/raid1/www/Hosts/bankrupt/TCR_Public/060617.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 17, 2006, Vol. 10, No. 143
Headlines
ASARCO LLC: Reports $47.6 Million Net Income in April 2006
DELTA AIR: Comair Files Schedules of Assets and Liabilities
DELTA AIR: DAL Global Files Schedules of Assets and Liabilities
DELTA AIR: Delta Airelite Files Schedules of Assets & Liabilities
DELTA AIR: Delta Corporate Files Schedules of Assets & Liabilities
DELTA AIR: Delta Loyalty Files Schedules of Assets & Liabilities
DELTA AIR: Delta Tech Files Schedules of Assets and Liabilities
DELTA AIR: Epsilon Trading Files Schedules of Assets & Liabilities
INTERSTATE BAKERIES: Earns $7.5 Million for Period Ended April 29
KAISER ALUMINUM: Reports $16.7 Million Net Income in April 2006
REFCO INC: Files April 2006 Monthly Operating Report
WERNER LADDER: Sept. 30 Balance Sheet Upside-Down by $312 Million
WINN-DIXIE: Posts $81.7 Million Net Loss for Period Ended May 3
*********
ASARCO LLC: Reports $47.6 Million Net Income in April 2006
----------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of April 30, 2006
ASSETS
Current assets:
Cash $60,630,000
Net accounts receivable 132,256,000
Inventory: lower of cost or market 236,827,000
Prepaid expenses 28,723,000
Deferred income tax assets 0
-------------
Total current assets 458,437,000
Net property, plant and equipment 416,655,000
Other assets
Investment in subs 93,965,000
Prepaid pension and retirement plan 78,447,000
Non-current deferred tax asset 40,952,000
Other 107,177,000
--------------
Total assets $1,195,632,000
==============
LIABILITIES
Postpetition liabilities:
Accounts payable 45,361,000
Accrued liabilities 12,736,000
Debtor-in-possession financing 0
-------------
Total postpetition liabilities 58,098,000
Prepetition liabilities:
Not subject to compromise - credit 4,085,000
Not subject to compromise - other 134,904,000
Subject to compromise 897,156,000
--------------
Total prepetition liabilities 1,036,146,000
--------------
Total liabilities $1,094,244,000
==============
OWNERS' EQUITY (DEFICIT)
Common stock 508,325,000
Additional paid-in capital 104,578,000
Other comprehensive income (137,878,000)
Retained earnings: filing Date (536,691,000)
-------------
Total prepetition owners' equity (61,667,000)
Retained earnings: post-filing Date 163,055,000
-------------
Total owners' equity (net worth) 101,388,000
Total liabilities and owners' equity $1,195,632,000
==============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ending April 30, 2006
Sales $90,021,000
Cost of products and services 40,941,000
-------------
Gross profit 49,081,000
Operating expenses:
Selling and general & admin expenses 2,893,000
Depreciation & amortization 2,140,000
Provision accretion expense of asset
retirement obligation 143,000
-------------
Operating income 43,904,000
Interest expense 267,000
Interest Income (454,000)
Reorganization Expenses 1,113,000
Other miscellaneous (income) expenses (5,609,000)
-------------
Income (loss) before taxes 48,588,000
Income taxes 972,000
-------------
Net income $47,617,000
=============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ending April 30, 2006
Receipts $64,280,000
Disbursements:
Inventory material 12,610,000
Operating disbursements 31,053,000
Capital expenditures 1,934,000
-------------
Total disbursements 45,597,000
Operating cash flow 18,683,000
Reorganization disbursements 1,199,000
-------------
Net cash flow 17,484,000
Net payments to secured Lenders 0
-------------
Net change in cash 17,484,000
Beginning cash balance 43,147,000
-------------
Ending cash balances $60,630,000
=============
Headquartered in Tucson, Arizona, ASARCO LLC --
http://www.asarco.com/-- is an integrated copper mining,
smelting and refining company. Grupo Mexico S.A. de C.V. is
ASARCO's ultimate parent. The Company filed for chapter 11
protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207).
James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A.
Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter
Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq.,
at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor
in its restructuring efforts. Lehman Brothers Inc. provides the
ASARCO with financial advisory services and investment banking
services. Paul M. Singer, Esq., James C. McCarroll, Esq., and
Derek J. Baker, Esq., at Reed Smith LLP give legal advice to
the Official Committee of Unsecured Creditors and David J.
Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee. When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and
$1 billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No.
