/raid1/www/Hosts/bankrupt/TCR_Public/070120.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 20, 2007, Vol. 10, No. 17
Headlines
DURA AUTOMOTIVE: Files Schedules of Assets and Liabilities
DURA AUTOMOTIVE: Operating Files Schedules of Assets & Debts
DURA AUTOMOTIVE: Files Operating Report for Period Ended Nov. 26
INTERSTATE BAKERIES: Posts $7.1M Net Loss for Period Ended Nov. 18
REFCO INC: Refco LLC Files October 2006 Monthly Operating Report
SEA CONTAINERS: Posts $888,304 Net Loss in November 2006
SONICBLUE INC: Files November Monthly Operating Report
THAXTON GROUP: Posts $85.1 Mil. Cumulative Net Loss in Nov. 2006
TOWER AUTOMOTIVE: Posts $16.6 Million Net Loss in November 2006
VESTA INSURANCE: Files December 2006 Monthly Operating Report
VESTA INSURANCE: Gaines Files December 2006 Operating Report
*********
DURA AUTOMOTIVE: Files Schedules of Assets and Liabilities
----------------------------------------------------------
A. Real Property
Jacksonville, Florida $1,870,922
West Union, Iowa 3,554,051
Moberly, Missouri 1,419,465
B. Personal Property
B.1 Cash on hand None
B.2 Bank Accounts 8,405,496
B.3 Security Deposit 72,500
B.4 Household goods None
B.5 Book, artwork and collectibles None
B.6 Wearing apparel None
B.7 Furs and jewelry None
B.8 Firearms and other equipment None
B.9 Insurance Policies 8,097,430
B.10 Annuities None
B.11 Interests in an education IRA None
B.12 Interests in pension plans None
B.13 Stock and Interests Undetermined
B.14 Interests in partnerships & jnt venture Undetermined
B.15 Government and corporate bonds None
B.16 Accounts Receivable 19,280,593
B.17 Alimony None
B.18 Other Liquidated Debts Owing Debtor 391,221,844
B.19 Equitable or future interests None
B.20 Interests in estate death benefit plan None
B.21 Other Contingent and Unliquidated Claims 29,915
B.22 Patents Undetermined
B.23 Licenses, franchises & other intangibles Undetermined
B.24 Customer lists or other compilations None
B.25 Vehicles 67,332
B.26 Boats, motors and accessories None
B.27 Aircraft and accessories None
B.28 Office Equipment 8,577,243
B.29 Equipment and Supplies for Business 7,461,434
B.30 Inventory 9,417,911
B.31 Animals None
B.32 Crops None
B.33 Farming equipment and implements None
B.34 Farm supplies, chemicals and feed None
B.35a Other Personal Property 30,280,337
B.35b AP Debit Balances 2,396,461
TOTAL SCHEDULED ASSETS $492,152,934
=========================================================
C. Property Claimed as Exempt Not applicable
D. Secured Claim
JP Morgan Chase Bank, N.A. $225,963,688
UCC Liens Undetermined
E. Unsecured Priority Claims
Priority Claims - Tax Liabilities Undetermined
F. Unsecured Non-priority Claims
BNY Midwest Trust Company 418,569,672
US Bank 427,530,400
Mizuho Trust & Banking 132,111,376
Intercompany Payables 431,943,340
Other liquidated claims 34,089,140
Others Undetermined
TOTAL SCHEDULED LIABILITIES $1,670,207,616
=========================================================
Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural
door modules and exterior trim systems for the global automotive
industry. The company is also a supplier of similar products to
the recreation vehicle and specialty vehicle industries. DURA
sells its automotive products to North American, Japanese and
European original equipment manufacturers and other automotive
suppliers.
