/raid1/www/Hosts/bankrupt/TCR_Public/060729.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, July 29, 2006, Vol. 10, No. 179
Headlines
ADELPHIA COMM: Files June 2006 Monthly Operating Report
CALPINE CORP: Posts $110 Million Net Loss in March 2006
COLLINS & AIKMAN: Posts $25.6 Million Net Loss in June 2006
FEDERAL-MOGUL: Posts $18.4 Million Net Loss in June 2006
REFCO INC: Refco LLC Files May 2006 Monthly Operating Report
SAINT VINCENTS: Files June 2006 Monthly Operating Report
WERNER LADDERS: Posts $5.5 Million Net Loss in June 2006
WERNER LADDERS: DE Posts $658,000 Net Loss in Period Ended June 30
WERNER LADDERS: PA Earns $117,000 in Period Ended June 30
WERNER LADDERS: WIP Tech. Files June 2006 Monthly Operating Report
WINN-DIXIE: Files June 2006 Monthly Operating Report
*********
ADELPHIA COMM: Files June 2006 Monthly Operating Report
-------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of June 30, 2006
(Dollars in thousands)
ASSETS
Cash and cash equivalents $731,722
Restricted cash 3,893
Accounts receivables - net 105,244
Receivable for securities 7,167
Other current assets 201,107
-----------
Total current assets 1,049,133
Restricted cash 2,751
Investments in equity affiliates 6,194
Property and equipment - net 4,215,300
Intangible assets - net 7,479,648
Other noncurrent assets - net 120,934
-----------
Total Assets $12,873,960
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $114,225
Subscriber advance payments and deposits 34,020
Payable to non-filing entities 1,543
Accrued liabilities 589,975
Deferred income 19,115
Current portion of parent and subsidiary debt 959,431
-----------
Total current liabilities 1,718,309
Other liabilities 32,108
Deferred income 56,149
Deferred income taxes 883,135
-----------
Total noncurrent liabilities 971,392
Liabilities subject to compromise 18,372,813
-----------
Total liabilities 21,062,514
Minority interests in equity of subsidiary 60,201
Stockholders' equity:
Series preferred stock 397
Class A and Class B common stock 2,548
Additional paid-in capital 9,516,510
Accumulated other comprehensive income 60
Accumulated deficit (17,740,333)
Treasury stock, at cost (27,937)
-----------
Total stockholders' equity (8,248,755)
-----------
Total liabilities and stockholders' equity $12,873,960
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended June 30, 2006
(Dollars in thousands)
Revenue $397,297
Cost and expenses:
Direct operating and programming 249,082
Selling, general and administrative 23,898
Investigation, re-audit and sale transaction costs 4,775
Depreciation and amortization 80,400
Impairment of long-lived assets -
Provision for uncollectible amounts from Rigases -
Gains on dispositions of long-lived assets (157)
-----------
Operating income (loss) $39,299
Other income (expense):
Interest expense (99,127)
Impairment of cost & available for sale investments -
Other income (expense) - net (31,707)
-----------
Total other expense - net (130,834)
-----------
Loss from continuing operations before reorganization (91,535)
Reorganization expenses due to bankruptcy (20,327)
-----------
Loss from continuing operations before income taxes (111,862)
Income tax benefit -
Share of losses of equity affiliates - net 324
Minority's interest in subsidiary losses - net 14,221
-----------
Net loss (97,317)
Beneficial conversion feature -
-----------
Net loss applicable to common stockholders ($97,317)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
For the Month Ended June 30, 2006
(Dollars in thousands)
Cash flows from operating activities:
Net loss ($97,317)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 80,400
Impairment of long-lived assets -
Provision for uncollectible amounts from Rigases 2,863
Gains on disposition of long-lived assets (157)
Amortization of debt issuance costs 225
Impairment of cost & available for sale investments -
Provision for loss contingencies 30,000
Reorganization expenses due to bankruptcy 20,327
Deferred tax expense (benefit) -
Share in losses of equity affiliates - net (324)
Minority interest in losses of subsidiaries (14,221)
Other noncash gains (384)
Depreciation, amortization and other non-cash
items from discontinued operations -
Change in operating assets & liabilities (33,020)
-----------
Net cash provided by operating activities before
payment of reorganization expenses ($11,608)
Reorganization expenses paid during the period (10,340)
-----------
Net cash provided by (used in) operating activities (21,948)
Cash flows from investing activities:
Expenditures for property, plant and equipment (37,881)
Changes in restricted cash 262,480
Proceeds from sale of investments -
Other (411)
-----------
Net cash used in investing activities 224,188
Cash flows from financing activities:
Proceeds from debt 16,000
Repayments of debt (7,929)
Payment of debt issuance costs -
-----------
Net cash provided by financing activities 8,071
Change in cash and cash equivalents cash 210,311
Cash, beginning of period 521,411
-----------
Cash, end of period $731,722
===========
About Adelphia Communications
Based in Coudersport, Pa., Adelphia Communications Corporation
(OTC: ADELQ) -- http://www.adelphia.com/-- is the fifth-largest
cable television company in the country. Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks. The Company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002. Those cases
are jointly administered under case number 02-41729. Willkie Farr
& Gallagher represents the ACOM Debtors. PricewaterhouseCoopers
serves as the Debtors' financial advisor. Kasowitz, Benson,
Torres & Friedman, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP
represent the Official Committee of Unsecured Creditors.
Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of the
Rigas family. In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC. The RME Debtors filed for chapter 11 protection
on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-
10642). Their cases are jointly adminsitered under Adelphia
Communications and its debtor-affiliates chapter 11 cases.
(Adelphia Bankruptcy News, Issue No. 143; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CALPINE CORP: Posts $110 Million Net Loss in March 2006
-------------------------------------------------------
Calpine Corporation
Condensed Consolidating Balance Sheet
As of March 31, 2006
ASSETS
Current assets:
Cash & cash equivalents $1,361,523,000
Accounts receivable, net 848,681,000
Margin deposits & other prepaid expense 298,096,000
Inventories 150,044,000
Restricted cash 764,214,000
Current derivative assets 297,860,000
Current assets held for sale 39,542,000
Other current assets 65,757,000
---------------
Total current assets 3,825,717,000
Restricted cash, net of current portion 207,280,000
Notes receivable, net of current portion 161,151,000
Project development costs 24,247,000
Deferred financing costs 197,083,000
Prepaid lease, net of current portion 351,909,000
Property, plant & equipment, net 14,460,435,000
Goodwill 45,160,000
Other intangible assets, net 53,199,000
Long-term derivative assets 528,799,000
Other assets 607,311,000
---------------
Total assets $20,546,729,000
===============
LIABILITIES & STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $521,491,000
Accrued payroll and related expense 40,872,000
Accrued interest payable 185,759,000
Income taxes payable 99,073,000
Notes payable & other borrowings 193,049,000
Preferred interests 8,877,000
Capital lease obligations 284,932,000
CCFC financing 782,991,000
CalGen financing 2,508,800,000
Construction/project financing 2,195,523,000
Senior notes and term loans 641,777,000
DIP Facility 3,500,000
Current derivative liabilities 454,330,000
Other current liabilities 292,605,000
---------------
Total current liabilities 8,213,579,000
Notes payable and other borrowings 468,864,000
Preferred interests 579,519,000
Capital lease obligations 505,000
Construction/project financing 173,581,000
DIP Facility 995,625,000
Deferred income taxes 371,433,000
Deferred revenue 133,899,000
Long-term derivative liabilities 714,267,000
Other liabilities 158,197,000
---------------
Total liabilities not subject to compromise 11,809,469,000
Liabilities subject to compromise 14,527,162,000
Minority interests 274,074,000
Stockholders' equity (deficit):
Common stock 569,000
Additional paid-in capital 3,266,890,000
Additional paid-in capital, loaned shares 258,100,000
Additional paid-in capital, returnable shares (258,100,000)
Accumulated deficit (9,202,603,000)
Accumulated other comprehensive loss (128,832,000)
---------------
Total stockholders' deficit (6,063,976,000)
---------------
Total liabilities & stockholders' deficit $20,546,729,000
===============
Calpine Corporation
Condensed Consolidating Statement of Operations
For period ending March 31, 2006
Revenue:
Electricity and steam revenue $342,886,000
Transmission sales revenue 719,000
Sales of purchased power & gas
for hedging and optimization 54,953,000
Mark-to-market activities, net 7,318,000
Other revenue 9,566,000
---------------
Total revenue 415,442,000
Cost of revenue:
Plant operating expense 55,681,000
Royalty expense 1,793,000
Transmission purchase expense 7,633,000
Purchased power and gas
for hedging and optimization 38,251,000
Fuel expense 200,324,000
Depreciation & amortization expense 28,907,000
Operating plant impairments 49,653,000
Other cost of revenue 8,803,000
---------------
Total cost of revenue 397,591,000
---------------
Gross profit 17,851,000
(Income) from unconsolidated investments (2,939,000)
Equipment, development project & other impairments 5,758,000
Project development expense 1,980,000
Research and development expense 1,488,000
Sales, general and administrative expense 29,839,000
---------------
Income (loss) from operations (18,275,000)
Interest expense 105,019,000
Interest (income) (6,102,000)
Minority interest expense 490,000
Other (income) expense, net (6,400,000)
---------------
Loss before organization items, benefit for
income taxes and cumulative effect of a change
in accounting principle (111,282,000)
Reorganization items 2,159,000
---------------
Loss before benefit for income taxes and
cumulative effect of a change in accounting
principle (113,441,000)
Provision (benefit) for income taxes (3,625,000)
Loss before cumulative effect of a change in
accounting principle (109,816,000)
Cumulative effect of a change in accounting
principle, net of tax provision (312,000)
---------------
Net loss ($110,128,000)
About Calpine Corp.
