/raid1/www/Hosts/bankrupt/TCR_Public/070113.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 13, 2007, Vol. 10, No. 11
Headlines
ACCEPTANCE INSURANCE: Posts $27,564 Net Loss in December 2006
CATHOLIC CHURCH: Davenport Files November 2006 Operating Report
CATHOLIC CHURCH: Portland Files November 2006 Operating Report
CATHOLIC CHURCH: Spokane Files Nov. 2006 Monthly Operating Report
COMPLETE RETREATS: Files November 2006 Monthly Operating Report
COMPLETE RETREATS: Distinctive Files Nov. 2006 Operating Report
COMPLETE RETREATS: Legendary Files November 2006 Operating Report
COMPLETE RETREATS: Preferred Files November 2006 Operating Report
COMPLETE RETREATS: Private Files November 2006 Operating Report
DANA CORP: Posts $20 Million Net Loss in November 2006
DELPHI CORP: Posts $226 Million Net Loss in November 2006
ENTERGY NEW ORLEANS: Files Amended Schedule of Assets and Debts
ENTERGY NEW ORLEANS: Earns $212,000 in November 2006
NORTHWEST AIRLINES: Posts $274 Million Net Loss in November 2006
PERFORMANCE TRANSPORTATION: Files November 2006 Operating Report
WERNER HOLDING: Posts $8.6 Million Net Loss in November 2006
*********
ACCEPTANCE INSURANCE: Posts $27,564 Net Loss in December 2006
-------------------------------------------------------------
Acceptance Insurance Companies Inc. filed its December 2006
monthly operating report with the United States Bankruptcy Court
for the District of Nebraska on Jan. 8, 2007.
The Debtor reported a $27,564 net loss on $7,667 of revenue for
the month ended Dec. 31, 2006. For November 2006, the company
reported a $50,526 net loss on $8,211 of revenue.
At Dec. 31, 2006, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $1,868,065
Total Assets $35,059,130
Total Liabilities $138,174,917
Total Shareholders' Deficit ($103,115,787)
A full-text copy of Acceptance Insurance Companies Inc.'s December
2006 Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?186a
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 November 2006 Operating Report
---------------------------------------------------------------
Diocese of Davenport in Iowa
Statement of Financial Position
As of November 30, 2006
ASSETS
Cash and cash equivalents - unrestricted $4,810,797
Cash and cash equivalents - restricted 2,235,971
Accounts receivable, net 48,362
Inventory -
Prepaid expenses 10,583
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 $11,832,555
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Secured claims -
Priority unsecured claims 160,888
General unsecured claims 1,660,915
--------------
Total Prepetition Liabilities 1,821,803
--------------
Postpetition
Salaries and wages -
Payroll taxes -
Real and personal property taxes -
Income taxes -
Sales taxes -
Notes payable, short term -
Accounts payable, trade 9,503
Real property lease arrearage -
Personal property lease arrearage -
Accrued professional fees -
Current portion of long-term debt -
Pass-through collections 33,993
--------------
Total Postpetition Liabilities 43,496
--------------
Total Liabilities 1,865,299
--------------
Equity (deficit):
Equity (deficit) at time of filing: 5,795,187
Capital stock -
Additional paid-in capital -
Cumulative profit/loss since filing 542,709
Post-petition contributions/distributions
or draws -
Market value adjustment 3,629,360
--------------
Total equity (deficit) 9,967,256
--------------
Total liabilities & equity (deficit) $11,832,555
==============
Diocese of Davenport in Iowa
Statement of Operations
For the month ending November 30, 2006
Revenues
Gross sales $1,825
Less: sales returns & allowances -
Net sales 1,825
Less: cost of goods sold -
Gross profit 1,825
Interest 564
Other income:
Charitable gifts 381,043
Insurance receipts 122,752
Investment income 307,238
--------------
Total revenues 813,422
--------------
Expenses:
Compensation to owner(s)/officer(s) 12,090
Salaries 97,534
Commissions -
Contract labor 7,310
Rent/Lease:
Personal property 1,800
Real property -
Insurance 75,851
Management fees -
Depreciation 5,945
Taxes:
Employer payroll taxes 6,005
Real property taxes -
Other taxes -
Other selling -
Other administrative 93,906
Interest -
Other expenses:
Employee benefits 29,789
Charity collection 5,356
Medical assistance/Victim assistance 11,298
Utilities 5,769
Transfer to unrestricted 48,760
Professional Investment Management Fees 9,715
Sabbatical -
--------------
Total expenses 411,128
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 402,294
Federal & state income taxes -
--------------
Net Profit (Loss) $402,294
==============
Diocese of Davenport in Iowa
Statement of Cash Receipts and Disbursements
For the month ending November 30, 2006
Cash receipts
Rent/Leases collected $4,443
Cash received from sales 1,825
Interest received -
Borrowings increase in accounts payable -
Funds from shareholders, partners,
or other insiders -
Capital contributions -
Annual diocesan appeal/donations 332,283
Investment income/misc. -
Insurance receipts 122,752
Tribunal/Immigration/Faith Formation fees 66,999
Decrease in prepaids/accounts receivable 14,754
--------------
Total Cash Receipts $543,056
==============
Cash disbursements:
Payments for inventory -
Selling -
Administrative 106,572
Capital expenditures -
Principal payments on debt -
Interest paid -
Rent/Lease:
Personal Property 1,800
Real Property -
Amount paid to owner(s)/officer(s)
Salaries 12,090
Draws -
Commissions/Royalties -
Expense Reimbursements -
Other -
Salaries/Commissions (less employee
withholding 75,913
Management fees -
Taxes
Employee withholding 21,621
Employer payroll taxes 6,005
Real property taxes -
Other taxes -
Other cash outflows:
Insurance 75,850
Utilities 5,769
Medical Assistance 11,298
Employee Benefits 29,789
Misc/Decrease in Accts Payable/Increase
in receivables 9,492
--------------
Total Cash Disbursements $356,199
--------------
Net increase (decrease) in cash 186,857
Cash balance, beginning of period 851,727
Cash balance, end of period $1,038,584
==============
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. 76;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Portland Files November 2006 Operating Report
--------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of November 30, 2006
ASSETS
Cash and cash equivalents $18,907,338
Accounts receivable, net 3,933,297
