/raid1/www/Hosts/bankrupt/TCR_Public/061111.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, November 11, 2006, Vol. 10, No. 269
Headlines
CATHOLIC CHURCH: Portland Files Operating Report for Sept. 2006
CATHOLIC CHURCH: Spokane Files Sept. 2006 Monthly Operating Report
DELTA AIRLINES: Posts $6 Million Net Loss in September 2006
FLYI INC: Posts $445,897 Net Loss in September 2006
FLYI INC: Independence Air Earns $8 Million in September 2006
MERIDIAN AUTOMOTIVE: Posts $26.3 Million Net Loss in Sept. 2006
REFCO INC: Files Schedules of Assets and Liabilities
REFCO INC: Refco LLC Files Sept. 2006 Monthly Operating Report
ROWE COMPANIES: Earns $613,283 for Fiscal Year September 2006
SAINT VINCENTS: Files September 2006 Monthly Operating Report
SONICBLUE INC: Files September 2006 Monthly Operating Report
SOLUTIA INC: Posts $10 Million Net Loss in September 2006
THAXTON GROUP: Posts $83.9 Mil. Cumulative Net Loss in Sept. 2006
VESTA INSURANCE: Files September 2006 Monthly Operating Report
VEST INSURANCE: Gaines Files Sept. 2006 Monthly Operating Report
WINN-DIXIE: Posts $18 Mil. Net Loss in Period Ended October 18
*********
CATHOLIC CHURCH: Portland Files Operating Report for Sept. 2006
---------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of September 30, 2006
ASSETS
Cash and cash equivalents $16,739,073
Accounts receivable, net 5,255,332
Notes, estates and other receivables 12,514,853
Loans receivable from Archdiocesan entities, net 6,590,510
Loans receivable from Archdiocesan housing entities 543,159
Interest receivable and other assets 276,423
Inventories 1,665,893
Real Property 226,688
Deposits and prepaid expenses 30,434
Investments 98,994,917
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,334,511
--------------
Total Assets $151,811,793
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable 822,302
Accrued liabilities 2,172,196
Funds held for others
Second Collections (12)
Short-term investments payable 12,708,355
Long-term pool investments payable 18,277,833
Reserve for insurance claims 2,343,946
Notes payable 10,699,698
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities $55,087,850
--------------
Postpetition
Accounts payable 770,968
Accrued liabilities 5,017,770
Funds held for others
Second Collections 242,395
Short-term investments payable 3,733,484
Long-term pool investments 5,631,081
Reserve for insurance claims 460,648
Notes payable -
Pre-need liability and reserve 22,326
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 16,283,193
--------------
Total Liabilities 71,371,043
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,962,363
Other Assets (3,572,602)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 8,142,723
Other Assets 5,908,266
--------------
Total Postpetition Net Assets 14,050,989
--------------
Total Net Assets 80,440,750
--------------
Total liabilities & net assets $151,811,793
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending September 30, 2006
Revenues, gains and other support
Annual Catholic Appeal income $673
Gross profit on cemetery sales 85,251
Contributions, gifts, annuities and bequests 41,067
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 212,992
Change in unrealized gains (losses) 1,384,059
Insurance premiums, net (63,603)
Interest income from loans 36,695
Parish assessments 260,689
Other income 65,682
Departmental revenues 40,256
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 2,063,761
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 334,656
Clergy Services 38,376
Catholic Schools 41,971
Pastoral Services 39,319
Evangelization Services 40,452
Public Services 9,700
Tribunal Services 17,522
Deposit and loan interest 160,386
Insurance program 646,506
Cemetery operating expenses 181,573
High School grants/charitable annuities 22,393
Other program expenses 74,403
--------------
Total program services $1,607,257
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 47,588
Finance & Administration:
Resource Development 56,983
Business Affairs 9,754
Financial Services 62,185
Human Resources 28,768
Shared Services 17,412
Occupancy and physical plant expenses 7,641
Designated funds expense 14,001
Bankruptcy expense 333,263
Depreciation expense -
--------------
Total supporting services 577,595
--------------
Total expenses and program support 2,184,852
--------------
Increase (decrease) in net assets before
transfers and designations of net assets (121,091)
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets (121,091)
Net assets at beginning of year 80,561,841
--------------
Net assets at end of year $80,440,750
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending September 30, 2006
Beginning Cash Balance: $15,089,694
Add:
Transfers in 353,445
Receipts Deposited 4,484,007
Other (Return of Direct Deposits) -
Other -
Other (Interest Income) 69,062
--------------
Total Cash Receipts 4,906,514
Subtract:
Transfers out (353,445)
Disbursements by check or debit (2,898,580)
Cash withdrawn -
Other (Service Charges) (2,825)
Other (Misc Check Correction) -
Other (NSF Checks) (2,825)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (3,257,135)
--------------
Ending Cash Balance $16,739,073
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. Albert N. Kennedy, Esq., at Tonkon Torp, LLP, represents
the Official Tort Claimants Committee in Portland, and scores of
abuse victims are represented
by other lawyers. David A. Foraker serves as the Future Claimants
Representative appointed in the Archdiocese of Portland's Chapter
11 case. In its Schedules of Assets and Liabilities filed with
the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities. (Catholic
Church Bankruptcy News, Issue No.
70; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
CATHOLIC CHURCH: Spokane Files Sept. 2006 Monthly Operating Report
------------------------------------------------------------------
Catholic Diocese of Spokane
Balance Sheet
As of September 30, 2006
ASSETS
Total Cash Accounts $2,579,934
Total Transfer Account 211,389
Total Investments 4,074,109
Total Property 495,004
Total Loans Receivable 2,696,745
Total Interfund Loan Receivable 217,913
Total Accounts Receivable 81,507
Total Land and Buildings & Equipment 2,502,815
Total Prepaid Expenses 26,815
--------------
Total Assets $12,886,231
==============
LIABILITIES AND NET ASSETS
Liabilities
Total Deposits Payable 9,986,367
Total Interest Payable 0
Total Accounts Payable 30,720
Total Long-term Liabilities 9,269,297
Net Assets
Total Unrestricted - Fund Balance (19,631,629)
Total Unrestricted Net Assets (19,631,629)
T.R. - Guse Grant Funds 369,350
T.R. - Bishop's School Grants Funds 72,411
Total Replacement Fund 10,578,273
Total Diocesan D&L Funding 2,176,115
Total Guatemala Funds 607,088
Temporarily Restricted -
[Unknown Adjustment to Plant Fund] [(130,000)]
--------------
Total liabilities & net assets $12,886,231
==============
Catholic Diocese of Spokane
Income and Expense Statement
For the month ending September 30, 2006
Total Income $257,160
Total Expenses 556,109
--------------
Net Excess or Deficit $298,949
==============
The Diocese of Spokane's Statement of Cash Receipts and
Disbursements for September 2006 shows ending balance of
$2,542,125. Cash receipts for the period total $288,882, while
disbursements total $60,441.
A full-text copy of the Diocese's September 2006 operating report
is available for free at http://ResearchArchives.com/t/s?149e
The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 72; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
DELTA AIRLINES: Posts $6 Million Net Loss in September 2006
-----------------------------------------------------------
Delta Air Lines, Inc.
Unaudited Consolidated Balance Sheets
As of September 31, 2006
ASSETS
Current Assets:
Cash and cash equivalents $2,283,000,000
Short-term investments $525,000,000
Restricted cash 1,021,000,000
Accounts receivable, net of an allowance for
uncollectible accounts of $38 999,000,000
Expendable parts and supplies inventories, net
of an allowance for obsolescence of $176 178,000,000
Prepaid expenses and other 875,000,000
---------------
Total current assets 5,881,000,000
Property And Equipment:
Flight equipment 17,819,000,000
Accumulated depreciation (6,608,000,000)
---------------
Flight equipment, net 11,211,000,000
Ground property and equipment 4,666,000,000
Accumulated depreciation (2,898,000,000)
---------------
Ground property and equipment, net 1,768,000,000
Flight and ground equipment
under capital leases 466,000,000
Accumulated amortization (130,000,000)
---------------
Flight and ground equipment
under capital leases, net 336,000,000
---------------
Advance payments for equipment 56,000,000
---------------
Total property and equipment, net 13,371,000,000
Other Assets:
Goodwill 227,000,000
Operating rights and other intangibles,
net of accumulated amortization of $193 70,000,000
Other non-current assets 1,132,000,000
---------------
Total other assets 1,429,000,000
---------------
Total assets $20,681,000,000
===============
Liabilities And Shareowners' Deficit
Current Liabilities:
Current maturities of long-term debt
and capital leases $1,359,000,000
Accounts payable, deferred credits
and other accrued liabilities 1,756,000,000
Air traffic liability 2,053,000,000
Taxes payable 537,000,000
Accrued salaries and related benefits 408,000,000
---------------
Total current liabilities 6,113,000,000
Non-current Liabilities:
Long-term debt and capital leases 6,422,000,000
Deferred revenue and other credits 326,000,000
Other 748,000,000
---------------
Total non-current liabilities 7,496,000,000
Liabilities Subject To Compromise 20,943,000,000
Commitments And Contingencies
Shareowners' Deficit:
Common stock:
$0.01 par value; 900,000,000 shares
authorized; 202,081,648 shares issued 2,000,000
Additional paid-in capital 1,561,000,000
Accumulated deficit (12,433,000,000)
Accumulated other comprehensive loss (2,777,000,000)
Treasury stock at cost, 4,745,710 shares (224,000,000)
---------------
Total shareowners' deficit (13,871,000,000)
---------------
Total liabilities and shareowners' deficit $20,681,000,000
===============
Delta Air Lines, Inc.
Unaudited Consolidated Statement of Operations
For the Month Ended September 30, 2006
Operating Revenues:
Passenger:
Mainline $908,000,000
Regional affiliates 301,000,000
Cargo 41,000,000
Other, net 98,000,000
---------------
Total operating revenues 1,348,000,000
Operating Expenses:
Aircraft fuel 387,000,000
Salaries and related costs 326,000,000
Contract carrier arrangements 235,000,000
Depreciation and amortization 98,000,000
Contracted services 95,000,000
Landing fees and other rents 64,000,000
Passenger commissions and
other selling expenses 62,000,000
Aircraft maintenance materials and
outside repairs 58,000,000
Passenger service 28,000,000
Aircraft rent 18,000,000
Restructuring, asset writedowns, pension
settlements and related items, net (4,000,000)
Other 58,000,000
---------------
Total operating expenses 1,425,000,000
---------------
Operating Income (77,000,000)
---------------
Other Income (Expense):
Interest expense (contractual interest
expense equals $94 for the month ended
September 30, 2006) (69,000,000)
Interest income 2,000,000
Miscellaneous, net (13,000,000)
---------------
Total other expense, net (80,000,000)
---------------
Loss Before Reorganization Items, Net (157,000,000)
Reorganization Items, Net 128,000,000
---------------
Loss Before Income Taxes (29,000,000)
Income Tax Benefit 23,000,000
---------------
NET LOSS ($6,000,000)
===============
Delta Air Lines, Inc.
