/raid1/www/Hosts/bankrupt/TCR_Public/060930.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 30, 2006, Vol. 10, No. 233
Headlines
AMES DEPARTMENT: Earns $1 Million for Period Ended February 25
AMES DEPARTMENT: Posts $922,000 Net Loss for Period Ended April 1
AMES DEPARTMENT: Posts $254,000 Net Loss for Period Ended April 29
AMES DEPARTMENT: Posts $259,000 Net Loss for Period Ended May 27
COLLINS & AIKMAN: Posts $38 Mil. Net Loss for Period Ended Aug. 26
COMPLETE RETREATS: Distinctive Retreats Files Schedules
COMPLETE RETREATS: Preferred Retreats Files Schedules
COMPLETE RETREATS: Private Retreats Files Schedules
FEDERAL-MOGUL: Files August 2006 Monthly Operating Report
FOAMEX INTERNATIONAL: Earns $3.07 Mil. for Period Ended August 27
INTERSTATE BAKERIES: Posts $15MM Net Loss for Period Ended July 29
MIRANT CORP: Files Amended Post-Confirmation Quarterly Report
MIRANT CORP: MAGi Files Amended Post-Confirmation Quarterly Report
OWENS CORNING: Files Monthly Operating Report for June 2006
REFCO INC: Files Monthly Operating Report for August 2006
*********
AMES DEPARTMENT: Earns $1 Million for Period Ended February 25
--------------------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheet
At February 25, 2006
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $12,548
Restricted cash 58,466
Receivables 2,560
----------
Total current assets 73,574
Fixed Assets -
----------
Total Assets $73,574
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable:
Trade $48,675
Other 10,039
----------
Total accounts payable 58,714
Self-insurance reserves 26,378
Accrued expenses 19,860
Liabilities subject to compromise 845,160
----------
Total liabilities 950,112
Stockholders' equity (deficit)
Common Stock 295
Additional paid-in capital 533,393
Accumulated deficit (1,409,305)
Treasury stock (922)
---------
Total stockholders' deficit (876,539)
---------
Total liabilities and stockholders' deficit $73,574
=========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statement of Operations
For the Four Weeks Ended February 25, 2006
(In Thousands)
Total revenue $1,716
Costs and expenses
Wind down expenses and other costs 609
Gain on Sale of Assets -
Write off of excess reserves -
Professional fees 100
----------
Income before income taxes 1,007
Income tax provision -
----------
Net Income $1,007
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statement of Cash Flows
For the Four Weeks Ended February 25, 2006
(In Thousands)
Cash flows from operating activities:
Net income $1,007
Expenses not requiring the outlay of cash:
Gain on the sale of assets -
----------
Cash provided by operations 1,007
Changes in working capital:
Increase in receivables (1,110)
Decrease in accrued exp. and other liabilities (169)
Decrease in accounts payable (1,997)
Increase in Restricted Cash (5)
----------
Net cash provided by operating activities (2,274)
Cash flows from financing activities:
Change in liabilities subject to compromise 1,698
Proceeds from the sale of assets -
----------
Net cash used by financing activities 1,698
Decrease in cash and cash equivalents (576)
Cash and cash equivalents, beginning of period 13,124
----------
Cash and cash equivalents, end of period $12,548
==========
Ames Department Stores filed for chapter 11 protection on
Aug. 20, 2001 (Bankr. S.D.N.Y. Case No. 01-42217). Albert
Togut, Esq., Frank A. Oswald, Esq. at Togut, Segal & Segal LLP
and Martin J. Bienenstock, Esq., and Warren T. Buhle, Esq., at
Weil, Gotshal & Manges LLP represent the Debtors in their
restructuring efforts. When the Company filed for protection
from their creditors, they listed $1,901,573,000 in assets and
$1,558,410,000 in liabilities. (AMES Bankruptcy News, Issue No.
84; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
AMES DEPARTMENT: Posts $922,000 Net Loss for Period Ended April 1
-----------------------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheet
At April 1, 2006
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $12,045
Restricted cash 58,488
Receivables 2,087
----------
Total current assets 72,620
Fixed Assets -
----------
Total Assets $72,620
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable:
Trade $48,063
Other 10,411
----------
Total accounts payable 58,474
Self-insurance reserves 26,178
Accrued expenses 19,905
Liabilities subject to compromise 845,524
----------
Total liabilities 950,081
Stockholders' equity (deficit)
Common stock 295
Additional paid-in capital 533,393
Accumulated deficit (1,410,227)
Treasury stock (922)
----------
Total stockholders' deficit (877,461)
----------
Total liabilities and stockholders' deficit $72,620
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statement of Operations
For the Five Weeks Ended April 1, 2006
(In Thousands)
Total revenue $186
Costs and expenses
Wind down expenses and other costs 1,008
Gain on Sale of Assets -
Write off of excess reserves -
Professional fees 100
----------
Loss before income taxes (922)
Income tax provision -
----------
Net Loss ($922)
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statement of Cash Flows
For the Five Weeks Ended April 1, 2006
(In Thousands)
Cash flows from operating activities:
Net Loss ($922)
Expenses not requiring the outlay of cash:
Gain on the sale of assets -
----------
Cash provided by operations (922)
Changes in working capital:
Decrease in receivables 473
Decrease in accrued exp. and other liabilities (155)
Decrease in accounts payable (240)
Increase in Restricted Cash (22)
----------
Net cash provided by operating activities (866)
Cash flows from financing activities:
Change in liabilities subject to compromise 364
Proceeds from the sale of assets -
----------
Net cash used by financing activities 364
Decrease in cash and cash equivalents (502)
Cash and cash equivalents, beginning of period 12,547
----------
Cash and cash equivalents, end of period $12,045
==========
Ames Department Stores filed for chapter 11 protection on
Aug. 20, 2001 (Bankr. S.D.N.Y. Case No. 01-42217). Albert
Togut, Esq., Frank A. Oswald, Esq. at Togut, Segal & Segal LLP
and Martin J. Bienenstock, Esq., and Warren T. Buhle, Esq., at
Weil, Gotshal & Manges LLP represent the Debtors in their
restructuring efforts. When the Company filed for protection
from their creditors, they listed $1,901,573,000 in assets and
$1,558,410,000 in liabilities. (AMES Bankruptcy News, Issue No.
84; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
AMES DEPARTMENT: Posts $254,000 Net Loss for Period Ended April 29
------------------------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheet
At April 29, 2006
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $11,462
Restricted cash 58,506
Receivables 2,313
----------
Total current assets 72,281
Fixed Assets -
----------
Total Assets $72,281
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable:
Trade $47,909
Other 10,339
----------
Total accounts payable 58,248
Self-insurance reserves 25,952
Accrued expenses 19,827
Liabilities subject to compromise 845,969
----------
Total liabilities 949,996
Stockholders' equity (deficit)
Common stock 295
Additional paid-in capital 533,393
Accumulated deficit (1,410,481)
Treasury stock (922)
----------
Total stockholders' deficit (877,715)
----------
Total liabilities and stockholders' deficit $72,281
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statement of Operations
For the Four Weeks Ended April 29, 2006
(In Thousands)
Total revenue $238
Costs and expenses
Wind down expenses and other costs 392
Gain on Sale of Assets -
Write off of excess reserves -
Professional fees 100
----------
Loss before income taxes (254)
Income tax provision -
----------
Net Loss ($254)
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statement of Cash Flows
For the Four Weeks Ended April 29, 2006
(In Thousands)
Cash flows from operating activities:
Net Loss ($254)
Expenses not requiring the outlay of cash:
Gain on the sale of assets -
----------
Cash provided by operations (254)
Changes in working capital:
Increase in receivables (226)
Decrease in accrued exp. and other liabilities (304)
Decrease in accounts payable (226)
Increase in Restricted Cash (18)
----------
Net cash provided by operating activities (1,028)
Cash flows from financing activities:
Change in liabilities subject to compromise 445
Proceeds from the sale of assets -
----------
Net cash used by financing activities 445
Decrease in cash and cash equivalents (583)
Cash and cash equivalents, beginning of period 12,045
----------
Cash and cash equivalents, end of period $11,462
==========
Ames Department Stores filed for chapter 11 protection on
Aug. 20, 2001 (Bankr. S.D.N.Y. Case No. 01-42217). Albert
Togut, Esq., Frank A. Oswald, Esq. at Togut, Segal & Segal LLP
and Martin J. Bienenstock, Esq., and Warren T. Buhle, Esq., at
Weil, Gotshal & Manges LLP represent the Debtors in their
restructuring efforts. When the Company filed for protection
from their creditors, they listed $1,901,573,000 in assets and
$1,558,410,000 in liabilities. (AMES Bankruptcy News, Issue No.
84; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
AMES DEPARTMENT: Posts $259,000 Net Loss for Period Ended May 27
----------------------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheet
At May 27, 2006
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $12,034
Restricted cash 58,490
Receivables 1,021
----------
Total current assets 71,545
Fixed Assets -
----------
Total Assets $71,545
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable:
Trade $47,863
Other 10,166
----------
Total accounts payable 58,029
Self-insurance reserves 25,601
Accrued expenses 19,719
Liabilities subject to compromise 846,171
----------
Total liabilities 949,520
Stockholders' equity (deficit)
Common stock 295
Additional paid-in capital 533,393
Accumulated deficit (1,410,741)
Treasury stock (922)
----------
Total stockholders' deficit (877,975)
----------
Total liabilities and stockholders' deficit $71,545
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statement of Operations
For the Four Weeks Ended May 27, 2006
(In Thousands)
Total revenue $118
Costs and expenses
Wind down expenses and other costs 277
Gain on Sale of Assets -
Write off of excess reserves -
Professional fees 100
------
Loss before income taxes (259)
Income tax provision -
------
Net Loss ($259)
======
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statement of Cash Flows
For the Four Weeks Ended May 27, 2006
(In Thousands)
Cash flows from operating activities:
Net Loss ($259)
Expenses not requiring the outlay of cash:
Gain on the sale of assets -
-------
Cash provided by operations (259)
Changes in working capital:
Decrease in receivables 1,292
Decrease in accrued exp. and other liabilities (459)
Decrease in accounts payable (219)
Decrease in Restricted Cash 16
-------
Net cash provided by operating activities 370
Cash flows from financing activities:
Change in liabilities subject to compromise 202
Proceeds from the sale of assets -
-------
Net cash used by financing activities 202
Increase in cash and cash equivalents 572
Cash and cash equivalents, beginning of period 11,462
-------
Cash and cash equivalents, end of period $12,034
=======
Ames Department Stores filed for chapter 11 protection on
Aug. 20, 2001 (Bankr. S.D.N.Y. Case No. 01-42217). Albert Togut,
Esq., Frank A. Oswald, Esq. at Togut, Segal & Segal LLP and Martin
J. Bienenstock, Esq., and Warren T. Buhle, Esq., at Weil, Gotshal
& Manges LLP represent the Debtors in their restructuring efforts.
When the Company filed for protection from their creditors, they
listed $1,901,573,000 in assets and $1,558,410,000 in liabilities.
(AMES Bankruptcy News, Issue No. 84; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
COLLINS & AIKMAN: Posts $38 Mil. Net Loss for Period Ended Aug. 26
------------------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of August 26, 2006
ASSETS
Cash $49,411,685
Accounts receivable-trade, net 163,360,601
Other non-trade receivables 6,384,471
Inventories, net 90,172,904
Tooling and molding, net-current 42,308,502
Prepaids & other current assets 56,547,017
Deferred tax assets-current 0
--------------
TOTAL CURRENT ASSETS 408,185,180
Investments in subsidiaries 2,534,708,519
Fixed assets, net 296,659,729
Goodwill, net 978,554,071
Deferred tax assets-long term 0
Tooling and molding, net-long term 9,002,580
Other noncurrent assets 86,460,188
Intercompany accounts - net 106,949,497
Prepetition intercompany - net 709,495,449
--------------
TOTAL ASSETS $5,130,015,214
==============
LIABILITIES & EQUITY
Notes payable $0
Short term borrowings 0
Advance on receivables 0
Current portion-long term debt 245,450,028
Current portion-capital leases 0
Accounts payable 39,058,082
Accrued interest payable 8,835,074
Accrued & other liabilities 106,415,035
Income taxes payable 3,820,925
--------------
Total current liabilities 403,579,145
Liabilities subject to compromise 2,420,450,463
--------------
Total liabilities 2,824,029,608
Total equity 2,305,985,606
--------------
TOTAL LIABILITIES & EQUITY $5,130,015,214
==============
Collins & Aikman Corporation
Income Statement
Month Ending August 26, 2006
Net outside sales $106,753,094
I/C Net sales 10,869,391
------------
Total sales 117,622,486
Cost of goods sold 122,490,146
------------
Gross profit (4,867,661)
Selling, general & administrative expenses 26,658,068
------------
Operating income (31,525,728)
Interest expenses 8,159,948
Intercompany interest, net (2,438,167)
Preferred stock accretion 0
Miscellaneous (income)/expense 0
Corporate allocation adjustment 0
Commission income (215,316)
Commission expense 0
Royalty income (447,437)
Royalty expense 0
Joint Venture (Income)/Expense 0
Minority interest in cons net income 0
Dividend income 0
Discount/Income for Carcorp. 0
Gain/(Loss) early extinguishments of debt 0
Discount/Premium on hedges 0
(Gain)/Loss on hedges 0
(Gain)/Loss on swaps 0
NAAIS Intercompany sales profit 0
Loss on sale of receivables 0
Restructuring provision 0
Foreign transactions - (Gain)/Loss 859,413
Amort of discount on NPV of liabilities 0
(Gain)/Loss on sale-leaseback transaction 0
------------
Income from continuing operations before taxes (37,444,168)
Federal income tax 0
State income tax 960,000
Foreign income tax 28,709
------------
Income from continuing operations (38,432,877)
Discontinued operations 110,035
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
------------
NET INCOME (LOSS) ($38,542,913)
============
Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a leading
supplier of instrument panels, automotive fabric, plastic-based
trim, and convertible top systems. The Company has a workforce of
approximately 23,000 and a network of more than 100 technical
centers, sales offices and manufacturing sites in 17 countries
throughout the world. The Company and its debtor-affiliates filed
for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case
No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring. Lazard Freres & Co., LLC,
provides the Debtor with investment banking services. Michael S.
Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents
the Official Committee of Unsecured Creditors Committee. When the
Debtors filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total debts.
(Collins & Aikman Bankruptcy News, Issue No. 42; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
COMPLETE RETREATS: Distinctive Retreats Files Schedules
-------------------------------------------------------
A. Real Property
10 Turtle Beach Lane, Kiawah Island, SC $3,625,000
10040 E. Happy Valley Rd #400, Scottsdale, AZ 1,600,000
125 Cory's Lane "America 3", Portsmouth, RI 1,375,000
125 Cory's Lane "America", Portsmouth, RI 1,275,000
1717 S. Ocean Blvd., Delray Beach, FL 4,400,000
Penthouse #P208 Wailea Beach Villas, HI 4,350,000
Plaza at Baldy Vista Condo Unit, Ketchum, ID 2,250,000
Villa Etermidad - Los Cabos, B.C.S. Mexico 4,300,000
Villa Paraiso - Los Cabos, B.C.S. Mexico 4,500,000
B. Personal Property
B.2 Bank Accounts
Bank of America
Acct# 003472505758 101,636
Acct# 003472506346 100,425
Acct# 003477035498 91,325
Acct# 003472505664 -
B.3 Security Deposits 337,776
B.5 Collectibles
Art 401,157
B.9 Interests in Insurance Policies unknown
B.13 Stocks and Interests in Businesses unknown
100% interests in:
DR Cerezas, LLC
DR MGM I, LLC
DR MGM II, LLC
Private Retreats Nevis, LLC
DR MGM IV, LLC
DR Abaco, LLC
DR MGM III, LLC
B.16 Accounts Receivable
Intercompany receivable
Preferred Retreats, LLC 79,698,806
Complete Retreats, LLC 4,182,906
Concierge Villas, LLC 666,567
Town Clubs, LLC 583,782
B.25 Vehicles
Autos 48,572
Golf carts 43,728
B.28 Office Equipment 967,696
B.30 Inventory 78,616
B.35 Other Personal Property
Fixed Asset 337,777
Leasehold improvements 51,976
Deposit on homes 14,396,430
Capitalized RE development costs 295,433
Outside Club memberships 400,000
TOTAL SCHEDULED ASSETS $130,459,608
============
C. Property Claimed as Exempt -
D. Secured Claim
Cabo Resort Investing, LLC $3,000,000
DG Capital, LLC 2,850,000
R.E. Loans, L.L.C. a.k.a Bar-K Loans 1,400,000
The Patriot Group, LLC 25,535,584
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims
A. E. (Terry) Betteridge 475,000
Albert Crawford 475,000
Alfred Guinn 475,000
Andrew Sukawaty 475,000
Anil Singh 475,000
Aubrey Dan 475,000
Barbara Parker 475,000
Bill Warner 475,000
Blair Frank 475,000
Bob Wolff 475,000
Brent Witte 475,000
Bruce Earle 475,000
Cal Staggers 475,000
Carl Bufka 475,000
Chad Carpenter 475,000
Chris Gebelein 475,000
Chris Madison 475,000
Chris Stroup 475,000
Crymes G. Pittman 475,000
David Hughes 475,000
David Robertson 475,000
David Schwartz 475,000
Deana Goad 475,000
Distinctive Retreats II, LLC 20,999,929
Donald Devorris 475,000
Doug Wheat 475,000
Douglas Durand 475,000
Ed McDonough 475,000
Eiich Kuwana 475,000
Evan Stein 475,000
Felix Furst 475,000
Frank Levy 475,000
Fred Gould 475,000
Fred Slaughter 475,000
Frederick & Deborah Bates 475,000
Geoffrey Logue 1,000,000
George Lengvari 475,000
Gerhard Bette 475,000
Gregory Mack 475,000
Gregory Parker 475,000
Guy Bond 475,000
Harry Levitt 475,000
J.R. Goergen 475,000
James Chadwick 475,000
James Mordy 475,000
James Reid 475,000
James Wolfe 475,000
Jay Jensen 475,000
Jay Meyer 475,000
Jeffrey Leiden 475,000
Jim Didion 475,000
Jim Giltner 475,000
Jim Gorton 475,000
Jim Hirschmann 475,000
Jimmy Hood 475,000
Joan Ferrera 475,000
Joel Lawson III 475,000
John Dancu 475,000
John Moon 475,000
John Powers 475,000
John Watrous 475,000
Jospeh Amaturo 475,000
Judee Donner 475,000
Ken Leech 475,000
Kenneth Mara 475,000
Kevin Callahan 475,000
Kevin Grant 500,000
Kirk Kessel 475,000
Larry Aiello 475,000
Lawrence Nora 475,000
Lawrence Shaia 475,000
Legendary Retreats, LLC 9,431,176
Leonard Gordon 475,000
Leonard Wheeler 475,000
Luther Nussbaum 475,000
Marcus Wedner 475,000
Mark E. Watson III 475,000
Mark Hollingsworth 475,000
Mark Kress 475,000
Mary E. Lee 475,000
Melanie Pritt 475,000
Michael Burke 475,000
Michael Carpenter 475,000
Michael Giordano 475,000
Michael Kelly 475,000
Michelle Tiller 475,000
Mike Thoms 475,000
Neal Hansen 475,000
Nicolas Nierenberg 475,000
Norman Samet 475,000
Patricia Sullivan 477,250
Paul Altieri 475,000
Paul Mikos 475,000
Peter Coors 475,000
Peter Crnkovich 475,000
Peter Starrett 475,000
Philip Hempleman 475,000
Philip Hughes 475,000
Private Retreats 1,807,943
Ram Gunabalan 475,000
Randy Kella 475,000
Randy Work 475,000
Ray Hillenbrand 475,000
Richard Korpan 475,000
Richard Shirk 475,000
Rick Kimball 475,000
Robert Dolan 475,000
Robert Fox 475,000
Robert Franz 475,000
Robert Pincus 475,000
Robert Priddy 475,000
Ron Rinard 475,000
Ronald Kirk 475,000
Sandy Poole 475,000
Saulene 'Sunnie' Richer 475,000
Sid Banwart 475,000
Stephen Kircher 475,000
Stephen Watson 475,000
Stephen Webster 475,000
Steve Katznelson 475,000
Steven Gillis 475,000
Steven Sembler 475,000
Terence Hogan 475,000
Theodore (Ted) Buzby 475,000
Theodore Spall 475,000
Thomas Hillman 475,000
Tig Krekel 475,000
Tim Busch 475,000
Tim Mullen 1,000,000
Timothy Biltz 475,000
Timothy McFadden 475,000
Timothy Nagle 475,000
Todd Williams 475,000
Tom Feo 475,000
Tony Clark 475,000
Tricia Faison 475,000
Vickie Sanders 479,500
William Bass 475,000
William Green 475,000
William Merchantz 475,000
William Taylor 475,000
Yvonne Marsh 475,000
Others 129,567,417
TOTAL SCHEDULED LIABILITIES $261,698,799
============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
COMPLETE RETREATS: Preferred Retreats Files Schedules
-----------------------------------------------------
A. Real Property -
B. Personal Property