Notes, estates and other receivables 11,672,662
Loans receivable from Archdiocesan entities, net 6,408,050
Loans receivable from Archdiocesan housing entities 545,326
Interest receivable and other assets 219,010
Inventories 1,709,599
Real Property 226,688
Deposits and prepaid expenses 33,247
Investments 103,011,630
Advances to Archdiocesan housing entities 1,531,500
Land, building, and equipment, net 7,361,461
--------------
Total Assets $155,559,808
==============
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 12,553,727
Long-term pool investments payable 17,941,445
Reserve for insurance claims 2,343,946
Notes payable 10,637,831
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 54,534,967
--------------
Postpetition
Accounts payable 570,984
Accrued liabilities 6,084,539
Funds held for others
Second Collections 112,996
Short-term investments payable 4,115,517
Long-term pool investments 6,738,082
Reserve for insurance claims 460,648
Notes payable -
Pre-need liability and reserve 29,634
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 18,516,921
--------------
Total Liabilities 73,051,888
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,961,818
Other Assets (3,572,057)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 10,478,988
Other Assets 5,639,171
--------------
Total Postpetition Net Assets 16,118,159
--------------
Total Net Assets 82,507,920
--------------
Total liabilities & net assets $155,559,808
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending November 30, 2006
Revenues, gains and other support
Annual Catholic Appeal income $752
Gross profit on cemetery sales 78,574
Contributions, gifts, annuities and bequests 12,508
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 475,567
Change in unrealized gains (losses) 1,315,663
Insurance premiums, net 2,618
Interest income from loans 35,650
Parish assessments 260,689
Other income 143,599
Departmental revenues 36,532
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 2,362,152
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 104,342
Clergy Services 26,912
Catholic Schools 38,712
Pastoral Services 36,047
Evangelization Services 44,314
Public Services 10,028
Tribunal Services 20,378
Deposit and loan interest 169,918
Insurance program 402,748
Cemetery operating expenses 82,712
High School grants/charitable annuities 6,696
Other program expenses 62,210
--------------
Total program services 1,005,017
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 67,348
Finance & Administration:
Resource Development 57,209
Business Affairs 9,758
Financial Services 62,724
Human Resources 26,086
Shared Services 13,052
Occupancy and physical plant expenses 12,286
Designated funds expense 16,557
Bankruptcy expense 142,749
Depreciation expense -
--------------
Total supporting services 407,769
--------------
Total expenses and program support 1,412,786
--------------
Increase (decrease) in net assets before
transfers and designations of net assets 949,366
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets 949,366
Net assets at beginning of year 81,558,554
--------------
Net assets at end of year $82,507,920
===============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending November 30, 2006
Beginning Cash Balance: $18,472,938
Add:
Transfers in 402,313
Receipts Deposited 2,104,195
Other (Return of Direct Deposits) 200
Other -
Other (Interest Income) 66,975
--------------
Total Cash Receipts 2,573,685
Subtract:
Transfers out (402,313)
Disbursements by check or debit (1,735,084)
Cash withdrawn -
Other (Service Charges) (1,645)
Other (Misc Check Correction) -
Other (NSF Checks) (240)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (2,139,283)
--------------
Ending Cash Balance $18,907,339
==============
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. 76; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
CATHOLIC CHURCH: Spokane Files Nov. 2006 Monthly Operating Report
-----------------------------------------------------------------
The Diocese of Spokane delivered to the United States Bankruptcy
Court for the Eastern District of Washington its operating report
for the month of November.
As of Nov. 30, Spokane reported $12,715,147 in total assets,
including $2,479,309 in cash, $2,646,664 in loans receivables and
$2,502,815 in buildings and other fixed assets.
Spokane reported $9,269,297 in total long-term liabilities,
including $10,628,278 in deposits payable.
Spokane also reported ($26,985,025) in net assets, including
$10,528,658 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 $167,643 net deficit for the month ended
November. The Diocese's income totaled $254,686, which was
offset by expenses aggregating $422,330.
A full-text copy of Spokane's November 2006 operating report is
available for free at: http://ResearchArchives.com/t/s?1866
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. 76; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Files November 2006 Monthly Operating Report
---------------------------------------------------------------
Complete Retreats, LLC
Balance Sheet
As of November 30, 2006
ASSETS
Unrestricted Cash -
Restricted Cash -
--------------
Total Cash -
Accounts Receivable (Net) -
Inventory -
Notes Receivable -
Prepaid Expenses -
Other -
--------------
Total Current Assets -
Property, Plant & Equipment $597,674
Less: Accumulated Depreciation/Depletion -
--------------
Net Property, Plant & Equipment 597,674
Due from Insiders -
Other Assets - Net of Amortization -
Other 481,329
--------------
Total Assets $1,079,002
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable -
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other -
--------------
Total Postpetition Liabilities -
Prepetition Liabilities
Secured Debt -
Priority Debt -
Unsecured Debt -
Other $623,689
--------------
Total Prepetition Liabilities 623,689
--------------
Total Liabilities 623,689
Equity
Prepetition Owners' Equity 455,314
Postpetition Cumulative Profit or Loss -
Direct Charges to Equity -
--------------
Total Equity 455,314
--------------
Total Liabilities & Owners' Equity $1,079,002
==============
Complete Retreats, LLC
Statement of Operations
November 1 to 30, 2006
Revenues
Gross Revenues $0
Less: Returns & Discounts -
--------------
