/raid1/www/Hosts/bankrupt/TCR_Public/061125.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 25, 2006, Vol. 10, No. 281
Headlines
CALPINE CORP: Posts $151.7 Million Net Loss in September 2006
CATHOLIC CHURCH: Davenport Amends Schedules of Assets and Debts
COMPLETE RETREATS: Files October 2006 Monthly Operating Report
COMPLETE RETREATS: Distinctive's October 2006 Operating Report
COMPLETE RETREATS: Legendary Retreat's October 2006 Monthly Report
COMPLETE RETREATS: Preferred Retreat's Oct. 2006 Operating Report
COMPLETE RETREATS: Private Retreat's October 2006 Operating Report
FLYI INC: Posts $484,880 Net Loss in October 2006
FLYI INC: Independence Air Posts $10.4 Mil. Net Loss in Oct. 2006
FOAMEX INT'L: Earns $2.2 Million for Period Ended October 29
INTERSTATE BAKERIES: Posts $7M Net Loss for Period Ended Sept. 23
MUSICLAND HOLDING: Earns $27,000 for Month Ended October 2006
REFCO INC: Files October 2006 Monthly Operating Report
ROWE COMPANIES: Posts $2.9 Mil. Net Loss for Period Ended Oct. 29
ROWE COMPANIES: Rowe Furniture Files Oct. 2006 Operating Report
ROWE COMPANIES: Storehouse Inc. Files Oct. 2006 Operating Report
WERNER HOLDING: Posts $12.2 Million Net Loss in October 2006
*********
CALPINE CORP: Posts $151.7 Million Net Loss in September 2006
--------------------------------------------------------------
Calpine Corporation
Condensed Consolidating Balance Sheet
As of September 30, 2006
ASSETS
Current assets:
Cash and cash equivalents $988,975,000
Accounts receivable, net 828,043,000
Margin deposits and other prepaid expense 341,972,000
Inventories 180,757,000
Restricted cash 431,769,000
Current derivative assets 184,878,000
Current assets held for sale 367,600,000
Other current assets 1 02,592,000
---------------
Total current assets 3,426,586,000
Restricted cash, net of current portion 191,999,000
Notes receivable, net of current portion 145,294,000
Project development costs 26,309,000
Investments 101,311,000
Deferred financing costs 157,843,000
Prepaid lease, net of current portion 184,781,000
Property, plant and equipment, net 13,889,035,000
Goodwill 45,160,000
Other intangible assets, net 51,332,000
Long-term derivative assets 394,392,000
Other assets 613,672,000
---------------
Total assets $19,227,714,000
===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $483,904,000
Accrued payroll and related expense 37,848,000
Accrued interest payable 174,542,000
Income taxes payable 99,073,000
Notes payable and other borrowings 149,738,000
Preferred interests 8,722,000
Capital lease obligations 284,530,000
CCFC financing 3,208,000
CalGen financing 2,510,827,000
Construction/project financing 558,354,000
DIP Facility 3,500,000
Current derivative liabilities 277,880,000
Current liabilities held for sale 363,780,000
Other current liabilities 335,580,000
---------------
Total current liabilities 5,291,486,000
Notes payable and other borrowings 420,719,000
Preferred interests 574,893,000
Capital lease obligations 224,000
CCFC financing 778,663,000
Construction/project financing 1,474,200,000
DIP Facility 993,875,000
Deferred income taxes 405,153,000
Deferred revenue 109,920,000
Long-term derivative liabilities 528,159,000
Other liabilities 156,363,000
---------------
Total liabilities not subject to compromise 10,733,655,000
Liabilities subject to compromise 15,039,613,000
Minority interests 270,712,000
Stockholders' equity (deficit):
Common stock 544,000
Additional paid-in capital 3,270,575,000
Additional paid-in capital, loaned shares 185,600,000
Additional paid-in capital, returnable shares (185,600,000)
Accumulated deficit (10,018,700,000)
Accumulated other comprehensive loss (68,685,000)
---------------
Total stockholders' deficit (6,816,266,000)
---------------
Total liabilities and stockholders' deficit $19,227,714,000
===============
Calpine Corporation
Condensed Consolidating Statement of Operations
For period ending September 30, 2006
Revenue:
Electricity and steam revenue $429,362,000
Sales of purchased power and gas
for hedging and optimization 3,293,000
Mark-to-market activities, net 23,189,000
Other revenue 5,593,000
---------------
Total revenue 461,437,000
Cost of revenue:
Plant operating expense 75,578,000
Royalty expense 2,257,000
Transmission purchase expense 6,077,000
Purchased power and gas expense
for hedging and optimization (14,150,000)
Fuel expense 288,212,000
Depreciation and amortization expense 49,008,000
Operating plant impairments -
Operating lease expense 5,360,000
Other cost of revenue 6,060,000
---------------
Total cost of revenue 418,402,000
---------------
Gross profit 43,035,000
Equipment, development project & other impairment 1,017,000
Project development expense 1,481,000
Research and development expense 1,408,000
Sales, general and administrative expense 21,239,000
---------------
Income from operations 17,890,000
Interest expense 76,616,000
Interest (income) (6,646,000)
Minority interest expense 2,594,000
Other (income) expense, net (3,354,000)
---------------
Income (loss) before reorganization items
and provision for income taxes (51,320,000)
Reorganization items 101,836,000
---------------
Income (loss) before provision for income taxes (153,156,000)
Provision (benefit) for income taxes (1,386,000)
---------------
Net income (loss) ($151,770,000)
===============
Headquartered in San Jose, California, Calpine Corporation
(OTC Pink Sheets: CPNLQ) -- http://www.calpine.com/-- supplies
customers and communities with electricity from clean, efficient,
natural gas-fired and geothermal power plants. Calpine owns,
leases and operates integrated systems of plants in 21 U.S. states
and in three Canadian provinces. Its customized products and
services include wholesale and retail electricity, gas turbine
components and services, energy management and a wide range of
power plant engineering, construction and maintenance and
operational services.
