/raid1/www/Hosts/bankrupt/TCR_Public/060819.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, August 19, 2006, Vol. 10, No. 197
Headlines
ACCEPTANCE INSURANCE: Posts $130,532 Net Loss in July 2006
ADELPHIA COMMUNICATIONS: Posts $11.2 Million Net Loss in June 2006
ALLIED HOLDINGS: Earns $4.16 Million in June 2006
ASARCO LLC: Earns $89 Million in June 2006
CALPINE CORPORATION: Posts $274 Million Net Loss in April 2006
CALPINE CORPORATION: Posts $207 Million Net Loss in May 2006
DELTA AIR: Posts $2.162 Billion Net Loss in June 2006
PERFORMANCE TRANSPORT: Files June 2006 Monthly Operating Report
REFCO INC: Refco LLC Files June 2006 Monthly Operating Report
SILICON GRAPHICS: Posts $11 Mil. Net Loss in Period Ended July 28
WERNER LADDER: Files Schedules of Assets and Liabilities
WERNER LADDER: Holding Co. (DE) Files Schedules of Assets & Debts
WERNER LADDER: Holding Co. (PA) Files Schedules of Assets & Debts
WERNER LADDER: WIP Technology Files Schedules of Assets & Debts
*********
ACCEPTANCE INSURANCE: Posts $130,532 Net Loss in July 2006
----------------------------------------------------------
On August 14, 2006, Acceptance Insurance Companies Inc. filed its
monthly operating report for July 2006 with the United States
Bankruptcy Court for the District of Nebraska.
The Debtor reports a $130,532 net loss on $9,758 of total revenue
for July 2006.
At July 31, 2006, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $2,279,221
Total Assets $32,610,204
Total Liabilities $138,204,933
Total Shareholders' Deficit $105,594,729
A full-text copy of Acceptance Insurance Companies Inc.'s July
2006 Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?fef
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/--owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups. The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059). The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance, Inc. -- filed separate
chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 & 05-
80058) on Jan. 7, 2005. John J. Jolley, Esq., at Kutak Rock LLP,
represents the Debtor in its restructuring efforts. When the
Debtor filed for protection from its creditors, it listed
$33,069,446 in total assets and $137,120,541 in total debts.
ADELPHIA COMMUNICATIONS: Posts $11.2 Million Net Loss in June 2006
------------------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Condensed Consolidated Balance Sheet
At June 30, 2006
(Dollars in thousands)
ASSETS
Cash and cash equivalents $734,447
Restricted cash 3,893
Accounts receivable, less allowance
for doubtful accounts 108,094
Receivable for securities 7,167
Other current assets 89,222
-----------
Total current assets $942,823
Noncurrent assets:
Restricted cash $2,751
Property and equipment, net 4,223,605
Intangible assets, net 7,479,647
Other non-current assets, net 126,741
-----------
Total assets $12,775,567
===========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Accounts payable $115,871
Subscriber advance payments and deposits 34,020
Accrued liabilities 543,672
Deferred revenue 19,115
Parent and subsidiary debt 959,427
-----------
Total current liabilities $1,672,105
Non-current liabilities:
Other liabilities $32,119
Deferred revenue 56,149
Deferred income taxes 904,135
-----------
Total non-current liabilities 992,403
Liabilities subject to compromise 18,423,946
-----------
Total liabilities $21,088,454
Commitments and contingencies
Minority's interest 60,201
Stockholders' deficit:
Series preferred stock 397
Class A Common Stock 2,297
Convertible Class B Common Stock 251
Additional paid-in capital 12,024,695
Accumulated other comprehensive loss, net (2,851)
Accumulated deficit (20,369,940)
Treasury stock (27,937)
-----------
Total stockholders' deficit (8,373,088)
-----------
Total liabilities and stockholders' deficit $12,775,567
===========
Adelphia Communications Corporation, et al.
Unaudited Condensed Consolidated Statement of Operations
Three Months Ended June 30, 2006
(Dollars in thousands)
Revenue $1,198,279
Costs and expenses:
Direct operating and programming 704,560
Selling, general and administrative 90,164
Investigation, re-audit and
sale transaction costs 9,626
Depreciation 191,780
Amortization 33,231
Provision for uncollectible
amounts due from the Rigas Family
and Rigas Family Entities -
Loss (gain) on disposition of
long-lived assets (394)
-----------
Total costs and expenses 1,028,967
-----------
Operating income 169,312
-----------
Other income (expense), net:
Interest expense, net (219,642)
Other income (expense), net (34,436)
-----------
Total other income (expense), net (254,078)
-----------
Income (loss) before reorganization
income (expenses), income taxes,
share of income (losses) of equity
affiliates and minority's interest (84,766)
Reorganization income (expenses), net 84,623
-----------
Income (loss) before income taxes,
share of income (losses) of equity
affiliates and minority's interest (143)
Income tax expense (21,418)
Share of income (losses) of equity
affiliates, net 92
Minority's interest in loss of
subsidiary 10,173
-----------
Net income (loss) ($11,296)
===========
Adelphia Communications Corporation, et al.
