/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/060826.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 26, 2006, Vol. 10, No. 203 Headlines COLLINS & AIKMAN: Posts $44 Mil. Net Loss in Period Ended July 29 INTERSTATE BAKERIES: Files Operating Report in Period Ended July 1 MUSICLAND HOLDING: Posts $134,000 Net Loss in July 2006 O'SULLIVAN INDUSTRIES: Files March 2006 Monthly Operating Report O'SULLIVAN INDUSTRIES: Files April 2006 Monthly Operating Report O'SULLIVAN INDUSTRIES: Files May 2006 Monthly Operating Report O'SULLIVAN INDUSTRIES: Files June 2006 Monthly Operating Report O'SULLIVAN INDUSTRIES: Files July 2006 Monthly Operating Report O'SULLIVAN INDUSTRIES: Furniture Files March 2006 Operating Report O'SULLIVAN INDUSTRIES: Furniture Files April 2006 Operating Report O'SULLIVAN INDUSTRIES: Furniture Files May 2006 Operating Report O'SULLIVAN INDUSTRIES: Furniture Files June 2006 Operating Report O'SULLIVAN INDUSTRIES: Furniture Files July 2006 Operating Report O'SULLIVAN INDUSTRIES: Holdings Files March 2006 Operating Report O'SULLIVAN INDUSTRIES: Holdings Files April 2006 Operating Report O'SULLIVAN INDUSTRIES: Holdings Files May 2006 Operating Report O'SULLIVAN INDUSTRIES: Holdings Files June 2006 Operating Report O'SULLIVAN INDUSTRIES: Holdings Files July 2006 Operating Report O'SULLIVAN INDUSTRIES: Virginia Files March 2006 Operating Report O'SULLIVAN INDUSTRIES: Virginia Files April 2006 Operating Report O'SULLIVAN INDUSTRIES: Virginia Files May 2006 Operating Report O'SULLIVAN INDUSTRIES: Virginia Files June 2006 Operating Report O'SULLIVAN INDUSTRIES: Virginia Files July 2006 Operating Report REFCO INC: Files July 2006 Monthly Operating Report VESTA INSURANCE: Files Schedules of Assets and Liabilities VESTA INSURANCE: Gordon Gaines' Files Schedules of Assets & Debts WINN-DIXIE: Posts $14.4 Million Net Loss in Period Ended July 26 ********* COLLINS & AIKMAN: Posts $44 Mil. Net Loss in Period Ended July 29 ----------------------------------------------------------------- Collins & Aikman Corporation Balance Sheet As of July 29, 2006 ASSETS Cash $59,453,535 Accounts receivable-trade, net 152,191,700 Other non-trade receivables 5,860,337 Inventories, net 97,702,438 Tooling and molding, net-current 47,650,158 Prepaids & other current assets 58,847,143 Deferred tax assets-current (87,825) --------------- TOTAL CURRENT ASSETS 421,617,485 Investments in subsidiaries 2,534,708,519 Fixed assets, net 301,539,896 Goodwill, net 978,554,071 Deferred tax assets-long term 25,938,826 Tooling and molding, net-long term 8,274,568 Other noncurrent assets 88,234,181 Intercompany accounts - net 128,908,298 Prepetition intercompany - net 703,340,141 --------------- TOTAL ASSETS $5,191,115,958 =============== 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 39,025,326 Accrued interest payable 9,021,840 Accrued & other liabilities 102,880,100 Income taxes payable (1,744,698) --------------- TOTAL CURRENT LIABILITIES 394,632,597 Liabilities subject to compromise 2,387,061,124 --------------- Total liabilities 2,781,693,721 Total equity 2,409,422,263 --------------- TOTAL LIABILITIES & EQUITY $5,191,115,985 =============== Collins & Aikman Corporation Income Statement Month Ending July 29, 2006 Net outside sales $73,171,614 I/C Net sales 4,836,656 --------------- Total sales 78,008,270 Cost of goods sold 98,280,152 --------------- Gross profit (20,271,882) Selling, general & administrative expenses 18,917,861 --------------- Operating income (39,189,743) Interest expenses 8,195,745 Intercompany interest, net (2,507,541) Preferred stock accretion 0 Miscellaneous (income)/expense 0 Corporate allocation adjustment 0 Commission income (99,794) Commission expense 0 Royalty income (288,536) 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 (571,546) Amort of discount on NPV of liabilities 0 (Gain)/Loss on sale-leaseback transaction 0 --------------- Income from continuing operations before taxes (43,918,071) Federal income tax 0 State income tax 0 Foreign income tax 13,306 --------------- Income from continuing operations (43,931,377) Discontinued operations 110,035 Gain/Loss on sale of divisions 0 Extraordinary items 0 Integration 0 --------------- NET INCOME (LOSS) ($44,041,412) =============== 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. 38; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) INTERSTATE BAKERIES: Files Operating Report in Period Ended July 1 ------------------------------------------------------------------ Interstate Bakeries Corporation and Subsidiaries Unaudited Consolidated Monthly Operating Report Four Weeks Ended July 1, 2006 REVENUE Gross Income $239,037,044 Less Cost of Goods Sold Ingredients, Packaging & Outside Purchasing 59,759,122 Direct & Indirect Labor 44,244,695 Overhead & Production Administration 11,603,830 ------------ Total Cost of Goods Sold 115,607,647 ------------ Gross Profit $123,429,397 ------------ OPERATING EXPENSES Owner-Draws/Salaries - Selling & Delivery Employee Salaries $55,443,329 Advertising and Marketing 3,372,082 Insurance (Property, Casualty, & Medical) 11,836,780 Payroll Taxes 4,660,061 Lease and Rent 3,657,312 Telephone and Utilities 1,140,117 Corporate Expense (Including Salaries) 6,192,800 Other Expenses 29,163,184 ------------ Total Operating Expenses $115,465,665 ------------ EBITDA 7,963,732 Restructuring & Reorganization Charges 2,736,532 Depreciation and Amortization 5,437,455 Abandonment 11,821 Other( Income)/Expense (1,554) Gain/Loss Sale of Property - Interest Expense 4,237,839 ------------ Operating Income (Loss) (4,458,361) Income Tax Expense (Benefit) (318,084) ------------ NET Income (Loss) ($4,140,277) ============ CURRENT ASSETS Accounts Receivable at end of period $151,018,768 Increase (Dec.) in Accounts Receivabl 41,913 Inventory at end of period 65,651,537 Increase (Decrease) in Inventory for period 257,895 Cash at end of period 74,473,414 Increase (Decrease) in Cash for period (3,703,839) Restricted Cash 86,453,932 Increase (Dec.) in Restricted Cash for period 100,473 LIABILITIES Increase (Decrease) in Liabilities Not Subject to Compromise (8,409,700) Increase (Decrease) in Liabilities Subject to Compromise 43,080 Taxes payable: Federal Payroll Taxes 10,020,753 State/Local Payroll Taxes 3,442,649 State Sales Taxes 862,702 Real Estate and Personal Property Taxes 11,760,921 Other 4,696,563 ------------ Total Taxes Payable $30,783,588 ============ Headquartered in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh baked bread and sweet goods, under various national brand names, including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R), Merita(R) and Drake's(R). The Company employs approximately 32,000 in 54 bakeries, more than 1,000 distribution centers and 1,200 thrift stores throughout the U.S. The Company and seven of its debtor-affiliates filed for chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior subordinated convertible notes due August 15, 2014 on August 12, 2004) in total debts. (Interstate Bakeries Bankruptcy News, Issue No. 46; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) MUSICLAND HOLDING: Posts $134,000 Net Loss in July 2006 ------------------------------------------------------- Musicland Holding Corp. Consolidated Balance Sheet As of July 31, 2006 ASSETS Current Assets Cash $50,260,000 Other 18,056,000 ------------ Total 68,317,000 ------------ Other assets 700,000 ------------ TOTAL ASSETS $69,017,000 ============ Liabilities & Shareholders' deficit Current liabilities Accounts payable $1,014,000 Other accrued liabilities 7,672,000 ------------ Total 8,686,000 ------------ Liabilities subject to compromise 355,513,000 Shareholders' deficit (295,182,000) ------------ TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $69,017,000 ============ Musicland Holding Corp. Consolidated Statement of Operations For the Month Ended July 31, 2006 Merchandise revenue - Non-merchandise revenue - ------------ Net sales - Cost of goods sold - ------------ Gross Profit - ------------ Store operating expenses Payroll $216,000 Occupancy 21,000 Other 306,000 ------------ Store expenses 543,000 ------------ General & administrative 544,000 ------------ EBITDA (Loss) (544,000) ------------ Chapter 11 & related charges (512,000) ------------ Operating income (Loss) (1,056,000) ------------ Interest income (expense) 170,000 Other non-operating income (expense) 752,000 ------------ Earnings before Taxes (134,000) ------------ Income tax - ------------ Net earnings (Loss) ($134,000) ============ Musicland Holding Corp. Consolidated Statement of Cash Flow For the Month Ended July 31, 2006 Operating activities Net earnings (Loss) ($134,000) Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Loss on utility deposits write off 33,000 Loss on Logistic's settlement 50,000 Changes in operating assets and liabilities: Other current assets (1,136,000) Accounts payable (613,000) Other operating liabilities (741,000) Liabilities subject to compromise - ------------ Net cash provided by (used in) operating activities (2,541,000) ------------ Investing activities Change in other long term asset/liabilities - ------------ Net cash provided by (used in) investing activities - ------------ Financing activities Revolver borrowings - ------------ Increase/decrease in cash (2,541,000) ------------ Cash at beginning of Period 52,801,000 ------------ Cash at end of Period $50,260,000 ============ Headquartered in New York, New York, Musicland Holding Corp., is a specialty retailer of music, movies and entertainment-related products. The Debtor and 14 of its affiliates filed for chapter 11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the Debtors in their restructuring efforts. Mark T. Power, Esq., at Hahn & Hessen LLP, represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they estimated more than $100 million in assets and debts. (Musicland Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Files March 2006 Monthly Operating Report ---------------------------------------------------------------- O'Sullivan Industries, Inc. Cash Receipts and Disbursements Month Ended March 31, 2006 Funds at the beginning of period $497,188 Receipts: Cash sales - Less: Refunds - - Net cash sales - Collection of postpetition accounts receivable - Collection of prepetition accounts receivable 19,527,611 Other receipts 31,172,469 ----------- Total receipts 50,700,080 ----------- Total Cash Available for Operations $51,197,268 =========== Disbursements: U.S. Trustee quarterly fee - Net payroll $3,622,175 Payroll taxes paid 482 Professional fees 1,420,615 Other taxes 159,028 Rent & equipment rent 121,536 Other leases 125,208 Telephone 29,148 Utilities 292,104 Travel & Entertainment 150,499 Vehicle expenses 9,519 Office Expenses 14,744 Advertising 6,045 Insurance 1,011,884 Freight 1,794,076 Job-Cost raw materials 9,449,498 Foreign bank fees 1,291 Repairs & maintenance 864,611 Payments to secured creditors - Employee benefits 233,549 Other expenses 1,844,405 Transfers 29,622,895 ----------- Total Disbursements 50,773,311 ----------- Ending Cash Balance $423,957 =========== Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Files April 2006 Monthly Operating Report ---------------------------------------------------------------- O'Sullivan Industries, Inc. Cash Receipts and Disbursements Month Ended April 30, 2006 Funds at the beginning of period $423,957 Receipts 76,172,127 ----------- Total Cash Available for Operations $76,596,084 =========== Disbursements: Operating expenses - fees & taxes: U.S. Trustee quarterly fee $10,250 Federal Taxes - State Taxes - Other Taxes - Other operating expenses 47,392,574 Plan payments: Administrative Claims 2,814,049 DIP Facility Claims 25,978,697 Class 1 Priority Claims 5,248 Class 2A Senior Credit Facility Claims - Class 2B Other Secured Claims - Class 2C Senior Secured Notes Claims - Class 3A General Unsecured Claims 398,843 Class 3B Senior Subordinated Noted Claims - Class 4 Other Claims against Holdings - ----------- Total Disbursements 76,599,660 ----------- Ending Cash Balance ($3,577) =========== Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Files May 2006 Monthly Operating Report -------------------------------------------------------------- O'Sullivan Industries, Inc. Cash Receipts and Disbursements Month Ended May 31, 2006 Funds at the beginning of period ($3,577) Receipts 