/raid1/www/Hosts/bankrupt/TCR_Public/061118.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 18, 2006, Vol. 10, No. 275
Headlines
ALLIED HOLDINGS: Posts $1.1 Million Net Loss in September 2006
ACCEPTANCE INSURANCE: Posts $65,404 Net Loss for October 2006
DANA CORP: Posts $298 Million Net Loss in September 2006
DANA CORP: Files Schedules of Assets and Liabilities
DANA CORP: Dana Atlantic Files Schedules of Assets and Liabilities
DANA CORP: DTF Trucking Files Schedules of Assets and Liabilities
DANA CORP: Dana IT Files Schedules of Assets and Liabilities
DANA CORP: EFMG Files Schedules of Assets and Liabilities
PERFROMANCE TRANSPORTATION: Files September 2006 Operating Report
TOWER AUTOMITIVE: Posts $111.8 Million Net Loss in September 2006
WERNER LADDER: Files Revised Sept. 2006 Monthly Operating Report
*********
ALLIED HOLDINGS: Posts $1.1 Million Net Loss in September 2006
--------------------------------------------------------------
Allied Holdings, Inc.
Unaudited Consolidated Balance Sheet
As of September 30, 2006
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $389
Receivables, net of allowances 48,155
Related party receivables 19,036
Inventories 5,181
Prepayments and other current assets 19,530
---------
Total current assets 92,291
Property and equipment, net 125,559
Goodwill, net 3,545
Deferred income taxes 127
Other non-current assets 22,842
Investment in related parties 25,271
---------
TOTAL ASSETS $269,635
=========
Liabilities and Stockholders' Deficit
Current liabilities not subject to compromise
DIP facility $156,172
Accounts and notes payable 28,695
Deferred income taxes 145
Accrued liabilities 53,545
---------
Total current liabilities $238,557
Long-term liabilities not subject to compromise
Postretirement benefits 4,314
Other long-term liabilities 23,404
---------
Total long-term liabilities 27,718
Liabilities subject to compromise 199,199
Stockholders' deficit (195,839)
---------
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT $269,635
=========
Allied Holdings, Inc.
Unaudited Consolidated Statement of Operations
For the Month Ended September 30, 2006
(In Thousands)
Revenues $73,656
Operating Expenses
Salaries, Wages & Fringe benefits 38,025
Operating supplies & expenses 15,086
Purchased transportation 8,900
Insurance & claims 4,405
Operating tax & licenses 2,335
Depreciation & amortization 2,287
Rents 651
Communications & utilities 502
Other operating expenses 1,007
Loss on disposal of operating assets, net 14
---------
Total Operating Expenses 73,212
---------
Operating Income 444
Other Income (Expense)
Interest expense (1,775)
Investment income 4
Foreign exchange losses, net (304)
Equity in earnings of subsidiaries 561
---------
(1,514)
---------
Loss before reorganization items and income taxes (1,070)
Reorganization items (101)
---------
Loss before income taxes (1,171)
Income tax expense (27)
---------
NET LOSS ($1,198)
=========
The Debtors disclose cash disbursements totaling $5,324,478
during September 2006.
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537). Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor. Anthony J. Smits,
Esq., at Bingham McCutchen LLP, provides the Official Committee of
Unsecured Creditors with legal advice and Russell A. Belinsky at
Chanin Capital Partners, LLC, provides financial advisory services
to the Committee. When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts. (Allied Holdings Bankruptcy News, Issue No. 34;
Bankruptcy Creditors' Service, Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
ACCEPTANCE INSURANCE: Posts $65,404 Net Loss for October 2006
-------------------------------------------------------------
Acceptance Insurance Companies Inc. filed its monthly operating
report for October 2006 with the United States Bankruptcy Court
for the District of Nebraska on Nov. 13, 2006.
The Debtor reported $2,794,678 of net income from revenue of
$8,897 for the month ended Oct. 31, 2006. Net loss for the month
ended Sept. 30, 2006, was $53,059.
The Company received $2,388,299 as equity in the operating
earnings of AIC.
