/raid1/www/Hosts/bankrupt/TCR_Public/060909.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, September 9, 2006, Vol. 10, No. 215
Headlines
ASARCO LLC: Earns $66.88 Million in July 2006
CATHOLIC CHURCH: Portland Files July 2006 Monthly Operating Report
CATHOLIC CHURCH: Spokane Files July 2006 Monthly Operating Report
DANA CORPORATION: Posts $43 Million Net Loss in July 2006
DELPHI CORP: Posts $534 Million Net Loss in July 2006
DELTA AIR: Earns $69 Million in July 2006
FEDERAL-MOGUL: Posts $35.3 Million Net Loss in July 2006
FLYI INC: Posts $600,292 Net Loss in July 2006
FLYI INC: Independence Posts $4.5 Million Net Loss in July 2006
KAISER ALUMINUM: Posts $29 Million Net Loss in June 2006
KUSHNER-LOCKE: Files June 2006 Monthly Operating Reports
NORTHWEST AIRLINES: Earns $101 Million in July 2006
PERFORMANCE TRANSPORTATION: Files July 2006 Operating Report
SAINT VINCENTS: Files July 2006 Monthly Operating Report
SOLUTIA INC: Posts $2 Million Net Loss in July 2006
TOWER AUTOMOTIVE: Posts $26.5 Million Net Loss in July 2006
*********
ASARCO LLC: Earns $66.88 Million in July 2006
---------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of July 31, 2006
ASSETS
Current Assets:
Cash $262,420,000
Accounts receivable, net 155,057,000
Inventory 265,481,000
Prepaid expenses 25,532,000
Deferred income tax assets -
--------------
Total Current Assets 708,490,000
Net property, plant and equipment 410,195,000
Other Assets
Investments in subs 56,978,000
Prepaid pension & retirement plan 77,861,000
Non-current deferred tax asset 40,954,000
Other 99,282,000
--------------
Total assets $1,393,760,000
==============
LIABILITIES
Postpetition liabilities:
Accounts payable $59,600,000
Accrued liabilities 18,184,000
Debtor-in-possession financing -
--------------
Total postpetition liabilities 77,784,000
Prepetition liabilities:
Not subject to compromise - credit 885,000
Not subject to compromise - other 125,703,000
Subject to compromise 849,939,000
--------------
Total prepetition liabilities 976,527,000
--------------
Total liabilities $1,054,311,000
--------------
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 (61,824,000)
Retained earnings: post-filing date 401,272,000
--------------
Total owners' equity (net worth) 339,449,000
Total liabilities and owners' equity $1,393,760,000
==============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ending July 31, 2006
Sales $120,090,000
Cost of products and services 52,797,000
--------------
Gross profit 67,293,000
Operating expenses:
Selling and general & admin expenses 4,486,000
Depreciation & amortization 1,830,000
Provision accretion expense of asset
retirement obligation 143,000
--------------
Operating income 60,833,000
Interest expense 326,000
Interest income (1,061,000)
Reorganization expenses 1,518,000
Other miscellaneous (income) expenses (8,195,000)
--------------
Income (loss) before taxes 68,245,000
Income taxes 1,365,000
--------------
Net income $66,880,000
==============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ending July 31, 2006
Receipts $131,990,000
Disbursements:
Inventory material 41,220,000
Operating disbursements 35,051,000
Capital expenditures 2,329,000
--------------
Total disbursements 78,600,000
Operating cash flow 53,390,000
Reorganization disbursements 1,695,000
--------------
Net cash flow 51,695,000
Net payments to secured Lenders 0
--------------
Net change in cash 51,695,000
Beginning cash balance 210,725,000
--------------
Ending cash balances $262,420,000
==============
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. 28; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
CATHOLIC CHURCH: Portland Files July 2006 Monthly Operating Report
------------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of July 31, 2006
ASSETS
Cash and cash equivalents $15,667,939
Accounts receivable, net 706,033
Notes, estates and other receivables 12,444,565
Loans receivable from Archdiocesan entities, net 6,902,559
Loans receivable from Archdiocesan housing entities 538,317
Interest receivable and other assets 276,065
Inventories 1,670,041
Real Property 226,688
Deposits and prepaid expenses 110,270
Investments 96,269,106
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,470,940
--------------
Total Assets $143,922,523
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable 822,302
Accrued liabilities 2,172,197
Funds held for others
Second Collections (12)
Short-term investments payable 14,095,311
Long-term pool investments payable 18,573,708
Reserve for insurance claims 2,343,946
Notes payable 10,760,358
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 56,831,342
--------------
Postpetition
Accounts payable 930,681
Accrued liabilities 4,403,308
Funds held for others
Second Collections 202,107
Short-term investments payable 3,327,662
Long-term pool investments 4,825,849
Reserve for insurance claims (15,921)
Notes payable -
Pre-need liability and reserve 30,863
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 14,109,070
--------------
Total Liabilities 70,940,412
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,962,960
Other Assets (3,573,199)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 7,666,394
Other Assets (1,074,044)
--------------
Total Postpetition Net Assets 6,592,350
--------------
Total Net Assets 72,982,111
--------------
Total liabilities & net assets $143,922,523
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending July 31, 2006
Revenues, gains and other support
Annual Catholic Appeal income ($2)
Gross profit on cemetery sales 112,966
Contributions, gifts, annuities and bequests (148,334)
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 101,520
Change in unrealized gains (losses) (62,519)
Insurance premiums, net 21
Interest income from loans 39,481
Parish assessments 260,689
Other income 41,603
Departmental revenues 86,604
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 432,029
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 228,374
Clergy Services 58,361
Catholic Schools 29,351
Pastoral Services 30,889
Evangelization Services 36,147
Public Services 8,705
Tribunal Services 17,150
Deposit and loan interest 89,401
Insurance program 1,663,449
Cemetery operating expenses 59,874
High School grants/charitable annuities 6,114
Other program expenses 53,821
--------------
Total program services 2,281,636
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 61,455
Finance & Administration:
Resource Development 94,451
Business Affairs 10,223
Financial Services 57,953
Human Resources 28,453
Shared Services 12,431
Occupancy and physical plant expenses 9,399
Designated funds expense 20,146
Bankruptcy expense 13,574
Depreciation expense -
--------------
Total supporting services 308,085
--------------
Total expenses and program support 2,589,721
--------------
Increase (decrease) in net assets before
transfers and designations of net assets (2,157,692)