Net Revenue 0
Cost of Goods Sold
Material -
Direct Labor
Direct Overhead -
--------------
Total Cost of Goods Sold -
--------------
Gross Profit -
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other -
--------------
Total Operating Expenses 0
--------------
Income Before Non-Operating Income & Expenses 0
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion -
Amortization -
Other -
--------------
Net Other Income & Expenses -
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses 0
--------------
Income Tax 0
--------------
Net Profit (Loss) $0
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Distinctive Files Nov. 2006 Operating Report
---------------------------------------------------------------
Distinctive Retreats, LLC
Balance Sheet
As of November 30, 2006
ASSETS
Unrestricted Cash -
Restricted Cash -
--------------
Total Cash -
Accounts Receivable (Net) ($190)
Inventory 50,831
Notes Receivable 223,000
Prepaid Expenses 198,555
Other -
--------------
Total Current Assets 472,196
Property, Plant & Equipment 104,833,914
Less: Accumulated Depreciation/Depletion (3,134,908)
--------------
Net Property, Plant & Equipment 101,699,006
Due from Insiders -
Other Assets - Net of Amortization 485,000
Other 117,549,518
--------------
Total Assets $220,205,720
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable ($489)
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other 36,167,534
--------------
Total Postpetition Liabilities 36,167,044
Prepetition Liabilities
Secured Debt 452,027
Priority Debt -
Unsecured Debt 30,714,233
Other 18,870,525
--------------
Total Prepetition Liabilities 50,036,785
--------------
Total Liabilities 86,203,829
Equity
Prepetition Owners' Equity 134,023,328
Postpetition Cumulative Profit or Loss (21,437)
Direct Charges to Equity -
--------------
Total Equity 134,001,891
--------------
Total Liabilities & Owners' Equity $220,205,720
==============
Distinctive Retreats, LLC
Statement of Operations
November 1 to 30, 2006
Revenues
Gross Revenues $456,227
Less: Returns & Discounts -
--------------
Net Revenue 456,227
Cost of Goods Sold
Material 111,858
Direct Labor -
Direct Overhead -
--------------
Total Cost of Goods Sold 111,858
--------------
Gross Profit 344,369
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other -
--------------
Total Operating Expenses -
--------------
Income Before Non-Operating Income & Expenses 344,369
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense 226,181
Depreciation/Depletion 76,595
Amortization 72,298
Other -
--------------
Net Other Income & Expenses 375,074
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses -
--------------
Income Tax -
--------------
Net Profit (Loss) ($30,704)
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Legendary Files November 2006 Operating Report
-----------------------------------------------------------------
Legendary Retreats, LLC
Balance Sheet
As of November 30, 2006
ASSETS
Unrestricted Cash $8,770
Restricted Cash -
--------------
Total Cash 8,770
Accounts Receivable (Net) 58,508
Inventory -
Notes Receivable 1,610,000
Prepaid Expenses 74,558
Other 115,000
--------------
Total Current Assets 1,858,066
Property, Plant & Equipment 26,936
Less: Accumulated Depreciation/Depletion -
--------------
Net Property, Plant & Equipment 26,936
Due from Insiders -
Other Assets - Net of Amortization -
Other 17,830,869
--------------
Total Assets $19,724,641
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable ($35,438)
Taxes Payable -
Notes Payable 15,154
Professional Fees -
Secured Debt -
Other (140,272)
--------------
Total Postpetition Liabilities (160,556)
Prepetition Liabilities
Secured Debt -
Priority Debt -
Unsecured Debt 394,622
Other 4,067,355
--------------
Total Prepetition Liabilities 4,461,976
--------------
Total Liabilities 4,301,421
Equity
Prepetition Owners' Equity 15,438,452
Postpetition Cumulative Profit or Loss (15,232)
Direct Charges to Equity -
--------------
Total Equity 15,423,220
--------------
Total Liabilities & Owners' Equity $19,724,641
==============
Legendary Retreats, LLC
Statement of Operations
November 1 to 30, 2006
Revenues
Gross Revenues ($81,305)
Less: Returns & Discounts -
--------------
Net Revenue (81,305)
Cost of Goods Sold
Material 3,363
Direct Labor -
Direct Overhead 2,285
--------------
Total Cost of Goods Sold 5,648
--------------
Gross Profit (86,953)
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing 585
General Administration 1,845
Rent & Lease 19,618
Other (30,613)
--------------
Total Operating Expenses (8,565)
--------------
Income Before Non-Operating Income & Expenses (78,388)
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion -
Amortization -
Other -
--------------
Net Other Income & Expenses -
Reorganization Expenses
Professional Fees (10)
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses (10)
--------------
Income Tax -
--------------
Net Profit (Loss) ($78,378)
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Preferred Files November 2006 Operating Report
-----------------------------------------------------------------
Preferred Retreats, LLC
Balance Sheet
As of November 30, 2006
ASSETS
Unrestricted Cash $1,585,907
Restricted Cash 320,476
--------------
Total Cash 1,906,383
Accounts Receivable (Net) 1,188,844
Inventory 2,081,256
Notes Receivable 142,704
Prepaid Expenses 4,277,841
Other 1,097,919
--------------
Total Current Assets 8,788,563
Property, Plant & Equipment 9,268,926
Less: Accumulated Depreciation/Depletion (2,259,571)
--------------
Net Property, Plant & Equipment 7,009,355
Due from Insiders 2,221,908
Other Assets - Net of Amortization 1,555
Other 102,926,686
--------------
Total Assets $122,854,449
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable $1,321,060
Taxes Payable -
Notes Payable 76,985,191
Professional Fees -
Secured Debt -
Other 9,975,323
--------------
Total Postpetition Liabilities 88,281,574
Prepetition Liabilities
Secured Debt 43,411
Priority Debt -
Unsecured Debt 12,818,421
Other 124,979,814
--------------
Total Prepetition Liabilities 137,841,647
--------------
Total Liabilities 226,123,221
Equity
Prepetition Owners' Equity (87,936,963)
Postpetition Cumulative Profit or Loss (18,681,810)
Direct Charges to Equity 3,350,000
--------------
