/raid1/www/Hosts/bankrupt/TCR_Public/060916.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 16, 2006, Vol. 10, No. 221
Headlines
ACCEPTANCE INSURANCE: Posts $184,587 Net Loss in August 2006
ALLIED HOLDINGS: Posts $8.1 Million Net Loss in July 2006
CALPINE CORPORATION: Earns $92.2 Million in July 2006
DELPHI CORPORATION: Posts $534 Million Net Loss in July 2006
FOAMEX INT'L: Posts $2.2 Million Net Loss in Period Ended July 30
MERIDIAN AUTOMOTIVE: Posts $22.2 Million Net Loss in July 2006
NEWPOWER HOLDINGS: Files Monthly Report for Period Ended July 31
SILICON GRAPHICS: Posts $8.6 Mil. Net Loss in Period Ended Aug. 25
SONICBLUE INC: Files July 2006 Monthly Operating Report
THAXTON GROUP: Posts $70 Mil. Cumulative Net Loss in July 2006
*********
ACCEPTANCE INSURANCE: Posts $184,587 Net Loss in August 2006
------------------------------------------------------------
On September 7, 2006, Acceptance Insurance Companies Inc. filed
its monthly operating report for August 2006 with the United
States Bankruptcy Court for the District of Nebraska.
The Debtor reports a $184,587 net loss on $9,689 of total revenue
for August 2006.
At August 31, 2006, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $2,128,604
Total Assets $32,459,587
Total Liabilities $138,238,903
Total Shareholders' Deficit ($105,779,316)
A full-text copy of Acceptance Insurance Companies Inc.'s August
2006 Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?11a7
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/--owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups. The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059). The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance, Inc. -- filed separate
chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 & 05-
80058) on Jan. 7, 2005. John J. Jolley, Esq., at Kutak Rock LLP,
represents the Debtor in its restructuring efforts. When the
Debtor filed for protection from its creditors, it listed
$33,069,446 in total assets and $137,120,541 in total debts.
ALLIED HOLDINGS: Posts $8.1 Million Net Loss in July 2006
---------------------------------------------------------
Allied Holdings, Inc.
Unaudited Consolidated Balance Sheet
As of July 31, 2006
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $347
Receivables, net of allowances 39,233
Related party receivables 17,018
Inventories 5,258
Prepayments and other current assets 28,909
---------
Total current assets 90,765
Property and equipment, net 120,557
Goodwill, net 3,545
Deferred income taxes 63
Other noncurrent assets 22,126
Investment in related parties 24,176
---------
TOTAL ASSETS $261,232
=========
Liabilities and Stockholders' Deficit
Current liabilities not subject to compromise:
DIP facility $149,245
Canadian revolving credit facility 71
Accounts and notes payable 32,571
Deferred income taxes 80
Accrued liabilities 50,786
---------
Total current liabilities 232,753
Long-term liabilities not subject to compromise
Postretirement benefits 4,331
Other long term liabilities 21,421
---------
Total long term liabilities 25,752
Liabilities subject to compromise 199,410
Stockholders deficit (196,683)
---------
Total liabilities & stockholders deficit $261,232
=========
Allied Holdings, Inc.
Unaudited Consolidated Statement of Operations
For the Month Ended July 31, 2006
(In Thousands)
Revenues $51,753
Operating Expenses
Salaries, Wages & Fringe benefits 27,888
Operating supplies & expenses 12,613
Purchased transportation 7,721
Insurance and claims 2,333
Operating tax and licenses 1,943
Depreciation and amortization 2,236
Rents 595
Communications and utilities 421
Other operating expenses 499
Gain on disposal of operating assets, net (19)
---------
Total Operating Expenses 56,230
---------
Operating Income (Loss) (4,477)
Other Income (Expense)
Interest expense (1,807)
Investment income 4
Foreign exchange gains, net (472)
Equity in earnings of subsidiaries 349
---------
(1,926)
---------
Income (Loss) before reorganization items
and income taxes (6,403)
Reorganization items (1,791)
---------
Income (Loss) before income taxes (8,194)
Income tax expense -
---------
NET INCOME (LOSS) ($8,194)
=========
The Debtors disclose cash disbursements totaling $8,486,977
during July 2006.
