/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/070203.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, February 3, 2007, Vol. 11, No. 29 Headlines ASARCO LLC: Earns $46.859 Million in December 2006 ASARCO LLC: AR Sacaton's Schedules of Assets and Liabilities ASARCO LLC: Asarco Exploration's Schedules of Assets and Debts ASARCO LLC: Southern Peru Files Schedules of Assets & Debts CATHOLIC CHURCH: Portland Files December Monthly Operating Report COLLINS & AIKMAN: Posts $251 Million Net Loss in December 2006 DELTA WOODSIDE: Posts $9,671 Net Loss in Period Ended Dec. 30 DURA AUTOMOTIVE: Adwest Electronics' Schedules of Assets and Debts DURA AUTOMOTIVE: Dura Canada Files Schedules of Assets and Debts DURA AUTOMOTIVE: Dura Operating Canada Files Schedules DURA AUTOMOTIVE: Canada ULC Files Schedules of Assets and Debts DURA AUTOMOTIVE: Spec-Temp Files Schedules of Assets and Debts DURA AUTOMOTIVE: Systems Canada's Schedules of Assets and Debts DURA AUTOMOTIVE: Trident Automotive's Schedules Of Assets & Debts DURA AUTOMOTIVE: Universal Tool Files Schedules of Assets & Debts FOAMEX INT'L: Posts $1.969 Million Net Loss in December 2006 GRANITE BROADCASTING: KBWB Inc.'s Schedules of Assets and Debts GRANITE BROADCASTING: KBWB License's Schedules of Assets & Debts GRANITE BROADCASTING: Week-TV License Files Schedules GRANITE BROADCASTING: WXON Inc.' Schedules of Assets and Debts GRANITE BROADCASTING: WXON License's Schedules of Assets and Debts INTERSTATE BAKERIES: Posts $12.8M Net Loss in Period Ended Dec. 16 OWENS CORNING: Posts $10.68 Million Net Loss in September 2006 SEA CONTAINERS: Files Amended November 30 Balance Sheet SOLUTIA INC: Posts $21 Million Net Loss in December 2006 WERNER HOLDING: Posts $15.482 Million Net Loss in December 2006 ********* ASARCO LLC: Earns $46.859 Million in December 2006 -------------------------------------------------- ASARCO LLC, et al. Balance Sheet As of December 31, 2006 ASSETS Current Assets: Cash $497,333,000 Restricted Cash 26,363,000 Accounts receivable, net 95,536,000 Inventory 264,615,000 Prepaid expenses 3,674,000 Deferred income tax assets 0 Other current assets 27,037,000 --------------- Total Current Assets 914,558,000 Net property, plant and equipment 421,584,000 Other Assets Investments in subs 97,547,000 Advances to affiliates 266,000 Prepaid pension & retirement plan 75,835,000 Non-current deferred tax asset 40,954,000 Other 115,833,000 --------------- Total assets $1,666,575,000 =============== LIABILITIES Postpetition liabilities: Accounts payable $48,220,000 Accrued liabilities 33,734,000 Debtor-in-possession financing 0 --------------- Total postpetition liabilities 81,954,000 Prepetition liabilities: Not subject to compromise - credit 773,000 Not subject to compromise - other 53,064,000 Advances from affiliates 23,834,000 Subject to compromise 1,007,643,000 --------------- Total prepetition liabilities 1,085,314,000 --------------- Total liabilities 1,167,268,000 --------------- OWNERS' EQUITY (DEFICIT) Common stock 508,325,000 Additional paid-in capital 104,578,000 Other comprehensive income (122,010,000) Retained earnings: filing date (526,240,000) --------------- Total prepetition owners' equity (35,347,000) Retained earnings: post-filing date 534,653,000 --------------- Total owners' equity (net worth) 499,306,000 Total liabilities and owners' equity $1,666,575,000 =============== ASARCO LLC, et al. Consolidated Statement of Operations Month Ending December 31, 2006 Sales $130,065,000 Cost of products and services 83,099,000 -------------- Gross profit 46,966,000 Operating expenses: Selling and general & admin expenses 1,353,000 Depreciation & amortization 2,634,000 Provision accretion expense of asset retirement obligation 143,000 -------------- Operating income 42,836,000 Interest expense 75,000 Interest income (2,737,000) Reorganization expenses 4,671,000 Other miscellaneous (income) expenses (6,989,000) -------------- Income (loss) before taxes 47,816,000 Income taxes 957,000 -------------- Net income (loss) $46,859,000 ============== ASARCO LLC, et al. Consolidated Cash Receipts & Disbursements Month Ending December 31, 2006 Receipts $160,410,000 Disbursements: Inventory material 20,600,000 Operating disbursements 32,396,000 Capital expenditures 7,339,000 -------------- Total disbursements 60,335,000 Operating cash flow 100,075,000 Reorganization disbursements 4,841,000 -------------- Net cash flow 95,234,000 Net payments to secured Lenders 0 -------------- Net change in cash 95,234,000 Beginning cash balance 428,462,000 -------------- Ending cash balances $523,696,000 ============== Tucson, Ariz.-based ASARCO LLC -- http://www.asarco.com/-- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. Lehman Brothers Inc. provides the ASARCO with financial advisory services and investment banking services. Paul M. Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the Official Committee of Unsecured Creditors and David J. Beckman at FTI Consulting, Inc., gives financial advisory services to the Committee. When the Debtor filed for protection from its creditors, it listed $600 million in total assets and $1 billion in total debts. The Debtor has five affiliates that filed for chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about their asbestos-driven chapter 11 filings have appeared in the Troubled Company Reporter since Apr. 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-21346) also filed for chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation proceeding. The Court appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7 Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee. ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC, and ASARCO Exploration Company Inc., filed for chapter 11 protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to 06-20776). (ASARCO Bankruptcy News, Issue No. 37; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ASARCO LLC: AR Sacaton's Schedules of Assets and Liabilities ------------------------------------------------------------ A. Real Property 2,034.05 acres of land in Arizona $16,800,000 Truck shop and warehouse - Tire shop and storage - Flammable storage - Offices - Mill Building - B. Personal Property B.1 Cash on hand 200 B.2 Bank Accounts Chase Bank Account No. 707597225 318,748 B.3 Security Deposits 652,152 B.9 Interests in Insurance Policies Undetermined B.16 Accounts Receivable TruStone America 27,204 Mining Equipment, Ltd. 200,000 B.25 Vehicles 2 Trucks 3,000 B.28 Office equipment, furnishings and supplies 3,000 B.29 Machinery Undetermined TOTAL SCHEDULED ASSETS Undetermined ======================================================== C. Property Claimed as Exempt D. Secured Claim 0 E. Unsecured Priority Claims 0 F. Unsecured Non-priority Claims Southern Water and Ice $22 Environmental Response, Inc. 69,340 Cindy's Work Force 344 Pension Benefit Guaranty Corporation Undetermined TrueStone America Undetermined Pinal County Treasurer 21,915 Arizona Public Service 2,218 Qwest Undetermined ASARCO LLC 1,049,340 Arizona Dept. of Environmental Quality Undetermined EPA Region IX c/o Ivan Lieben Undetermined EPA Region IX c/o John Hillenbrand Undetermined David L. Dain Undetermined Arizona Attorney General Undetermined TOTAL SCHEDULED LIABILITIES Undetermined ======================================================== Tucson, Ariz.-based ASARCO LLC -- http://www.asarco.com/-- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. Lehman Brothers Inc. provides the ASARCO with financial advisory services and investment banking services. Paul M. Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the Official Committee of Unsecured Creditors and David J. Beckman at FTI Consulting, Inc., gives financial advisory services to the Committee. When the Debtor filed for protection from its creditors, it listed $600 million in total assets and $1 billion in total debts. The Debtor has five affiliates that filed for chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about their asbestos-driven chapter 11 filings have appeared in the Troubled Company Reporter since Apr. 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-21346) also filed for chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation proceeding. The Court appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7 Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee. ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC, and ASARCO Exploration Company Inc., filed for chapter 11 protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to 06-20776). (ASARCO Bankruptcy News, Issue No. 37; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ASARCO LLC: Asarco Exploration's Schedules of Assets and Debts -------------------------------------------------------------- A. Real Property 0 B. Personal Property B.1 Cash on hand B.2 Bank Accounts Chase Bank Account No. 707815239 $81,568 B.9 Interests in Insurance Policies Undetermined B.13 Business Interests and stocks 5,000,000 shares in Eleckra Mines, Ltd. 989,125 B.20 Other Contingent & Unliquidated Claims 790,000 TOTAL SCHEDULED ASSETS Undetermined ======================================================== C. Property Claimed as Exempt D. Secured Claim 0 E. Unsecured Priority Claims 0 F. Unsecured Non-priority Claims Pension Benefit Guaranty Corporation Undetermined Eleckra Mines Limited Undetermined CSA Group, Ltd. 0 Australian Taxing Authority 0 Irish Taxing Authority 0 ASARCO LLC $11,256,427 TOTAL SCHEDULED LIABILITIES Undetermined ======================================================== Tucson, Ariz.-based ASARCO LLC -- http://www.asarco.com/-- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. Lehman Brothers Inc. provides the ASARCO with financial advisory services and investment banking services. Paul M. Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the Official Committee of Unsecured Creditors and David J. Beckman at FTI Consulting, Inc., gives financial advisory services to the Committee. When the Debtor filed for protection from its creditors, it listed $600 million in total assets and $1 billion in total debts. The Debtor has five affiliates that filed for chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about their asbestos-driven chapter 11 filings have appeared in the Troubled Company Reporter since Apr. 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-21346) also filed for chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation proceeding. The Court appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7 Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee. ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC, and ASARCO Exploration Company Inc., filed for chapter 11 protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to 06-20776). (ASARCO Bankruptcy News, Issue No. 37; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ASARCO LLC: Southern Peru Files Schedules of Assets & Debts ----------------------------------------------------------- A. Real Property 0 B. Personal Property B.9 Interests in Insurance Policies Undetermined B.16 Accounts Receivable $3,195,627 TOTAL SCHEDULED ASSETS Undetermined ======================================================== C. Property Claimed as Exempt D. Secured Claim 0 E. Unsecured Priority Claims 0 F. Unsecured Non-priority Claims Pension Benefit Guaranty Corporation Undetermined U.S. Department of Justice Undetermined Regional Solicitor, Portland Oregon Undetermined EPA Site Remediation Enforcement Office Undetermined U.S. Department of Agriculture Undetermined The Coeur d'Alene Tribe Undetermined TOTAL SCHEDULED LIABILITIES Undetermined ======================================================== Tucson, Ariz.-based ASARCO LLC -- http://www.asarco.com/-- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. Lehman Brothers Inc. provides the ASARCO with financial advisory services and investment banking services. Paul M. Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the Official Committee of Unsecured Creditors and David J. Beckman at FTI Consulting, Inc., gives financial advisory services to the Committee. When the Debtor filed for protection from its creditors, it listed $600 million in total assets and $1 billion in total debts. The Debtor has five affiliates that filed for chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about their asbestos-driven chapter 11 filings have appeared in the Troubled Company Reporter since Apr. 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-21346) also filed for chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation proceeding. The Court appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7 Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee. ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC, and ASARCO Exploration Company Inc., filed for chapter 11 protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to 06-20776). (ASARCO Bankruptcy News, Issue No. 37; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) CATHOLIC CHURCH: Portland Files December Monthly Operating Report ----------------------------------------------------------------- Pastoral Center Archdiocese of Portland in Oregon Statement of Financial Position As of December 31, 2006 ASSETS Cash and cash equivalents $19,491,829 Accounts receivable, net 3,380,014 Notes, estates and other receivables 11,896,105 Loans receivable from Archdiocesan entities, net 6,245,477 Loans receivable from Archdiocesan housing entities 547,578 Interest receivable and other assets 201,014 Inventories 1,757,083 Real Property 226,689 Deposits and prepaid expenses 51,084 Investments 103,874,781 Advances to Archdiocesan housing entities 1,531,500 Land, building, and equipment, net 7,361,461 ------------ Total Assets $156,564,615 ============ 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 12,457,966 Long-term pool investments payable 17,807,040 Reserve for insurance claims 2,343,946 Notes payable 10,607,140 Pre-need liability and reserve 456,268 Accrued post-retirement liability 7,607,264 ------------ Total Prepetition Liabilities 54,274,110 ------------ Postpetition Accounts payable 506,860 Accrued liabilities 6,194,064 Funds held for others Second Collections 258,686 Short-term investments payable 4,378,270 Long-term pool investments 7,073,058 Reserve for insurance claims 460,648 Notes payable - Pre-need liability and reserve 30,747 Accrued post-retirement liability 404,521 ------------ Total Postpetition Liabilities 19,306,854 ------------ Total Liabilities 73,580,964 ------------ Net Assets: Prepetition Net Assets: Charitable Trust Assets 69,961,798 Other Assets (3,572,037) ------------ Total Prepetition Net Assets 66,389,761 ------------ Postpetition Net Assets: Charitable Trust Assets 11,567,485 Other Assets 5,026,405 ------------ Total Postpetition Net Assets 16,593,890 ------------ Total Net Assets 82,983,651 ------------ Total liabilities & net assets $156,564,615 ============ Pastoral Center Archdiocese of Portland in Oregon Statement of Activities For the month ending December 31, 2006 Revenues, gains and other support Annual Catholic Appeal income $472 Gross profit on cemetery sales 62,525 Contributions, gifts, annuities and bequests 206,961 Operating support - Oregon Catholic Press - Investment income and realized gains (losses), net of expenses 489,228 Change in unrealized gains (losses) 759,616 Insurance premiums, net (629) Interest income from loans 36,297 Parish assessments 260,689 Other income 161,703 Departmental revenues 15,293 Net assets released from restrictions - ------------ Total