The company previously produced a portion of its fuel consumption
requirements from its own natural gas reserves. However, in July
2005, the company sold substantially all of its remaining domestic
oil and gas assets to Rosetta Resources Inc.
The company filed for chapter 11 protection on Dec. 20, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard M. Cieri, Esq.,
Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G.
Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their
restructuring efforts. Michael S. Stamer, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors. As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities. (Calpine Bankruptcy News, Issue No. 31; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
CATHOLIC CHURCH: Davenport Amends Schedules of Assets and Debts
---------------------------------------------------------------
The Catholic Diocese of Davenport has filed an amended Schedule A
to its Schedules of Assets and Liabilities with the U.S.
Bankruptcy Court for the Southern District of Iowa, to list all
real property in which the Diocese has any legal, equitable, or
future interest, including all property owned as a co-tenant,
community property, or in which, the Diocese has a life estate.
Schedule A also includes any property that the Diocese holds
rights and powers exercisable for its own benefit.
As reported, Davenport's Schedule F (Creditors Holding Unsecured
Non-Priority Claims) reported that its largest unsecured creditors
are:
-- Michl Uhde, which hold a $1,530,000 claim; and
-- certain unknown sexual abuse victims, which unknown claim
amounts.
The Diocese amended its Schedule F to identify five more
claimants:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Donald Kloss
P.O. BOX 173
Madison Lake, MN
56061 Lawsuit Plaintiff Unknown
Gene Burns
907 E Avenue NW
Cedar Rapids, IA
52405 Lawsuit Plaintiff Unknown
Mark Boley Lawsuit Plaintiff Unknown
Michael Gould
705 89th Court NW
Bradenton, FL 34209 Lawsuit Plaintiff Unknown
Patrick Cannon
3502 E. Balmoral Drive
Orange, CA 92869 Lawsuit Plaintiff Unknown
The amended Schedule F includes sexual abuse victims whose names
have been filed under seal.
A. Real Property
St. Vincent's Pastoral Center $4,160,800
26 Acre Farm in Davenport 110,630
Duplex building at Scott Street, Davenport 196,260
House at 803 E 39th Street, Davenport 81,740
B. Personal Property 4,596,205
TOTAL SCHEDULED ASSETS $9,145,635
==========================================================
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims 0
E. Creditors Holding Unsecured Priority Claims 49,950
F. Creditors Holding Unsecured Non Priority Claims 1,606,489
TOTAL SCHEDULED LIABILITIES $1,656,439
==========================================================
The Diocese of Davenport in Iowa filed for chapter 11 protection
(Bankr. S.D. Ia. Case No. 06-02229) on October 10, 2006. Richard
A. Davidson, Esq., at Lane & Waterman LLP, represents the
Davenport Diocese in its restructuring efforts. In its Schedules
of Assets and Liabilities filed with the Court, the Davenport
Diocese reports $4,492,809 in assets and $1,650,439 in
liabilities. (Catholic Church Bankruptcy News, Issue No. 73;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
COMPLETE RETREATS: Files October 2006 Monthly Operating Report
--------------------------------------------------------------
Complete Retreats, LLC
Balance Sheet
As of October 31, 2006
ASSETS
Unrestricted Cash -
Restricted Cash -
--------------
Total Cash -
Accounts Receivable (Net) -
Inventory -
Notes Receivable -
Prepaid Expenses -
Other -
--------------
Total Current Assets -
Property, Plant & Equipment $597,674
Less: Accumulated Depreciation/Depletion -
--------------
Net Property, Plant & Equipment 597,674
Due from Insiders -
Other Assets - Net of Amortization -
Other 487,329
--------------
Total Assets $1,085,002
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable -
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other -
--------------
Total Postpetition Liabilities -
Prepetition Liabilities
Secured Debt -
Priority Debt -
Unsecured Debt -
Other $351,244
--------------
Total Prepetition Liabilities 351,244
--------------
Total Liabilities 351,244
Equity
Prepetition Owners' Equity 733,759
Postpetition Cumulative Profit or Loss -
Direct Charges to Equity -
--------------
Total Equity 733,759
--------------
Total Liabilities & Owners' Equity $1,085,002
==============
Complete Retreats, LLC
Statement of Operations
October 1 to 31, 2006
Revenues
Gross Revenues -
Less: Returns & Discounts -
--------------
Net Revenue $0
Cost of Goods Sold
Material -
Direct Labor
Direct Overhead -
--------------
Total Cost of Goods Sold 0
--------------
Gross Profit 0
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other -
--------------
Total Operating Expenses 0
--------------
Income Before Non-Operating Income & Expenses 0
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion -
Amortization -
Other -
--------------
Net Other Income & Expenses 0
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses 0
--------------
Income Tax 0
--------------
Net Profit (Loss) $0
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or215/945-7000).
