/raid1/www/Hosts/bankrupt/TCR_Public/070106.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, January 6, 2007, Vol. 10, No. 5
Headlines
ASARCO LLC: Earns $23.9 Million in November 2006
ASARCO LLC: Files Amended Schedules of Assets & Liabilities
DELTA AIR: Posts $49 Million Net Loss in November 2006
FEDERAL MOGUL: Posts $69.5 Million Net Loss in November 2006
FLYI INC: Posts $238,718 Net Loss in November 2006
FLYI INC: Independence Air Files November 2006 Operating Report
FOAMEX INTERNATIONAL: Earns $490,000 for Period Ended December 3
MERIDIAN AUTOMOTIVE: Posts $12.9 Million Net Loss in November 2006
MUSICLAND HOLDING: Posts $602,000 Net Loss in November 2006
NEWPOWER HOLDINGS: Files November 2006 Monthly Operating Report
SAINT VINCENTS: Files November 2006 Monthly Operating Report
SOLUTIA INC: Posts $6 Million Net Loss in November 2006
*********
ASARCO LLC: Earns $23.9 Million in November 2006
------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of November 30, 2006
ASSETS
Current Assets:
Cash $402,496,000
Restricted Cash 25,966,000
Accounts receivable, net 114,217,000
Inventory 281,937,000
Prepaid expenses 7,894,000
Deferred income tax assets -
Other current assets 26,253,000
--------------
Total Current Assets 858,762,000
Net property, plant and equipment 415,594,000
Other Assets
Investments in subs 89,561,000
Advances to affiliates 13,273,000
Prepaid pension & retirement plan 77,104,000
Non-current deferred tax asset 40,954,000
Other 113,642,000
--------------
Total assets $1,608,891,000
==============
LIABILITIES
Postpetition liabilities:
Accounts payable $34,566,000
Accrued liabilities 31,420,000
Debtor-in-possession financing 0
--------------
Total postpetition liabilities 65,986,000
Prepetition liabilities:
Not subject to compromise - credit 796,000
Not subject to compromise - other 54,904,000
Advances from affiliates 28,683,000
Subject to compromise 1,007,122,000
--------------
Total prepetition liabilities 1,091,506,000
--------------
Total liabilities $1,157,492,000
--------------
OWNERS' EQUITY (DEFICIT)
Common stock 508,325,000
Additional paid-in capital 104,578,000
Other comprehensive income (123,058,000)
Retained earnings: filing date (529,240,000)
--------------
Total prepetition owners' equity (39,395,000)
Retained earnings: post-filing date 487,794,000
--------------
Total owners' equity (net worth) 451,399,000
Total liabilities and owners' equity $1,608,891,000
==============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ending November 30, 2006
Sales $120,238,000
Cost of products and services 84,804,000
--------------
Gross profit 35,434,000
Operating expenses:
Selling and general & admin expenses 2,080,000
Depreciation & amortization 2,712,000
Provision accretion expense of asset
retirement obligation 143,000
--------------
Operating income 30,499,000
Interest expense 59,000
Interest income (2,023,000)
Reorganization expenses 6,939,000
Other miscellaneous (income) expenses (959,000)
--------------
Income (loss) before taxes 24,482,000
Income taxes 531,000
--------------
Net income (loss) $23,951,000
==============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ending November 30, 2006
Receipts $151,600,000
Disbursements:
Inventory material 13,750,000
Operating disbursements 49,732,000
Capital expenditures 2,760,000
-------------
Total disbursements 66,242,000
Operating cash flow 85,358,000
Reorganization disbursements 3,521,000
-------------
Net cash flow 81,837,000
Net payments to secured Lenders 0
-------------
Net change in cash 81,837,000
Beginning cash balance 346,625,000
-------------
Ending cash balances $428,462,000
=============
Tucson, Ariz.-based ASARCO LLC -- http://www.asarco.com/-- is an
integrated copper mining, smelting and refining company. Grupo
Mexico S.A. de C.V. is ASARCO's ultimate parent. The Company
filed for chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex.
Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq.,
and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel
Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble,
Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the
Debtor in its restructuring efforts. Lehman Brothers Inc.
provides the ASARCO with financial advisory services and
investment banking services. Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee. When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and
$1 billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No.
05-21346) also filed for chapter 11 protection, and ASARCO has
asked that the three subsidiary cases be jointly administered
with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case
was converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7
Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for chapter 11
protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to
06-20776).
(ASARCO Bankruptcy News, Issue No. 35; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
ASARCO LLC: Files Amended Schedules of Assets & Liabilities
-----------------------------------------------------------
ASARCO LLC further amends Schedule F of its Schedules of Assets
and Liabilities to reflect an undetermined claim amount asserted
by approximately 636 historical former employees of ASARCO
Consulting Inc. formerly known as Hydrometrics Inc.