Unaudited Consolidated Statements of Cash Flows
For the Month ended September 30, 2006
Cash Flows From Operating Activities $145,000,000
Cash Flows From Investing Activities:
Property and equipment additions:
Flight equipment, including
advance payments (29,000,000)
Ground property and equipment (8,000,000)
Proceeds from sale of flight equipment 6,000,000
Increase in restricted investments, net (1,000,000)
Decrease in restricted cash (169,000,000)
---------------
Net cash provided by investing activities (201,000,000)
Cash Flows From Financing Activities:
Payments on long-term debt and
capital lease obligations (102,000,000)
---------------
Net cash used by financing activities (102,000,000)
---------------
Net increase in cash and cash equivalents (158,000,000)
Cash & cash equivalents at beginning of period 2,441,000,000
Cash & cash equivalents at end of period $2,283,000,000
Headquartered in Atlanta, Georgia, Delta Air Lines
-- http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities. (Delta Air Lines
Bankruptcy News, Issue No. 48; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
FLYI INC: Posts $445,897 Net Loss in September 2006
---------------------------------------------------
FLYi, Inc.
Consolidated Balance Sheet
As of September 30, 2006
ASSETS
Current assets:
Cash $1,215,824
Short-term investments -
Net accounts receivable 379,627,803
IC Notes receivable 4,252,000
-------------
Total Current Assets 385,095,627
-------------
Other assets:
Long term investments 7,435,000
Other assets 4,055,412
-------------
Total Other Assets 21,490,412
-------------
TOTAL ASSETS $406,586,039
=============
LIABILITIES AND OWNER EQUITY
Liabilities subject to compromise (prepetition:
Security debt -
Priority debt -
Unsecured debt $250,932,836
-------------
Total Prepetition Liabilities 250,932,836
-------------
Owner Equity:
Common stock 1,088,716
Additional paid in capital 158,254,512
Treasury stock (35,717,477)
Prepetition retained earnings 39,858,773
Postpetition retained earnings (7,831,321)
-------------
Net Owner Equity 155,653,203
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $406,586,039
=============
FLYi, Inc.
Statement of Operations
September 2006
Revenues:
Operating expense $1,120
Net profit (loss) before other income & expenses (1,120)
Other (income) expenses:
Interest income (4,468)
Interest expense 20,833
-------------
Total other (income) expense 16,365
Net profit (loss) before reorganization items (17,485)
Reorganization items:
Professional fees 428,412
-------------
Total reorganization expenses 428,412
Income taxes -
-------------
Net profit (loss) ($445,897)
Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000. (FLYi Bankruptcy News, Issue No. 27; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
FLYI INC: Independence Air Earns $8 Million in September 2006
-------------------------------------------------------------
Independence Air, Inc.
Consolidated Balance Sheet
As of September 30, 2006
ASSETS
Current assets:
Cash $45,396,592
Short term investments 103,348,430
Restricted cash 1,576,897
Net accounts receivable 98,281,493
Net expandable parts and fuel 62,636
Net prepaid expenses 5,348,106
Deferred tax asset (1)
-------------
Total current assets 254,014,153
-------------
Other assets:
Restricted cash 14,246,169
Aircraft deposits 12,662,000
Other assets 419,643
-------------
Total other assets 27,327,812
-------------
TOTAL ASSETS $281,341,965
=============
LIABILITIES
Liabilities not subject to compromise:
Accounts payable $4,006,849
Air traffic liability 833,822
Accrued liabilities 2,009,235
Amounts due to insiders 76,250
-------------
Total Postpetition Liabilities 6,926,156
-------------
Liabilities subject to compromise:
Secured debt 1,063,006
Priority debt 10,441,310
Unsecured debt 391,821,067
Other accruals 15,898,125
-------------
Total prepetition liabilities 419,223,509
-------------
Total Liabilities 426,149,665
-------------
Owner Equity:
Capital stock -
Treasury stock 7,435,000
Prepetition retained earnings (deficit) (243,575,613)
Postpetition retained earnings (deficit) 91,332,914
-------------
Net Owner Equity (144,807,700)
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $281,341,965
=============
Independence Air, Inc.