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets (2,157,692)
Net assets at beginning of year 75,139,803
--------------
Net assets at end of year $72,982,111
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending July 31, 2006
Beginning Cash Balance: $24,312,656
Add:
Transfers in 485,574
Receipts Deposited 1,428,049
Other (Return of Direct Deposits) -
Other (6,813,279)
Other (Interest Income) 42,846
--------------
Total Cash Receipts (4,856,810)
Subtract:
Transfers out (485,574)
Disbursements by check or debit (3,300,111)
Cash withdrawn (285)
Other (Service Charges) (2,270)
Other (Misc Check Correction) 500
Other (NSF Checks) (166)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (3,787,907)
--------------
Ending Cash Balance $15,667,939
==============
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. Albert N. Kennedy, Esq., at Tonkon Torp, LLP, represents
the Official Tort Claimants Committee in Portland, and scores of
abuse victims are represented by other lawyers. David A. Foraker
serves as the Future Claimants Representative appointed in the
Archdiocese of Portland's Chapter 11 case. In its Schedules of
Assets and Liabilities filed with the Court on July 30, 2004, the
Portland Archdiocese reports $19,251,558 in assets and
$373,015,566 in liabilities. (Catholic Church Bankruptcy News,
Issue No. 68; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
CATHOLIC CHURCH: Spokane Files July 2006 Monthly Operating Report
-----------------------------------------------------------------
Catholic Diocese of Spokane
Balance Sheet
As of July 31, 2006
ASSETS
Total Cash Accounts $2,825,952
Total Investments 3,879,137
Total Property 495,004
Total Loans Receivable 2,731,797
Total Interfund Loan Receivable 396,887
Total Accounts Receivable 88,321
Total Land and Buildings & Equipment 2,474,977
Total Prepaid Expenses 60,735
--------------
Total Assets $12,952,810
==============
LIABILITIES AND NET ASSETS
Liabilities
Total Deposits Payable 9,197,564
Total Interest Payable -
Total Accounts Payable 43,809
Total Long-term Liabilities 9,335,400
Net Assets
Total Unrestricted - Fund Balance (18,694,737)
Total Unrestricted Net Assets (18,694,737)
T.R. - Guse Grant Funds 369,350
T.R. - Bishop's School Grants Funds 72,411
Total Replacement Fund 10,416,210
Total Diocesan D&L Funding 2,176,115
Total Guatemala Funds 608,449
Temporarily Restricted -
--------------
Total liabilities & net assets $13,082,810
==============
Catholic Diocese of Spokane
Income and Expense Statement
For the month ending July 31, 2006
Total Income $218,073
Total Expenses 269,628
--------------
Net Excess or Deficit $51,555
==============
The Diocese of Spokane's Statement of Cash Receipts and
Disbursements for July 2006 reports an opening balance of
$2,801,537 and ending balance of $2,788,508. Cash receipts for
the period total $328,874.
A full-text copy of the Diocese's July 2006 operating report is
available for free at http://ResearchArchives.com/t/s?1149
The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 68; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
DANA CORPORATION: Posts $43 Million Net Loss in July 2006
---------------------------------------------------------
Dana Corporation
Unaudited Condensed Balance Sheet
At July 31, 2006
ASSETS
CURRENT ASSETS
Cash and cash equivalent assets $711,000,000
Accounts receivable
Trade 1,291,000,000
Other 263,000,000
Inventories 759,000,000
Assets of discontinued operations 498,000,000
Other current assets 151,000,000
--------------
Total current assets 3,673,000,000
Investments and other assets 1,399,000,000
Investments in equity affiliates 782,000,000
Net property, plant and equipment 1,832,000,000
--------------
TOTAL ASSETS $7,686,000,000
==============
LIABILITY AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable, including current portion
of long-term debt $25,000,000
Accounts payable 994,000,000
Liabilities of discontinued operations 182,000,000
Other accrued liabilities 772,000,000
--------------
Total current liabilities 1,973,000,000
Liabilities subject to compromise 4,243,000,000
Deferred employee benefits and other
non-current liabilities 244,000,000
Long-term debt 18,000,000
DIP financing 700,000,000
Minority interest in consolidate subsidiaries 81,000,000
Shareholder' equity 427,000,000
--------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $7,686,000,000
==============
Dana Corporation
Unaudited Condensed Statement of Operations
For the Month Ended July 31, 2006
Net Sales $615,000,000
Costs and expenses
Costs of sales 602,000,000
Selling, general & administrative expenses 32,000,000
Other income, net 3,000,000
--------------
Income (loss) from operations (16,000,000)
Interest expense 6,000,000
Reorganization charges 7,000,000
--------------
Income (loss) before income taxes (29,000,000)
Income tax (expense) benefit (4,000,000)
Minority interest (1,000,000)
Equity in earnings of affiliates 2,000,000
--------------
Income (loss) before continuing operations (32,000,000)
Income (loss) from discontinued operations (11,000,000)
--------------
Net income (loss) ($43,000,000)
==============
Dana Corporation
Unaudited Condensed Statement of Cash Flow
For the Month Ended July 31, 2006
OPERATING ACTIVITIES
Net income (loss) ($43,000,000)
Depreciation and amortization 23,000,000
Charges related to divestitures & asset sales (2,000,000)
Reorganization charges 7,000,000
Payment of reorganization charges (9,000,000)
Working capital (49,000,000)
Other 13,000,000
--------------
Net cash flow provided by
(used for) operating activities (60,000,000)
INVESTING ACTIVITIES
Purchases of property, plant and equipment (24,000,000)
Acquisition of business (15,000,000)
Proceeds from sale of assets 1,000,000
Other 18,000,000
--------------
Net cash flow provided by
(used for) operating activities (20,000,000)
FINANCING ACTIVITIES
Net change in short-term debt (19,000,000)
Payments of long-term debt -
Proceeds from DIP facility -
Increase (decrease) in long-term -
--------------
Net cash flow provided by
(used for) financing activities (19,000,000)
Net increase in cash equivalents (99,000,000)
--------------
Cash and cash equivalents, beginning of period 810,000,000
--------------
Cash and cash equivalents, end of period $711,000,000
==============
Toledo, OH-based Dana Corp. -- http://www.dana.com/-- designs and
manufactures products for every major vehicle producer in the
world, and supplies drivetrain, chassis, structural, and engine
technologies to those companies. Dana employs 46,000 people in 28
countries. Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually. The
company and its affiliates filed for chapter 11 protection on
Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). Corinne Ball,
Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and
Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black,
Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio,
represent the Debtors. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor and investment