Tucson, Ariz.-based ASARCO LLC -- http://www.asarco.com/-- is an
integrated copper mining, smelting and refining company. Grupo
Mexico S.A. de C.V. is ASARCO's ultimate parent. The Company
filed for chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex.
Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq.,
and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel
Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble,
Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the
Debtor in its restructuring efforts. Lehman Brothers Inc.
provides the ASARCO with financial advisory services and
investment banking services. Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee. When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and
$1 billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No.
05-21346) also filed for chapter 11 protection, and ASARCO has
asked that the three subsidiary cases be jointly administered
with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case
was converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7
Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for chapter 11
protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to
06-20776).
(ASARCO Bankruptcy News, Issue No. 35; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
DELTA AIR: Posts $49 Million Net Loss in November 2006
------------------------------------------------------
DELTA AIR LINES, INC.
Unaudited Consolidated Balance Sheets
As of November 30, 2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $2,066,000,000
Short-term investments 676,000,000
Restricted cash 988,000,000
Accounts receivable, net of an allowance for
uncollectible accounts of $23 919,000,000
Expendable parts and supplies inventories, net
of an allowance for obsolescence of $161 180,000,000
Prepaid expenses and other 907,000,000
---------------
Total current assets 5,736,000,000
PROPERTY AND EQUIPMENT:
Flight equipment 17,740,000,000
Accumulated depreciation (6,687,000,000)
---------------
Flight equipment, net 11,053,000,000
Ground property and equipment 4,683,000,000
Accumulated depreciation (2,943,000,000)
---------------
Ground property and equipment, net 1,740,000,000
Flight and ground equipment
under capital leases 455,000,000
Accumulated amortization (134,000,000)
---------------
Flight and ground equipment
under capital leases, net 321,000,000
---------------
Advance payments for equipment 57,000,000
---------------
Total property and equipment, net 13,171,000,000
OTHER ASSETS:
Goodwill 227,000,000
Operating rights and other intangibles,
net of accumulated amortization of $190 89,000,000
Other noncurrent assets 1,106,000,000
---------------
Total other assets 1,422,000,000
---------------
Total assets $20,329,000,000
===============
LIABILITIES AND SHAREOWNERS' DEFICIT
CURRENT LIABILITIES:
Current maturities of long-term debt
and capital leases $1,350,000,000
Accounts payable, deferred credits
and other accrued liabilities 1,546,000,000
Air traffic liability 2,049,000,000
Taxes payable 587,000,000
Accrued salaries and related benefits 400,000,000
---------------
Total current liabilities 5,932,000,000
NONCURRENT LIABILITIES:
Long-term debt and capital leases 6,708,000,000
Deferred revenue and other credits 342,000,000
Other 757,000,000
---------------
Total noncurrent liabilities 7,807,000,000
LIABILITIES SUBJECT TO COMPROMISE 20,543,000,000
COMMITMENTS AND CONTINGENCIES
SHAREOWNERS' DEFICIT:
Common stock:
$0.01 par value; 900,000,000 shares
authorized; 202,081,648 shares issued 2,000,000
Additional paid-in capital 1,561,000,000
Accumulated deficit (12,570,000,000)
Accumulated other comprehensive loss (2,722,000,000)
Treasury stock at cost, 4,745,710 shares (224,000,000)
---------------
Total shareowners' deficit (13,953,000,000)
---------------
Total liabilities and shareowners' deficit $20,329,000,000
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statement of Operations
For the Month Ended November 30, 2006
OPERATING REVENUES:
Passenger:
Mainline $912,000,000
Regional affiliates 320,000,000
Cargo 40,000,000
Other, net 93,000,000
---------------
Total operating revenues 1,365,000,000
OPERATING EXPENSES:
Aircraft fuel 324,000,000
Salaries and related costs 320,000,000
Contract carrier arrangements 201,000,000
Depreciation and amortization 100,000,000
Contracted services 95,000,000
Passenger commissions and
other selling expenses 65,000,000
Landing fees and other rents 60,000,000
Aircraft maintenance materials and
outside repairs 58,000,000
Passenger service 26,000,000
Aircraft rent 26,000,000
Restructuring, asset writedowns, pension
settlements and related items, net 1,000,000
Other 37,000,000
---------------
Total operating expenses 1,313,000,000
---------------
OPERATING INCOME 52,000,000
---------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest
expense equals $96 for the month ended
November 30, 2006) (69,000,000)
Interest income 6,000,000
Miscellaneous, net (1,000,000)
---------------
Total other expense, net (64,000,000)
---------------
LOSS BEFORE REORGANIZATION ITEMS, NET (12,000,000)
REORGANIZATION ITEMS, NET (37,000,000)
---------------
LOSS BEFORE INCOME TAXES (49,000,000)
INCOME TAX BENEFIT --
---------------
NET LOSS ($49,000,000)
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statements of Cash Flows
For the Month ended November 30, 2006
CASH FLOWS FROM OPERATING ACTIVITIES ($51,000,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
Flight equipment, including
advance payments (37,000,000)
Ground property and equipment (7,000,000)
Decrease in restricted investments, net 59,000,000
---------------
Net cash provided by investing activities 15,000,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and
capital lease obligations (49,000,000)
Other, Net (1,000,000)
---------------
Net cash used by financing activities (50,000,000)
---------------
Net increase in cash and cash equivalents (86,000,000)
Cash & cash equivalents at beginning of period 2,152,000,000
---------------
Cash & cash equivalents at end of period $2,066,000,000
===============
Delta Air Lines filed its Monthly Operating Report for
November 2006 with the U.S. Bankruptcy Court for the Southern
District of New York. Key points include:
* Delta's November 2006 net loss was $49 million. Excluding
reorganization items, the November 2006 net loss was
$12 million.