Statement of Operations
September 2006
Revenues $15,260
Operating expenses:
Insider compensation 8,333
Wages 95,441
Fringes and benefits (2,054,251)
Aircraft fuel (566)
Aircraft maintenance and materials (65,493)
Facilities rents (141,791)
Landing fees (46,018)
Others 708,407
Retirement & restructuring charge 397,945
-------------
Total operating expense (1,097,994)
-------------
Net operating income (loss) 1,113,254
-------------
Net Profit (Loss) before other income & expenses 1,113,254
-------------
Other (income) expense
Interest income (641,000)
Interest expense 3,876
Other miscellaneous (6,697,850)
-------------
Total other (income) expense (7,334,974)
-------------
Net profit (loss) before reorganization items 8,448,228
-------------
Reorganization items:
Professional fees 428,412
-------------
Net profit (loss) $8,019,816
Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000. (FLYi Bankruptcy News, Issue No. 27; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
MERIDIAN AUTOMOTIVE: Posts $26.3 Million Net Loss in Sept. 2006
---------------------------------------------------------------
Meridian Automotive Systems - Composites
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of September 30, 2006
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $84,115
Intercompany receivable 15,616
Inventories 63,787
Tooling costs in excess of billings and others 30,837
----------
TOTAL CURRENT ASSETS 194,355
----------
Property, plant and equipment, net 204,493
Intangible assets 15,196
Investment in subsidiaries 23,863
Other assets 8,277
----------
TOTAL ASSETS $446,184
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Current portion of long term debt $57,722
Accounts payable 51,953
Accrued expenses 40,273
Tooling billings in excess of costs 7,386
----------
TOTAL CURRENT LIABILITIES 157,334
----------
Liabilities subject to compromise 805,010
Non-Current Liabilities Not Subject to Compromise:
Other long-term liabilities 8,782
Accumulated post-retirement benefit obligation 23,455
----------
TOTAL LIABILITIES 994,581
SHAREHOLDERS' EQUITY (548,397)
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $446,184
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operations
September 1 to 30, 2006
(In Thousands)
Net sales $59,745
Cost of sales 61,795
----------
Gross profit (2,050)
Selling, general and administrative expenses 2,935
Restructuring charges 2,532
----------
Operating income (loss) (7,517)
Interest expense, net 9,209
Other (expense) income 29
Chapter 11 and related reorganization items 9,641
----------
Loss before provision for income taxes (26,338)
(Benefit) Provision for income taxes (12)
----------
NET LOSS ($26,326)
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
September 1 to 30, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($26,326)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization, and impairment 7,409
Change in working capital and other operating
items 6,061
----------
Net cash provided by (used for) operating
activities before reorganization items (12,856)
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items 9,641
Payments on Chapter 11 and related reorg items (2,215)
----------
Net cash provided by Chapter 11 and related
reorg items 7,426
Net cash provided by (used for) operating
activities (5,430)
INVESTING ACTIVITIES:
Additions to property and equipment (365)
Proceeds from sale or property and equipment 695
----------
Net cash used for investing activities 330
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 17,200
Repayments of DIP credit facility (12,100)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized -
----------
Net cash (used for) provided by financing activities 5,100
----------
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. 43;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
REFCO INC: Files Schedules of Assets and Liabilities
----------------------------------------------------
A. Real property $0
B. Personal property
B.1 Cash on hand $0
B.2 Bank accounts
Wachovia $1,453,675
B.14 Interests in partnerships
IDS Managed Futures Fund II 15,766
IDS Managed Futures Fund I 52,446
JWH Global Trust 2,402,075
B.16 Accounts receivable
JWH Global Trust 72,350
Refco Capital, L.L.C. 108,208
Refco, LLC 2,591,446
B.35 Other personal property
Computer and office equipment Undetermined
TOTAL SCHEDULED ASSETS $6,695,967
C. Property claimed as exempt Not applicable
D. Secured claims $0
E. Unsecured Priority Claims undetermined
F. Unsecured non-priority claims
Accounts Payable:
IDS Futures Corp. $34,235
Manpower Professionals 3,808
Marjorie Bartelli 2,675
Sungard Investment Systems 51,450
Wachovia Securities 14,043
Litigation Claim:
Gary L. Franzen Undetermined
TOTAL SCHEDULED LIABILITIES $106,211
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 US$16.5 billion in assets and US$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 Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436). (Refco Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
REFCO INC: Refco LLC Files Sept. 2006 Monthly Operating Report
--------------------------------------------------------------
Albert Togut, the Chapter 7 trustee appointed to oversee the
liquidation of Refco, LLC's estate, a debtor-affiliates of Refco
Inc., filed with the U.S. Bankruptcy Court for the Southern
District of New York a monthly statement of cash receipts and
disbursements for the period from September 1 to 30, 2006.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of September 1 totals $788,569,000. The Debtor's beginning
purchase price account balance totals $55,189,000 and its
beginning capital account "A" balance totals $733,380,000.
The purchase price account includes activity related to Man
Financial sale proceeds and related disbursements. Capital
account "A" includes activity related to collection of excess
capital.
Refco LLC received $1,399,000 in cash and disbursed $5,281,000.
The Debtor held $784,687,000 at the end of the period.
The Chapter 7 Trustee prepared the Monthly Statement in lieu of
comprehensive financial statements.
A full-text copy of Refco LLC's September 2006 Monthly Statement
is available at no charge at:
http://ResearchArchives.com/t/s?14d1
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 US$16.5 billion in assets and US$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 Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436). (Refco Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
ROWE COMPANIES: Earns $613,283 for Fiscal Year September 2006
-------------------------------------------------------------
Rowe Companies Inc. and its debtor-affiliates filed their monthly
operating report for Sept. 2006 with the United States Bankruptcy
Court for the District of Nebraska on Oct. 27, 2006.
