/raid1/www/Hosts/bankrupt/TCR_Public/061216.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, December 16, 2006, Vol. 10, No. 299
Headlines
ACCEPTANCE INSURANCE: Posts $50,526 Net Loss in November 2006
CATHOLIC CHURCH: Davenport Files October 2006 Operating Report
CATHOLIC CHURCH: Portland Files October 2006 Operating Report
CATHOLIC CHURCH: Spokane Files October 2006 Operating Report
DANA CORP: Posts $20 Million Net Loss in October 2006
FEDERAL MOGUL: Posts $505.9 Million Net Loss in October 2006
LARGE SCALE BIOLOGY: Posts $687,075 Net Loss in October 2006
PERFORMANCE TRANSPORTATION: Files October 2006 Operating Report
SAINT VINCENTS: Files October 2006 Monthly Operating Report
SOLUTIA INC: Files Amended September 2006 Monthly Operating Report
SOLUTIA INC: Posts $9 Million Net Loss in October 2006
SONICBLUE INC: Files October 2006 Monthly Operating Report
*********
ACCEPTANCE INSURANCE: Posts $50,526 Net Loss in November 2006
-------------------------------------------------------------
Acceptance Insurance Companies Inc. filed its November 2006
monthly operating report with the United States Bankruptcy Court
for the District of Nebraska on Dec. 12, 2006.
The Debtor reported a $50,526 net loss on $8,211 of revenue for
the month ended Nov. 30, 2006. Net income for the month ended
Oct. 31, 2006, was $2,794,678.
At Nov. 30, 2006, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $1,980,790
Total Assets $35,171,855
Total Liabilities $138,260,079
Total Shareholders' Deficit ($103,088,224)
A full-text copy of Acceptance Insurance Companies Inc.'s November
2006 Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?170e
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.
CATHOLIC CHURCH: Davenport Files October 2006 Operating Report
--------------------------------------------------------------
Diocese of Davenport in Iowa
Statement of Financial Position
As of October 31, 2006
ASSETS
Cash and cash equivalents - unrestricted $4,457,668
Cash and cash equivalents - restricted 2,152,559
Accounts receivable, net 76,355
Inventory -
Prepaid expenses 1,802
Professional retainers 55,652
Real Property 4,549,430
Machinery and equipment 6,000
Furniture and fixtures 10,800
Office equipment 59,500
Leasehold improvements -
Vehicles 45,460
--------------
Total Assets $11,415,226
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Secured claims -
Priority unsecured claims 142,536
General unsecured claims 1,660,915
--------------
Total Prepetition Liabilities 1,803,451
--------------
Postpetition
Salaries and wages -
Payroll taxes -
Real and personal property taxes -
Income taxes -
Sales taxes -
Notes payable, short term -
Accounts payable, trade 42,798
Real property lease arrearage -
Personal property lease arrearage -
Accrued professional fees -
Current portion of long-term debt -
Pass-through collections 9,960
--------------
Total Postpetition Liabilities 52,758
--------------
Total Liabilities 1,856,209
--------------
Equity (deficit):
Equity (deficit) at time of filing: 5,795,187
Capital stock
Additional paid-in capital -
Cumulative profit/(loss) since filing 140,415
Post-petition contributions/(distributions)
or draws -
Market value adjustment 3,623,415
--------------
Total equity (deficit) 9,559,017
--------------
Total liabilities & equity (deficit) $11,415,226
==============
Diocese of Davenport in Iowa
Statement of Operations
For the month ending October 31, 2006
Revenues
Gross sales $2,439
Less: sales returns & allowances -
Net sales -
Less: cost of goods sold -
Gross profit -
Interest -
Other income:
Charitable gifts 167,062
Insurance receipts 126,366
Investment income 23,627
--------------
Total revenues $319,494
==============
Expenses:
Compensation to owner(s)/officer(s) 12,090
Salaries 79,700
Commissions -
Contract labor 1,676
Rent/Lease:
Personal property -
Real property -
Insurance 38,113
Management fees -
Depreciation 5,945
Taxes:
Employer payroll taxes 6,423