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537). Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor. Anthony J. Smits,
Esq., at Bingham McCutchen LLP, provides the Official Committee of
Unsecured Creditors with legal advice and Russell A. Belinsky at
Chanin Capital Partners, LLC, provides financial advisory services
to the Committee. When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts. (Allied Holdings Bankruptcy News, Issue No. 30;
Bankruptcy Creditors' Service, Inc. http://bankrupt.com/newsstand/
or 215/945-7000)
CALPINE CORPORATION: Earns $92.2 Million in July 2006
-----------------------------------------------------
Calpine Corporation
Condensed Consolidating Balance Sheet
As of July 31, 2006
ASSETS
Current assets:
Cash & cash equivalents $877,289,000
Accounts receivable, net 1,043,724,000
Margin deposits & other prepaid expense 294,486,000
Inventories 169,006,000
Restricted cash 479,516,000
Current derivative assets 329,687,000
Current assets held for sale 383,892,000
Other current assets 131,029,000
---------------
Total current assets 3,708,629,000
Restricted cash, net of current portion 199,458,000
Notes receivable, net of current portion 154,261,000
Project development costs 26,319,000
Investments 67,118,000
Deferred financing costs 165,545,000
Prepaid lease, net of current portion 196,876,000
Property, plant & equipment, net 13,932,203,000
Goodwill 45,160,000
Other intangible assets, net 51,967,000
Long-term derivative assets 582,364,000
Other assets 618,150,000
---------------
Total assets $19,748,050,000
===============
LIABILITIES & STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $566,372,000
Accrued payroll and related expense 43,311,000
Accrued interest payable 180,072,000
Income taxes payable 99,073,000
Notes payable & other borrowings 181,833,000
Preferred interests 9,124,000
Capital lease obligations 286,209,000
CCFC financing 783,528,000
CalGen financing 2,510,519,000
Construction/project financing 1,997,850,000
DIP Facility 3,500,000
Current derivative liabilities 490,625,000
Other current liabilities 301,012,000
---------------
Total current liabilities 7,453,028,000
Notes payable and other borrowings 467,362,000
Preferred interests 579,122,000
Capital lease obligations 319,000
Construction/project financing 420,050,000
DIP Facility 994,750,000
Deferred income taxes 350,037,000
Deferred revenue 143,796,000
Long-term derivative liabilities 735,889,000
Other liabilities 150,955,000
---------------
Total liabilities not subject to compromise 11,295,308,000
Liabilities subject to compromise 14,954,756,000
Minority interests 265,922,000
Stockholders' equity (deficit):
Common stock 569,000
Additional paid-in capital 3,268,855,000
Additional paid-in capital, loaned shares 258,100,000
Additional paid-in capital, returnable shares (258,100,000)
Accumulated deficit (9,928,138,000)
Accumulated other comprehensive loss (109,222,000)
---------------
Total stockholders' deficit (6,767,936,000)
---------------
Total liabilities & stockholders' deficit $19,748,050,000
===============
Calpine Corporation
Condensed Consolidating Statement of Operations
For period ending July 31, 2006
Revenue:
Electricity and steam revenue $625,693,000
Sales of purchased power & gas
for hedging and optimization 168,506,000
Mark-to-market activities, net (13,825,000)
Other revenue 4,334,000
-------------
Total revenue 784,708,000
Cost of revenue:
Plant operating expense 31,265,000
Royalty expense 2,481,000
Transmission purchase expense 5,060,000
Purchased power and gas
for hedging and optimization 135,110,000
Fuel expense 380,872,000
Depreciation & amortization expense 37,058,000
Operating plant impairments
Operating lease expense 1,358,000
Other cost of revenue 2,690,000
-------------
Total cost of revenue 595,894,000
-------------
Gross profit 188,814,000
Equipment, development project & other impairment (26,000)
Project development expense 1,864,000
Research and development expense 1,319,000
Sales, general and administrative expense 14,118,000
-------------
Income (loss) from operations 171,539,000
Interest expense 74,094,000
Interest (income) (6,461,000)
Minority interest expense 2,927,000
(Income) loss from repurchase of debt issuances
Other (income) expense, net 2,686,000
-------------
Loss before organization items, benefit for
income taxes and cumulative effect of a change
in accounting principle 98,293,000
Reorganization items 4,346,000
-------------
Loss before benefit for income taxes and
cumulative effect of a change in accounting
principle 93,947,000
Provision (benefit) for income taxes 1,723,000
-------------
Net loss $92,224,000
=============
Headquartered in San Jose, California, Calpine Corporation (OTC
Pink Sheets: CPNLQ) -- http://www.calpine.com/-- supplies
customers and communities with electricity from clean, efficient,
natural gas-fired and geothermal power plants. Calpine owns,
leases and operates integrated systems of plants in 21 U.S. states
and in three Canadian provinces. Its customized products and
services include wholesale and retail electricity, gas turbine
components and services, energy management and a wide range of
power plant engineering, construction and maintenance and
operational services.