The Debtor reported a net income of $613,283 for the month ended
Sept. 30, 2006.
At Sept. 30, 2006, Rowe Companies Inc. and its debtor-affiliates'
balance sheet showed:
Total Current Assets $27,149,704
Total Assets $43,235,315
Total Liabilities $82,174,570
Total Shareholders' Deficit $38,939,255
A full-text copy of Rowe Companies Inc.'s September 2006 Monthly
Operating Report is available at no charge at
http://ResearchArchives.com/t/s?14c9
Headquartered in McLean, Virginia, The Rowe Companies
-- http://www.therowecompanies.com/-- manufactures
upholstered retail home and office furniture, interior
decorations, tableware, lighting fixtures, and other interior
design accessories. The company owns 100% of stock of
manufacturing and retail subsidiaries, Rowe Furniture
-- http://www.rowefurniture.com/-- and Storehouse, Inc.
-- http://www.storehousefurniture.com/
The company and its two of its debtor-affiliates filed for chapter
11 protection on Sept. 18, 2006 (Bank. E.D. Va. Case Nos. 06-11142
to 06-11144). Dylan G. Trache, Esq., H. Jason Gold, Esq., and
Valerie P. Morrison, Esq., at Wiley Rein & Fielding LLP, represent
the Debtors. When the Debtors filed for protection from their
creditors, The Rowe Companies listed total assets of $130,779,655
and total debts of $93,262,974; Rowe Furniture estimated assets
between $50 million and $100 million and debts between $10 million
and $50 million; and Storehouse, Inc. estimated assets and debts
between $10 million and
$50 million. The Debtors' exclusive period to file a
chapter 11 plan expires on Jan. 16, 2007.
SAINT VINCENTS: Files September 2006 Monthly Operating Report
-------------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of September 30, 2006
ASSETS
Cash & Cash Equivalents $25,716,405
Investments -
Patients Accounts Receivable, less allowance for
doubtful accounts 154,506,002
Accounts Receivable 47,081,995
Other Current Assets 47,105,218
Assets Held for Sale 82,966,169
--------------
Total Current Assets 357,375,789
Depreciation Reserve Funds & Collaterized Assets 8,710,324
Assets Designated for Self-Insurance
Investments at Market 43,859,346
Assets whose use is limited -
Investments at Market 54,627,574
Other Non-Current Assets 17,009,567
Land, Buildings & Equipment, net of
Accumulated Depreciation 133,981,089
--------------
Total Assets $615,563,689
==============
LIABILITIES AND NET ASSETS
Liabilities Not Subject to Compromise:
Long-Term Debt 106,034,809
Long-term Debt (GE) 169,000,000
Accounts Payable & Accrued Expenses 128,683,742
Accrued Salaries and Payroll Taxes Withheld 44,445,895
Estimated Retroactive Payables to
Third Parties, net 89,560,187
Other Non-current Liabilities 38,351,876
Liabilities Held for Sale 38,978,796
--------------
Total Liabilities Not Subject to Compromise 615,055,305
Liabilities Subject to Compromise:
Liabilities Subject to Compromise 481,131,676
--------------
Total Liabilities Subject to Compromise 481,131,676
--------------
Total Liabilities 1,096,186,981
Net Assets:
Unrestricted (542,985,970)
Temporarily Restricted 37,683,101
Permanently Restricted 24,679,577
--------------
Total Net Assets (480,623,292)
--------------
Total Liabilities & Net Assets $615,563,689
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From September 1 to September 30, 2006
Operating Revenue
Inpatient $66,232,169
Outpatient 29,443,268
--------------
Patient Service Revenue 95,675,437
--------------
Less Provision for Bad Debt 6,373,470
--------------
Net Patient Service Revenue 89,301,967
--------------
Pool Revenue 3,863,271
Capitation 7,644,438
Other 13,165,737
--------------
Total Operating Revenue 113,975,413
Operating Expenses:
Salaries and Wages 48,746,855
Fringe Benefits 13,504,213
Supplies and Other 34,466,988
Insurance 4,049,306
--------------
Total Direct Operating Costs 100,767,362
Salaries and Wages 2,180,530
Fringe Benefits 601,184
Supplies and Other 5,971,465
--------------
Total Corporate Allocated 8,753,179
--------------
Total Operating Expense 109,520,541
--------------
Interest 2,245,602
Depreciation 1,715,853
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items 493,417
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) -
St. Mary's Op Pac Rate Adjustment -
ZBEC/HFE Recoveries -
Restructuring & Bankruptcy Related Costs (2,850,784)
Estimated Close-out of St. Mary's -
Hanys Investment Income (SFS INS) -
Prior Period Ambulance Revenue -
Transfer of Equity Foundation -
--------------
Total Non-Recurring and/or Unusual Items (2,850,784)
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (2,357,367)
--------------
Non-Operating Revenue (820,567)
Change in Temporary Restricted Net Assets (358,271)
--------------
Change in Net Assets ($3,536,205)
--------------
EBITDA $4,454,872
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From September 1 to September 30, 2006
Cash Flows from Operation Activities:
Changes in Net Assets ($3,536,205)
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Depreciation & Amortization 1,715,853
Change in Unrealized Gains & Losses 703,605
Change in Patient's Accounts Receivable (6,975,409)
Change in Accounts Receivables, Other 2,031,630
Change in Prepaid Expenses & Other (391,100)
Change in Other Non-Current Assets 2,973,163
Change in Accounts Payable &
Accrued Exp-Postpetition (13,638,494)
Change in Accrued Salaries & P/R Taxes (6,183,238)
Change in Est. Retro rec/pay
from/to third parties 1,245,420
Change in Other Non-Current Liabilities (1,161,644)
--------------
Net Cash (Used) in Operating Activities (23,216,419)
Cash flows From Investment Activities:
Sale of Investments, Net 3,743,573
Purchase of Assets Whose Use is Limited (623,323)
Acquisition/Sale of Land, Building,
& Equipment (1,503,352)
--------------
Net Cash Provided by Investing Activities 1,616,898
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Loan -
Repayment of Long-term debt (168,236)
--------------
Net Cash (Used) in Financing Activities (168,236)
Net Increase (Decrease)
in Cash & Cash Equivalents (21,767,757)
Cash & Cash Equivalents at Beginning of Month 47,484,161
--------------
Cash & Cash Equivalents at End of the Month $25,716,405
Headquartered in New York, New York, Saint Vincents Catholic
Medical Centers of New York -- http://www.svcmc.org/-- the
largest Catholic healthcare providers in New York State, operate
hospitals, health centers, nursing homes and a home health agency.