B.1 Cash On Hand
Petty cash $1,628
B.2 Bank Accounts
Bank of America
Certificate of deposit 311,426
Acct# 003472506126 77,301
Acct# 003472506090 1,200
Acct# 003472506537 -
B.3 Security Deposits 509,406
B.5 Collectibles
Art 99,084
B.9 Interests in Insurance Policies unknown
B.13 Stocks and Interests in Businesses unknown
100% interests in:
Preferred Brokerage, LLC
P180, LLC
Preferred Europe, Ltd.
Preferred Retreats Design Group, LLC
Preferred Retreats Travel Company, LLC
T&H Villas
Preferred Aviation, LLC
Town Clubs, LLC
B.16 Accounts Receivable
Town Clubs, LLC 2,997,826
Trade 576,819
Concierge Villas, LLC 425,578
Preferred Brokerage, LLC 349,794
Private Retreats, LLC 110,999
Thinc Beyond 78,621
Resort Options 70,432
Complete Retreats, LLC 1,750
B.25 Vehicles
Autos 24,687
Golf carts 42,352
B.27 Aircraft and accessories
1/4 share of an Avanti P-180 1,256,308
B.28 Office Equipment
Computer equipment 690,442
Furniture & fixtures 1,745,255
Computer software 710,912
B.30 Inventory
Bedding, linens and robes 981,539
Consumables 146,412
China 146,101
Kitchen appliances 93,796
Household items 411,060
Art and decorations 66,197
Electronics 34,611
Landscaping 6,439
Kitchen package 62,170
Silver 6,104
Glass 11,186
Others 43,750
B.35 Other Personal Property
Rents 1,994,046
Insurance 348,236
HOA Dues 187,034
A&K Tours 51,550
Promotions 378,734
Air 136,985
Annual dues 72,530
Property management fees 29,666
Legal 430,000
Airline miles 217,837
Sentient 85,545
Innkeeper 45,679
Golf 7,858
Ski and fitness passes 13,553
Fixed assets 675,812
Member reservations deposits 1,118,204
Leasehold improvements 536,575
Acquisitions in progress 65,033
Investment - Blue Sea Properties 1,629,098
Capitalized RE development costs 107,183
Outside Club memberships 115,870
Others 59,473
TOTAL SCHEDULED ASSETS [$20,397,686]
============
C. Property Claimed as Exempt -
D. Secured Claim
The Patriot Group, LLC - Darien, CT $25,535,584
E. Unsecured Priority Claims
Blaine County Treasurer & Tax Collector 6,445
Clark County Treasurer 5,828
Collier County Tax Collector 87
Kauai County Real Property Tax Collector 287
County of Maui 391
Eagle County Office of the Assessor 87
Eagle County Treasurer 2,932
Idaho State Tax Commission 21
Placer County Tax Collector 267
Routt County Treasurer 2,948
San Miguel County Treasurer 424
San Pedro Town Council 1,148
Town of Stowe 644
Town of Westport Tax Collector 148
Vermont Department of Taxes 434
F. Unsecured Non-priority Claims
Aberkrombie & Kent, Inc. 766,356
Arizona Commercial Printing 176,849
Avantair 214,148
Concierage Villas 294,522
Deer Valley Lodging 263,058
Distinctive Retreats II, LLC 1,163,518
Distinctive Retreats, LLC 79,698,806
Elevation Vacations, LLC 236,039
Fontainebleau Resorts 209,055
Higgs & Johnson 193,090
Intagio 656,004
Katalina Group 166,418
Legendary Retreats 6,360,622
National Carribean Insurance Co. 179,489
Piper Rudnick Gray Cary 448,203
Piper Rudnick LLP 186,098
Private Retreats, LLC 23,114,031
TMC Luxury Charters, LLC 396,668
Towne Clubs 605,274
Others 6,480,847
TOTAL SCHEDULED LIABILITIES [$147,366,770]
============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
COMPLETE RETREATS: Private Retreats Files Schedules
---------------------------------------------------
A. Real Property
1 Central Park West, Trump Int #300, NY $1,570,000
1 Central Park West, Trump Int #310, NY 1,370,000
30 McKenzie Lane, Ketchum, Idaho 3,375,000
Unit 2 The Inn at Silverlake, Park City, Utah 2,600,000
Unit 6 The Inn at Silverlake, Park City, Utah 3,300,000
Casa Dorada, Cabo San Lucas, MX 103,300
Esperanza #1802, Cabo San Lucas, MX 198,200
St. James Place Unit 215, Beaver Creek, CO 80,000
Trump Tower 1222, NY 810,000
Trump Tower 1622, NY 850,000
Unit 7A Rancho Manana, Scottsdale, AZ 65,000
B. Personal Property
B.2 Bank Accounts
Bank of America
Acct# 003472505570 69,586
Acct# 003491034381 13,222
Acct# 003477035456 -
Ledyard National Bank 264
B.3 Security Deposits 35,000
B.9 Interests in Insurance Policies unknown
B.13 Stocks and Interests in Businesses unknown
100% interests in:
Olde Cypress I PR, LLC
Olde Cypress II PR, LLC
PR Esperanza III, LLC
PR Esperanza, LLC
PR Vegas III, LLC
Private Retreats Belfair, LLC
Private Retreats Belize, LLC
Private Retreats Cabin 4, LLC
Private Retreats Cabin 8, LLC
Private Retreats Casa Dorada, LLC
Private Retreats Colinas, LLC
Private Retreats Deer Valley I, LLC
Private Retreats Highpoint, LLC
Private Retreats Hospitality, LLC
Private Retreats Kamalani, LLC
Private Retreats Pinecone 305, LLC
Private Retreats Powell II, LLC
Private Retreats Powell III, LLC
Private Retreats Preserve Way, LLC
Private Retreats Snake River I, LLC
Private Retreats Snake River II, LLC
Private Retreats Steamboat, LLC
Private Retreats Steamboat II, LLC
Private Retreats Stowe II, LLC
Private Retreats Stowe III, LLC
Private Retreats Summit, LLC
Private Retreats Tahoe I, LLC
Private Retreats Tahoe II, LLC
Private Retreats Tahoe III, LLC
Private Retreats Telluride I, LLC
Private Retreats Teton I, LLC
Private Retreats Tortola, LLC
Private Retreats Tortuga, LLC
Private Retreats Whitewing, LLC
Private Retreats Yacht Club Mediterranean, LLC
Private Retreats Yacht Club Tortola, LLC
B.16 Accounts Receivable
Intercompany receivable
Preferred Retreats, LLC 23,114,031
Distinctive Retreats, LLC 1,807,944
Concierge Villas 509,753
Town Clubs, LLC 72,418
Resort Options 28,136
B.25 Vehicles
Golf carts 46,154
B.26 Boats, Motors and Accessories
Boats 348,708
B.28 Office Equipment
Furniture & fixtures 805,782