At Oct. 31, 2006, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $1,993,096
Total Assets $35,184,161
Total Liabilities $138,221,858
Total Shareholders' Deficit ($103,037,697)
A full-text copy of Acceptance Insurance Companies Inc.'s October
2006 Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?1554
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups. The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059). The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance Inc. -- filed separate
chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 and
05-80058) on Jan. 7, 2005. John J. Jolley, Esq., at Kutak Rock
LLP, represents the Debtor in its restructuring efforts. When the
Debtor filed for protection from its creditors, it listed
$33,069,446 in total assets and $137,120,541 in total debts.
DANA CORP: Posts $298 Million Net Loss in September 2006
--------------------------------------------------------
Dana Corporation
Unaudited Condensed Balance Sheet
At September 30, 2006
ASSETS
CURRENT ASSETS
Cash and cash equivalent assets $722,000,000
Accounts receivable
Trade 1,266,000,000
Other 224,000,000
Inventories 732,000,000
Assets of discontinued operations 458,000,000
Other current assets 138,000,000
--------------
Total current assets 3,540,000,000
Investments and other assets 1,309,000,000
Investments in equity affiliates 669,000,000
Net property, plant and equipment 1,789,000,000
--------------
TOTAL ASSETS $7,307,000,000
==============
LIABILITY AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable, including current portion
of long-term debt $24,000,000
Accounts payable 861,000,000
Liabilities of discontinued operations 210,000,000
Other accrued liabilities 720,000,000
--------------
Total current liabilities 1,815,000,000
Liabilities subject to compromise 4,307,000,000
Deferred employee benefits and other
non-current liabilities 265,000,000
Long-term debt 16,000,000
DIP financing 700,000,000
Minority interest in consolidate subsidiaries 82,000,000
Shareholder' equity 123,000,000
--------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $7,307,000,000
==============
Dana Corporation
Unaudited Condensed Statement of Operations
For the Month Ending September 30, 2006
Net Sales $696,000,000
Costs and expenses
Costs of sales 678,000,000
Selling, general & administrative expenses 14,000,000
Impairment of goodwill 46,000,000
Other income, net 11,000,000
--------------
Income (loss) from operations (31,000,000)
Interest expense 5,000,000
Reorganization charges 10,000,000
--------------
Income (loss) before income taxes (46,000,000)
Income tax (expense) benefit (71,000,000)
Minority interest (1,000,000)
Equity in earnings of affiliates (110,000,000)
--------------
Income (loss) before continuing operations (228,000,000)
Income (loss) from discontinued operations (70,000,000)
--------------
Net income (loss) ($298,000,000)
==============
Dana Corporation
Unaudited Condensed Statement of Cash Flow
For the Month Ended September 30, 2006
OPERATING ACTIVITIES
Net income (loss) ($298,000,000)
Depreciation and amortization 23,000,000
Charges related to divestitures & asset sales (69,000,000)
Reorganization charges 11,000,000
Payment of reorganization charges (13,000,000)
Working capital 30,000,000
Other 174,000,000
--------------
Net cash flow used for operating activities (4,000,000)
INVESTING ACTIVITIES
Purchases of property, plant and equipment (22,000,000)
Proceeds from sale of assets 5,000,000
Other 22,000,000
--------------
Net cash flow provided by operating activities 5,000,000
FINANCING ACTIVITIES
Net change in short-term debt (1,000,000)
Payments of long-term debt 1,000,000
Proceeds from DIP facility -
Increase (decrease) in long-term -
--------------
Net cash flow provided by financing activities 0
Net increase in cash equivalents 1,000,000
--------------
Cash and cash equivalents, beginning of period 721,000,000
--------------
Cash and cash equivalents, end of period $722,000,000
Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in the
world, and supplies drivetrain, chassis, structural, and engine
technologies to those companies. Dana employs 46,000 people in 28
countries. Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually. The
company and its affiliates filed for chapter 11 protection on
Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). Corinne Ball,
Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and
Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black,
Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio,
represent the Debtors. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor and investment
banker. Ted Stenger from AlixPartners serves as Dana's Chief
Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel LLP, represents the Official Committee of
Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson,
LLP serves as counsel to the Official Committee of Equity Security
Holders. Stahl Cowen Crowley, LLC serves as counsel to the
Official Committee of Non-Union Retirees. When the Debtors filed
for protection from their creditors, they listed $7.9 billion in
assets and $6.8 billion in liabilities as of Sept. 30, 2005.