Total Equity (103,268,772)
--------------
Total Liabilities & Owners' Equity $122,854,449
==============
Preferred Retreats, LLC
Statement of Operations
November 1 to 30, 2006
Revenues
Gross Revenues $767,149
Less: Returns & Discounts (1,000)
--------------
Net Revenue 766,149
Cost of Goods Sold
Material 746,337
Direct Labor -
Direct Overhead 405,812
--------------
Total Cost of Goods Sold 1,152,149
--------------
Gross Profit (386,000)
Operating Expenses
Officer/Insider Compensation 81,945
Selling & Marketing 25,426
General Administration 1,486,901
Rent & Lease 259,371
Other 268,513
--------------
Total Operating Expenses 2,122,156
--------------
Income Before Non-Operating Income & Expenses (2,508,156)
Other Income & Expenses
Non-operating Income -
Non-operating Expense 188,322
Interest Expense 1,623,637
Depreciation/Depletion 57,536
Amortization -
Other 5,519
--------------
Net Other Income & Expenses 1,875,014
Reorganization Expenses
Professional Fees 3,846,738
U.S. Trustee Fees -
Other 3,782
--------------
Total Reorganization Expenses 3,850,520
--------------
Income Tax -
--------------
Net Profit (Loss) ($8,233,691)
==============
Preferred Retreats, LLC
Consolidated Cash Receipts and Disbursements
November 1 to 30, 2006
Cash - Beginning of Month $745,602
Receipts from Operations
Cash Sales 677,772
Collection of Accounts Receivable
Prepetition -
Postpetition -
--------------
Total Operating Receipts 677,772
Non-operating Receipts
Loans & Advances 5,407,338
Sale of Assets -
Other 62,141
--------------
Total Non-operating Receipts 5,469,479
--------------
Total Receipts 6,147,251
--------------
Total Cash Available 6,892,853
Operating Disbursements
Gross Payroll 741,842
Payroll Taxes Paid -
Sales, Use & Other Taxes Paid 19,473
Secured/Rental/Leases 1,345,540
Utilities 69,211
Insurance 77,937
Mortgages -
Interest 1,865,838
Employee Expenses 27,661
House Keeping & Contract Labor 78,836
Repairs & Maintenance 17,011
Field Expenses 310,576
International Destination Expenses 159,957
HOA 56,579
Other 114,426
--------------
Total Operating Disbursements 4,884,888
Reorganization Expenses
Professional Fees 397,624
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses 397,624
--------------
Total Disbursements 5,282,512
--------------
Net Cash Flow 864,739
--------------
Cash - End of Month $1,610,340
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Private Files November 2006 Operating Report
---------------------------------------------------------------
Private Retreats, LLC
Balance Sheet
As of November 30, 2006
ASSETS
Unrestricted Cash -
Restricted Cash $1,679
--------------
Total Cash 1,679
Accounts Receivable (Net) -
Inventory 71,916
Notes Receivable 570,356
Prepaid Expenses -
Other -
--------------
Total Current Assets 642,273
Property, Plant & Equipment 53,218,396
Less: Accumulated Depreciation/Depletion (8,379,471)
--------------
Net Property, Plant & Equipment 44,838,924
Due from Insiders -
Other Assets - Net of Amortization 1,152,200
Other 18,482,464
--------------
Total Assets $65,117,540
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable -
Taxes Payable -
Notes Payable $14,901
Professional Fees -
Secured Debt -
Other 30,475,983
--------------
Total Postpetition Liabilities 30,490,884
Prepetition Liabilities
Secured Debt 186,738
Priority Debt -
Unsecured Debt 5,282,515
Other 13,990,417
--------------
Total Prepetition Liabilities 19,459,670
--------------
Total Liabilities 49,950,554
Equity
Prepetition Owners' Equity 15,787,447
Postpetition Cumulative Profit or Loss (620,461)
Direct Charges to Equity -
--------------
Total Equity 15,166,986
--------------
Total Liabilities & Owners' Equity $65,117,540
==============
Private Retreats, LLC
Statement of Operations
November 1 to 30, 2006
Revenues
Gross Revenues $234,258
Less: Returns & Discounts -
--------------
Net Revenue 234,258
Cost of Goods Sold
Material 163,678
Direct Labor -
Direct Overhead -
--------------
Total Cost of Goods Sold 163,678
--------------
Gross Profit 70,580
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other -
--------------
Total Operating Expenses -
--------------
Income Before Non-Operating Income & Expenses 70,580
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense 16,021
Depreciation/Depletion 136,693
Amortization 102,406
Other -
--------------
Net Other Income & Expenses 255,120
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses -
--------------
Income Tax -
--------------
Net Profit (Loss) ($184,540)
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
DANA CORP: Posts $20 Million Net Loss in November 2006
------------------------------------------------------
Dana Corporation
Condensed Balance Sheet
At November 30, 2006
ASSETS
CURRENT ASSETS
Cash and cash equivalent assets $723,000,000
Accounts receivable
Trade 1,326,000,000
Other 216,000,000
Inventories 732,000,000
Assets of discontinued operations 499,000,000
Other current assets 129,000,000
--------------
Total current assets 3,625,000,000
Investments and other assets 1,328,000,000
Investments in equity affiliates 676,000,000
Net property, plant and equipment 1,777,000,000
--------------
TOTAL ASSETS $7,406,000,000
==============
LIABILITY AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable, including current portion
of long-term debt $27,000,000
Accounts payable 939,000,000
Liabilities of discontinued operations 222,000,000
Other accrued liabilities 726,000,000
--------------
Total current liabilities 1,914,000,000
Liabilities subject to compromise 4,274,000,000
Deferred employee benefits and other
non-current liabilities 273,000,000
Long-term debt 15,000,000
DIP financing 700,000,000
Minority interest in consolidate subsidiaries 85,000,000
Shareholder' equity 145,000,000
--------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $7,406,000,000
==============
Dana Corporation
Unaudited Condensed Statement of Operations
Month Ending November 30, 2006
Net Sales $719,000,000
Costs and expenses
Costs of sales 695,000,000
Selling, general & administrative expenses 29,000,000
Impairment of goodwill 0
Other income, net 8,000,000
------------
Income (loss) from operations 3,000,000
Interest expense 5,000,000
Reorganization charges 8,000,000
------------
Income (loss) before income taxes (10,000,000)
