/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/060610.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, June 10, 2006, Vol. 10, No. 137 Headlines ALLIED HOLDINGS: Files Monthly Operating Report for April 2006 CALPINE CORPORATION: Posts $370 Million Net Loss in January 2006 CALPINE CORP: Baytown Energy Files Schedules Of Assets & Debts CALPINE CORP: Bethpage Energy Files Schedules Of Assets & Debts CALPINE CORP: Channel Energy Files Schedules Of Assets & Debts CALPINE CORP: Delta Energy Files Schedules Of Assets & Liabilities CALPINE CORP: Los Medanos Files Schedules Of Assets & Liabilities CATHOLIC CHURCH: Portland Files Operating Report for April 2006 CATHOLIC CHURCH: Spokane Files Operating Report for April 2006 DANA CORPORATION: Posts $62 Million Net Loss in March 2006 DANA CORPORATION: Posts $16 Million Net Loss in April 2006 DELPHI CORPORATION: Posts $192 Million Net Loss in April 2006 DELTA AIR: Posts $27 Million Net Loss for the Month of April 2006 INTEGRATED ELECTRICAL: Posts $4.7 Million Net Loss in April 2006 LARGE SCALE: Posts $111,668 Net Loss for Month Ended Feb. 28 LARGE SCALE: Posts $1 Million Net Loss for Month Ended March 31 LARGE SCALE: Posts $238,636 Net Loss for Month Ended April 30 MERIDIAN AUTOMOTIVE: Posts $10.5 Million Net Loss in April 2006 NORTHWEST AIRLINES: Posts $226 Million Net Loss in March 2006 NORTHWEST AIRLINES: Posts $295 Million Net Loss in April 2006 PERFORMANCE TRANSPORTATION: Files Operating Report for April 2006 PLIANT CORPORATION: Posts $62.9 Million Net Loss in April 2006 SAINT VINCENTS: Files Monthly Operating Report for April 2006 THAXTON GROUP: Posts $226,432 Cumulative Net Loss in March 2006 THAXTON GROUP: Earns $132,623 for the Month of April 2006 TOWER AUTOMOTIVE: Posts $13.4 Million Net Loss in April 2006 USG CORPORATION: Earns $48.2 Million for the Month of April 2006 ********* ALLIED HOLDINGS: Files Monthly Operating Report for April 2006 -------------------------------------------------------------- Allied Holdings, Inc., and its Debtor Subsidiaries Unaudited Consolidated Balance Sheet As of April 30, 2006 (In Thousands) Assets Current Assets: Cash and cash equivalents $406 Receivables, net of allowances 58,145 Related party receivables 14,727 Inventories 5,179 Deferred income taxes 202 Prepayments and other current assets 42,840 --------- Total current assets 121,499 Property and equipment, net 121,113 Goodwill, net 3,545 Other noncurrent assets 22,263 Investment in related parties 26,402 --------- TOTAL ASSETS $294,822 ========= Liabilities and Stockholders' Deficit Current liabilities not subject to compromise DIP facility $153,326 Accounts and notes payable 48,552 Accrued liabilities 58,318 --------- Total current liabilities 260,196 Long-term liabilities not subject to compromise Postretirement benefits 4,311 Deferred income taxes 218 Other long term liabilities 20,418 --------- Total long term liabilities 24,947 Liabilities subject to compromise 199,486 Stockholders deficit (189,807) --------- Total liabilities & stockholders deficit $294,822 ========= Allied Holdings, Inc., and its Debtor Subsidiaries Unaudited Consolidated Statement of Operations For the Month Ended April 30, 2006 (In Thousands) Revenues $78,066 Operating Expenses Salaries, Wages & Fringe benefits 37,744 Operating supplies & expenses 16,169 Purchased transportation 10,556 Insurance, claims 3,291 Operating tax & licenses 2,503 Depreciation & amortization 2,215 Rents 600 Communications & utilities 540 Other operating expenses 483 Gain on disposal of operating expenses 10 --------- Total Operating Expenses 74,111 --------- Operating Income (Loss) 3,955 Other Income (Expense) Interest expense (3,620) Investment income 4 Foreign exchange 1,812 --------- (1,804) --------- Income before reorganization items and income taxes 2,151 Reorganization items (1,501) --------- Income before income taxes 650 Income tax expense (2) --------- NET INCOME (LOSS) $648 ===== The Debtors disclose cash disbursements totaling $5,190,304 during April 2006. Headquartered in Decatur, Georgia, Allied Holdings, Inc. -- http://www.alliedholdings.com/-- and its affiliates provide short-haul services for original equipment manufacturers and provide logistical services. The Company and 22 of its affiliates filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga. Case Nos. 05-12515 through 05-12537). Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represents the Debtors in their restructuring efforts. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor. Anthony J. Smits, Esq., at Bingham McCutchen LLP, provides the Official Committee of Unsecured Creditors with legal advice and Russell A. Belinsky at Chanin Capital Partners, LLC, provides financial advisory services to the Committee. When the Debtors filed for protection from their creditors, they estimated more than $100 million in assets and debts. (Allied Holdings Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service, Inc., 215/945-7000) CALPINE CORPORATION: Posts $370 Million Net Loss in January 2006 ---------------------------------------------------------------- Calpine Corporation Condensed Consolidating Balance Sheet As of January 31, 2006 ASSETS Current assets $3,042,176,000 Restricted cash, net 614,562,000 Investments 82,031,000 Property, plant & equipment, net 14,086,569,000 Other assets 2,237,595,000 --------------- TOTAL ASSETS $20,062,933,000 =============== LIABILITIES & STOCKHOLDERS' DEFICIT Liabilities not subject to compromise: Current liabilities $7,065,494,000 Long-term debt 2,418,954,000 Long-term derivative liabilities 855,616,000 Other liabilities 652,437,000 Liabilities subject to compromise 14,646,412,000 Minority interest 275,384,000 Stockholders' equity (deficit) (5,851,364,000) --------------- TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT $20,062,933,000 =============== Calpine Corporation Condensed Consolidating Statement of Operations For month ended January 31, 2006 Total revenue $470,055,000 Total cost of revenue 464,662,000 --------------- Gross profit (loss) 5,393,000 Operating expenses 14,262,000 --------------- Income (loss) from operations (8,869,000) Interest expense, net 81,775,000 Other (income) expense, net 20,565,000 --------------- Income (loss) from continuing operations before reorganization items & income taxes (111,209,000) Reorganization items 260,530,000 Benefit from income taxes - --------------- Income (loss) from continuing operations before discontinued operations & cumulative effect of change in accounting principle (371,739,000) Income from discontinued operations - Cumulative effect of change in accounting principle, net 817,000 --------------- Net income (loss) ($370,922,000) =============== 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. 17; Bankruptcy Creditors' Service, Inc., 215/945-7000) CALPINE CORP: Baytown Energy Files Schedules Of Assets & Debts -------------------------------------------------------------- A. Real Property Generation Facility $39,344,581 Easements, Grants of Right of Way, etc. undetermined See http://ResearchArchives.com/t/s?b25 B. Personal Property B.1 Cash on Hand 0 B.2 Bank Accounts 3,727 B.13 Stock interests undetermined See http://ResearchArchives.com/t/s?b27 B.14 Interests in partnerships undetermined See http://ResearchArchives.com/t/s?b27 B.16 Accounts receivable 12,274,731 B.25 Automobiles, trucks, trailers 5,091 B.28 Office equipment and supplies 211,584 B.29 Machinery, fixtures, equipment 373,113,935 See http://ResearchArchives.com/t/s?b28 B.30 Inventory 1,483,446 B.35 Other personal property 263,629 TOTAL SCHEDULED ASSETS $426,700,725 ============ C. Property Claimed as Exempt None D. Secured Claims Morgan Stanley, notes due 2009 610,277,752 Morgan Stanley, notes due 2010 101,088,003 Wilmington Trust FSB, notes due 2009 239,075,226 Wilmington Trust FSB, notes due 2010 647,134,331 Wilmington Trust FSB, notes due 2011 699,970,844 Wilmington Trust FSB, notes due 2011 153,833,333 E. Unsecured priority claims undetermined See http://ResearchArchives.com/t/s?b26 F. Unsecured non-priority claims Trade payables 611,802 Intercompany claims CalGen Expansion Company, LLC (29,085) Calpine Generating Company, LLC 176,368,744 Calpine Oneta Power, L.P. (3,657) Carville Energy LLC 900 Columbia Energy LLC (778) Corpus Christi Cogeneration L.P. (873) Decatur Energy Center, LLC 505 Freestone Power Generation LP (667) Metcalf Energy Center, LLC (25,295) Morgan Energy Center, LLC 263 TOTAL SCHEDULED LIABILITIES $2,628,301,349 ============== 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. 17; Bankruptcy Creditors' Service, Inc., 215/945-7000) CALPINE CORP: Bethpage Energy Files Schedules Of Assets & Debts --------------------------------------------------------------- A. Real Estate $0 B. Personal Property B.1 Cash on Hand 0 B.2 Bank Accounts Wilmington Trust Co. - Construction Acct. 7,898,404 Wilmington Trust Co. - Revenue Acct. 3,621,159 Wilmington Trust Co. - Operating Acct. 112 Wilmington Trust Co. - Major Maintenance 159,384 Wilmington Trust Co. - MRT Reserve Acct. 584,176 Wilmington Trust Co. - Completion Reserve 13,327 Wilmington Trust Co. - Condemnation Reserve 7,967,189 Wilmington Trust Co. - Site Lease Reserve 1,232,036 Union Bank of California - Site Checking 2,500 Union Bank of California - O&M Account 102,527 B.13 Stock interests undetermined See http://ResearchArchives.com/t/s?b29 B.14 Interests in partnerships undetermined See http://ResearchArchives.com/t/s?b29 B.15 Government & corporate bonds 0 B.16 Accounts receivable 2,602,817 B.18 Other liquidated debts 68,889 B.29 Machinery, fixtures, equipment 124,326,852 See http://ResearchArchives.com/t/s?b2a B.30 Inventory 149,637 B.35 Other personal property 448,951 TOTAL SCHEDULED ASSETS $149,177,960 ============ C. Property Claimed as Exempt None D. Secured Claims Wilmington Trust - 1st Lien Credit Deal 109,709,027 Wilmington Trust - 2nd Lien Credit Deal 14,839,349 E. Unsecured priority claims undetermined See http://ResearchArchives.com/t/s?b2b F. Unsecured non-priority claims Trade payables 3,325,127 Senior Notes 1,119,730 TOTAL SCHEDULED LIABILITIES $128,993,233 ============ 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. 