COMPLETE RETREATS: Distinctive's October 2006 Operating Report
--------------------------------------------------------------
Distinctive Retreats, LLC
Balance Sheet
As of October 31, 2006
ASSETS
Unrestricted Cash -
Restricted Cash -
--------------
Total Cash -
Accounts Receivable (Net) $24,121
Inventory 50,831
Notes Receivable 0
Prepaid Expenses 198,555
Other -
--------------
Total Current Assets 273,507
Property, Plant & Equipment 105,374,936
Less: Accumulated Depreciation/Depletion (2,980,614)
--------------
Net Property, Plant & Equipment 102,394,322
Due from Insiders -
Other Assets - Net of Amortization 7,324,166
Other 130,646,660
--------------
Total Assets $240,638,655
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable $5
Taxes Payable -
Notes Payable 10,955,999
Professional Fees -
Secured Debt -
Other (1,415,474)
--------------
Total Postpetition Liabilities 9,540,530
Prepetition Liabilities
Secured Debt 28,999,547
Priority Debt -
Unsecured Debt 35,377,332
Other 25,724,480
--------------
Total Prepetition Liabilities 90,101,359
--------------
Total Liabilities 99,641,889
Equity
Prepetition Owners' Equity 140,987,498
Postpetition Cumulative Profit or Loss 9,268
Direct Charges to Equity -
--------------
Total Equity 140,996,766
--------------
Total Liabilities & Owners' Equity $240,638,655
==============
Distinctive Retreats, LLC
Statement of Operations
October 1 to 31, 2006
Revenues
Gross Revenues $991,590
Less: Returns & Discounts -
--------------
Net Revenue 991,590
Cost of Goods Sold
Material 331,767
Direct Labor -
Direct Overhead -
--------------
Total Cost of Goods Sold 331,767
--------------
Gross Profit 659,823
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing 2,145
General Administration -
Rent & Lease -
Other -
--------------
Total Operating Expenses 2,145
--------------
Income Before Non-Operating Income & Expenses 657,678
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense 568,911
Depreciation/Depletion 27,904
Amortization 69,553
Other -
--------------
Net Other Income & Expenses 666,369
Reorganization Expenses
Professional Fees 175,290
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses 175,290
--------------
Income Tax -
--------------
Net Profit (Loss) ($183,981)
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or215/945-7000).
COMPLETE RETREATS: Legendary Retreat's October 2006 Monthly Report
------------------------------------------------------------------
Legendary Retreats, LLC
Balance Sheet
As of October 31, 2006
ASSETS
Unrestricted Cash $49,343
Restricted Cash -
--------------
Total Cash 49,343
Accounts Receivable (Net) 289,818
Inventory -
Notes Receivable 677,125
Prepaid Expenses 76,403
Other 115,000
--------------
Total Current Assets 1,158,346
Property, Plant & Equipment 829,032
Less: Accumulated Depreciation/Depletion -
--------------
Net Property, Plant & Equipment 829,032
Due from Insiders -
Other Assets - Net of Amortization -
Other 16,592,083
--------------
Total Assets $18,628,804
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable $21,804
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other 21,135
--------------
Total Postpetition Liabilities 42,939
Prepetition Liabilities
Secured Debt -
Priority Debt -
Unsecured Debt 368,019
Other 2,717,355
--------------
Total Prepetition Liabilities 3,085,374
--------------
Total Liabilities 3,128,313
Equity
Prepetition Owners' Equity 15,437,344
Postpetition Cumulative Profit or Loss 63,146
Direct Charges to Equity -
--------------
Total Equity 15,500,490
--------------
Total Liabilities & Owners' Equity $18,628,804
==============
Legendary Retreats, LLC
Statement of Operations
October 1 to 31, 2006
Revenues
Gross Revenues $84,874
Less: Returns & Discounts -
--------------
Net Revenue 84,874
Cost of Goods Sold
Material 434
Direct Labor -
Direct Overhead 5,870
--------------
Total Cost of Goods Sold 6,304
--------------
Gross Profit 78,570
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration 2,383
Rent & Lease 19,618
Other -
--------------
Total Operating Expenses 22,001
--------------
Income Before Non-Operating Income & Expenses 56,569
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion -
Amortization -
Other -
--------------
Net Other Income & Expenses -
Reorganization Expenses
Professional Fees 764
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses 764
--------------
Income Tax -
--------------
Net Profit (Loss) $55,805
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or215/945-7000).