Income tax (expense) benefit (6,000,000)
Minority interest (1,000,000)
Equity in earnings of affiliates (110,000,000)
------------
Income (loss) before continuing operations (17,000,000)
Income (loss) from discontinued operations (3,000,000)
------------
Net income (loss) ($20,000,000)
============
Dana Corporation
Unaudited Condensed Statement of Cash Flow
Month Ending November 30, 2006
OPERATING ACTIVITIES
Net income (loss) ($20,000,000)
Depreciation and amortization 24,000,000
Charges related to divestitures & asset sales 1,000,000
Reorganization charges 8,000,000
Payment of reorganization charges (11,000,000)
Working capital 8,000,000
Other 20,000,000
------------
Net cash flow provided by
(used for) operating activities 30,000,000
INVESTING ACTIVITIES
Purchases of property, plant and equipment (19,000,000)
Proceeds from sale of assets (5,000,000)
Other 0
------------
Net cash flow provided by
(used for) operating activities (24,000,000)
FINANCING ACTIVITIES
Net change in short-term debt 4,000,000
Payments of long-term debt (3,000,000)
Proceeds from DIP facility 0
Increase (decrease) in long-term 0
------------
Net cash flow provided by
(used for) financing activities 1,000,000
Net increase in cash equivalents 7,000,000
------------
Cash and cash equivalents, beginning of period 716,000,000
------------
Cash and cash equivalents, end of period $723,000,000
============
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. 30; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
DELPHI CORP: Posts $226 Million Net Loss in November 2006
---------------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of November 30, 2006
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $339
Restricted cash 106
Accounts receivable, net
General Motors and affiliates 1,928
Other third parties 1,203
Non-Debtor subsidiaries 312
Notes receivable from non-Debtor subsidiaries 341
Inventories, net
Productive material, work-in-process and supplies 959
Finished goods 277
Prepaid expenses and other 293
--------
TOTAL CURRENT ASSETS 5,758
Long-term assets:
Property, net 2,415
Investment in affiliates 367
Investments in non-Debtor subsidiaries 3,670
Goodwill 152
Other intangible assets 37
Pension intangible assets 394
Other 318
--------
TOTAL ASSETS $13,111
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Secured debt in default $2,492
Debtor-in-possession financing 250
Accounts payable 1,287
Accounts payable to non-Debtor subsidiaries 373
Accrued liabilities 1,221
--------
TOTAL CURRENT LIABILITIES 5,623
Long-term liabilities not subject to compromise:
Employee benefit plan obligations and other 765
--------
TOTAL LONG-TERM LIABILITIES 765
Liabilities subject to compromise 16,805
--------
TOTAL LIABILITIES 23,193
Stockholders' deficit:
Common stock 6
Additional paid-in capital 2,766
Accumulated deficit (11,087)
Minimum pension liability (1,738)
Accumulated other comprehensive loss 23
Treasury stock, at cost (3.2 million shares) (52)
--------
TOTAL STOCKHOLDERS' DEFICIT (10,082)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $13,111
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended November 30, 2006
(In Millions)
Net sales:
General Motors and affiliates $752
Other customers 523
Intercompany non-Debtor subsidiaries 52
--------
Total net sales 1,327
--------
Operating expenses:
Cost of sales 1,362
U.S. employee special attrition program charges -
Selling, general and administrative 101
Depreciation and amortization 54
Goodwill and long-lived asset impairment charges -
--------
Total operating expenses 1,517
--------
Operating loss (190)
Interest expense (31)
Other expense, net (3)
Reorganization items (5)
Income tax benefit (expense) -
Equity income from non-consolidated subsidiaries 6
Equity income from non-Debtor subsidiaries, net of tax (3)
Cumulative effect of accounting charge, net of tax -
--------
NET LOSS ($226)
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended November 30, 2006
(In Millions)
Cash flows from operating activities:
Net loss ($226)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization 54
Pension and other postretirement benefit expenses 97
Equity income from unconsolidated subsidiaries, net (6)
Equity income from non-Debtor subsidiaries, net of tax 3
Reorganization items 5
U.S. employee attrition program charges -
Changes in operating assets and liabilities:
Accounts receivable, net 112
Inventories, net 20
Prepaid expenses and other 17
Accounts payable, accrued and other long-term debts (119)
Pension contributions (1)
Other postretirement benefit payments (28)
Receipts (payments) for reorganization items, net (2)
Other (17)
--------
Net cash used in operating activities (91)
Cash flows from investing activities:
Capital expenditures (22)
Increase in restricted cash -
Proceeds from sale of property -
Other 5
--------
Net cash used in investing activities (17)
Cash flows from financing activities:
Repayments under cash overdraft -
Repayments of borrowings under other debt (1)
--------
Net cash used in financing activities (1)
--------
Decrease in cash and cash equivalents (109)
Cash and cash equivalents at beginning of period 448
--------
Cash and cash equivalents at end of period $339
========
Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/--
is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology. The Company's technology and
products are present in more than 75 million vehicles on the road
worldwide. The Company filed for chapter 11 protection on Oct. 8,
2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler
Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in
their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell
A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins
LLP, represents the Official Committee of Unsecured Creditors.
As of Aug. 31, 2005, the Debtors' balance sheet showed
$17,098,734,530 in total assets and $22,166,280,476 in total
debts. (Delphi Bankruptcy News, Issue No. 53; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
ENTERGY NEW ORLEANS: Files Amended Schedule of Assets and Debts
---------------------------------------------------------------
Entergy New Orleans Inc. has amended its Schedule F to add
1,344 creditors to its list of unsecured non-priority claimants.