Unaudited Condensed Consolidated Statement of Cash Flows
Six Months Ended June 30, 2006
(Dollars in thousands)
Cash flows from operating activities:
Net income (loss) ($182,912)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation 379,907
Amortization 66,531
Provision for uncollectible amounts due from
the Rigas Family and Other Rigas Entities 0
Gain on disposition of long-lived assets (1,358)
Settlement with the Rigas Family and Rigas
Family Entities, net 0
Impairment of receivable for securities 2,862
Amortization/write-off of deferred
financing costs 1,520
Provision for settlements 44,915
Other noncash charges, net 1,424
Reorganization (income) expenses due to
bankruptcy, net (62,639)
Deferred income tax expense 70,600
Share of losses of equity affiliates, net 818
Minority's interest in loss of subsidiary (11,106)
Change in operating assets and liabilities 9,205
-----------
Net cash provided by operating activities
before payment of reorganization expenses 319,767
Reorganization expenses paid during
the period (58,680)
-----------
Net cash provided by operating activities 261,087
-----------
Investing activities:
Capital expenditures for property &
equipment (284,621)
Proceeds from the sale of long-lived assets
and investments 1,586
Acquisition of minority interests 0
Change in restricted cash 281,532
Other (4,605)
-----------
Net cash used in investing activities (6,108)
-----------
Financing activities:
Proceeds from debt 1,023,000
Repayments of debt (932,471)
Payments of deferred financing costs (900)
-----------
Net cash provided by financing activities 89,629
-----------
Increase (decrease) in cash & cash equivalents 344,608
-----------
Cash & cash equivalents at beginning of period 389,839
-----------
Cash & cash equivalents at end of period $734,447
===========
A full-text copy of Adelphia Communications Corporation's
quarterly report for the period ended June 30, 2006, is available
for free at http://ResearchArchives.com/t/s?fcd
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 administered under Adelphia
Communications and its debtor-affiliates chapter 11 cases.
(Adelphia Bankruptcy News, Issue Nos. 145; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
ALLIED HOLDINGS: Earns $4.16 Million in June 2006
-------------------------------------------------
Allied Holdings, Inc., and its Debtor Subsidiaries
Unaudited Consolidated Balance Sheet
As of June 30, 2006
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $1,119
Receivables, net of allowances 52,510
Related party receivables 16,282
Inventories 5,150
Deferred income taxes -
Prepayments and other current assets 33,398
---------
Total current assets 108,459
Property and equipment, net 119,158
Goodwill, net 3,545
Deferred income taxes 63
Other noncurrent assets 21,841
Investment in related parties 26,402
---------
TOTAL ASSETS $279,468
=========
Liabilities and Stockholders' Deficit
Current liabilities not subject to compromise
Borrowings under revolving credit facility $464
DIP facility 142,401
Accounts and notes payable 38,627
Deferred income taxes 80
Accrued liabilities 57,614
---------
Total current liabilities 239,186
Long-term liabilities not subject to compromise
Postretirement benefits 4,357
Deferred income taxes -
Other long term liabilities 21,946
---------
Total long term liabilities 26,303
Liabilities subject to compromise 199,479
Stockholders deficit (185,500)
---------
Total liabilities & stockholders deficit $279,468
=========
Allied Holdings, Inc., and its Debtor Subsidiaries
Unaudited Consolidated Statement of Operations
For the Month Ended June 30, 2006
(In Thousands)
Revenues $83,113
Operating Expenses
Salaries, Wages & Fringe benefits 37,626
Operating supplies & expenses 16,207
Purchased transportation 10,593
Insurance & claims 3,374
Operating tax & licenses 2,421
Depreciation & amortization 2,621
Rents 552
Communications & utilities 472
Other operating expenses 780
Gain on disposal of operating assets, net (134)
---------
Total Operating Expenses 74,512
---------
Operating Income (Loss) 8,601
Other Income (Expense)
Interest expense (1,903)
Investment income 5
Foreign exchange gains, net (734)
---------
(2,632)
---------
Income before reorganization items and income taxes 5,969
Reorganization items (1,788)
---------
Income (Loss) before income taxes 4,181
Income tax expense (20)
---------
NET INCOME (LOSS) $4,161
=========
The Debtors disclose cash disbursements totaling $5,228,724
during June 2006.