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. 22; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: Posts $25.6 Million Net Loss in June 2006
-----------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of June 30, 2006
ASSETS
Cash $98,336,943
Accounts receivable-trade, net 150,938,476
Other non-trade receivables 5,846,505
Inventories, net 93,194,676
Tooling and molding, net-current 50,511,285
Prepaids & other current assets 57,098,576
Deferred tax assets-current (87,825)
---------------
TOTAL CURRENT ASSETS 455,838,636
Investments in subsidiaries 2,534,708,519
Fixed assets, net 307,359,412
Goodwill, net 978,554,071
Deferred tax assets-long term 25,938,826
Tooling and molding, net-long term 7,662,679
Other noncurrent assets 89,036,082
Intercompany accounts - net 128,079,899
Prepetition intercompany - net 694,574,567
---------------
TOTAL ASSETS $5,221,752,692
===============
LIABILITIES & EQUITY
Notes payable $0
Short term borrowings 0
Advance on receivables 0
Current portion-long term debt 245,450,028
Current portion-capital leases 0
Accounts payable 38,330,069
Accrued interest payable 7,749,884
Accrued & other liabilities 102,860,811
Income taxes payable (6,139,618)
---------------
TOTAL CURRENT LIABILITIES 388,251,174
Liabilities subject to compromise 2,386,486,645
---------------
Total liabilities 2,774,737,819
Total equity 2,447,017,873
---------------
TOTAL LIABILITIES & EQUITY $5,221,752,692
===============
Collins & Aikman Corporation
Income Statement
Month Ending June 30, 2006
Net outside sales $155,134,802
I/C Net sales 17,148,782
---------------
Total sales 172,283,584
Cost of goods sold 165,781,004
---------------
Gross profit 6,502,580
Selling, general & administrative expenses 29,839,744
---------------
Operating income (23,337,164)
Interest expenses 9,208,053
Intercompany interest, net (2,958,546)
Preferred stock accretion 0
Miscellaneous (income)/expense 0
Corporate allocation adjustment (3,721,799)
Commission income (266,377)
Commission expense 0
Royalty income (638,741)
Royalty expense 0
Joint Venture (Income)/Expense 0
Minority interest in cons net income 0
Dividend income 0
Discount/Income for Carcorp. 0
Gain/(Loss) early extinguishments of debt 0
Discount/Premium on hedges 0
(Gain)/Loss on hedges 0
(Gain)/Loss on swaps 0
NAAIS Intercompany sales profit 0
Loss on sale of receivables 0
Restructuring provision 0
Foreign transactions - (Gain)/Loss 565,373
Amort of discount on NPV of liabilities 0
(Gain)/Loss on sale-leaseback transaction 0
---------------
Income from continuing operations before taxes (25,525,126)
Federal income tax 0
State income tax 0
Foreign income tax 35,517
---------------
Income from continuing operations (25,560,643)
Discontinued operations 110,035
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME (LOSS) ($25,670,678)
===============
About Collins & Aikman
Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a leading
supplier of instrument panels, automotive fabric, plastic-based
trim, and convertible top systems. The Company has a workforce of
approximately 23,000 and a network of more than 100 technical
centers, sales offices and manufacturing sites in 17 countries
throughout the world.
The Company and its debtor-affiliates filed for chapter 11
protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927).
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in
its restructuring. Lazard Freres & Co., LLC, provides the Debtor
with investment banking services. Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee. When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total debts.