(Dana Corporation Bankruptcy News, Issue No. 26; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
DANA CORP: Files Schedules of Assets and Liabilities
----------------------------------------------------
A. Real Property $138,201,203
B. Personal Property
B.1 Cash on hand 532,152
B.2 Bank Accounts 164,200,790
B.3 Security Deposits 652,152
B.4 Household goods Undetermined
B.5 Collectibles 1,257,355
B.6 Wearing apparel Undetermined
B.9 Interests in Insurance Policies 24,620,973
B.13 Business Interests and stocks Undetermined
B.14 Interests in partnerships Undetermined
B.15 Government and Corporate Bonds 137,403,142
B.16 Accounts Receivable 586,098,300
B.18 Other Liquidated Debts 44,491,830
B.20 Other Contingent & Unliquidated Claims 86,870
B.21 Intellectual Property Undetermined
B.25 Vehicles 58,950
B.28 Office equipment, furnishings and supplies 11,535,839
B.29 Machinery 276,161,317
B.30 Inventory 240,325,929
B.35 Other Personal Property
Other personal property not listed 51,895,210
Vendors with Debit Balances 41,260,006
Intercompany Receivables
CA Danaven 47,713,839
Dana Australia (Holdings), Ltd. 48,843,544
Dana Heavy Axle Mexico 10,196,951
Torque-Traction Manufacturing 60,035,482
Torque-Traction Technologies 17,816,281
Others 39,454,447
TOTAL SCHEDULED ASSETS [$1,942,842,562]
C. Property Claimed as Exempt
D. Secured Claim
E. Unsecured Priority Claims
F. Unsecured Non-priority Claims
Accounts Payable 184,201,246
Intercompany-Debtor 275,493,037
Intercompany-Nondebtor
Dana Canada Corporation 12,919,282
Dana Canada Holding Company 10,219,883
Dana Credit Corporation 293,832,715
Dana Credit Corporation 47,359,199
Danaven 41,128,480
Others 50,933,290
Unsecured Funded Debt 1,633,993,211
TOTAL SCHEDULED LIABILITIES $2,550,080,343
Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in the
world, and supplies drivetrain, chassis, structural, and engine
technologies to those companies. Dana employs 46,000 people in 28
countries. Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually. The
company and its affiliates filed for chapter 11 protection on
Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). Corinne Ball,
Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and
Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black,
Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio,
represent the Debtors. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor and investment
banker. Ted Stenger from AlixPartners serves as Dana's Chief
Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel LLP, represents the Official Committee of
Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson,
LLP serves as counsel to the Official Committee of Equity Security
Holders. Stahl Cowen Crowley, LLC serves as counsel to the
Official Committee of Non-Union Retirees. When the Debtors filed
for protection from their creditors, they listed $7.9 billion in
assets and $6.8 billion in liabilities as of Sept. 30, 2005.
(Dana Corporation Bankruptcy News, Issue No. 26; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
DANA CORP: Dana Atlantic Files Schedules of Assets and Liabilities
------------------------------------------------------------------
A. Real Property $3,193,198
B. Personal Property
B.1 Cash on hand 310
B.2 Bank Accounts 485,882
B.9 Interests in Insurance Policies 92,547
B.14 Interests in partnerships Undetermined
B.16 Accounts Receivable 3,952,566
B.25 Vehicles 0
B.28 Office equipment, furnishings and supplies 70,806
B.29 Machinery 12,144,410
B.30 Inventory 3,227,772
B.35 Other Personal Property
Other personal property not listed 10,877
Vendors with Debit Balances 431
Intercompany Receivables
Dana Corporation 860,642
TOTAL SCHEDULED ASSETS $24,039,441
C. Property Claimed as Exempt
D. Secured Claim
E. Unsecured Priority Claims
F. Unsecured Non-priority Claims $4,317,742
TOTAL SCHEDULED LIABILITIES $4,317,742
Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in the
world, and supplies drivetrain, chassis, structural, and engine
technologies to those companies. Dana employs 46,000 people in 28
countries. Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually. The
company and its affiliates filed for chapter 11 protection on
Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). Corinne Ball,
Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and
Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black,
Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio,
represent the Debtors. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor and investment
banker. Ted Stenger from AlixPartners serves as Dana's Chief
Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel LLP, represents the Official Committee of
Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson,
LLP serves as counsel to the Official Committee of Equity Security
Holders. Stahl Cowen Crowley, LLC serves as counsel to the
Official Committee of Non-Union Retirees. When the Debtors filed
for protection from their creditors, they listed $7.9 billion in
assets and $6.8 billion in liabilities as of Sept. 30, 2005.