COMPLETE RETREATS: Preferred Retreat's Oct. 2006 Operating Report
-----------------------------------------------------------------
Preferred Retreats, LLC
Balance Sheet
As of October 31, 2006
ASSETS
Unrestricted Cash $667,428
Restricted Cash 322,976
--------------
Total Cash 990,404
Accounts Receivable (Net) 1,296,457
Inventory 2,081,256
Notes Receivable 479,280
Prepaid Expenses 4,022,398
Other 1,097,919
--------------
Total Current Assets 8,977,309
Property, Plant & Equipment 8,467,964
Less: Accumulated Depreciation/Depletion (2,202,035)
--------------
Net Property, Plant & Equipment 6,265,929
Due from Insiders 1,344,165
Other Assets - Net of Amortization 1,555
Other 50,559,580
--------------
Total Assets $68,138,942
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable $2,013,181
Taxes Payable -
Notes Payable 413,631
Professional Fees -
Secured Debt -
Other 14,200,794
--------------
Total Postpetition Liabilities 16,627,606
Prepetition Liabilities
Secured Debt 43,411
Priority Debt -
Unsecured Debt 11,571,603
Other 138,719,059
--------------
Total Prepetition Liabilities 150,334,073
--------------
Total Liabilities 166,961,679
Equity
Prepetition Owners' Equity (88,268,138)
Postpetition Cumulative Profit or Loss (10,554,600)
Direct Charges to Equity -
--------------
Total Equity (98,822,738)
--------------
Total Liabilities & Owners' Equity $68,138,942
==============
Preferred Retreats, LLC
Statement of Operations
October 1 to 31, 2006
Revenues
Gross Revenues $887,753
Less: Returns & Discounts (954)
--------------
Net Revenue 886,799
Cost of Goods Sold
Material 1,079,817
Direct Labor -
Direct Overhead 344,414
--------------
Total Cost of Goods Sold 1,424,231
--------------
Gross Profit (537,432)
Operating Expenses
Officer/Insider Compensation 108,314
Selling & Marketing 106,439
General Administration 1,248,943
Rent & Lease 138,007
Other 62,119
--------------
Total Operating Expenses 1,663,822
--------------
Income Before Non-Operating Income & Expenses (2,201,254)
Other Income & Expenses
Non-operating Income -
Non-operating Expense 27,573
Interest Expense -
Depreciation/Depletion 57,536
Amortization -
Other (1,236)
--------------
Net Other Income & Expenses 83,872
Reorganization Expenses
Professional Fees 1,238,194
U.S. Trustee Fees -
Other 35,041
--------------
Total Reorganization Expenses 1,273,236
--------------
Income Tax -
--------------
Net Profit (Loss) ($3,558,362)
==============
Preferred Retreats, LLC
Consolidated Cash Receipts and Disbursements
October 1 to 31, 2006
Cash - Beginning of Month $1,187,483
Receipts from Operations
Cash Sales 752,087
Collection of Accounts Receivable
Prepetition -
Postpetition -
--------------
Total Operating Receipts 752,087
Non-operating Receipts
Loans & Advances 3,397,646
Sale of Assets -
Other 55,980
--------------
Total Non-operating Receipts 3,453,626
--------------
Total Receipts 4,205,714
--------------
Total Cash Available 5,393,196
Operating Disbursements
Gross Payroll 1,172,002
Payroll Taxes Paid -
Sales, Use & Other Taxes Paid 129,408
Secured/Rental/Leases 643,590
Utilities 62,559
Insurance 92,548
Mortgages 85,753
Interest 590,818
Employee Expenses 14,997
House Keeping & Contract Labor 40,489
Repairs & Maintenance 21,205
Field Expenses 191,417
International Destination Expenses 121,873
HOA 52,105
Other 155,053
--------------
Total Operating Disbursements 3,373,818
Reorganization Expenses
Professional Fees 340,277
U.S. Trustee Fees 33,500
Other 900,000
--------------
Total Reorganization Expenses 1,273,777
--------------
Total Disbursements 4,647,595
--------------
Net Cash Flow (441,881)
--------------
Cash - End of Month $745,602
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or215/945-7000).
COMPLETE RETREATS: Private Retreat's October 2006 Operating Report
------------------------------------------------------------------
Private Retreats, LLC
Balance Sheet
As of October 31, 2006
ASSETS
Unrestricted Cash -
Restricted Cash $1,679
--------------
Total Cash 1,679
Accounts Receivable (Net) -
Inventory 71,916
Notes Receivable 570,356
Prepaid Expenses -
Other -
--------------
Total Current Assets 642,273
Property, Plant & Equipment 53,767,064
Less: Accumulated Depreciation/Depletion (7,808,518)
--------------
Net Property, Plant & Equipment 45,958,545
Due from Insiders -
Other Assets - Net of Amortization 10,836,445
Other 22,508,121
--------------
Total Assets $79,947,062
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable ($8,893)
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other 348,117
--------------
Total Postpetition Liabilities 339,224
Prepetition Liabilities
Secured Debt 2,909,662
Priority Debt -
Unsecured Debt 32,853,897
Other 17,820,792
--------------
Total Prepetition Liabilities 53,584,351
--------------
Total Liabilities 53,923,575
Equity
Prepetition Owners' Equity 26,459,408
Postpetition Cumulative Profit or Loss (435,921)
Direct Charges to Equity -
--------------
Total Equity 26,023,487
--------------
Total Liabilities & Owners' Equity $79,947,062
==============
Private Retreats, LLC
Statement of Operations
October 1 to 31, 2006
Revenues
Gross Revenues $224,856
Less: Returns & Discounts -
--------------
Net Revenue 224,856
Cost of Goods Sold
Material 146,403
Direct Labor -
Direct Overhead -
--------------
Total Cost of Goods Sold 146,403
--------------
Gross Profit 78,452
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other -
--------------
Total Operating Expenses -
--------------
Income Before Non-Operating Income & Expenses 78,452
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense 29,648
Depreciation/Depletion 185,384
Amortization 105,151
Other -
--------------
Net Other Income & Expenses 320,183
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses -
--------------
Income Tax -
--------------
Net Profit (Loss) ($241,731)
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or215/945-7000).
FLYI INC: Posts $484,880 Net Loss in October 2006
-------------------------------------------------
FLYi Inc.
Consolidated Balance Sheet
As of October 31, 2006
ASSETS
Current assets
Cash $1,220,457
Short term investments -
Net accounts receivable 379,627,803
IC Notes receivable 4,252,000
-------------
Total Current Assets 385,100,260
-------------
Other assets
Restricted cash -
Long term investments 7,435,000
Other assets 14,055,412
-------------
Total Other Assets 21,490,412
-------------
TOTAL ASSETS $406,590,672
=============
LIABILITIES AND OWNER'S EQUITY
Liabilities not subject to compromise
Liabilities subject to compromise
Secured debt -
Priority debt -
Unsecured debt 251,422,349
-------------
Total Liabilities 251,422,349
-------------
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 (8,316,201)
-------------
Net Owners' Equity 155,168,323
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $406,590,672
=============
FLYi Inc.