The claims listed in the Amended Schedule F, aggregating
$98,179,289, include:
Creditor Claim Amount
-------- ------------
American Electric Power Service $268,290
Baker Donelson 254,238
Cincinnati Gas & Electric Co. 528,806
Citi Capital Bankers Leasing 315,181
Coral Energy Resources 1,856,825
Coral Power, LLC 787,826
Daniel F. Packer 313,750
Emergency Disaster Service 1,019,658
Entergy Arkansas, Inc. 2,128,009
Entergy Corp. 4,707,661
Entergy Gulf States, Inc. 4,274,400
Entergy Louisiana 4,292,504
Entergy Mississippi 7,850,071
Entergy Operations 3,157,811
Entergy Services, Inc. 17,558,702
Exelon Generation Co., LLC 312,919
Family RV Center 262,414
JF Electric, Inc. 692,934
NRG Power Marketing, Inc. 3,128,017
Par Electrical Constructors, Inc. 902,506
Robinson Industries 358,432
Science Applications Int'l. Corp. 626,065
SERI (Money Pool) 22,557,523
Suez Energy Marketing NA, Inc. 430,627
Sullivan & Worcester LLP 205,293
Union Power Partners, LP 252,137
Western Gas Resources, Inc. 4,146,326
Headquartered in Baton Rouge, Louisiana, Entergy New Orleans Inc.
-- http://www.entergy-neworleans.com/-- is a wholly owned
subsidiary of Entergy Corporation. Entergy New Orleans provides
electric and natural gas service to approximately 190,000 electric
and 147,000 gas customers within the city of New Orleans. Entergy
New Orleans is the smallest of Entergy Corporation's five utility
companies and represents about 7% of the consolidated revenues and
3% of its consolidated earnings in 2004. Neither Entergy
Corporation nor any of Entergy's other utility and non-utility
subsidiaries were included in Entergy New Orleans' bankruptcy
filing. Entergy New Orleans filed for chapter 11 protection on
Sept. 23, 2005 (Bankr. E.D. La. Case No. 05-17697). Elizabeth J.
Futrell, Esq., and R. Partick Vance, Esq., at Jones, Walker,
Waechter, Poitevent, Carrere & Denegre, L.L.P., represent the
Debtor in its restructuring efforts. Carey L. Menasco, Esq.,
Philip Kirkpatrick Jones, Jr., Esq., and Joseph P. Hebert, Esq.,
at Liskow & Lewis, APLC, represent the Official Committee of
Unsecured Creditors. When the Debtor filed for protection from
its creditors, it listed total assets of $703,197,000 and total
debts of $610,421,000. (Entergy New Orleans Bankruptcy News,
Issue No. 33; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
ENTERGY NEW ORLEANS: Earns $212,000 in November 2006
----------------------------------------------------
Entergy New Orleans, Inc.
Balance Sheet
As of November 30, 2006
(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents
Cash $93
Temporary cash investments 14,948
----------
Total cash and cash equivalents 15,041
Accounts receivable:
Customer 52,750
Allowance for doubtful accounts (10,781)
Associated companies 11,816
Other 6,950
Accrued unbilled revenues 23,309
----------
Total accounts receivable 84,044
Deferred fuel costs 20,477
Fuel inventory 3,574
Materials and supplies 7,418
Prepayments and other 6,260
----------
Total current assets 136,814
Other Property and Investments
Investment in affiliates 3,259
Non-utility property at cost 1,107
----------
Total other property and investments 4,366
Utility Plant
Electric 739,831
Natural gas 189,074
Construction work in progress 38,429
----------
Total Utility Plant 967,334
Less - accumulated depreciation and amortization 413,263
----------
Utility plant - net 554,071
Deferred Debits and Other Assets
Regulatory assets:
Other regulatory assets 173,907
Long term receivables 1,022
Other 21,146
----------
Total deferred debits and other assets 196,075
----------
TOTAL ASSETS $891,326
==========
LIABILITIES:
Postpetition liabilities:
Taxes payable $3,839
Accounts payable 36,509
DIP credit facility 21,841
----------
Total postpetition liabilities 62,189
Current liabilities:
Currently maturing long-term debt -
Notes payable -
Accounts payable:
Associated companies 63,847
Other 71,559
Customer deposits 14,058
Taxes accrued 20,564
Accumulated deferred income taxes 3,619
Interest accrued 5,874
Energy efficiency program provision -
Other 4,165
----------
Total current liabilities 183,686
Non-current liabilities:
Accumulated deferred income taxes & taxes accrued 106,366
Accumulated deferred investment tax credits 3,190
SFAS 109 regulatory liability - net 58,224
Other regulatory liabilities -
Accumulated provisions 10,829
Pension liability 42,177
Long-term debt 229,873
Other 4,127
----------
Total non-current liabilities 454,786
----------
Total Liabilities 700,661
Commitments and Contingencies:
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund 19,780
Common stock, $4 par value, authorized
10,000,000 shares; issued and
outstanding 8,435,900 shares in
2005 and 2004 33,744
Paid-in capital 36,294
Retained earnings -- prepetition 99,593
Retained earnings -- postpetition 1,254
----------
Total shareholders equity 190,665
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $891,326
==========
Entergy New Orleans, Inc.
Statement of Operations
Month Ended November 30, 2006
(in thousands)
Operating Revenues
Domestic electric $33,299
Natural gas 8,084
----------
Total operating revenues 41,383
Operating Expenses:
Operation and maintenance
Fuel 13,361
Purchased power 14,824
Other operation and maintenance 6,930
Taxes other than income taxes 3,280
Depreciation and amortization 1,701
Other regulatory charges - net 360
----------
Total operating expenses 40,456
----------
Operating income 927
Other income:
Allowance for equity funds used
during construction 40
Interest and dividend income 842
Miscellaneous - net (67)
----------
Total other income 815
Interest and other charges:
Interest on long-term debt 1,078
Other interest-net 395
Allowance for borrowed funds used
during construction (29)
----------
Total interest and other charges 1,444
Income (loss) before income taxes 298
Income taxes 86
----------
NET INCOME $212
==========
Entergy New Orleans, Inc.
Cash Receipts and Disbursement Statement
Month Ended November 30, 2006
Beginning cash balance $660,963
Cash receipts 100,934,226
Cash disbursements (101,502,108)
----------
Net cash flow (567,883)
----------
ENDING CASH BALANCE $93,080
==========
Headquartered in Baton Rouge, Louisiana, Entergy New Orleans Inc.