49,653,147 ----------- Total Cash Available for Operations $49,649,570 =========== Disbursements: Operating expenses - fees & taxes: U.S. Trustee quarterly fee $250 Federal Taxes - State Taxes - Other Taxes - Other operating expenses 48,750,782 Plan payments: Administrative Claims 448,474 DIP Facility Claims - Class 1 Priority Claims 148,149 Class 2A Senior Credit Facility Claims - Class 2B Other Secured Claims - Class 2C Senior Secured Notes Claims - Class 3A General Unsecured Claims 310,070 Class 3B Senior Subordinated Noted Claims - Class 4 Other Claims against Holdings - ----------- Total Disbursements 49,657,725 ----------- Ending Cash Balance ($8,155) =========== Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Files June 2006 Monthly Operating Report --------------------------------------------------------------- O'Sullivan Industries, Inc. Cash Receipts and Disbursements Month Ended June 30, 2006 Funds at the beginning of period ($8,155) Receipts 42,473,199 ----------- Total Cash Available for Operations $42,465,044 =========== Disbursements: Operating expenses - fees & taxes: U.S. Trustee quarterly fee - Federal Taxes - State Taxes - Other Taxes - Other operating expenses $41,775,541 Plan payments: Administrative Claims 571,933 DIP Facility Claims (15,228) Class 1 Priority Claims - Class 2A Senior Credit Facility Claims - Class 2B Other Secured Claims - Class 2C Senior Secured Notes Claims - Class 3A General Unsecured Claims 102,982 Class 3B Senior Subordinated Noted Claims - Class 4 Other Claims against Holdings - ----------- Total Disbursements 42,435,228 ----------- Ending Cash Balance $29,815 =========== Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Files July 2006 Monthly Operating Report --------------------------------------------------------------- O'Sullivan Industries, Inc. Cash Receipts and Disbursements Month Ended July 31, 2006 Funds at the beginning of period $29,815 Receipts 43,811,182 ----------- Total Cash Available for Operations $43,840,997 =========== Disbursements: Operating expenses - fees & taxes: U.S. Trustee quarterly fee - Federal Taxes - State Taxes - Other Taxes - Other operating expenses $42,997,755 Plan payments: Administrative Claims 722,884 DIP Facility Claims - Class 1 Priority Claims 5,100 Class 2A Senior Credit Facility Claims - Class 2B Other Secured Claims - Class 2C Senior Secured Notes Claims - Class 3A General Unsecured Claims - Class 3B Senior Subordinated Noted Claims - Class 4 Other Claims against Holdings - ----------- Total Disbursements 43,725,739 ----------- Ending Cash Balance $115,259 =========== Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Furniture Files March 2006 Operating Report ------------------------------------------------------------------ O'Sullivan Furniture Factory Outlet, Inc., reports $0 cash receipts and disbursements for the period March 1 to 31, 2006. Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Furniture Files April 2006 Operating Report ------------------------------------------------------------------ O'Sullivan Furniture Factory Outlet, Inc., reports $0 cash receipts and disbursements for the period April 1 to 30, 2006. Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Furniture Files May 2006 Operating Report ---------------------------------------------------------------- O'Sullivan Furniture Factory Outlet, Inc., reports $0 cash receipts and disbursements for the period May 1 to 31, 2006. Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Furniture Files June 2006 Operating Report ----------------------------------------------------------------- O'Sullivan Furniture Factory Outlet, Inc., reports $0 cash receipts and disbursements for the period June 1 to 30, 2006. Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Furniture Files July 2006 Operating Report ----------------------------------------------------------------- O'Sullivan Furniture Factory Outlet, Inc., reports $0 cash receipts and disbursements for the period July 1 to 31, 2006. Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Holdings Files March 2006 Operating Report ----------------------------------------------------------------- O'Sullivan Industries Holdings, Inc., reports $0 cash receipts and disbursements for the period March 1 to 31, 2006. Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Holdings Files April 2006 Operating Report ----------------------------------------------------------------- O'Sullivan Industries Holdings, Inc., reports $0 cash receipts and disbursements for the period April 1 to 30, 2006. Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Holdings Files May 2006 Operating Report --------------------------------------------------------------- O'Sullivan Industries Holdings, Inc., reports $0 cash receipts and disbursements for the period May 1 to 31, 2006. Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Holdings Files June 2006 Operating Report ---------------------------------------------------------------- O'Sullivan Industries Holdings, Inc., reports $0 cash receipts and disbursements for the period June 1 to 30, 2006. Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Holdings Files July 2006 Operating Report ----------------------------------------------------------------- O'Sullivan Industries Holdings, Inc., reports $0 cash receipts and disbursements for the period July 1 to 31, 2006. Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Virginia Files March 2006 Operating Report ----------------------------------------------------------------- O'Sullivan Industries Virginia, Inc. Cash Receipts and Disbursements Month Ended March 31, 2006 Funds at the beginning of period $16,625 Receipts: Cash sales - Less: Refunds - Net cash sales - Collection of postpetition accounts receivable - Collection of prepetition accounts receivable - Other receipts 3,616 ----------- Total receipts 3,616 ----------- Total Cash Available for Operations $20,241 =========== Disbursements: Net payroll $1,326 Freight 93 Repairs & maintenance 1,055 Other expenses 1,111 ----------- Total Disbursements 3,584 ----------- Ending Cash Balance $16,657 =========== Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Virginia Files April 2006 Operating Report ----------------------------------------------------------------- O'Sullivan Industries Virginia, Inc. Cash Receipts and Disbursements Month Ended April 30, 2006 Funds at the beginning of period $16,657 Receipts 1,262 ----------- Total Cash Available for Operations $17,919 =========== Disbursements: Other operating expenses $1,232 ----------- Total Disbursements 1,232 ----------- Ending Cash Balance $16,687 =========== Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Virginia Files May 2006 Operating Report --------------------------------------------------------------- O'Sullivan Industries Virginia, Inc. Cash Receipts and Disbursements Month Ended May 31, 2006 Funds at the beginning of period $16,687 Receipts 4,790 ----------- Total Cash Available for Operations $21,477 =========== Disbursements: Other operating expenses $4,942 ----------- Total Disbursements 4,942 ----------- Ending Cash Balance $16,534 =========== Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Virginia Files June 2006 Operating Report ---------------------------------------------------------------- O'Sullivan Industries Virginia, Inc. Cash Receipts and Disbursements Month Ended June 30, 2006 Funds at the beginning of period $16,534 Receipts 634 ----------- Total Cash Available for Operations $17,168 =========== Disbursements: Other operating expenses $603 ----------- Total Disbursements 603 ----------- Ending Cash Balance $16,565 =========== Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) O'SULLIVAN INDUSTRIES: Virginia Files July 2006 Operating Report ---------------------------------------------------------------- O'Sullivan Industries Virginia, Inc. Cash Receipts and Disbursements Month Ended July 31, 2006 Funds at the beginning of period $16,565 Receipts 828 ----------- Total Cash Available for Operations $17,393 =========== Disbursements: Other operating expenses $797 ----------- Total Disbursements 797 ----------- Ending Cash Balance $16,596 =========== Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). Joel H. Levitin, Esq., at Dechert LLP, represents the Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the Official Committee of Unsecured Creditors. On Sept. 