05-21346) also filed for chapter 11 protection, and ASARCO has
asked that the three subsidiary cases be jointly administered
with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case
was converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7
Trustee. (ASARCO Bankruptcy News, Issue No. 23; Bankruptcy
Creditors' Service, Inc., 215/945-7000).
DELTA AIR: Comair Files Schedules of Assets and Liabilities
-----------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on hand 38,661
B.2 Bank Accounts
Bank of America -- GSO 13,892
Chase Manhatten, NY 1,000
Fifth Third GCI Account 80,376
Fifth Third Operating Account 13,757,250
Fifth Third Payroll Account 5,000
National City -- CMN 289
Star Bank 5,007
Suntrust -- MCO 3,775
UBS 2,443,928
Temporary Cash Investments 2,474,229
B.15 Accounts Receivable
Code share 12,842,745
Interline 1,569,416
Trade 5,872,744
Employee 1,024,987
Government 825,247
Other 884,177
Intercompany Receivables 10,665,137
B.17 Other Liquidated Debts Owing Debtor
720-Excise Tax 3rd Qtr 05 fuel claims 1,929,142
Canadian goods & services tax refund 590,684
CY04 Overpayment to be refunded 5,000
Florida Aviation tax refund 3rd Q 05 14,178
MI Jet Fuel Refund 3rd Qtr 05 3,947
Property tax TY 2002-2004 Credit 9,252
Quebec sales tax refund 344,176
B.21 Intellectual Property Undetermined
B.22 General Intangibles Undetermined
B.25 Aircraft
Airframes 1,585,659,581
Engines 6,459,289
Aircraft leasehold improvements 30,184,058
Airframe rotables -- CRJ 15,758,406
Purch rotable parts CRJ 700 Airframe 21,370,513
Engine rotables -- CRJ 773,411
Purch rotable parts CRJ 700 Engine 1,263,427
Flight equipment A/D (285,456,500)
Advance deposits on aircraft (refund) (11,000)
B.26 Office Equipment
Furniture and Fixtures 3,331,152
AUC -- Building Improvements 493,168
Furniture and Fixtures A/D (2,273,848)
B.27 Equipment and Supplies for Business
Ground service / ramp equipment 65,094,138
Tooling 2,235,863
Other building improvements 42,860,746
A/D Ground service / ramp equipment (31,271,796)
A/D Tooling (1,201,781)
A/D Other building improvements (11,242,543)
B.28 Inventory
Inventory - general 197,929
Expendable inventory (net) 25,583,613
Aircraft fuel inventory at stations 3,682,483
B.33 Other Personal Property
Intercompany Loan Receivables
Delta Air Lines, Inc. 517,109,468
Miscellaneous prepaids 1,733,047
Prepaid fuel 7,392,940
Prepaid taxes 3,985,574
Prepaid rent -- aircraft leases 9,922,696
Prepaid insurance -- property 395,506
Domestic deposits paid 257,093
TOTAL SCHEDULED ASSETS $2,069,690,873
===============
C. Property Claimed as Exempt Not applicable
D. Secured Claim
Bank of Scotland Corporate Banking 205,621,453
Bayerische Landesbank Girozentrale 104,499,339
Bombardier Capital, Inc. 8,480,876
Commerzbank AG 16,446,321
DVB Bank 37,341,411
Export Dev't Canada Loans Operation 573,014,008
Royal Bank of Scotland 106,990,312
Societe Generale Chicago Branch 10,975,107
E. Unsecured Priority Claims Unknown
F. Unsecured Non-priority Claims
AAR Landing Gear Services 177,088
Adivex Technologies 185,068
BP Products North America Inc 175,535
Cincinnati Bell Telephone 163,545
Cintas Corporation 317,138
Command Security Corp 186,832
Dade County Aviation Dept. 154,347
FlightSafety International 496,934
Golden Touch Transportation Inc. 243,954
Goodrich Aerospace Canada Ltd. 326,625
Hewlett-Packard Company 142,930
Intercompany Payables -- Delta 33,760,732
Kenton Co. Airport Board 1,160,820
Lexington-Fayette 145,365
Massachusetts Port Authority 319,615
Metro Washington Airport 210,700
Minutemaid Company 148,608
Port Authority of NY & NJ 1,144,617
Professional Data Resources 170,283
Reebaire Aircraft, Inc. 558,401
Rockwell Collins 237,475
Rosemount Aerospace 162,544
South Carolina Dept. of Rev 445,536
Standard Aero Alliance Inc. 655,911
Sundstrand ATG 219,382
Systems Insight, Inc. 234,935
Transportation Security Admin 383,284
Transportation Solutions Inc. 252,565
Treasurer City St. Louis 227,630
Weber Aircraft Inc. 151,631
Others 15,729,355
Others Unknown
TOTAL SCHEDULED LIABILITIES $1,122,258,214
===============
About Delta Air
Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in
terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities. (Delta Air Lines
Bankruptcy News, Issue No. 34; Bankruptcy Creditors' Service,
Inc., 215/945-7000).