17; Bankruptcy Creditors' Service, Inc., 215/945-7000) CALPINE CORP: Channel Energy Files Schedules Of Assets & Debts -------------------------------------------------------------- A. Real Property Generation Facility, Pasadena, TX $33,373,747 B. Personal Property B.1 Cash on hand 0 B.2 Bank Accounts Bank of America Site Checking Account 723 B.13 Interests in partnerships or joint venture undetermined See http://ResearchArchives.com/t/s?b2c B.14 Government and Corporate Bonds undetermined See http://ResearchArchives.com/t/s?b2c B.15 Accounts Receivable 24,627,238 B.25 Vehicles 2,577 B.28 Office equipment, furnishings and supplies 128,108 B.29 Machinery 286,357,245 See http://ResearchArchives.com/t/s?b2e B.30 Inventory 1,884,459 B.35 Other Personal Property 613,491 TOTAL SCHEDULED ASSETS $346,987,588 ============ C. Property Claimed as Exempt None D. Secured Claim Morgan Stanley-1st Priority Term Loan 610,277,752 Morgan Stanley-2nd Priority Term Loan 101,088,003 Wilmington Trust-1st Priority Notes 239,075,226 Wilmington Trust-2nd Priority Notes 647,134,331 Wilmington Trust-3rd Priority Notes 699,970,844 Wilmington Trust-3rd Priority Fixed Notes 153,833,333 E. Unsecured Priority Claims 0 F. Unsecured Non-priority Claims Trade payable 244,853 Intercompany Claims 174,861,269 TOTAL SCHEDULED LIABILITIES $2,626,485,612 ============== 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. 17; Bankruptcy Creditors' Service, Inc., 215/945-7000) CALPINE CORP: Delta Energy Files Schedules Of Assets & Liabilities ------------------------------------------------------------------ A. Real Property Generation Facility, Pittsburg, CA $53,482,131 Generation Facility Access Road, CA 39,529 B. Personal Property B.1 Cash on hand 0 B.13 Interests in partnerships or joint venture undetermined See http://ResearchArchives.com/t/s?b2f B.14 Government and Corporate Bonds undetermined See http://ResearchArchives.com/t/s?b2f B.16 Accounts Receivable 4,660,181 B.28 Office equipment, furnishings and supplies 676,720 B.29 Machinery 499,767,136 See http://ResearchArchives.com/t/s?b30 B.30 Inventory 1200 Arcy Lane, Pittsburgh, CA 2,208,751 B.35 Other Personal Property 1,435,486 TOTAL SCHEDULED ASSETS $562,269,934 ============ C. Property Claimed as Exempt None D. Secured Claim Morgan Stanley-1st Priority Term Loan 610,277,752 Morgan Stanley-2nd Priority Term Loan 101,088,003 Wilmington Trust-1st Priority Notes 239,075,226 Wilmington Trust-2nd Priority Notes 647,134,331 Wilmington Trust-3rd Priority Notes 699,970,844 Wilmington Trust-3rd Priority Fixed Notes 153,833,333 E. Unsecured Priority Claims undetermined See http://ResearchArchives.com/t/s?b31 F. Unsecured Non-priority Claims Contra Costa County Water District 2,184,338 Trade payables 310,514 See http://ResearchArchives.com/t/s?b32 Intercompany claims CalGen Expansion Co. LLC 85,721,274 CalGen Project Eqpt. Finance 85,278,340 Calpine Corporation (86,400,002) Calpine Generating Co. LLC 198,103,598 Corpus Christi Cogeneration LP 455 Los Medanos Energy Center LLC (481,441) Morgan Energy Center LLC (578) Pasadena Cogeneration LP 2,139,094 Pastoria Energy Facility LLC (2,666) TOTAL SCHEDULED LIABILITIES $2,738,231,507 ============== 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. 17; Bankruptcy Creditors' Service, Inc., 215/945-7000) CALPINE CORP: Los Medanos Files Schedules Of Assets & Liabilities ----------------------------------------------------------------- A. Real Property Generation Facility, Pittsburgh, CA $47,908,768 B. Personal Property B.1 Cash on hand 0 B.13 Interests in partnerships or joint venture undetermined See http://ResearchArchives.com/t/s?b33 B.14 Government and Corporate Bonds undetermined See http://ResearchArchives.com/t/s?b33 B.16 Accounts Receivable 6,840,436 B.28 Office equipment, furnishings and supplies 157,181 B.29 Machinery 367,138,472 See http://ResearchArchives.com/t/s?b34 B.30 Inventory 1,485,436 B.35 Other Personal Property 2,424,774 TOTAL SCHEDULED ASSETS $425,955,068 ============ C. Property Claimed as Exempt None D. Secured Claim Morgan Stanley-1st Priority Term Loan 610,277,752 Morgan Stanley-2nd Priority Term Loan 101,088,003 Wilmington Trust-1st Priority Notes 239,075,226 Wilmington Trust-2nd Priority Notes 647,134,331 Wilmington Trust-3rd Priority Notes 699,970,844 Wilmington Trust-3rd Priority Fixed Notes 153,833,333 E. Unsecured Priority Claims undetermined See http://ResearchArchives.com/t/s?b35 F. Unsecured Non-priority Claims Contra Costa County Water District 2,184,338 Trade payables 307,126 See http://ResearchArchives.com/t/s?b36 Intercompany claims CalGen Expansion Company LLC 77,891,364 CalGen Project Eqpt. Finance 84,488,378 Calpine Corporation (77,985,734) Calpine Generation Company LLC 150,227,797 Calpine Oneta Power LP (200,000) Delta Energy Center LLC 481,441 Pastoria Energy Facility LLC (66,382) Thomassen Turbine Systems America (21,805) TOTAL SCHEDULED LIABILITIES $2,688,686,013 ============== 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. 17; Bankruptcy Creditors' Service, Inc., 215/945-7000) CATHOLIC CHURCH: Portland Files Operating Report for April 2006 --------------------------------------------------------------- Pastoral Center Archdiocese of Portland in Oregon Statement of Financial Position As of April 30, 2006 ASSETS Cash and cash equivalents $17,193,758 Accounts receivable, net 1,300,131 Notes, estates and other receivables 11,642,892 Loans receivable from Archdiocesan entities, net 7,547,111 Loans receivable from Archdiocesan housing entities 536,219 Interest receivable and other assets 247,164 Inventories 1,667,584 Real Property 226,688 Deposits and prepaid expenses 48,693 Investments 99,602,213 Advances to Archdiocesan housing entities 1,640,000 Land, buildings, and equipment, net 7,773,120 -------------- Total Assets $149,425,573 ============= LIABILITIES AND NET ASSETS Liabilities: Prepetition Accounts payable 822,302 Accrued liabilities 2,236,486 Funds held for others Second Collections (12) Short-term investments payable 14,831,769 Long-term pool investments payable 18,856,187 Reserve for insurance claims 2,343,946 Notes payable 10,850,972 Pre-need liability and reserve 456,268 Accrued post-retirement liability 7,607,264 -------------- Total Prepetition Liabilities 58,005,182 -------------- Postpetition Accounts payable 448,646 Accrued liabilities 6,058,872 Funds held for others Second Collections 289,328 Short-term investments payable 2,922,970 Long-term pool investments 5,120,563 Reserve for insurance claims (15,922) Notes payable - Pre-need liability and reserve 34,416 Accrued post-retirement liability 404,521 -------------- Total Postpetition Liabilities 15,263,394 -------------- Total Liabilities 73,268,576 -------------- Net Assets: Prepetition Net Assets: Charitable Trust Assets 69,963,455 Other Assets (3,573,694) -------------- Total Prepetition Net Assets 66,389,761 -------------- Postpetition Net Assets: Charitable Trust Assets 7,616,637 Other Assets 2,150,599 -------------- Total Postpetition Net Assets 9,767,236 -------------- Total Net Assets 76,156,997 -------------- Total liabilities & net assets $149,425,573 ============= Pastoral Center Archdiocese of Portland in Oregon Statement of Activities For the month ending April 30, 2006 Revenues, gains and other support Annual Catholic Appeal income $568 Gross profit on cemetery sales 59,246 Contributions, gifts, annuities and bequests 13,971 Operating support - Oregon Catholic Press - Investment income and realized gains (losses), net of expenses 481,914 Change in unrealized gains (losses) 785,312 Insurance premiums, net 490 Interest income from loans 35,922 Parish assessments 251,797 Other income 148,438 Departmental revenues (1,879) Net assets released from restrictions - -------------- Total revenues, gains, and other support $1,775,779 -------------- Expenses and program support: Program Services: Annual Catholic Appeal program support, grants and parish subsidies 311,742 Clergy Services 51,773 Catholic Schools 32,059 Pastoral Services 77,947 Evangelization Services 43,371 Public Services 9,422 Tribunal Services 20,445 Deposit and loan interest 151,150 Insurance program 401,175 Cemetery operating expenses 70,881 High School grants/charitable annuities 11,406 Other program expenses 69,924 -------------- Total program services 1,251,295 -------------- Supporting Services: Archbishop, Vicar General and Chancellor Services 69,843 Finance & Administration: Resource Development 9,800 Business Affairs 9,520 Financial Services 20,811 Human Resources 26,631 Shared Services 28,186 Occupancy and physical plant expenses 12,519 Designated funds expense 111,726 Bankruptcy expense 356,835 Depreciation expense - -------------- Total supporting services 645,871 -------------- Total expenses and program support 1,897,166 -------------- Increase (decrease) in net assets before transfers and designations of net assets (121,387) Fund transfers - in (out) - Designation of net assets - -------------- Increase (decrease) in net assets (121,387) Net assets at beginning of year 76,278,384 -------------- Net assets at end of year $76,156,997 ============ Archdiocese of Portland in Oregon Statement of Cash Receipts and Disbursements For the month ending April 30, 2006 Beginning Cash Balance: $16,553,128 Add: Transfers in 768,861 Receipts Deposited 2,314,550 Other (Return of Direct Deposits) - Other (Interest Income) 56,383 -------------- Total Cash Receipts 3,139,794 Subtract: Transfers out (768,861) Disbursements by check or debit (1,724,135) Cash withdrawn - Other (Service Charges) (5,110) Other (Misc Check Correction) 35 Other (NSF Checks) (1,091) Other (Clear Interfund Rec/Pay) 0 -------------- Total Cash Disbursements (2,499,163) -------------- Ending Cash Balance $17,193,758 ============ The Archdiocese of Portland in Oregon filed for chapter 11 protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004. Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman Shank LLP, represent the Portland Archdiocese in its restructuring efforts. Albert N. Kennedy, Esq., at Tonkon Torp, LLP, represents the Official Tort Claimants Committee in Portland, and scores of abuse victims are represented by other lawyers. David A. Foraker serves as the Future Claimants Representative appointed in the Archdiocese of Portland's Chapter 11 case. In its Schedules of Assets and Liabilities filed with the Court on July 30, 2004, the Portland Archdiocese reports $19,251,558 in assets and $373,015,566 in liabilities. (Catholic Church Bankruptcy News, Issue No. 60; Bankruptcy Creditors' Service, Inc., 215/945-7000) CATHOLIC CHURCH: Spokane Files Operating Report for April 2006 -------------------------------------------------------------- Catholic Diocese of Spokane Balance Sheet As of April 30, 2006 ASSETS Total Cash Accounts $2,685,745 Total Investments 3,881,198 Total Property 495,004 Total Loans Receivable 2,774,888 Total Interfund Loan Receivable 396,887 Total Accounts Receivable 66,355 Total Land and Buildings & Equip 2,474,977 Total Prepaid Expenses 55,684 -------------- Total Assets $12,830,738 ============ LIABILITIES AND NET ASSETS Liabilities Total Deposits Payable 7,694,436 Total Interest Payable - Total Accounts Payable 11,675 Total Long-term Liabilities 9,335,400 Net Assets Total Unrestricted - Fund Balance (17,368,462) Total Unrestricted Net Assets (17,368,462) T.R. - Guse Grant Funds 321,873 T.R. - Bishop's School Grants Funds 122,531 Total Replacement Fund 10,505,389 Total Diocesan D&L Funding 2,176,115 Total Guatemala Funds 606,186 Temporarily Restricted (80) -------------- Total liabilities & net assets 12,960,738 =========== Catholic Diocese of Spokane Income and Expense Statement For the month ending April 30, 2006 Total Income $2,772,490 Total Expenses 5,596,963 -------------- Net Excess or Deficit $2,824,472 =========== The Diocese of Spokane's Statement of Cash Receipts and Disbursements for the period April 1 to 30, 2006, shows ending balance of $2,647,091. Total cash receipts for the period is $470,119, while total cash disbursements is $88,848. A full-text copy of the Diocese's April 2006 Operating Report is available for free at: http://ResearchArchives.com/t/s?b20 The Roman Catholic Church of the Diocese of Spokane filed for chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen, Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $11,162,938 in total assets and $81,364,055 in total debts. (Catholic Church Bankruptcy News, Issue No. 60; Bankruptcy Creditors' Service, Inc., 215/945-7000) DANA CORPORATION: Posts $62 Million Net Loss in March 2006 ---------------------------------------------------------- Dana Corporation Unaudited Condensed Balance Sheet At March 31, 2006 ASSETS CURRENT ASSETS Cash and cash equivalent assets $815,000,000 Accounts receivable Trade 1,285,000,000 Other 299,000,000 Inventories 680,000,000 Assets of discontinued operations 528,000,000 Other current assets 166,000,000 ---------------- Total current assets $3,773,000,000 ---------------- Investments and other assets 1,320,000,000 Investments in equity affiliates 908,000,000 Property, plant and equipment, net 1,641,000,000 ---------------- TOTAL ASSETS $7,642,000,000 ================ LIABILITY AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Notes payable, including current portion of long-term debt $29,000,000 Accounts payable 797,000,000 Liabilities of discontinued operations 228,000,000 Other accrued liabilities 609,000,000 ---------------- Total current liabilities $1,663,000,000 ---------------- Liabilities subject to compromise $4,505,000,000 Deferred employee benefits and other non-current liabilities 218,000,000 Long-term debt 15,000,000 DIP financing 700,000,000 Minority interest in consolidates subsidiaries 85,000,000 Shareholder' equity 456,000,000 ---------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $7,642,000,000 =============== Dana Corporation Unaudited Condensed Statement of Operations For the Month Ended March 31, 2006 Net Sales $826,000,000 Costs and expenses Costs of sales 770,000,000 Selling, general and administrative expenses 22,000,000 Other income, net 12,000,000 ---------------- Income (loss) from operations $46,000,000 Interest expense 6,000,000 Reorganization charges 55,000,000 ---------------- Income (loss) before income taxes (15,000,000) Income tax (expense) benefit (13,000,000) Minority interest - Equity in earnings of affiliates (7,000,000) ---------------- Income (loss) before continuing operations (35,000,000) Income (loss) from discontinued operations (27,000,000) ---------------- Net income (loss) ($62,000,000) ============= Dana Corporation Unaudited Condensed Statement of Cash Flow For the Month Ended March 31, 2006 OPERATING ACTIVITIES Net income (loss) ($62,000,000) Depreciation and amortization 22,000,000 Charges related to divestitures and asset sales 28,000,000 Reorganization charges 55,000,000 Payment of reorganization charges (28,000,000) Working capital 81,000,000 Other 98,000,000 ---------------- Net cash flow provided by (used for) operating activities $194,000,000 INVESTING ACTIVITIES Purchases of property, plant and equipment (40,000,000) Others 14,000,000 ---------------- Net cash flow provided by (used for) operating activities ($26,000,000) FINANCING ACTIVITIES Net change in short-term debt (609,000,000) Payments of long-term debt (4,000,000) Proceeds from DIP facility 700,000,000 Issuance of long-term debt - ---------------- Net cash flow provided by (used for) operating activities $87,000,000 Net increase in cash equivalents 255,000,000 ---------------- Cash and cash equivalents, beginning of period 560,000,000 ---------------- Cash and cash equivalents, end of period $815,000,000 ============= Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed $7.9 billion in assets and $6.8 billion in liabilities as of Sept. 30, 2005. (Dana Corporation Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., 215/945-7000). DANA CORPORATION: Posts $16 Million Net Loss in April 2006 ---------------------------------------------------------- Dana Corporation Unaudited Condensed Balance Sheet At April 30, 2006 ASSETS CURRENT ASSETS Cash and cash equivalent assets $812,000,000 Accounts receivable Trade 1,354,000,000 Other 341,000,000 Inventories 704,000,000 Assets of discontinued operations 554,000,000 Other current assets 166,000,000 ---------------- Total current assets $3,931,000,000 ---------------- Investments and other assets 1,355,000,000 Investments in equity affiliates 922,000,000 Property, plant and equipment, net 1,674,000,000 ---------------- TOTAL ASSETS $7,882,000,000 ================ LIABILITY AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Notes payable, including current portion of long-term debt $34,000,000 Accounts payable 978,000,000 Liabilities of discontinued operations 238,000,000 Other accrued liabilities 686,000,000 ---------------- Total current liabilities $1,936,000,000 ---------------- Liabilities subject to compromise $4,413,000,000 Deferred employee benefits and other non-current liabilities 232,000,000 Long-term debt 15,000,000 DIP financing 700,000,000 Minority interest in consolidates subsidiaries 87,000,000 Shareholder' equity 499,000,000 ---------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $7,882,000,000 ================ Dana Corporation Unaudited Condensed Statement of Operations For the Month Ended April 30, 2006 Net Sales $693,000,000 Costs and expenses Costs of sales 659,000,000 Selling, general and administrative expenses 35,000,000 Other income, net 12,000,000 ---------------- Income (loss) from operations $11,000,000 Interest expense 7,000,000 Reorganization charges 7,000,000 ---------------- Income (loss) before income taxes (3,000,000) Income tax (expense) benefit (8,000,000) Minority interest (1,000,000) Equity in earnings of affiliates (1,000,000) ---------------- Income (loss) before continuing operations (13,000,000) Income (loss) from discontinued operations (3,000,000) ---------------- Net income (loss) ($16,000,000) ================ Dana Corporation Unaudited Condensed Statement of Cash Flow For the Month Ended April 30, 2006 OPERATING ACTIVITIES Net income (loss) ($16,000,000) Depreciation and amortization 21,000,000 Charges related to divestitures and asset sales - Reorganization charges 7,000,000 Payment of reorganization charges - Working capital 24,000,000 Other (1,000,000) ---------------- Net cash flow provided by (used for) operating activities $35,000,000 INVESTING ACTIVITIES Purchases of property, plant and equipment (26,000,000) Proceeds from sale of other assets 1,000,000 Others (18,000,000) ---------------- Net cash flow provided by (used for) operating activities ($43,000,000) FINANCING ACTIVITIES Net change in short-term debt (5,000,000) Payments of long-term debt - Proceeds from DIP facility - Issuance of long-term debt - ---------------- Net cash flow provided by (used for) operating activities $5,000,000 Net increase in cash equivalents (3,000,000) ---------------- Cash and cash equivalents, beginning of period 815,000,000 ---------------- Cash and cash equivalents, end of period $812,000,000 ================ Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed $7.9 billion in assets and $6.8 billion in liabilities as of Sept. 30, 2005. (Dana Corporation Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., 215/945-7000). DELPHI CORPORATION: Posts $192 Million Net Loss in April 2006 ------------------------------------------------------------- Delphi Corporation, et al. Unaudited Consolidated Balance Sheet As of April 30, 2006 (In Millions) ASSETS Current assets: Cash and cash equivalents $993 Accounts receivable, net General Motors and affiliates 1,820 Other third parties 1,315 Non-Debtor subsidiaries 305 Notes receivable from non-Debtor subsidiaries 366 Inventories, net Productive material, work-in-process and supplies 865 Finished goods 341 Prepaid expenses and other 476 -------- TOTAL CURRENT ASSETS 6,481 Long-term assets: Property, net 2,657 Goodwill 139 Other intangible assets 39 Pension intangible assets 871 Investments in non-Debtor subsidiaries 3,364 Other 723 -------- TOTAL ASSETS $14,274 ======== LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities not subject to compromise: Secured debt in default 2,492 Accounts payable 1,174 Accounts payable to non-Debtor subsidiaries 493 Accrued liabilities 643 -------- TOTAL CURRENT LIABILITIES 4,802 Long-term liabilities not subject to compromise: Debtor-in-possession financing 250 Employee benefit plan obligations and other 625 -------- TOTAL LONG-TERM LIABILITIES 875 Liabilities subject to compromise 15,218 -------- TOTAL LIABILITIES 20,895 Stockholders' deficit: Common stock 6 Additional paid-in capital 2,755 Accumulated