* November 2006 operating income was $52 million, a
$159 million improvement over November 2005.
* As of Nov. 30, 2006, Delta had $2.7 billion of
unrestricted cash, cash equivalents and short-term
investments.
Delta reported a net loss of $49 million in the month of
November 2006, compared to a net loss of $181 million in
November 2005. Delta's net loss before reorganization items was
$12 million for November 2006, a $152 million improvement versus
the prior year period. Delta's operating income of $52 million,
a $159 million improvement over November 2005, includes a
$31 million negative impact of fuel hedges for the month. As
of Nov. 30, 2006, Delta had $3.8 billion of cash, cash
equivalents and short-term investments, of which $2.7 billion
was unrestricted.
Restructuring Progress
In September 2005, Delta announced a comprehensive
restructuring plan intended to deliver an additional $3 billion
in annual financial benefits through revenue improvements and
cost reductions by the end of 2007. During the month of
November, Delta demonstrated its continuing progress in
restructuring its business, as follows:
* Delta's length of haul adjusted consolidated passenger
unit revenues (PRASM) increased 13.2% for November 2006
versus November 2005, as compared to the industry
(excluding Delta) average PRASM increase of 5.3% over the
same period. Notably, Delta recorded PRASM of 17.1 cents
on Sunday, November 26, the highest single-day PRASM in
the company's history.
* Delta reduced its operating expenses by 8.1% on a capacity
reduction of 6.5%, resulting in a 1.7% reduction in
consolidated unit costs (CASM) in November 2006 compared
to November 2005. Mainline non-fuel CASM was 7.33 cents
for the month, a 2.7% improvement year over year.
"November's results continue the momentum that will deliver
a nearly $2 billion year over year improvement in Delta's net
income excluding reorganization items for 2006," said Edward H.
Bastian, Delta's executive vice president and chief financial
officer. "These results reflect the strength of our business
plan and further underscore our confidence to emerge from
bankruptcy as a strong, standalone company in the Spring of
2007."
Important Financial Disclosure
On Dec. 19, 2006, Delta filed a standalone Plan of Reorganization,
which is subject to confirmation by the United States Bankruptcy
Court for the Southern District of New York, and requires
submission to a vote of creditors. Under the Plan, current
holders of Delta's common stock would receive no distribution, and
the common stock would be cancelled upon the effective date of the
Plan. Delta believes any plan of reorganization the company
proposes would result in holders of certain liabilities and
securities receiving no value for their interests. Because of
such possibilities, the value of Delta's liabilities and
securities is highly speculative. Accordingly, caution should be
exercised with respect to existing and future investments in any
of these liabilities or securities.
Headquartered in Atlanta, Georgia, Delta Air Lines
-- http://www.delta.com/--is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities. (Delta Air Lines
Bankruptcy News, Issue No. 54; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or215/945-7000).