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537). Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor. Anthony J. Smits,
Esq., at Bingham McCutchen LLP, provides the Official Committee of
Unsecured Creditors with legal advice and Russell A. Belinsky at
Chanin Capital Partners, LLC, provides financial advisory services
to the Committee. When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts. (Allied Holdings Bankruptcy News, Issue No. 27;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
ASARCO LLC: Earns $89 Million in June 2006
------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of June 30, 2006
ASSETS
Current Assets:
Cash $210,725,000
Accounts receivable, net 169,782,000
Inventory 232,696,000
Prepaid expenses 26,258,000
Deferred income tax assets 0
--------------
Total Current Assets 639,461,000
Net property, plant and equipment 410,838,000
Other Assets
Investments in subs 110,182,000
Prepaid pension & retirement plan 76,278,000
Non-current deferred tax asset 40,952,000
Other 102,682,000
--------------
Total assets $1,380,393,000
==============
LIABILITIES
Postpetition liabilities:
Accounts payable 58,849,000
Accrued liabilities 16,037,000
Debtor-in-possession financing 0
--------------
Total postpetition liabilities 74,886,000
Prepetition liabilities:
Not subject to compromise - credit 908,000
Not subject to compromise - other 126,803,000
Subject to compromise 905,228,000
--------------
Total prepetition liabilities 1,032,939,000
--------------
Total liabilities $1,107,825,000
==============
OWNERS' EQUITY (DEFICIT)
Common stock 508,325,000
Additional paid-in capital 104,578,000
Other comprehensive income (138,035,000)
Retained earnings: filing date (536,691,000)
--------------
Total prepetition owners' equity (61,823,000)
(61,824,000)
Retained earnings: post-filing date 334,392,000
--------------
Total owners' equity (net worth) 272,569,000
Total liabilities and owners' equity $1,380,394,000
==============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ending June 30, 2006
Sales $132,154,000
Cost of products and services 85,801,000
--------------
Gross profit 46,353,000
Operating expenses:
Selling and general & admin expenses 11,035,000
Depreciation & amortization 2,008,000
Provision accretion expense of asset
retirement obligation 143,000
--------------
Operating income 33,167,000
Interest expense 47,000
Interest income (1,104,000)
Reorganization expenses 2,011,000
Other miscellaneous (income) expenses (60,216,000)
--------------
Income (loss) before taxes 92,429,000
Income taxes 3,349,000
--------------
Net income $89,080,000
==============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ending June 30, 2006
Receipts $200,920,000
Disbursements:
Inventory material 26,160,000
Operating disbursements 47,883,000
Capital expenditures 7,523,000
--------------
Total disbursements 81,566,000
Operating cash flow 119,354,000
Reorganization disbursements 1,664,000
--------------
Net cash flow 117,690,000
Net payments to secured Lenders 0
--------------
Net change in cash 117,690,000
Beginning cash balance 93,035,000
--------------
Ending cash balances $210,725,000
==============
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. 27; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
CALPINE CORPORATION: Posts $274 Million Net Loss in April 2006
--------------------------------------------------------------
Calpine Corporation
Condensed Consolidating Balance Sheet
As of April 30, 2006
ASSETS
Current assets:
Cash & cash equivalents $1,222,784,000
Accounts receivable, net 880,159,000
Margin deposits & other prepaid expense 337,107,000
Inventories 159,214,000
Restricted cash 762,475,000
Current derivative assets 295,818,000
Current assets held for sale 39,542,000
Other current assets 65,752,000
---------------
Total current assets 3,762,851,000
Restricted cash, net of current portion 196,309,000
Notes receivable, net of current portion 160,100,000
Project development costs 24,247,000
Investments 52,021,000
Deferred financing costs 194,280,000
Prepaid lease, net of current portion 352,917,000
Property, plant & equipment, net 14,437,693,000
Goodwill 45,160,000
Other intangible assets, net 52,874,000
Long-term derivative assets 615,603,000
Other assets 608,969,000
---------------
Total assets $20,503,024,000
===============
LIABILITIES & STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $492,630,000
Accrued payroll and related expense 43,463,000
Accrued interest payable 145,042,000
Income taxes payable 99,073,000
Notes payable & other borrowings 187,135,000
Preferred interests 8,877,000
Capital lease obligations 284,932,000
CCFC financing 783,125,000
CalGen financing 2,508,997,000
Construction/project financing 2,194,220,000
Senior notes and term loans 641,819,000
DIP Facility 3,500,000
Current derivative liabilities 443,472,000
Other current liabilities 304,080,000
---------------
Total current liabilities 8,140,365,000
Notes payable and other borrowings 468,558,000
Preferred interests 579,519,000
Capital lease obligations 2,908,000
Construction/project financing 189,748,000
DIP Facility 995,625,000
Deferred income taxes 375,161,000
Deferred revenue 137,964,000
Long-term derivative liabilities 799,053,000
Other liabilities 138,267,000
---------------
Total liabilities not subject to compromise 11,827,168,000
Liabilities subject to compromise 14,738,734,000
Minority interests 273,934,000
Stockholders' equity (deficit):
Common stock 569,000
Additional paid-in capital 3,267,413,000
Additional paid-in capital, loaned shares 258,100,000
Additional paid-in capital, returnable shares (258,100,000)
Accumulated deficit (9,476,826,000)
Accumulated other comprehensive loss (127,968,000)
---------------
Total stockholders' deficit (6,336,812,000)
---------------
Total liabilities & stockholders' deficit $20,503,024,000
===============
Calpine Corporation
Condensed Consolidating Statement of Operations
For period ending April 30, 2006
Revenue:
Electricity and steam revenue $349,455,000
Transmission sales revenue 33,000
Sales of purchased power & gas
for hedging and optimization 125,007,000
Mark-to-market activities, net 3,123,000
Other revenue 6,590,000
---------------
Total revenue 484,208,000
Cost of revenue:
Plant operating expense 54,455,000
Royalty expense 1,797,000
Transmission purchase expense 5,430,000
Purchased power and gas
for hedging and optimization 105,265,000
Fuel expense 218,312,000
Depreciation & amortization expense 37,341,000
Operating lease expense 6,615,000
Other cost of revenue 5,100,000
---------------
Total cost of revenue 434,315,000
---------------
Gross profit 49,893,000
Project development expense 995,000
Research and development expense 1,087,000
Sales, general and administrative expense 12,685,000
---------------
Income (loss) from operations 35,126,000
Interest expense 102,891,000
Interest (income) (9,095,000)
Minority interest expense (139,000)
Other (income) expense, net (10,581,000)
---------------
Loss before organization items, benefit for
income taxes and cumulative effect of a change
in accounting principle (47,950,000)
Reorganization items 223,425,000
---------------
Loss before benefit for income taxes and
cumulative effect of a change in accounting
principle (271,375,000)
Provision (benefit) for income taxes 2,849,000
---------------
Net loss ($274,224,000)
===============
Headquartered in San Jose, California, Calpine Corporation --
http://www.calpine.com/-- supplies customers and communities with
electricity from clean, efficient, natural gas-fired and
geothermal power plants. Calpine owns, leases and operates
integrated systems of plants in 21 U.S. states and in three
Canadian provinces. Its customized products and services include
wholesale and retail electricity, gas turbine components and
services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services.