(Collins & Aikman Bankruptcy News, Issue No. 35; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
FEDERAL-MOGUL: Posts $18.4 Million Net Loss in June 2006
--------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of June 30, 2006
(In millions)
Assets
Cash and equivalents $812.7
Accounts receivable 616.1
Inventories 453.1
Deferred taxes 96.1
Prepaid expenses and other current assets 94.1
----------
Total current assets 2,072.1
Summary of Unpaid Postpetition Debits (83.8)
Intercompany Loans Receivable (Payable) 2,188.6
----------
Intercompany Balances 2,104.7
Property, plant and equipment 851.1
Goodwill 947.2
Other intangible assets 408.1
Insurance recoverable 809.8
Other non-current assets 911.0
----------
Total Assets $8,104.0
==========
Liabilities and Shareholders' Equity
Short-term debt $537.0
Accounts payable 237.6
Accrued compensation 63.2
Restructuring and rationalization reserves 16.5
Current portion of asbestos liability -
Interest payable 4.8
Other accrued liabilities 265.0
----------
Total current liabilities 1,124.1
Long-term debt -
Post-employment benefits 1,956.5
Other accrued liabilities 800.7
Liabilities subject to compromise 6,007.3
Shareholders' equity:
Preferred stock 1,050.6
Common stock 565.8
Additional paid-in capital 8,062.1
Accumulated deficit (10,304.8)
Accumulated other comprehensive income (1,158.2)
Other -
----------
Total Shareholders' Equity (1,784.5)
----------
Total Liabilities and Shareholders' Equity $8,104.0
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended June 30, 2006
(In millions)
Net sales $276.0
Cost of products sold 226.2
----------
Gross margin 49.8
Selling, general & administrative expenses (52.8)
Amortization (1.2)
Reorganization items (9.3)
Interest expense, net (14.9)
Other income, net 9.9
----------
Earnings before Income Taxes (18.4)
Income Tax (Expense) Benefit 0.0
----------
Earnings before effect of change in acctg. principle (18.4)
Cumulative effect of change in acctg. principle -
----------
Net Loss ($18.4)
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended June 30, 2006
(In millions)
Cash Provided From (Used By) Operating Activities:
Net loss ($18.4)
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 13.3
Adjustments of assets held for sale to fair value (3.2)
Asbestos Charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. principle -
Change in post-employment benefits (6.3)
Decrease/(increase) in accounts receivable 3.6
Decrease/(increase) in inventories (3.9)
Increase/(decrease) in accounts payable (4.6)
Change in other assets and other liabilities 36.3
Change in restructuring charge 0.7
Refunds (payments) against asbestos liability -
----------
Net Cash Provided From Operating Activities 17.6
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (4.8)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
----------
Net Cash Used by Investing Activities (4.8)
Cash Provided From (Used By) Financing Activities:
Decrease in debt (11.1)
Sale of accounts receivable under securitization -
Dividends -
Other (17.5)
----------
Net Cash Provided From Financing Activities (28.7)
Decrease in Cash and Equivalents (15.8)
Cash and equivalents at beginning of period 828.5
----------
Cash and equivalents at end of period $812.7
==========
About Federal-Mogul
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some
$6 billion. The Company filed for chapter 11 protection on
Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan
Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley
Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski,
Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $10.15 billion
in assets and $8.86 billion in liabilities. Federal-Mogul
Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill,
Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath &
Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq.,
and Eric M. Sutty, Esq., at The Bayard Firm represent the Official
Committee of Unsecured Creditors. (Federal-Mogul Bankruptcy News,
Issue No. 111; Bankruptcy Creditors' Service, Inc., 215/945-7000)
REFCO INC: Refco LLC Files May 2006 Monthly Operating Report
------------------------------------------------------------
Albert Togut, Refco, LLC's Chapter 7 Trustee, filed with the
Bankruptcy Court a monthly statement of cash receipts and
disbursements for the period from May 1 to 31, 2006.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
for the period totals $768,637,000. Refco LLC's beginning
purchase price account balance totals $62,882,000 and its
beginning capital account "A" balance totals $705,755,000.
The purchase price account includes activity related to Man
Financial sale proceeds and related disbursements. Capital
account "A" includes activity related to collection of excess
capital.
Refco LLC received $7,7276,000 in cash and disbursed $1,692,000.
The Debtor held $774,221,000 at the end of the period.
Refco LLC reimbursed Refco Capital LLC for $35,000 in gross
payroll costs allocated to the Chapter 7 Debtor's estate for time
spent by employees of other Refco, Inc. entities.
The Chapter 7 Trustee prepared the Statement of Receipts and
Disbursements in lieu of comprehensive financial statements.
A full-text copy of Refco LLC's May 2006 Monthly Statement is
available at no charge at:
http://researcharchives.com/t/s?e7d
About Refco Inc.
Based in 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 US$16.5 billion in assets and US$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. Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.
On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner
is represented by Bingham McCutchen LLP. RCM is Refco's
operating subsidiary based in Bermuda.
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. 36; Bankruptcy Creditors' Service, Inc., 215/945-
7000).