DELTA AIR: DAL Global Files Schedules of Assets and Liabilities
---------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on hand 37,000
B.2 Bank Accounts
Bank of America-DGS-Payroll 702,409
Citibank-DGS-Payroll 19,367
Wachovia/FirstUnion-DGS-Lockbox Dep 190,820
Temporary Cash Investments 21,403,763
Restricted Cash (short term) 3,844,591
B.12 Stock and Interests Undetermined
B.15 Accounts Receivable
Trade, net of reserve 10,087,852
Employee 95,583
Intercompany receivables (2,114,531)
B.17 Other Liquidated Debts Owing Debtor
CY03 Overpayments to be refunded 11,988
CY04 Overpayment to be refunded 14,563
New Mexico 2004 prepayment 7,891
Washington sales & use 2004 prepayment 6,790
B.21 Intellectual Property Undetermined
B.22 General Intangibles Undetermined
B.26 Office Equipment
Furniture and Fixtures 245,055
Furniture and Fixtures A/D (244,858)
B.27 Equipment and Supplies for Business
Ground service / ramp equipment 13,405,788
Other building improvements 193,184
Asset under construction general 561,308
A/D Ground service / ramp equipment (2,249,388)
A/D Other building improvements (81,923)
A/D Asset under construction genera (463,859)
B.33 Other Personal Property
Intercompany Loan Receivable
Delta Air Lines, Inc. 5,000,000
ACH Undistributed Charges 83,171
ACH OAL Rejects -- non-transport 847,260
Domestic Deposits Paid Recon 4,100
TOTAL SCHEDULED ASSETS $51,607,925
============
C. Property Claimed as Exempt Not applicable
D. Secured Claim $0
E. Unsecured Priority Claims Unknown
F. Unsecured Non-priority Claims
Intercompany Payables 2,913,640
Tug Technologies Corporation 152,387
Cintas Corp 134,412
Netaspx, Inc. 67,446
O.C. Tanner Recognition Company 65,558
Jacksonville Airport Authority 64,173
Port of Oakland 50,793
Global Technologies Int'l Corp. 43,890
Kronos Incorporated 41,766
Verifications Incorporated 40,791
Premium Services Management, LLC 36,390
Others 878,539
Others Unknown
TOTAL SCHEDULED LIABILITIES $4,489,784
===========
About Delta Air
Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in
terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities. (Delta Air Lines
Bankruptcy News, Issue No. 34; Bankruptcy Creditors' Service,
Inc., 215/945-7000).
DELTA AIR: Delta Airelite Files Schedules of Assets & Liabilities
-----------------------------------------------------------------
A. Real Property
Hebron, Kentucky $3,549,277
B. Personal Property
B.1 Cash on hand 7,504
B.2 Bank Accounts
Fifth Third Lockbox 4,601,732
PNC Bank Cash Account 6,754,058
B.3 Security Deposit 238,699
B.15 Accounts Receivable
Trade, net of reserve 3,030,269
B.17 Other Liquidated Debts Owing Debtor 47,531
B.22 General Intangibles Undetermined
B.25 Aircraft
Airframes 44,858,174
Engines 108,997
Flight equipment A/D (3,024,673)
B.26 Office Equipment
Furniture and Fixtures 136,406
Furniture and Fixtures A/D (92,691)
B.27 Equipment and Supplies for Business
Ground service / ramp equipment 81,285
Tooling 39,687
Other building improvements 4,633,800
Technology 246,800
A/D Ground service / ramp equipment (59,850)
A/D Tooling (38,644)
A/D Other building improvements (955,624)
A/D Technology (80,013)
B.28 Inventory
Aircraft fuel inventory at stations 29,332
B.33 Other Personal Property
Miscellaneous prepaids 458,114
Vendor down payments 1,292
Prepaid insurance -- property 257,042
TOTAL SCHEDULED ASSETS $64,828,505
============
C. Property Claimed as Exempt Not applicable
D. Secured Claim $0
E. Unsecured Priority Claims Unknown
F. Unsecured Non-priority Claims
Averitt Air Inc. 37,009
Bombardier Aerospace Corp. 300,217
Bombardier/Flexjet 51,763
Executive Dlight Inc. 22,912
Honeywell 39,581
Indianapolis Jet Center Inc. 30,653
Jet Aviation 34,426
Jet Solutions, LLC 448,232
Jetrider Inc. 45,844
Learjet, Inc. 278,155
Pratt & Whitney Canada 38,030
Superstition Aviation 43,133
Swaps Aviation Programs LLC 30,048
Others 329,924
Others Unknown
TOTAL SCHEDULED LIABILITIES [$1,729,927]
============
About Delta Air
Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in
terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities. (Delta Air Lines
Bankruptcy News, Issue No. 34; Bankruptcy Creditors' Service,
Inc., 215/945-7000).