(Dana Corporation Bankruptcy News, Issue No. 26; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
DANA CORP: DTF Trucking Files Schedules of Assets and Liabilities
-----------------------------------------------------------------
A. Real Property $1,918,817
B. Personal Property
B.1 Cash on hand 537
B.2 Bank Accounts 0
B.9 Interests in Insurance Policies 414,566
B.14 Interests in partnerships Undetermined
B.16 Accounts Receivable 3,749,914
B.25 Vehicles 6,594
B.28 Office equipment, furnishings and supplies 17,194
B.29 Machinery 1,030
B.35 Other Personal Property
Other personal property not listed 25,199
Vendors with Debit Balances 407,301
Intercompany Receivables
Coupled Products, Inc. 1,073,563
Dana Canada Corporation 981,889
Hose & Tubing Products, Inc. 152,799
Spicer Heavy Axle & Brake, Inc. 109,209
Torque-Traction Integration 3,965,132
Torque-Traction Manufacturing 2,856,376
Torque-Traction Technologies 262,299
Others 449,579
TOTAL SCHEDULED ASSETS $16,391,998
C. Property Claimed as Exempt
D. Secured Claim
E. Unsecured Priority Claims
F. Unsecured Non-priority Claims $19,639,737
TOTAL SCHEDULED LIABILITIES $19,639,737
Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in the
world, and supplies drivetrain, chassis, structural, and engine
technologies to those companies. Dana employs 46,000 people in 28
countries. Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually. The
company and its affiliates filed for chapter 11 protection on
Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). Corinne Ball,
Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and
Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black,
Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio,
represent the Debtors. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor and investment
banker. Ted Stenger from AlixPartners serves as Dana's Chief
Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel LLP, represents the Official Committee of
Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson,
LLP serves as counsel to the Official Committee of Equity Security
Holders. Stahl Cowen Crowley, LLC serves as counsel to the
Official Committee of Non-Union Retirees. When the Debtors filed
for protection from their creditors, they listed $7.9 billion in
assets and $6.8 billion in liabilities as of Sept. 30, 2005.
(Dana Corporation Bankruptcy News, Issue No. 26; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
DANA CORP: Dana IT Files Schedules of Assets and Liabilities
------------------------------------------------------------
A. Real Property 0
B. Personal Property
B.1 Cash on hand $861
B.14 Interests in partnerships Undetermined
B.16 Accounts Receivable 9,794,978
B.25 Vehicles 0
B.28 Office equipment, furnishings and supplies 879,178
B.29 Machinery 390,336
B.35 Other Personal Property
Other personal property not listed 2,445,007
Vendors with Debit Balances 2,344
Intercompany Receivables
CA Danaven 1,405
Spicer India Limited 3,724
Fujian Spicer Drivetrain Systems 1,348
Spicer Ejes Pesatos 8,984
Others 1,409
TOTAL SCHEDULED ASSETS $13,529,574
C. Property Claimed as Exempt
D. Secured Claim
E. Unsecured Priority Claims
F. Unsecured Non-priority Claims $4,317,742
TOTAL SCHEDULED LIABILITIES $4,317,742
Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in the
world, and supplies drivetrain, chassis, structural, and engine
technologies to those companies. Dana employs 46,000 people in 28
countries. Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually. The
company and its affiliates filed for chapter 11 protection on
Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). Corinne Ball,
Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and
Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black,
Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio,
represent the Debtors. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor and investment
banker. Ted Stenger from AlixPartners serves as Dana's Chief
Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel LLP, represents the Official Committee of
Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson,
LLP serves as counsel to the Official Committee of Equity Security
Holders. Stahl Cowen Crowley, LLC serves as counsel to the
Official Committee of Non-Union Retirees. When the Debtors filed
for protection from their creditors, they listed $7.9 billion in
assets and $6.8 billion in liabilities as of Sept. 30, 2005.