B.30 Inventory
Bedding, linens and robes 30,676
Consumables 930
China 8,975
Household items 3,552
B.35 Other Personal Property
Legal 35,000
Leasehold improvements 1,734
Development costs 60,000
Deposit on homes 952,626
Capitalized RE development costs 1,033,711
TOTAL SCHEDULED ASSETS $43,299,702
============
C. Property Claimed as Exempt -
D. Secured Claim
Beal Bank, S.S.B. - Plano, TX $27,647,761
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims
Bob Graham 475,000
Bob McGrath 600,000
Brad Moran 275,000
Brian Colburn 275,000
Bruce K. Benton 445,000
Bruce White 445,000
Calvin Chin 275,000
Chris Creed 275,000
Cindy Andrews 275,000
Curtis Carter 275,000
Dale Griffin 275,000
Dan Bauer 392,000
Dan Bauer 392,000
Dan Shia 277,992
David Alldian 275,000
David Nadler 275,000
Distinctive Retreats II, LLC 2,546,232
Dmitry Pugachevsky 275,000
Edward Darrin 275,000
Ernest Thayer 275,000
Garrett Dietz 275,000
George Escarra 275,000
Greg Silvers 275,000
Harvey Allon 284,000
Howard Sniderman 275,000
Ilan Reich 275,000
Ira Stepanian 275,000
J.T. Sims 392,000
James Winner 275,000
Jan Schipper 275,000
Jane C. Bressler 275,000
Jani McCormick 445,000
Janice Murphy 275,000
Jim Richardson 275,000
Joe Dughman 275,000
John Hagins 275,000
Katherine Roberts 275,000
Larry Langer 450,000
Laura Caldwell 275,000
Legendary Retreats, LLC 652,454
Luis Echarte 275,000
Manny Rabinowitz 275,000
Mark Imperiale 275,000
Martin Tyson 275,000
Michael Karlin 275,000
Nat'l Fairways 700,000
Nitin Doshi 275,000
Paul Abrams 275,000
Paul Meighan 275,000
Peter 'Buss' Pierce 275,000
Ralph Hamm 275,000
Randy Gillies 275,000
Richard Beusman 275,000
Richard Shepard 275,000
Rick Fox 275,000
Robert Platek 275,000
Robert Vanderhooft 275,000
Sandy Climan 445,000
Scott Marks 275,000
Stan Woodland 275,000
Sue Pajakowski 275,000
Thomas Dolan 275,000
Thomas Irvin 275,000
Todd Sutherland 275,000
Tom White 445,000
Tony Lacavera 275,000
Vicki Johnson 275,000
Wilbur Neil 275,000
Others 52,873,629
TOTAL SCHEDULED LIABILITIES $104,208,068
============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
FEDERAL-MOGUL: Files August 2006 Monthly Operating Report
---------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of August 31, 2006
(In millions)
Assets
Cash and equivalents $838.3
Accounts receivable 585.3
Inventories 455.1
Deferred taxes 96.9
Prepaid expenses and other current assets 95.7
--------
Total current assets 2,051.3
Summary of Unpaid Postpetition Debits (70.1)
Intercompany Loans Receivable (Payable) 2,288.5
--------
Intercompany Balances 2,218.4
Property, plant and equipment 837.4
Goodwill 932.0
Other intangible assets 385.6
Insurance recoverable 838.2
Other non-current assets 900.8
--------
Total Assets $8,163.6
========
Liabilities and Shareholders' Equity
Short-term debt $511.0
Accounts payable 227.2
Accrued compensation 70.4
Restructuring and rationalization reserves 21.8
Current portion of asbestos liability -
Interest payable 4.8
Other accrued liabilities 247.3
--------
Total current liabilities 1,082.5
Long-term debt -
Post-employment benefits 2,018.2
Other accrued liabilities 803.6
Liabilities subject to compromise 6,017.8
Shareholders' equity:
Preferred stock 1,050.6
Common stock 565.8
Additional paid-in capital 8,067.7
Accumulated deficit (10,378.3)
Accumulated other comprehensive income (1,064.2)
Other -
--------
Total Shareholders' Equity (1,758.4)
--------
Total Liabilities and Shareholders' Equity $8,163.6
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended August 31, 2006
(In millions)
Net sales $278.1
Cost of products sold 232.8
------
Gross margin 45.3
Selling, general & administrative expenses (49.6)
Amortization (1.2)
Reorganization items (6.9)
Interest expense, net (14.8)
Other expense, net (38.1)
------
Earnings before Income Taxes (65.4)
Income Tax Expense (0.7)
------
Earnings before effect of change in acctg principle (66.1)
Cumulative effect of change in acctg principle -
------
Net Earnings (loss) ($66.1)
======
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended August 31, 2006
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) ($66.1)
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 12.9
Change in post-employment benefits 3.0
Decrease in accounts receivable 9.7
Decrease in inventories 4.8
Decrease in accounts payable (15.1)
Change in other assets and other liabilities 91.8
Change in restructuring charge 4.6
Refunds (payments) against asbestos liability -
------
Net Cash Provided From Operating Activities 45.7
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (6.8)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
------
Net Cash Provided From (Used By) Investing Activities (6.8)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (41.8)
Sale of accounts receivable under securitization -
Dividends -
Other 17.7
------
Net Cash Provided From Financing Activities (24.1)
Increase in Cash and Equivalents 14.8
Cash and equivalents at beginning of period 823.4
------
Cash and equivalents at end of period $838.3
======
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. 114; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
FOAMEX INTERNATIONAL: Earns $3.07 Mil. for Period Ended August 27
-----------------------------------------------------------------
Foamex International, et al., as Debtors
Consolidated Balance Sheet
As of August 27, 2006
ASSETS
Current Assets
Cash $1,707,000
Accounts Receivable, net 186,898,000
Inventory 104,075,000
Other current assets 19,474,000