banker. Ted Stenger from AlixPartners serves as Dana's Chief
Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel LLP, represents the Official Committee of
Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson,
LLP serves as counsel to the Official Committee of Equity Security
Holders. When the Debtors filed for protection from their
creditors, they listed $7.9 billion in assets and $6.8 billion in
liabilities as of Sept. 30, 2005. (Dana Corporation Bankruptcy
News, Issue No. 20; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
DELPHI CORP: Posts $534 Million Net Loss in July 2006
-----------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of July 31, 2006
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $933
Restricted cash 76
Accounts receivable, net
General Motors and affiliates 1,428
Other third parties 1,395
Non-Debtor subsidiaries 333
Notes receivable from non-Debtor subsidiaries 355
Inventories, net
Productive material, work-in-process and supplies 967
Finished goods 332
Prepaid expenses and other 292
--------
TOTAL CURRENT ASSETS 6,111
Long-term assets:
Property, net 2,575
Investment in affiliates 379
Investments in non-Debtor subsidiaries 3,454
Goodwill 152
Other intangible assets 39
Pension intangible assets 678
Other 336
--------
TOTAL ASSETS $13,724
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Secured debt in default 2,496
Accounts payable 1,089
Accounts payable to non-Debtor subsidiaries 349
Accrued liabilities 1,155
--------
TOTAL CURRENT LIABILITIES 5,098
Long-term liabilities not subject to compromise:
Debtor-in-possession financing 250
Employee benefit plan obligations and other 750
--------
TOTAL LONG-TERM LIABILITIES 1,000
Liabilities subject to compromise 15,966
--------
TOTAL LIABILITIES 22,064
Stockholders' deficit:
Common stock 6
Additional paid-in capital 2,758
Accumulated deficit (9,601)
Minimum pension liability (1,451)
Treasury stock, at cost (3.2 million shares) (52)
--------
TOTAL STOCKHOLDERS' DEFICIT (8,340)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $13,724
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended July 31, 2006
(In Millions)
Net sales:
General Motors and affiliates $450
Other customers 391
Intercompany non-Debtor subsidiaries 53
--------
Total net sales 894
--------
Operating expenses:
Cost of sales 1,076
U.S. employee special attrition program charges 184
Selling, general and administrative 87
Depreciation and amortization 52
Goodwill and long-lived asset impairment charges -
--------
Total operating expenses 1,399
--------
Operating loss (505)
Interest expense (32)
Other expense, net 1
Reorganization items -
Income tax benefit (expense) (1)
Equity income from non-consolidated subsidiaries 2
Equity income from non-Debtor subsidiaries, net of tax 3
Cumulative effect of accounting charge, net of tax -
--------
NET LOSS ($534)
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended July 31, 2006
(In Millions)
Cash flows from operating activities:
Net loss ($534)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization 52
Pension and other postretirement benefit expenses 124
Equity income from unconsolidated subsidiaries, net (2)
Equity income from non-Debtor subsidiaries, net of tax (3)
Reorganization items -
U.S. employee attrition program charges 184
Changes in operating assets and liabilities:
Accounts receivable, net 752
Inventories, net (84)
Prepaid expenses and other (37)
Accounts payable, accrued and other long-term debts (340)
Pension contributions (60)
Other postretirement benefit payments (20)
Receipts (payments) for reorganization items, net (10)
Other 83
--------
Net cash used in operating activities (105)
Cash flows from investing activities:
Capital expenditures (32)
Increase in restricted cash -
Proceeds from sale of property -
Other 12
--------
Net cash used in investing activities (20)
Cash flows from financing activities:
Repayments under cash overdraft (1)
Repayments of borrowings under other debt (1)
--------
Net cash used in financing activities (2)
--------
Increase in cash and cash equivalents 83
Cash and cash equivalents at beginning of period 850
--------
Cash and cash equivalents at end of period $933
========
Based in Troy, Mich., Delphi Corporation -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology. The Company's technology and
products are present in more than 75 million vehicles on the road
worldwide. The Company filed for chapter 11 protection on Oct. 8,
2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler
Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in
their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell
A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins
LLP, represents the Official Committee of Unsecured Creditors.
As of Aug. 31, 2005, the Debtors' balance sheet showed
$17,098,734,530 in total assets and $22,166,280,476 in total
debts. (Delphi Bankruptcy News, Issue No. 40; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
DELTA AIR: Earns $69 Million in July 2006
-----------------------------------------
Delta Air Lines filed its Monthly Operating Report for
July 2006 with the U.S. Bankruptcy Court for the Southern
District of New York. Key points include:
* Delta's July 2006 net income was $69 million.
* July 2006 net income excluding reorganization items was
$99 million.
* As of July 31, 2006, Delta had $3.0 billion of
unrestricted cash, cash equivalents and short-term
investments.
Delta reported net income of $69 million in the month of
July 2006, compared to a net loss of $41 million in July 2005.
Delta's net income excluding reorganization items was $99 million
for July 2006, a $140 million improvement versus the net loss in
the prior year period. As of July 31, 2006, Delta had $4.0 bill.
of cash, cash equivalents and short-term investments, of which
$3.0 billion was unrestricted.
Restructuring Progress
In September 2005, Delta announced a comprehensive restructuring
plan intended to deliver an additional $3 billion in annual
financial benefits through revenue improvements and cost
reductions by the end of 2007. During the month of July,
Delta continued its restructuring progress by:
* Reducing operating costs to achieve a mainline non-fuel
CASM(1) of 6.60 cents for the month, a 6.4 percent
reduction year over year.
* Improving consolidated passenger unit revenue to
11.44 cents, a 13.2 percent improvement compared to July
2005.
"July's results reflect the continued momentum of our
restructuring," said Edward H. Bastian, Delta's executive vice
president and chief financial officer. "The hard work and
sacrifice of the Delta people are making a tangible difference,
resulting in more than a billion dollar improvement in our
operating performance year to date. In the coming months, the
challenge will be to sustain this momentum as we move into a
traditionally slower season for our industry."
DELTA AIR LINES, INC.