Real property taxes -
Other taxes -
Other selling -
Other administrative 16,097
Interest -
Other expenses:
Employee benefits 19,035
Charity collection -
Medical assistance/Victim assistance -
Utilities -
--------------
Total expenses 179,079
--------------
Reorganization items:
Professional fees -
Provisions for rejected
executory contracts -
Interest earned on accumulated cash
from resulting Chapter 11 case -
Gain or (Loss) from sale of equipment -
U.S. Trustee quarterly fees -
--------------
Total reorganization items -
--------------
Net profit (loss) before federal &
state taxes 140,415
Federal & state income taxes -
--------------
Net profit (loss) $140,415
==============
Diocese of Davenport in Iowa
Statement of Cash Receipts and Disbursements
For the month ending October 31, 2006
Cash receipts
Rent/Leases collected $1,350
Cash received from sales 2,439
Interest received -
Borrowings increase in accounts payable 1,139
Funds from shareholders, partners,
or other insiders -
Capital contributions -
Annual diocesan appeal/donations 167,062
Investment income/misc. 684
Insurance receipts 126,366
Tribunal/Immigration/Faith Formation fees 15,653
Decrease in prepaids/accounts receivable 16,896
--------------
Total Cash Receipts $331,589
==============
Cash disbursements:
Payments for inventory -
Selling -
Administrative 74,104
Capital expenditures -
Principal payments on debt -
Interest paid -
Rent/Lease:
Personal Property -
Real Property -
Amount paid to owner(s)/officer(s)
Salaries 12,090
Draws -
Commissions/Royalties -
Expense Reimbursements 817
Other -
Salaries/Commissions (less employee
withholding 58,079
Management fees -
Taxes:
Employee withholding 21,621
Employer payroll taxes 6,423
Real property taxes -
Other taxes -
Other cash outflows:
Misc 24
--------------
Total Cash Disbursements $173,158
--------------
Net increase (decrease) in cash 158,431
--------------
Cash balance, beginning of period 693,296
Cash balance, end of period $851,727
==============
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. 74;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
CATHOLIC CHURCH: Portland Files October 2006 Operating Report
-------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of October 31, 2006
ASSETS
Cash and cash equivalents $18,472,938
Accounts receivable, net 4,412,922
Notes, estates and other receivables 11,746,760
Loans receivable from Archdiocesan entities, net 6,490,760
Loans receivable from Archdiocesan housing entities 542,967
Interest receivable and other assets 208,539
Inventories 1,666,042
Real Property 226,689
Deposits and prepaid expenses 27,736
Investments 101,367,926
Advances to Archdiocesan housing entities 1,531,500
Land, building, and equipment, net 7,336,589
--------------
Total Assets $154,031,368
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable 822,302
Accrued liabilities 2,172,196
Funds held for others
Second Collections (12)
Short-term investments payable 12,662,527
Long-term pool investments payable 18,171,705
Reserve for insurance claims 2,343,946
Notes payable 10,668,901
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 54,905,097
--------------
Postpetition
Accounts payable 742,197
Accrued liabilities 5,761,493
Funds held for others
Second Collections 169,683
Short-term investments payable 3,746,719
Long-term pool investments 6,256,689
Reserve for insurance claims 460,648
Notes payable -
Pre-need liability and reserve 25,767
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 17,567,717
--------------
Total Liabilities 72,472,814
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,962,164
Other Assets (3,572,403)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 9,246,920
Other Assets 5,921,873
--------------
Total Postpetition Net Assets 15,168,793
--------------
Total Net Assets 81,558,554
--------------
Total liabilities & net assets $154,031,368