SAINT VINCENTS: Files June 2006 Monthly Operating Report
--------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of June 30, 2006
ASSETS
Cash & Cash Equivalents $35,795,121
Investments -
Patients Accounts Receivable, less allowance for
doubtful accounts 161,944,813
Accounts Receivable 31,192,805
Other Current Assets 74,934,220
--------------
Total Current Assets 303,866,959
Depreciation Reserve Funds & Collaterized Assets 15,406,148
Assets Designated for Self-Insurance
Investments at Market 45,122,751
Assets whose use is limited -
Investments at Market 55,086,169
Other Non-Current Assets 16,982,049
Land, Buildings & Equipment, net of
Accumulated Depreciation 271,678,107
--------------
Total Assets $708,142,183
==============
LIABILITIES AND NET ASSETS
Liabilities Subject to Compromise:
HFG Loan -
Accounts Payable & Accrued Expenses 234,975,020
Estimated Retroactive Payables to
Third Parties, net 78,827,935
Long-term Debt 127,639,664
Long-term Debt, excluding current installments -
Estimated Liability for Self-Insurance 265,202,044
--------------
Total Liabilities Subject to Compromise 706,644,663
Liabilities Not Subject to Compromise:
Accrued Salaries & Payroll Taxes Withheld 45,672,961
Accounts Payables & Accrued Expenses 99,663,530
Long-term Debt (GE) 169,000,000
--------------
Total Liabilities 1,020,981,154
Net Assets:
Unrestricted (372,824,076)
Temporarily Restricted 35,383,428
Permanently Restricted 24,601,677
--------------
Total Net Assets (312,838,971)
--------------
Total Liabilities & Net Assets $708,142,183
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From June 1 to June 30, 2006
Operating Revenue
Inpatient $62,103,201
Outpatient 31,243,261
--------------
Patient Service Revenue 93,346,462
--------------
Less Provision for Bad Debt 6,169,554
--------------
Net Patient Service Revenue 87,176,908
--------------
Pool Revenue 3,863,271
Capitation 7,954,630
Other 10,052,273
--------------
Total Operating Revenue 109,047,082
Operating Expenses:
Salaries and Wages 47,635,240
Fringe Benefits 13,817,597
Supplies and Other 35,640,491
Insurance 4,326,739
--------------
Total Direct Operating Costs 101,420,067
Salaries and Wages 2,587,050
Fringe Benefits 750,605
Supplies and Other 6,382,939
--------------
Total Corporate Allocated 9,720,594
--------------
Total Operating Expense 111,140,661
--------------
Interest 1,399,592
Depreciation 3,601,535
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items (7,094,706)
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) -
St. Mary's Op Pac Rate Adjustment -
ZBEC/HFE Recoveries -
Restructuring & Bankruptcy Related Costs (2,430,385)
Estimated Close-out of St. Mary's -
Hanys Investment Income (SFS INS) -
Prior Period Ambulance Revenue -
Transfer of Equity Foundation -
--------------
Total Non-Recurring and/or Unusual Items (2,430,385)
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (9,525,091)
--------------
Non-Operating Revenue 97,370
Change in Temporary Restricted Net Assets (83,556)
--------------
Change in Net Assets (9,511,277)
--------------
EBITDA ($2,093,579)
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From June 1 to June 30, 2006
Cash Flows from Operation Activities:
Changes in Net Assets ($9,511,277)
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Depreciation & Amortization 3,601,535
Gain on Refinancing -
Change in Unrealized Gains & Losses 97,525
Change in Patient's Accounts Receivable (4,698,111)
Change in Accounts Receivables, Other 1,008,728
Change in Prepaid Expenses & Other (6,908,203)
Change in Other Non-Current Assets 72,895
Change in Accounts Payable &
Accrued Exp-Prepetition -
Change in Accounts Payable &
Accrued Exp-Postpetition 8,047,799
Change in Accrued Salaries & P/R Taxes (5,814,381)
Change in Est. Retro rec/pay
from/to third parties 7,738,471
Change in Est. Liability for self-insurance -
Change in Other Non-Current Liabilities 2,290,012
--------------
Net Cash Provided by Operating Activities ($4,075,007)
Cash flows From Investment Activities:
Sale of Investments, Net 65,074
Sale of Assets Whose Use is Limited (268,165)
Acquisition/Sale of Land, Building,
& Equipment (1,984,327)
--------------
Net Cash Provided by Investing Activities (2,187,418)
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Loa -
Proceed from issuance of Long-term debt -
Repayment of Long-term debt (272,788)
--------------
Net Cash (Used) in Financing Activities (272,788)
Net Increase (Decrease)
in Cash & Cash Equivalents (6,535,213)
Cash & Cash Equivalents at Beginning of Month 42,330,334
--------------
Cash & Cash Equivalents at End of the Month $35,795,121
==============
About Saint Vincents
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. 30 Bankruptcy Creditors' Service, Inc.,
215/945-7000)
WERNER LADDERS: Posts $5.5 Million Net Loss in June 2006
--------------------------------------------------------
Werner Co.