The hospital group consists of seven hospitals located throughout
Brooklyn, Queens, Manhattan, and Staten Island, along with four
nursing homes and a home health care agency. The Company and six
of its affiliates filed for chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary
Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will &
Emery, LLP, filed the Debtors' chapter 11 cases. On Sept. 12,
2005, John J. Rapisardi, Esq., at Weil, Gotshal & Manges LLP took
over representing the Debtors in their restructuring efforts.
Martin G. Bunin, Esq., at Thelen Reid & Priest LLP, represents the
Official Committee of Unsecured Creditors.
As of Apr. 30, 2005, the Debtors listed $972 million in total
assets and $1 billion in total debts. (Saint Vincent Bankruptcy
News, Issue No. 38 Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SONICBLUE INC: Files September 2006 Monthly Operating Report
------------------------------------------------------------
SONICblue Inc. filed its monthly operating report for September
2006 with the United States Bankruptcy Court for the District of
Nebraska on Nov. 9, 2006.
The Debtor reported a net loss of $89,941,813 from net sale of
$3,194,424, for the month ended Sept. 30, 2006. Net loss for the
month ended Aug. 31 was $90,136,259.
At Sept. 30, 2006, SONICblue Inc.'s balance sheet showed:
Total Current Assets $78,890,271
Total Assets $78,890,271
Total Liabilities $237,445,803
Total Shareholders' Deficit ($158,555,698)
A full-text copy of SONICblue Inc.'s September 2006
Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?14d0
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. When the
Debtors filed for protection from their creditors, they listed
assets totaling $342,871,000 and debts totaling $335,473,000.
SOLUTIA INC: Posts $10 Million Net Loss in September 2006
---------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated
Financial Position
As of September 30, 2006
ASSETS
Cash $39,000,000
Trade Receivables, net 190,000,000
Account Receivables-Unconsolidated Subsidiaries 46,000,000
Inventories 203,000,000
Other Current Assets 70,000,000
Assets of Discontinued Operations -
--------------
Total Current Assets 548,000,000
Property, Plant and Equipment, net 661,000,000
Investments in Subsidiaries and Affiliates 566,000,000
Intangible Assets, net 100,000,000
Other Assets 59,000,000
--------------
Total Assets $1,934,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts Payable $176,000,000
Short Term Debt 650,000,000
Other Current Liabilities 182,000,000
Liabilities of Discontinued Operations -
--------------
Total Current Liabilities 1,008,000,000
Other Long-Term Liabilities 193,000,000
--------------
Total Liabilities not Subject to Compromise 1,201,000,000
Liabilities Subject to Compromise 2,064,000,000
Shareholders' Deficit (1,331,000,000)
--------------
Total Liabilities & Shareholders' Deficit $1,934,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended September 30, 2006
Total Net Sales $199,000,000
Total Cost Of Goods Sold 182,000,000
--------------
Gross Profit 17,000,000
Total MAT Expense 18,000,000
--------------
Operating Income (Loss) (1,000,000)
Equity Earnings from Affiliates 4,000,000
Interest Expense, net (7,000,000)
Other Income, net 3,000,000
Reorganization Items:
Professional fees (4,000,000)
Employee severance and retention costs -
Other (3,000,000)
--------------
(7,000,000)
--------------
Loss Before Taxes (8,000,000)
Income tax expense (benefit) (2,000,000)
--------------
Net Loss ($10,000,000)
Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications. The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 72; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
THAXTON GROUP: Posts $83.9 Mil. Cumulative Net Loss in Sept. 2006
-----------------------------------------------------------------
The Thaxton Group filed its monthly operating report for the month
of September 2006 with the U.S. Bankruptcy Court for the District
of Delaware on Nov. 3, 2006.
The company reported a cumulative net loss of $83,971,753 on
$161,464,801 of revenue for the period from Oct. 17, 2003 thru
Sept. 30, 2006.