revenues, gains, and other support 1,992,155 ------------ Expenses and program support: Program Services: Annual Catholic Appeal program support, grants and parish subsidies 349,328 Clergy Services 38,086 Catholic Schools 27,578 Pastoral Services 35,614 Evangelization Services 39,054 Public Services 9,596 Tribunal Services 18,793 Deposit and loan interest 131,737 Insurance program 294,068 Cemetery operating expenses 66,606 High School grants/charitable annuities 23,816 Other program expenses 71,624 ------------ Total program services 1,105,900 ------------ Supporting Services: Archbishop, Vicar General and Chancellor Services 58,399 Finance & Administration: Resource Development 70,299 Business Affairs 10,368 Financial Services 59,146 Human Resources 29,844 Shared Services 18,124 Occupancy and physical plant expenses 11,163 Designated funds expense 9,695 Bankruptcy expense 143,486 Depreciation expense - ------------ Total supporting services 410,524 ------------ Total expenses and program support 1,516,424 ------------ Increase (decrease) in net assets before transfers and designations of net assets 475,731 Fund transfers - in (out) - Designation of net assets - ------------ Increase (decrease) in net assets 475,731 Net assets at beginning of year 82,507,920 ------------ Net assets at end of year $82,983,651 ============ Archdiocese of Portland in Oregon Statement of Cash Receipts and Disbursements For the month ending December 31, 2006 Beginning Cash Balance: $18,907,339 Add: Transfers in 2,366,056 Receipts Deposited 2,727,996 Other (Return of Direct Deposits) - Other - Other (Interest Income) 104,351 ------------ Total Cash Receipts 5,198,404 Subtract: Transfers out (2,366,056) Disbursements by check or debit (2,245,564) Cash withdrawn (200) Other (Service Charges) (1,696) Other (Misc Check Correction) - Other (NSF Checks) (400) Other (Clear Interfund Rec/Pay) - ------------ Total Cash Disbursements (4,613,916) ------------ Ending Cash Balance $19,491,827 ============ 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. 77; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COLLINS & AIKMAN: Posts $251 Million Net Loss in December 2006 -------------------------------------------------------------- Collins & Aikman Corporation Balance Sheet As of December 31, 2006 ASSETS Cash $83,778,117 Accounts receivable-trade, net 250,760,106 Other non-trade receivables 28,787,740 Inventories, net 70,542,170 Tooling and molding, net-current 35,446,874 Prepaids & other current assets 52,619,067 Deferred tax assets-current 0 --------------- TOTAL CURRENT ASSETS 521,934,075 Investments in subsidiaries 2,479,293,518 Fixed assets, net 256,488,201 Goodwill, net 773,081,951 Deferred tax assets-long term 0 Tooling and molding, net-long term 8,567,092 Other noncurrent assets 31,401,972 Intercompany accounts - net 72,455,854 Prepetition intercompany - net 644,146,820 --------------- TOTAL ASSETS $4,787,369,483 =============== LIABILITIES & EQUITY Notes payable $0 Short term borrowings 0 Advance on receivables 0 Current portion-long term debt 159,136,537 Current portion-capital leases 0 Accounts payable 20,573,346 Accrued interest payable 40,621,552 Accrued & other liabilities 182,247,139 Income taxes payable 4,256,312 --------------- Total current liabilities 406,834,885 Liabilities subject to compromise 2,439,027,394 --------------- Total liabilities 2,845,862,280 Total equity 1,941,507,203 --------------- TOTAL LIABILITIES & EQUITY $4,787,369,483 =============== Collins & Aikman Corporation Income Statement Month Ending December 31, 2006 Net outside sales $131,437,446 I/C Net sales 11,396,991 --------------- Total sales 142,834,437 Cost of Sales 139,220,722 --------------- Gross profit 3,613,715 Selling, general & administrative expenses 8,817,558 --------------- Operating income (5,203,843) Interest expenses, net 10,387,051 Intercompany interest, net (3,053,795) Preferred stock accretion 0 Miscellaneous (income)/expense 36,864,972 Corporate allocation adjustment (3,451,271) Commission income (198,794) Commission expense 0 Royalty income (442,418) Royalty expense 0 Joint Venture (Income)/Expense 0 Minority interest in cons net income 0 Dividend income 0 Discount/Income for Carcorp. 0 Gain/(Loss) early extinguishments of debt 0 Discount/Premium on hedges 0 (Gain)/Loss on hedges 0 (Gain)/Loss on swaps 0 NAAIS Intercompany sales profit 0 Loss on sale of receivables 0 Restructuring provision 0 Asset Impairment 206,008,430 Foreign transactions - (Gain)/Loss (448,209) Amort of discount on NPV of liabilities 0 (Gain)/Loss on sale-leaseback transaction 0 --------------- Income from continuing operations before taxes (250,869,808) Federal income tax 0 State income tax 0 Foreign income tax 26,589 --------------- Income from continuing operations (250,896,397) Discontinued operations 110,550 Gain/Loss on sale of divisions 0 Extraordinary items 0 Integration 0 --------------- NET INCOME (LOSS) ($251,006,947) =============== Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and US$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News, Issue No. 50; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELTA WOODSIDE: Posts $9,671 Net Loss in Period Ended Dec. 30 ------------------------------------------------------------- Delta Woodside Industries Inc., Delta Mills Inc., and Delta Mills Marketing Inc. filed their monthly operating report for December 2006 with the United States Bankruptcy Court for the District of Delaware on Jan. 26, 2007. Delta Woodside Industries Inc. Delta Woodside Industries reported a net loss of $9,671 on zero revenues for the for the period from Dec. 3, 2006, to Dec. 30, 2006. At Dec. 30, 2006, Delta Woodside's balance sheet showed: Total Current Assets ($242,000) Total Assets ($242,000) Total Liabilities ($17,248,000) Total Shareholders' Equity $17,007,000 A full-text copy of Delta Woodside's December 2006 Monthly Operating Report is available at no charge at: http://researcharchives.com/t/s?1931 Delta Mills Inc. Delta Mills reported a net loss of $2,402,096 on revenues of $4,135,443 for the period from Dec. 3, 2006, to Dec. 30, 2006. At Dec. 30, 2006, Delta Mills' balance sheet showed: Total Current Assets $25,900,000 Total Assets $57,664,000 Total Liabilities [$65,208,000] Total Shareholders' Deficit ($7,544,000) A full-text copy of Delta Mill's December 2006 Monthly Operating Report is available at no charge at: http://researcharchives.com/t/s?1931 Delta Mills Marketing Inc. Delta Mills Marketing reported a net loss of $28,910 on zero revenues for the period from Dec. 3, 2006, to Dec. 30, 2006. At Dec. 30, 2006, Delta Mills Marketing's balance sheet showed: Total Current Assets $15,000 Total Assets $16,000 Total Liabilities [($2,407,000)] Total Shareholders' Equity $2,421,000 A full-text copy of Delta Mill's December 2006 Monthly Operating Report is available at no charge at: http://researcharchives.com/t/s?1931 Based in Greenville, South Carolina, Delta Woodside Industries, Inc. (OTCBB: DLWI), through its wholly owned subsidiary, Delta Mills, manufactures and sells textile products for the apparel industry. The Company employs about 600 people and operates two plants located in South Carolina. The company, its wholly owned subsidiary Delta Mills Inc., and Delta Mills Marketing Inc., the wholly owned subsidiary of Delta Mills, filed for chapter 11 protection on Oct. 13, 2006 (Bank. D. Del. Case Nos. 06-11146, 06-11144 and 06-11147). Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell represents the Debtors. When the Debtors filed for protection from their creditors, Delta Woodside Industries estimated assets of between $1 million to $100 million and debts between $100,000 to $1 million; Delta Mills estimated assets of $1 million to $100 million and debts between $1 million to $100 million; and Delta Mills Marketing estimated assets between $0 to $50,000 and debts between $10,000 to $100,000. The Debtor's exclusive period to file a chapter 11 plan expires on Feb. 10, 2007. DURA AUTOMOTIVE: Adwest Electronics' Schedules of Assets and Debts ------------------------------------------------------------------ A. Real Property None B. Personal Property B.13 Stock and Interests Undetermined B.14 Interests in partnerships & joint venture Undetermined B.18 Other Liquidated Debts Owing Debtor 7,376,088 TOTAL SCHEDULED ASSETS $7,376,088 ========================================================= C. Property Claimed as Exempt Not applicable D. Secured Claim JP Morgan Chase Bank, N.A. $225,963,688 Wilmington Trust Company Undetermined E. Unsecured Priority Claims None 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 Undetermined TOTAL SCHEDULED LIABILITIES $1,204,175,136 ========================================================= 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 $1,993,178,000 in total assets and $1,730,758,000 in total liabilities. (Dura Automotive Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). DURA AUTOMOTIVE: Dura Canada Files Schedules of Assets and Debts ----------------------------------------------------------------- A. Real Property $0 B. Personal Property B.2 Bank Accounts 285,644 B.13 Stock and Interests Undetermined B.14 Interests in partnerships & joint venture Undetermined B.18 Other Liquidated Debts Owing Debtor 91,147,039 TOTAL SCHEDULED ASSETS $91,432,683 ========================================================= C. Property Claimed as Exempt Not applicable D. Secured Claim None E. Unsecured Priority Claim None F. Unsecured Non-priority Claims Intercompany Payables Undetermined TOTAL SCHEDULED LIABILITIES $0 ========================================================= 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 $1,993,178,000 in total assets and $1,730,758,000 in total liabilities. (Dura Automotive Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). DURA AUTOMOTIVE: Dura Operating Canada Files Schedules ------------------------------------------------------ A. Real Property $0 B. Personal Property B.13 Stock and Interests Undetermined B.14 Interests in partnerships & joint venture Undetermined B.18 Other Liquidated Debts Owing Debtor 47,559,284 TOTAL SCHEDULED ASSETS $47,559,284 ========================================================= C. Property Claimed as Exempt Not applicable D. Secured Claim None E. Unsecured Priority Claims None F. Unsecured Non-priority Claims Intercompany Payables Undetermined TOTAL SCHEDULED LIABILITIES $0 ========================================================= 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 $1,993,178,000 in total assets and $1,730,758,000 in total liabilities. (Dura Automotive Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). DURA AUTOMOTIVE: Canada ULC Files Schedules of Assets and Debts --------------------------------------------------------------- A. Real Property $0 B. Personal Property B.2 Bank Accounts 136,621 B.13 Stock and Interests Undetermined B.14 Interests in partnerships & joint venture Undetermined B.18 Other Liquidated Debts Owing Debtor 25,787,929 TOTAL SCHEDULED ASSETS $25,924,550 ========================================================= C. Property Claimed as Exempt Not applicable D. Secured Claim $0 E. Unsecured Priority Claims None F. Unsecured Non-priority Claims Intercompany Payables 80,536,620 TOTAL SCHEDULED LIABILITIES $80,536,620 ========================================================= 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 $1,993,178,000 in total assets and $1,730,758,000 in total liabilities. (Dura Automotive Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). DURA AUTOMOTIVE: Spec-Temp Files Schedules of Assets and Debts -------------------------------------------------------------- A. Real Property $3,048,789 B. Personal Property B.2 Bank Accounts 0 B.6 Wearing apparel 0 B.13 Stock and Interests Undetermined B.14 Interests in partnerships & joint venture Undetermined B.16 Accounts Receivable 2,086,415 B.18 Other Liquidated Debts Owing Debtor 5,775,629 B.25 Vehicles 10,360 B.28 Office Equipment 31,052 B.29 Equipment and Supplies for Business 3,923,249 B.30 Inventory 2,695,358 B.35a Other Personal Property 55,678 TOTAL SCHEDULED ASSETS $17,626,530 ========================================================= C. Property Claimed as Exempt Not applicable D. Secured Claim JP Morgan Chase Bank, N.A. $225,963,688 Others Undetermined E. Unsecured Priority Claims Undetermined F. Unsecured Non-priority Claims BNY Midwest Trust Company 418,569,672 US Bank 427,530,400 Mizuho Trust & Banking 132,111,376 Others Undetermined TOTAL SCHEDULED LIABILITIES $1,204,175,136 ========================================================= 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 $1,993,178,000 in total assets and $1,730,758,000 in total liabilities. (Dura Automotive Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). DURA AUTOMOTIVE: Systems Canada's Schedules of Assets and Debts --------------------------------------------------------------- A. Real Property Ontario, Canada $3,483,646 Ontario, Canada 5,521,301 Ontario, Canada 833,957 B. Personal Property B.1 Cash on Hand 4,490 B.2 Bank Accounts 2,442,545 B.3 Security Deposit None B.4 Household Goods and Furnishings None B.5 Books, Arts and Collections None B.6 Wearing apparel 0 B.7 Furs and Jewelry None B.8 Firearms and Hobby Equipment None B.9 Insurance Policies None B.10 Annuities None B.11 Interests in Education Plan None B.12 Interests in Pension/Profit Sharing Plan None B.13 Stock and Interests Undetermined B.14 Interests in partnerships & joint venture Undetermined B.15 Government & Corporate Bonds None B.16 Accounts Receivable 18,665,564 B.17 Alimony, Maintenance, Support None B.18 Other Liquidated Debts Owing Debtor 16,505,979 B.19 Equitable or Future Interests None B.20 Contingent and noncontingent interests None B.21 Other Contingent and Unliquidated Claims 1,235,055 B.22 Intellectual Property Undetermined B.23 General Intangibles None B.24 Customer Lists or Other Compilations None B.25 Vehicles None B.26 Boats None B.25 Aircraft None B.28 Office Equipment None B.29 Equipment and Supplies for Business 13,311,806 B.30 Inventory 8,009,567 B.31 Animals None B.32 Crops None B.33 Farming Equipment None B.34 Farm Supplies, Chemicals and Feed None B.35a Other Personal Property 6,932,870 B.35b AP Debit Balances 111,269 TOTAL SCHEDULED ASSETS $77,058,049 ========================================================= C. Property Claimed as Exempt Not applicable D. Secured Claim Ricoh Canada Inc Undetermined E. Unsecured Priority Claims Undetermined F. Unsecured Non-priority Claims Dura Automotive Canada, ULC $359,815 Dura Canada, LP 91,147,030 Accounts Payable 8,249,884 TOTAL SCHEDULED LIABILITIES $99,756,729 ========================================================= 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 $1,993,178,000 in total assets and $1,730,758,000 in total liabilities. (Dura Automotive Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). DURA AUTOMOTIVE: Trident Automotive's Schedules Of Assets & Debts ----------------------------------------------------------------- A. Real Property $0 B. Personal Property B.2 Bank Accounts 15,358 B.13 Stock and Interests Undetermined B.14 Interests in partnerships & joint venture Undetermined B.18 Other Liquidated Debts Owing Debtor 27,475,775 TOTAL SCHEDULED ASSETS $27,491,133 ========================================================= C. Property Claimed as Exempt Not applicable D. Secured Claim JP Morgan Chase Bank, N.A. $225,963,688 Others Undetermined E. Unsecured Priority Claims