/raid1/www/Hosts/bankrupt/TCR_Public/061230.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 30, 2006, Vol. 10, No. 310
Headlines
ADELPHIA COMMS: Files November 2006 Monthly Operating Report
ALLIED HOLDINGS: Posts $1.1 Million Net Loss in November 2006
CALPINE CORPORATION: Earns $14.2 Million in October 2006
COLLINS & AIKMAN: Posts $45.5MM Net Loss in Period Ended Nov. 25
REFCO INC: Files November 2006 Monthly Operating Report
ROWE COMPANIES: Posts $2.2 Million Net Loss in Period Ended Dec. 3
ROWE COS: Furniture Files Operating Report for Period Ended Dec. 3
ROWE COS: Storehouse Posts $463,456 Net Loss in November 2006
*********
ADELPHIA COMMS: Files November 2006 Monthly Operating Report
------------------------------------------------------------
Adelphia Communications Corporation, et al.
Consolidated Statement of Net Liabilities
In Liquidation (Unaudited)
As of November 30, 2006
(Dollars in thousands)
ASSETS
Cash and cash equivalents $6,064,274
Restricted cash 33,693
Short-term investments 3,127,785
Proceeds from Sale Transaction held in escrow 736,855
TWC Class A Common Stock 5,475,208
Other assets 261,383
-----------
Total Assets $15,699,198
===========
LIABILITIES AND NET LIABILITIES IN LIQUIDATION
Accounts payable $2,602
Income taxes payable 512,171
Accrued liquidation costs 174,099
Other accrued liabilities 253,443
Liabilities subject to compromise 16,487,311
-----------
Total liabilities $17,429,626
-----------
Net Liabilities in Liquidation ($1,730,428)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statement of Changes
In Net Liabilities In Liquidation
Month Ended November 30, 2006
(Dollars in thousands)
Net liabilities in liquidation at Oct. 31, 2006 ($1,748,628)
Changes in net liabilities in liquidation:
Settlement of liabilities subject to compromise 8,204
Change in estimate of net realizable value of
assets 1,204
Interest income 41,766
Interest income from affiliates 7,590
Interest expense (40,564)
-----------
Net change in net liabilities in liquidation 18,200
-----------
Net liabilities in liquidation ($1,730,428)
===========
Based in Coudersport, Pa., Adelphia Communications Corporation
(OTC: ADELQ) -- http://www.adelphia.com/-- is the fifth-largest
cable television company in the country. Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks. The Company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002. Those cases
are jointly administered under case number 02-41729. Willkie Farr
& Gallagher represents the ACOM Debtors. PricewaterhouseCoopers
serves as the Debtors' financial advisor. Kasowitz, Benson,
Torres & Friedman, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP
represent the Official Committee of Unsecured Creditors.
Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of the
Rigas family. In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC. The RME Debtors filed for chapter 11 protection
on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622 through
06-10642). Their cases are jointly administered under Adelphia
Communications and its debtor-affiliates chapter 11 cases.
(Adelphia Bankruptcy News, Issue No. 159; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
ALLIED HOLDINGS: Posts $1.1 Million Net Loss in November 2006
-------------------------------------------------------------
Allied Holdings, Inc.
Unaudited Consolidated Balance Sheet
As of November 30, 2006
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $1,370
Receivables, net of allowances 45,840
Related party receivables 16,359
Inventories 4,930
Prepayments and other current assets 17,679
---------
Total current assets 86,178
Property and equipment, net 125,639
Goodwill, net 3,545
Deferred income taxes 127
Other non-current assets 21,991
Investment in related parties 31,094
---------
TOTAL ASSETS $268,574
=========
Liabilities and Stockholders' Deficit
Current liabilities not subject to compromise
DIP facility $159,191
Accounts and notes payable 21,977
Deferred income taxes 145
Accrued liabilities 51,505
---------
Total current liabilities 232,818
Long-term liabilities not subject to compromise
Postretirement benefits 4,299
Other long-term liabilities 22,945
---------
Total long-term liabilities 27,244
Liabilities subject to compromise 199,062
Stockholders' deficit (190,550)
---------
Total liabilities & stockholders' deficit $268,574
=========
Allied Holdings, Inc.