FEDERAL MOGUL: Posts $69.5 Million Net Loss in November 2006
------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of November 30, 2006
(In millions)
Assets
Cash and equivalents $70.7
Accounts receivable 583.9
Inventories 435.3
Deferred taxes 97.4
Prepaid expenses and other current assets 97.2
--------
Total current assets 1,284.5
Summary of Unpaid Postpetition Debits (78.4)
Intercompany Loans Receivable (Payable) 2,085.9
--------
Intercompany Balances 2,007.5
Property, plant and equipment 825.3
Goodwill 932.4
Other intangible assets 387.9
Insurance recoverable 857.5
Other non-current assets 889.1
--------
Total Assets $7,184.3
========
Liabilities and Shareholders' Equity
Short-term debt $489.2
Accounts payable 219.6
Accrued compensation 82.3
Restructuring and rationalization reserves 23.2
Current portion of asbestos liability -
Interest payable 5.5
Other accrued liabilities 248.0
--------
Total current liabilities 1,067.7
Long-term debt -
Post-employment benefits 721.9
Other accrued liabilities 786.4
Liabilities subject to compromise 5,869.3
Shareholders' equity:
Preferred stock 1,050.6
Common stock 565.8
Additional paid-in capital 8,079.3
Accumulated deficit (11,244.5)
Accumulated other comprehensive income 287.8
Other -
--------
Total Shareholders' Equity (1,261.0)
--------
Total Liabilities and Shareholders' Equity $7,184.3
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended November 30, 2006
(In millions)
Net sales $258.1
Cost of products sold 214.1
--------
Gross margin 44.0
Selling, general & administrative expenses (44.7)
Amortization (1.1)
Reorganization items (55.8)
Interest expense, net (17.1)
Other expense, net 6.0
--------
Earnings before Income Taxes (68.8)
Income Tax (Expense) Benefit 0.7
--------
Earnings before cumulative effect of change
in acctg. principle (69.5)
--------
Net Earnings (loss) ($69.5)
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended November 30, 2006
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) ($69.5)
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 13.0
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 acctg. principle -
Change in post-employment benefits -
Decrease (increase) in accounts receivable 7.9
Decrease (increase) in inventories 10.7
Increase (decrease) in accounts payable (4.8)
Change in other assets & other liabilities 86.9
Change in restructuring charge 0.2
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From Operating Activities 44.4
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (7.4)
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 (7.4)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (40.9)
Sale of accounts receivable under securitization -
Dividends -
Other 1.7
--------
Net Cash Provided From Financing Activities (39.2)
Increase (Decrease) in Cash and Equivalents (2.2)
Cash and equivalents at beginning of period 72.8
--------
Cash and equivalents at end of period $70.7
========
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. 123; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
FLYI INC: Posts $238,718 Net Loss in November 2006
--------------------------------------------------
FLYi Inc.
Consolidated Balance Sheet
As of November 30, 2006
ASSETS
Current assets
Cash $1,224,957
Short term investments -
Net accounts receivable 379,627,803
IC Notes receivable 4,252,000
-------------
Total Current Assets 385,104,760
-------------
Other assets
Restricted cash -
Long term investments 7,435,000
Other assets 14,055,412
-------------
Total Other Assets 21,490,412
-------------
TOTAL ASSETS $406,595,172
=============
LIABILITIES
Liabilities not subject to compromise
Liabilities subject to compromise
Secured debt $0
Priority debt -
Unsecured debt 251,665,568
-------------
Total Liabilities 251,665,568
-------------
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 (8,554,919)
-------------
Net Owner Equity 154,929,605
-------------
TOTAL LIABILITIES AND OWNER EQUITY $406,595,173
=============
FLYi Inc.
Statement of Operations
November 2006
Revenues $0
Operating Expense 1,135
-------------
Net Profit (Loss) before Other Income & Expenses (1,135)
Other (income) expenses
Interest income (4,500)
Interest expense -
Other miscellaneous -
-------------
Net Profit (Loss) before reorganization items 3,366
Reorganization items
Professional fees 242,083
U.S. Trustee Quarterly Fees -
Income Taxes -
-------------
Net Profit (Loss) ($238,718)
=============
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. 31; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
FLYI INC: Independence Air Files November 2006 Operating Report
---------------------------------------------------------------
Independence Air Inc.
Consolidated Balance Sheet
As of November 30, 2006
ASSETS
Current assets
Cash $44,134,668
Short term investments 104,500,000
Restricted cash 1,486,057
Net accounts receivable 98,965,840
Net expandable parts and fuel 62,636
Net prepaid expenses 4,476,862
Deferred tax asset (1)
-------------
Total current assets 253,626,062
-------------
Other assets
Restricted cash 3,168,828
Net depreciation, property and equipment 979
Aircraft deposits 11,112,000
Other assets 419,643
-------------
Total other assets 14,701,450
-------------
TOTAL ASSETS $268,327,512
=============
LIABILITIES
Liabilities not subject to compromise
Accounts payable $4,031,666
Air traffic liability 833,822
Accrued liabilities 1,043,224
Amounts due to insiders 26,667
-------------
Total Postpetition Liabilities 5,935,379
-------------
Liabilities subject to compromise
Secured debt 1,045,266
Priority debt 10,517,152
Unsecured debt 391,774,398
Other accruals 14,276,936
-------------
Total prepetition liabilities 417,613,751
-------------
Total Liabilities 423,549,131
-------------
OWNER EQUITY
Common stock
Treasury stock 7,435,000
Owner's equity account
Prepetition retained earnings (243,575,613)
Postpetition retained earnings 80,918,995
-------------
Net Owner Equity (155,221,618)
-------------
TOTAL LIABILITIES AND OWNER EQUITY $268,327,512
=============
Independence Air Inc.