------------
Total current assets 312,154,000
Land & land improvements 4,918,000
Buildings 86,798,000
Leasehold improvement 6,262,000
Machinery & Equipment 201,886,000
Furniture & Fixtures 5,117,000
Auto equipment 7,755,000
Computer equipment 8,664,000
Construction in progress 2,943,000
Accumulated depreciation (229,340,000)
------------
Total property plant & equipment, net 95,003,000
Goodwill, net 86,191,000
Debt Issuance costs, net 2,392,000
Investment in subsidiaries 15,025,000
Long-term intercompany receivable 4,850,000
Other Assets 50,193,000
------------
Total Assets $565,807,000
============
LIABILITIES & STOCKHOLDERS' DEFICIENCY
Current Liabilities
Revolver borrowings $58,631,000
Current portion of long-term debt 86,226,000
Accounts payable 93,399,000
Intercompany 181,000
Accrued employee costs 18,318,000
Accrued rebates 8,699,000
Accrued interest 4,406,000
Other current liabilities 22,877,000
------------
Total current liabilities 292,737,000
Long-term debt 232,000
Intercompany debt -
Liability Subject to Compromise 659,889,000
Other liabilities 24,851,000
------------
Total Long-Term Liabilities 684,972,000
------------
Total Liabilities 977,708,000
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) (38,259,000)
Shareholder loans (9,221,000)
Accumulated deficit (440,276,000)
------------
Stockholders' deficiency (411,903,000)
------------
Total Liabilities & Stockholders Deficiency $565,807,000
============
Foamex International, et al., as Debtors
Consolidated Income Statement
July 31 to August 27, 2006
Gross Sales $114,426,000
Rebates, Discount & Sale Allowance (6,285,000)
------------
Net Sales 108,141,000
Material 69,264,000
Labor 3,877,000
Overhead 12,255,000
Asset Impairments -
Freight/Shipping 4,339,000
------------
Cost of Sales 89,735,000
------------
Gross Profit 18,406,000
Labor Expense 3,962,000
Indirect Materials & Samples (106,000)
Equipment & Maintenance Expense 35,000
Facility Expense 210,000
Travel & Entertainment 205,000
Technology 164,000
Professional Fees & Services 1,698,000
Other Miscellaneous Expense 392,000
Insurance & Tax 170,000
Bad debt expense 265,000
Bank/Collection Costs 58,000
Transportation Cost 11,000
Depreciation/Amortization 379,000
Corp. Cost to COS (685,000)
------------
Selling, general & admin expenses 6,758,000
Gain on sale of assets 11,000
Restructuring Charges 252,000
------------
Income from operations 11,408,000
Interest Expense 6,421,000
Equity in earnings of JV & non-debtor subs (329,000)
Other Income & (Expense) (21,000)
Professional Fees 1,497,000
Provision/(Gains) - Rejected Contracts -
Bankruptcy Filing Fees -
Other Expense (Income) 67,000
Debt Adjustment Gain/Loss -
------------
Reorganization Expense (Income) 1,564,000
------------
Income before Tax 3,072,000
Tax Provision -
------------
Net Income $3,072,000
============
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.
27; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
INTERSTATE BAKERIES: Posts $15MM Net Loss for Period Ended July 29
------------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended July 29, 2006
REVENUE
Gross Income $219,081,731
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 57,228,565
Direct & Indirect Labor 42,825,641
Overhead & Production Administration 12,232,961
------------
Total Cost of Goods Sold 112,287,167
------------
Gross Profit $106,794,564
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries $52,176,556
Advertising and Marketing 1,768,044
Insurance (Property, Casualty, & Medical) 12,037,074
Payroll Taxes 4,492,928
Lease and Rent 3,017,862
Telephone and Utilities 1,030,016
Corporate Expense (Including Salaries) 6,192,800
Other Expenses 29,571,219
------------
Total Operating Expenses 110,286,499
------------
EBITDA (3,491,935)
Restructuring & Reorganization Charges 2,586,356
Depreciation and Amortization 5,437,455
Abandonment -
Other( Income)/Expense (615)
Gain/Loss Sale of Property -
Interest Expense 3,850,696
------------
Operating Income (Loss) (15,365,827)
Income Tax Expense (Benefit) (318,084)
------------
Net Income (Loss) ($15,047,743)
============
CURRENT ASSETS
Accounts Receivable at end of period $141,651,814
Increase (Dec.) in Accounts Receivable (9,366,954)
Inventory at end of period 65,786,839
Increase (Decrease) in Inventory for period 135,302
Cash at end of period 72,941,876
Increase (Decrease) in Cash for period (1,531,538)
Restricted Cash 88,300,821
Increase (Dec.) in Restricted Cash for period 1,846,889
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise 11,386,732
Increase (Decrease) in Liabilities
Subject to Compromise (13,231,414)
Taxes payable:
Federal Payroll Taxes 9,385,575
State/Local Payroll Taxes 2,634,626
State Sales Taxes 802,825
Real Estate and Personal Property Taxes 12,131,299
Other 4,793,893
------------
Total Taxes Payable $29,748,218
============
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately 32,000
in 54 bakeries, more than 1,000 distribution centers and 1,200
thrift stores throughout the U.S. The Company and seven of its
debtor-affiliates filed for chapter 11 protection on September 22,
2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric Ivester, Esq.,
and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. When
the Debtors filed for protection from their creditors, they listed
$1,626,425,000 in total assets and $1,321,713,000 (excluding the
$100,000,000 issue of 6.0% senior subordinated convertible notes
due August 15, 2014 on August 12, 2004) in total debts.