Unaudited Consolidated Statement of Operations
For the Month Ended November 30, 2006
(In Thousands)
Revenues $65,088
Operating Expenses
Salaries, Wages & Fringe benefits 31,738
Operating supplies & expenses 13,375
Purchased transportation 8,190
Insurance & claims 3,348
Operating tax & licenses 2,250
Depreciation & amortization 2,564
Rents 631
Communications & utilities 409
Other operating expenses 723
Loss on disposal of operating assets, net 21
---------
Total Operating Expenses 63,249
---------
Operating Income (Loss) 1,839
Other Income (Expense)
Interest expense (1,874)
Investment income 6
Foreign exchange losses, net (589)
Equity in earnings of subsidiaries 246
---------
(2,211)
---------
Loss before reorganization items and income taxes (372)
Reorganization items (742)
---------
Loss before income taxes (1,114)
Income tax expense -
---------
NET LOSS ($1,114)
=========
The Debtors disclose cash disbursements totaling $4,635,427
during November 2006.
Headquartered in Decatur, Georgia, Allied Holdings Inc.
-- http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537). Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor. Anthony J. Smits,
Esq., at Bingham McCutchen LLP, provides the Official Committee of
Unsecured Creditors with legal advice and Russell A. Belinsky at
Chanin Capital Partners, LLC, provides financial advisory services
to the Committee. When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts. (Allied Holdings Bankruptcy News, Issue No. 35;
Bankruptcy Creditors' Service, Inc. http://bankrupt.com/newsstand/
or 215/945-7000)
CALPINE CORPORATION: Earns $14.2 Million in October 2006
--------------------------------------------------------
Calpine Corporation
Condensed Consolidating Balance Sheet
As of October 31, 2006
ASSETS
Current assets:
Cash and cash equivalents $1,032,826,000
Accounts receivable, net 833,153,000
Margin deposits and other prepaid expense 362,374,000
Inventories 196,144,000
Restricted cash 397,269,000
Current derivative assets 209,232,000
Other current assets 86,234,000
--------------
Total current assets 3,117,232,000
Restricted cash, net of current portion 192,622,000
Notes receivable, net of current portion 146,887,000
Project development costs 26,309,000
Investments 104,311,000
Deferred financing costs 145,092,000
Prepaid lease, net of current portion 196,901,000
Property, plant and equipment, net 13,857,208,000
Goodwill 45,160,000
Other intangible assets, net 51,002,000
Long-term derivative assets 384,857,000
Assets of discontinued operations, net 39,542,000
Other assets 558,989,000
--------------
Total assets $18,866,112,000
==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $506,227,000
Accrued payroll and related expense 42,014,000
Accrued interest payable 102,843,000
Income taxes payable 99,073,000
Notes payable and other borrowings, current 143,858,000
Preferred interests, current portion 8,722,000
Capital lease obligations, current portion 282,947,000
CCFC financing, current portion 3,208,000
CalGen financing, current portion 2,510,982,000
Construction/project financing, current 557,400,000
DIP Facility, current portion 3,500,000
Current derivative liabilities 276,887,000
Other current liabilities 356,870,000
--------------
Total current liabilities 4,894,531,000
Notes payable and other borrowings, net 420,350,000
Preferred interests, net of current portion 574,893,000
Capital lease obligations, net 180,000
CCFC financing, net of current portion 778,798,000
Construction/project financing, net 1,482,320,000
DIP Facility, net of current portion 993,875,000
Deferred income taxes, net 418,844,000
Deferred revenue 108,772,000
Long-term derivative liabilities 526,291,000
Other liabilities 158,028,000
--------------
Total liabilities not subject to compromise 10,356,882,000
Liabilities subject to compromise 15,033,057,000
Minority interests 268,233,000
Stockholders' equity (deficit):
Common stock 539,000
Additional paid-in capital 3,270,857,000
Additional paid-in capital, loaned shares 171,100,000
Additional paid-in capital, returnable shares (171,100,000)
Accumulated deficit (10,004,475,000)
Accumulated other comprehensive loss (58,981,000)
--------------
Total stockholders' deficit (6,792,060,000)
--------------
Total liabilities and stockholders' deficit $18,866,112,000
==============
Calpine Corporation
Condensed Consolidating Statement of Operations
For the period ending October 31, 2006
Revenue:
Electricity and steam revenue $408,405,000
Sales of purchased power and gas
for hedging and optimization 147,134,000
Mark-to-market activities, net 8,385,000
Other revenue 4,466,000
---------------
Total revenue 568,390,000