Statement of Operations
November 2006
Revenues
Operating Revenue
Passenger revenue $0
Other revenue -
-------------
Total operating revenues -
-------------
Operating expenses
Insider compensation 13,333
Wages 386,876
Fringes and benefits 21,454
Aircraft fuel 26,597
Aircraft maintenance and materials 599
Traffic Commissions -
CRS Fees -
Facilities rents (110,693)
Landing fees 41,531
Depreciation and amortization -
Others 38,798
Retirement & restructuring charge 17,207
-------------
Total operating expense 435,701
-------------
Net operating income (loss) (435,701)
-------------
Net Profit (Loss) before other income & expenses (435,701)
-------------
Other (income) expenses
Interest income (670,356)
Interest expense 3,395
Other miscellaneous (258)
-------------
Total other (income) expense (667,219)
-------------
Net Profit (Loss) before reorganization items 231,517
-------------
Reorganization items
Professional fees 242,083
U.S. Trustee Quarterly Fees -
Income Taxes -
-------------
Net Profit (Loss) ($10,566)
=============
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. 31; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
FOAMEX INTERNATIONAL: Earns $490,000 for Period Ended December 3
----------------------------------------------------------------
Foamex International, Inc., et al., as Debtors
Consolidated Balance Sheet
As of November 30, 2006
ASSETS
Current Assets
Cash $7,467,000
Accounts Receivable 172,641,000
Inventory 115,014,000
Other Current Assets 23,312,000
--------------
Total Current Assets 318,434,000
Land and Land Improvements 5,102,000
Buildings 86,890,000
Leasehold Improvement 6,517,000
Machinery and Equipment 201,938,000
Furniture and Fixtures 5,044,000
Auto Equipment 7,751,000
Computer Equipment 9,180,000
Construction in Progress 4,526,000
Accumulated Depreciation (231,101,000)
--------------
Total property plant & equipment, net 95,847,000
Goodwill 86,191,000
Debt Issuance Costs 1,112,000
Investment in Subsidiaries 14,330,000
Long-term Intercompany Receivable 4,850,000
Other Assets 58,705,000
--------------
Total Assets $579,469,000
==============
LIABILITIES & STOCKHOLDERS' DEFICIENCY
Current liabilities
Revolver borrowings $66,131,000
Current portion of long-term debt 86,232,000
Accounts payable 85,918,000
Intercompany 231,000
Accrued Employee Costs 21,470,000
Accrued Rebates 8,319,000
Accrued Interest 3,599,000
Other Current Liabilities 22,916,000
--------------
Total Current Liabilities 294,816,000
--------------
Long-term Debt 178,000
Intercompany Debt 0
Liabilities subject to compromise 661,212,000
Other Liabilities 24,868,000
--------------
Total Long-term liabilities 686,258,000
--------------
Total Liabilities $981,074,000
--------------
Common stock 283,000
Preferred stock 15,000
Additional paid-in capital 104,002,000
Treasury stock (27,969,000)
Partner's capital 0
Other comprehensive income (loss) (37,709,000)
Shareholder loans (9,221,000)
Accumulated deficit (431,006,000)
--------------
Shareholders' deficiency (401,605,000)
--------------
Total Liabilities & Stockholders' Deficiency $579,469,000
==============
Foamex International, et al., as Debtors
Consolidated Income Statement
October 30 to December 3, 2006
Gross Sales $124,528,000
Rebates, Discount & Sale Allowance (5,468,000)
--------------
Net sales 119,060,000
Material 79,993,000
Labor 3,934,000
Overhead 13,020,000
Asset Impairments 0
Freight/Shipping 4,602,000
Cost of Sales 101,549,000
--------------
Gross Profit 17,511,000
--------------
Labor Expense 4,725,000
Indirect Materials & Samples 120,000
Equipment and Maintenance Expense 23,000
Facility Expense 159,000
Travel & Entertainment 411,000
Technology 188,000
Professional Fees & Services 1,041,000
Other Miscellaneous Expense 275,000
Insurance & Tax 279,000
Bad debt expense (196,000)
Bank/Collection Costs 46,000
Transportation Cost 14,000
Depreciation/Amortization 420,000
Corp. Cost to COS (856,000)
--------------
Selling, General & Admin Expenses 6,649,000
--------------
Gain (Loss) on sale of assets (215,000)
Restructuring Charges 55,000
Income from Operations 10,592,000
Interest Expense 8,055,000
Equity in earnings of JV & non debtor subs (261,000)
Other income (expense) (71,000)
Professional Fees 1,815,000
Provision (Gains) - Rejected Contracts (100,000)
Bankruptcy Filing Fees 0
Other Expense (Income) 0
Debt Adjustment Gain (Loss) 0
--------------
Reorganization Expense (Income) 1,715,000
--------------
Income (Loss) before tax 490,000
Tax Provision (benefit) 0
--------------
Net Income (Loss) $490,000
==============
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. 36; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
MERIDIAN AUTOMOTIVE: Posts $12.9 Million Net Loss in November 2006
------------------------------------------------------------------
Meridian Automotive Systems - Composites
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of November 30, 2006