(Interstate Bakeries Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
MIRANT CORP: Files Amended Post-Confirmation Quarterly Report
-------------------------------------------------------------
On August 30, 2006, Mirant amended its Post-Confirmation
Quarterly Operating Report ending March 31, 2006, to reflect
changes in the Cash Receipts from Other Sources, net; Total Cash
Receipts, net; Other Disbursements; and Total Disbursements this
Quarter.
Mirant Corporation
Post Confirmation Quarterly Bank Reconcilement
For the Quarter Ending March 31, 2006
Quarter Ending:
Bank Reconciliations
Balance Per Bank Statement at
Bank of America, Acct. No.3751745682 $0
Add: Total Deposits Not Credited
Subtract: Outstanding Checks
Other Reconciling Items
Month End Balance Per Books 0
Number of Last Check Written
Cash: Currency on Hand
-------------
Total Cash - End of Month 0
Cash In:
Investment Accounts
-------------
Total Cash Investments 0
-------------
Total Cash $0
-------------
Angela Nagy, Mirant's vice president and assistant controller,
notes the Company was transferred to a trust effective
Jan. 3, 2006.
Mirant Corporation
Post Confirmation Quarterly Operating Report
For the Quarter Ending March 31, 2006
Beginning of Quarter Cash Balance: $349,848,503
Cash Receipts:
Cash Receipts During Current Quarter:
Cash receipts from business operations
Cash receipts from loan proceeds
Cash receipts from contributed capital
Cash receipts from tax refunds
Cash receipts from other sources (349,848,503)
-------------
Total Cash Receipts ($349,848,503)
-------------
Cash Disbursements:
Payments Made Under The Plan:
Administrative
Secured Creditors
Priority Creditors
Unsecured Creditors
Additional Plan Payments
Other Payments Made this Quarter:
General Business
Other Disbursements 0
-------------
Total Disbursements this Quarter 0
-------------
Cash Balance End of Quarter $0
-------------
Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE: MIR)
-- http://www.mirant.com/-- is an energy company that produces
and sells electricity in North America, the Caribbean, and the
Philippines. Mirant owns or leases more than 18,000 megawatts of
electric generating capacity globally. Mirant Corporation filed
for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex. 03-
46590), and emerged under the terms of a confirmed Second Amended
Plan on Jan. 3, 2006. Thomas E. Lauria, Esq., at White & Case
LLP, represented the Debtors in their successful restructuring.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts. The
Debtors emerged from bankruptcy on Jan. 3, 2006. (Mirant
Bankruptcy News, Issue No. 105; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
MIRANT CORP: MAGi Files Amended Post-Confirmation Quarterly Report
------------------------------------------------------------------
Mirant Americas Generation, LLC, filed on August 30, 2006, an
amended Post Confirmation Quarterly Report to correct entries in
the Cash Receipts from Other Sources, net; Total Cash Receipts,
net; Other Disbursements; and Total Disbursements this Quarter.
Mirant Americas Generation, LLC
Post Confirmation Quarterly Bank Reconcilement
For the Quarter Ending March 31, 2006
QUARTER ENDING:
Bank Reconciliations
Balance Per Bank Statement at
Bank of America, Acct. No. 3751381897 $33,056
Add: Total Deposits Not Credited
Subtract: Outstanding Checks
Other Reconciling Items
Month End Balance Per Books 33,056
Number of Last Check Written
Cash: Currency on Hand
-----------
Total Cash - End of Month 33,056
Cash In:
Investment Accounts
Merrimac Funds -
Federated Investments 13,729,575
-----------
Total Cash Investments 13,729,575
-----------
Total Cash $13,762,631
-----------
Mirant Americas Generation, LLC
Post Confirmation Quarterly Operating Report
For the Quarter Ending March 31, 2006
Beginning of Quarter Cash Balance: $129,224,331
Cash Receipts:
Cash Receipts During Current Quarter:
Cash receipts from business operations
Cash receipts from loan proceeds
Cash receipts from contributed capital
Cash receipts from tax refunds
Cash receipts from other sources (99,909,542)
-----------
Total Cash Receipts (99,909,542)
Cash Disbursements:
Payments made under the Plan:
Administrative
Secured Creditors
Priority Creditors
Unsecured Creditors 15,552,158
Additional Plan Payments
Other Payments made this Quarter:
General Business
Other Disbursements 0
-----------
Total Disbursements this Quarter 15,552,158
-----------
Cash Balance End of Quarter $13,762,631
-----------
Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE: MIR)
-- http://www.mirant.com/-- is an energy company that produces
and sells electricity in North America, the Caribbean, and the
Philippines. Mirant owns or leases more than 18,000 megawatts of
electric generating capacity globally. Mirant Corporation filed
for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex. 03-
46590), and emerged under the terms of a confirmed Second Amended
Plan on Jan. 3, 2006. Thomas E. Lauria, Esq., at White & Case
LLP, represented the Debtors in their successful restructuring.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts. The
Debtors emerged from bankruptcy on Jan. 3, 2006. (Mirant
Bankruptcy News, Issue No. 105; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
OWENS CORNING: Files Monthly Operating Report for June 2006
-----------------------------------------------------------
Owens Corning
Unaudited Balance Sheet
As of June 30, 2006
(In Thousands)
Current Assets:
Cash and cash equivalents $1,084,657
Receivables 469,790
Receivables - intercompany 1,066,243
Inventories, net of LIFO reserve 216,251
Insurance for asbestos litigation claims -
Deferred income taxes -
Income tax receivable 926
Other current assets 27,436
----------
Total Current Assets 2,865,303
Other Assets:
Insurance for asbestos litigation claims 70,095
Restricted cash 203,817
Restricted cash and securities - Fibreboard -
Deferred income taxes 1,653,028
Goodwill 48,568
Investment in affiliates 34,627
Investment in subsidiaries 2,022,050
Notes receivable - intercompany 5,270
Other non-current assets 387,832
----------
Total Other Assets 4,425,287
Plant & Equipment:
Land 34,252
Buildings & leasehold improvements 553,011
Machinery & equipment 2,222,739
Construction in progress 132,696
Less: Accumulated Depreciation 1,611,702
----------
Net Plant & Equipment 1,330,996
----------
TOTAL ASSETS $8,621,585
==========
Liabilities not Subject to Compromise:
Accounts payable & accrued liabilities $587,974
Accrued postpetition interest 890,037
Intercompany liabilities 1,257,409
Short-term debt -
Long-term debt - current portion 1,367
----------
Total Current Liabilities 2,736,787
Long-Term Debt 9,143
Other:
Other employee benefits liability 241,135
Pension plan liability 577,272
Other liability 185,761
----------
Total Non-Current Liabilities 1,004,168
----------
Total Postpetition Liabilities 3,750,098
Prepetition Liabilities:
Accounts payable and accrued liabilities 265,342
Other employee benefits liability 175,175
Pension plan liability -