DELTA AIR: Delta Corporate Files Schedules of Assets & Liabilities
------------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.2 Bank Accounts
Citibank-DCII Concentration-USD 335,983
B.12 Stock and Interests Undetermined
B.15 Accounts Receivable
Intercompany Receivables 188,606,465
B.21 Intellectual Property Undetermined
B.22 General Intangibles Undetermined
TOTAL SCHEDULED ASSETS $188,942,448
=============
C. Property Claimed as Exempt Not applicable
D. Secured Claim $0
E. Unsecured Priority Claims Unknown
F. Unsecured Non-priority Claims
American Express Travel Related Svcs. Unknown
GE Corporate Financial Services Unknown
Intercompany payables 97,558,447
L.A. Models 4,740
TOTAL SCHEDULED LIABILITIES $97,563,187
============
About Delta Air
Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in
terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities. (Delta Air Lines
Bankruptcy News, Issue No. 34; Bankruptcy Creditors' Service,
Inc., 215/945-7000).
DELTA AIR: Delta Loyalty Files Schedules of Assets & Liabilities
----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.2 Bank Accounts
Citibank-DLMS Concentration-USD 2,659,044
Wachovia/FirstUnion-DLMS-Lockbox Dep 5,595
Temporary cash investments 69,596,545
B.15 Accounts Receivable
Trade 109,699,478
Intercompany Receivables 122,955,453
B.17 Other Liquidated Debts Owing Debtor
GA NOL Carryback refund & CY04 over 62,006
B.22 General Intangibles Undetermined
TOTAL SCHEDULED ASSETS $304,978,122
=============
C. Property Claimed as Exempt Not applicable
D. Secured Claim
American Express Travel Related Services $500,000,000
E. Unsecured Priority Claims Unknown
F. Unsecured Non-priority Claims
Intercompany payables 408,206,807
Others 62,834
Others Unknown
TOTAL SCHEDULED LIABILITIES $908,269,641
=============
About Delta Air
Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in
terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities. (Delta Air Lines
Bankruptcy News, Issue No. 34; Bankruptcy Creditors' Service,
Inc., 215/945-7000).
DELTA AIR: Delta Tech Files Schedules of Assets and Liabilities
---------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on hand 500
B.2 Bank Accounts
Chase-DT FSA-Disb. 91,552
Chase-DT Medial/UHC-Disb. 664,893
Chase-DT/Metlife Disb 9,665
Wachovia/FirstUnion-DT-Lockbox 5,595
Temporary Cash Investments 28,238,185
B.15 Accounts Receivable
Trade 83,990
VAT 141,204
Intercompany Receivables 23,985,614
B.17 Other Liquidated Debts Owing Debtor
CY04 Overpayment to be refunded 7,190
B.22 General Intangibles Undetermined
B.26 Office Equipment
IT Equipment under Capital Lease 30,193,810
Capital Lease A/D (14,021,126)
Software Development 668,848,469
Furniture and Fixtures 6,071,773
Accumulated Amortization Software D (371,397,839)
Furniture and Fixtures A/D (5,753,786)
B.27 Equipment and Supplies for Business
Ground service / ramp equipment 351,880
Tooling 224,571
Other building improvements 34,682,473
Technology 1,054,611,302
General equipment 7,413,352
Asset under construction general 82,019,541
A/D Ground service / ramp equipment (199,455)
A/D Maintenance facility bldg improvements (61,421)
A/D Other building improvements (18,182,985)
A/D Technology (809,106,209)
A/D General equipment (2,815,189)
B.33 Other Personal Property
Intercompany Loan Receivables
Delta Air Lines, Inc. 270,000,000
Miscellaneous prepaids 14,596
Prepaid software maintenance 9,753,293
Cost-non-operating general improvements 44,419,504
A/D Cost-non-operating
general improvements (17,403,456)
TOTAL SCHEDULED ASSETS $1,022,891,485
===============
C. Property Claimed as Exempt Not applicable
D. Secured Claim $0
E. Unsecured Priority Claims Unknown
F. Unsecured Non-priority Claims
ACT 1 Technical & Professional 288,548
CISCO Systems Capital Corp 491,443
Intercompany Payables 23,586,504
Oracle Corporation 314,994
Others 6,078,545
Others Unknown
TOTAL SCHEDULED LIABILITIES $30,760,033
============
About Delta Air
Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in
terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities. (Delta Air Lines
Bankruptcy News, Issue No. 34; Bankruptcy Creditors' Service,
Inc., 215/945-7000).