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) REFCO INC: Files July 2006 Monthly Operating Report --------------------------------------------------- Refco, Inc., and its debtor-affiliates delivered to the Bankruptcy Court a statement of their cash receipts and disbursements for the period from July 1 to 31, 2006. Peter F. James, controller of Refco, reports that the company held a $1,372,136,000 cash balance at the start of the reporting period. Refco then received $160,610,000 and disbursed $18,753,000 in cash. Refco's ending cash balance totals $1,513,994,000. As paying agent for certain non-debtors and Refco, LLC, the Debtors disbursed approximately $5,800,000. Refco Capital, LLC, also disbursed around $3,300,000 representing return of proceeds to Refco Global Finance, Ltd., Refco Global Holdings, LLC, and Refco Canada Finance, Inc. Refco also paid $1,998,000 in gross wages, of which $1,695,022 was paid on behalf of and reimbursed by the Non-Debtors and Refco LLC. Mr. James discloses that Refco withheld $670,000 in employee payroll taxes, of which $74,000 was remitted to a third party vendor. Mr. James states that all taxes due and owing, as well as tax returns, have been paid and filed for the current period. Refco paid $3,878,000 for professional fees for July, and $21,951,000 since the Petition Date. The Debtors did not pay professional fees on Refco LLC's behalf. Mr. James says all insurance policies are fully paid for the current period, including amounts owed for workers' compensation and disability insurance. Refco has prepared the Monthly Statement in lieu of comprehensive financial statements. A full-text copy of Refco's July 2006 Monthly Statement is available at no charge at http://ResearchArchives.com/t/s?1062 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. 39; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). VESTA INSURANCE: Files Schedules of Assets and Liabilities ---------------------------------------------------------- A. Real Property $0 B. Personal Property B.1 Cash on hand $0 B.2 Bank accounts First Commercial -- Cayman Sweep 7,774,000 Others 2,995 B.9 Interests in insurance policies Unknown B.13 Stock and interests Unknown B.18 Other liquidated debts Vesta Capital Trust I 4,214,509 Potential state tax overpayments 184,305 Affirmative insurance holdings 410,115 J. Gordon Gaines, Inc. 859,013 Don Thornton -- Officer Loan 491,667 Norman Gayle -- Officer Loan 983,333 B.21 Other contingent claims Unknown B.22 Patents, copyrights & other IP Unknown TOTAL SCHEDULED ASSETS $14,919,938 ============ C. Property Claimed as Exempt Not applicable D. Secured Claims $0 E. Unsecured Priority Claims 0 F. Unsecured Non-priority Claims 1995-8-3/4% Senior Debt Holders 43,650,000 1997-8.525% Debenture Holders 15,252,000 Costa Brava Partnership III 4,000,000 Haskell, Wyatt R. 7,000,000 J. Gordon Gaines, Inc. 94,926,029 Pate, Luther S. 1,250,000 Vesta Fire Insurance Corp. 12.5% Senior Notes due 2005 33,882,000 8-3/4% Senior Debentures 13,180,000 Others 1,138,818 TOTAL SCHEDULED LIABILITIES $214,278,847 ============= About Vesta Insurance Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc. (Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding company for a group of insurance companies that primarily offer property insurance in targeted states. Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership III, L.P., filed an involuntary chapter 7 petition against the Company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517). The case was converted to a voluntary chapter 11 case on Aug. 8, 2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor. R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, represents the petitioning creditors. At Dec. 31, 2004, Vesta Insurance's balance sheet showed $1,764,247,000 in total assets and $1,810,022,000 in total liabilities resulting in a $45,775,000 stockholders' deficit. On Aug. 1, 2006, the District Court of Travis County, Texas entered