The Company filed for chapter 11 protection on Dec. 20, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard M. Cieri, Esq.,
Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G.
Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their
restructuring efforts. Michael S. Stamer, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors. As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities. (Calpine Bankruptcy News, Issue No. 26; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
DELPHI CORPORATION: 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)
FOAMEX INT'L: Posts $2.2 Million Net Loss in Period Ended July 30
-----------------------------------------------------------------
Foamex International, et al., as Debtors
Consolidated Balance Sheet
As of July 30, 2006
ASSETS
Current Assets
Cash $2,979,000
Accounts Receivable, net 172,093,000
Inventory 106,311,000
Other current assets 21,013,000
------------
Total current assets 302,395,000
Land & land improvements 4,918,000
Buildings 86,635,000
Leasehold improvement 6,058,000
Machinery & Equipment 202,146,000
Furniture & Fixtures 5,126,000
Auto equipment 7,761,000
Computer equipment 8,381,000
Construction in progress 3,247,000
Accumulated depreciation (229,174,000)
------------
Total property plant & equipment, net 95,099,000
Goodwill, net 86,191,000
Debt Issuance costs, net 2,921,000
Investment in subsidiaries 14,919,000
Long-term intercompany receivable 4,850,000
Other Assets 50,698,000
------------
Total Assets $557,074,000
============
LIABILITIES & STOCKHOLDERS' DEFICIENCY
Current Liabilities
Revolver borrowings $63,729,000
Current portion of long-term debt 86,228,000
Accounts payable 89,285,000
Intercompany (44,000)
Accrued employee costs 17,201,000
Accrued rebates 6,536,000
Accrued interest 4,430,000
Other current liabilities 22,110,000
------------
Total current liabilities 289,475,000
Long-term debt 251,000
Intercompany debt -
Liability Subject to Compromise 657,957,000
Other liabilities 24,546,000
------------
Total Long-Term Liabilities 682,753,000
------------
Total Liabilities 972,228,000
Common stock 281,000
Preferred stock 15,000
Additional paid-in capital 103,337,000
Treasury stock (27,780,000)
Partners' capital -
Other comprehensive income (loss) (38,437,000)
Shareholder loans (9,221,000)
Accumulated deficit (443,350,000)
------------
Stockholders' deficiency (415,155,000)
------------
Total Liabilities & Stockholders Deficiency $557,074,000
============
Foamex International, et al., as Debtors
Consolidated Income Statement
July 3 to July 30, 2006
Gross Sales $94,824,000
Rebates, Discount & Sale Allowance (5,024,000)
------------
Net Sales 89,799,000
Material 56,977,000
Labor 3,442,000
Overhead 12,308,000
Asset Impairments -
Freight/Shipping 4,120,000
------------
Cost of Sales 76,847,000
------------
Gross Profit 12,952,000
Labor Expense 4,595,000
Indirect Materials & Samples 77,000
Equipment & Maintenance Expense 42,000
Facility Expense 173,000
Travel & Entertainment 211,000
Technology 189,000
Professional Fees & Services 1,551,000
Other Miscellaneous Expense 238,000
Insurance & Tax 171,000
Bad debt expense (554,000)
Bank/Collection Costs 50,000
Transportation Cost 12,000
Depreciation/Amortization 317,000
Corp. Cost to COS (685,000)
------------
Selling, general & admin expenses 6,388,000
Loss (gain) on sale of assets (293,000)
Restructuring & Impairment Charges 50,000
------------
Income from operations 6,807,000
Interest Expense 6,673,000
Equity in earnings of JV & non-debtor subs (921,000)
Other Income & (Expense) (8,000)
Professional Fees 1,464,000
Provision/(Gains) - Rejected Contracts -
Bankruptcy Filing Fees -
Other Expense (Income) 67,000
Debt Adjustment Gain/Loss -
------------
Reorganization Expense (Income) 1,531,000
------------
Income before Tax (2,327,000)
Tax Provision (80,000)
------------
Net Income ($2,247,000)
============
Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets. The Company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries. The
Company and eight affiliates filed for chapter 11 protection on
Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-12693).
Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison LLP,
represent the Debtors in their restructuring efforts. Houlihan,
Lokey, Howard and Zukin and O'Melveny & Myers LLP are advising the
ad hoc committee of Senior Secured Noteholders. Kenneth A. Rosen,
Esq., and Sharon L. Levine, Esq., at Lowenstein Sandler PC and
Donald J. Detweiler, Esq., at Saul Ewings, LP, represent the
Official Committee of Unsecured Creditors. As of July 3,
2005, the Debtors reported $620,826,000 in total assets and
$744,757,000 in total debts. (Foamex International Bankruptcy
News, Issue No. 26; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
MERIDIAN AUTOMOTIVE: Posts $22.2 Million Net Loss in July 2006
--------------------------------------------------------------
Meridian Automotive Systems - Composites
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of July 31, 2006
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $75,937
Intercompany receivable 15,152
Inventories 65,056
Tooling costs in excess of billings and others 31,716
----------
TOTAL CURRENT ASSETS 187,861
----------
Property, plant and equipment, net 216,341
Intangible assets 15,230
Investment in subsidiaries 23,863
Other assets 11,568
----------
TOTAL ASSETS $454,863
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Current portion of long term debt $343,389
Accounts payable 46,164
Accrued expenses 43,168
Tooling billings in excess of costs 5,725
----------
TOTAL CURRENT LIABILITIES 438,446
----------
Liabilities subject to compromise 492,641
Non-Current Liabilities Not Subject to Compromise:
Other long-term liabilities 8,934
Accumulated post-retirement benefit obligation 23,600
----------
TOTAL LIABILITIES 963,621
SHAREHOLDERS' EQUITY (508,758)
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $454,863
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operations
July 1 to 31, 2006
(In Thousands)
Net sales $42,156
Cost of sales 48,486
----------
Gross profit (6,330)
Selling, general and administrative expenses 2,445
Restructuring charges 2,189
----------
Operating income (loss) (10,964)
Interest expense, net 8,976
Other (expense) income (2)
Chapter 11 and related reorganization items 2,295
----------
Loss before provision for income taxes (22,233)
(Benefit) Provision for income taxes 14
----------
NET LOSS ($22,247)
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
July 1 to 31, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($22,247)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization, and impairment 4,441
Change in working capital and other operating
items 2,445
----------
Net cash provided by (used for) operating
activities before reorganization items (15,361)
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items 2,295
Payments on Chapter 11 and related reorg items (856)
----------
Net cash provided by Chapter 11 and related
reorg items 1,439
Net cash provided by (used for) operating
activities (13,922)
INVESTING ACTIVITIES:
Additions to property and equipment (1,678)
Proceeds from sale or property and equipment -
----------
Net cash used for investing activities (1,678)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 37,400
Repayments of DIP credit facility (21,600)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized (200)
----------
Net cash (used for) provided by financing activities 15,600
----------
Net increase (decrease) in cash -
----------
Cash and Cash Equivalents, beginning of period -
Cash and Cash Equivalents, end of period -
==========
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. Eric E. Sagerman, Esq.,
at Winston & Strawn LLP represents the Official Committee of
Unsecured Creditors. The Committee also hired Ian Connor
Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A.,
to prosecute an adversary proceeding against Meridian's First Lien
Lenders and Second Lien Lenders to invalidate their liens. When
the Debtors filed for protection from their creditors, they listed
$530 million in total assets and approximately $815 million in
total liabilities. (Meridian Bankruptcy News, Issue No. 38;
Bankruptcy Creditors' Service, Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
NEWPOWER HOLDINGS: Files Monthly Report for Period Ended July 31
----------------------------------------------------------------
On Sept. 11, 2006, NewPower Holdings, Inc., filed its Monthly
Operating Report for the period from June 30, 2006, to July 31,
2006, with the U.S. Bankruptcy Court for the Northern District of
Georgia, Newnan Division. The company reports an opening cash
balance of $50,948,000 and a closing cash balance of $50,778,000.