The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202). Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings. Mark D. Collins,
Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel. Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors. As of July
2, 2006, the Debtor had US$1,993,178,000 in total assets and
US$1,730,758,000 in total liabilities. (Dura Automotive
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
DURA AUTOMOTIVE: Operating Files Schedules of Assets & Debts
------------------------------------------------------------
A. Real Property
Jacksonville, Florida $1,870,922
West Union, Iowa 3,554,051
Moberly, Missouri 1,419,465
B. Personal Property
B.1 Cash on hand None
B.2 Bank Accounts 8,405,496
B.3 Security Deposit 72,500
B.4 Household goods None
B.5 Book, artwork and collectibles None
B.6 Wearing apparel None
B.7 Furs and jewelry None
B.8 Firearms and other equipment None
B.9 Insurance Policies 8,097,430
B.10 Annuities None
B.11 Interests in an education IRA None
B.12 Interests in pension plans None
B.13 Stock and Interests Undetermined
B.14 Interests in partnerships & jnt venture Undetermined
B.15 Government and corporate bonds None
B.16 Accounts Receivable 19,280,593
B.17 Alimony None
B.18 Other Liquidated Debts Owing Debtor 391,221,844
B.19 Equitable or future interests None
B.20 Interests in estate death benefit plan None
B.21 Other Contingent and Unliquidated Claims 29,915
B.22 Patents Undetermined
B.23 Licenses, franchises & other intangibles Undetermined
B.24 Customer lists or other compilations None
B.25 Vehicles 67,332
B.26 Boats, motors and accessories None
B.27 Aircraft and accessories None
B.28 Office Equipment 8,577,243
B.29 Equipment and Supplies for Business 7,461,434
B.30 Inventory 9,417,911
B.31 Animals None
B.32 Crops None
B.33 Farming equipment and implements None
B.34 Farm supplies, chemicals and feed None
B.35a Other Personal Property 30,280,337
B.35b AP Debit Balances 2,396,461
TOTAL SCHEDULED ASSETS $492,152,934
=========================================================
C. Property Claimed as Exempt Not applicable
D. Secured Claim
JP Morgan Chase Bank, N.A. $225,963,688
UCC Liens Undetermined
E. Unsecured Priority Claims
Priority Claims - Tax Liabilities Undetermined
F. Unsecured Non-priority Claims
BNY Midwest Trust Company 418,569,672
US Bank 427,530,400
Mizuho Trust & Banking 132,111,376
Intercompany Payables 431,943,340
Other liquidated claims 34,089,140
Others Undetermined
TOTAL SCHEDULED LIABILITIES $1,670,207,616
=========================================================
The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202). Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings. Mark D. Collins,
Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel. Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors. As of July
2, 2006, the Debtor had $1,993,178,000 in total assets and
$1,730,758,000 in total liabilities. (Dura Automotive Bankruptcy
News, Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
DURA AUTOMOTIVE: Files Operating Report for Period Ended Nov. 26
----------------------------------------------------------------
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Balance Sheet
As of November 26, 2006
(Dollars in thousands)
ASSETS
Current assets:
Cash and cash equivalents $54,202
Accounts receivable, net
Third parties 152,581
Non-Debtor subsidiaries 5,355
Inventories 81,969
Other current assets 41,534
----------
Total current assets 335,641
----------
Property, plant and equipment, net 183,631
Goodwill, net 249,927
Intercompany notes receivable 179,152
Investment in Non-Debtors subsidiaries 788,647
Other noncurrent assets 36,767
----------
Total Assets $1,773,765
==========
LIABILITIES AND NET LIABILITIES IN LIQUIDATION
Current liabilities:
Secured debt in default $106,381
Debtors-in-possession financing 50,000
Accounts payable 17,666
Accounts payable to Non-Debtors subsidiaries 863
Accrued Liabilities 102,705
----------
Total current liabilities 277,615
----------
Long-term Liabilities:
Notes Payable to Non-Debtors subsidiaries 8,371
Other noncurrent liabilities 72,460
Liabilities Subject to Compromise 1,327,122
----------
Total Liabilities 1,685,568
Stockholders' Investment 88,197
----------
Total Liabilities and Stockholders' Investment $1,773,765
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statement of Operations
For the period from October 30 to November 26, 2006
(Dollars in thousands)
Total sales $70,338
Cost of sales 75,651
----------
Gross (loss) profit (5,313)
Selling, general and administrative expenses 6,567
Facility consolidation, asset impairment
and other charges 97
Amortization expense 34
----------
Operating (loss) income (12,011)
Interest expense, net 9,327
----------
Loss before reorganization items and income taxes (21,338)
Reorganization items 16,880
----------
Loss before income taxes (38,218)
Provision for income taxes 14
----------
Net Loss ($38,232)
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statements of Cash Flows
For the period from October 30 to November 26, 2006