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending October 31, 2006
Revenues, gains and other support
Annual Catholic Appeal income $1,074
Gross profit on cemetery sales 85,588
Contributions, gifts, annuities and bequests 39,744
Operating support - Oregon Catholic Press 144,893
Investment income and realized gains (losses),
net of expenses 569,910
Change in unrealized gains (losses) 1,975,955
Insurance premiums, net 7,318
Interest income from loans 37,334
Parish assessments 260,689
Other income 262,800
Departmental revenues 77,094
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 3,462,399
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 340,605
Clergy Services 180,026
Catholic Schools 30,725
Pastoral Services 33,923
Evangelization Services 42,664
Public Services 9,838
Tribunal Services 18,191
Deposit and loan interest 230,796
Insurance program 531,467
Cemetery operating expenses 333,951
High School grants/charitable annuities 11,207
Other program expenses 107,683
--------------
Total program services 1,871,076
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 61,054
Finance & Administration:
Resource Development 67,131
Business Affairs 9,711
Financial Services 58,977
Human Resources 34,355
Shared Services 22,862
Occupancy and physical plant expenses 11,653
Designated funds expense 33,922
Bankruptcy expense 173,714
Depreciation expense 140
--------------
Total supporting services 473,519
--------------
Total expenses and program support 2,344,595
--------------
Increase (decrease) in net assets before
transfers and designations of net assets 1,117,804
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets 1,117,804
Net assets at beginning of year 80,440,750
--------------
Net assets at end of year $81,558,554
===============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending October 31, 2006
Beginning Cash Balance: $16,739,073
Add:
Transfers in 3,412,996
Receipts Deposited 6,905,331
Other (Return of Direct Deposits) -
Other -
Other (Interest Income) 67,128
--------------
Total Cash Receipts 10,385,454
Subtract:
Transfers out (3,412,996)
Disbursements by check or debit (5,209,063)
Cash withdrawn -
Other (Service Charges) (1,804)
Other (Misc Check Correction) (4,000)
Other (NSF Checks) (23,726)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (8,651,589)
--------------
Ending Cash Balance $18,472,938
==============
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. Albert N. Kennedy, Esq., at Tonkon Torp, LLP, represents
the Official Tort Claimants Committee in Portland, and scores of
abuse victims are represented by other lawyers. David A. Foraker
serves as the Future Claimants Representative appointed in the
Archdiocese of Portland's Chapter 11 case. In its Schedules of
Assets and Liabilities filed with the Court on July 30, 2004, the
Portland Archdiocese reports $19,251,558 in assets and
$373,015,566 in liabilities. (Catholic Church Bankruptcy News,
Issue No. 74; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
CATHOLIC CHURCH: Spokane Files October 2006 Operating Report
------------------------------------------------------------
The Diocese of Spokane delivered its operating report for the
month of October to the U.S. Bankruptcy Court for the Eastern
District of Washington.
As of October 31, Spokane reported $12,805,145 in total assets,
including $2,503,472 in cash, $2,679,116 in loans receivables and
$2,679,116 in buildings and other fixed assets.
Spokane reported $9,269,297 in total long-term liabilities,
including $10,457,621 in deposits payable.
Spokane also reported ($26,542,443) in net assets, including
$10,593,192 in total replacement fund.
Spokane's total liabilities plus net assets exceed its total
assets by $130,000. Spokane did not disclose the reason for the
difference.
Spokane also reported a $568,381 net deficit for the month ended
October. The Diocese's income totaled $282,870, which was offset
by expenses aggregating $851,251.