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $74,779
Intercompany receivable 14,934
Inventories 60,138
Tooling costs in excess of billings and others 26,181
----------
TOTAL CURRENT ASSETS 176,032
----------
Property, plant and equipment, net 198,106
Intangible assets 15,163
Investment in subsidiaries 23,863
Other assets 10,800
----------
TOTAL ASSETS $423,964
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Current portion of long term debt 56,522
Accounts payable 51,677
Accrued expenses 41,444
Tooling billings in excess of costs 4,520
----------
TOTAL CURRENT LIABILITIES 154,163
----------
Liabilities subject to compromise 816,178
Non-Current Liabilities Not Subject to Compromise:
Other long-term liabilities 8,745
Accumulated post-retirement benefit obligation 23,267
----------
TOTAL LIABILITIES 1,002,353
SHAREHOLDERS' EQUITY (578,389)
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $423,964
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operations
November 1 to 30, 2006
(In Thousands)
Net sales $62,477
Cost of sales 61,032
----------
Gross profit 1,445
Selling, general and administrative expenses 2,800
Restructuring charges 1,840
----------
Operating income (loss) (3,195)
Interest expense, net 8,753
Other (expense) income (19)
Chapter 11 and related reorganization items 1,023
----------
Loss before provision for income taxes (12,952)
(Benefit) Provision for income taxes 17
----------
NET LOSS ($12,969)
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
November 1 to 30, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($12,969)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization, and impairment 4,328
Change in working capital and other operating
items 17,383
----------
Net cash provided by (used for) operating
activities before reorganization items 8,742
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items 1,023
Payments on Chapter 11 and related reorg items (1,169)
----------
Net cash provided by Chapter 11 and related
reorg items (146)
Net cash provided by (used for) operating
activities 8,596
INVESTING ACTIVITIES:
Additions to property and equipment (1,055)
Proceeds from sale or property and equipment 9
----------
Net cash used for investing activities (1,046)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 28,800
Repayments of DIP credit facility (34,000)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized (2,350)
----------
Net cash (used for) provided by financing activities (7,550)
----------
Net increase (decrease) in cash -
----------
Cash and Cash Equivalents, beginning of period -
Cash and Cash Equivalents, end of period -
==========
Headquartered in Dearborn, Mich., Meridian Automotive Systems
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. Eric E. Sagerman, Esq.,
at Winston & Strawn LLP represents the Official Committee of
Unsecured Creditors. The Committee also hired Ian Connor
Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A.,
to prosecute an adversary proceeding against Meridian's First Lien
Lenders and Second Lien Lenders to invalidate their liens. When
the Debtors filed for protection from their creditors, they listed
$530 million in total assets and approximately $815 million in
total liabilities. (Meridian Bankruptcy News, Issue No. 48;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
MUSICLAND HOLDING: Posts $602,000 Net Loss in November 2006
-----------------------------------------------------------
Musicland Holding Corp.
Consolidated Balance Sheet
As of November 30, 2006
ASSETS
Current Assets
Cash $28,215,000
Letter of Credit/Other Deposits 931,000
Other
Amounts due from TransWorld 6,279,000
Receivables from Sub-leases 774,000
Amounts due from GOB sales 0
Miscellaneous CC 29,000
Vendors Credit due from services 2,608,000
-------------
Total 38,836,000
Fixed Assets 0
Other non-current assets
Transport Logistic deposit 0
Insurance Deposits 3,977,000
-------------
TOTAL ASSETS $42,813,000
=============
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 330,247,000
Shareholders' deficit (292,068,000)
-------------
TOTAL LIABILITIES &
SHAREHOLDERS' DEFICIT $42,813,000
=============
Musicland Holding Corp.
Statement of Operations
For the Month Ended November 30, 2006
Merchandise revenue -
Non-merchandise revenue -
Net sales -
Cost of good sold -
Gross Profit -
Store operating expenses
Payroll $218,000
Occupancy 0
Other 126,000
-------------
Store expenses 0
-------------
General & administrative 344,000
-------------
EBITDA (Loss) (344,000)
-------------
Hilco 340 Store GOB 0
Chapter 11 & related charges (491,000)
Sale to Transworld 0
Hilco 65 0
Media Play Wind down 0
Depreciation & Amortization 0
-------------
Operating income (Loss) (835,000)
Interest income (expense) 78,000
Other non-operating charges 155,000
-------------
Earnings before Taxes (602,000)
-------------
Income tax 0
-------------
Net earnings (Loss) ($602,000)
=============
Musicland Holding Corp.