DELTA AIR: Epsilon Trading Files Schedules of Assets & Liabilities
------------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.2 Bank Accounts
Citibank-Epsilon Concentration-USD 1,116,797
Suntrust-Epsilon Master 122,957
B.15 Accounts Receivable
Trade 15,752,667
Intercompany Receivables 41,932,329
B.17 Other Liquidated Debts Owing Debtor
Kentucky sales & use 2004 prepayment 71,124
B.22 General Intangibles Undetermined
B.28 Inventory
Aircraft fuel inventory at stations 199,624,157
Aircraft fuel tax inventory at stations 2,057,184
Prepaid fuel 62,698,824
TOTAL SCHEDULED ASSETS $323,376,038
=============
C. Property Claimed as Exempt Not applicable
D. Secured Claim $0
E. Unsecured Priority Claims Unknown
F. Unsecured Non-priority Claims
Kappa Capital Management, Inc. 149,400,000
Others 19,841,215
Others Unknown
TOTAL SCHEDULED LIABILITIES $169,241,215
=============
About Delta Air
Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in
terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities. (Delta Air Lines
Bankruptcy News, Issue No. 34; Bankruptcy Creditors' Service,
Inc., 215/945-7000).
INTERSTATE BAKERIES: Earns $7.5 Million for Period Ended April 29
-----------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended April 29, 2006
REVENUE
Gross Income $225,659,272
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 56,000,847
Direct & Indirect Labor 42,923,470
Overhead & Production Administration 11,640,578
------------
Total Cost of Goods Sold 110,564,895
------------
Gross Profit $115,094,377
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries $54,046,250
Advertising and Marketing 3,901,354
Insurance (Property, Casualty, & Medical) 11,743,545
Payroll Taxes 4,539,698
Lease and Rent 3,593,172
Telephone and Utilities 1,426,596
Corporate Expense (Including Salaries) 6,300,100
Other Expenses 29,540,791
------------
Total Operating Expenses $115,091,506
------------
EBITDA ($2,871)
Restructuring & Reorganization Charges (1,925,179)
Depreciation and Amortization 5,703,640
Other( Income)/Expense (1,884)
Gain/Loss Sale of Property -
Interest Expense 4,059,149
------------
Operating Income (Loss) (7,832,855)
Income Tax Expense (Benefit) (318,084)
------------
Net Income (Loss) $7,514,771
============
CURRENT ASSETS
Accounts Receivable at end of period $145,016,470
Increase (Dec.) in Accounts Receivable (3,539,409)
Inventory at end of period 63,727,879
Increase (Decrease) in Inventory for period 1,697,472
Cash at end of period 93,944,637
Increase (Decrease) in Cash for period (2,071,939)
Restricted Cash 83,864,426
Increase (Dec.) in Restricted Cash for period 7,186,490
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise 2,335,941
Increase (Decrease) in Liabilities
Subject to Compromise 51,693
Taxes payable:
Federal Payroll Taxes 10,048,672
State/Local Payroll Taxes 2,124,792
State Sales Taxes 771,413
Real Estate and Personal Property Taxes 15,731,359
Other 7,299,935
------------
Total Taxes Payable $35,976,171
============
About Interstate Bakeries
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.
The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in
their restructuring efforts. Kenneth A. Rosen, Esq., at
Lowenstein Sandler, PC, represents the Official Committee of
Unsecured Creditors. Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal, LLP, represents the Official Committee of
Equity Security Holders. When the Debtors filed for protection
from their creditors, they listed $1,626,425,000 in total assets
and $1,321,713,000 (excluding the $100,000,000 issue of 6.0%
senior subordinated convertible notes due August 15, 2014, on
August 12, 2004) in total debts.