The Company filed for chapter 11 protection on Dec. 20, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard M. Cieri, Esq.,
Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G.
Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their
restructuring efforts. Michael S. Stamer, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors. As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities. (Calpine Bankruptcy News, Issue No. 24; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
CALPINE CORPORATION: Posts $207 Million Net Loss in May 2006
------------------------------------------------------------
Calpine Corporation
Condensed Consolidating Balance Sheet
As of May 31, 2006
ASSETS
Current assets:
Cash & cash equivalents $919,875,000
Accounts receivable, net 965,334,000
Margin deposits & other prepaid expense 327,687,000
Inventories 151,904,000
Restricted cash 374,962,000
Current derivative assets 255,611,000
Current assets held for sale 39,542,000
Other current assets 85,178,000
---------------
Total current assets 3,120,093,000
Restricted cash, net of current portion 193,539,000
Notes receivable, net of current portion 159,024,000
Project development costs 24,247,000
Investments 52,957,000
Deferred financing costs 176,655,000
Prepaid lease, net of current portion 352,179,000
Property, plant & equipment, net 14,420,259,000
Goodwill 45,160,000
Other intangible assets, net 52,507,000
Long-term derivative assets 475,148,000
Other assets 601,416,000
---------------
Total assets $19,673,184,000
===============
LIABILITIES & STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable 469,056,000
Accrued payroll and related expense 50,306,000
Accrued interest payable 200,533,000
Income taxes payable 99,073,000
Notes payable & other borrowings 187,366,000
Preferred interests 9,124,000
Capital lease obligations 284,932,000
CCFC financing 783,259,000
CalGen financing 2,509,201,000
Construction/project financing 2,188,527,000
Senior notes and term loans 848,000
DIP Facility 3,500,000
Current derivative liabilities 405,592,000
Other current liabilities 370,795,000
---------------
Total current liabilities 7,562,112,000
Notes payable and other borrowings 468,208,000
Preferred interests 579,122,000
Capital lease obligations 3,578,000
Construction/project financing 202,179,000
DIP Facility 995,625,000
Deferred income taxes 375,426,000
Deferred revenue 138,319,000
Long-term derivative liabilities 644,460,000
Other liabilities 133,863,000
---------------
Total liabilities not subject to compromise 11,102,892,000
Liabilities subject to compromise 14,842,744,000
Minority interests 274,811,000
Stockholders' equity (deficit):
Common stock 569,000
Additional paid-in capital 3,267,885,000
Additional paid-in capital, loaned shares 258,100,000
Additional paid-in capital, returnable shares (258,100,000)
Accumulated deficit (9,684,020,000)
Accumulated other comprehensive loss (131,697,000)
---------------
Total stockholders' deficit (6,547,263,000)
---------------
Total liabilities & stockholders' deficit $19,673,184,000
===============
Calpine Corporation
Condensed Consolidating Statement of Operations
For period ending May 31, 2006
Revenue:
Electricity and steam revenue $397,485,000
Transmission sales revenue 182,000
Sales of purchased power & gas
for hedging and optimization 132,037,000
Mark-to-market activities, net (6,450,000)
Other revenue 10,047,000
---------------
Total revenue 533,301,000
Cost of revenue:
Plant operating expense 70,292,000
Royalty expense 946,000
Transmission purchase expense 5,166,000
Purchased power and gas
for hedging and optimization 154,752,000
Fuel expense 207,264,000
Depreciation & amortization expense 42,404,000
Operating plant impairments (4,000)
Operating lease expense 6,274,000
Other cost of revenue 7,270,000
---------------
Total cost of revenue 494,364,000
---------------
Gross profit 38,937,000
Equipment, development project & other impairments (841,000)
Project development expense 1,436,000
Research and development expense 1,303,000
Sales, general and administrative expense 16,146,000
---------------
Income (loss) from operations 20,893,000
Interest expense 100,565,000
Interest (income) (7,765,000)
Minority interest expense 876,000
(Income) loss from repurchase
of various debt issuances 18,107,000
Other (income) expense, net (715,000)
---------------
Loss before organization items, benefit for
income taxes and cumulative effect of a change
in accounting principle (90,175,000)
Reorganization items 114,867,000
---------------
Loss before benefit for income taxes and
cumulative effect of a change in accounting
principle (205,042,000)
Provision (benefit) for income taxes 2,152,000
---------------
Net loss ($207,194,000)
===============
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. 24; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
DELTA AIR: Posts $2.162 Billion Net Loss in June 2006
-----------------------------------------------------
DELTA AIR LINES, INC.