Unaudited Consolidated Balance Sheet
As of July 31, 2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $2,470,000,000
Short-term investments $569,000,000
Restricted cash 905,000,000
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 $196 171,000,000
Prepaid expenses and other 750,000,000
---------------
Total current assets 5,895,000,000
PROPERTY AND EQUIPMENT:
Flight equipment 17,988,000,000
Accumulated depreciation (6,658,000,000)
---------------
Flight equipment, net 11,330,000,000
Flight and ground equipment
under capital leases 502,000,000
Accumulated amortization (157,000,000)
---------------
Flight and ground equipment
under capital leases, net 345,000,000
---------------
Ground property and equipment 4,655,000,000
Accumulated depreciation (2,849,000,000)
---------------
Ground property and equipment, net 1,806,000,000
Advance payments for equipment 44,000,000
---------------
Total property and equipment, net 13,525,000,000
OTHER ASSETS:
Goodwill 227,000,000
Operating rights and other intangibles,
net of accumulated amortization of $193 70,000,000
Other noncurrent assets 906,000,000
---------------
Total other assets 1,203,000,000
---------------
Total assets $20,623,000,000
===============
LIABILITIES AND SHAREOWNERS' DEFICIT
CURRENT LIABILITIES:
Current maturities of long-term debt
and capital leases $1,421,000,000
Accounts payable, deferred credits
and other accrued liabilities 1,637,000,000
Air traffic liability 2,225,000,000
Taxes payable 624,000,000
Accrued salaries and related benefits 404,000,000
---------------
Total current liabilities 6,311,000,000
NONCURRENT LIABILITIES:
Long-term debt and capital leases 6,488,000,000
Deferred revenue and other credits 292,000,000
Other 336,000,000
---------------
Total noncurrent liabilities 7,116,000,000
LIABILITIES SUBJECT TO COMPROMISE 20,993,000,000
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 (12,416,000,000)
Accumulated other comprehensive loss (2,720,000,000)
Treasury stock at cost, 4,745,710 shares (224,000,000)
---------------
Total shareowners' deficit (13,797,000,000)
---------------
Total liabilities and shareowners' deficit $20,623,000,000
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statement of Operations
For the Month Ended July 31, 2006
OPERATING REVENUES:
Passenger:
Mainline $1,215,000,000
Regional affiliates 361,000,000
Cargo 38,000,000
Other, net 96,000,000
---------------
Total operating revenues 1,710,000,000
OPERATING EXPENSES:
Aircraft fuel 424,000,000
Salaries and related costs 342,000,000
Contract carrier arrangements 242,000,000
Depreciation and amortization 97,000,000
Contracted services 90,000,000
Passenger commissions and
other selling expenses 89,000,000
Landing fees and other rents 67,000,000
Aircraft maintenance materials and
outside repairs 63,000,000
Passenger service 34,000,000
Aircraft rent 27,000,000
Restructuring, asset writedowns, pension
settlements and related items, net 1,000,000
Other 51,000,000
---------------
Total operating expenses 1,527,000,000
---------------
OPERATING INCOME 183,000,000
---------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest
expense equals $102 for the month ended
July 31, 2006) (76,000,000)
Interest income 7,000,000
Miscellaneous, net (15,000,000)
---------------
Total other expense, net (84,000,000)
---------------
INCOME BEFORE REORGANIZATION ITEMS, NET 99,000,000
REORGANIZATION ITEMS, NET (30,000,000)
---------------
LOSS BEFORE INCOME TAXES 69,000,000
INCOME TAX PROVISION --
---------------
NET INCOME $69,000,000
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statement of Cash Flows
For the Month ended July 31, 2006
CASH FLOWS FROM OPERATING ACTIVITIES ($24,000,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
Flight equipment, including
advance payments (18,000,000)
Ground property and equipment (9,000,000)
Proceeds from sale of flight equipment 1,000,000
Decrease in restricted cash 140,000,000
---------------
Net cash provided by investing activities 114,000,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and
capital lease obligations (51,000,000)
---------------
Net cash used by financing activities (51,000,000)
---------------
Net increase in cash and cash equivalents 39,000,000
Cash & cash equivalents at beginning of period 2,431,000,000
Cash & cash equivalents at end of period $2,470,000,000
===============
Headquartered in Atlanta, Georgia, Delta Air Lines (Other
OTC: DALRQ) -- 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. 42; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
FEDERAL-MOGUL: Posts $35.3 Million Net Loss in July 2006
--------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of July 31, 2006
(In millions)
Assets
Cash and equivalents $823.4
Accounts receivable 573.0
Inventories 458.9
Deferred taxes 96.5
Prepaid expenses and other current assets 97.2
----------
Total current assets 2,049.0
Summary of Unpaid Postpetition Debits (72.1)
Intercompany Loans Receivable (Payable) 2,238.1
----------
Intercompany Balances 2,166.0
Property, plant and equipment 841.6
Goodwill 947.8
Other intangible assets 410.0
Insurance recoverable 823.6
Other non-current assets 916.4
----------
Total Assets $8,154.4
==========
Liabilities and Shareholders' Equity
Short-term debt $553.5
Accounts payable 241.5
Accrued compensation 63.7
Restructuring and rationalization reserves 17.0
Current portion of asbestos liability -
Interest payable 2.7
Other accrued liabilities 253.1
----------
Total current liabilities 1,131.4
Long-term debt -
Post-employment benefits 1,987.3
Other accrued liabilities 799.2
Liabilities subject to compromise 6,011.1
Shareholders' equity:
Preferred stock 1,050.6
Common stock 565.8
Additional paid-in capital 8,064.9
Accumulated deficit (10,344.9)
Accumulated other comprehensive income (1,110.9)
Other -
----------
Total Shareholders' Equity (1,774.4)
----------
Total Liabilities and Shareholders' Equity $8,154.5
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended July 31, 2006
(In millions)
Net sales $231.8
Cost of products sold 204.2
----------
Gross margin 27.6
Selling, general & administrative expenses (48.9)
Amortization (1.2)
Reorganization items (7.8)
Interest expense, net (14.7)
Other expense, net 10.6
----------
Earnings before Income Taxes (34.4)
Income Tax Expense (0.9)
----------
Earnings before effect of change in acctg principle (35.3)
Cumulative effect of change in acctg principle -
----------
Net loss ($35.3)
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended July 31, 2006
(In millions)
Cash Provided From (Used By) Operating Activities:
Net loss ($35.3)
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 13.2
Adjustments of assets held for sale to fair value -
Asbestos Charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg principle -
Change in post-employment benefits 4.6
Decrease in accounts receivable 45.1
Increase in inventories (4.9)
Increase in accounts payable 3.1
Change in other assets and other liabilities (49.2)
Change in restructuring charge 0.2
Refunds (payments) against asbestos liability -
----------
Net Cash Provided From Operating Activities (23.1)
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment -
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
----------
Net Cash Provided From (Used By) Investing Activities -
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt -
Sale of accounts receivable under securitization 17.2
Dividends -
Other 16.7
----------
Net Cash Provided From Financing Activities 33.9
Decrease in Cash and Equivalents 10.7
Cash and equivalents at beginning of period 812.7
----------
Cash and equivalents at end of period $823.4
==========
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some
$6 billion. The Company filed for chapter 11 protection on
Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan
Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley
Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski,
Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $10.15 billion in
assets and $8.86 billion in liabilities. Federal-Mogul Corp.'s
U.K. affiliate, Turner & Newall, is based at Dudley Hill,
Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath &
Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq.,
and Eric M. Sutty, Esq., at The Bayard Firm represent the Official
Committee of Unsecured Creditors. (Federal-Mogul Bankruptcy News,
Issue No. 113; Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)
FLYI INC: Posts $600,292 Net Loss in July 2006
----------------------------------------------
FLYi Inc.
