,435,000
Intangible assets 0
Debt issuance cost 0
Aircraft deposits 0
Long term deferred tax 0
Other assets 14,055,412
-------------
Total Other Assets $21,490,412
-------------
TOTAL ASSETS $406,564,038
=============
LIABILITIES
Liabilities not subject to compromise $0
Liabilities subject to compromise
Secured debt 0
Priority debt 0
Unsecured debt 244,926,756
-------------
Total Liabilities $244,926,756
-------------
Owner Equity
Common stock 1,088,716
Additional paid in capital 158,254,512
Treasury stock (35,717,477)
Pre-petition retained earnings 39,858,773
Postpetition retained earnings (1,847,242)
-------------
Net Owners' Equity $161,637,282
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $406,564,038
=============
FLYi Inc.
Statement of Operations
April 2006
Revenues $0
Other income and expenses
Interest income (3,936)
Interest expense -
Other miscellaneous -
-------------
Net Profit(Loss) ($3,936)
=============
Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000. (FLYi Bankruptcy News, Issue No. 18; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
FLYI INC: Independence Air Posts $8.1 Mil. Net Loss in April 2006
-----------------------------------------------------------------
Independence Air Inc.
Consolidated Balance Sheet
As of April 30, 2006
ASSETS
Current assets
Cash $17,870,147
Short term investments 6,300,000
Restricted cash 4,717,398
Net accounts receivable 108,871,873
Net expandable parts and fuel 100,730
Net prepaid expenses 8,383,202
Deferred tax asset (1)
-------------
Total current assets $146,243,349
-------------
Other assets:
Restricted cash 14,881,031
Aircraft deposits 12,662,000
Other assets 488,679
-------------
Total other assets $28,031,710
-------------
TOTAL ASSETS $174,275,059
=============
LIABILITIES
Liabilities not subject to compromise
Accounts payable $7,322,583
Air traffic liability 1,162,335
Accrued liabilities 1,311,865
Amounts due to insiders 8,333
-------------
Total postpetition liabilities $9,805,116
-------------
Liabilities subject to compromise
Secured debt $1,729,225
Priority debt 1,319,657
Unsecured debt 401,991,245
Other accruals 17,881,482
-------------
Total prepetition liabilities $422,921,608
-------------
Total Liabilities $432,726,724
-------------
Owner Equity
Common stock 0
Treasury stock 7,435,000
Owner's equity account -
Pre-petition retained earnings (243,575,613)
Postpetition retained earnings (22,311,052)
Adjustment to owner equity 0
-------------
Net Owners' Equity ($258,451,665)
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $174,275,059
=============
Independence Air Inc.
Statement of Operations
April 2006
Revenues
Operating Revenue
Passenger revenue ($165)
Other revenue 17,853
-------------
Total operating revenues $17,688
-------------
Operating expenses
Insider compensation $8,333
Wages 506,331
Fringes and benefits 291,600
Aircraft fuel (25,846)
Aircraft maintenance and materials 4,818,892
Traffic commissions (266)
Facilities rent (602,730)
Landing fees (615,341)
Depreciation and amortization 31
Others 2,181,925
Retirement and restructuring charge 693,916
-------------
Total operating expense $7,256,845
-------------
Net operating income (7,239,157)
-------------
Net Profit (Loss) before other income & expenses (7,239,157)
-------------
Other income and expenses
Interest income (146,523)
Interest expense 5,055
Other miscellaneous 10,181
-------------
Total other (income) expense (131,287)
-------------
Net Profit (Loss) before reorganization items (7,107,870)
-------------
Reorganization items
Professional fees (942,446)
Income taxes (55,754)
-------------
Net Profit (Loss) ($8,106,070)
=============
Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000. (FLYi Bankruptcy News, Issue No. 18; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
WINN-DIXIE: Posts $81 Million Net Loss in Four Weeks Ended May 3
----------------------------------------------------------------
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Balance Sheet
At May 3, 2006
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $156,314
Marketable securities 14,262
Trade and other receivables, net 155,838
Insurance claims receivable 44,652
Income tax receivable 30,382
Merchandise inventories, net 470,261
Prepaid expenses and other current assets 44,876
------------
Total current assets 916,585
Property, plant and equipment, net 525,805
Other assets, net 116,617
------------
Total assets $1,559,007
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Current borrowings under DIP Credit Facility $40,969
Current portion of long-term debt 230
Current obligations under capital leases 3,832
Accounts payable 225,372
Reserve for self-insurance liabilities 90,355
Accrued wages and salaries 76,642
Accrued rent 29,677
Accrued expenses 112,115
-------------
Total current liabilities 579,192
Reserve for self-insurance liabilities 143,911
Long-term debt 184
Obligations under capital leases 4,672
Other liabilities 15,980
-------------
Total liabilities not subject to compromise 743,939
Liabilities subject to compromise 1,180,520
-------------
Total liabilities 1,924,459
Shareholders' deficit:
Common stock 141,858
Additional paid-in-capital 34,125
Accumulated deficit (507,126)
Accumulated other comprehensive loss (34,309)
-------------
Total shareholders' deficit (365,452)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $1,559,007
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Operations
Four Weeks Ended May 3, 2006
(In thousands)
Net sales $575,138
Cost of sales 422,773
-------------
Gross profit on sales 152,365
Other operating and administrative expenses 161,016
Restructuring charges 2,783
-------------
Operating loss (11,434)
Interest expense, net 265
-------------
Loss before reorganization items and income taxes (11,699)
Reorganization items, net expense 3,054
Income tax expense -
-------------
Net loss from continuing operations (14,753)
Discontinued operations:
Loss from discontinued operations (8,177)
Loss on disposal of discontinued operations (58,829)
Income tax expense -
-------------
Net loss from discontinued operations (67,006)
-------------
Net loss $(81,759)
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Cash Flows
Four Weeks Ended May 3, 2006
(In thousands)
Cash flows from operating activities:
Net loss $(81,759)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Loss on sales of assets, net 1,914
Reorganization items, net expense 3,054
Depreciation and amortization 8,007
Stock compensation plans 546
Change in operating assets and liabilities:
Trade and other receivables 10,482
Merchandise inventories 23,628
Prepaid expenses and other current assets (4,023)
Accounts payable (1,207)
Reserve for self-insurance liabilities 1,327
Lease liability on closed facilities 63,284
Income taxes receivable (16)
Defined benefit plan (89)
Other accrued expenses 3,829
-------------
Net cash provided by operating
activities before reorganization items 28,977
Cash effect of reorganization items (5,576)
-------------
Net cash provided by operating activities 23,401
Cash flows from investing activities:
Purchases of property, plant and equipment (2,840)
Decrease in investments and other assets 3,273
Proceeds from sales of assets 1,237
Purchases of marketable securities (251)
Sales of marketable securities 1,264
Other (1,859)
-------------
Net cash used in investing activities 824
Cash flows from financing activities:
Gross borrowings on DIP Credit Facility 1,056
Gross payments on DIP Credit Facility (639)
Principal payments on long-term debt (18)
Principal payments on capital lease obligations (118)
Other 94
-------------
Net cash provided by financing activities 375
-------------
Increase in cash and cash equivalents 24,600
Cash and cash equivalents at beginning of period 131,714
-------------
Cash and cash equivalents at end of period $156,314
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.
*********
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
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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.
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cases involving less than $1,000,000 in assets and liabilities
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please contact Vito at Parcels, Inc., at 302-658-9911. For
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
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Soriano-Baaclo, Christian Q. Salta, Jason A. Nieva, Lucilo Junior
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Copyright 2006. All rights reserved. ISSN: 1520-9474.
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