Statement of Operations
October 2006
Revenues
Operating Expense $0
-------------
Net Profit (Loss) before Other Income & Expenses -
Other (income) expenses
Interest income (4,633)
Interest expense -
Other miscellaneous -
-------------
Net Profit (Loss) before reorganization items 4,633
Reorganization items
Professional fees 489,263
U.S. Trustee Quarterly Fees 250
Income Taxes -
-------------
Total Reorganization Expenses 489,513
Net Profit (Loss) ($484,880)
=============
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. 29; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
FLYI INC: Independence Air Posts $10.4 Mil. Net Loss in Oct. 2006
-----------------------------------------------------------------
Independence Air Inc.
Consolidated Balance Sheet
As of October 31, 2006
ASSETS
Current assets
Cash $45,977,297
Short term investments 104,600,000
Restricted cash 1,579,861
Net accounts receivable 98,743,931
Net expandable parts and fuel 62,636
Net prepaid expenses 4,807,401
Deferred tax asset (1)
-------------
Total current assets 255,771,125
-------------
Other assets
Restricted cash 3,173,460
Net depreciation, property and equipment 979
Aircraft deposits 11,112,000
Other assets 419,643
-------------
Total other assets 14,706,082
-------------
TOTAL ASSETS $270,477,207
=============
LIABILITIES AND OWNER'S EQUITY
Liabilities not subject to compromise
Accounts payable 4,752,260
Air traffic liability 833,822
Accrued liabilities 2,162,463
Amounts due to insiders 141,778
-------------
Total Postpetition Liabilities 7,890,323
-------------
Liabilities subject to compromise
Secured debt 1,074,143
Priority debt 10,429,403
Unsecured debt 391,584,326
Other accruals 14,710,066
-------------
Total prepetition liabilities 417,797,937
-------------
Total Liabilities 425,688,260
-------------
Owner Equity
Common stock
Treasury stock 7,435,000
Owner's equity account
Prepetition retained earnings (243,575,613)
Postpetition retained earnings 80,929,561
-------------
Net Owners' Equity (155,211,053)
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $270,477,207
=============
Independence Air Inc.
Statement of Operations
October 2006
Revenues
Operating Revenue
Passenger revenue $0
Other revenue 2,930
-------------
Total operating revenues 2,930
-------------
Operating expenses
Insider compensation 65,528
Wages 107,564
Fringes and benefits (110,198)
Aircraft maintenance and materials (21,919)
Traffic Commissions (3,254)
CRS Fees (1,280)
Facilities rents 237,749
Landing fees 274
Depreciation and amortization -
Others 571,703
Retirement & restructuring charge 10,585,955
-------------
Total operating expense 11,432,122
-------------
Net operating income (loss) (11,429,192)
-------------
Net Profit (Loss) before other income & expenses (11,429,192)
-------------
Other (income) expenses
Interest income (619,633)
Interest expense 3,636
Other miscellaneous (933,350)
-------------
Total other (income) expense (1,549,347)
-------------
Net Profit (Loss) before reorganization items (9,879,845)
-------------
Reorganization items
Professional fees 489,263
U.S. Trustee Quarterly Fees 11,250
Income Taxes 22,995
-------------
Net Profit (Loss) ($10,403,353)
=============
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. 29; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
FOAMEX INT'L: Earns $2.2 Million for Period Ended October 29
------------------------------------------------------------
Foamex International, et al., as Debtors
Consolidated Balance Sheet
As of October 29, 2006
ASSETS
Current Assets
Cash $3,142,000
Accounts Receivable, net 181,357,000
Inventory 118,994,000
Other current assets 20,455,000
------------
Total current assets 323,948,000
Land & land improvements 5,051,000
Buildings 86,890,000
Leasehold improvement 6,483,000
Machinery & equipment 202,440,000
Furniture & fixtures 5,101,000
Auto equipment 7,753,000
Computer equipment 8,939,000
Construction in progress 4,355,000
Accumulated depreciation (231,162,000)
------------
Total property plant & equipment, net 95,850,000
Goodwill, net 86,191,000
Debt issuance costs, net 1,569,000
Investment in subsidiaries 14,757,000
Long-term intercompany receivable 4,850,000
Other Assets 56,930,000
------------
Total Assets $584,096,000
============
LIABILITIES & STOCKHOLDERS' DEFICIENCY
Current Liabilities
Revolver borrowings $51,298,000
Current portion of long-term debt 86,230,000
Accounts payable 114,045,000
Intercompany 144,000
Accrued employee costs 20,351,000
Accrued rebates 6,729,000
Accrued interest 3,749,000
Other current liabilities 21,230,000
------------
Total current liabilities 303,776,000
Long-term debt 197,000
Intercompany debt --
Liability subject to compromise 657,534,000
Other liabilities 24,989,000
------------
Total Long-Term Liabilities 682,720,000
------------
Total Liabilities 986,497,000
Common stock 282,000
Preferred stock 15,000
Additional paid-in capital 103,536,000
Treasury stock (27,969,000)
Partners' capital --
Other comprehensive income (loss) (37,546,000)
Shareholder loans (9,221,000)
Accumulated deficit (431,496,000)
------------
Stockholders' deficiency (402,399,000)
------------
Total Liabilities & Stockholders Deficiency $584,096,000
============
Foamex International, et al., as Debtors
Consolidated Income Statement
October 2 to October 29, 2006
Gross Sales $104,241,000
Rebates, Discount & Sale Allowance (5,132,000)
------------
Net Sales 99,109,000
Material 63,362,000
Labor 3,522,000
Overhead 11,685,000
Asset Impairments --
Freight/Shipping 3,906,000
------------
Cost of Sales 82,474,000
------------
Gross Profit 16,635,000
Labor Expense 3,911,000
Indirect Materials & Samples 40,000
Equipment & Maintenance Expense 18,000
Facility Expense 147,000
Travel & Entertainment 285,000
Technology 149,000
Professional Fees & Services 1,956,000
Other Miscellaneous Expense 287,000
Insurance & Tax 225,000
Bad debt expense (261,000)
Bank/Collection Costs 51,000
Transportation Cost 12,000
Depreciation/Amortization 331,000
Corp. Cost to COS (685,000)
------------
Selling, general & admin expenses 6,466,000
Gain (loss) on sale of assets 3,000
Restructuring charges (credit) 217,000
------------
Income from operations 9,954,000
Interest Expense 6,549,000
Equity in earnings of JV & non-debtor subs 314,000
Other Income & (Expense) (8,000)
Professional Fees 1,266,000
Provision/(Gains) - Rejected Contracts 151,000
Bankruptcy Filing Fees --
Other Expense (Income) --
Debt Adjustment Gain/Loss --
------------
Reorganization Expense (Income) 1,417,000
------------
Income before Tax 2,294,000
Tax Provision 81,000
------------
Net Income $2,213,000
============
Headquartered in Linwood, Pa., Foamex International Inc.