the Order appointing the Texas Commissioner of Insurance as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries: Vesta Fire Insurance Corporation; The Shelby Insurance Company; Shelby Casualty Insurance Corporation; Texas Select Lloyds Insurance Company; and Select Insurance Services, Inc. J. Gordon Gaines, Inc., a wholly-owned subsidiary of Vesta Insurance, filed for chapter 11 protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808). When J. Gordon filed for protection from its creditors, it estimated assets between $1 million and $10 million and debts between $10 million and $50 million. (Vesta Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). VESTA INSURANCE: Gordon Gaines' Files Schedules of Assets & Debts ----------------------------------------------------------------- A. Real Property Timber lodge in Alabama $1,561,868 Improvements 3,471,637 B. Personal Property B.1 Cash on hand 75 B.2 Bank accounts 1,070,586 B.3 Security deposits 320,014 B.9 Interests in insurance policies Unknown B.13 Stock and interests Unknown B.18 Other liquidated debts Hawaiian Insurance Group 3,980,270 Shelby Casualty 2,037,774 Sheffield 17,751 Shelby Insurance Company 691,303 Florida Select Ins Agency 1,013,781 Vesta Insurance Corporation 212,428 Florida Select Ins Company 147,145 Potential refunds of state tax 114,063 B.21 Other contingent claims Unknown B.22 Patents, copyrights & other IP Common law trademark - Gaines Unknown Software 2,480,373 B.23 Licenses, franchises & intangibles Specialty Insurance Software License Unknown B.25 Automobiles & other vehicles 824,723 B.26 Boats, motors & accessories 1,034 B.28 Office equipment & supplies 1,873,262 TOTAL SCHEDULED ASSETS $19,818,094 ============ C. Property Claimed as Exempt Not applicable D. Secured Claims $0 E. Unsecured Priority Claims 0 F. Unsecured Non-priority Claims Vesta Fire Insurance Corp. 14,618,673 Others 1,427,564 TOTAL SCHEDULED LIABILITIES $16,046,237 ============ Gaines recorded a $94,926,029 debt owed by Vesta Insurance Group, but didn't include the amount in the total for its scheduled assets because the value of the obligation is substantially in doubt. About Vesta Insurance Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc. (Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding company for a group of insurance companies that primarily offer property insurance in targeted states. Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership III, L.P., filed an involuntary chapter 7 petition against the Company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517). The case was converted to a voluntary chapter 11 case on Aug. 8, 2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor. R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, represents the petitioning creditors. At Dec. 31, 2004, Vesta Insurance's balance sheet showed $1,764,247,000 in total assets and $1,810,022,000 in total liabilities resulting in a $45,775,000 stockholders' deficit. On Aug. 1, 2006, the District Court of Travis County, Texas entered the Order appointing the Texas Commissioner of Insurance as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries: Vesta Fire Insurance Corporation; The Shelby Insurance Company; Shelby Casualty Insurance Corporation; Texas Select Lloyds Insurance Company; and Select Insurance Services, Inc. J. Gordon Gaines, Inc., a wholly-owned subsidiary of Vesta Insurance, filed for chapter 11 protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808). When J. Gordon filed for protection from its creditors, it estimated assets between $1 million and $10 million and debts between $10 million and $50 million. (Vesta Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). WINN-DIXIE: Posts $14.4 Million Net Loss in Period Ended July 26 ---------------------------------------------------------------- Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Balance Sheet At July 26, 2006 (In Thousands) ASSETS Current assets: Cash and cash equivalents $194,364 Marketable securities 14,355 Trade and other receivables, net 146,647 Insurance claims receivable 36,805 Income tax receivable 30,382 