(Dana Corporation Bankruptcy News, Issue No. 26; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
DANA CORP: EFMG Files Schedules of Assets and Liabilities
---------------------------------------------------------
A. Real Property $291,056
B. Personal Property
B.1 Cash on hand 451
B.2 Bank Accounts 0
B.9 Interests in Insurance Policies 30,581
B.13 Business Interests and stocks Undetermined
B.14 Interests in partnerships Undetermined
B.16 Accounts Receivable 919,616
B.18 Other Liquidated Debts 57,983,553
B.25 Vehicles 0
B.28 Office equipment, furnishings and supplies 0
B.29 Machinery 915,141
B.35 Other Personal Property
Other personal property not listed 6,530,588
Vendors with Debit Balances 10,983
Intercompany Receivables
Coupled Products, Inc. 15,202,311
Dana Corporation 1,645,891
Echlin-Ponce, Inc. 1,207,300
Hose & Tubing Products, Inc. 979,368
Others 129,045
TOTAL SCHEDULED ASSETS $85,845,884
C. Property Claimed as Exempt
D. Secured Claim
E. Unsecured Priority Claims
F. Unsecured Non-priority Claims
Accounts Payable $1,385,582
Intercompany - Debtor 490,492
Intercompany - Nondebtor 61,929
TOTAL SCHEDULED LIABILITIES $1,938,003
Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in the
world, and supplies drivetrain, chassis, structural, and engine
technologies to those companies. Dana employs 46,000 people in 28
countries. Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually. The
company and its affiliates filed for chapter 11 protection on
Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). Corinne Ball,
Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and
Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black,
Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio,
represent the Debtors. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor and investment
banker. Ted Stenger from AlixPartners serves as Dana's Chief
Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel LLP, represents the Official Committee of
Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson,
LLP serves as counsel to the Official Committee of Equity Security
Holders. Stahl Cowen Crowley, LLC serves as counsel to the
Official Committee of Non-Union Retirees. When the Debtors filed
for protection from their creditors, they listed $7.9 billion in
assets and $6.8 billion in liabilities as of Sept. 30, 2005.
(Dana Corporation Bankruptcy News, Issue No. 26; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
PERFROMANCE TRANSPORTATION: Files September 2006 Operating Report
-----------------------------------------------------------------
Performance Logistics Group, Inc.
In re. Leaseway Motorcar Transport Company, et al.
U.S. Operations Cash Flow
For the Month Ended September 30, 2006
Book balance:
Opening book balance, 09/01/06 $4,327,399
-----------
Receipts
Customers 23,825,222
Miscellaneous receipts 3,061,532
-----------
Total receipts 26,886,754
-----------
Disbursements
Payroll, payroll taxes & fringe benefits 13,500,782
Insurance & cargo losses 1,379,085
Fuel and fuel taxes 3,169,759
Parts, tires, other operating supplies & expenses 2,655,477
Licenses, permits & tolls 1,117,906
Tractor, trailer lease payments 205,718
Building, land, service vehicles and other rents 649,535
Interest & bank fee payments 285,387
Income, franchise & property taxes 86,345
Misc/DIP Line (Draw) / Repayments -
Capital expenditures 19,858
Professional Fees 287,692
-----------
Total Disbursements 23,357,544
-----------
Closing Book Balance, End of Month $7,856,609
The Debtors filed with the Court their Monthly Operating
Statement for the period September 1 to 30, 2006.
The Operating Statements do not include a Balance Sheet or
Statement of Operations. The Debtors, however, disclosed a
$3,028,200 operating net loss for the period.
A full-text copy of the Debtors' September 2006 Operating
Statements is available for free at:
http://ResearchArchives.com/t/s?14ea
Headquartered in Niagara Falls, New York, Leaseway Motorcar
Transport Company -- http://www.pts-inc.biz/-- is the second
largest North American transporter of new light vehicles. The
Debtors also established a short-haul vehicle receiving service.
The Debtors have also developed software and support services to
conduct their hauling services more efficiently and have created
derivative applications of those software to assist other
businesses in tracking their inventory. The Debtor and 13
affiliates filed for chapter 11 protection on Jan. 25, 2006
(Bankr. W.D.N.Y. Case No. 06-00107). Garry M. Graber, Esq., at
Hodgson Russ LLP represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they estimated assets between $10 million and $50
million and more than $100 million in debts.