(Dollars in thousands)
Operating Activities:
Net loss ($38,232)
Adjustments to reconcile net loss to net cash used
in operations activities:
Depreciation, amortization & asset impairments 2,684
Amortization of deferred financing fees 51
Unrealized foreign currency exchange rate lo 735
Reorganization items 16,880
Changes in other operating items:
Accounts receivable (22,986)
Inventories 1,020
Other current assets 2,132
Accounts payable 16,384
Accrued liabilities 10,747
Accrued interest subject to compromise 6,847
Noncurrent assets (4)
Noncurrent liabilities 85
----------
Net cash (used in) provided by operating activities (3,657)
Investing Activities:
Noncurrent intercompany transactions (839)
Purchases of property, plant & equipment (673)
----------
Net cash (used in) provided by investing activities (1,512)
Financing Activities:
DIP borrowings 50,000
Payments on insurance premium installment financing (606)
Debt issuance costs (950)
----------
Net cash provided by financing activities 48,444
Effect of Exchange Rates on Cash 49
----------
Net increase (Decrease) in Cash & Equivalents 43,324
Cash & Cash Equivalent, Beginning Balance 10,878
----------
Cash & Cash Equivalent, Ending Balance $54,202
==========
Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural
door modules and exterior trim systems for the global automotive
industry. The company is also a supplier of similar products to
the recreation vehicle and specialty vehicle industries. DURA
sells its automotive products to North American, Japanese and
European original equipment manufacturers and other automotive
suppliers.
The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202). Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings. Mark D. Collins,
Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel. Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors. As of July
2, 2006, the Debtor had US$1,993,178,000 in total assets and
US$1,730,758,000 in total liabilities. (Dura Automotive
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
INTERSTATE BAKERIES: Posts $7.1M Net Loss for Period Ended Nov. 18
------------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended November 18, 2006
REVENUE
Gross Income $222,315,731
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 58,270,148
Direct & Indirect Labor 40,650,812
Overhead & Production Administration 11,956,943
-------------
Total Cost of Goods Sold 110,877,903
-------------
Gross Profit 111,437,828
-------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries 51,217,602
Advertising and Marketing 1,788,853
Insurance (Property, Casualty, & Medical) 10,351,131
Payroll Taxes 4,357,308
Lease and Rent 3,197,160
Telephone and Utilities 1,058,445
Corporate Expense (Including Salaries) 6,941,515
Other Expenses 27,740,804
-------------
Total Operating Expenses 106,652,818
-------------
EBITDA 4,785,010
Restructuring & Reorganization Charges 3,520,903
Depreciation and Amortization 5,252,504
Abandonment 253,491
Other (Income)/Expense (1,041,244)
Gain/Loss Sale of Property -
Interest Expense 4,171,413
-------------
Operating Income (Loss) (7,372,057)
Income Tax Expense (Benefit) (226,183)
-------------
Net Income (Loss) (7,145,874)
=============
CURRENT ASSETS
Accounts Receivable at end of period 148,030,076
Increase (Dec.) in Accounts Receivable 443,315
Inventory at end of period 66,970,739
Increase (Decrease) in Inventory for period (1,548,532)
Cash at end of period 81,611,298
Increase (Decrease) in Cash for period (10,476,487)
Restricted Cash 7,606,296
Increase (Dec.) in Restricted Cash for period 2,533,978
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise (2,500,521)
Increase (Decrease) in Liabilities
Subject to Compromise 1,082,768
Taxes payable:
Federal Payroll Taxes 9,405,679
State/Local Payroll Taxes 4,417,341
State Sales Taxes 615,008
Real Estate and Personal Property Taxes 10,316,492
Other 4,304,907
-------------
Total Taxes Payable $29,059,427
=============
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S. The Company and seven of
its debtor-affiliates filed for chapter 11 protection on
September 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric
Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed $1,626,425,000 in total assets and
$1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior
subordinated convertible notes due Aug. 15, 2014, on Aug. 12,
2004) in total debts. (Interstate Bakeries Bankruptcy News,
Issue No. 55; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
REFCO INC: Refco LLC Files October 2006 Monthly Operating Report
----------------------------------------------------------------
Albert Togut, the Chapter 7 trustee appointed to oversee the
liquidation of Refco, LLC's estate, filed with the Bankruptcy
Court a monthly statement of cash receipts and disbursements for
the period from Oct. 1 to 31, 2006.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of October 1 totals $784,687,000. The Debtor's beginning
purchase price account balance totals $49,997,000 and its
beginning capital account "A" balance totals $734,690,000.