Debt - US bank credit facility 1,450,986
Debt - bonds & other 1,500,697
Asbestos-related liability 6,166,734
Intercompany 2,452,666
Other -
----------
Total Prepetition Liabilities 12,011,600
----------
Total Liabilities 15,761,698
Minority Interest -
Stockholder's Equity:
Common stock 697,252
Deficit (7,491,467)
Accumulated Comprehensive Loss (5,301)
Other (340,597)
----------
Net Stockholder's Equity (7,140,113)
----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $8,621,585
==========
Owens Corning
Unaudited Statement of Operations
For the Month Ended June 30, 2006
(In Thousands)
Net sales $402,620
Cost of Sales 330,808
--------
Gross Margin 71,811
Operating Expenses:
Marketing & administrative expenses 33,526
Science & technology expenses 2,629
Provision for asbestos litigation claims -
Insider compensation 823
Restructure costs -
Other (913)
--------
Income from Operations 35,747
Other Expenses:
Cost of borrowed funds 88,962
Other -
--------
Income Before Reorganization Items 53,215
Reorganization Items:
Professional fees 8,649
U.S. Trustee quarterly fees 13
Interest earned on accum. cash from Chapter 11 (2,831)
Contract rejection 585
(Gain) Loss from sale of equipment -
(Gain) Loss from settlement of liabilities -
Other reorganization expenses 2,097
--------
Total Reorganization Expenses 8,512
--------
Income (Loss) Before Income Taxes (61,727)
Provision (Credit) for Income Taxes (221,674)
--------
Income (Loss) Before Minority Interest and Equity
in Net Income (Loss) of Affiliates 159,947
Minority interest -
Equity in net income (loss) of affiliates 161
--------
Net Income (Loss) $160,108
========
Owens Corning
Unaudited Statement of Cash Receipts & Disbursements
For the Month Ended June 30, 2006
(In Thousands)
Cash, beginning of month $1,010,232
Receipts:
Customer receipts 380,408
Intercompany sales 29,343
Loans & advances -
Sale of assets -
Other receipts 13,653
Intercompany transfers 111,445
Transfers from DIP 247,726
----------
Total Receipts 782,575
Disbursements:
Net payroll 33,145
Payroll taxes -
Sales use & other taxes 5,142
Inventory purchases 155,310
Insurance 1,723
Administrative & selling 67,735
Other 109,584
Intercompany transfers 83,618
Transfers to DIP 247,726
Professional Fees 4,167
U.S. Trustee Quarterly Fees -
Court costs -
Adjustment -
----------
Total Disbursements 708,150
----------
Net Cash Flow 74,425
----------
Cash, end of month $1,084,657
==========
Owens Corning (OTC: OWENQ.OB) -- http://www.owenscorning.com/--
manufactures fiberglass insulation, roofing materials, vinyl
windows and siding, patio doors, rain gutters and downspouts.
Headquartered in Toledo, Ohio, the Company filed for chapter 11
protection on Oct. 5, 2000 (Bankr. Del. Case. No. 00-03837).
Norman L. Pernick, Esq., at Saul Ewing LLP, represents the
Debtors. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered,
represents the Official Committee of Asbestos Creditors. James J.
McMonagle serves as the Legal Representative for Future Claimants
and is represented by Edmund M. Emrich, Esq., at Kaye Scholer LLP.
(OWENS CORNING Bankruptcy News, Issue No. 143; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
REFCO INC: Files Monthly Operating Report for August 2006
---------------------------------------------------------
In lieu of comprehensive financial statements, Refco, Inc., and
its debtor-affiliates delivered to the Bankruptcy Court a
statement of their cash receipts and disbursements for the period
from August 1 to 31, 2006.
Peter F. James, controller, reports that the company held a
$1,513,232,000 cash balance at the start of the reporting period.
The Debtor then received $23,513,000 and disbursed $17,630,000 in
cash. The Debtor's ending cash balance totals $1,519,115,000.
As paying agent for certain non-debtors and Refco, LLC, the
Debtors disbursed approximately $5,700,000. In addition, around
$1,200,000 of disbursements by Refco Capital, LLC, that represents
return of proceeds to two Refco entities.
Mr. James discloses that the Debtor paid $3,305,000 in gross
wages, of which $3,1000,000 was paid on behalf of and reimbursed
by the Non-Debtors and Refco LLC. The Debtor also withheld
$1,020,000 in employee payroll taxes, of which $74,000 was
remitted to a third party vendor.
Mr. James states that all taxes due and owing, as well as tax
returns, have been paid and filed for the current period.
The Debtor paid $3,364,000 for professional fees for August, and
$25,315,000 since the Petition Date. The Debtors did not pay
professional fees on Refco LLC's behalf.
Mr. James says all insurance policies are fully paid for the
current period, including amounts owed for workers' compensation
and disability insurance.
A full-text copy of the Debtor's August 2006 Monthly Statement is
available at no charge at http://ResearchArchives.com/t/s?129b
About Refco Inc.
Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in 14
countries and an extensive global institutional and retail client
base. Refco's worldwide subsidiaries are members of principal
U.S. and international exchanges, and are among the most active
members of futures exchanges in Chicago, New York, London and
Singapore. In addition to its futures brokerage activities, Refco
is a major broker of cash market products, including foreign
exchange, foreign exchange options, government securities,
domestic and international equities, emerging market debt, and OTC
financial and commodity products. Refco is one of the largest
global clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc A.
Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents
the Official Committee of Unsecured Creditors. Refco reported
$16.5 billion in assets and $16.8 billion in debts to the
Bankruptcy Court on the first day of its chapter 11 cases.
Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is
a regulated commodity futures company that has businesses in the
United States, London, Asia and Canada. Refco, LLC, filed for
bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc. Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.
On April 13, 2006, the Court appointed Marc S. Kirschner as Refco
Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner is
represented by Bingham McCutchen LLP. RCM is Refco's operating
subsidiary based in Bermuda.
Three more affiliates of Refco, Westminster-Refco Management LLC,
Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed
for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case
Nos. 06-11260 through 06-11262). (Refco Bankruptcy News, Issue
No. 42; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
*********
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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, Shimero Jainga, Joel Anthony G. Lopez,
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Cherry A. Soriano-Baaclo, Christian Q. Salta, Jason A. Nieva,
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Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9474.
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