Consolidated Balance Sheet
As of July 31, 2006
ASSETS
Current assets
Cash $1,206,763
Short term investments -
Net accounts receivable 379,627,803
IC Notes receivable 4,252,000
-------------
Total Current Assets 385,086,566
-------------
Other assets
Restricted cash -
Long term investments 7,435,000
Other assets 14,055,412
-------------
Total Other Assets 21,490,412
-------------
TOTAL ASSETS $406,576,978
=============
Liabilities not subject to compromise -
Liabilities subject to compromise
Secured debt -
Priority debt -
Unsecured debt $249,987,268
Other accruals -
-------------
Total Liabilities 249,987,268
-------------
Owner Equity
Common stock 1,088,716
Additional paid in capital 158,254,512
Treasury stock (35,717,477)
Prepetition retained earnings 39,858,773
Postpetition retained earnings (6,894,814)
-------------
Net Owners' Equity 156,589,710
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $406,576,978
=============
FLYi Inc.
Statement of Operations
July 2006
Revenues -
Other (income) expenses
Interest income ($4,532)
Interest expense -
Other miscellaneous -
-------------
Net Profit (Loss) before reorganization items 4,532
Reorganization items
Professional fees 604,074
U.S. Trustee Quarterly Fees 750
Income Taxes -
-------------
Net Profit (Loss) ($600,292)
=============
Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000. (FLYi Bankruptcy News, Issue No. 24; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
FLYI INC: Independence Posts $4.5 Million Net Loss in July 2006
---------------------------------------------------------------
Independence Air Inc.
Consolidated Balance Sheet
As of July 31, 2006
ASSETS
Current assets
Cash $47,560,364
Short term investments 88,015,356
Restricted cash 1,573,350
Net accounts receivable 98,273,566
Net expandable parts and fuel 62,636
Net prepaid expenses 5,919,284
Deferred tax asset (1)
-------------
Total current assets 241,404,555
-------------
Other assets
Restricted cash 14,597,679
Aircraft deposits 12,662,000
Other assets 420,099
-------------
Total other assets 27,679,778
-------------
TOTAL ASSETS $269,084,333
=============
LIABILITIES
Liabilities not subject to compromise
Accounts payable $5,119,637
Air traffic liability 835,720
Accrued liabilities 1,595,263
Amounts due to insiders 44,584
-------------
Total Postpetition Liabilities 7,595,204
-------------
Liabilities subject to compromise
Secured debt 1,253,106
Priority debt 1,409,052
Unsecured debt 400,947,349
Other accruals 17,567,132
-------------
Total prepetition liabilities 421,176,639
-------------
Total Liabilities 428,771,843
-------------
Owner Equity
Common stock -
Treasury stock 7,435,000
Owner's equity account -
Prepetition retained earnings (243,575,613)
Postpetition retained earnings 76,453,103
-------------
Net Owners' Equity (159,687,510)
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $269,084,333
=============
Independence Air Inc.
Statement of Operations
July 2006
Revenues
Operating Revenue
Passenger revenue -
Other revenue $13,008
-------------
Total operating revenues 13,008
-------------
Operating expenses
Insider compensation 19,584
Wages 766,722
Fringes and benefits 18,415
Aircraft fuel (15,879)
Aircraft maintenance and materials 61,063
Traffic commissions 194
CRS fees 33,938
Facilities rents (33,368)
Landing fees (14,035)
Depreciation and amortization -
Others (1,110,572)
Retirement & restructuring charge 23,909
-------------
Total operating expense (250,029)
-------------
Net operating income (loss) 263,037
-------------
Net Profit (Loss) before other income & expenses 263,037
-------------
Other (income) expenses
Interest income (319,121)
Interest expense 6,812
Other miscellaneous 4,475,920
-------------
Total other (income) expense 4,163,611
-------------
Net Profit (Loss) before reorganization items (3,900,574)
-------------
Reorganization items
Professional fees 604,074
U.S. Trustee Quarterly Fees 10,750
Income Taxes -
-------------
Net Profit (Loss) ($4,515,398)
=============
Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000. (FLYi Bankruptcy News, Issue No. 24; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
KAISER ALUMINUM: Posts $29 Million Net Loss in June 2006
--------------------------------------------------------
Kaiser Aluminum Corporation filed with the U.S. Bankruptcy Court
for the District of Delaware an illegible copy of its balance
sheet as of June 30, 2006. Kaiser reported approximately $1.57
billion in total assets, including:
Cash $36,648,000
Trade Receivables 113,610,000
Inventories 123,112,000
Investments in and advances to subsidiaries 26,672,000
Intercompany receivables/payables, net (4,133,000)
Kaiser reported at least $4.67 billion in liabilities, including:
Accounts payable $56,712,000
Accrued interest 1,168,000
Accrued salaries, wages & related expenses 36,910,000
Accrued post retirement benefit - current -
Other accrued liabilities 60,585,000
Payable to affiliates 33,013,000
Long-term debt - current position 1,127,000
Long-term liabilities 17,516,000
Accrued post-retirement benefit obligation -
Long-term debt 1,212,000
Liabilities subject to compromise 4,461,520,000
A copy of the document Kaiser delivered to the Clerk is available
at no charge at http://ResearchArchives.com/t/s?10fe
Kaiser Aluminum Corporation -- All Debtors
Unaudited Statement of Operations
For the Month Ended June 30, 2006
(In Thousands)
Net Sales $114,362
Costs and expenses:
Cost of products sold 131,678
Depreciation & amortization 1,829
Selling, administrative, R&D and general 5,284
Other operating charges (benefits), net 5,655
-----------
Total costs and expenses 144,446
Operating income (loss) (30,084)
Other income (expense):
Interest expenses, net (3)
Reorganization items (2,789)
Other - net (56)
-----------
Income (loss) before income taxes and (32,932)
minority interest
(Provision) benefit for income taxes 3,826
Minority interests -
Equity in income (loss) of subsidiaries 31
-----------
Net income (loss) ($29,075)
===========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ended June 30, 2006
(In Thousands)
Receipts:
Trade Receivables
KACC and certain other entities' receivables $89,305
KAII Receivables 51,954
-----------
Total Trade Receivables 141,259
Asbestos Insurance Recoveries -
COBRA Receipts 523
Proceeds from Hedging Settlements 2,569
-----------
Total Receipts 144,351
Disbursements:
Inventory/raw materials 87,695
Capital expenditures 4,522
Maintenance, materials, etc. 4,312
Freight 6,596
Utilities/energy 3,907
Hourly payroll 8,454
Salaried payroll 3,516
Hedging activities 319
Pension contributions 126
VEBA Advances 2,253
Medical - current employees 2,723
Annual insurance premiums -
Workers' compensation 656
Corporate general and administrative 5,261
JV Fundings-primary, net of reimbursements -
Other Disbursements 6,313
-----------
Total Operating and G&A Disbursements 136,653
Reorganization items 2,229
-----------
Total Disbursements 138,882
-----------
Net Cash Flow 5,469
Beginning Bank Cash Balances 33,989
-----------
Ending Bank Cash Balances 39,458
-----------
Reconciling Items (2,810)
-----------
Ending Book Cash Balances $36,648
===========
Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corporation -- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications. The Company filed for chapter 11 protection on
Feb. 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold off a
number of its commodity businesses during course of its cases.