deficit (6,965) Minimum pension liability (2,291) Accumulated other comprehensive loss (74) Treasury stock, at cost (3.2 million shares) (52) -------- TOTAL STOCKHOLDERS' DEFICIT (6,621) -------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $14,274 ======== Delphi Corporation, et al. Unaudited Consolidated Statement of Operations Month Ended April 30, 2006 (In Millions) Net sales: General Motors and affiliates $761 Other customers 548 Intercompany non-Debtor subsidiaries 48 -------- Total net sales 1,357 -------- Operating expenses: Cost of sales, excluding items listed below 1,391 Selling, general and administrative 90 Depreciation and amortization 57 Goodwill and long-lived asset impairment charges - -------- Total operating expenses 1,538 -------- Operating loss (181) Interest expense (30) Other expense, net (1) Reorganization items (5) Income tax benefit (expense) 1 Equity income from non-consolidated subsidiaries 2 Equity income from non-Debtor subsidiaries, net of tax 22 -------- NET LOSS ($192) ====== Delphi Corporation, et al. Unaudited Consolidated Statement of Cash Flows Month Ended April 30, 2006 (In Millions) Cash flows from operating activities: Net loss ($192) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 57 Pension and other postretirement benefit expenses 128 Equity income from unconsolidated subsidiaries, net (2) Equity income from non-Debtor subsidiaries, net of tax (22) Reorganization items 5 Changes in operating assets and liabilities: Accounts receivable, net 85 Inventories, net (63) Prepaid expenses and other 28 Accounts payable, accrued and other long-term debts 41 Pension contributions (59) Other postretirement benefit payments (17) Receipts (payments) for reorganization items, net 2 Other 51 -------- Net cash used in operating activities 42 Cash flows from investing activities: Capital expenditures (32) Proceeds from sale of property - -------- Net cash used in investing activities (32) Cash flows from financing activities: Repayments of note payable to non-Debtor subsidiary (1) Repayments of other debt - -------- Net cash used in financing activities (1) -------- Increase in cash and cash equivalents 9 Cash and cash equivalents at beginning of period 984 -------- Cash and cash equivalents at end of period $993 ===== Troy, Mich.-based, Delphi Corporation -- http://www.delphi.com/ -- is the single largest global supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The Company's technology and products are present in more than 75 million vehicles on the road worldwide. The Company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Aug. 31, 2005, the Debtors' balance sheet showed $17,098,734,530 in total assets and $22,166,280,476 in total debts. (Delphi Bankruptcy News, Issue No. 27; Bankruptcy Creditors' Service, Inc., 215/945-7000) DELTA AIR: Posts $27 Million Net Loss for the Month of April 2006 ----------------------------------------------------------------- DELTA AIR LINES, INC. Unaudited Consolidated Balance Sheet As of April 30, 2006 ASSETS CURRENT ASSETS: Cash and cash equivalents $2,123,000,000 Short-term investments $331,000,000 Restricted cash 940,000,000 Accounts receivable, net of an allowance for uncollectible accounts of $38 1,056,000,000 Expendable parts and supplies inventories, net of an allowance for obsolescence of $205 172,000,000 Prepaid expenses and other 607,000,000 --------------- Total current assets 5,229,000,000 PROPERTY AND EQUIPMENT: Flight equipment 18,142,000,000 Accumulated depreciation (6,485,000,000) --------------- Flight equipment, net 11,657,000,000 Flight and ground equipment under capital leases 556,000,000 Accumulated amortization (176,000,000) --------------- Flight and ground equipment under capital leases, net 380,000,000 --------------- Ground property and equipment 4,769,000,000 Accumulated depreciation (2,913,000,000) --------------- Ground property and equipment, net 1,856,000,000 Advance payments for equipment 44,000,000 --------------- Total property and equipment, net 13,937,000,000 OTHER ASSETS: Goodwill 227,000,000 Operating rights and other intangibles, net of accumulated amortization of $192 71,000,000 Other noncurrent assets 1,116,000,000 --------------- Total other assets 1,414,000,000 --------------- Total assets $20,580,000,000 ================ LIABILITIES AND SHAREOWNERS' DEFICIT CURRENT LIABILITIES: Current maturities of long-term debt and capital leases $1,330,000,000 Accounts payable, deferred credits and other accrued liabilities 1,696,000,000 Air traffic liability 2,329,000,000 Taxes payable 611,000,000 Accrued salaries and related benefits 401,000,000 --------------- Total current liabilities 6,367,000,000 NONCURRENT LIABILITIES: Long-term debt and capital leases 6,596,000,000 Deferred revenue and other credits 287,000,000 Other 249,000,000 --------------- Total noncurrent liabilities 7,132,000,000 LIABILITIES SUBJECT TO COMPROMISE 18,772,000,000 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 (10,307,000,000) Accumulated other comprehensive loss (2,722,000,000) Treasury stock at cost, 4,745,710 shares (224,000,000) --------------- Total shareowners' deficit (11,691,000,000) --------------- Total liabilities and shareowners' deficit $20,580,000,000 ================ DELTA AIR LINES, INC. Unaudited Consolidated Statement of Operations For the Month Ended April 30, 2006 OPERATING REVENUES: Passenger: Mainline 1,006,000,000 Regional affiliates 326,000,000 Cargo 41,000,000 Other, net 97,000,000 --------------- Total operating revenues 1,470,000,000 OPERATING EXPENSES: Salaries and related costs 344,000,000 Aircraft fuel 341,000,000 Contract carrier arrangements 212,000,000 Depreciation and amortization 100,000,000 Contracted services 87,000,000 Passenger commissions and other selling expenses 75,000,000 Aircraft maintenance materials and outside repairs 68,000,000 Landing fees and other rents 65,000,000 Passenger service 25,000,000 Aircraft rent 24,000,000 Other 45,000,000 --------------- Total operating expenses 1,386,000,000 --------------- OPERATING LOSS 84,000,000 --------------- OTHER INCOME (EXPENSE): Interest expense (contractual interest expense equals $102 for the Month ended April 30, 2006) (76,000,000) Miscellaneous income 9,000,000 Interest income 5,000,000 --------------- Total other expense, net (62,000,000) --------------- LOSS BEFORE REORGANIZATION ITEMS, NET 22,000,000 REORGANIZATION ITEMS, NET (49,000,000) --------------- LOSS BEFORE INCOME TAXES (27,000,000) INCOME TAX PROVISION -- --------------- NET LOSS ($27,000,000) ============= DELTA AIR LINES, INC. Unaudited Consolidated Statements of Cash Flows For the Month ended April 30, 2006 CASH FLOWS FROM OPERATING ACTIVITIES ($252,000,000) CASH FLOWS FROM INVESTING ACTIVITIES: Property and equipment additions: Flight equipment, including advance payments (16,000,000) Ground property and equipment (9,000,000) --------------- Net cash provided by investing activities (25,000,000) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on long-term debt and capital lease obligations (29,000,000) --------------- Net cash used by financing activities (29,000,000) --------------- Net increase in cash and cash equivalents (306,000,000) Cash & cash equivalents at beginning of period 2,429,000,000 --------------- Cash & cash equivalents at end of period $2,123,000,000 =============== Headquartered in Atlanta, Georgia, Delta Air Lines, Inc. -- http://www.delta.com/-- is the world's second-largest airline in terms of passengers carried and the leading U.S. carrier across the Atlantic, offering daily flights to 502 destinations in 88 countries on Delta, Song, Delta Shuttle, the Delta Connection carriers and its worldwide partners. The Company and 18 affiliates filed for chapter 11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents the Debtors in their restructuring efforts. Timothy R. Coleman at The Blackstone Group L.P. provides the Debtors with financial advice. Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss Hauer & Feld LLP, provide the Official Committee of Unsecured Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James S. Feltman at Mesirow Financial Consulting, LLC, serve as the Committee's financial advisors. As of June 30, 2005, the Company's balance sheet showed $21.5 billion in assets and $28.5 billion in liabilities. (Delta Air Lines Bankruptcy News, Issue No. 33; Bankruptcy Creditors' Service, Inc., 215/945-7000). INTEGRATED ELECTRICAL: Posts $4.7 Million Net Loss in April 2006 ---------------------------------------------------------------- Integrated Electrical Services, Inc., et al. Balance Sheet As of April 30, 2006 ASSETS Unrestricted Cash 12,463,000 Restricted Cash 20,132,000 --------------- Total Cash 32,595,000 Accounts Receivable (Net) 166,166,000 Inventory 24,402,000 Notes Receivable - Prepaid Expenses 24,451,000 Other 69,585,000 --------------- Total Current Assets 317,199,000 ============ Property, Plant & Equipment 80,981,000 Less: Accumulated Depreciation/Depletion 59,661,000 Net Property, Plant & Equipment 21,320,000 Due from Insiders - Other Assets -- Net of Amortization 24,343,000 Other 7,045,000 --------------- Total Assets 369,907,000 ============ POSTPETITION LIABILITIES Accounts Payable 48,250,000 Taxes Payable 3,477,000 Notes Payable - Professional Fees 4,355,000 Secured Debt - Other 62,325,000 --------------- Total Postpetition Liabilities 118,407,000 ============ PREPETITION LIABILITIES Secured Debt 11,000 Priority Debt 41,000 Unsecured Debt 253,192,000 Other 19,246,000 --------------- Total Prepetition Liabilities 272,490,000 ============ Total Liabilities 390,897,000 ============ EQUITY Prepetition Owner's Equity 6,034,000 Postpetition Cumulative Profit or (Loss) (27,024,000) Direct Charges to Equity --------------- Total Equity (20,990,000) ============ Total Liabilities & Owners' Equity 369,907,000 ============ Integrated Electrical Services, Inc., et al. Income Statement For the Month of April 2006 REVENUES Gross Revenues 81,888,000 Less: Returns & Discounts - --------------- Net Revenue 81,888,000 =========== COST OF GOODS SOLD Material 34,760,000 Direct Labor 20,873,000 Direct Overhead 15,395,000 --------------- Total Cost of Goods Sold 71,028,000 --------------- Gross Profit 10,860,000 =========== OPERATING EXPENSES Officer/Insider Compensation 253,000 