None 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 Undetermined TOTAL SCHEDULED LIABILITIES $1,204,175,136 ========================================================= 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 $1,993,178,000 in total assets and $1,730,758,000 in total liabilities. (Dura Automotive Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). DURA AUTOMOTIVE: Universal Tool Files Schedules of Assets & Debts ----------------------------------------------------------------- A. Real Property $1,721,807 B. Personal Property B.6 Wearing apparel 0 B.13 Stock and Interests Undetermined B.14 Interests in partnerships & joint venture Undetermined B.16 Accounts Receivable 8,351,232 B.18 Other Liquidated Debts Owing Debtor 5,953,275 B.22 Intellectual Property Undetermined B.25 Vehicles Undetermined B.28 Office Equipment 23,585 B.29 Equipment and Supplies for Business 3,035,071 B.30 Inventory 2,316,070 B.35a Other Personal Property 390,551 TOTAL SCHEDULED ASSETS $21,791,591 ========================================================= C. Property Claimed as Exempt Not applicable D. Secured Claim JP Morgan Chase Bank, N.A. $225,963,688 Others Undetermined E. Unsecured Priority Claims Undetermined F. Unsecured Non-priority Claims BNY Midwest Trust Company 418,569,672 US Bank 427,530,400 Mizuho Trust & Banking 132,111,376 Others 248,415 Others Undetermined TOTAL SCHEDULED LIABILITIES $1,204,423,551 ========================================================= 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 $1,993,178,000 in total assets and $1,730,758,000 in total liabilities. (Dura Automotive Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). FOAMEX INT'L: Posts $1.969 Million Net Loss in December 2006 ------------------------------------------------------------ Foamex International, Inc. Consolidated Balance Sheet As of December 31, 2006 ASSETS Current Assets Cash $2,444,000 Accounts Receivable 167,099,000 Inventory 119,407,000 Other Current Assets 24,271,000 ------------- Total Current Assets 313,219,000 Land and Land Improvements 5,117,000 Buildings 86,971,000 Leasehold Improvement 6,692,000 Machinery and Equipment 192,380,000 Furniture and Fixtures 4,915,000 Auto Equipment 7,421,000 Computer Equipment 9,499,000 Construction in Progress 3,569,000 Accumulated Depreciation (221,075,000) ------------- Total property plant & equipment, net 95,488,000 Goodwill, net 86,191,000 Debt Issuance Costs 593,000 Investment in Subsidiaries 13,903,000 Long-term Intercompany Receivable 4,850,000 Other Assets 61,792,000 ------------- Total Assets $576,035,000 ============= LIABILITIES & SHAREHOLDERS' DEFICIT Current liabilities Revolver borrowings $56,331,000 Current portion of long-term debt 86,233,000 Accounts payable 87,052,000 Intercompany 212,000 Accrued Employee Costs 20,596,000 Accrued Rebates 9,365,000 Accrued Interest 3,686,000 Other Current Liabilities 23,872,000 ------------- Total Current Liabilities 287,358,000 ------------- Long-term Debt 160,000 Intercompany Debt 0 Liabilities subject to compromise 664,372,000 Other Liabilities 26,366,000 ------------- Total Long-term liabilities 690,896,000 ------------- Total Liabilities $978,254,000 ============= Common stock 286,000 Preferred stock 15,000 Additional paid-in capital 105,427,000 Treasury stock (27,969,000) Partner's capital 0 Other comprehensive income(loss) (37,777,000) Shareholder loans (9,221,000) Accumulated deficit (432,978,000) ------------- Stockholders' deficiency (402,218,000) ------------- Total Liabilities & Stockholders' Deficiency $576,035,000 ============= Foamex International, Inc. Income Statement For the Month Ended December 31, 2006 Gross Sales $88,019,000 Rebates, Discount & Sale Allowance (4,211,000) ------------- Net sales 83,808,000 Material 55,487,000 Labor 3,167,000 Overhead 9,716,000 Asset Impairments 15,000 Freight/Shipping 3,688,000 ------------- Cost of Sales 72,071,000 ------------- Gross Profit 11,735,000 ------------- Labor Expense 3,870,000 Indirect Materials & Samples 88,000 Equipment and Maintenance Expense 39,000 Facility Expense 164,000 Travel & Entertainment 289,000 Technology 159,000 Professional Fees & Services 944,000 Other Miscellaneous Expense 46,000 Insurance & Tax 69,000 Bad Debt Expense (14,000) Bank/Collection Costs 60,000 Transportation Cost 12,000 Depreciation/Amortization 378,000 Corp Cost to COB (685,000) ------------- Selling, General & Admin Expenses 5,419,000 Gain (Loss) on sale of assets 74,000 Restructuring Charges 276,000 ------------- Income from Operations 6,115,000 Interest Expense 6,575,000 Equity in Earnings of JV & non debtor subs 271,000 Other income (expense) 179,000 Professional Fees 2,175,000 Provision (Gains) - Rejected Contracts 84,000 Bankruptcy Filing Fees 0 Other Expense (Income) 0 Debt Adjustment Gain (Loss) - ------------- Reorganization Expense (Income) 2,259,000 ------------- Income (Loss) before tax (2,269,000) Tax Provision (benefit) (300,000) ------------- Net Income (Loss) ($1,969,000) ============= Headquartered in Linwood, Pennsylvania, Foamex International Inc. (FMXIQ.PK) -- http://www.foamex.com/-- is the world's leading producer of comfort cushioning for bedding, furniture, carpet cushion and automotive markets. The company also manufactures high-performance polymers for diverse applications in the industrial, aerospace, defense, electronics and computer industries. The company and eight affiliates filed for chapter 11 protection on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-12693). Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison LLP, represent the Debtors in their restructuring efforts. Houlihan, Lokey, Howard and Zukin and O'Melveny & Myers LLP are advising the ad hoc committee of Senior Secured Noteholders. Kenneth A. Rosen, Esq., and Sharon L. Levine, Esq., at Lowenstein Sandler PC and Donald J. Detweiler, Esq., at Saul Ewings, LP, represent the Official Committee of Unsecured Creditors. As of July 3, 2005, the Debtors reported $620,826,000 in total assets and $744,757,000 in total debts. On Nov. 27, 2006, the Court approved the adequacy of the Debtors' Second Amended Disclosure Statement. (Foamex Bankruptcy News, Issue No. 38 Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/or 215/945-7000) GRANITE BROADCASTING: KBWB Inc.'s Schedules of Assets and Debts --------------------------------------------------------------- A. Real Property None B. Personal Property B.1 Cash on hand $500 B.2 Bank Accounts Union Bank of California 180,079 Wells Fargo Bank, N.A. 153,353 B.13 Stock and Interests 100% ownership of KBWB License, Inc. common stock. Undetermined B.16 Accounts Receivable Trade and other 2,910,903 Co-op Reimbursement 392,811 Miscellaneous 44 B.21 Other Contingent and Unliquidated Claims Undetermined B.25 Vehicles 48,178 B.28 Office Equipment 165,802 B.29 Equipment and Supplies for Business Studio & Technical Equipment 957,803 Tower & Antenna Equipment 97,305 Transmitting Equipment 1,049,487 B.35 Other Personal Property Prepaid Expenses 91,465 TOTAL SCHEDULED ASSETS $6,047,730 ========================================================= C. Property Claimed as Exempt Not applicable D. Secured Claim The Bank of New York $425,899,582 Silver Point Finance, LLC 70,273,288 E. Unsecured Priority Claims San Francisco Tax Collector 31,935 F. Unsecured Non-priority Claims Various claimants 129,961 TOTAL SCHEDULED LIABILITIES $496,334,766 ========================================================= Headquartered in New York, Granite Broadcasting Corp. (OTC Bulletin Board: GBTVQ) -- http://www.granitetv.com/-- owns and operates, or provides programming, sales and other services to 23 channels in 11 markets: San Francisco, California; Detroit, Michigan; Buffalo, New York; Fresno, California; Syracuse, New York; Fort Wayne, Indiana; Peoria, Illinois; Duluth, Minnesota- Superior, Wisconsin; Binghamton, New York; Utica, New York and Elmira, New York. The company's channel group includes affiliates of NBC, CBS, ABC, CW and My Network TV, and reaches approximately 6% of all U.S. television households. The company and five of its debtor-affiliates filed for chapter 11 protection on Dec. 11, 2006 (Bankr. S.D.N.Y. Case No. 06-12984). Ira S. Dizengoff, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, it estimated assets of $443,563,020 and debts of $641,100,000. (Granite Broadcasting Corp. Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). GRANITE BROADCASTING: KBWB License's Schedules of Assets & Debts ---------------------------------------------------------------- A. Real Property None B. Personal Property B.21 Other Contingent and Unliquidated Claims Undetermined B.23 Licenses, franchises & other intangibles FCC Broadcasting License $44,635,438 TOTAL SCHEDULED ASSETS $44,635,438 ========================================================= C. Property Claimed as Exempt Not applicable D. Secured Claim The Bank of New York 425,899,582 Silver Point Finance, LLC 70,273,288 E. Unsecured Priority Claims None F. Unsecured Non-priority Claims None TOTAL SCHEDULED LIABILITIES $496,172,870 ========================================================= Headquartered in New York, Granite Broadcasting Corp. (OTC Bulletin Board: GBTVQ) -- http://www.granitetv.com/-- owns and operates, or provides programming, sales and other services to 23 channels in 11 markets: San Francisco, California; Detroit, Michigan; Buffalo, New York; Fresno, California; Syracuse, New York; Fort Wayne, Indiana; Peoria, Illinois; Duluth, Minnesota- Superior, Wisconsin; Binghamton, New York; Utica, New York and Elmira, New York. The company's channel group includes affiliates of NBC, CBS, ABC, CW and My Network TV, and reaches approximately 6% of all U.S. television households. The company and five of its debtor-affiliates filed for chapter 11 protection on Dec. 11, 2006 (Bankr. S.D.N.Y. Case No. 06-12984). Ira S. Dizengoff, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, it estimated assets of $443,563,020 and debts of $641,100,000. (Granite Broadcasting Corp. Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). GRANITE BROADCASTING: Week-TV License Files Schedules ----------------------------------------------------- A. Real Property None B. Personal Property B.23 Licenses, franchises & other intangibles FCC Broadcasting License $705,375 TOTAL SCHEDULED ASSETS $705,375 ========================================================= C. Property Claimed as Exempt Not applicable D. Secured Claim The Bank of New York 425,899,582 Silver Point Finance, LLC 70,273,288 E. Unsecured Priority Claims None F. Unsecured Non-priority Claims None TOTAL SCHEDULED LIABILITIES $496,172,870 ========================================================= Headquartered in New York, Granite Broadcasting Corp. (OTC Bulletin Board: GBTVQ) -- http://www.granitetv.com/-- owns and operates, or provides programming, sales and other services to 23 channels in 11 markets: San Francisco, California; Detroit, Michigan; Buffalo, New York; Fresno, California; Syracuse, New York; Fort Wayne, Indiana; Peoria, Illinois; Duluth, Minnesota- Superior, Wisconsin; Binghamton, New York; Utica, New York and Elmira, New York. The company's channel group includes affiliates of NBC, CBS, ABC, CW and My Network TV, and reaches approximately 6% of all U.S. television households. The company and five of its debtor-affiliates filed for chapter 11 protection on Dec. 11, 2006 (Bankr. S.D.N.Y. Case No. 06-12984). Ira S. Dizengoff, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, it estimated assets of $443,563,020 and debts of $641,100,000. (Granite Broadcasting Corp. Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). GRANITE BROADCASTING: WXON Inc.' Schedules of Assets and Debts -------------------------------------------------------------- A. Real Property $604,585 B. Personal Property B.1 Cash on hand 0 B.2 Bank Accounts 313,236 B.3 Security Deposits 102,000 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 None B.10 Annuities None B.11 Interests in an education IRA None B.12 Interests in pension plans None B.13 Stock and Interests 100% ownership in WXON License, Inc. common stock. Undetermined B.14 Interests in partnerships or joint ventures None B.15 Government and corporate bonds None B.16 Accounts Receivable Trade and other 2,720,431 Co-op reimbursement 337,020 Miscellaneous 7,018 B.17 Alimony None B.18 Other Liquidated Debts Owing Debtor None B.19 Equitable or future interests None B.20 Interests in estate death benefit plan None B.21 Other Contingent and Unliquidated Claims Undetermined B.22 Patents, copyrights, and other intellectual None B.23 Licenses, franchises & other intangibles None B.24 Customer lists or other compilations None B.25 Vehicles None B.26 Boats, motors and accessories None B.27 Aircraft and accessories None B.28 Office Equipment 332,730 B.29 Equipment and Supplies for Business Studio & Technical Equipment 464,793 Tower & Antenna Equipment 2,243,531 Transmitting Equipment 561,111 B.30 Inventory None B.31 Animals None B.32 Crops None B.33 Farming equipment and implements None B.34 Farm supplies, chemicals, and feed None B.35 Other Personal Property Prepaid Expenses 87,336 TOTAL SCHEDULED ASSETS $7,773,790 ========================================================= C. Property Claimed as Exempt Not applicable D. Secured Claim The Bank of New York $425,899,582 Silver Point Finance, LLC 70,273,288 E. Unsecured Priority Claims None F. Unsecured Non-priority Claims Various claimants 260,954 TOTAL SCHEDULED LIABILITIES $496,433,824 ========================================================= Headquartered in New York, Granite Broadcasting Corp. (OTC Bulletin Board: GBTVQ) -- http://www.granitetv.com/-- owns and operates, or provides programming, sales and other services to 23 channels in 11 markets: San Francisco, California; Detroit, Michigan; Buffalo, New York; Fresno, California; Syracuse, New York; Fort Wayne, Indiana; Peoria, Illinois; Duluth, Minnesota- Superior, Wisconsin; Binghamton, New York; Utica, New York and Elmira, New York. The company's channel group includes affiliates of NBC, CBS, ABC, CW and My Network TV, and reaches approximately 6% of all U.S. television households. The company and five of its debtor-affiliates filed for chapter 11 protection on Dec. 11, 2006 (Bankr. S.D.N.Y. Case No. 06-12984). Ira S. Dizengoff, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, it estimated assets of $443,563,020 and debts of $641,100,000. (Granite Broadcasting Corp. Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). GRANITE BROADCASTING: WXON License's Schedules of Assets and Debts ------------------------------------------------------------------ A. Real Property None B. Personal Property B.21 Other Contingent and Unliquidated Claims Undetermined B.23 Licenses, franchises & other intangibles FCC Broadcasting License $44,698,997 TOTAL SCHEDULED ASSETS $44,698,997 ========================================================= C. Property Claimed as Exempt Not applicable D. Secured Claim The Bank of New York $425,899,582 Silver Point Finance, LLC 70,273,288 E. Unsecured Priority Claims None F. Unsecured Non-priority Claims The WB Television Network Partners Unknown Warner Bro. Entertainment, Inc. Unknown Warner Brothers TV Distribution Unknown TOTAL SCHEDULED LIABILITIES $496,172,870 ========================================================= Headquartered in New York, Granite Broadcasting Corp. (OTC Bulletin Board: GBTVQ) -- http://www.granitetv.com/-- owns and operates, or provides programming, sales and other services to 23 channels in 11 markets: San Francisco, California; Detroit, Michigan; Buffalo, New York; Fresno, California; Syracuse, New York; Fort Wayne, Indiana; Peoria, Illinois; Duluth, Minnesota- Superior, Wisconsin; Binghamton, New York; Utica, New York and Elmira, New York. The company's channel group includes affiliates of NBC, CBS, ABC, CW and My Network TV, and reaches approximately 6% of all U.S. television households. The company and five of its debtor-affiliates filed for chapter 11 protection on Dec. 11, 2006 (Bankr. S.D.N.Y. Case No. 06-12984). Ira S. Dizengoff, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, it estimated assets of $443,563,020 and debts of $641,100,000. (Granite Broadcasting Corp. Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). INTERSTATE BAKERIES: Posts $12.8M Net Loss in Period Ended Dec. 16 ------------------------------------------------------------------ Interstate Bakeries Corporation and Subsidiaries Unaudited Consolidated Monthly Operating Report Four Weeks Ended December 16, 2006 REVENUE Gross Income $213,093,400 Less Cost of Goods Sold Ingredients, Packaging & Outside Purchasing 54,549,725 Direct & Indirect Labor 39,171,870 Overhead & Production Administration 11,155,275 ------------- Total Cost of Goods Sold 104,876,870 ------------- Gross Profit 108,216,530 ------------- OPERATING EXPENSES Owner - Draws/Salaries - Selling & Delivery Employee Salaries 50,734,763 Advertising and Marketing 2,651,142 Insurance (Property, Casualty, & Medical) 11,998,031 Payroll Taxes 4,421,828 Lease and Rent 3,005,075 Telephone and Utilities 1,269,661 Corporate Expense (Including Salaries) 6,079,500 Other Expenses 28,789,130 ------------- Total Operating Expenses 108,949,130 ------------- EBITDA (732,600) Restructuring & Reorganization Charges 2,930,194 Depreciation and Amortization 5,411,320 Abandonment 373,705 Other(Income)/Expense 38,078 Gain/Loss Sale of Prop - Interest Expense 3,808,053 ------------- Operating Income (Loss) (13,293,950) Income Tax Expense (Benefit) (412,113) ------------- Net Income (Loss) ($12,881,837) ============= CURRENT ASSETS Accounts Receivable at end of period 139,904,217 Increase (Decrease) in Accounts Receivable (8,125,858) Inventory at end of period 66,058,242 Increase (Decrease) in Inventory for period (912,497) Cash at end of period 90,510,806 Increase (Decrease) in Cash for period 8,899,508 Restricted Cash 7,621,143 Increase (Dec.) in Restricted Cash for period 14,847 LIABILITIES Increase (Decrease) Liabilities Not Subject to Compromise (316,030) Increase (Decrease) Liabilities Subject to Compromise (138,681) Taxes payable: Federal Payroll Taxes 9,861,511 State/Local Payroll Taxes 5,280,227 State Sales Taxes 658,512 Real Estate and Personal Property Taxes 9,390,628 Other 4,512,532 ------------- Total Taxes Payable $29,703,410 ============= 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. 56; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) OWENS CORNING: Posts $10.68 Million Net Loss in September 2006 -------------------------------------------------------------- Owens Corning Unaudited Balance Sheet As of September 30, 2006 (In Thousands) Current Assets: Cash and cash equivalents $1,073,005 Receivables 404,821 Receivables - intercompany 1,068,837 Inventories, net of LIFO reserve 298,730 Insurance for asbestos litigation claims 0 Deferred income taxes 0 Income tax receivable 926 Other current assets 202,601 ----------- Total Current Assets 3,048,920 Other Assets: Insurance for asbestos litigation claims 69,120 Restricted cash 205,434 Restricted cash and securities - Fibreboard 0 Deferred income taxes 1,614,747 Goodwill 51,845 Investment in affiliates 36,648 Investment in subsidiaries 2,022,050 Notes receivable - intercompany 5,270 Other non-current assets 360,567 ----------- Total Other Assets 4,365,681 Plant & Equipment: Land 34,144 Buildings & leasehold improvements 552,416 Machinery & equipment 2,258,955 Construction in progress 103,725 Less: Accumulated Depreciation 1,604,688 ----------- Net Plant & Equipment 1,344,552 ----------- TOTAL ASSETS $8,759,153 =========== Liabilities not Subject to Compromise: Accounts payable & accrued liabilities $672,443 Accrued postpetition interest 928,846 Intercompany liabilities 1,325,081 Short-term debt 0 Long-term debt - current portion 1,367 ----------- Total Current Liabilities 2,927,737 Long-Term Debt 9,004 Other: Other employee benefits liability 243,536 Pension plan liability 576,427 Other liability 184,159 ----------- Total Non-Current Liabilities 1,004,122 ----------- Total Postpetition Liabilities 3,940,863 Prepetition Liabilities: Accounts payable and accrued liabilities 262,906 Other employee benefits liability 170,709 Pension plan liability 0 Debt - US bank credit facility 1,450,986 Debt - bonds & other 1,500,534 Asbestos-related liability 6,166,734 Intercompany 2,452,666 Other 0 ----------- Total Prepetition Liabilities 12,004,535 Total Liabilities 15,945,398 Minority Interest 0 Stockholder's Equity: Common stock 697,252 Retained Earnings (Deficit) (7,532,248) Accumulated Comprehensive Loss (5,166) Other (346,084) ----------- Net Stockholder's Equity (7,186,246) ----------- TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $8,759,152 =========== Owens Corning Unaudited Statement of Operations For the Month Ended September 30, 2006 (In Thousands) Net sales $336,394 Cost of Sales 276,526 ----------- Gross Margin 59,868 Operating Expenses: Marketing & administrative expenses 27,847 Science & technology expenses 2,140 Provision for asbestos litigation claims 0 Insider compensation 823 Restructure costs 0 Other (3,739) ----------- Income from Operations 32,797 Other Expenses: Cost of borrowed funds 38,304 Other 0 ----------- Income Before Reorganization Items (5,507) Reorganization Items: Professional fees 8,423 U.S. Trustee quarterly fees 13 Interest earned on accum. cash from Chapter 11 (2,512) Contract rejection (5,800) (Gain) Loss from sale of equipment 0 (Gain) Loss from settlement of liabilities 0 Other reorganization expenses 3,745 ----------- Total Reorganization Expenses 3,869 ----------- Income (Loss) Before Income Taxes (9,374) Provision (Credit) for Income Taxes (1,576) ----------- Income (Loss) Before Minority Interest and Equity in Net Income (Loss) of Affiliates (10,950) Minority interest 0 Equity in net income (loss) of affiliates 270 ----------- Net Income (Loss) ($10,680) =========== Owens Corning Unaudited Statement of Cash Receipts & Disbursements For the Month Ended September 30, 2006 (In Thousands) Cash, beginning of month $31,291 Receipts: Customer receipts 362,137 Intercompany sales 6,513 Loans & advances 0 Sale of assets 0 Other receipts 34,700 Intercompany transfers 99,664 Transfers from DIP 61,109 ----------- Total Receipts 564,123 Disbursements: Net payroll 65 Payroll taxes 155 Sales use & other taxes 8,272 Inventory purchases 151,560 Insurance 1,457 Administrative & selling 61,470 Other 102,191 Intercompany transfers 70,470 Transfers to DIP 164,909 Professional Fees 9,272 U.S. Trustee Quarterly Fees 0 Court costs 0 Adjustment 0 ----------- Total Disbursements 569,821 ----------- Net Cash Flow (5,698) ----------- Cash, end of month $25,593 =========== Headquartered in Toledo, Ohio, Owens Corning (OTC: OWENQ.OB) -- http://www.owenscorning.com/-- manufactures fiberglass insulation, roofing materials, vinyl windows and siding, patio doors, rain gutters and downspouts. The company filed for chapter 11 protection on Oct. 5, 2000 (Bankr. Del. Case. No. 00-03837). Norman L. Pernick, Esq., at Saul Ewing LLP, represents the Debtors. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, represents the Official Committee of Asbestos Creditors. James J. McMonagle serves as the Legal Representative for Future Claimants and is represented by Edmund M. Emrich, Esq., at Kaye Scholer LLP. (Owens Corning Bankruptcy News, Issue No. 150; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). As reported in the Troubled Company Reporter on Oct. 9, 2006, the Honorable John P. Fullam, Sr., of the U.S. District Court for the Eastern District of Pennsylvania affirmed on Sept. 28, 2006, the order of the Honorable Judith Fitzgerald of the U.S. Bankruptcy Court for the District of Delaware, confirming Owens Corning's Sixth Amended Plan of Reorganization. The Plan took effect on Oct. 31, 2006, marking the company's emergence from Chapter 11. SEA CONTAINERS: Files Amended November 30 Balance Sheet ------------------------------------------------------- Sea Containers Ltd., Sea Containers Services Ltd., and Sea Containers Caribbean Inc., filed on Jan. 24, 2007, with the Court an amendment to their November 2006 monthly operating report, restating certain balance sheet information. 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, - 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 (165,713,595) ------------ Total liabilities and shareholders' equity $278,396,083 ============ Headquartered in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA, SCRB) -- 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 October 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. 10; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) SOLUTIA INC: Posts $21 Million Net Loss in December 2006 -------------------------------------------------------- Solutia, Inc. Chapter 11 Debtors Unaudited Consolidated Statement of Financial Position As of December 31, 2006 ASSETS Cash $38,000,000 Trade Receivables, net 146,000,000 Account Receivables-Unconsolidated Subsidiaries 47,000,000 Inventories 176,000,000 Other Current Assets 90,000,000 Assets of Discontinued Operations 0 -------------- Total Current Assets 497,000,000 Property, Plant and Equipment, net 660,000,000 Investments in Subsidiaries and Affiliates 565,000,000 Intangible Assets, net 100,000,000 Other Assets 69,000,000 -------------- Total Assets $1,891,000,000 ============== LIABILITIES AND SHAREHOLDERS' DEFICIT Accounts Payable $200,000,000 Short Term Debt 650,000,000 Other Current Liabilities 168,000,000 Liabilities of Discontinued Operations 1,000,000 -------------- Total Current Liabilities 1,019,000,000 Other Long-Term Liabilities 209,000,000 -------------- Total Liabilities not Subject to Compromise 1,228,000,000 Liabilities Subject to Compromise 1,963,000,000 Shareholders' Deficit (1,300,000,000) -------------- Total Liabilities & Shareholders' Deficit $1,891,000,000 ============== Solutia, Inc. Chapter 11 Debtors Unaudited Consolidated Statement of Operations For the Month Ended December 31, 2006 Total Net Sales $170,000,000 Total Cost Of Goods Sold 162,000,000 -------------- Gross Profit 8,000,000 Total MAT Expense 19,000,000 -------------- Operating Income (Loss) (11,000,000) Equity Earnings from Affiliates 6,000,000 Interest Expense, net (7,000,000) Other Income, net 3,000,000 Reorganization Items: Professional fees (6,000,000) Employee severance and retention costs 0 Other (1,000,000) -------------- (7,000,000) -------------- Loss Before Taxes (16,000,000) Income tax expense (benefit) 5,000,000 -------------- Net Loss ($21,000,000) ============== Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed $2,854,000,000 in assets and $3,223,000,000 in debts. Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. (Solutia Bankruptcy News, Issue No. 77; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). WERNER HOLDING: Posts $15.482 Million Net Loss in December 2006 --------------------------------------------------------------- Werner Holding Co. (PA), Inc., and Subsidiaries Unaudited Consolidated Balance Sheet As of December 31, 2006 ASSETS Current Assets: Cash and cash equivalents $23,354,000 Receivables, net 64,244,000 Income taxes receivable (payable) 790,000 Inventories, net 58,135,000 Property, plant and equipment held for sale, at cost less accumulated depreciation 16,590,000 Prepaid insurance and other 10,155,000 ------------ Total current assets 173,268,000 Property, Plant & Equipment, Net 52,531,000 Other assets: Deferred financing fess, net 9,747,000 Investment in subsidiaries - Other noncurrent assets 6,607,000 ------------ Total other assets 16,354,000 ------------ TOTAL ASSETS $242,153,000 ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $14,787,000 Accrued liabilities 42,793,000 Intercompany payable (receivables) - First lien revolving credit facility 39,329,000 Current maturities of long-term debt 184,260,000 ------------ Total current liabilities 281,169,000 Long-Term Liabilities: Long-term debt 89,025,000 Reserve for product liability and workers' compensation claims 10,222,000 Other long-term obligations 3,778,000 Liabilities subject to compromise 208,282,000 ------------ Total Liabilities 592,476,000 Convertible preferred stock 100,592,000 Shareholders' Deficit: Common stock 1,000 Additional paid-in-capital 17,017,000 Retained earnings (deficit) (454,743,000) Accumulated other comprehensive income (loss) (13,190,000) ------------ Total Shareholders Deficit (450,915,000) ------------ TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $242,153,000 ============ Werner Holding Co. (PA), Inc., and Subsidiaries Unaudited Consolidated Statement of Operations December 1 to 31, 2006 Net sales $27,910,000 Total cost of sales 21,632,000 ------------ Gross profit 6,278,000 Total operating expenses 14,326,000 Operating income (loss) (8,048,000) Equity in net income (loss) of subsidiaries - Other income (expense), net (21,000) ------------ Income (loss) before interest, reorganization items and taxes (8,069,000) Reorganization Items: Gain on Termination of Benefit Plan - (Restructuring Process Fees) (2,600,000) Interest Income 55,000 ------------ Reorganization Items, Net (2,545,000) ------------ Interest (loss) before interest and taxes (10,614,000) Inter-company interest expense - Interest expense 4,380,000 ------------ Income (loss) before income taxes (14,994,000) Provision (benefit) for income taxes 488,000 ------------ Net Income (Loss) ($15,482,000) ============ Werner Holding Co. (PA), Inc., and Subsidiaries Unaudited Consolidated Statement of Cash Flows December 1 to 31, 2006 Cash flows provided (used) by operating activities $2,146,000 Cash Flows From Investing Activities: Capital expenditures, net (170,000) Proceeds from sale of property - ------------ Net cash used in investing activities (170,000) Cash Flows From Financing Activities: Borrowings of long-term debt - Repayments of long-term debt - Capital lease payments (224,000) Net borrowings under first lien revolving credit facility - Debt issuance costs - ------------ Net cash provided (used) by financing activities (224,000) Net increase (decrease) in cash and equivalents 1,752,000 Cash and equivalents at December 1, 2006 21,602,000 Cash and equivalents at December 31, 2006 $23,354,000 ============ Based in Greenville, Pennsylvania, Werner Holding Co. (DE) Inc. aka Werner Ladder 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 Debtors are represented by the firm of Willkie Farr & Gallagher LLP as lead counsel and the firm of Young, Conaway, Stargatt & Taylor LLP as co-counsel. Rothschild Inc. is the Debtors' financial advisor. The Official Committee of Unsecured Creditors is represented by the firm of Winston & Strawn LLP as lead counsel and the firm of Greenberg Traurig LLP as co- counsel. Jefferies & Company serves as the Creditor 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. 17; 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. 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Copyright 2007. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***