TOWER AUTOMITIVE: Posts $111.8 Million Net Loss in September 2006
-----------------------------------------------------------------
Tower Automotive, Inc., and Subsidiaries
Unaudited Consolidated Balance Sheet
As of September 30, 2006
(In Thousands)
Cash and cash equivalents $34,491
Accounts receivable 146,119
Inventories 62,244
Prepaid tooling and other 17,115
------------
TOTAL CURRENT ASSETS 259,969
------------
Property, plant and equipment, net 507,427
Investment in and advances to affiliates 775,008
Other assets, net 45,899
------------
TOTAL ASSETS $1,588,303
============
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Current maturities of L-T debt and capital lease $15,156
obligations
Current maturities of DIP borrowings 650,000
Accounts payable 110,057
Accrued liabilities 102,036
------------
TOTAL CURRENT LIABILITIES 877,249
------------
Liabilities subject to comprise: 1,399,758
Non-Current Liabilities Not Subject to
Compromise:
Long-term debt, net of current maturities 84,751
Other non-current liabilities 19,283
------------
TOTAL LIABILITIES 2,381,041
------------
STOCKHOLDERS' DEFICIT: (792,738)
------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT: $1,588,303
============
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Operations
September 1 to 30, 2006
(In Thousands)
Revenues $119,112
Cost of sales 116,251
------------
Gross profit 2,861
Selling, general and administrative expenses 6,452
Restructuring & asset impairment charges, net 10,021
Other operating income (275)
------------
Operating income (loss) (13,337)
Interest expense 7,523
Interest income (87)
Intercompany interest (income)/expense (2,502)
Chapter 11 and related reorganization items 93,386
------------
Income (loss) before provision for income taxes, (111,657)
equity in eanings of joint ventures, and
minority interest
Provision (benefit) for income taxes 201
Income (loss) before equity in earnings of (111,858)
joint ventures
Equity in earnings of joint ventures, net of tax (3)
------------
NET INCOME/(LOSS) ($111,861)
============
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Cash Flows
September 1 to 30, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($111,861)
Adjustments required to reconcile net loss
to net cash provided by (used in)
operating activities:
Chapter 11 & related reorganization items, net 90,363
Restructuring and asset impairment, net 3,030
Depreciation 7,468
Equity in earnings of joint ventures, net 3
Change in working capital & other operating items 14,190
------------
Net cash provided by (used in) operating 3,193
activities:
INVESTING ACTIVITIES:
Cash disbursed for purchase of property, (4,931)
plant and equipment
------------
Net cash used for investing activities (4,931)
FINANCING ACTIVITIES:
Proceeds from non-DIP borrowings -
Repayments of non-DIP borrowings (1)
Borrowings from DIP credit facility 56,000
Repayments of borrowings from DIP facility (32,500)
------------
Net cash provided by (used in)
financing activities 23,499
------------
Net change in cash and cash equivalents 21,761
------------
Cash and Cash Equivalents, beginning of period 12,730
------------
Cash and Cash Equivalents, end of period $34,491
Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan,
Toyota, Volkswagen and Volvo. Products include body structures
and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components. The Company and
25 of its debtor-affiliates filed voluntary chapter 11 petitions
on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through
05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq.,
Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet,
Esq., at Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts. Ira S. Dizengoff, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors. When the Debtors filed for protection from
their creditors, they listed $787,948,000 in total assets and
$1,306,949,000 in total debts. (Tower Automotive Bankruptcy News,
Issue No. 48; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
WERNER LADDER: Files Revised Sept. 2006 Monthly Operating Report
----------------------------------------------------------------
Werner Holding Co. Inc. and its Debtor-subsidiaries filed
with the U.S. Bankruptcy Court for the District of Delaware their
amended monthly operating report for September 2006.
The Debtors' MOR, submitted to the Court on Oct. 20, 2006,
has been revised to reflect an additional non-cash expense of
$1,082,000 related to an increase in the estimated liability for
workers' compensation claims incurred prior to June 12, 2006,
which was only identified after October 20. The additional
estimated liability was recorded on the books of Werner Co.,
the Debtors' operating subsidiary.
The $1,082,000 additional non-cash expense affected these items
in the Consolidated Balance Sheet:
-- reserve for product liability and workers' compensation
claims increased by $1,082,000;
-- total liabilities increased to $577,157,000;
-- retained earnings/(deficit) increased to a deficit of
$418,433,000; and
-- shareholders' deficit increased to $414,478,000.