A full-text copy of the Diocese's October 2006 operating report
is available for free at: http://ResearchArchives.com/t/s?16b6
The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 74; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
DANA CORP: Posts $20 Million Net Loss in October 2006
-----------------------------------------------------
Dana Corporation
Condensed Balance Sheet
At October 31, 2006
ASSETS
CURRENT ASSETS
Cash and cash equivalent assets $716,000,000
Accounts receivable
Trade 1,313,000,000
Other 196,000,000
Inventories 736,000,000
Assets of discontinued operations 462,000,000
Other current assets 134,000,000
--------------
Total current assets 3,557,000,000
Investments and other assets 1,322,000,000
Investments in equity affiliates 666,000,000
Net property, plant and equipment 1,792,000,000
--------------
TOTAL ASSETS $7,337,000,000
==============
LIABILITY AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable, including current portion
of long-term debt $29,000,000
Accounts payable 892,000,000
Liabilities of discontinued operations 198,000,000
Other accrued liabilities 765,000,000
--------------
Total current liabilities 1,884,000,000
Liabilities subject to compromise 4,284,000,000
Deferred employee benefits and other
non-current liabilities 267,000,000
Long-term debt 15,000,000
DIP financing 700,000,000
Minority interest in consolidate subsidiaries 84,000,000
Shareholder' equity 103,000,000
--------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $7,337,000,000
==============
Dana Corporation
Unaudited Condensed Statement of Operations
Month Ending October 31, 2006
Net Sales $729,000,000
Costs and expenses
Costs of sales 701,000,000
Selling, general & administrative expenses 33,000,000
Impairment of goodwill -
Other income, net 6,000,000
--------------
Income (loss) from operations 1,000,000
Interest expense 5,000,000
Reorganization charges 8,000,000
--------------
Income (loss) before income taxes (12,000,000)
Income tax (expense) benefit (3,000,000)
Minority interest (1,000,000)
Equity in earnings of affiliates (5,000,000)
--------------
Income (loss) before continuing operations (21,000,000)
Income (loss) from discontinued operations 1,000,000
--------------
Net income (loss) ($20,000,000)
==============
Dana Corporation
Unaudited Condensed Statement of Cash Flow
Month Ended October 31, 2006
OPERATING ACTIVITIES
Net income (loss) ($20,000,000)
Depreciation and amortization 22,000,000
Charges related to divestitures & asset sales -
Reorganization charges 8,000,000
Payment of reorganization charges (5,000,000)
Working capital 9,000,000
Equity in loss of affiliates 5,000,000
Other (14,000,000)
--------------
Net cash flow provided by
(used for) operating activities (5,000,000)
INVESTING ACTIVITIES
Purchases of property, plant and equipment (16,000,000)
Proceeds from sale of assets 4,000,000
Other 1,000,000
--------------
Net cash flow provided by
(used for) operating activities (11,000,000)
FINANCING ACTIVITIES
Net change in short-term debt -
Payments of long-term debt -
Proceeds from DIP facility -
Increase (decrease) in long-term -
--------------
Net cash flow provided by
(used for) financing activities -
Net increase in cash equivalents (6,000,000)
--------------
Cash and cash equivalents, beginning of period 722,000,000
--------------
Cash and cash equivalents, end of period $716,000,000
==============
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. 28; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
FEDERAL MOGUL: Posts $505.9 Million Net Loss in October 2006
------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of October 31, 2006
(In millions)
Assets
Cash and equivalents $72.8
Accounts receivable 589.4
Inventories 444.6
Deferred taxes 96.9
Prepaid expenses and other current assets 96.1
----------
Total current assets 1,299.8
Summary of Unpaid Postpetition Debits (81.2)
Intercompany Loans Receivable (Payable) 2,294.3
----------
Intercompany Balances 2,213.1
Property, plant and equipment 829.1
Goodwill 932.0
Other intangible assets 385.9
Insurance recoverable 838.1
Other non-current assets 892.8
----------
Total Assets 7,390.8
==========
Liabilities and Shareholders' Equity
Short-term debt 531.0
Accounts payable 220.4
Accrued compensation 79.4
Restructuring and rationalization reserves 22.7
Current portion of asbestos liability -
Interest payable 3.7
Other accrued liabilities 245.8
----------
Total current liabilities 1,102.9
Long-term debt -
Post-employment benefits 721.9
Other accrued liabilities 787.4
Liabilities subject to compromise 5,811.2
Shareholders' equity:
Preferred stock 1,050.6
Common stock 565.8