-- http://www.entergy-neworleans.com/-- is a wholly owned
subsidiary of Entergy Corporation. Entergy New Orleans provides
electric and natural gas service to approximately 190,000 electric
and 147,000 gas customers within the city of New Orleans. Entergy
New Orleans is the smallest of Entergy Corporation's five utility
companies and represents about 7% of the consolidated revenues and
3% of its consolidated earnings in 2004. Neither Entergy
Corporation nor any of Entergy's other utility and non-utility
subsidiaries were included in Entergy New Orleans' bankruptcy
filing. Entergy New Orleans filed for chapter 11 protection on
Sept. 23, 2005 (Bankr. E.D. La. Case No. 05-17697). Elizabeth J.
Futrell, Esq., and R. Partick Vance, Esq., at Jones, Walker,
Waechter, Poitevent, Carrere & Denegre, L.L.P., represent the
Debtor in its restructuring efforts. Carey L. Menasco, Esq.,
Philip Kirkpatrick Jones, Jr., Esq., and Joseph P. Hebert, Esq.,
at Liskow & Lewis, APLC, represent the Official Committee of
Unsecured Creditors. When the Debtor filed for protection from
its creditors, it listed total assets of $703,197,000 and total
debts of $610,421,000. (Entergy New Orleans Bankruptcy News,
Issue No. 33; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
NORTHWEST AIRLINES: Posts $274 Million Net Loss in November 2006
----------------------------------------------------------------
Northwest Airlines Corporation
Unaudited Condensed Consolidated Balance Sheet
As of November 30, 2006
ASSETS
Current assets:
Cash and cash equivalents $1,693,000,000
Unrestricted short-term investments 589,000,000
Restricted cash, cash equivalents &
short-term investments 401,000,000
Accounts receivable, net 634,000,000
Flight equipment spare parts, net 109,000,000
Prepaid expenses & other 348,000,000
---------------
Total current assets 3,774,000,000
Property and equipment:
Flight equipment, net 7,432,000,000
Other property & equipment, net 577,000,000
---------------
Total property & equipment 8,009,000,000
Flight Equipment under capital leases, net 21,000,000
Other assets:
International routes 634,000,000
Investments in affiliated companies 39,000,000
Other 893,000,000
---------------
Total other assets 1,566,000,000
---------------
Total assets $13,370,000,000
===============
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Air traffic liability $1,722,000,000
Accounts payable & other liabilities 1,398,000,000
Current maturities of long-term debt
& capital lease obligations 172,000,000
---------------
Total current liabilities 3,292,000,000
Long-term debt 3,427,000,000
Deferred Credits & other liabilities:
Long-term pension & postretirement
Health care benefits 142,000,000
Other 188,000,000
---------------
Total deferred credits & other liabilities 330,000,000
Liabilities Subject to Compromise 14,273,000,000
Preferred redeemable stock subject to Compromise 278,000,000
Common Stockholders' Equity (Deficit)
Common stock 1,000,000
Additional paid-in capital 1,504,000,000
Accumulated deficit (7,353,000,000)
Accumulated other comprehensive income (loss) (1,369,000,000)
Treasury stock (1,013,000,000)
---------------
Total common stockholders' equity (deficit) (8,230,000,000)
---------------
Total Liabilities &
Stockholders' Equity (deficit) $13,370,000,000
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statement of Operations
For Month Ended November 30, 2006
Operating Revenues
Passenger $712,000,000
Regional carrier revenues 101,000,000
Cargo 86,000,000
Other 82,000,000
---------------
Total Operating Revenues 981,000,000
Operating Expenses
Aircraft fuel and taxes 246,000,000
Salaries, wages, and benefits 200,000,000
Aircraft maintenance materials and repair 83,000,000
Selling and marketing 56,000,000
Other rentals and landing fees 45,000,000
Depreciation and amortization 42,000,000
Aircraft rentals 18,000,000
Regional carrier expenses 104,000,000
Other 113,000,000
Other unusual items 22,000,000
---------------
Total Operating Expenses 929,000,000
Operating Income (Loss) 52,000,000
Other Income (Expense)
Interest expense, net (52,000,000)
Investment income 13,000,000
Reorganization items, net (290,000,000)
Other, net 3,000,000
---------------
Total other income (expense) (326,000,000)
---------------
Income (Loss) Before Income Taxes (274,000,000)
Income tax expense (benefit) --
---------------
Net Income (Loss) ($274,000,000)
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
For Month Ended November 30, 2006
Cash Flows from Operating Activities:
Net income (loss) ($274,000,000)
Adjustments to reconcile net loss to net
cash provided by (used in)
operating activities:
Depreciation and amortization 42,000,000
Pension and other postretirement benefit
contributions less than expense 13,000,000
Changes in certain assets & liabilities (118,000,000)
Long-term vendor deposits/holdbacks 7,000,000
Reorganization items 290,000,000
Other, net (8,000,000)
---------------
Net cash provided by operating activities (48,000,000)
Cash Flows from Reorganization Activities:
Net cash provided by (used in)
reorganization activities (12,000,000)
Cash Flows from Investing Activities:
Capital expenditures (88,000,000)
Proceeds from sales of short term investment 5,000,000
Decrease (increase) in restricted cash
cash equivalents & short-term investments 262,000,000
Other, net 1,000,000
---------------
Net cash provided by (used in) investing
activities 180,000,000
Cash Flows from Financing Activities:
Proceeds from long-term debt 203,000,000
Payments of long-term debt and capital
lease obligations (244,000,000)
Other, net -
---------------
Net cash provided by (used in)
financing activities (41,000,000)
---------------
Increase (Decrease) in Cash and
Cash Equivalents 79,000,000
Cash & cash equivalents at beginning of period 1,614,000,000
---------------
Cash & cash equivalents at end of period $1,693,000,000
===============
Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures. Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks. Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents. The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930). Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases. When the Debtors filed for protection
from their creditors, they listed $14.4 billion in total assets
and $17.9 billion in total debts. The Debtors' exclusive period
to file a chapter 11 plan expires on Jan. 16, 2007.