KAISER ALUMINUM: Reports $16.7 Million Net Income in April 2006
---------------------------------------------------------------
Kaiser Aluminum Corporation -- All Debtors
Unaudited Balance Sheet
As of April 30, 2006
(In Thousands)
ASSETS
Cash $36,790
Receivables:
Trade 132,744
Other 8,429
----------
Total Receivables 141,173
Inventories 137,829
Prepaid expenses and other current assets 36,985
----------
Total current assets 352,777
Investments in and advances to subsidiaries 18,816
Intercompany receivables/payables, net (4,336)
Property, plant, and equipment - net 234,750
Deferred income taxes -
Restricted proceeds from sale of commodity interests -
Other assets 1,027,159
----------
Total Assets $1,629,166
==========
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities not subject to compromise:
Accounts Payable $71,906
Accrued interest 1,122
Accrued salaries, wages and related expenses 34,298
Accrued post retirement benefit - current -
Other accrued liabilities 75,968
Payable to affiliates 17,857
Long term debt - current portion 1,137
----------
Total current liabilities 202,288
Long-term liabilities 51,689
Accrued postretirement benefit obligation 1
Long-term debt 1,212
Liabilities subject to compromise 4,459,334
Minority interests 655
Stockholders' equity:
Preference stock -
Common stock 789
Additional capital 538,009
Accumulated deficit - As of filing date (931,400)
Accumulated deficit - Post filing date (2,684,643)
Accumulated other comprehensive income (loss) (8,768)
Note receivable from parent -
----------
Total Liabilities & Stockholders' Equity $1,629,166
==========
Kaiser Aluminum Corporation -- All Debtors
Unaudited Statement of Operations
For the Month Ending April 30, 2006
(In Thousands)
Net Sales $111,680
Costs and expenses:
Cost of products sold 86,817
Depreciation & amortization 1,584
Selling, administrative, R&D and general 4,246
Other operating charges (benefits), net (1,657)
----------
Total costs and expenses 90,990
----------
Operating income (loss) 20,690
Other income (expense):
Interest expenses, net (60)
Reorganization items (2,933)
Other-net 120
----------
Income (loss) before
income taxes and minority interest 17,817
(Provision) benefit for income taxes (986)
Minority interests -
Equity in income (loss) of subsidiaries (110)
----------
Net income (loss) $16,721
==========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ending April 30, 2006
(In Thousands)
Receipts:
Trade Receivables
KACC and Certain Other Entities' Receivables $80,396
KAII Receivables 30,433
----------
Total Trade Receivables 110,829
COBRA Receipts 341
Proceeds from Hedging Settlements 482
----------
Total Receipts 111,652
Disbursements:
Inventory/Raw Materials 59,794
Capital Expenditures 3,509
Maintenance, Materials, etc. 3,216
Freight 5,685
Utilities/Energy 4,052
Hourly Payroll 7,097
Salaried Payroll 3,600
Hedging Activities 254
Pension Contributions 125
VEBA Advances 1,900
Medical - Current Employees 2,352
Annual Insurance Premiums -
Workmen's Compensation 438
Corporate General and Administrative 4,583
JV Fundings - Primary, Net of Reimbursements 11,561
Other Disbursements 3,325
----------
Total Operating and G&A Disbursements 111,491
Reorganization Items 5,295
----------
Total Disbursements 116,786
----------
Net Cash Flow (5,134)
Beginning Bank Cash Balances 42,209
----------
Ending Bank Cash Balances 37,075
Reconciling Items (285)
----------
Ending Book Cash Balances $36,790
==========
Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corporation -- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications. The Company filed for chapter 11 protection on Feb.
12, 2002 (Bankr. Del. Case No. 02-10429), and has sold off a
number of its commodity businesses during course of its cases.
Corinne Ball, Esq., at Jones Day, represents the Debtors in their
restructuring efforts. Lazard Freres & Co. serves as the Debtors'
financial advisor. Lisa G. Beckerman, Esq., H. Rey Stroube, III,
Esq., and Henry J. Kaim, Esq., at Akin, Gump, Strauss, Hauer &
Feld, LLP, and William P. Bowden, Esq., at Ashby & Geddes
represent the Debtors' Official Committee of Unsecured Creditors.
On June 30, 2004, the Debtors listed $1.619 billion in assets and
$3.396 billion in debts. (Kaiser Bankruptcy News, Issue No. 98;
Bankruptcy Creditors' Service, Inc., 609/392-0900)
REFCO INC: Files April 2006 Monthly Operating Report
----------------------------------------------------
In lieu of comprehensive financial statements, Refco, Inc., and
its debtor-affiliates delivered to Judge Drain a monthly
statement of their cash receipts and disbursements for the period
from April 1 to 30, 2006.