Additional paid-in capital 8,076.1
Accumulated deficit (10,932.0)
Accumulated other comprehensive income 207.0
Other -
----------
Total Shareholders' Equity (1,032.5)
----------
Total Liabilities and Shareholders' Equity $7,390.8
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended October 31, 2006
(In millions)
Net sales 267.4
Cost of products sold 220.0
----------
Gross margin 47.4
Selling, general & administrative expenses (45.3)
Amortization (1.1)
Reorganization items (552.1)
Interest expense, net (16.2)
Other expense, net 54.3
----------
Earnings before Income Taxes (513.0)
Income Tax Expense 7.0
----------
Earnings before effect of change in acctg. principle (505.9)
Cumulative effect of change in acctg. principle -
----------
Net Earnings (loss) ($505.9)
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended October 31, 2006
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) ($505.9)
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 12.8
Adjustment of assets held for sale and other
long-lived assets to fair value -
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in accounting principle -
Change in post-employment benefits 3.2
Decrease (increase) in accounts receivable 7.8
Decrease (increase) in inventories 4.7
Increase (decrease) in accounts payable 1.1
Change in other assets and other liabilities (261.0)
Change in restructuring charge 0.9
Refunds (payments) against asbestos liability -
----------
Net Cash Provided From Operating Activities (736.4)
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (8.5)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
----------
Net Cash Provided From (Used By) Investing Activities (8.5)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (23.7)
Sale of accounts receivable under securitization -
Dividends -
Other 3.9
-----------
Net Cash Provided From Financing Activities (19.9)
Increase in Cash and Equivalents (764.7)
Cash and equivalents at beginning of period 837.6
----------
Cash and equivalents at end of period $72.8
==========
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some $6 billion. The Company filed for
chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No.
01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and
Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura
Davis Jones Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed $10.15 billion in assets and $8.86 billion
in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq.,
at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard
Firm represent the Official Committee of Unsecured Creditors.
(Federal-Mogul Bankruptcy News, Issue No. 121; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
LARGE SCALE BIOLOGY: Posts $687,075 Net Loss in October 2006
------------------------------------------------------------
Large Scale Biology Corp. filed its monthly operating report for
October 2006 with the United States Bankruptcy Court for the
Eastern District of California on Dec. 12, 2006.
The Debtor reported a net loss of $687,075 from revenue of
$100,545 for the month ended Oct. 31, 2006.
At Oct. 31, 2006, Large Scale Biology Corp.'s balance sheet
showed:
Total Current Assets $18,557,015
Total Assets $20,939,179
Total Liabilities $9,042,266
Total Shareholders' Equity $11,896,913
A full-text copy of Large Scale Biology Corp.'s October 2006
Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?170d
Headquartered in Vacaville, California, Large Scale Biology
Corporation -- http://www.lsbc.com/-- develops, manufactures and
sells plant-made pharmaceutical proteins and vaccines. LSBC and
its debtor-affiliates filed for chapter 11 protection on Jan. 9,
2006. (Bankr. E.D. Calif. Case No. 06-20046). Paul J. Pascuzzi,
Esq., at Felderstein Fitzgerald Willoughby & Pascuzzi, represent
the Debtors in their restructuring efforts. Donna T. Parkinson,
Esq., in Sacramento, California, represents the Official
Committee of Unsecured Creditors. At June 30, 2006, Large
Scale Biology Corporation's balance sheet showed total assets
of $19,733,999 and total debts of $8,895,285.
PERFORMANCE TRANSPORTATION: Files October 2006 Operating Report
---------------------------------------------------------------
Performance Transportation Services Inc. and its debtor-affiliates
filed with the U.S. Bankruptcy Court for the Western District of
New York their Monthly Operating Statement for the period
October 1 to 31, 2006.
The Operating Statements do not include a Balance Sheet or
Statement of Operations. The Debtors, however, disclosed a
$1,372,200 operating net loss for the period.
Performance Logistics Group, Inc.
In re. Leaseway Motorcar Transport Company, et al.