-- http://www.foamex.com/-- is the world's leading producer of
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets. The Company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries. The
Company and eight affiliates filed for chapter 11 protection on
Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-12693).
Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison LLP,
represent the Debtors in their restructuring efforts. Houlihan,
Lokey, Howard and Zukin and O'Melveny & Myers LLP are advising the
ad hoc committee of Senior Secured Noteholders. Kenneth A. Rosen,
Esq., and Sharon L. Levine, Esq., at Lowenstein Sandler PC and
Donald J. Detweiler, Esq., at Saul Ewings, LP, represent the
Official Committee of Unsecured Creditors. As of July 3,
2005, the Debtors reported $620,826,000 in total assets and
$744,757,000 in total debts. (Foamex International Bankruptcy
News, Issue No. 33; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
INTERSTATE BAKERIES: Posts $7M Net Loss for Period Ended Sept. 23
-----------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended September 23, 2006
REVENUE
Gross Income $226,038,883
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 56,542,734
Direct & Indirect Labor 42,155,241
Overhead & Production Administration 11,682,454
--------------
Total Cost of Goods Sold 110,380,429
--------------
Gross Profit 115,658,454
--------------
OPERATING EXPENSES
Owner-Draws/Salaries 0
Selling & Delivery Employee Salaries 53,526,371
Advertising and Marketing 2,287,933
Insurance (Property, Casualty, & Medical) 11,954,445
Payroll Taxes 4,439,776
Lease and Rent 3,343,554
Telephone and Utilities 1,177,249
Corporate Expense (Including Salaries) 6,067,400
Other Expenses 28,802,951
--------------
Total Operating Expenses 111,599,679
--------------
EBITDA 4,058,775
Restructuring & Reorganization Charges 2,523,706
Depreciation and Amortization 5,434,159
Abandonment 183,704
Other( Income)/Expense (596)
Gain/Loss Sale of Property 0
Interest Expense 3,745,697
--------------
Operating Income (Loss) (7,827,895)
Income Tax Expense (Benefit) (291,417)
--------------
NET INCOME (LOSS) ($7,536,478)
==============
CURRENT ASSETS
Accounts Receivable at end of period 146,359,266
Increase (Dec.) in Accounts Receivable 766,564
Inventory at end of period 68,105,474
Increase (Decrease) in Inventory for period 824,340
Cash at end of period 102,458,888
Increase (Decrease) in Cash for period (12,741,066)
Restricted Cash 14,912
Increase (Dec.) in Restricted Cash for period 14,912
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise (10,242,138)
Increase (Decrease) in Liabilities
Subject to Compromise (1,220,162)
Taxes payable:
Federal Payroll Taxes 9,522,567
State/Local Payroll Taxes 3,940,938
State Sales Taxes 713,996
Real Estate and Personal Property Taxes 11,107,465
Other 4,002,040
--------------
Total Taxes Payable $29,287,006
==============
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S. The Company and seven of
its debtor-affiliates filed for chapter 11 protection on
September 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric
Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed $1,626,425,000 in total assets and
$1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior
subordinated convertible notes due Aug. 15, 2014, on Aug. 12,
2004) in total debts. (Interstate Bakeries Bankruptcy News, Issue
No. 52; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
MUSICLAND HOLDING: Earns $27,000 for Month Ended October 2006
-------------------------------------------------------------
Musicland Holding Corp.
Consolidated Balance Sheet
As of October 31, 2006
ASSETS
Current Assets
Cash $28,006,000
Letter of Credit/Other Deposits 5,043,000
Other
Amounts due from TransWorld 6,279,000
Receivables from Sub-leases 637,000
Amounts due from GOB sales 0
Miscellaneous CC 28,000
Vendors Credit due from services 2,608,000
-------------
Total 42,601,000
Fixed Assets 0
Other non-current assets
Transport Logistic deposit 550,000
Utility and Tax Deposits 0
-------------
TOTAL ASSETS $43,151,000
=============
Liabilities & Shareholders' deficit
Current liabilities
Accounts payable
Due to Transworld $0
Due to Deluxe 0
A/P 0
Other accrued liabilities
Logistic Accrual 415,000
Deferred Income 0
Insurance Reserve 3,380,000
Accrued Payroll & Employee Benefits:
Accrued Vacation 7,000
Accrued Severance 0
Accrued Employer Payroll Taxes 15,000
Health Insurance Benefits Reserves 251,000
Sales Tax 178,000
5% Admin. Fee on Wachovia L/C 250,000
FY06 Tax Return & Employee Benefit 0
Audit Services 62,000
Payroll/W2 & 1099 System 46,000
Miscellaneous 29,000
Gift Card liabilities 0
-------------
Total 4,634,000
-------------
DIP financing 0
Other LT Liabilities 0
Liabilities subject to compromise 330,330,000
Shareholders' deficit (291,813,000)
-------------
TOTAL LIABILITIES &
SHAREHOLDERS' DEFICIT $43,151,000
=============
Musicland Holding Corp.