At Sept. 30, 2006, the Company's balance sheet reflects:
Total Assets $100,486,775
Total Liabilities $185,520,423
Stockholders' Equity Deficit ($85,033,648)
A full-text copy of Thaxton Group's September 2006 Monthly
Operating Report is available at no charge at:
http://ResearchArchives.com/t/s?14d2
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.
VESTA INSURANCE: Files September 2006 Monthly Operating Report
--------------------------------------------------------------
Vesta Insurance Group, Inc.
Income Statement
Month ending September 30, 2006
Revenue from Total Sales $0
Less:
Cost of Sales 0
------------
Gross Profit 0
Less:
Operating Expenses 50,228
------------
Net Profit Operations (50,228)
Non-Operating Income (Expenses)
Interest Income 43,202
Legal Expense
------------
Net Profit (Loss) ($7,026)
============
Vesta Insurance Group, Inc.
Schedule of Cash Receipts and Disbursements
Month ending September 30, 2006
Cash On Hand (Beginning) $5,806,657
Cash Receipts:
Accounts Receivable 0
Cash Sales 0
Loan Proceeds 0
Sale of Property 0
Interest 43,202
------------
Total Receipts 43,202
Cash Disbursements:
Financing costs, fees, interest 0
Advertising 0
Automobiles/Vehicles (repair and maintenance) 0
Bank Fees 70
Commissions/Contract Labor 0
Insurance Expense 0
Interest Paid 0
Inventory Purchased 0
Legal Fees 0
Management Fees 20,962
Postage 0
Rent/Lease Payments on Real Estate 0
Repairs and Maintenance 0
Salaries/Wages (portion paid to J.G. Gaines, Inc.) 28,558
Secured Loan Payments 0
Supplies 638
Taxes 0
Unsecured Loan Payments 0
Utilities 0
Others 0
------------
Total Disbursements 50,228
Surplus or Deficit (7,026)
------------
Cash on Hand (End) $5,799,631
Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc.
(Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding
company for a group of insurance companies that primarily offer
property insurance in targeted states.
Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership
III, L.P., filed an involuntary chapter 7 petition against the
Company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517).
The case was converted to a voluntary chapter 11 case on Aug. 8,
2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson,
Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor.
R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker,
LLC, represents the petitioning creditors. In its schedules of
assets and liabilities, Vesta listed $14,919,938 in total assets
and $214,278,847 in total liabilities.
J. Gordon Gaines, Inc., is a Vesta Insurance-owned unit that
manages the company's numerous insurance subsidiaries and employs
the headquarters workers. The Company filed for chapter 11
protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808).
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP,
represent the Debtor in its restructuring efforts. In its
schedules of assets and liabilities, Gaines listed $19,818,094 in
total assets and $16,046,237 in total liabilities.
On Aug. 1, 2006, the District Court of Travis County, Texas
entered the Order appointing the Texas Commissioner of Insurance
as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries:
Vesta Fire Insurance Corporation; The Shelby Insurance Company;
Shelby Casualty Insurance Corporation; Texas Select Lloyds
Insurance Company; and Select Insurance Services, Inc. (Vesta
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
VEST INSURANCE: Gaines Files Sept. 2006 Monthly Operating Report
----------------------------------------------------------------
J. Gordon Gaines, Inc.
Income Statement
Month ending September 30, 2006
Revenue from Total Sales $70,525
Less:
Cost of Sales 0
------------
Gross Profit 70,525
Less:
Operating Expenses 53,738
------------
Net Profit Operations 16,787
Non-Operating Income (Expenses)
Interest Earned 3,480
Non-operational income 9,943
------------
Net Profit (Loss) $30,209
============
J. Gordon Gaines, Inc.
Schedule of Cash Receipts and Disbursements
Month ending September 30, 2006
Cash On Hand (Beginning) $1,248,252
Cash Receipts:
Accounts Receivable 0
Management Fees 70,525
Loan Proceeds 0
Sale of Property 0
Interest Earned 3,480
Non-operational Income 9,943
Funding by Texas Receiver 569,902
Intercompany insurance operations 57,112
------------
Total Receipts 710,962
Cash Disbursements:
Financing costs, fees, interest 0
Accounting Fees (payroll fees) 2,062
Advertising 0
Automobiles/Vehicles (repair and maintenance) 0
Bank Fees 0
Commissions/Contract Labor 0
Insurance Expense 0
Interest Paid 0
Storage Cost 18,400
Information System Cost 61,528
Inventory Purchased 0
Legal Fees 0
Management Fees 34,320
Postage 1,660
Rent/Lease Payments on Real Estate 0
Repairs and Maintenance 1,582
Salaries/Wages (portion paid to J.G. Gaines, Inc.) 514,129
Secured Loan Payments 0
Supplies 17,354
Travel & Entertainment 1,250
Taxes 0
Unsecured Loan Payments 0
Utilities 86,827
Others 57,112
------------
Total Disbursements 796,222
Surplus or Deficit 85,260
------------
Cash on Hand (End) $1,162,992
Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc.
(Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding
company for a group of insurance companies that primarily offer
property insurance in targeted states.
Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership
III, L.P., filed an involuntary chapter 7 petition against the
Company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517).
The case was converted to a voluntary chapter 11 case on Aug. 8,
2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson,
Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor.