A full-text copy of NewPower Holdings, Inc.'s Monthly Operating
Report for the period from June 30, 2006, to July 31, 2006, is
available at no charge at http://ResearchArchives.com/t/s?11ac
NewPower Holdings, Inc., and its debtor-affiliates filed for
chapter 11 protection on June 11, 2002 (Bankr. N.D. Ga. 02-10836).
Paul K. Ferdinands, Esq., at King & Spalding and William M.
Goldman, Esq., at Sidley Austin Brown & Wood LLP represent the
Debtors. When the Debtors filed for chapter 11 protection, they
reported $231,837,000 in assets and $87,936,000 in debts.
On Aug. 15, 2003, the United States Bankruptcy Court for the
Northern District of Georgia, Newnan Division, confirmed the
Second Amended Chapter 11 Plan with respect to NewPower Holdings,
Inc., and TNPC Holdings, Inc., a wholly owned subsidiary of the
Company. That Plan became effective on Oct. 9, 2003, with respect
to the Company and TNPC.
On Feb. 28, 2003, the Bankruptcy Court confirmed The New Power
Company's Plan, and that Plan has been effective as of March 11,
2003 with respect to New Power. The New Power Company is a wholly
owned subsidiary of the Company.
SILICON GRAPHICS: Posts $8.6 Mil. Net Loss in Period Ended Aug. 25
------------------------------------------------------------------
Silicon Graphics, Inc.
Unaudited Consolidated Balance Sheet
As of August 25, 2006
(In Thousands)
Assets
Current assets:
Cash and cash equivalents $26,837
Short-term marketable investments 255
Short-term restricted investments 50,428
Accounts receivable, net 43,628
Inventories 65,884
Prepaid expenses 12,696
Other current assets 28,197
--------
Total current assets 227,925
Restricted investments 290
Property and equipment, net of
accumulated depreciation and amortization 25,957
Other non-current assets 81,444
--------
TOTAL ASSETS $335,616
========
Liabilities and Stockholders' Deficit
Liabilities not subject to compromise
Current liabilities:
Accounts payable $22,330
Accrued compensation 20,488
Income taxes payable 964
Other current liabilities 35,614
Current portion of deferred revenue 77,984
Current portion of restructuring liability 8,762
Current portion of long-term debt 103,138
--------
Total current liabilities 269,280
Long-term debt 348
Non-current portion of deferred revenue 43,886
Other non-current liabilities 28,056
--------
Total liabilities not subject to compromise 341,570
Liabilities subject to compromise 316,762
--------
Total liabilities 658,332
--------
Stockholders' deficit
Common stock and additional paid-in capital 1,564,504
Accumulated deficit (1,860,464)
Treasury stock (6,760)
Accumulated other comprehensive loss (19,996)
--------
Total stockholders' deficit (322,716)
--------
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT $335,616
========
Silicon Graphics, Inc.
Unaudited Consolidated Statement of Operations
As of August 25, 2006
(In Thousands)
Revenue:
Product and other revenue $10,017
Product revenue from related party 5,331
Service revenue 17,395
--------
Total revenue 32,743
Costs and expenses:
Cost of product and other revenue 12,223
Cost of service revenue 8,595
Research and development 4,207
Selling, general, and administrative 10,500
Other operating expenses, net 940
--------
Total costs and expenses 36,465
Operating loss (3,722)
Interest expense (2,187)
Interest and other income (expense), net 173
--------
Loss before reorganization items and income taxes (5,736)
Reorganization items (2,828)
--------
Loss before income taxes (8,564)
Income tax provision 98
--------
Net loss ($8,662)
========
Silicon Graphics, Inc.
Unaudited Consolidated Statement of Cash Flows
As of August 25, 2006
(In Thousands)
Cash Flows from Operation Activities:
Net loss ($8,662)
Adjustments to Reconcile Net Loss to
Net Cash Used in Operating Activities:
Depreciation & amortization 3,477
Amortization and discount on L-T debt, net -
Write-off of unamortized premium
and discount on L-T debt subject to compromise -
Write-off of unamortized loan cost on
payoff of term loan -
Other (251)
Changes in operating assets and liabilities:
Accounts receivable 7,824
Inventories (9,943)
Accounts payable 10,186
Accrued compensation (3,053)
Deferred revenue (8,249)
Other assets and liabilities (2,821)
--------
Total adjustments (2,830)
--------
Net Cash Used in Operating Activities (11,492)
Cash flows From Investment Activities:
Purchases of marketable investments -
Proceeds from the maturities
of marketable investments 54
Restricted investments:
Purchases (1,261)
Maturities 1,065
Purchases of property and equipment (143)
Increase in other assets (1,047)
--------
Net Cash Used in Investing Activities (1,332)
Cash flows From Financing Activities:
Payments of debt principal -
Proceeds from debt financing -
Net proceeds from (reductions in)
financing arrangements (33)
Proceeds from employee stock plans -
--------
Net Cash Used in Financing Activities (33)
Net Decrease in Cash & Cash Equivalents (12,857)
Cash & Cash Equivalents at Beginning of Month 39,694
--------
Cash & Cash Equivalents at End of the Month $26,837
========
Headquartered in Mountain View, California, Silicon Graphics, Inc.