(Northwest Airlines Bankruptcy News, Issue No. 51; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
PERFORMANCE TRANSPORTATION: Files November 2006 Operating Report
----------------------------------------------------------------
Performance Logistics Group, Inc.
In re. Leaseway Motorcar Transport Company, et al.
U.S. Operations Cash Flow
For the Month Ended November 30, 2006
Book balance:
Opening book balance, 10/01/06 $6,622,033
-----------
Receipts
Customers 24,775,717
Miscellaneous receipts 85,162
-----------
Total receipts 24,860,879
-----------
Disbursements
Payroll, payroll taxes & fringe benefits 13,313,155
Insurance & cargo losses 2,201,984
Fuel and fuel taxes 2,911,566
Parts, tires, other operating supplies & expenses 1,662,280
Licenses, permits & tolls 443,024
Tractor, trailer lease payments 131,552
Building, land, service vehicles and other rents 393,754
Interest & bank fee payments 1,819,812
Income, franchise & property taxes 100
Misc/DIP Line (Draw) / Repayments -
Capital expenditures 123,518
Professional Fees 588,619
-----------
Total Disbursements 23,589,364
-----------
Closing Book Balance, End of Month $7,893,548
===========
The Debtors filed with the Court their Monthly Operating
Statement for the period November 1 to 30, 2006.
The Operating Statements do not include a Balance Sheet or
Statement of Operations. The Debtors, however, disclosed a
$2,081,700 operating net loss for the period.
A full-text copy of the Debtors' November 2006 Operating
Statements is available for free at:
http://ResearchArchives.com/t/s?1853
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. 21; Bankruptcy
Creditors' Service, Inc. http://bankrupt.com/newsstand/or
215/945-7000).
WERNER HOLDING: Posts $8.6 Million Net Loss in November 2006
------------------------------------------------------------
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Balance Sheet
As of November 30, 2006
ASSETS
Current Assets:
Cash and cash equivalents $21,602,000
Receivables, net 73,316,000
Income taxes receivable (payable) 1,309,000
Inventories, net 61,686,000
Prepaid insurance and other 7,845,000
------------
Total current assets 165,758,000
Property, Plant & Equipment, Net 73,769,000
Other assets:
Deferred financing fess, net 10,234,000
Investment in subsidiaries -
Other non-current assets 6,793,000
------------
Total other assets 17,027,000
TOTAL ASSETS $256,554,000
============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable $16,018,000
Accrued liabilities 40,825,000
Intercompany payable (receivables) -
First lien revolving credit facility 39,251,000
Current maturities of long-term debt 183,918,000
------------
Total current liabilities 280,012,000
Long-Term Liabilities:
Long-term debt 89,249,000
Reserve for product liability and
workers' compensation claims 8,572,000
Other long-term obligations 2,401,000
Liabilities subject to compromise 209,944,000
------------
Total Liabilities 590,178,000
Convertible preferred stock 100,234,000
Shareholders' Deficit:
Common stock 1,000
Additional paid-in-capital 17,375,000
Retained earnings (deficit) (439,261,000)
Accumulated other comprehensive income (loss) (11,776,000)
N/R arising from stock loan plan (197,000)
------------
Total Shareholders' Deficit (433,858,000)
------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $256,554,000
============
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Statement of Operations
November 1 to 30, 2006
Net sales $30,996,000
Total cost of sales 24,817,000
------------
Gross profit 6,179,000
Total operating expenses 9,257,000
Operating income (loss) (3,078,000)
Equity in net income (loss) of subsidiaries -
Other income (expense), net (33,000)
------------
Income (loss) before interest,
reorganization items and taxes (3,111,000)
Reorganization Items:
Gain on Termination of Benefit Plan -
(Restructuring Process Fees) (1,566,000)
Interest Income 56,000
------------
Reorganization Items, Net (1,510,000)
------------
Interest (loss) before interest and taxes (4,621,000)
Inter-company interest expense -
Interest expense 4,158,000
------------
Income (loss) before income taxes (8,779,000)
Provision (benefit) for income taxes (164,000)
------------
Net Income (Loss) ($8,615,000)
============
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Statement of Cash Flows
November 1 to 30, 2006
Cash flows provided (used) by
operating activities $1,876,000
Cash Flows From Investing Activities:
Capital expenditures, net (271,000)
Proceeds from sale of property -
------------
Net cash used in investing activities (271,000)
Cash Flows From Financing Activities:
Borrowings of long-term debt -
Repayments of long-term debt -
Capital lease payments (178,000)
Net borrowings under first lien revolving
credit facility -
Debt issuance costs -
------------
Net cash provided (used) by financing activities (178,000)
Net increase (decrease) in cash and equivalents 1,427,000
Cash and equivalents at November 1, 2006 20,175,000
------------
Cash and equivalents at November 30, 2006 $21,602,000
============
Headquartered in Greenville, Pennsylvania, Werner Co.
-- http://www.wernerladder.com/-- manufactures and distributes
ladders, climbing equipment and ladder accessories. The company
and three of its affiliates filed for chapter 11 protection on
June 12, 2006 (Bankr. D. Del. Case No. 06-10578).
The firm of Willkie Farr & Gallagher LLP serves as the Debtors'
counsel. Kara Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and
Robert S. Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP,
represents the Debtors as its co-counsel. The Debtors have
retained Rothschild Inc. as their financial advisor. Greenberg
Traurig LLP is counsel to the Official Committee of Unsecured
Creditors. Jefferies & Co serves as the Committee's financial
advisor.
At March 31, 2006, the Debtors reported total assets of
$201,042,000 and total debts of $473,447,000. (Werner Ladder
Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
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however, be complete or accurate. The Monday Bond Pricing table
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Each Tuesday edition of the TCR contains a list of companies with
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Don't be fooled. Assets, for example, reported at historical cost
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For copies of court documents filed in the District of Delaware,
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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
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B. Delos Santos, Cherry A. Soriano-Baaclo, Ronald C. Sy, Jason A.
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Chapman, Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9474.
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