Unaudited Consolidated Balance Sheets
As of June 30, 2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $2,431,000,000
Short-term investments 464,000,000
Restricted cash 1,046,000,000
Accounts receivable, net of an allowance for
uncollectible accounts of $37 1,030,000,000
Expendable parts and supplies inventories, net
of an allowance for obsolescence of $207 172,000,000
Prepaid expenses and other 759,000,000
---------------
Total current assets 5,902,000,000
PROPERTY AND EQUIPMENT:
Flight equipment 17,982,000,000
Accumulated depreciation (6,605,000,000)
---------------
Flight equipment, net 11,377,000,000
Ground property and equipment 4,648,000,000
Accumulated depreciation (2,823,000,000)
---------------
Ground property and equipment, net 1,825,000,000
Flight and ground equipment
under capital leases 523,000,000
Accumulated amortization (154,000,000)
---------------
Flight and ground equipment
under capital leases, net 369,000,000
---------------
Advance payments for equipment 44,000,000
---------------
Total property and equipment, net 13,615,000,000
OTHER ASSETS:
Goodwill 227,000,000
Operating rights and other intangibles,
net of accumulated amortization of $193 70,000,000
Other noncurrent assets 923,000,000
---------------
Total other assets 1,220,000,000
---------------
Total assets $20,737,000,000
===============
LIABILITIES AND SHAREOWNERS' DEFICIT
CURRENT LIABILITIES:
Current maturities of long-term debt
and capital leases $1,399,000,000
Accounts payable, deferred credits
and other accrued liabilities 1,570,000,000
Air traffic liability 2,470,000,000
Taxes payable 641,000,000
Accrued salaries and related benefits 390,000,000
---------------
Total current liabilities 6,470,000,000
NONCURRENT LIABILITIES:
Long-term debt and capital leases 6,508,000,000
Deferred revenue and other credits 294,000,000
Other 342,000,000
---------------
Total noncurrent liabilities 7,144,000,000
LIABILITIES SUBJECT TO COMPROMISE 20,989,000,000
COMMITMENTS AND CONTINGENCIES
SHAREOWNERS' DEFICIT:
Common stock:
$0.01 par value; 900,000,000 shares
authorized; 202,081,648 shares issued 2,000,000
Additional paid-in capital 1,561,000,000
Accumulated deficit (12,485,000,000)
Accumulated other comprehensive loss (2,720,000,000)
Treasury stock at cost, 4,745,710 shares (224,000,000)
---------------
Total shareowners' deficit (13,866,000,000)
---------------
Total liabilities and shareowners' deficit $20,737,000,000
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statement of Operations
For the Month Ended June 30, 2006
OPERATING REVENUES:
Passenger:
Mainline $1,188,000,000
Regional affiliates 371,000,000
Cargo 43,000,000
Other, net 104,000,000
---------------
Total operating revenues 1,706,000,000
OPERATING EXPENSES:
Aircraft fuel 405,000,000
Salaries and related costs 337,000,000
Contract carrier arrangements 227,000,000
Depreciation and amortization 120,000,000
Contracted services 84,000,000
Passenger commissions and
other selling expenses 82,000,000
Landing fees and other rents 66,000,000
Aircraft maintenance materials and
outside repairs 59,000,000
Passenger service 27,000,000
Aircraft rent 25,000,000
Restructuring, asset writedowns, pension
settlements and related items, net 8,000,000
Other 59,000,000
---------------
Total operating expenses 1,499,000,000
---------------
OPERATING INCOME 207,000,000
---------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest
expense equals $100 for the month ended
June 30, 2006) (73,000,000)
Interest income 7,000,000
Miscellaneous, net 8,000,000
---------------
Total other expense, net (58,000,000)
---------------
INCOME BEFORE REORGANIZATION ITEMS, NET 149,000,000
REORGANIZATION ITEMS, NET (2,307,000,000)
---------------
LOSS BEFORE INCOME TAXES (2,158,000,000)
INCOME TAX PROVISION (4,000,000)
---------------
NET LOSS ($2,162,000,000)
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statements of Cash Flows
For the Month ended June 30, 2006
CASH FLOWS FROM OPERATING ACTIVITIES $214,000,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
Flight equipment, including
advance payments (8,000,000)
Ground property and equipment (13,000,000)
Proceeds from sale of flight equipment 3,000,000
Increase in restricted cash (2,000,000)
Other, net 1,000,000
---------------
Net cash provided by investing activities (19,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and
capital lease obligations (24,000,000)
---------------
Net cash used by financing activities (24,000,000)
---------------
Net increase in cash and cash equivalents 171,000,000
Cash & cash equivalents at beginning of period 2,260,000,000
Cash & cash equivalents at end of period $2,431,000,000
===============
Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in
terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities. (Delta Air Lines
Bankruptcy News, Issue No. 40; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
PERFORMANCE TRANSPORT: Files June 2006 Monthly Operating Report
---------------------------------------------------------------
Performance Transportation Services, Inc., and its debtor-
affiliates filed with the U.S. Bankruptcy Court for the Western
District of New York their Monthly Operating Statement for the
period from June 1, 2006, to June 30, 2006.
The Operating Statements do not include a Balance Sheet or
Statement of Operations. The Debtors, however, disclose a
$2,090,600 operating net loss for the period.
Performance Logistics Group, Inc.
In re. Leaseway Motorcar Transport Company, et al.