(OTC: SGID) -- http://www.sgi.com/-- offers high-performance
computing. SGI helps customers solve their computing challenges,
whether it's sharing images to aid in brain surgery, finding oil
more efficiently, studying global climate, providing technologies
for homeland security and defense, enabling the transition from
analog to digital broadcasting, or helping enterprises manage
large data. The Debtor and 13 of its affiliates filed for chapter
11 protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990). Gary Holtzer, Esq., and Shai Y. Waisman, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed total assets of $369,416,815 and
total debts of $664,268,602. The Debtors' exclusive plan-filing
period will expire on Dec. 29, 2006, and its exclusive
solicitation period will expire on Feb. 28, 2007. (Silicon
Graphics Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
SONICBLUE INC: Files July 2006 Monthly Operating Report
-------------------------------------------------------
On Sept. 10, 2006, SONICblue Incorporated reports that it is
sitting on $78,352,897 of cash, has accrued $711,521 in
postpetition liabilities and faces a $236,604,166 mountain of
prepetition debts.
A full-text copy of SONICblue Inc.'s July 2006 Operating
Report is available at no charge at:
http://ResearchArchives.com/t/s?11aa
About SONICBlue
Headquartered in Santa Clara, California, SONICblue Incorporated
is involved in the converging Internet, digital media,
entertainment and consumer electronics markets. The Company,
together with three of its wholly owned subsidiaries, Diamond
Multimedia Systems, Inc., ReplayTV, Inc., and Sensory Science
Corporation, filed for chapter 11 protection on Mar. 21, 2003
(Bankr. N.D. Calif. Case Nos. 03-51775 to 03-51778). Craig A.
Barbarosh, Esq., at the Law Offices of Pillsbury Winthrop,
represents the Debtors in their restructuring efforts.
Craig M. Rankin, Esq. at Levene, Neale, Bender, Rankin and Brill,
represents the Official Committee of Unsecured Creditors. When
the Debtors filed for protection from their creditors, they listed
assets totaling $342,871,000 and debts totaling $335,473,000.
THAXTON GROUP: Posts $70 Mil. Cumulative Net Loss in July 2006
--------------------------------------------------------------
The Thaxton Group filed its monthly operating report for the month
of July 2006 with the U.S. Bankruptcy Court for the District of
Delaware.
The company reported a cumulative net loss of $70,033,336 on
$147,384,039 of revenue for the period from Oct. 17, 2003 thru
July 31, 2006.
At July 31, 2006, the Company's balance sheet reflects:
Total Assets $99,581,470
Total Liabilities $180,067,440
Stockholders' Equity (Deficit) ($80,485,970)
A full-text copy of Thaxton Group's July 2006 Monthly
Operating Report is available for free at:
http://ResearchArchives.com/t/s?11a5
Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company.
The Company filed for Chapter 11 protection on October 17, 2003
(Bankr. Del. Case No. 03-13183). Daniel B. Butz, Esq.,
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at
Morris, Nichols, Arsht & Tunnell, represent the Debtors in their
restructuring efforts. Alan Kolod, Esq., at Moses & Singer LLP,
represents the Offical Committee of Unsecured Creditors. As of
Dec. 31, 2005, the Debtors reported assets totaling $98,889,297
and debts totaling $175,693,613.
*********
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
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marie Therese V. Profetana, Robert Max Victor M. Quiblat II,
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Cherry A. Soriano-Baaclo, Christian Q. Salta, Jason A. Nieva,
Lucilo M. Pinili, Jr., Tara Marie A. Martin, Melvin C. Tabao, and
Peter A. Chapman, Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***