Corinne Ball, Esq., at Jones Day, represents the Debtors in their
restructuring efforts. Lazard Freres & Co. serves as the Debtors'
financial advisor. Lisa G. Beckerman, Esq., H. Rey Stroube, III,
Esq., and Henry J. Kaim, Esq., at Akin, Gump, Strauss, Hauer &
Feld, LLP, and William P. Bowden, Esq., at Ashby & Geddes
represent the Debtors' Official Committee of Unsecured Creditors.
The Debtors' Chapter 11 Plan became effective on July 6, 2006. On
June 30, 2004, the Debtors listed $1.619 billion in assets and
$3.396 billion in debts. (Kaiser Bankruptcy News, Issue No. 104;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 609/392-0900)
KUSHNER-LOCKE: Files June 2006 Monthly Operating Reports
--------------------------------------------------------
On Aug. 28, 2006, The Kushner-Locke Company and its debtor-
affiliates filed their June 2006 Monthly Operating Reports with
the U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division.
For the month ending June 30, 2006, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses $87,774
Total Non-Operating Expenses $0
Net Income (Loss) ($87,774)
For the period from June 1, 2006, through June 30, 2006, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $1,723,868 $113,264
Total Receipts 113,944 45,051
Total Disbursements 45,000 87,723
Ending Balance $1,792,812 $70,592
Full-text copies of The Kushner-Locke Company's June 2006
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?1148
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?1147
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
NORTHWEST AIRLINES: Earns $101 Million in July 2006
---------------------------------------------------
Northwest Airlines Corporation
Unaudited Condensed Consolidated Balance Sheet
As of July 31, 2006
ASSETS
Current assets:
Cash and cash equivalents $1,147,000,000
Unrestricted short-term investments 590,000,000
Restricted cash, cash equivalents &
short-term investments 615,000,000
Accounts receivable, net 745,000,000
Flight equipment spare parts, net 120,000,000
Prepaid expenses & other 395,000,000
---------------
Total current assets 3,612,000,000
Property and equipment:
Flight equipment, net 7,243,000,000
Other property & equipment, net 736,000,000
---------------
Total property & equipment 7,979,000,000
Flight Equipment under capital leases, net 22,000,000
Other assets:
Intangible pension asset 363,000,000
International routes 634,000,000
Investments in affiliated companies 38,000,000
Other 952,000,000
---------------
Total other assets 1,987,000,000
---------------
Total assets $13,600,000,000
===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Air traffic liability $1,843,000,000
Accounts payable & other liabilities 1,407,000,000
Current maturities of long-term debt
& capital lease obligations 111,000,000
---------------
Total current liabilities 3,361,000,000
Long-term debt 1,400,000,000
Deferred Credits & other liabilities:
Long-term pension & postretirement
Health care benefits 133,000,000
Other 116,000,000
---------------
Total deferred credits & other liabilities 249,000,000
Liabilities Subject to Compromise 15,221,000,000
Preferred redeemable stock subject to Compromise 279,000,000
Common Stockholders' Equity (Deficit)
Common stock 1,000,000
Additional paid-in capital 1,503,000,000
Accumulated deficit (5,836,000,000)
Accumulated other comprehensive
income (loss) (1,565,000,000)
Treasury stock (1,013,000,000)
---------------
Total common stockholders' equity (deficit) (6,910,000,000)
---------------
Total Liabilities &
Stockholders' Equity (deficit) $13,600,000,000
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statement of Operations
For Month Ended July 31, 2006
Operating Revenues
Passenger $913,000,000
Regional carrier revenues 128,000,000
Cargo 79,000,000
Other 78,000,000
---------------
Total Operating Revenues 1,198,000,000
Operating Expenses
Aircraft fuel and taxes 313,000,000
Salaries, wages, and benefits 228,000,000
Selling and marketing 67,000,000
Aircraft maintenance materials and repair 51,000,000
Other rentals and landing fees 51,000,000
Depreciation and amortization 41,000,000
Aircraft rentals 17,000,000
Regional carrier expenses 126,000,000
Other 124,000,000
---------------
Total Operating Expenses 1,018,000,000
Operating Income (Loss) 180,000,000
Other Income (Expense)
Interest expense, net (47,000,000)
Investment income 9,000,000
Reorganization items, net (39,000,000)
Other, net (1,000,000)
---------------
Total other income (expense) (78,000,000)
---------------
Income (Loss) Before Income Taxes 102,000,000
Income tax expense (benefit) 1,000,000
---------------
Net Income (Loss) $101,000,000
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
For Month Ended July 31, 2006
Cash Flows from Operating Activities:
Net income (loss) $101,000,000
Adjustments to reconcile net loss to net
cash provided by (used in)
operating activities:
Depreciation and amortization 41,000,000
Pension and other postretirement benefit
contributions less than expense 22,000,000
Changes in certain assets & liabilities (157,000,000)
Long-term vendor deposits/holdbacks 86,000,000
Reorganization items 39,000,000
Other, net (11,000,000)
---------------
Net cash provided by operating activities 121,000,000
Cash Flows from Reorganization Activities:
Net cash provided by (used in)
reorganization activities 1,000,000
Cash Flows from Investing Activities:
Capital expenditures (14,000,000)
Proceeds from sales of short term investment 8,000,000
Decrease (increase) in restricted
cash, cash equivalents &
short-term investments 59,000,000
Other, net 12,000,000
---------------
Net cash provided by (used in) investing
activities 65,000,000
Cash Flows from Financing Activities:
Proceeds from long-term debt 4,000,000
Payments of long-term debt and capital
lease obligations (24,000,000)
Other, net 1,000,000
---------------
Net cash provided by (used in)
financing activities (19,000,000)
---------------
Increase (Decrease) in Cash and
Cash Equivalents 168,000,000
Cash & cash equivalents at beginning of period 979,000,000
---------------
Cash & cash equivalents at end of period $1,147,000,000
===============
Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures. Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks. Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents. The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930). Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases. When the Debtors filed for protection
from their creditors, they listed $14.4 billion in total assets
and $17.9 billion in total debts. (Northwest Airlines Bankruptcy
News, Issue No. 38; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANSPORTATION: Files July 2006 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 July 1, 2006, to July 31, 2006.