Peter F. James, controller of Refco, reports that the company
holds a beginning cash balance of $1,036,570,000 during the
reporting period. Refco received $47,566,000 in cash and made
a $16,412,000 disbursement. Refco's ending cash balance
totals $1,067,724,000.
As paying agent for certain non-debtors, the Debtors disbursed
approximately $3,900,000.
Refco paid $3,298,000 in gross wages, of which $1,700,000 were
paid on the Non-Debtors' behalf. The Debtors were reimbursed in
cash for the disbursements.
Mr. James discloses that Refco withheld $1,172,000 of employee
payroll taxes, of which $152,000 was remitted to a third party
vendor.
Mr. James states that all taxes due and owing, as well as tax
returns, have been paid and filed for the current period.
Refco paid $2,531,000 in professional fees for April, and
$7,645,000 since the Petition Date. All professional fee
disbursements for April were allocated to Refco Capital Markets,
Ltd.
A full-text copy of Refco's April 2006 Monthly Statement is
available at no charge at http://ResearchArchives.com/t/s?b67
About Refco Inc
Based in New York, New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base. Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago, New
York, London and Singapore. In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products. Refco is one of
the largest global clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc A.
Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents
the Official Committee of Unsecured Creditors. Refco reported
$16.5 billion in assets and $16.8 billion in debts to the
Bankruptcy Court on the first day of its chapter 11 cases.
Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is
a regulated commodity futures company that has businesses in the
United States, London, Asia and Canada. Refco, LLC, filed for
bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.
Three more affiliates of Refco, Westminster-Refco Management LLC,
Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed
for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case
Nos. 06-11260 through 06-11262). (Refco Bankruptcy News, Issue
No. 32; Bankruptcy Creditors' Service, Inc., 215/945-7000).
WERNER LADDER: Sept. 30 Balance Sheet Upside-Down by $312 Million
-----------------------------------------------------------------
WERNER HOLDING CO. (PA), INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
As of September 30, 2005
Assets
Current assets:
Cash and cash equivalents $718,000
Accounts receivable -
Allowance for doubtful accounts -
Note receivable from related party 51,007,000
Income taxes receivable 7,617,000
Inventories 66,902,000
Deferred income taxes -
Other 3,887,000
------------
Total current assets 130,131,000
------------
Property, plant and equipment, net 108,964,000
------------
Other assets:
Deferred income taxes -
Deferred financing fees, net 13,095,000
Other 7,333,000
------------
Total other assets 20,428,000
------------
Total assets $259,523,000
============
Liabilities
Current liabilities:
Accounts payable $24,848,000
Accrued liabilities 34,313,000
Current maturities of long-term debt 1,563,000
------------
Total current liabilities 60,724,000
------------
Long-term obligations:
Long-term debt 344,598,000
Reserve for product liability and
workers' compensation claims 42,563,000
Other long-term obligations 34,804,000
------------
Total liabilities 482,689,000
------------
Convertible preferred stock 89,076,000
------------
Shareholders' deficit:
Common stock 1,000
Additional paid-in-capital 28,531,000
Accumulated deficit (326,054,000)
Accumulated other comprehensive loss (14,344,000)
Notes receivable arising from
stock loan plan (376,000)
------------
Total shareholders' deficit (312,242,000)
------------
Total liabilities, preferred stock
and shareholders' deficit $259,523,000
============
Headquartered in Greenville, Pennsylvania, Werner Co. --
http://www.wernerladder.com/-- manufactures and distributes
ladders, climbing equipment and ladder accessories. The company
and three of its affiliates filed for chapter 11 protection on
June 12, 2006 (Bankr. D. Del. Case No. 06-10578). Kara Hammond
Coyle, Esq., Matthew Barry Lunn, Esq., and Robert S. Brady, Esq.,
Young, Conaway, Stargatt & Taylor, LLP, serves as the Debtors'
counsel. The firm of Willkie Farr & Gallagher LLP represents the
Debtors as its co-counsel. The Debtors hhave retained Rothschild
Inc. as their financial advisor and invesement banker while
Loughlin Meghji & Company serves as the Debtors' restructuring
consultants. At March 31, 2006, the Debtors reported total assets
of $201,042,000 and total debts of $473,447,000. (Werner Ladder
Bankruptcy News, Issue No. 1; Bankruptcy Creditors' Service,
Inc., 215/945-7000).