Statement of Operations
For the Month Ended October 31, 2006
Merchandise revenue -
Non-merchandise revenue -
Net sales -
Cost of good sold -
Gross Profit -
Store operating expenses
Payroll $158,000
Occupancy 0
Other 83,000
-------------
Store expenses 0
-------------
General & administrative 241,000
-------------
EBITDA (Loss) (241,000)
-------------
Hilco 340 Store GOB 0
Chapter 11 & related charges 354,000
Sale to Transworld 0
Hilco 65 0
Media Play Wind down 0
Depreciation & Amortization 0
-------------
Operating income (Loss) 113,000
Interest income (expense) 60,000
Other non-operating charges (146,000)
-------------
Earnings before Taxes 27,000
-------------
Income tax 0
-------------
Net earnings (Loss) $27,000
=============
Musicland Holding Corp.
Statements of Cash Flow
For the Month Ended October 31, 2006
Operating activities
Net earnings (Loss) $27,000
Adjustments to reconcile net earnings (loss)
to net cash provided by (used in)
operating activities:
Loss on utility deposits write off 0
Changes in operating assets & liabilities:
Inventory 0
Other current assets 2,081,000
Other Non-current Assets 83,000
Accounts payable (121,000)
Other accrued liabilities (292,000)
Liabilities subject to compromise 0
-------------
Net cash provided by (used in)
operating activities 1,778,000
-------------
Investing activities
Change in other long term asset/liabilities -
Retirement of fixed assets -
-------------
Net cash provided by (used in)
Investing activities -
Financing activities
Distribution to Secured Creditors 0
-------------
Increase/decrease in cash 1,778,000
-------------
Cash at the beginning of Period 26,228,000
-------------
Cash at the end of Period $28,006,000
=============
Headquartered in New York, New York, Musicland Holding Corp., is a
specialty retailer of music, movies and entertainment-related
products. The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts. Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors. When the Debtors filed for
protection from their creditors, they estimated more than $100
million in assets and debts. (Musicland Bankruptcy News, Issue
No. 23; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
REFCO INC: Files October 2006 Monthly Operating Report
-------------------------------------------------------
In lieu of comprehensive financial statements, Refco, Inc., and
its debtor-affiliates delivered to the Court a statement of their
cash receipts and disbursements for the period from October 1 to
31, 2006.
Peter F. James, controller of Refco, reports that the company
held a $1,881,636,000 cash balance at the start of the reporting
period. Refco received $1,138,362,000 and disbursed
$1,446,442,000 in cash. Refco's ending cash balance totals
$1,575,010,000.
As paying agent for certain non-debtors and Refco, LLC, the
Debtors disbursed approximately $4,700,000,000.
Mr. James discloses that Refco paid $475,000 in gross wages, of
which approximately $228,000 was paid on behalf of and reimbursed
by the Non-Debtors and Refco LLC. Refco also withheld $150,000
in employee payroll taxes, of which $16,000 was remitted to a
third party vendor.
Mr. James states that all taxes due and owing, as well as tax
returns, have been paid and filed for the current period.
Refco paid $67,549,000 for professional fees for October, and
$93,807,000 since the Petition Date. The Debtors did not pay
professional fees on Refco LLC's behalf.
Mr. James says all insurance policies are fully paid for the
current period, including amounts owed for workers' compensation
and disability insurance.
A full-text copy of Refco's October 2006 Monthly Statement is
available at no charge at http://ResearchArchives.com/t/s?15bb
Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in 14
countries and an extensive global institutional and retail client
base. Refco's worldwide subsidiaries are members of principal
U.S. and international exchanges, and are among the most active
members of futures exchanges in Chicago, New York, London and
Singapore. In addition to its futures brokerage activities, Refco
is a major broker of cash market products, including foreign
exchange, foreign exchange options, government securities,
domestic and international equities, emerging market debt, and OTC
financial and commodity products. Refco is one of the largest
global clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc A.
Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents
the Official Committee of Unsecured Creditors. Refco reported
$16.5 billion in assets and $16.8 billion in debts to the
Bankruptcy Court on the first day of its chapter 11 cases.
On Oct. 6, 2006, the Debtors filed their Amended Plan and
Disclosure Statement. On Oct. 16, 2006, the gave its tentative
approval on the Disclosure Statement and on Oct. 20, 2006, the
Court Clerk entered the written disclosure statement order.
The hearing to consider confirmation of Refco, Inc., and its
debtor-affiliates' plan is set for Dec. 15, 2006. Objections to
the plan, if any, must be in by Dec. 1, 2006.
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). RCMI's exclusive period to file a chapter 11 plan
expires on Feb. 13, 2007.
(Refco Bankruptcy News, Issue No. 48; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
ROWE COMPANIES: Posts $2.9 Mil. Net Loss for Period Ended Oct. 29
-----------------------------------------------------------------
The Rowe Companies Inc., Rowe Furniture Inc., and Storehouse Inc.
filed their monthly operating report for October 2006 with the
United States Bankruptcy Court for the Eastern District of
Virginia on Nov. 21, 2006.