Statements of Cash Flow
For the Month Ended November 30, 2006
Operating activities
Net earnings (Loss) ($602,000)
Adjustments to reconcile net earnings (loss)
to net cash provided by (used in)
operating activities: 264,000
Loss on utility deposits write off 0
Changes in operating assets & liabilities:
Inventory 0
Other current assets 3,974,000
Other Non-current Assets (3,427,000)
Accounts payable 0
Other accrued liabilities 0
Liabilities subject to compromise 0
-------------
Net cash provided by (used in)
operating activities 209,000
-------------
Investing activities
Change in other long term asset/liabilities -
Retirement of fixed assets -
Net cash -
Financing activities
Distribution to Secured Creditors 0
-------------
Increase/decrease in cash 209,000
-------------
Cash at the beginning of Period 28,006,000
-------------
Cash at the end of Period $28,215,000
=============
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. 25; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
NEWPOWER HOLDINGS: Files November 2006 Monthly Operating Report
---------------------------------------------------------------
NewPower Holdings Inc. filed its Monthly Operating Report for
the period from Oct. 31, 2006, to Nov. 30, 2006 with the U.S.
Bankruptcy Court for the Northern District of Georgia, Newnan
Division on Dec. 29, 2006. The company reports an opening
cash balance of $50,793,000 and a closing cash balance of
$25,076,000.
A full-text copy of NewPower Holdings, Inc.'s Monthly Operating
Report for the period from Oct. 31, 2006, to Nov. 30, 2006, is
available at no charge at http://ResearchArchives.com/t/s?1778
NewPower Holdings Inc. and its debtor-affiliates filed for
chapter 11 protection on June 11, 2002 (Bankr. N.D. Ga. 02-10836).
Paul K. Ferdinands, Esq., at King & Spalding and William M.
Goldman, Esq., at Sidley Austin Brown & Wood LLP represent the
Debtors. When the Debtors filed for chapter 11 protection, they
reported $231,837,000 in assets and $87,936,000 in debts.
On Aug. 15, 2003, the United States Bankruptcy Court for the
Northern District of Georgia, Newnan Division, confirmed the
Second Amended Chapter 11 Plan with respect to NewPower Holdings,
Inc., and TNPC Holdings, Inc., a wholly owned subsidiary of the
Company. That Plan became effective on Oct. 9, 2003, with respect
to the Company and TNPC.
On Feb. 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003 with respect to New Power. The New Power Company
is a wholly owned subsidiary of the Company.
SAINT VINCENTS: Files November 2006 Monthly Operating Report
------------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of November 30, 2006
ASSETS
Cash & Cash Equivalents $42,296,360
Patients Accounts Receivable, less allowance for
doubtful accounts 143,912,935
Accounts Receivable Other 41,377,861
Other Current Assets 43,424,481
Assets Held for Sale 83,114,634
--------------
Total Current Assets 354,126,271
Depreciation Reserve Funds & Collaterized Assets 10,836,570
Assets Designated for Self-Insurance
Investments at Market 44,890,865
Assets whose use is limited -
Investments at Market 58,203,933
Other Non-Current Assets 16,558,244
Land, Buildings & Equipment, net of
Accumulated Depreciation 132,196,278
--------------
Total Assets $616,812,161
==============
LIABILITIES AND NET ASSETS
Liabilities Not Subject to Compromise:
Long-Term Debt $98,402,745
Long-term Debt (GE) 169,000,000
Accounts Payable & Accrued Expenses 122,692,119
Accrued Salaries and Payroll Taxes Withheld 44,883,274
Estimated Retroactive Payables to
Third Parties, net 98,551,531
Other Non-current Liabilities 44,683,064
Liabilities Held for Sale 38,978,796
--------------
Total Liabilities Not Subject to Compromise 617,191,529
Liabilities Subject to Compromise:
Liabilities Subject to Compromise 481,131,676
--------------
Total Liabilities Subject to Compromise 481,131,676
--------------
Total Liabilities 1,098,323,205
Net Assets:
Unrestricted (545,511,284)
Temporarily Restricted 38,972,509
Permanently Restricted 25,027,731
--------------
Total Net Assets (481,511,044)
--------------
Total Liabilities & Net Assets $616,812,161
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From November 1 to November 30, 2006
Operating Revenue
Inpatient $69,232,771
Outpatient 30,614,938
--------------
Patient Service Revenue 99,847,709
--------------
Less Provision for Bad Debt 6,628,531
--------------
Net Patient Service Revenue 93,219,178
--------------
Pool Revenue 3,863,271
Capitation 7,828,079
Other 13,689,582
--------------
Total Operating Revenue 118,600,110
Operating Expenses:
Salaries and Wages 48,171,932
Fringe Benefits 12,870,988
Supplies and Other 35,710,466
Insurance 4,019,867
--------------
Total Direct Operating Costs 100,773,253
Salaries and Wages 2,018,986
Fringe Benefits 522,863
Supplies and Other 6,526,586
--------------
Total Corporate Allocated 9,068,435
--------------
Total Operating Expense 109,841,946
--------------