The Operating Statements do not include a Balance Sheet or
Statement of Operations. The Debtors, however, disclose a
$5,909,500 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 July 31, 2006
Book balance:
Opening book balance, 07/01/06 $9,504,553
-----------
Receipts
Customers 24,951,693
Miscellaneous receipts 173,961
-----------
Total receipts 25,125,654
-----------
Disbursements
Payroll, payroll taxes & fringe benefits 13,235,976
Insurance & cargo losses 1,414,823
Fuel and fuel taxes 3,307,924
Parts, tires, other operating supplies & expenses 3,166,517
Licenses, permits & tolls 540,615
Tractor, trailer lease payments 17,454
Building, land, service vehicles and other rents 337,225
Interest & bank fee payments 428,162
Income, franchise & property taxes 65,915
Misc/DIP Line (Draw) / Repayments
Capital expenditures 295,300
Professional Fees 812,575
-----------
Total Disbursements 23,622,487
-----------
Closing Book Balance, End of Month $11,007,720
===========
A full-text copy of the Debtors' July 2006 Operating Statements
is available for free at http://ResearchArchives.com/t/s?114a
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. 13; Bankruptcy
Creditors' Service, Inc. http://bankrupt.com/newsstand/or
215/945-7000)
SAINT VINCENTS: Files July 2006 Monthly Operating Report
--------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of July 31, 2006
ASSETS
Cash & Cash Equivalents $26,886,181
Investments -
Patients Accounts Receivable, less allowance for
doubtful accounts 167,194,006
Accounts Receivable 37,086,218
Other Current Assets 71,925,965
--------------
Total Current Assets 303,092,370
Depreciation Reserve Funds & Collaterized Assets 16,381,165
Assets Designated for Self-Insurance
Investments at Market 47,249,212
Assets whose use is limited -
Investments at Market 57,482,248
Other Non-Current Assets 9,446,501
Land, Buildings & Equipment, net of
Accumulated Depreciation 269,189,819
--------------
Total Assets 702,841,315
==============
LIABILITIES AND NET ASSETS
Liabilities Subject to Compromise:
HFG Loan 0
Accounts Payable & Accrued Expenses 234,975,020
Estimated Retroactive Payables to
Third Parties, net 84,798,325
Long-term Debt 124,874,917
Long-term Debt, excluding current installment -
Estimated Liability for Self-Insurance 265,484,053
--------------
Total Liabilities Subject to Compromise 710,132,315
Liabilities Not Subject to Compromise:
Accrued Salaries & Payroll Taxes Withheld 48,553,292
Accounts Payables & Accrued Expenses 99,845,854
Long-term Debt (GE) 169,000,000
--------------
Total Liabilities 1,027,531,461
Net Assets:
Unrestricted (384,772,333)
Temporarily Restricted 35,480,510
Permanently Restricted 24,601,677
--------------
Total Net Assets (324,690,146)
--------------
Total Liabilities & Net Assets $702,841,315
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From July 1 to July 31, 2006
Operating Revenue
Inpatient $66,625,589
Outpatient 28,842,476
--------------
Patient Service Revenue 95,468,065
--------------
Less Provision for Bad Debt 6,566,119
--------------
Net Patient Service Revenue 88,901,946
--------------
Pool Revenue 3,863,271
Capitation 7,934,423
Other 9,861,065
--------------
Total Operating Revenue 110,560,705
Operating Expenses:
Salaries and Wages 48,981,828
Fringe Benefits 13,795,868
Supplies and Other 33,865,897
Insurance 4,332,685
--------------
Total Direct Operating Costs 100,976,278
Salaries and Wages 2,641,958
Fringe Benefits 781,728
Supplies and Other 6,790,679
--------------
Total Corporate Allocated 10,214,364
--------------
Total Operating Expense 111,190,642
--------------
Interest 2,172,367
Depreciation 3,614,224
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items (6,416,528)
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) -
St. Mary's Op Pac Rate Adjustment -
ZBEC/HFE Recoveries -
Restructuring & Bankruptcy Related Costs (4,777,983)
Estimated Close-out of St. Mary's -
Hanys Investment Income (SFS INS) -
Prior Period Ambulance Revenue -
Transfer of Equity Foundation -
--------------
Total Non-Recurring and/or Unusual Items (4,777,983)
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (11,194,511)
--------------
Non-Operating Revenue (60,035)
Change in Temporary Restricted Net Assets (596,629)
--------------
Change in Net Assets ($11,851,175)
--------------
EBITDA ($629,938)
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From July 1 to July 31, 2006
Cash Flows from Operation Activities:
Changes in Net Assets ($11,851,175)
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Depreciation & Amortization 3,614,224
Gain on Refinancing -
Change in Unrealized Gains & Losses 693,711
Change in Patient's Accounts Receivable (5,249,193)
Change in Accounts Receivables, Other (5,893,413)
Change in Prepaid Expenses & Other 3,008,255
Change in Other Non-Current Assets 7,535,548
Change in A/P & Accrued Exp-Prepetition -
Change in A/P & Accrued Exp-Postpetition 182,324
Change in Accrued Salaries & P/R Taxes 2,880,331
Change in Est. Retro rec/pay fr./to third parties 5,970,390
Change in Est. Liability for self-insurance -
Change in Other Non-Current Liabilities 282,009
--------------
Net Cash Provided by Operating Activities $1,173,010
Cash flows From Investment Activities:
Sale/(Purchase) of Investments, Net (975,017)
Sale/(Purchase) of Assets Whose Use is Limited (5,216,251)
Acquisition/Sale of Land, Building,
& Equipment (1,125,936)
--------------
Net Cash Provided by Investing Activities (7,317,204)
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Loans -
Repayment of Long-term debt (2,764,747)
--------------
Net Cash (Used) in Financing Activities (2,764,747)
Net Increase (Decrease)
in Cash & Cash Equivalents (8,908,940)
Cash & Cash Equivalents at Beginning of Month 35,795,122
--------------
Cash & Cash Equivalents at End of the Month $26,886,182
==============
Headquartered in New York, New York, Saint Vincents Catholic
Medical Centers of New York -- http://www.svcmc.org/-- the
largest Catholic healthcare providers in New York State, operate
hospitals, health centers, nursing homes and a home health agency.