U.S. Operations Cash Flow
For the Month Ended October 31, 2006
Book balance:
Opening book balance, 10/01/06 $7,856,609
-----------
Receipts
Customers 24,806,268
Miscellaneous receipts 101,650
-----------
Total receipts 24,907,918
-----------
Disbursements
Payroll, payroll taxes & fringe benefits 12,795,916
Insurance & cargo losses 3,289,359
Fuel and fuel taxes 3,363,738
Parts, tires, other operating supplies & expenses 3,486,079
Licenses, permits & tolls 546,762
Tractor, trailer lease payments 132,028
Building, land, service vehicles and other rents 375,652
Interest & bank fee payments 629,273
Income, franchise & property taxes 35,967
Misc/DIP Line (Draw) / Repayments -
Capital expenditures 129,016
Professional Fees 1,358,705
-----------
Total Disbursements 26,142,495
-----------
Closing Book Balance, End of Month $6,622,032
===========
A full-text copy of the Debtors' October 2006 Operating
Statements is available for free at:
http://ResearchArchives.com/t/s?16c9
Headquartered in Wayne, Michigan, Performance Transportation
Services, Inc. -- http://www.pts-inc.biz/-- is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America. The Company provides transit stability,
cargo damage elimination and proactive customer relations that are
second to none in the finished vehicle market segment. The
company's chapter 11 case is administered jointly under Leaseway
Motorcar Transport Company.
Headquartered in Niagara Falls, New York, Leaseway Motorcar
Transport Company Debtor and 13 affiliates filed for chapter 11
protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Case No. 06-00107).
James A. Stempel, Esq., James W. Kapp, III, Esq., and Jocelyn A.
Hirsch, Esq., at Kirkland & Ellis, LLP, and Garry M. Graber, Esq.,
at Hodgson Russ LLP represent the Debtors in their restructuring
efforts. David Neier, Esq., at Winston & Strawn LLP, represents
the Official Committee of Unsecured Creditors. 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. (Performance Bankruptcy News, Issue No. 19; Bankruptcy
Creditors' Service, Inc. http://bankrupt.com/newsstand/or
215/945-7000)
SAINT VINCENTS: Files October 2006 Monthly Operating Report
-----------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of October 31, 2006
ASSETS
Cash & Cash Equivalents $36,142,772
Patients Accounts Receivable, less allowance for
doubtful accounts 152,309,045
Accounts Receivable 37,505,280
Other Current Assets 44,614,585
Assets Held for Sale 83,029,419
--------------
Total Current Assets 353,601,101
Depreciation Reserve Funds & Collaterized Assets 10,816,190
Assets Designated for Self-Insurance
Investments at Market 44,461,182
Assets whose use is limited -
Investments at Market 57,017,752
Other Non-Current Assets 16,815,351
Land, Buildings & Equipment, net of
Accumulated Depreciation 133,268,216
--------------
Total Assets $615,979,792
==============
LIABILITIES AND NET ASSETS
Liabilities Not Subject to Compromise:
Long-Term Debt $101,277,080
Long-term Debt (GE) 169,000,000
Accounts Payable & Accrued Expenses 121,886,972
Accrued Salaries and Payroll Taxes Withheld 49,572,050
Estimated Retroactive Payables to
Third Parties, net 97,658,712
Other Non-current Liabilities 41,638,414
Liabilities Held for Sale 38,978,796
--------------
Total Liabilities Not Subject to Compromise 620,012,024
Liabilities Subject to Compromise:
Liabilities Subject to Compromise 481,131,676
--------------
Total Liabilities Subject to Compromise 481,131,676
--------------
Total Liabilities 1,101,143,700
Net Assets:
Unrestricted (548,505,728)
Temporarily Restricted 38,314,414
Permanently Restricted 25,027,406
--------------
Total Net Assets (485,163,908)
--------------
Total Liabilities & Net Assets $615,979,792
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From October 1 to October 31, 2006
Operating Revenue
Inpatient $63,004,862
Outpatient 30,602,856
--------------
Patient Service Revenue 93,607,718
--------------
Less Provision for Bad Debt 6,007,053
--------------
Net Patient Service Revenue 87,600,665
--------------