The Rowe Companies Inc. reported a net loss of $2,946,365 from
total revenues of $88, for the period from Oct. 2, 2006, to
Oct. 29, 2006.
At Oct. 29, 2006, Rowe Companies Inc. and its debtor-affiliates'
balance sheet showed:
Total Current Assets $19,330,444
Total Assets $21,895,719
Total Liabilities $23,530,200
Total Shareholders' Deficit ($1,634,482)
A full-text copy of Rowe Companies Inc.'s October 2006 MOR is
available at no charge at http://ResearchArchives.com/t/s?15bc
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.
ROWE COMPANIES: Rowe Furniture Files Oct. 2006 Operating Report
---------------------------------------------------------------
The Rowe Companies Inc., Rowe Furniture Inc., and Storehouse Inc.
filed their monthly operating report for October 2006 with the
United States Bankruptcy Court for the Eastern District of
Virginia on Nov. 21, 2006.
Rowe Furniture Inc. reported a net loss of $1,115,695 from total
revenues of $7,403,614 for the period from Oct. 1, 2006, to
Oct. 29, 2006.
At Oct. 29, 2006, Rowe Furniture Inc. and its debtor-affiliates'
balance sheet showed:
Total Current Assets $27,854,987
Total Assets $71,480,253
Total Liabilities [$20,387,443]
Total Shareholders' Equity $51,092,810
A full-text copy of Rowe Furniture Inc.'s October 2006 MOR is
available at no charge at http://ResearchArchives.com/t/s?15be
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.
ROWE COMPANIES: Storehouse Inc. Files Oct. 2006 Operating Report
----------------------------------------------------------------
The Rowe Companies Inc., Rowe Furniture Inc., and Storehouse Inc.
filed their monthly operating report for October 2006 with the
United States Bankruptcy Court for the Eastern District of
Virginia on Nov. 21, 2006.
Storehouse Inc. reported a net loss of $2,946,365 from total
income of $88, for the month ended Oct. 29, 2006. Net loss for
the month ended Sept. 18 was $1,601,735.85.
At Oct. 31, 2006, Storehouse Inc. and its debtor-affiliates'
balance sheet showed:
Total Current Assets $14,670,869
Total Assets $15,430,953
Total Liabilities $58,578,538
Total Shareholders' Deficit [($43,147,585)]
A full-text copy of Storehouse Inc.'s October 2006 MOR is
available at no charge at http://ResearchArchives.com/t/s?15bf
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.
WERNER HOLDING: Posts $12.2 Million Net Loss in October 2006
------------------------------------------------------------
Werner Holding Co. (PA) Inc. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of October 31, 2006
ASSETS
Current Assets:
Cash and cash equivalents $20,175,000
Receivables, net 70,969,000
Income taxes receivable (payable) 1,182,000
Inventories, net 63,368,000
Prepaid insurance and other 9,350,000
------------
Total current assets 165,044,000
Property, Plant & Equipment, Net 74,418,000
Other assets:
Deferred financing fess, net 10,822,000
Investment in subsidiaries -
Other non-current assets 7,245,000
------------
Total other assets 18,067,000
------------
TOTAL ASSETS $257,529,000
============
LIABILITIES & SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable $14,438,000
Accrued liabilities 38,221,000
Intercompany payable (receivables) -
First lien revolving credit facility 39,177,000
Current maturities of long-term debt 183,537,000
------------
Total current liabilities 275,373,000
Long-Term Liabilities:
Long-term debt 89,427,000
Reserve for product liability and
workers' compensation claims 7,808,000
Other long-term obligations 2,577,000
Liabilities subject to compromise 207,353,000
------------
Total Liabilities 582,538,000
Convertible preferred stock 99,876,000
Shareholders' Deficit:
Common stock 1,000
Additional paid-in-capital 17,733,000
Retained earnings (deficit) (430,646,000)
Accumulated other comprehensive income (loss) (11,776,000)
N/R arising from stock loan plan (197,000)
------------
Total Shareholders Deficit (424,885,000)
------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $257,529,000
============
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Statement of Operations
October 1 to 31, 2006
Net sales $35,803,000
Total cost of sales 28,784,000
------------
Gross profit 7,019,000
Total operating expenses 10,492,000
Operating income (loss) (3,473,000)
Equity in net income (loss) of subsidiaries -
Other income (expense), net (355,000)
------------
Income (loss) before interest,
reorganization items and taxes (3,828,000)
Reorganization Items:
Gain on Termination of Benefit Plan -
(Restructuring Process Fees) (3,492,000)
Interest Income 65,000
------------
Reorganization Items, Net (3,427,000)
------------
Interest (loss) before interest and taxes (7,255,000)
Inter-company interest expense -
Interest expense 5,307,000
------------
Income (loss) before income taxes (12,562,000)
Provision (benefit) for income taxes (349,000)
------------
Net Income (Loss) ($12,213,000)
============
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Statement of Cash Flows
October 1 to 31, 2006
Cash flows provided (used) by
operating activities ($2,065,000)
Cash Flows From Investing Activities:
Capital expenditures, net (342,000)
Proceeds from sale of property -
------------
Net cash used in investing activities (342,000)
Cash Flows From Financing Activities:
Borrowings of long-term debt -
Repayments of long-term debt -
Capital lease payments (191,000)
Net borrowings under first lien revolving
credit facility -
Debt issuance costs -
------------
Net cash provided (used) by financing activities (191,000)
Net increase (decrease) in cash and equivalents 1,532,000
Cash and equivalents at October 1, 2006 18,643,000
------------
Cash and equivalents at October 31, 2006 $20,175,000
============
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. 14; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
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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,
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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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