Revisions in the Consolidated Statement of Operations resulting
from the additional non-cash expense include:
* costs of sales increased to $23,871,000,
* operating loss increased to $4,663,000, and
* consolidated net income reduced to $4,090,000.
The additional non-cash expense did not impact the previously
filed Consolidated Statement of Cash Flows.
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Balance Sheet
As of September 30, 2006
ASSETS
Current Assets:
Cash and cash equivalents $18,643,000
Receivables, net 72,215,000
Income taxes receivable (payable) 838,000
Inventories, net 67,656,000
Prepaid insurance and other 10,794,000
------------
Total current assets 170,146,000
Property, Plant & Equipment, Net 75,377,000
Other assets:
Deferred financing fess, net 11,328,000
Investment in subsidiaries -
Other noncurrent assets 7,510,000
------------
Total other assets 18,838,000
------------
TOTAL ASSETS $264,361,000
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $19,580,000
Accrued liabilities 31,965,000
Intercompany payable (receivables) -
First lien revolving credit facility 39,101,000
Current maturities of long-term debt 182,215,000
------------
Total current liabilities 272,861,000
Long-Term Liabilities:
Long-term debt 89,619,000
Reserve for product liability and
workers' compensation claims 7,018,000
Other long-term obligations 2,409,000
Liabilities subject to compromise 205,250,000
------------
Total Liabilities 577,157,000
Convertible preferred stock 99,518,000
Shareholders' Deficit:
Common stock 1,000
Additional paid-in-capital 18,091,000
Retained earnings (deficit) (418,433,000)
Accumulated other comprehensive income (loss) (11,776,000)
N/R arising from stock loan plan (197,000)
------------
Total Shareholders Deficit (412,314,000)
------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $264,361,000
============
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Statement of Operations
September 1 to 30, 2006
Net sales $29,054,000
Total cost of sales 23,871,000
------------
Gross profit 5,183,000
Total operating expenses 9,846,000
------------
Operating income (loss) (4,663,000)
Equity in net income (loss) of subsidiaries -
Other income (expense), net (4,000)
------------
Income (loss) before interest,
reorganization items and taxes (4,667,000)
Reorganization Items:
Gain on Termination of Benefit Plan 13,706,000
(Restructuring Process Fees) (1,184,000)
Interest Income 87,000
------------
Reorganization Items, Net 12,609,000
------------
Interest (loss) before interest and taxes 7,942,000
Inter-company interest expense -
Interest expense 3,750,000
------------
Income (loss) before income taxes 4,192,000
Provision (benefit) for income taxes 102,000
------------
Net Income (Loss) $4,090,000
============
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Statement of Cash Flows
September 1 to 30, 2006
Cash flows provided (used) by
operating activities ($6,943,000)
Cash Flows From Investing Activities:
Capital expenditures, net (330,000)
Proceeds from sale of property -
------------
Net cash used in investing activities (330,000)
Cash Flows From Financing Activities:
Borrowings of long-term debt -
Repayments of long-term debt -
Capital lease payments -
Net borrowings under first lien revolving
credit facility -
Debt issuance costs -
------------
Net cash provided (used) by financing activities -
------------
Net increase (decrease) in cash and equivalents (7,273,000)
Cash and equivalents at September 1, 2006 25,916,000
------------
Cash and equivalents at September 30, 2006 $18,643,000
Headquartered in Greenville, Pennsylvania, Werner Co.
-- http://www.wernerladder.com/-- manufactures and distributes
ladders, climbing equipment and ladder accessories. The company
and three of its affiliates filed for chapter 11 protection on
June 12, 2006 (Bankr. D. Del. Case No. 06-10578).
The firm of Willkie Farr & Gallagher LLP serves as the Debtors'
counsel. Kara Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and
Robert S. Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP,
represents the Debtors as its co-counsel. The Debtors have
retained Rothschild Inc. as their financial advisor. Greenberg
Traurig LLP is counsel to the Official Committee of Unsecured
Creditors. Jefferies & Co serves as the Committee's financial
advisor.
At March 31, 2006, the Debtors reported total assets of
$201,042,000 and total debts of $473,447,000. (Werner Ladder
Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marie Therese V. Profetana, Robert Max Victor M. Quiblat II,
Shimero R. Jainga, Joel Anthony G. Lopez, Melvin C. Tabao, Rizande
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.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $725 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher Beard
at 240/629-3300.
*** End of Transmission ***