Selling & Marketing 606,000 General & Administrative 9,073,000 Rent & Lease 300,000 Other - --------------- Total Operating Expenses 10,232,000 --------------- Income Before Non-operating Income & Expense 628,000 ======== OTHER INCOME & EXPENSES Non-Operating Income 172,000 Non-Operating Expense - Interest Expense 464,000 Depreciation/Depletion - Amortization 447,000 Other (32,000) --------------- Net Other Income & Expenses 707,000 ======== REORGANIZATION EXPENSES Professional Fees 3,585,000 U.S. Trustee Fees - Other 945,000 --------------- Total Reorganization Expenses 4,530,000 Income Tax 150,000 --------------- Net Profit (Loss) (4,759,000) =========== Integrated Electrical Services, Inc., et al. Statement of Cash Receipts & Disbursements For the Month of April 2006 CASH RECEIPTS & DISBURSEMENTS Cash -- Beginning of Month 34,556,000 =========== RECEIPTS FROM OPERATIONS Cash Sales 30,000 COLLECTION OF ACCOUNTS RECEIVABLE Prepetition 20,166,000 Postpetition 58,284,000 --------------- Total Operating Receipts 78,480,000 =========== NON-OPERATING RECEIPTS Loans & Advances - Sale of Assets (1,000) Other - --------------- Total Non-Operating Receipts (1,000) Total Receipts 78,479,000 =========== Total Cash Available 113,035,000 ============ OPERATING DISBURSEMENTS Net Payroll 17,926,000 Payroll Taxes Paid 7,424,000 Sales, Use & Other Taxes Paid 549,000 Secured/Rental/Leases 1,124,000 Utilities 310,000 Insurance 1,158,000 Inventory Purchases 26,215,000 Vehicle Expenses 1,361,000 Travel 264,000 Entertainment 121,000 Repairs & Maintenance 158,000 Supplies 498,000 Advertising 13,000 Other 22,118,000 --------------- Total Operating Disbursements 79,239,000 =========== REORGANIZATION EXPENSES Professional Fees 1,201,000 U.S. Trustee Fees - Other - --------------- Total Reorganization Expenses 1,201,000 Total Disbursements 80,440,000 =========== Net Cash Flow (1,961,000) =========== Cash - End of Month 32,595,000 =========== 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. Marcia L. Goldstein, Esq., and Alfredo R. Perez, Esq., at Weil, Gotshal & Manges LLP, represent the Official Committee of Unsecured Creditors. As of Dec. 31, 2005, Integrated Electrical reported assets totaling $400,827,000 and debts totaling $385,540,000. The Court confirmed the Debtors' Modified Second Amended Joint Plan of Reorganization on Apr. 26, 2006. That plan became effective on May 12, 2006. (Integrated Electrical Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service, Inc. 215/945-7000) LARGE SCALE: Posts $111,668 Net Loss for Month Ended Feb. 28 ------------------------------------------------------------ Large Scale Biology Corporation filed its Monthly Operating Report for the month ended Feb. 28, 2006, with the U.S. Bankruptcy Court for the Eastern District of California. The Company reported a $111,668 net loss on $12,595 of revenues for the month ended Feb. 28, 2006. For the month ended Feb. 28, 2006, Large Scale Biology Corporation's balance sheet shows: Current Assets $22,159,894 Total Assets 25,148,066 Current Liabilities 898,152 Total Liabilities 13,004,922 Total Stockholders' Equity 12,143,145 A full-text copy of the Company's Monthly Operating Report for the month ended Feb. 28, 2006, is available for free at: http://ResearchArchives.com/t/s?af8 Headquartered in Vacaville, California, Large Scale Biology Corporation -- http://www.lsbc.com/-- develops, manufactures and sells plant-made pharmaceutical proteins and vaccines. LSBC and its debtor-affiliates filed for chapter 11 protection on Jan. 9, 2006. (Bankr. E.D. Calif. Case No. 06-20046). Paul J. Pascuzzi, Esq., at Felderstein Fitzgerald Willoughby & Pascuzzi, represent the Debtors in their restructuring efforts. As of Nov. 30, 2005, the LSBC had $9,760,000 in total assets and $7,836,000 in total debts. LARGE SCALE: Posts $1 Million Net Loss for Month Ended March 31 --------------------------------------------------------------- Large Scale Biology Corporation filed its Monthly Operating Report for the month ended March 31, 2006, with the U.S. Bankruptcy Court for the Eastern District of California. The Company reported a $1,091,226 net loss on $177,201 of revenues for the month ended March 31, 2006. For the month ended March 31, 2006, Large Scale Biology Corporation's balance sheet shows: Current Assets $17,365,244 Total Assets 20,215,023 Current Liabilities 935,512 Total Liabilities 9,118,608 Total Stockholders' Equity 11,096,415 A full-text copy of the Company's Monthly Operating Report for the month ended March 31, 2006, is available for free at: http://ResearchArchives.com/t/s?af9 Headquartered in Vacaville, California, Large Scale Biology Corporation -- http://www.lsbc.com/-- develops, manufactures and sells plant-made pharmaceutical proteins and vaccines. LSBC and its debtor-affiliates filed for chapter 11 protection on Jan. 9, 2006. (Bankr. E.D. Calif. Case No. 06-20046). Paul J. Pascuzzi, Esq., at Felderstein Fitzgerald Willoughby & Pascuzzi, represent the Debtors in their restructuring efforts. As of Nov. 30, 2005, the LSBC had $9,760,000 in total assets and $7,836,000 in total debts. LARGE SCALE: Posts $238,636 Net Loss for Month Ended April 30 ------------------------------------------------------------- On May 30, 2006, Large Scale Biology Corporation filed its Monthly Operating Report for the month ended April 30, 2006, with the U.S. Bankruptcy Court for the Eastern District of California. The Company reported a $238,636 net loss on $164,456 of revenues for the month ended April 30, 2006. For the month ended April 30, 2006, Large Scale Biology Corporation's balance sheet shows: Current Assets $17,257,738 Total Assets 20,061,100 Current Liabilities 998,159 Total Liabilities 9,161,689 Total Stockholders' Equity 10,899,411 A full-text copy of the Company's Monthly Operating Report for the month ended April 30, 2006, is available for free at: http://ResearchArchives.com/t/s?af3 Headquartered in Vacaville, California, Large Scale Biology Corporation -- http://www.lsbc.com/-- develops, manufactures and sells plant-made pharmaceutical proteins and vaccines. LSBC and its debtor-affiliates filed for chapter 11 protection on Jan. 9, 2006. (Bankr. E.D. Calif. Case No. 06-20046). Paul J. Pascuzzi, Esq., at Felderstein Fitzgerald Willoughby & Pascuzzi, represent the Debtors in their restructuring efforts. As of Nov. 30, 2005, the LSBC had $9,760,000 in total assets and $7,836,000 in total debts. MERIDIAN AUTOMOTIVE: Posts $10.5 Million Net Loss in April 2006 --------------------------------------------------------------- Meridian Automotive Systems - Composites Operations, Inc. and Subsidiaries Unaudited Consolidated Balance Sheet As of April 30, 2006 (In Thousands) CURRENT ASSETS: Cash - Accounts receivable, net $96,816 Intercompany receivable 16,744 Inventories 65,898 Tooling costs in excess of billings and others 28,205 ---------- TOTAL CURRENT ASSETS 207,663 ---------- Property, plant and equipment, net 224,731 Intangible assets 15,280 Investment in subsidiaries 23,863 Other assets 12,088 ---------- TOTAL ASSETS $483,625 ========== CURRENT LIABILITIES NOT SUBJECT TO COMPRISE: Current portion of long term debt $347,036 Accounts payable 47,536 Accrued expenses 41,516 Tooling billings in excess of costs 1,376 ---------- TOTAL CURENT LIABILITIES 437,464 ---------- Liabilities subject to comprise 478,061 Non-Current Liabilities Not Subject to Compromise: Other long-term liabilities 9,058 Accumulated post-retirement benefit obligation 24,266 ---------- TOTAL LIABILITIES 948,849 SHAREHOLDERS' EQUITY (465,224) ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $483,625 ========== Meridian Automotive Systems - Composite Operations, Inc. and Subsidiaries Unaudited Statement of Operations April 1 to 30, 2006 (In Thousands) Net sales $58,418 Cost of sales 55,986 ---------- Gross profit 2,432 Selling, general and administrative expenses 2,607 Restructuring charges 1,237 ---------- Operating income (loss) (1,412) Interest expense, net 8,325 Other (expense) income (1) Chapter 11 and related reorganization items 833 ---------- Loss before provision for income taxes (10,571) (Benefit) Provision for income taxes 18 ---------- NET LOSS ($10,589) ========= Meridian Automotive Systems - Composite Operations, Inc. and Subsidiaries Unaudited Statement of Cash Flows April 1 to 30, 2006 (In Thousands) OPERATING ACTIVITIES: Net loss ($10,589) Adjustments required to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, amortization, and impairment 3,820 Change in working capital and other operating items 7,157 ---------- Net cash provided by (used for) operating activities before reorganization items 388 ---------- Operating cash flows from reorganization items: Chapter 11 and related reorganization items 833 Payments on Chapter 11 and related reorg items (1,363) ---------- Net cash provided by Chapter 11 and related reorg items (530) Net cash provided by (used for) operating activities (142) INVESTING ACTIVITIES: Additions to property and equipment (658) Proceeds from sale or property and equipment - ---------- Net cash used for investing activities (658) ---------- FINANCING ACTIVITIES: Proceeds from prepetition borrowings - Repayments of prepetition borrowings - Proceeds from DIP credit facility 26,000 Repayments of DIP credit facility (25,200) Repayments on prepetition long-term debt - Deferred financing costs capitalized - ---------- Net cash (used for) provided by financing activities ($800) ---------- Net increase (decrease) in cash - ---------- Cash and Cash Equivalents, beginning of period - Cash and Cash Equivalents, end of period - ===== Headquartered in Dearborn, Mich., Meridian Automotive Systems, Inc. -- http://www.meridianautosystems.com/-- supplies technologically advanced front and rear end modules, lighting, exterior composites, console modules, instrument panels and other interior systems to automobile and truck manufacturers. Meridian operates 22 plants in the United States, Canada and Mexico, supplying Original Equipment Manufacturers and major Tier One parts suppliers. The Company and its debtor-affiliates filed for chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos. 05-11168 through 05-11176). James F. Conlan, Esq., Larry J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at Young Conaway Stargatt & Taylor, LLP, represent