Pool Revenue 3,863,271
Capitation 7,910,689
Other 12,307,943
--------------
Total Operating Revenue 111,682,568
Operating Expenses:
Salaries and Wages 48,955,145
Fringe Benefits 13,774,037
Supplies and Other 37,041,618
Insurance 4,006,972
--------------
Total Direct Operating Costs 103,777,772
Salaries and Wages 2,177,099
Fringe Benefits 571,106
Supplies and Other 6,351,047
--------------
Total Corporate Allocated 9,099,252
--------------
Total Operating Expense 112,877,024
--------------
Interest 2,263,512
Depreciation 1,718,784
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items (5,176,752)
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) -
St. Mary's Op Pac Rate Adjustment -
ZBEC/HFE Recoveries -
Restructuring & Bankruptcy Related Costs (2,748,053)
Estimated Close-out of St. Mary's -
Hanys Investment Income (SF INS) -
Prior Period Ambulance Revenue -
Transfer of Equity Foundation -
--------------
Total Non-Recurring and/or Unusual Items (2,748,053)
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (7,924,805)
--------------
Non-Operating Revenue 2,405,047
Change in Temporary Restricted Net Assets 979,142
--------------
Change in Net Assets ($4,540,616)
--------------
EBITDA $1,194,456
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From October 1 to October 31, 2006
Cash Flows from Operation Activities:
Changes in Net Assets ($4,540,616)
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Depreciation & Amortization 1,718,784
Change in Unrealized Gains & Losses (2,223,075)
Change in Patient's Accounts Receivable 2,196,957
Change in Accounts Receivables, Other 9,576,715
Change in Prepaid Expenses & Other 2,490,633
Change in Other Non-Current Assets 194,216
Change in Accounts Payable &
Accrued Exp-Postpetition (6,796,770)
Change in Accrued Salaries & P/R Taxes 5,126,155
Change in Est. Retro rec/pay
from/to third parties 8,098,525
Change in Other Non-Current Liabilities 3,286,538
--------------
Net Cash Provided by Operating Activities 19,128,062
Cash flows From Investment Activities:
Purchase of Investments, Net (2,105,866)
Purchase of Assets Whose Use is Limited (768,939)
Acquisition/Sale of Land, Building,
& Equipment (1,069,161)
--------------
Net Cash Provided by Investing Activities (3,943,966)
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Lo -
Repayment of Long-term debt (4,757,729)
--------------
Net Cash (Used) in Financing Activities (4,757,729)
Net Increase (Decrease)
in Cash & Cash Equivalents 10,426,367
Cash & Cash Equivalents at Beginning of Month 25,716,405
--------------
Cash & Cash Equivalents at End of the Month $36,142,772
==============
Headquartered in New York, New York, Saint Vincents Catholic
Medical Centers of New York -- http://www.svcmc.org/-- the
largest Catholic healthcare providers in New York State, operate
hospitals, health centers, nursing homes and a home health agency.
The hospital group consists of seven hospitals located throughout
Brooklyn, Queens, Manhattan, and Staten Island, along with four
nursing homes and a home health care agency. The Company and six
of its affiliates filed for chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary
Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will &
Emery, LLP, filed the Debtors' chapter 11 cases. On Sept. 12,
2005, John J. Rapisardi, Esq., at Weil, Gotshal & Manges LLP took
over representing the Debtors in their restructuring efforts.
Martin G. Bunin, Esq., at Thelen Reid & Priest LLP, represents the
Official Committee of Unsecured Creditors.
As of Apr. 30, 2005, the Debtors listed $972 million in total
assets and $1 billion in total debts. (Saint Vincent Bankruptcy
News, Issue No. 41 Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SOLUTIA INC: Files Amended September 2006 Monthly Operating Report
------------------------------------------------------------------
Solutia Inc. filed an amended September 2006 monthly operating
statement to correct an error in its monthly disbursements amount
from $240,598,876 to $319,243,907.