Cost of revenue:
Plant operating expense 96,195,000
Royalty expense 2,124,000
Transmission purchase expense 7,083,000
Purchased power and gas expense
for hedging and optimization 141,053,000
Fuel expense 246,914,000
Depreciation and amortization expense 39,634,000
Operating plant impairments (10,000)
Operating lease expense 4,218,000
Other cost of revenue 15,851,000
---------------
Total cost of revenue 553,062,000
---------------
Gross profit 15,328,000
Equipment, development project and other impairment (1,154,000)
Long-term service agreement cancellation charge 1,500,000
Project development expense 2,986,000
Research and development expense 325,000
Sales, general and administrative expense 11,572,000
---------------
Income from operations 99,000
Interest expense 74,804,000
Interest (income) (7,597,000)
Minority interest expense (2,480,000)
Other (income) expense, net 1,798,000
---------------
Income (loss) before reorganization items and
provision for income taxes (66,426,000)
Reorganization items (89,576,000)
---------------
Income (loss) before provision for income taxes 23,150,000
Provision (benefit) for income taxes 8,925,000
---------------
Net income (loss) $14,225,000
===============
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. 34; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
COLLINS & AIKMAN: Posts $45.5MM Net Loss in Period Ended Nov. 25
----------------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of November 25, 2006
ASSETS
Cash $85,973,740
Accounts receivable-trade, net 268,065,421
Other non-trade receivables 4,164,864
Inventories, net 72,614,118
Tooling and molding, net-current 33,178,878
Prepaids & other current assets 52,976,429
Deferred tax assets-current 0
---------------
TOTAL CURRENT ASSETS 516,973,450
Investments in subsidiaries 2,479,293,529
Fixed assets, net 263,007,653
Goodwill, net 978,554,071
Deferred tax assets-long term 0
Tooling and molding, net-long term 8,033,023
Other noncurrent assets 83,354,425
Intercompany accounts - net 80,172,124
Prepetition intercompany - net 641,723,972
---------------
TOTAL ASSETS $5,051,112,247
===============
LIABILITIES & EQUITY
Notes payable $0
Short term borrowings 0
Advance on receivables 0
Current portion-long term debt 241,913,838
Current portion-capital leases 0
Accounts payable 23,344,603
Accrued interest payable 31,428,508
Accrued & other liabilities 110,289,747
Income taxes payable 4,331,934
---------------
Total current liabilities 411,308,630
Liabilities subject to compromise 2,446,659,861
---------------
Total liabilities 2,857,968,492
Total equity 2,193,143,755
---------------
TOTAL LIABILITIES & EQUITY $5,051,112,247
===============
Collins & Aikman Corporation
Income Statement
Month Ending November 25, 2006
Net outside sales $101,839,599
I/C Net sales 8,142,693
---------------
Total sales 109,982,292
Cost of Sales 131,729,423
---------------
Gross profit (21,747,131)
Selling, general & administrative expenses 19,060,329
---------------
Operating income (40,807,460)
Interest expenses, net 7,856,993
Intercompany interest, net (2,408,884)
Preferred stock accretion 0
Miscellaneous (income)/expense 400,000
Corporate allocation adjustment 0
Commission income (198,721)
Commission expense 0
Royalty income (442,228)
Royalty expense 0
Joint Venture (Income)/Expense 0
Minority interest in cons net income 0
Dividend income 0
Discount/Income for Carcorp. 0
Gain/(Loss) early extinguishments of debt 0
Discount/Premium on hedges 0
(Gain)/Loss on hedges 0
(Gain)/Loss on swaps 0
NAAIS Intercompany sales profit 0
Loss on sale of receivables 0
Restructuring provision 0
Foreign transactions - (Gain)/Loss (627,089)
Amort of discount on NPV of liabilities 0
(Gain)/Loss on sale-leaseback transaction 0
---------------
Income from continuing operations before taxes (45,387,551)
Federal income tax 0
State income tax 0
Foreign income tax 26,496
---------------
Income from continuing operations (45,414,047)
Discontinued operations 110,550
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME (LOSS) ($45,524,597)
===============
Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems. The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world. The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring. Lazard Freres & Co., LLC, provides the Debtor
with investment banking services. Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee. When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total
debts. (Collins & Aikman Bankruptcy News, Issue No. 48;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
REFCO INC: Files November 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 November 1
to 30, 2006.