Merchandise inventories, net 471,193 Prepaid expenses and other current assets 36,481 Assets held for sale 37,436 ---------- Total current assets 967,663 ---------- Property, plant and equipment, net 493,455 Other assets, net 91,278 ---------- Total assets $1,552,396 ========== LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Current borrowings under DIP Credit Facility $40,265 Current portion of long-term debt 234 Current obligations under capital leases 3,639 Accounts payable 211,308 Reserve for self-insurance liabilities 75,790 Accrued wages and salaries 83,250 Accrued rent 45,398 Accrued expenses 92,751 Liabilities related to assets held for sale 7,672 ---------- Total current liabilities 560,307 ---------- Reserve for self-insurance liabilities 151,326 Long-term debt 144 Obligations under capital leases 5,120 Other liabilities 23,753 ---------- Total liabilities not subject to compromise 740,650 ---------- Liabilities subject to compromise 1,110,768 ---------- Total liabilities 1,851,418 Shareholders' deficit: Common stock 141,858 Additional paid-in-capital 35,434 Accumulated deficit (455,705) Accumulated other comprehensive loss (20,609) ---------- Total shareholders' deficit (299,022) ---------- Total liabilities and shareholders' deficit $1,552,396 ========== Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Statement of Operations Four Weeks Ended July 26, 2006 (In Thousands) Net sales $551,288 Cost of sales 405,633 ---------- Gross profit on sales 145,655 Other operating and administrative expenses 157,369 Restructuring loss 51 ---------- Operating loss (11,765) Interest expense, net 727 ---------- Loss before reorganization items and income taxes (12,492) Reorganization items, net expense 1,022 Income tax expense 0 ---------- Net loss from continuing operations (13,514) Discontinued operations: Loss from discontinued operations (250) Loss on disposal of discontinued operations (667) Income tax expense 0 ---------- Net loss from discontinued operations (917) ---------- Net loss $(14,431) ========== Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Statement of Cash Flows Four Weeks Ended July 26, 2006 (In Thousands) Cash flows from operating activities: Net loss ($14,431) Adjustments to reconcile net loss to net cash used in operating activities: Gain on sales of assets, net (136) Reorganization items, net 1,022 Depreciation and amortization 7,509 Stock compensation plans 560 Change in operating assets and liabilities: Trade and other receivables 12,324 Merchandise inventories 9,271 Prepaid expenses and other current assets (920) Accounts payable (28,683) Reserve for self-insurance liabilities 1,077 Lease liability on closed facilities (2,686) Income taxes receivable 81 Defined benefit plan (84) Other accrued expenses 10,841 ---------- Net cash used in operating activities before reorganization items (4,255) Cash effect of reorganization items (1,057) ---------- Net cash used in operating activities (5,312) Cash flows from investing activities: Purchases of property, plant and equipment (2,933) Decrease in investments and other assets 6,207 Proceeds from sales of assets 3,763 Purchases of marketable securities (538) Sales of marketable securities 519 Other (6) ---------- Net cash provided by investing activities 7,012 Cash flows from financing activities: Gross borrowings on DIP Credit Facility 1,618 Gross payments on DIP Credit Facility (1,353) Principal payments on capital lease obligations (129) Principal payments on long-term debt (18) Other 60 ---------- Net cash provided by financing activities 178 Increase in cash and cash equivalents 1,878 Cash and cash equivalents classified as Assets held for sale 4,975 Cash and cash equivalents at beginning of period 187,511 ---------- Cash and cash equivalents at end of period $194,364 ========== 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 527 stores in Florida, Alabama, Louisiana, Georgia, and Mississippi. 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. 50; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. 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. *** End of Transmission ***