The hospital group consists of seven hospitals located throughout
Brooklyn, Queens, Manhattan, and Staten Island, along with four
nursing homes and a home health care agency. The Company and six
of its affiliates filed for chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary
Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will &
Emery, LLP, filed the Debtors' chapter 11 cases. On Sept. 12,
2005, John J. Rapisardi, Esq., at Weil, Gotshal & Manges LLP took
over representing the Debtors in their restructuring efforts.
Martin G. Bunin, Esq., at Thelen Reid & Priest LLP, represents the
Official Committee of Unsecured Creditors.
As of Apr. 30, 2005, the Debtors listed $972 million in total
assets and $1 billion in total debts. (Saint Vincent Bankruptcy
News, Issue No. 34 Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SOLUTIA INC: Posts $2 Million Net Loss in July 2006
---------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated
Financial Position
As of July 31, 2006
ASSETS
Cash $124,000,000
Trade Receivables, net 181,000,000
Account Receivables-Unconsolidated Subsidiaries 50,000,000
Inventories 186,000,000
Other Current Assets 84,000,000
Assets of Discontinued Operations -
---------------
Total Current Assets 625,000,000
Property, Plant and Equipment, net 661,000,000
Investments in Subsidiaries and Affiliates 585,000,000
Intangible Assets, net 100,000,000
Other Assets 58,000,000
---------------
Total Assets $2,029,000,000
===============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts Payable $171,000,000
Short Term Debt 650,000,000
Other Current Liabilities 180,000,000
Liabilities of Discontinued Operations 1,000,000
---------------
Total Current Liabilities 1,002,000,000
Other Long-Term Liabilities 193,000,000
---------------
Total Liabilities not Subject to Compromise 1,195,000,000
Liabilities Subject to Compromise 2,155,000,000
Shareholders' Deficit (1,321,000,000)
---------------
Total Liabilities & Shareholders' Deficit $2,029,000,000
===============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended July 31, 2006
Total Net Sales $195,000,000
Total Cost Of Goods Sold 170,000,000
---------------
Gross Profit 25,000,000
Total MAT Expense 18,000,000
---------------
Operating Income 7,000,000
Equity Earnings from Affiliates 3,000,000
Interest Expense, net (7,000,000)
Other Income, net 2,000,000
Reorganization Items:
Professional fees (5,000,000)
Employee severance and retention costs (1,000,000)
Other (1,000,000)
---------------
(7,000,000)
---------------
Loss Before Taxes (2,000,000)
Income tax expense (benefit) -
---------------
Net Loss ($2,000,000)
===============
Headquartered in St. Louis, Missouri, Solutia, Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- with its subsidiaries, make and sell
a variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y.
Case No. 03-17949). When the Debtors filed for protection from
their creditors, they listed $2,854,000,000 in assets and
$3,223,000,000 in debts. Solutia is represented by Richard M.
Cieri, Esq., at Kirkland & Ellis. Daniel H. Golden, Esq., Ira S.
Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss
Hauer & Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice. (Solutia Bankruptcy News, Issue No. 68; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
TOWER AUTOMOTIVE: Posts $26.5 Million Net Loss in July 2006
-----------------------------------------------------------
Tower Automotive, Inc., and Subsidiaries
Unaudited Consolidated Balance Sheet
As of July 31, 2006
(In Thousands)
Cash and cash equivalents $26,991
Accounts receivable 92,391
Inventories 67,937
Prepaid tooling and other 29,583
------------
TOTAL CURRENT ASSETS 216,902
------------
Property, plant and equipment, net 509,646
Investment in and advances to (from) affiliate 770,334
Other assets, net 50,236
------------
TOTAL ASSETS $1,547,118
============
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Current maturities of L-T debt $14,254
Current maturities of DIP borrowings 598,500
Accounts payable 87,694
Accrued liabilities 94,974
------------
TOTAL CURRENT LIABILITIES 795,422
------------
Liabilities subject to compromise: 1,310,074
Non-Current Liabilities Not Subject to Compromise:
Long-term debt, net of current maturities 84,751
Other non-current liabilities 20,165
------------
TOTAL LIABILITIES 2,210,412
------------
STOCKHOLDERS' DEFICIT: (663,294)
------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT: $1,547,118
============
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Operations
July 1 to July 31, 2006
(In Thousands)
Revenues $54,654
Cost of sales 68,804
------------
Gross profit (14,150)
Selling, general and administrative expenses 6,130
Restructuring and asset impairment charges, net 63
Other operating income (274)
------------
Operating income (loss) (20,069)
Interest expense 6,547
Interest income (128)
Intercompany interest (income)/expense (2,343)
Chapter 11 and related reorganization items 2,309
------------
Income (loss) before provision for income taxes,
equity in earnings of joint ventures,
and minority interest (26,454)
Provision (benefit) for income taxes 175
Income (loss) before equity in earnings (26,629)
Equity in earnings of joint ventures, net of tax 39
------------
NET INCOME/(LOSS) ($26,590)
============
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Cash Flows
July 1 to July 31, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($26,590)
Adjustments required to reconcile net loss
to net cash provided by (used in)
operating activities:
Chapter 11 and related reorganization items 1,126
Restructuring and asset impairment, net -
Depreciation 7,047
Equity in earnings of joint ventures, net (39)
Change in working capital 5,672
------------
Net cash provided by (used in)
operating activities (12,784)
INVESTING ACTIVITIES:
Cash disbursed for purchase of property,
plant and equipment (3,603)
------------
Net cash used for investing activities (3,603)
FINANCING ACTIVITIES:
Proceeds from non-DIP borrowings -
Repayments of non-DIP borrowings (1)
Borrowings from DIP credit facility 50,500
Repayments of borrowings from DIP credit facility (59,000)
------------
Net cash provided by (used in)
financing activities (8,501)
------------
Net change in cash and cash equivalents (24,888)
------------
Cash and Cash Equivalents, beginning of period 51,879
------------
Cash and Cash Equivalents, end of period $26,991
============
Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan,
Toyota, Volkswagen and Volvo. Products include body structures
and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components. The Company and
25 of its debtor-affiliates filed voluntary chapter 11 petitions
on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through
05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq.,
Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet,
Esq., at Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts. Ira S. Dizengoff, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors. When the Debtors filed for protection from
their creditors, they listed $787,948,000 in total assets and
$1,306,949,000 in total debts. (Tower Automotive Bankruptcy News,
Issue No. 43; 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 ***