Peter F. James, controller of Refco, reports that the company
held a $1,575,010,000 cash balance at the start of the reporting
period. Refco received $407,890,000 and disbursed $25,212,000 in
cash. Refco's ending cash balance totals $1,957,687,000.
As paying agent for certain non-debtors and Refco, LLC, the
Debtors disbursed approximately $2,100,000.
Mr. James discloses that Refco paid $381,000 in gross wages,
of which approximately $167,000 was paid on behalf of and
reimbursed by the Non-Debtors and Refco LLC. Refco also withheld
$117,000 in employee payroll taxes, of which $8,000 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 $9,331,000 for professional fees for November, and
$105,008,000 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.
ROWE COMPANIES: Posts $2.2 Million Net Loss in Period Ended Dec. 3
------------------------------------------------------------------
The Rowe Companies Inc., Rowe Furniture Inc., and Storehouse Inc.
filed their monthly operating report for November 2006 with the
United States Bankruptcy Court for the Eastern District of
Virginia on Dec. 27, 2006.
Rowe Companies Inc. reported a net loss of $2,215,830 with no
revenues for the period from Oct. 29, 2006 to Dec. 3, 2006.
As of Dec. 3, 2006, Rowe Companies' balance sheet showed:
Total Current Assets $1,856,233
Total Assets $20,595,905
Total Liabilities $24,498,771
Total Shareholders' Equity $3,902,865
A full-text copy of Rowe Companies Inc.'s November 2006 MOR is
available at no charge at http://ResearchArchives.com/t/s?17c8
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 COS: Furniture Files Operating Report for Period Ended Dec. 3
------------------------------------------------------------------
The Rowe Companies Inc., Rowe Furniture Inc., and Storehouse Inc.
filed their monthly operating report for November 2006 with the
United States Bankruptcy Court for the Eastern District of
Virginia on Dec. 27, 2006.
As of Dec. 3, 2006, Rowe Furniture Inc.'s balance sheet showed:
Total Current Assets $51,674
Total Assets $68,498,813
Total Liabilities $22,270,458
Total Shareholders' Equity $46,228,355
A full-text copy of Rowe Furniture Inc.'s November 2006 MOR is
available at no charge at http://ResearchArchives.com/t/s?17c9
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 COS: Storehouse Posts $463,456 Net Loss in November 2006
-------------------------------------------------------------
The Rowe Companies Inc., Rowe Furniture Inc., and Storehouse Inc.
filed their monthly operating report for November 2006 with the
United States Bankruptcy Court for the Eastern District of
Virginia on Dec. 27, 2006.
Storehouse Inc. reported a net loss of $463,456 from total
net sale of $ 11,987,851, for the month ended Nov. 30, 2006. Net
loss for the month ended Oct. 31 was $2,946,365.
At Nov. 30, 2006, Storehouse Inc.'s balance sheet showed:
Total Current Assets $6,412,876
Total Assets $7,155,889
Total Liabilities $3,224,833
Total Shareholders' Equity $53,967,891
A full-text copy of Storehouse Inc.'s October 2006 MOR is
available at no charge at http://ResearchArchives.com/t/s?17ca
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.
*********
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*********
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