Balance Sheet
As of June 30, 2006
ASSETS
Current Assets:
Cash and cash equivalents $29,919,000
Gross accounts receivable 72,226,000
Less Allowance for doubtful accounts 2,600,000
------------
Receivables, net 69,626,000
Income taxes receivable 4,107,000
Inventories, net 63,144,000
Prepaid insurance and other 13,743,000
------------
Total current assets 180,539,000
Property, plant & equipment, net 77,016,000
Other assets:
Deferred financing fees, net 76,000
Investment in subsidiaries and
other noncurrent assets 14,001,000
------------
Total other assets 14,077,000
------------
TOTAL ASSETS $271,632,000
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $12,575,000
Accrued liabilities 21,800,000
Intercompany payable (receivables) 76,010,000
Current maturities of long-term debt 1,916,000
------------
Total current liabilities 112,301,000
Long-Term Liabilities:
Revolving Line of Credit -
Long-term debt 20,138,000
Reserve for product liability and -
workers' compensation claims -
Other long-term obligations 24,904,000
Liabilities subject to compromise 326,982,000
------------
Total Liabilities [484,325,000]
Shareholders' deficit:
Common stock -
Additional paid-in-capital 13,371,000
Retained earnings (deficit) (212,436,000)
Accumulated other comprehensive income (loss) (13,628,000)
------------
Total Shareholders Deficit (212,693,000)
------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $271,632,000
============
Werner Co.
Statement of Operations
June 12 to 30, 2006
Gross Sales $23,885,000
Add/Deduct sales adjustments:
Freight invoiced to customer (257,000)
Sales incentive 1,660,000
Cash discounts and returns 280,000
------------
Net sales 22,202,000
Cost of sales:
Cost of sales at standard 15,304,000
Variances from standard (147,000)
Aluminum variances 927,000
Product liability expenses 535,000
------------
Total cost of sales 16,619,000
Gross profit 5,583,000
Operating expenses:
Freight to customer expenses 996,000
Warehouse and shipping expenses 1,932,000
Optimization/restructuring costs 128,000
Selling expenses:
Advertising allowances 721,000
Other selling expenses 1,042,000
Administrative expenses 2,428,000
------------
Total operating expenses 7,247,000
------------
Operating profit (loss) (1,664,000)
Other income (expense) (2,920,000)
AR Facility (expenses) (1,266,000)
------------
Loss before interest and taxes (5,850,000)
Interest expense 29,000
------------
Loss before income taxes (5,879,000)
Provision for income taxes (306,000)
------------
Net Income (Loss) ($5,573,000)
============
Werner Co.
Statement of Cash Flows
June 12 to 30, 2006
Cash Flows from Operating Activities:
Net income (loss) ($5,573,000)
Reconciliation of net income to net cash
provided by operating activities:
Depreciation 571,000
Amortization of deferred financing fees 10,000
Amortization of deferred costs 232,000
Provision for losses on account receivables 32,000
Provision for insurance claims 499,000
Payment of insurance claims (150,000)
Changes in operating assets and liabilities:
Accounts receivable (1,197,000)
Net borrowings under AR Facility
terminated in June 2006 (42,046,000)
Income taxes receivable (306,000)
Inventories (469,000)
Accounts payable (856,000)
Noncash intercompany transactions 3,276,000
Other assets and liabilities, net (1,836,000)
------------
Net cash used by operating activities (47,813,000)
Cash Flows From Investing Activities:
Capital expenditures, net (595,000)
------------
Net cash used in investing activities (595,000)
Cash Flows From Financing Activities:
Proceeds on issued of long-term debt 75,000,000
Capital lease payments (29,000)
Debt issuance costs (1,575,000)
------------
Net cash provided by financing activities 73,396,000
------------
Net increase in cash and equivalents 24,988,000
Cash and equivalents at June 11, 2006 4,931,000
------------
Cash and equivalents at June 30, 2006 $29,919,000
============
About Werner Ladder
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 have retained Rothschild
Inc. as their financial advisor and investment banker. 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. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000)
WERNER LADDERS: DE Posts $658,000 Net Loss in Period Ended June 30
------------------------------------------------------------------
Werner Holding Co. (DE), Inc.
Balance Sheet
As of June 30, 2006
ASSETS
Current Assets:
Cash and cash equivalents $3,000
Intercompany receivables, net 306,270,000
Other current assets 213,000
------------
Total current assets 306,486,000
Property, Plant & Equipment, Net -
Other assets:
Deferred financing fees, net 10,601,000
Other noncurrent assets 1,000
Investment in subsidiaries (199,487,000)
------------
Total other assets (188,885,000)
------------
TOTAL ASSETS $117,601,000
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accrued interest $24,000
Income taxes payable 432,000
Revolving line of credit --
Senior Secured First Lien Facility 22,000,000
Current maturities of long-term debt 179,913,000
------------
Total current liabilities 202,369,000
Long-term obligations
Long-term debt -- DIP financing 75,000,000
Liabilities subject to compromise 146,833,000
------------
Total Liabilities 424,202,000
Shareholders' deficit:
Common stock -
Additional paid-in-capital 2,650,000
Retained earnings (deficit) (309,251,000)
------------
Total Shareholders Deficit (306,601,000)
------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $117,601,000
============
Werner Holding Co. (DE), Inc.