Headquartered in St. Louis, Missouri, Solutia, Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- with its subsidiaries, make and sell
a variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y.
Case No. 03-17949). When the Debtors filed for protection from
their creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts. Solutia is represented by Richard M.
Cieri, Esq., at Kirkland & Ellis. Daniel H. Golden, Esq., Ira S.
Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss
Hauer & Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice. (Solutia Bankruptcy News, Issue No. 74; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
SOLUTIA INC: Posts $9 Million Net Loss in October 2006
------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated
Financial Position
As of October 31, 2006
ASSETS
Cash $14,000,000
Trade Receivables, net 191,000,000
Account Receivables-Unconsolidated Subsidiaries 39,000,000
Inventories 188,000,000
Other Current Assets 76,000,000
Assets of Discontinued Operations 0
--------------
Total Current Assets 508,000,000
Property, Plant and Equipment, net 662,000,000
Investments in Subsidiaries and Affiliates 570,000,000
Intangible Assets, net 100,000,000
Other Assets 57,000,000
--------------
Total Assets $1,897,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts Payable $167,000,000
Short Term Debt 650,000,000
Other Current Liabilities 186,000,000
Liabilities of Discontinued Operations 1,000,000
--------------
Total Current Liabilities 1,004,000,000
Other Long-Term Liabilities 192,000,000
--------------
Total Liabilities not Subject to Compromise 1,196,000,000
Liabilities Subject to Compromise 2,039,000,000
Shareholders' Deficit (1,338,000,000)
--------------
Total Liabilities & Shareholders' Deficit $1,897,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended October 31, 2006
Total Net Sales $217,000,000
Total Cost Of Goods Sold 200,000,000
--------------
Gross Profit 17,000,000
Total MAT Expense 18,000,000
--------------
Operating Income (Loss) (1,000,000)
Equity Earnings from Affiliates 3,000,000
Interest Expense, net (7,000,000)
Other Income, net 3,000,000
Reorganization Items:
Professional fees (7,000,000)
Employee severance and retention costs 0
Other 0
--------------
(7,000,000)
--------------
Loss Before Taxes (9,000,000)
Income tax expense (benefit) 0
--------------
Net Loss ($9,000,000)
==============
Solutia Inc. filed an amended monthly operating statement for
October 2006 to correct its monthly disbursements amount from
$177,493,600 to $260,281,747.
Headquartered in St. Louis, Missouri, Solutia, Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- with its subsidiaries, make and sell
a variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y.
Case No. 03-17949). When the Debtors filed for protection from
their creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts. Solutia is represented by Richard M.
Cieri, Esq., at Kirkland & Ellis. Daniel H. Golden, Esq., Ira S.
Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss
Hauer & Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice. (Solutia Bankruptcy News, Issue No. 74; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
SONICBLUE INC: Files October 2006 Monthly Operating Report
----------------------------------------------------------
On Dec. 11, 2006, SONICblue Incorporated reports that it is
sitting on $79,163,020 of cash, has accrued $909,555 in
postpetition liabilities, and faces a $236,604,166 mountain of
prepetition debts.
A full-text copy of SONICblue Inc.'s October 2006
Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?172b
Headquartered in Santa Clara, California, SONICblue Incorporated
is involved in the converging Internet, digital media,
entertainment and consumer electronics markets. The Company,
together with three of its wholly owned subsidiaries, Diamond
Multimedia Systems, Inc., ReplayTV, Inc., and Sensory Science
Corporation, filed for chapter 11 protection on Mar. 21, 2003
(Bankr. N.D. Calif. Case Nos. 03-51775 to 03-51778). Craig A.
Barbarosh, Esq., at the Law Offices of Pillsbury Winthrop,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
assets totaling $342,871,000 and debts totaling $335,473,000.
*********
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*********
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Troubled Company Reporter is a daily newsletter co-published
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