Interest 2,213,946
Depreciation 1,118,092
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items (5,426,384)
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 (3,421,019)
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 (3,421,019)
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items 2,005,365
--------------
Non-Operating Revenue 989,079
Change in Temporary Restricted Net Assets 658,420
--------------
Change in Net Assets $3,652,864
--------------
EBITDA $8,758,422
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From November 1 to November 30, 2006
Cash Flows from Operation Activities:
Changes in Net Assets $3,652,864
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Depreciation & Amortization 1,118,092
Change in Unrealized Gains & Losses (675,367)
Change in Patient's Accounts Receivable 8,396,110
Change in Accounts Receivables, Other (3,872,581)
Change in Prepaid Expenses & Other 1,190,104
Change in Other Non-Current Assets 257,107
Change in Accounts Payable &
Accrued Exp-Postpetition 805,147
Change in Accrued Salaries & P/R Taxes (4,688,776)
Change in Est. Retro rec/pay
from/to third parties 892,819
Change in Other Non-Current Liabilities 3,044,650
--------------
Net Cash Provided by Operating Activities 10,120,169
Cash flows From Investment Activities:
Purchase of Investments, Net (20,380)
Purchase of Assets Whose Use is Limited (940,497)
Acquisition/Sale of Land, Building,
& Equipment (131,369)
--------------
Net Cash Provided by Investing Activities (1,092,246)
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Lo -
Repayment of Long-term debt (2,874,335)
--------------
Net Cash (Used) in Financing Activities (2,874,335)
Net Increase (Decrease)
in Cash & Cash Equivalents 6,153,588
Cash & Cash Equivalents at Beginning of Month 36,142,772
--------------
Cash & Cash Equivalents at End of the Month $42,296,360
==============
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. 43 Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SOLUTIA INC: Posts $6 Million Net Loss in November 2006
-------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated
Financial Position
As of November 30, 2006
ASSETS
Cash $116,000,000
Trade Receivables, net 332,000,000
Account Receivables-Unconsolidated Subsidiaries 0
Inventories 273,000,000
Other Current Assets 131,000,000
Assets of Discontinued Operations 0
--------------
Total Current Assets 852,000,000
Property, Plant and Equipment, net 786,000,000
Investments in Subsidiaries and Affiliates 204,000,000
Intangible Assets, net 120,000,000
Other Assets 113,000,000
--------------
Total Assets $2,075,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts Payable $215,000,000
Short Term Debt 650,000,000
Other Current Liabilities 244,000,000
Liabilities of Discontinued Operations 1,000,000
--------------
Total Current Liabilities 1,110,000,000
Long-Term Debt 210,000,000
Other Long-Term Liabilities 267,000,000
--------------
Total Liabilities not Subject to Compromise 1,587,000,000
Liabilities Subject to Compromise 1,923,000,000
Shareholders' Deficit (1,435,000,000)
--------------
Total Liabilities & Shareholders' Deficit $2,075,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended November 30, 2006
Total Net Sales $247,000,000
Total Cost Of Goods Sold 222,000,000
--------------
Gross Profit 25,000,000
Total MAT Expense 24,000,000
--------------
Operating Income (Loss) 1,000,000
Equity Earnings from Affiliates 4,000,000
Interest Expense, net (8,000,000)
Other Income, net 2,000,000
Reorganization Items:
Professional fees (3,000,000)
Employee severance and retention costs 0
Other (1,000,000)
--------------
(4,000,000)
--------------
Loss Before Taxes (5,000,000)
Income tax expense (benefit) 1,000,000
--------------
Net Loss ($6,000,000)
==============
Headquartered in St. Louis, Missouri, Solutia, Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- with its subsidiaries, make and sell
a variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y.
Case No. 03-17949). When the Debtors filed for protection from
their creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts. Solutia is represented by Richard M.
Cieri, Esq., at Kirkland & Ellis. Daniel H. Golden, Esq., Ira S.
Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss
Hauer & Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice. (Solutia Bankruptcy News, Issue No. 75; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
*********
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Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marie Therese V. Profetana, Shimero Jainga, Joel Anthony G.
Lopez, Robert Max Quiblat, Emi Rose S.R. Parcon, Rizande B. Delos
Santos, Cherry A. Soriano-Baaclo, Christian Q. Salta, Jason A.
Nieva, Lucilo M. Pinili, Jr., Tara Marie A. Martin and Peter A.
Chapman, Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher Beard
at 240/629-3300.
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