Statement of Operations
June 12 to 30, 2006
Net sales -
Cost of sales -
------------
Gross profit -
General Administrative Expenses -
------------
Operating profit (loss) -
Other income (expense), net ($85,000)
------------
Loss before interest and taxes (85,000)
Interest expense (2,075,000)
Interco Interest (Expense) Income 1,502,000
------------
Income (Loss) Before Taxes (658,000)
Income Tax (Benefit) -
------------
Net Income (Loss) ($658,000)
============
Werner Holding Co. (DE), Inc.
Statement of Cash Flows
June 12 to 30, 2006
Cash Flows from Operating Activities:
Net income (loss) ($658,000)
Noncash intercompany transactions (1,501,000)
Amortization of deferred financing fees 218,000
Interest & fees of 1st & 2nd Lien debt unpaid 1,436,000
Other operating activities, net 505,000
------------
Net cash used by operating activities -
Cash Flows From Investing Activities:
Investing activities, net -
------------
Net cash used in investing activities -
Cash Flows From Financing Activities:
Repayments of long-term debt -
Payment of deferred financing fees -
Other financing activities, net -
------------
Net cash provided by financing activities -
------------
Net increase in cash and equivalents -
Cash and equivalents at June 12, 2006 3,000
------------
Cash and equivalents at June 30, 2006 $3,000
============
About Werner Ladder
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 have retained Rothschild
Inc. as their financial advisor and investment banker. 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. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000)
WERNER LADDERS: PA Earns $117,000 in Period Ended June 30
---------------------------------------------------------
Werner Holding Co. (PA), Inc.
Balance Sheet
As of June 30, 2006
ASSETS
Current Assets:
Cash and cash equivalents -
Intercompany receivables, net $20,109,000
Income taxes receivable 528,000
Other current assets 37,000
------------
Total current assets 20,674,000
Property, Plant & Equipment, Net -
Other assets:
Investment in subsidiaries (negative) (308,943,000)
------------
Total other assets (308,943,000)
------------
TOTAL ASSETS ($288,269,000)
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Current liabilities -
Noncurrent liabilities -
------------
Total Liabilities -
Preferred stock 98,444,000
Shareholders' Deficit:
Common stock 1,000
Additional paid-in-capital 19,695,000
Retained earnings (deficit) (406,203,000)
N/R arising from stock loan plan (206,000)
------------
Total Shareholders Deficit (386,713,000)
------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT ($288,269,000)
============
Werner Holding Co. (PA), Inc.
Statement of Operations
June 12 to 30, 2006
Net sales -
Cost of sales -
------------
Gross profit -
General Administrative Expenses -
------------
Operating profit (loss) -
Other income (expense), net -
------------
Loss before interest and taxes -
Interest expense -
Interco interest (expense) income $117,000
------------
Income (loss) before taxes 117,000
Income tax (benefit) -
------------
Net Income (Loss) $117,000
============
Werner Holding Co. (PA), Inc.
Statement of Cash Flows
June 12 to 30, 2006
Cash Flows from Operating Activities:
Net income (loss) $117,000
Noncash intercompany transactions (117,000)
Other operating activities, net -
------------
Net cash used by operating activities -
Cash Flows From Investing Activities:
Investing activities, net -
------------
Net cash used in investing activities -
Cash Flows From Financing Activities:
Other financing activities, net -
------------
Net cash provided by financing activities -
------------
Net increase in cash and equivalents -
Cash and equivalents at June 12, 2006 4,000
------------
Cash and equivalents at June 30, 2006 $4,000
============
About Werner Ladder
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 have retained Rothschild
Inc. as their financial advisor and investment banker. 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. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000)
WERNER LADDERS: WIP Tech. Files June 2006 Monthly Operating Report
------------------------------------------------------------------
WIP Technologies, Inc.
Balance Sheet
As of June 30, 2006
ASSETS
Current Assets:
Cash and cash equivalents $4,000
Intercompany receivables, net 9,156,000
------------
Total current assets 9,160,000
Property, Plant & Equipment, Net -
------------
TOTAL ASSETS $9,160,000
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Income taxes payable $1,483,000
------------
Total Liabilities 1,483,000
Shareholders' Deficit:
Common stock -
Additional paid-in-capital 1,000
Retained earnings (deficit) 7,676,000
------------
Total Shareholders Deficit 7,677,000
------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $9,160,000
============
WIP Technologies, Inc.
Statement of Operations
June 12 to 30, 2006
Net sales $1,332,000
Cost of sales -
------------
Gross profit 1,332,000
General Administrative Expenses -
------------
Operating profit (loss) 1,332,000
Other income (expense), net -
------------
Loss before interest and taxes 1,332,000
Interest expense -
Interco interest (expense) income 48,000
------------
Income (loss) before taxes 1,380,000
Income tax (benefit) -
------------
Net Income (Loss) $1,380,000
============
WIP Technologies, Inc.