U.S. Operations Cash Flow
For the Month Ended June 30, 2006
Book balance:
Opening book balance, 06/01/06 $7,630,275
-----------
Receipts
Customers 29,132,025
Miscellaneous receipts 1,554,550
-----------
Total receipts 30,686,575
-----------
Disbursements
Payroll, payroll taxes & fringe benefits 16,546,903
Insurance & cargo losses 2,319,791
Fuel and fuel taxes 4,212,378
Parts, tires, other operating supplies & expenses 3,407,421
Licenses, permits & tolls 565,312
Tractor, trailer lease payments 129,160
Building, land, service vehicles and other rents 458,008
Interest & bank fee payments 536,075
Income, franchise & property taxes 85,232
Misc/DIP Line (Draw) / Repayments
Capital expenditures 27,372
Professional Fees 524,645
-----------
Total Disbursements 28,812,297
-----------
Closing Book Balance, End of Month $9,504,553
===========
A full-text copy of the Debtors' June 2006 Operating Statements
is available for free at http://ResearchArchives.com/t/s?fe8
Headquartered in Wayne, Michigan, Performance Transportation
Services, Inc. -- http://www.pts-inc.biz/-- is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America. The Company provides transit stability,
cargo damage elimination and proactive customer relations that are
second to none in the finished vehicle market segment. The
company's chapter 11 case is administered jointly under Leaseway
Motorcar Transport Company.
Headquartered in Niagara Falls, New York, Leaseway Motorcar
Transport Company Debtor and 13 affiliates filed for chapter 11
protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Case No. 06-00107).
James A. Stempel, Esq., James W. Kapp, III, Esq., and Jocelyn A.
Hirsch, Esq., at Kirkland & Ellis, LLP, and Garry M. Graber, Esq.,
at Hodgson Russ LLP represent the Debtors in their restructuring
efforts. David Neier, Esq., at Winston & Strawn LLP, represents
the Official Committee of Unsecured Creditors. When the Debtors
filed for protection from their creditors, they estimated assets
between $10 million and $50 million and more than $100 million in
debts. (Performance Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
REFCO INC: Refco LLC Files June 2006 Monthly Operating Report
-------------------------------------------------------------
Albert Togut, the Chapter 7 trustee appointed to oversee the
liquidation of Refco, LLC's estate, filed with the Bankruptcy
Court a monthly statement of cash receipts and disbursements for
the period from June 1 to 30, 2006.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of June 1 totals $774,221,000. The Debtor's beginning
purchase price account balance totals $61,626,000 and its
beginning capital account "A" balance totals $712,595,000.
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 $6,016,000 in cash and disbursed $1,984,000.
The Debtor held $778,253,000 at the end of the period.
Refco LLC reimbursed Refco Capital LLC, for $120,000 in gross
payroll costs allocated to the 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 June 2006 Monthly Statement is
available at no charge at http://ResearchArchives.com/t/s?fee
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
$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. 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. 35; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SILICON GRAPHICS: Posts $11 Mil. Net Loss in Period Ended July 28
-----------------------------------------------------------------
Silicon Graphics, Inc.
Unaudited Consolidated Balance Sheet
As of July 28, 2006
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $39,694
Short-term marketable investments 309
Short-term restricted investments 49,903
Accounts receivable, net 51,452
Inventories 57,112
Prepaid expenses 9,635
Other current assets 33,885
---------
Total current assets 241,990
Restricted investments 290
Property and equipment, net 26,884
Other non-current assets 83,816
---------
TOTAL ASSETS $352,980
=========
Liabilities and Stockholders' Deficit
Liabilities not subject to compromise
Current liabilities:
Accounts payable $11,345
Accrued compensation 23,281
Income taxes payable 883
Other current liabilities 41,659
Current portion of deferred revenue 87,282
Current portion of restructuring liability 5,454
Current portion of long-term debt 103,133
---------
Total current liabilities 273,037
Long-term debt 373
Non-current portion of deferred revenue 43,886
Other non-current liabilities 27,874
---------
Total liabilities not subject to compromise 345,170
Liabilities subject to compromise 317,088
---------
Total Liabilities 662,258
---------
Stockholders deficit
Common stock and additional paid-in capital 1,560,159
Accumulated deficit (1,849,759)
Treasury stock (6,760)
Accumulated other comprehensive loss (12,918)
---------
Total stockholders' deficit (309,278)
---------
TOTAL LIABILITIES & STOCKHOLDERS DEFICIT $352,980
=========
Silicon Graphics, Inc.
Unaudited Consolidated Statement of Operations
For the Month Ended July 28, 2006
(In Thousands)
Revenue:
Product and other revenue $7,090
Product revenue from related party 917
Service revenue 14,087
---------
Total revenue 22,094
Costs and expenses:
Cost of product and other revenue 5,221
Cost of service revenue 8,272
Research and development 5,124
Selling, general, and administrative 7,924
Other operating expenses, net 1,464
---------
Total Costs and Expenses 28,005
Operating Loss (5,911)
Interest expense (2,196)
Interest and other income (expense), net (234)
---------
Loss before reorganization items and income taxes (8,341)
Reorganization items (2,585)
---------
Loss before income taxes (10,926)
Income tax provision 95
---------
NET LOSS ($11,021)
=========
Silicon Graphics, Inc.