the Debtors in their restructuring efforts. Eric E. Sagerman, Esq., at Winston & Strawn LLP represents the Official Committee of Unsecured Creditors. The Committee also hired Ian Connor Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A., to prosecute an adversary proceeding against Meridian's First Lien Lenders and Second Lien Lenders to invalidate their liens. When the Debtors filed for protection from their creditors, they listed $530 million in total assets and approximately $815 million in total liabilities. (Meridian Bankruptcy News, Issue No. 28; Bankruptcy Creditors' Service, Inc., 215/945-7000) NORTHWEST AIRLINES: Posts $226 Million Net Loss in March 2006 ------------------------------------------------------------- Northwest Airlines Corporation Unaudited Condensed Consolidated Balance Sheets As of March 31, 2006 ASSETS Current assets: Cash and cash equivalents $677,000,000 Unrestricted short-term investments 602,000,000 Restricted cash, cash equivalents & short-term investments 652,000,000 Accounts receivable, net 673,000,000 Flight equipment spare parts, net 133,000,000 Prepaid expenses & other 429,000,000 --------------- Total current assets 3,166,000,000 Property and equipment: Flight equipment, net 7,459,000,000 Other property & equipment, net 746,000,000 --------------- Total property & equipment 8,205,000,000 Flight Equipment under capital leases, net 22,000,000 Other assets: Intangible pension asset 363,000,000 International routes 634,000,000 Investments in affiliated companies 42,000,000 Other 920,000,000 --------------- Total other assets 1,959,000,000 --------------- Total assets $13,352,000,000 ================ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Air traffic liability $1,859,000,000 Accounts payable & other liabilities 1,371,000,000 Current maturities of long-term debt & capital lease obligations 103,000,000 --------------- Total current liabilities 3,333,000,000 Long-term debt 1,437,000,000 Deferred Credits & other liabilities: Long-term pension & postretirement Health care benefits 329,000,000 Other 103,000,000 --------------- Total deferred credits & other liabilities 432,000,000 Liabilities Subject to Compromise 14,599,000,000 Preferred redeemable stock 279,000,000 Common Stockholders' Equity (Deficit) Common stock 1,000,000 Additional paid-in capital 1,501,000,000 Accumulated deficit (5,652,000,000) Accumulated other comprehensive income (loss) (1,565,000,000) Treasury stock (1,013,000,000) --------------- Total common stockholders' equity (deficit) (6,728,000,000) --------------- Total Liabilities & Stockholders' Equity (deficit) $13,352,000,000 ================ Northwest Airlines Corporation Unaudited Condensed Consolidated Statements of Operations For Month Ended March 31, 2006 Operating Revenues Passenger $802,000,000 Regional carrier revenues 131,000,000 Cargo 85,000,000 Other 93,000,000 --------------- Total Operating Revenues 1,111,000,000 Operating Expenses Salaries, wages, and benefits 239,000,000 Aircraft fuel and taxes 270,000,000 Selling and marketing 67,000,000 Aircraft maintenance materials and repair 71,000,000 Other rentals and landing fees 50,000,000 Depreciation and amortization 44,000,000 Aircraft rentals 22,000,000 Regional carrier expenses 128,000,000 Other 140,000,000 --------------- Total Operating Expenses 1,031,000,000 Operating Income (Loss) 80,000,000 Other Income (Expense) Interest expense, net (51,000,000) Investment income 6,000,000 Reorganization items, net (265,000,000) Other, net 4,000,000 --------------- Total other income (expense) (306,000,000) --------------- Income (Loss) Before Income Taxes (226,000,000) Income tax expense (benefit) -- --------------- Net Income (Loss) ($226,000,000) ============== Northwest Airlines Corporation Unaudited Condensed Consolidated Statements of Cash Flows For Month Ended March 31, 2006 Cash Flows from Operating Activities: Net income (loss) ($226,000,000) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 44,000,000 Pension and other postretirement benefit contributions less than expense 30,000,000 Changes in certain assets & liabilities 50,000,000 Long-term vendor deposits/holdbacks (48,000,000) Reorganization items 265,000,000 Other, net 11,000,000 --------------- Net cash provided by operating activities 126,000,000 Cash Flows from Reorganization Activities: Net cash provided by (used in) reorganization activities (3,000,000) Cash Flows from Investing Activities: Capital expenditures (25,000,000) Purchase of short-term investments (18,000,000) Proceeds from sales of short term investment -- Decrease (increase) in restricted cash, cash equivalents & short-term investments (61,000,000) Other -- --------------- Net cash provided by (used in) investing activities (104,000,000) Cash Flows from Financing Activities: Proceeds from long-term debt -- Payments of long-term debt and capital lease obligations (111,000,000) --------------- Net cash provided by (used in) financing activities (111,000,000) --------------- Increase (Decrease) in Cash and Cash Equivalents (92,000,000) Cash & cash equivalents at beginning of period 769,000,000 --------------- Cash & cash equivalents at end of period $677,000,000 ============= Northwest Airlines Corporation -- http://www.nwa.com/-- is the world's fourth largest airline with hubs at Detroit, Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and approximately 1,400 daily departures. Northwest is a member of SkyTeam, an airline alliance that offers customers one of the world's most extensive global networks. Northwest and its travel partners serve more than 900 cities in excess of 160 countries on six continents. The Company and 12 affiliates filed for chapter 11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930). Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in Washington represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors has retained Akin Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the Debtors' chapter 11 cases. When the Debtors filed for protection from their creditors, they listed $14.4 billion in total assets and $17.9 billion in total debts. (Northwest Airlines Bankruptcy News, Issue No. 27; Bankruptcy Creditors' Service, Inc., 215/945-7000). NORTHWEST AIRLINES: Posts $295 Million Net Loss in April 2006 ------------------------------------------------------------- Northwest Airlines Corporation Unaudited Condensed Consolidated Balance Sheets As of April 30, 2006 ASSETS Current assets: Cash and cash equivalents $810,000,000 Unrestricted short-term investments 595,000,000 Restricted cash, cash equivalents & short-term investments 591,000,000 Accounts receivable, net 713,000,000 Flight equipment spare parts, net 127,000,000 Prepaid expenses & other 398,000,000 --------------- Total current assets 3,234,000,000 Property and equipment: Flight equipment, net 7,457,000,000 Other property & equipment, net 747,000,000 --------------- Total property & equipment 8,204,000,000 Flight Equipment under capital leases, net 22,000,000 Other assets: Intangible pension asset 363,000,000 International routes 634,000,000 Investments in affiliated companies 43,000,000 Other 940,000,000 --------------- Total other assets 1,980,000,000 --------------- Total assets $13,440,000,000 ================ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Air traffic liability $1,888,000,000 Accounts payable & other liabilities 1,479,000,000 Current maturities of long-term debt & capital lease obligations 104,000,000 --------------- Total current liabilities 3,471,000,000 Long-term debt 1,438,000,000 Deferred Credits & other liabilities: Long-term pension & postretirement Health care benefits 364,000,000 Other 98,000,000 --------------- Total deferred credits & other liabilities 462,000,000 Liabilities Subject to Compromise 14,811,000,000 Preferred redeemable stock 279,000,000 Common Stockholders' Equity (Deficit) Common stock 1,000,000 Additional paid-in capital 1,502,000,000 Accumulated deficit (5,947,000,000) Accumulated other comprehensive income (loss) (1,564,000,000) Treasury stock (1,013,000,000) --------------- Total common stockholders' equity (deficit) (7,021,000,000) --------------- Total Liabilities & Stockholders' Equity (deficit) $13,440,000,000 ================ Northwest Airlines Corporation Unaudited Condensed Consolidated Statements of Operations For Month Ended April 30, 2006 Operating Revenues Passenger $756,000,000 Regional carrier revenues 126,000,000 Cargo 77,000,000 Other 81,000,000 --------------- Total Operating Revenues 1,040,000,000 Operating Expenses Salaries, wages, and benefits 220,000,000 Aircraft fuel and taxes 281,000,000 Selling and marketing 62,000,000 Aircraft maintenance materials and repair 57,000,000 Other rentals and landing fees 49,000,000 Depreciation and amortization 45,000,000 Aircraft rentals 18,000,000 Regional carrier expenses 122,000,000 Other 133,000,000 --------------- Total Operating Expenses 987,000,000 Operating Income (Loss) 53,000,000 Other Income (Expense) Interest expense, net (46,000,000) Investment income 6,000,000 Reorganization items, net (309,000,000) Other, net 1,000,000 --------------- Total other income (expense) (348,000,000) --------------- Income (Loss) Before Income Taxes (295,000,000) Income tax expense (benefit) -- --------------- Net Income (Loss) ($295,000,000) ============== Northwest Airlines Corporation Unaudited Condensed Consolidated Statement of Cash Flows For Month Ended April 30, 2006 Cash Flows from Operating Activities: Net income (loss) ($295,000,000) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 45,000,000 Pension and other postretirement benefit contributions less than expense 17,000,000 Changes in certain assets & liabilities 59,000,000 Long-term vendor deposits/holdbacks (47,000,000) Reorganization items 309,000,000 Other, net 12,000,000 --------------- Net cash provided by operating activities 100,000,000 Cash Flows from Reorganization Activities: Net cash provided by (used in) reorganization activities 23,000,000 Cash Flows from Investing Activities: Capital expenditures (26,000,000) Proceeds from sales of short term investment 9,000,000 Decrease (increase) in restricted cash, cash equivalents & short-term investments 61,000,000 --------------- Net cash provided by (used in) investing activities 44,000,000 Cash Flows from Financing Activities: Payments of long-term debt and capital lease obligations (34,000,000) --------------- Net cash provided by (used in) financing activities (34,000,000) --------------- Increase (Decrease) in Cash and Cash Equivalents 133,000,000 Cash & cash equivalents at beginning of period 677,000,000 --------------- Cash & cash equivalents at end of period $810,000,000 ============= Northwest Airlines Corporation -- http://www.nwa.com/-- is the world's fourth largest airline with hubs at Detroit, Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and approximately 1,400 daily departures. Northwest is a member of SkyTeam, an airline alliance that offers customers one of the world's most extensive global networks. Northwest and its travel partners serve more than 900 cities in excess of 160 countries on six continents. The Company and 12 affiliates filed for chapter 11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930). Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in Washington represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors has retained Akin Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the Debtors' chapter 11 cases. When the Debtors filed for protection from their creditors, they listed $14.4 billion in total assets and $17.9 billion in total debts. (Northwest Airlines Bankruptcy News, Issue No. 28; Bankruptcy Creditors' Service, Inc., 215/945-7000). PERFORMANCE TRANSPORTATION: Files Operating Report for April 2006 ----------------------------------------------------------------- On May 30, 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 April 1, 2006, to April 30, 2006. The Operating Statements do not include a Balance Sheet or Statement of Operations. The Debtors, however, disclose a $1,291,700 operating loss for the period. A full-text copy of the Debtors' April 2006 Operating Statements is available for free at: http://ResearchArchives.com/t/s?b21 Performance Logistics Group, Inc. In re. Leaseway Motorcar Transport Company, et al., U.S. Operations Cash Flow For the Month Ender April 30, 2006 Book balance: Opening book balance, 04/01/06 $9,084,113 ----------- Receipts Customers 20,999,114 Miscellaneous receipts 102,530 ----------- Total receipts 21,101,644 ----------- Disbursements Payroll, payroll taxes & fringe benefits 13,923,241 Insurance & cargo losses 3,386,378 Fuel 4,012,288 Parts, tires, other operating supplies & expenses 2,841,152 Licenses, permits & tolls 433,294 Tractor, trailer lease payments 43,492 Building, land, service vehicles and other rents 379,411 Interest & bank fee payments 362,511 Income, franchise & property taxes 36,273 Bank term debt principal repayments 0 Misc/DIP Line (Draw) / Repayments 0 Capital expenditures 4,433 Professional Fees 770,830 ----------- Total Disbursements 26,193,303 ----------- Closing Book Balance, End of Month $3,992,454 =========== 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. 9; Bankruptcy Creditors' Service, Inc., 215/945-7000) PLIANT CORPORATION: Posts $62.9 Million Net Loss in April 2006 -------------------------------------------------------------- Pliant Corporation and Subsidiaries Unaudited Balance Sheet As of April 30, 2006 ASSETS Current Assets: Cash and cash equivalents $24,988,000 Receivables: Trade accounts 133,279,000 Allowance for doubtful accounts (5,303,000) Other 4,951,000 Inventories 100,328,000 Prepaid expenses and other 5,108,000 Income taxes receivable 1,009,000 Deferred income taxes 11,024,000 -------------- Total current assets 275,384,000 Plant and Equipment Gross asset value 524,509,000 Less accumulated depreciation (258,291,000) -------------- Plant and equipment -- net 266,218,000 Goodwill -- Net (of Prev Amort) 182,300,000 Intangible Assets, net 14,088,000 Investment in Subsidiaries (39,270,000) Other Assets 26,060,000 -------------- Total Assets $724,780,000 ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Trade accounts payable $62,596,000 Accrued liabilities: Customer rebates 5,783,000 Interest payable 19,656,000 Other 43,953,000 Current Portion of long-term debt 538,788,000 Due to affiliates (68,028,000) Deferred income taxes 0 Income taxes payable - -------------- Total current liabilities 602,748,000 Long-Term Debt, net of current portion Revolving Credit Facility - DIP Credit Facility - Sr. Subordinated Bonds, 13% - Sr. Secured Notes, 11-1/8% 250,000,000 Sr. Secured Notes Discount Notes, 11-1/8% 7,293,000 Sr. Secured Notes, 11-5/8% 280,209,000 Other 4,960,000 Reclassification (538,788,000) -------------- Total long-term debt, net of current portion 3,674,000 Loans from Affiliates - Other Liabilities 31,359,000 Deferred Income Taxes 28,144,000 Shares Subject to Mandatory Redemption - Liabilities Subject to Compromise 770,987,000 -------------- Total Liabilities 1,436,912,000 -------------- Commitments and Contingencies: Restricted Common Stock, net of shareholder loans 6,645,000 Redeemable Series B Preferred Stock 102,000 Stockholders' Equity Common stock 104,983,000 Additional Paid-in capital 19,305,000 Warrants 39,133,000 Retained earnings (865,824,000) Stockholders' notes receivable (660,000) Other Comprehensive Income (15,816,000) -------------- Total Stockholders' Equity (718,879,000) -------------- Total Liabilities and Stockholders' Equity $724,780,000 ============= Pliant Corporation and Subsidiaries Unaudited Consolidated Statement of Operations For the month ended April 30, 2006 Net Sales $375,098,000 Cost of Sales 330,691,000 -------------- Gross Profit 44,407,000 Operating Expenses: Sales, General and Administrative 22,072,000 Research and Development 3,008,000 Restructuring and Other Costs 56,151,000 -------------- Total operating expenses 81,231,000 -------------- Operating Income (36,824,000) Interest (Expense) 25,258,000 Other Income (Expense) -- Net (63,000) Equity in Earnings of Subs (198,000) -------------- Income Before Income Taxes (61,821,000) -------------- Income Tax Expense (Benefit) 1,129,000 -------------- Net Income Before Discontinued Operations (62,950,000) Discontinued Operations - -------------- Net Income ($62,950,000) ============= Pliant Corporation and Subsidiaries Schedule of Cash Receipts and Disbursements For the month ended April 30, 2006 Receipts Total receipts $375,098,000 -------------- Disbursements Payroll 41,566,000 Payroll benefits and taxes 7,335,000 Raw material 233,751,000 Freight 12,987,000 Packaging 11,782,000 Utilities 8,159,000 Other direct costs 4,177,000 Administration and Selling 12,364,000 Other fixed costs 11,988,000 -------------- Total disbursements 344,108,000 -------------- Cash from operating activities 30,990,000 Working capital changes Working capital and other requirements 735,000 Capital expenditures and interest Capital expenditures (9,663,000) Repayment of capital leases - Cash interest 23,000 Income Taxes 70,000 Professional fees (1,401,000) U.S. Trustee Fees - Court costs - -------------- Net cash flow $19,284,000 -------------- Cash Beginning of Year $6,910,000 Net cash flow 19,284,000 Intercompany transfer (1,205,000 -------------- Cash End of Month $24,988,000 ============ Headquartered in Schaumburg, Illinois, Pliant Corporation -- http://www.pliantcorp.com/-- produces value-added film and flexible packaging products for personal care, medical, food, industrial and agricultural markets. The Debtor and 10 of its affiliates filed for chapter 11 protection on Jan. 3, 2006 (Bankr. D. Del. Lead Case No. 06-10001). James F. Conlan, Esq., at Sidley Austin LLP, and Edmon L. Morton, Esq., and Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Debtors tapped McMillan Binch Mendelsohn LLP, as their Canadian bankruptcy counsel. The Ontario Superior Court of Justice named RSM Richter, Inc., as the Debtors' information officer in their restructuring proceeding under Companies Creditors Arrangement Act in Canada. 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. 15; Bankruptcy Creditors' Service, Inc., 215/945-7000) SAINT VINCENTS: Files Monthly Operating Report for April 2006 ------------------------------------------------------------- SVCMC Debtors Unaudited Consolidated Balance Sheet As of April 30, 2006 ASSETS Cash & Cash Equivalents $36,177,085 Investments - Patients Accounts Receivable, less allowance for doubtful accounts 163,514,072 Accounts Receivable 33,541,218 Other Current Assets 72,178,230 -------------- Total Current Assets 305,410,605 Depreciation Reserve Funds & Collaterized Assets 18,399,925 Assets Designated for Self-Insurance Investments at Market 45,249,051 Assets whose use is limited - Investments at Market 54,069,395 Other Non-Current Assets 17,179,900 Land, Buildings & Equipment, net of Accumulated Depreciation 275,103,605 -------------- Total Assets $715,412,481 ============= LIABILITIES AND NET ASSETS Liabilities Subject to Compromise: HFG Loan - Accounts Payable & Accrued Expenses $234,975,020 Estimated Retroactive Payables to Third Parties, net 69,144,457 Long-term Debt 128,669,089 Long-term Debt, excluding current installments - Estimated Liability for Self-Insurance 256,007,789 -------------- Total Liabilities Subject to Compromise 688,796,355 Liabilities Not Subject to Compromise: Accrued Salaries & Payroll Taxes Withheld 47,420,017 Accounts Payables & Accrued Expenses 108,567,813 Long-term Debt (GE) 169,000,000 -------------- Total Liabilities 1,013,784,185 Net Assets: Unrestricted (359,216,710) Temporarily Restricted 36,243,423 Permanently Restricted 24,601,583 -------------- Total Net Assets (298,371,704) -------------- Total Liabilities & Net Assets $715,412,481 ============= SVCMC Debtors Unaudited Consolidated Income Statement From April 1 to April 30, 2006 Operating Revenue Inpatient $56,845,669 Outpatient 29,014,231 -------------- Patient Service Revenue 85,859,900 -------------- Less Provision for Bad Debt 6,326,497 -------------- Net Patient Service Revenue 79,533,403 -------------- Pool Revenue 3,897,396 Capitation 6,981,206 Other 10,094,114 -------------- Total Operating Revenue 100,506,119 Operating Expenses: Salaries and Wages 45,531,147 Fringe Benefits 13,376,797 Supplies and Other 32,584,404 Insurance 4,240,313 -------------- Total Direct Operating Costs 95,732,661 Salaries and Wages 2,596,331 Fringe Benefits 770,675 Supplies and Other 5,718,654 -------------- Total Corporate Allocated 9,085,660 -------------- Total Operating Expense 104,818,321 -------------- Interest 2,002,908 Depreciation 3,606,773 -------------- Operating Gain (Loss) Before Non-Recurring and/or Unusual Items (9,921,883) 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 (3,211,717) 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 (3,211,717) -------------- Operating Gain (Loss) After Non-Recurring and/or Unusual Items (13,133,600) -------------- Non-Operating Revenue 104,724 Change in Temporary Restricted Net Assets 767,117 -------------- Change in Net Assets ($12,261,759) -------------- EBITDA ($4,312,202) ============ SVCMC Debtors Unaudited Statement of Cash Flows From April 1 to April 30, 2006 Cash Flows from Operation Activities: Changes in Net Assets ($12,261,759) Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by Operating Activities: Depreciation & Amortization 3,606,773 Gain on Refinancing - Change in Unrealized Gains & Losses 831,401 Change in Patient's Accounts Receivable 1,365,047 Change in Accounts Receivables, Other 3,690,849 Change in Prepaid Expenses & Other (1,740,805) Change in Other Non-Current Assets 53,401 Change in Accounts Payable & Accrued Exp-Prepetition - Change in Accounts Payable & Accrued Exp-Postpetition 7,882,681 Change in Accrued Salaries & P/R Taxes (4,213,063) Change in Est. Retro rec/pay from/to third parties 1,428,178 Change in Est. Liability for self-insurance - Change in Other Non-Current Liabilities 1,817,405 -------------- Net Cash Provided by Operating Activities 2,460,108 Cash flows From Investment Activities: Sale of Investments, Net (3,156) Sale of Assets Whose Use is Limited (698,014) Acquisition/Sale of Land, Building, & Equipment (1,271,654) -------------- Net Cash Provided by Investing Activities (1,972,824) Cash flows From Financing Activities: Proceeds/Repayment From/of Working Capital Loan - Proceed from issuance of Long-term debt - Repayment of Long-term debt (503,921) -------------- Net Cash (Used) in Financing Activities (503,921) Net Increase (Decrease) in Cash & Cash Equivalents (16,637) Cash & Cash Equivalents at Beginning of Month 36,193,722 -------------- Cash & Cash Equivalents at End of the Month $36,177,085 ============ 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. 27; Bankruptcy Creditors' Service, Inc., 215/945-7000) THAXTON GROUP: Posts $226,432 Cumulative Net Loss in March 2006 --------------------------------------------------------------- The Thaxton Group filed its monthly operating report for the month of March 2006 with the U.S. Bankruptcy Court for the District of Delaware. The company reported a cumulative net loss of $226,432 on $4,901,195 of revenue for the period from Oct. 17, 2003 thru March 31, 2006. At March 31, 2006, the Company's balance sheet reflects: Total Assets $98,980,741 Total Liabilities $177,189,734 Stockholders' Equity (Deficit) ($78,208,993) A full-text copy of Thaxton Group's March 2006 Monthly Operating Report is available for free at: http://ResearchArchives.com/t/s?b0d Headquartered in Lancaster, South Carolina, The Thaxton Group, Inc., is a diversified consumer financial services company. The Company filed for Chapter 11 protection on October 17, 2003 (Bankr. Del. Case No. 03-13183). Daniel B. Butz, Esq., Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell, represent the Debtors in their restructuring efforts. Alan Kolod, Esq., at Moses & Singer LLP, represents the Offical Committee of Unsecured Creditors. As of Dec. 31, 2005, the Debtors reported assets totaling $98,889,297 and debts totaling $175,693,613. THAXTON GROUP: Earns $132,623 for the Month of April 2006 --------------------------------------------------------- The Thaxton Group filed its monthly operating report for the month of April 2006 with the U.S. Bankruptcy Court for the District of Delaware. The company reported a cumulative net income of $132,623 on $4,665,408 of revenue for the period from Oct. 17, 2003 thru April 30, 2006. At April 30, 2006, the Company's balance sheet reflects: Total Assets $99,849,159 Total Liabilities $177,925,529 Stockholders' Equity (Deficit) ($78,076,370) A full-text copy of Thaxton Group's April 2006 Monthly Operating Report is available for free at: http://ResearchArchives.com/t/s?b0f Headquartered in Lancaster, South Carolina, The Thaxton Group, Inc., is a diversified consumer financial services company. The Company filed for Chapter 11 protection on October 17, 2003 (Bankr. Del. Case No. 03-13183). Daniel B. Butz, Esq., Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell, represent the Debtors in their restructuring efforts. Alan Kolod, Esq., at Moses & Singer LLP, represents the Offical Committee of Unsecured Creditors. As of Dec. 31, 2005, the Debtors reported assets totaling $98,889,297 and debts totaling $175,693,613. TOWER AUTOMOTIVE: Posts $13.4 Million Net Loss in April 2006 ------------------------------------------------------------ Tower Automotive, Inc., and Subsidiaries Unaudited Consolidated Balance Sheet As of April 30, 2006 (In Thousands) CURRENT ASSETS: Cash and cash equivalents $65,025 Accounts receivable 191,226 Inventories 67,478 Prepaid tooling and other 24,971 ---------- TOTAL CURRENT ASSETS 348,700 ---------- Property, plant and equipment, net 522,161 Investment in joint ventures - Investment in subsidiaries 753,463 Inter-company receivables - Other assets, net 54,841 ---------- TOTAL ASSETS $1,679,165 =========== CURRENT LIABILITIES NOT SUBJECT TO COMPRISE: Current maturities of long-term debt $14,257 Current maturities of DIP borrowings 621,000 Accounts payable 134,635 Accrued liabilities 141,401 ---------- TOTAL CURENT LIABILITIES 911,293 ---------- Liabilities subject to comprise 1,147,023 Non-Current Liabilities Not Subject to Compromise: Long-term debt, net of current maturities 84,751 DIP borrowings, net of current maturities - Other non-current liabilities 137,032 ---------- TOTAL LIABILITIES 2,280,099 STOCKHOLDERS' DEFICIT (600,934) ---------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,679,165 =========== Tower Automotive, Inc., and Subsidiaries Unaudited Statement of Operations April 1 to 30, 2006 (In Thousands) Revenues $127,054 Cost of sales 123,225 ---------- Gross profit 3,829 Selling, general and administrative expenses 5,651 Restructuring and asset impairment charges, net (2) ---------- Operating income (loss) (1,820) Interest expense 6,469 Interest income (2,311) Other income (275) Chapter 11 and related reorganization items 7,553 ---------- Income (loss) before provision for income taxes, equity in earnings of joint ventures, and minority interest (13,256) Provision (benefit) for income taxes 268 ---------- Income (loss) before equity in earnings (13,524) Equity in earnings of joint ventures, net of tax 49 ---------- NET INCOME/(LOSS) ($13,475) ========= Tower Automotive, Inc., and Subsidiaries Unaudited Statement of Cash Flows April 1 to 30, 2006 (In Thousands) OPERATING ACTIVITIES: Net loss ($13,475) Adjustments required to reconcile net loss to net Cash provided by (used in) operating activities: Chapter 11 & related reorganization items, net 1,686 Restructuring and asset impairment, net 356 Depreciation 8,038 Equity in earnings of joint ventures, net (49) Change in working capital and operating items 7,752 ---------- Net cash provided by operating activities 4,308 INVESTING ACTIVITIES: Cash disbursed for purchase of property, plant and equipment (349) ---------- Net cash used for investing activities (349) FINANCING ACTIVITIES: Proceeds from non-DIP borrowings - Repayments of non-DIP borrowings (1) Borrowings from DIP credit facility 37,500 Repayments of borrowings from DIP credit facility (28,500) ---------- Net cash provided by financing activities 8,999 ---------- Net change in cash and cash equivalents 12,958 Cash and Cash Equivalents, beginning of period 52,067 ---------- Cash and Cash Equivalents, end of period $65,025 ======== 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. 35; Bankruptcy Creditors' Service, Inc., 215/945-7000). USG CORPORATION: Earns $48.2 Million for the Month of April 2006 ---------------------------------------------------------------- USG Corporation, et al. Consolidated Balance Sheet 30-Apr-2006 Assets: Cash and cash equivalents $957,719,000 Marketable Securities 221,515,000 Restricted Cash 93,090,000 Receivables 530,432,000 Inventories 299,731,000 Income taxes receivable 5,618,000 Deferred income taxes 30,410,000 Other current assets 137,522,000 --------------- Total current assets 2,276,037,000 Property, plant and equipment, net 1,671,252,000 Deferred income taxes 1,622,828,000 Goodwill 104,931,000 Other assets 432,624,000 --------------- Total Assets $6,107,672,000 =============== Liabilities and Stockholders' Equity: Accounts payable $283,350,000 Accrued expenses 198,760,000 Taxes on income 166,357,000 --------------- Total current liabilities 648,467,000 Other liabilities 450,517,000 Liabilities subject to compromise 5,830,693,000 Stockholders' Equity: Common stock 4,998,000 Treasury stock (212,961,000) Capital received in excess of par value 149,151,000 Accumulated other comprehensive income/(loss) (6,348,000) Retained earnings (756,845,000) --------------- Total stockholders' equity (822,005,000) --------------- Total Liabilities and Stockholders' Equity $6,107,672,000 =============== USG Corporation, et al. Month Ending Consolidated Income Statement 30-Apr-2006 Net sales $440,614,000 Cost of products sold 332,264,000 Selling and administrative expenses 26,537,000 Chapter 11 reorganization expenses (1,234,000) Interest expense 441,000 Interest income (149,000) Other (income)/expense, net (419,000) --------------- Earnings (loss) before income taxes $83,174,000 Income taxes (benefit) 34,745,000 --------------- Net Earnings (loss) $48,429,000 ============ 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. 112; Bankruptcy Creditors' Service, Inc., 215/945-7000) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Marie Therese V. Profetana, Shimero Jainga, Joel Anthony Lopez, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Cherry A. Soriano-Baaclo, Christian Q. Salta, Jason A. Nieva, Lucilo Junior M. Pinili, Tara Marie A. Martin and Peter A. Chapman, Editors. Copyright 2006. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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