Statement of Cash Flows
June 12 to 30, 2006
Cash Flows from Operating Activities:
Net income (loss) $1,380,000
Noncash intercompany transactions (1,380,000)
Other operating activities, net -
------------
Net cash used by operating activities -
Cash Flows From Investing Activities:
Investing activities, net -
------------
Net cash used in investing activities -
Cash Flows From Financing Activities:
Other financing activities, net -
------------
Net cash provided by financing activities -
------------
Net increase in cash and equivalents -
Cash and equivalents at June 12, 2006 4,000
------------
Cash and equivalents at June 30, 2006 $4,000
============
About Werner Ladder
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 have retained Rothschild
Inc. as their financial advisor and investment banker. 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. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000)
WINN-DIXIE: Files June 2006 Monthly Operating Report
----------------------------------------------------
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Balance Sheet
At June 28, 2006
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $187,514
Marketable securities 14,308
Trade and other receivables, net 148,384
Insurance claims receivable 45,547
Income tax receivable 30,382
Merchandise inventories, net 473,808
Prepaid expenses and other current assets 31,064
Assets held for sale 41,939
----------
Total current assets 972,946
Property, plant and equipment, net 499,965
Other assets, net 104,953
----------
Total assets $1,577,864
==========
Liabilities and Shareholders' Deficit
Current liabilities:
Current borrowings under DIP Credit facility $40,000
Current portion of long-term debt 232
Current obligations under capital leases 3,661
Accounts payable 238,778
Reserve for self-insurance liabilities 87,633
Accrued wages and salaries 75,730
Accrued rent 36,576
Accrued expenses 103,566
Liabilities related to assets held for sale 8,777
----------
Total current liabilities 594,953
Reserve for self-insurance liabilities 144,243
Long-term debt 164
Obligations under capital leases 3,696
Other liabilities 15,599
----------
Total liabilities not subject to compromise 758,655
Liabilities subject to compromise 1,122,836
----------
Total liabilities 1,881,491
Shareholders' deficit:
Common stock 141,858
Additional paid-in capital 35,214
Accumulated deficit (447,019)
Accumulated other comprehensive loss (33,680)
----------
Total shareholders' deficit (303,627)
----------
Total liabilities and shareholders' deficit $1,577,864
==========
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Operations
Four Weeks Ended June 28, 2006
(In Thousands)
Net sales $542,769
Cost of sales 395,772
----------
Gross profit on sales 146,997
Other operating and administrative expenses 164,116
Restructuring gains (40,023)
----------
Operating loss 22,904
Interest expense, net 81
----------
Loss before reorganization items and income taxes 22,823
Reorganization items, net expense 4,702
Income tax expense -
----------
Net earnings from continuing operations 18,121
Discontinued operations:
Loss from discontinued operations (14)
Gain on disposal of discontinued operations 5,481
Income tax expense -
----------
Net earnings from discontinued operations 5,467
----------
Net earnings $23,588
==========
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Cash Flows
Four Weeks Ended June 28, 2006
(In Thousands)
Cash flows from operating activities
Net earnings $23,588
Adjustment to reconcile net loss to
net cash provided by operating activities:
Gain on sales of assets, net (41,837)
Reorganization items, net 4,702
Depreciation and amortization 8,598
Stock compensation plans 544
Change in operating assets and liabilities:
Trade and other receivables (4,499)
Merchandise inventories (25,565)
Prepaid expenses and other current assets 4,696
Accounts payable 28,555
Reserve for self-insurance liabilities (391)
Lease liability on closed facilities (8,238)
Income taxes receivable 134
Defined benefit plan (126)
Other accrued expenses (5,750)
----------
Net cash used in operating activities
before reorganization items (15,589)
Cash effect of reorganization items (733)
----------
Net cash provided by operating activities (16,322)
----------
Cash flows from investing activities:
Purchases of property, plant and equipment (4,900)
Increase in investments and other assets 392
Proceeds from sales of assets 55,328
Purchases of marketable securities (346)
Sales of marketable securities 579
Other (302)
----------
Net cash used in investing activities 50,751
----------
Cash flows from financing activities
Gross borrowings on DIP Credit Facility 458
Gross payments on DIP Credit Facility (458)
Principal payments on capital lease obligations (119)
Principal payments on long-term debt (18)
Other (137)
----------
Net cash used in financing activities (274)
----------
Increase in cash and cash equivalents 34,155
Cash and cash equivalents classified
as Assets held for sale (8,084)
Cash and cash equivalents at beginning of period 161,443
----------
Cash and cash equivalents at end of period $187,514
==========
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. 45; 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
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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
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Don't be fooled. Assets, for example, reported at historical cost
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Monthly Operating Reports are summarized in every Saturday edition
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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
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*** End of Transmission ***