The purchase price account includes activity related to Man
Financial, Inc. sale proceeds and related disbursements. Capital
account "A" includes activity related to collection of excess
capital.
Refco LLC received $7,630,000 and disbursed $175,709,000. The
Debtor held $616,608,000 at the end of the period.
The Chapter 7 Trustee prepared the Monthly Statement in lieu of
comprehensive financial statements.
Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base. Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore. In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products. Refco is one of the largest global
clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases. (Refco Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service Inc. 215/945-7000).
SEA CONTAINERS: Posts $888,304 Net Loss in November 2006
--------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of November 30, 2006
Assets
Current Assets
Cash and cash equivalents $56,007,964
Trade receivables, less allowances
for doubtful accounts 1,917,770
Due from related parties 8,201,195
Prepaid expenses and other current assets 6,524,397
------------
Total current assets 72,651,326
Fixed assets, net -
Long-term equipment sales receivable, net -
Investment in group companies -
Intercompany receivables -
Investment in equity ownership interests 202,366,216
Other assets 3,378,541
------------
Total assets $278,396,083
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $2,809,381
Accrued expenses 29,436,083
Current portion of long-term debt 26,795,063
Current portion of senior notes 385,069,151
------------
Total current liabilities 444,109,678
Total shareholders' equity (163,926,553)
------------
Total liabilities and shareholders' equity $280,183,125
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended November 30, 2006
Revenue $1,342,882
Costs and expenses:
Operating costs 27,402
Selling, general and
administrative expenses (4,183,914)
Reorganization Costs -
Charges to provide against
intercompany accounts 7,044,011
Depreciation and amortization -
------------
Total costs and expenses 2,887,499
------------
Loss on sale of assets -
------------
Operating income (loss) 4,230,381
Other income (expense)
Interest income 218,643
Foreign exchange gains (losses) 23,237
Interest expense, net (3,483,956)
------------
(Loss) Income before taxes 988,304
Income tax expense (100,000)
------------
Net (loss) $888,304
============
A full-text copy of the Debtors' schedules of cash receipts and
disbursements is available for free at:
http://ResearchArchives.com/t/s?18b1
The Debtors note in their monthly operating report that the
financial statements represent the Sea Containers Group, Ltd.'s
internal accounting on an unaudited and uncertified basis. The
certification and audit process may result in adjustments to the
stated entries.
Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts. (Sea Containers Bankruptcy News, Issue No. 9; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
SONICBLUE INC: Files November Monthly Operating Report
------------------------------------------------------
On Jan. 12, 2007, SONICblue Incorporated reports that it is
sitting on $78,658,703 of cash, has accrued $496,310 in
postpetition liabilities, and faces a $236,604,166 mountain of
prepetition debts.