Unaudited Consolidated Statement of Cash Flows
For the Month Ended July 28, 2006
(In Thousands)
Cash Flows from Operation Activities:
Net Loss ($11,021)
Adjustments to Reconcile Net loss to
Net Cash Used In Operating Activities:
Depreciation & Amortization 3,242
Amortization and discount on L-T debt, net -
Write-off of unamortized premium
and discount on L-T debt subject to compromise -
Write-off of unamortized loan cost on
payoff of term loan -
Other (695)
Changes in operating assets and liabilities:
Accounts receivable 8,199
Inventories (7,099)
Accounts payable 2,140
Accrued compensation 880
Deferred revenue (7,676)
Other assets and liabilities (1,842)
---------
Total adjustments (2,851)
---------
Net Cash Used in Operating Activities (13,872)
Cash flows From Investment Activities:
Purchases of marketable investments (108)
Proceeds from the maturities
of marketable investments -
Restricted investments:
Purchases (3,419)
Maturities 2,389
Purchases of property and equipment (44)
Decrease in other assets 1,429
---------
Net Cash Provided by Investing Activities 247
Cash flows From Financing Activities:
Payments of debt principal -
Proceeds from debt financing -
Net proceeds from (reductions in)
financing arrangements (33)
Proceeds from employee stock plans -
---------
Net Cash Used in Financing Activities (33)
Net Decrease in Cash & Cash Equivalents (13,658)
Cash & Cash Equivalents at Beginning of Month 53,352
---------
Cash & Cash Equivalents at End of the Month $39,694
=========
Headquartered in Mountain View, California, Silicon Graphics, Inc.
(OTC: SGID) -- http://www.sgi.com/-- offers high-performance
computing. SGI helps customers solve their computing challenges,
whether it's sharing images to aid in brain surgery, finding oil
more efficiently, studying global climate, providing technologies
for homeland security and defense, enabling the transition from
analog to digital broadcasting, or helping enterprises manage
large data. The Debtor and 13 of its affiliates filed for chapter
11 protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990). Gary Holtzer, Esq., and Shai Y. Waisman, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed total assets of $369,416,815 and
total debts of $664,268,602. (Silicon Graphics Bankruptcy News,
Issue No. 14; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
WERNER LADDER: Files Schedules of Assets and Liabilities
--------------------------------------------------------
A. Real Property
Land $2,890,079
Land Improvements 132,945
Buildings 9,181,984
Building Equipment 466,001
B. Personal Property
B.1 Cash on hand 12,041
B.2 Bank accounts 6,187,378
B.3 Security deposits 952,072
B.4 Household goods None
B.5 Book, art work & collectibles None
B.6 Wearing apparel None
B.7 Furs and jewelry None
B.8 Firearms and sporting goods None
B.9 Interests in insurance policies None
B.10 Annuities None
B.11 Interests in retirement plans None
B.12 Stock and interests None
B.13 Interests in partnerships None
100% Ownership of Werner Funding Corp. Unknown
100% Ownership of WIP Technologies, Inc. Unknown
B.14 Bonds None
B.15 Government and corporate bonds None
B.16 Accounts receivable
Trade receivables 77,453,127
Note receivables 169,286
Travel advances to employees 91,700
Intercompany receivable:
Werner Funding Corp. 23,277,689
Werner Holding Co. (PA), Inc. 690,466
B.17 Alimony None
B.18 Other liquidated debts owed 120,230
B.19 Equitable and future interests None
B.20 Contingent interests None
B.21 Other contingent & unliquidated claims Unknown
B.22 Patents, copyrights & trademarks Unknown
B.23 Licenses, franchises & other intangibles None
B.24 Customer lists or other compilations None
B.25 Automobiles 3,430
B.26 Boats None
B.27 Aircraft and accessories None
B.28 Office equipment 9,701,244
B.29 Machinery 28,415,039
B.30 Inventory
Finished Goods 44,672,000
WIP 12,275,000
Raw Materials 8,370,000
Supplies 3,503,000
Total Reserves (6,145,000)
B.31 Animals None
B.32 Crops None
B.33 Farming equipment None
B.34 Farm supplies, chemicals and feed None
B.35 Other personal property
C1 Main Cylinder Housing Repl 150,732
El Paso Warehousing & Communications 43,806
El Paso Warehouse Equipment 44,435
Erlanger-Subproject-IT Related 195,855
Erlanger-Subproject-Whse Equipment 101,688
JuarezIII Expans. Cap. Lease Improvements 198,780
Juarez Expansion-IT Equipment 85,845
JIII Stepladder Hand Ass'y Relocation 103,885
Others 521,186
TOTAL SCHEDULED ASSETS $223,865,924
=============
C. Property Claimed as Exempt None
D. Secured Claims
JPMorgan Chase $79,370,636
Credit Suisse First Boston 103,024,894
JPMorgan Chase, Trustee for Rate Demand
Industrial Bldg Revenue Bonds 5,006,427
E. Unsecured Priority Claims
Carroll County Tax Collector 11,164
Cook County Tax Assessor 566,796
Others 40,950
F. Unsecured Non-Priority Claims
American Screw & Rivet 106,774
Axel 74,494
Babcock 120,415
Bayloff Die & Machine 357,744
BOARDMAN MOLDED PRODUCTS INC 78,316
Century Industries Inc. 237,482
Clear Cast Technologies Inc. 76,750
Coinco Inc. 265,505
Comor Inc. 192,266
Constellation New Energy 141,423
Egli W J Company Inc. 85,176
El Paso Tool & Die 129,204
EPI Printers Inc. 227,219
Goshen Stamping Co. Inc. 191,974
Grupo American Industries 99,144
Hollinee Glass Fibers 267,518
ILS 226,358
Internal Revenue Service 124,443
Owens Corning Fiberglass 763,109
Saint-Gobain Vetrotex America Inc. 1,002,830
Signature Aluminum (LOG) 431,906
Signature Aluminum (PS3) 568,094
Southwest Tape & Label, Inc. 98,651
Sutecki, Richard P. 102,000
Transpacific Inc. 108,492
Venture Plastics Inc. 123,901
Werner Holding Co. (DE), Inc. 231,814,450
Werner Holding Co. (PA), Inc. 18,601
WIP Technologies, Inc. 7,777,097
Yellow Freight 181,545
Others 23,382,159
Others Unliquidated
TOTAL SCHEDULED LIABILITIES $457,395,906
=============
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). The firm of
Willkie Farr & Gallagher LLP serves as the Debtors' counsel. Kara
Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and Robert S.
Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP, represents
the Debtors as its co-counsel. The Debtors have retained
Rothschild Inc. as their financial advisor. 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. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
WERNER LADDER: Holding Co. (DE) Files Schedules of Assets & Debts
-----------------------------------------------------------------
A. Real Property None
B. Personal Property
B.2 Bank account
Wilmington Trust Company (Account No. 4354) 3,439
B.13 Stock interests
100% Ownership of Werner Co. Unknown
B.16 Accounts receivable
Intercompany - Werner Co. 231,814,450
B.28 Office equipment 409
TOTAL SCHEDULED ASSETS $231,818,298
=============
C. Property Claimed as Exempt None
D. Secured Claims
JPMorgan Chase $79,370,636
Credit Suisse First Boston 103,024,894
JPMorgan Chase 5,108,905
E. Unsecured Priority Claims None
F. Unsecured Non-Priority Claims
PNC Advisors as Trustee for Werner
Holding Co. (DE)'s Retirement Plan Unliquidated
BNY as Indenture Trustee 142,725,000
Werner Holding Co. (PA), Inc. 2,070,437
Werner Holding Co. (DE)'s
Supplemental Pension Plan A & B Unliquidated
Various Employees (Nonqualified SERP) Unliquidated
TOTAL SCHEDULED LIABILITIES $332,299,873
=============
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). The firm of
Willkie Farr & Gallagher LLP serves as the Debtors' counsel. Kara
Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and Robert S.
Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP, represents
the Debtors as its co-counsel. The Debtors have retained
Rothschild Inc. as their financial advisor. 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. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
WERNER LADDER: Holding Co. (PA) Files Schedules of Assets & Debts
-----------------------------------------------------------------
A. Real Property None
B. Personal Property
B.2 Bank account
PNC Bank (Account No. 9209) $0
B.13 Stock interests
100% Ownership of Werner Co. Unknown
B.16 Accounts receivable
Werner Co. 18,601,063
Werner Holding Co. (DE), Inc. 2,070,437
Others 254,169
B.18 Other liquidated debts owed 6,728
B.21 Other contingent and unliquidated claims 1,034,000
TOTAL SCHEDULED ASSETS $21,966,397
============
C. Property Claimed as Exempt None
D. Secured Claims
JPMorgan Chase $79,370,636
Credit Suisse First Boston 103,024,894
E. Unsecured Priority Claims
Internal Revenue Service
12/31/1995 3,000,000
12/31/2003 3,000,000
12/31/2005 3,000,000
Pa Department of Revenue 62,521
F. Unsecured Non-priority Claims
Werner Co. 690,466
TOTAL SCHEDULED LIABILITIES $192,148,517
=============
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). The firm of
Willkie Farr & Gallagher LLP serves as the Debtors' counsel. Kara
Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and Robert S.
Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP, represents
the Debtors as its co-counsel. The Debtors have retained
Rothschild Inc. as their financial advisor. 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. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
WERNER LADDER: WIP Technology Files Schedules of Assets & Debts
---------------------------------------------------------------
A. Real Property None
B. Personal Property
B.2 Bank account
Wilmington Trust Company (Account No. 8729) $3,925
B.16 Accounts receivable
Intercompany - Werner Co. 7,777,097
B.22 Intellectual property
Patent or trademark names Unknown
TOTAL SCHEDULED ASSETS $7,781,022
===========
C. Property Claimed as Exempt None
D. Secured Claims
JPMorgan Chase $79,370,636
Credit Suisse First Boston 103,024,894
E. Unsecured Priority Claims None
F. Unsecured Non-Priority Claims None
TOTAL SCHEDULED LIABILITIES $182,395,531
=============
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). The firm of
Willkie Farr & Gallagher LLP serves as the Debtors' counsel. Kara
Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and Robert S.
Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP, represents
the Debtors as its co-counsel. The Debtors have retained
Rothschild Inc. as their financial advisor. 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. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
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Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
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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 by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland, USA. Rizande B.
Delos Santos, Shimero Jainga, Joel Anthony G. Lopez, Tara Marie A.
Martin, Jason A. Nieva, Emi Rose S.R. Parcon, Lucilo M. Pinili,
Jr., Marie Therese V. Profetana, Robert Max Quiblat, Christian Q.
Salta, Cherry A. Soriano-Baaclo, and Peter A. Chapman, Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $725 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher Beard
at 240/629-3300.
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