R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker,
LLC, represents the petitioning creditors. In its schedules of
assets and liabilities, Vesta listed $14,919,938 in total assets
and $214,278,847 in total liabilities.
J. Gordon Gaines, Inc., is a Vesta Insurance-owned unit that
manages the company's numerous insurance subsidiaries and employs
the headquarters workers. The Company filed for chapter 11
protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808).
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP,
represent the Debtor in its restructuring efforts. In its
schedules of assets and liabilities, Gaines listed $19,818,094 in
total assets and $16,046,237 in total liabilities.
On Aug. 1, 2006, the District Court of Travis County, Texas
entered the Order appointing the Texas Commissioner of Insurance
as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries:
Vesta Fire Insurance Corporation; The Shelby Insurance Company;
Shelby Casualty Insurance Corporation; Texas Select Lloyds
Insurance Company; and Select Insurance Services, Inc. (Vesta
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
WINN-DIXIE: Posts $18 Mil. Net Loss in Period Ended October 18
--------------------------------------------------------------
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Balance Sheet
At October 18, 2006
(In Thousands)
ASSETS
Current assets:
Cash and cash equivalents $237,997
Marketable securities 14,575
Trade and other receivables, net 138,029
Insurance claims receivable 21,738
Income tax receivable 42,029
Merchandise inventories, net 502,797
Prepaid expenses and other current assets 38,285
Total current assets 995,450
----------
Property, plant and equipment, net 486,326
Other assets, net 79,842
----------
Total assets $1,561,618
==========
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Current borrowings under DIP Credit Facility $40,193
Current portion of long-term debt 239
Current obligations under capital leases 3,301
Accounts payable 246,872
Reserve for self-insurance liabilities 76,701
Accrued wages and salaries 69,899
Accrued rent 51,209
Accrued expenses 106,167
----------
Total current liabilities 594,581
----------
Reserve for self-insurance liabilities 151,765
Long-term debt 82
Obligations under capital leases 4,498
Other liabilities 19,377
----------
Total liabilities not subject to compromise 770,303
----------
Liabilities subject to compromise 1,112,931
----------
Total liabilities 1,883,234
----------
Shareholders' deficit:
Common stock 141,858
Additional paid-in-capital 36,839
Accumulated deficit (480,780)
Accumulated other comprehensive loss (19,533)
----------
Total shareholders' deficit (321,616)
----------
Total liabilities and shareholders' deficit $1,561,618
==========
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Operations
Four Weeks Ended October 18, 2006
(In Thousands)
Net sales $529,236
Cost of sales, net 389,399
----------
Gross profit on sales 139,837
Other operating and administrative expenses 152,954
Restructuring gain (217)
----------
Operating loss (12,900)
Interest expense, net 901
----------
Loss before reorganization items and income taxes (13,801)
Reorganization items, net expense 5,513
----------
Net loss from continuing operations (19,314)
Discontinued operations:
Gain from discontinued operations 260
Loss on disposal of discontinued operations 902
Income tax expense 0
----------
Net loss from discontinued operations 1,162
----------
Net loss ($18,152)
==========
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Cash Flows
Four Weeks Ended October 18, 2006
(In Thousands)
Cash flows from operating activities:
Net loss ($18,152)
Adjustments to reconcile net loss to
net cash used in operating activities:
Gain on sales of assets, net (356)
Reorganization items, net 5,513
Depreciation and amortization 7,116
Stock compensation plans 427
Change in operating assets and liabilities:
Trade and other receivables (3,351)
Merchandise inventories (48,438)
Prepaid expenses and other current assets (2,898)
Accounts payable 33,336
Reserve for self-insurance liabilities 655
Lease liability on closed facilities (18,051)
Income taxes receivable (175)
Defined benefit plan (322)
Other accrued expenses 19,441
----------
Net cash used in operating activities
before reorganization items (25,255)
Cash effect of reorganization items (600)
----------
Net cash used in operating activities (25,855)
Cash flows from investing activities:
Purchases of property, plant and equipment (5,559)
Increase in investments and other assets (1,095)
Sales of assets 7,507
Purchases of marketable securities (564)
Sales of marketable securities 1,548
Other (1,052)
----------
Net cash provided by investing activities 785
Cash flows from financing activities:
Gross borrowings on DIP Credit Facility 3,018
Gross payments on DIP Credit Facility (2,825)
Increase in book over-drafts 1,423
Principal payments on
capital lease obligations (109)
Principal payments on long-term debt (19)
Debt issuance costs (4)
----------
Net cash provided by financing activities 1,484
Increase in cash and cash equivalents (23,586)
Cash and cash equivalents at
beginning of period 261,583
----------
Cash and cash equivalents at end of period $237,997
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers. The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi. The Company,
along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos.
05-03817 through 05-03840). D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts.
Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors. Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to
the Official Committee of Unsecured Creditors. Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee. When the Debtors filed for protection from their
creditors, they listed $2,235,557,000 in total assets and
$1,870,785,000 in total debts. (Winn-Dixie Bankruptcy News,
Issue No. 59; 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, Robert Max Victor M. Quiblat II,
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B. Delos Santos, Cherry A. Soriano-Baaclo, Ronald C. Sy, Jason A.
Nieva, Lucilo M. Pinili, Jr., Tara Marie A. Martin, and Peter A.
Chapman, Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9474.
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