A full-text copy of SONICblue Inc.'s November 2006
Monthly Operating Report is available at no charge at:
http://ResearchArchives.com/t/s?18b3
Headquartered in Santa Clara, California, SONICblue Incorporated
is involved in the converging Internet, digital media,
entertainment and consumer electronics markets. The Company,
together with three of its wholly owned subsidiaries, Diamond
Multimedia Systems, Inc., ReplayTV, Inc., and Sensory Science
Corporation, filed for chapter 11 protection on Mar. 21, 2003
(Bankr. N.D. Calif. Case Nos. 03-51775 to 03-51778). Craig A.
Barbarosh, Esq., at the Law Offices of Pillsbury Winthrop,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
assets totaling $342,871,000 and debts totaling $335,473,000.
THAXTON GROUP: Posts $85.1 Mil. Cumulative Net Loss in Nov. 2006
----------------------------------------------------------------
The Thaxton Group filed its monthly operating report for the month
of November 2006 with the U.S. Bankruptcy Court for the District
of Delaware on Jan. 12, 2006.
The company reported a cumulative net loss of $85,135,970 on
$171,279,193 of revenue for the period from Oct. 17, 2003, thru
Nov. 30, 2006.
At Nov. 30, 2006, the Company's balance sheet reflects:
Total Assets $100,463,371
Total Liabilities $186,621,944
Stockholders' Equity Deficit ($86,158,573)
A full-text copy of Thaxton Group's November 2006
Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?18b7
Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company.
The Company filed for Chapter 11 protection on Oct. 17, 2003
(Bankr. Del. Case No. 03-13183). Daniel B. Butz, Esq.,
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at
Morris, Nichols, Arsht & Tunnell, represent the Debtors in their
restructuring efforts. Alan Kolod, Esq., at Moses & Singer LLP,
represents the Offical Committee of Unsecured Creditors. As of
Dec. 31, 2005, the Debtors reported assets totaling $98,889,297
and debts totaling $175,693,613.
TOWER AUTOMOTIVE: Posts $16.6 Million Net Loss in November 2006
---------------------------------------------------------------
Tower Automotive, Inc., and Subsidiaries
Unaudited Consolidated Balance Sheet
As of November 30, 2006
(In Thousands)
Cash and cash equivalents $4,377
Accounts receivable 140,912
Inventories 51,312
Prepaid tooling and other 14,453
------------
TOTAL CURRENT ASSETS 211,054
------------
Property, plant and equipment, net 494,254
Investment in and advances to affiliates 778,621
Other assets, net 49,539
------------
TOTAL ASSETS $1,533,468
============
CURRENT LIABILITIES NOT SUBJECT TO
COMPROMISE:
Current maturities of L-T debt and capital lease $14,250
obligations
Current maturities of DIP borrowings 605,000
Accounts payable 126,184
Accrued liabilities 104,440
------------
TOTAL CURRENT LIABILITIES 849,874
------------
Liabilities subject to comprise: 1,401,922
Non-Current Liabilities Not Subject to
Compromise:
Long-term debt, net of current maturities 84,751
Other non-current liabilities 18,638
------------
TOTAL LIABILITIES 2,355,185
------------
STOCKHOLDERS' DEFICIT: (821,717)
------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT: $1,533,468
============
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Operations
November 1 to 30, 2006
(In Thousands)
Revenues $116,471
Cost of sales 115,064
------------
Gross profit 1,407
Selling, general and administrative 6,114
expenses
Restructuring & asset impairment 7,622
charges, net
Other operating income (248)
------------
Operating income (loss) (12,081)
Interest expense 8,891
Interest income (104)
Intercompany interest (income)/expense (2,448)
Chapter 11 and related reorganization items (2,037)
------------
Income (loss) before provision for income taxes, (16,383)
equity in earnings of joint ventures, and
minority interest
Provision (benefit) for income taxes 213
Income (loss) before equity in earnings of (16,596)
joint ventures
Equity in earnings of joint ventures, net of tax (17)
------------
NET INCOME/(LOSS) ($16,613)
============
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Cash Flows
November 1 to 30, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($16,613)
Adjustments required to reconcile net loss
to net cash provided by (used in)
operating activities:
Chapter 11 & related reorganization items, net (4,575)
Restructuring and asset impairment, net 6,662
Depreciation 9,097