WINN-DIXIE: Posts $81.7 Million Net Loss for Period Ended May 3
---------------------------------------------------------------
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Balance Sheet
At May 3, 2006
(In thousands)
Assets
Current assets:
Cash and cash equivalents $156,314
Marketable securities 14,262
Trade and other receivables, net 155,838
Insurance claims receivable 44,652
Income tax receivable 30,382
Merchandise inventories, net 470,261
Prepaid expenses and other current assets 44,876
------------
Total current assets 916,585
Property, plant and equipment, net 525,805
Other assets, net 116,617
------------
Total assets $1,559,007
============
Liabilities and Shareholders' Deficit
Current liabilities:
Current borrowings under DIP Credit Facility $40,969
Current portion of long-term debt 230
Current obligations under capital leases 3,832
Accounts payable 225,372
Reserve for self-insurance liabilities 90,355
Accrued wages and salaries 76,642
Accrued rent 29,677
Accrued expenses 112,115
------------
Total current liabilities 579,192
Reserve for self-insurance liabilities 143,911
Long-term debt 184
Obligations under capital leases 4,672
Other liabilities 15,980
------------
Total liabilities not subject to compromise 743,939
Liabilities subject to compromise 1,z180,520
------------
Total liabilities 1,924,459
Shareholders' deficit:
Common stock 141,858
Additional paid-in-capital 34,125
Accumulated deficit (507,126)
Accumulated other comprehensive loss (34,309)
------------
Total shareholders' deficit (365,452)
------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $1,559,007
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Operations
Four Weeks Ended May 3, 2006
(In thousands)
Net sales $575,138
Cost of sales 422,773
------------
Gross profit on sales 152,365
Other operating and administrative expenses 161,016
Impairment charges -
Restructuring charges 2,783
------------
Operating loss (11,434)
Interest expense, net 265
------------
Loss before reorganization items and income taxes (11,699)
Reorganization items, net expense 3,054
Income tax expense -
------------
Net loss from continuing operations (14,753)
Discontinued operations:
Loss from discontinued operations (8,177)
Loss on disposal of discontinued operations (58,829)
Income tax expense -
------------
Net loss from discontinued operations (67,006)
------------
Net loss ($81,759)
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Cash Flows
Four Weeks Ended May 3, 2006
(In thousands)
Cash flows from operating activities:
Net loss ($81,759)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Loss on sales of assets, net 1,914
Reorganization items, net expense 3,054
Depreciation and amortization 8,007
Impairment charges -
Stock compensation plans 546
Change in operating assets and liabilities:
Trade and other receivables 10,482
Merchandise inventories 23,628
Prepaid expenses and other current assets (4,023)
Accounts payable (1,207)
Reserve for self-insurance liabilities 1,327
Lease liability on closed facilities 63,284
Income taxes receivable (16)
Defined benefit plan (89)
Other accrued expenses 3,829
------------
Net cash provided by operating
activities before reorganization items 28,977
Cash effect of reorganization items (5,576)
------------
Net cash provided by operating activities 23,401
Cash flows from investing activities:
Purchases of property, plant and equipment (2,840)
Decrease in investments and other assets 3,273
Proceeds from sales of assets 1,237
Purchases of marketable securities (251)
Sales of marketable securities 1,264
Other (1,859)
------------
Net cash used in investing activities 824
Cash flows from financing activities:
Gross borrowings on DIP Credit Facility 1,056
Gross payments on DIP Credit Facility (639)
Principal payments on long-term debt (18)
Principal payments on capital lease obligations (118)
Other 94
------------
Net cash used in financing activities 375
------------
Increase in cash and cash equivalents 24,600
Cash and cash equivalents at beginning of period 131,714
------------
Cash and cash equivalents at end of period $156,314
============
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers. The Company operates stores across the
Southeastern United States and in the Bahamas and employs
approximately 90,000 people. The Company, along with 23 of its
U.S. subsidiaries, filed for chapter 11 protection on Feb. 21,
2005 (Bankr. S.D.N.Y. Case No. 05-11063, transferred Apr. 14,
2005, to Bankr. M.D. Fla. Case Nos. 05-03817 through 05-03840).
D.J. Baker, Esq., at Skadden Arps Slate Meagher & Flom LLP, and
Sarah Robinson Borders, Esq., and Brian C. Walsh, Esq., at King &
Spalding LLP, represent the Debtors in their restructuring
efforts. Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors. Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors. Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee. When the Debtors filed for protection from their
creditors, they listed $2,235,557,000 in total assets and
$1,870,785,000 in total debts. (Winn-Dixie Bankruptcy News,
Issue No. 40; 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
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Each Tuesday edition of the TCR contains a list of companies with
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
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Soriano-Baaclo, Christian Q. Salta, Jason A. Nieva, Lucilo M.
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