Equity in earnings of joint ventures, net 17
Change in working capital & other operating items 14,645
------------
Net cash provided by (used in) operating 9,233
activities:
INVESTING ACTIVITIES:
Cash disbursed for purchase of property, (3,325)
plant and equipment
------------
Net cash used for investing activities (3,325)
FINANCING ACTIVITIES:
Proceeds from non-DIP borrowings -
Repayments of non-DIP borrowings (1)
Borrowings from DIP credit facility 69,500
Repayments of borrowings from DIP facility (71,500)
------------
Net cash provided by (used in) financing (2,001)
activities
------------
Net change in cash and cash equivalents 3,907
------------
Cash and Cash Equivalents, beginning of period 470
------------
Cash and Cash Equivalents, end of period $4,377
============
Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan,
Toyota, Volkswagen and Volvo. Products include body structures
and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components. The Company and
25 of its debtor-affiliates filed voluntary chapter 11 petitions
on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through
05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq.,
Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet,
Esq., at Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts. Ira S. Dizengoff, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors. When the Debtors filed for protection from
their creditors, they listed $787,948,000 in total assets and
$1,306,949,000 in total debts. (Tower Automotive Bankruptcy News,
Issue No. 52; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
VESTA INSURANCE: Files December 2006 Monthly Operating Report
-------------------------------------------------------------
Vesta Insurance Group, Inc.
Income Statement
Month ending December 31, 2006
Revenue from Total Sales $0
Less:
Cost of Sales 0
------------
Gross Profit 0
Less:
Operating Expenses 194,087
------------
Net Profit Operations (194,087)
Non-Operating Income (Expenses)
Interest Income 20,563
Refunds 1,682
Legal Expense (671,982)
------------
Net Profit (Loss) ($843,824)
============
Vesta Insurance Group, Inc.
Schedule of Cash Receipts and Disbursements
Month ending December 31, 2006
Cash On Hand (Beginning) $5,417,212
Cash Receipts:
Accounts Receivable 0
Cash Sales 0
Loan Proceeds 0
Sale of Property 0
Interest 20,563
Others 242,388
------------
Total Receipts 262,951
Cash Disbursements:
Financing costs, fees, interest 0
Advertising 0
Automobiles/Vehicles (repair and maintenance) 0
Bank Fees 439
Commissions/Contract Labor 0
Insurance Expense 0
Interest Paid 0
Inventory Purchased 0
Legal Fees 671,982
Management Fees 39,396
Trustee Fees 0
Operating Costs related to Bankruptcy 42,395
Postage 0
Rent/Lease Payments on Real Estate 0
Repairs and Maintenance 0
Salaries/Wages (portion paid to J.G. Gaines, Inc.) 25,711
Secured Loan Payments 0
Supplies 26,147
Taxes 0
Unsecured Loan Payments 0
Utilities 60,000
Others 0
------------
Total Disbursements 866,069
Surplus or Deficit (603,118)
------------
Cash on Hand (End) $4,814,094
============
Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc.
(Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding
company for a group of insurance companies that primarily offer
property insurance in targeted states.
Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership
III, L.P., filed an involuntary chapter 7 petition against the
Company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517).
The case was converted to a voluntary chapter 11 case on Aug. 8,
2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson,
Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor.
R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker,
LLC, represents the petitioning creditors. In its schedules of
assets and liabilities, Vesta listed $14,919,938 in total assets
and $214,278,847 in total liabilities.
J. Gordon Gaines, Inc., is a Vesta Insurance-owned unit that
manages the company's numerous insurance subsidiaries and employs
the headquarters workers. The Company filed for chapter 11
protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808).
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP,
represent the Debtor in its restructuring efforts. In its
schedules of assets and liabilities, Gaines listed $19,818,094 in
total assets and $16,046,237 in total liabilities.
On Aug. 1, 2006, the District Court of Travis County, Texas
entered the Order appointing the Texas Commissioner of Insurance
as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries:
Vesta Fire Insurance Corporation; The Shelby Insurance Company;
Shelby Casualty Insurance Corporation; Texas Select Lloyds
Insurance Company; and Select Insurance Services, Inc. (Vesta
Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
VESTA INSURANCE: Gaines Files December 2006 Operating Report
------------------------------------------------------------
J. Gordon Gaines, Inc.
Income Statement
Month ending December 31, 2006
Revenue from Total Sales $129,643
Less:
Cost of Sales 0
------------
Gross Profit 129,643
Less:
Operating Expenses 410,536
------------
Net Profit Operations (280,893)
Non-Operating Income (Expenses)
Interest Earned 3,818
State Tax Refunds 0
Non-operational income 0
Sale of Property 398,784
------------
Net Profit (Loss) $121,709
============
J. Gordon Gaines, Inc.
Schedule of Cash Receipts and Disbursements
Month ending December 31, 2006
Cash On Hand (Beginning) $1,230,566
Cash Receipts:
Accounts Receivable 0
Management Fees 129,643
Loan Proceeds 0
Sale of Property 398,784
Interest Earned 3,818
State Tax Refunds 9,784
Non-operational Income 0
Funding by Texas Receiver 464,009
Funding by Texas Receiver in Transit 0
Intercompany insurance operations 0
------------
Total Receipts 1,006,038
Cash Disbursements:
Financing costs, fees, interest 0
Accounting Fees (payroll fees) 2,014
Advertising 0
Automobiles/Vehicles (repair and maintenance) 2
Bank Fees 0
Commissions/Contract Labor 0
Insurance Expense 50,334
Interest Paid 2,040
Storage Cost 7,751
Information System Cost 128,661
Inventory Purchased 0
Legal Fees 195,980
Management Fees 67,783
Trustee Fees 0
Postage 0
Rent/Lease Payments on Real Estate 65,335
Operating Costs related to Bankruptcy 13,397
Repairs and Maintenance 0
Salaries/Wages (portion paid to J.G. Gaines, Inc.) 295,753
Wages paid not by SDR 23,557
Secured Loan Payments 0
Supplies 275
Travel & Entertainment 1,293
Taxes 0
Unsecured Loan Payments 0
Utilities 99,942
Others 106,486
------------
Total Disbursements 1,060,603
Surplus or Deficit (54,565)
------------
Cash on Hand (End) $1,176,001
============
Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc.
(Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding
company for a group of insurance companies that primarily offer
property insurance in targeted states.
Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership
III, L.P., filed an involuntary chapter 7 petition against the
Company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517).
The case was converted to a voluntary chapter 11 case on Aug. 8,
2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson,
Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor.
R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker,
LLC, represents the petitioning creditors. In its schedules of
assets and liabilities, Vesta listed $14,919,938 in total assets
and $214,278,847 in total liabilities.
J. Gordon Gaines, Inc., is a Vesta Insurance-owned unit that
manages the company's numerous insurance subsidiaries and employs
the headquarters workers. The Company filed for chapter 11
protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808).
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP,
represent the Debtor in its restructuring efforts. In its
schedules of assets and liabilities, Gaines listed $19,818,094 in
total assets and $16,046,237 in total liabilities.
On Aug. 1, 2006, the District Court of Travis County, Texas
entered the Order appointing the Texas Commissioner of Insurance
as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries:
Vesta Fire Insurance Corporation; The Shelby Insurance Company;
Shelby Casualty Insurance Corporation; Texas Select Lloyds
Insurance Company; and Select Insurance Services, Inc. (Vesta
Bankruptcy News, Issue No. 15; 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
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
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
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cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
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Each Friday's edition of the TCR includes a review about a book of
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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.
*********
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, Robert Max Victor M. Quiblat II,
Shimero R. Jainga, Joel Anthony G. Lopez, Melvin C. Tabao, Rizande
B. Delos Santos, Cherry A. Soriano-Baaclo, Ronald C. Sy, Jason A.
Nieva, Lucilo M. Pinili, Jr., Tara Marie A. Martin, and Peter A.
Chapman, Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***