/raid1/www/Hosts/bankrupt/TCR_Public/070224.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, Feb. 24, 2007, Vol. 11, No. 47
Headlines
ALLIED HOLDINGS: Posts $1.2 Million Net Loss in December 2006
CATHOLIC CHURCH: Davenport Files December 2006 Operating Report
DELTA AIR: Posts $1.8 Billion Net Loss in December 2006
FISCHER IMAGING: Posts $91,982 Net Loss in Period Ended Dec. 31
FLYI INC: Posts $795,412 Net Loss in January 2007
FLYI INC: Independence Air Earns $94,547 in January 2007
GRANITE BROADCASTING: Post $6MM Net Loss in 2 Months Ended Jan. 31
KUSHNER-LOCKE: Files July 2006 Monthly Operating Reports
KUSHNER-LOCKE: Files August 2006 Monthly Operating Reports
KUSHNER-LOCKE: Files September 2006 Monthly Operating Reports
KUSHNER-LOCKE: Files October 2006 Monthly Operating Reports
REFCO INC: Refco LLC Files December 2006 Monthly Operating Report
SAINT VINCENTS: Files December 2006 Monthly Operating Report
SEA CONTAINERS: Posts $7.3 Million Net Loss in December 2006
*********
ALLIED HOLDINGS: Posts $1.2 Million Net Loss in December 2006
-------------------------------------------------------------
Allied Holdings, Inc.
Unaudited Consolidated Balance Sheet
As of December 31, 2006
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $189
Receivables, net of allowances 49,496
Related party receivables 16,992
Inventories 4,916
Prepayments and other current assets 21,615
---------
Total current assets 93,208
Property and equipment, net 125,236
Goodwill, net 3,545
Deferred income taxes 127
Other noncurrent assets 24,402
Investment in related parties 31,348
---------
TOTAL ASSETS $277,866
=========
Liabilities and Stockholders' Deficit
Current liabilities not subject to compromise
DIP facility $161,357
Accounts and notes payable 27,091
Accrued liabilities 51,671
---------
Total current liabilities $240,119
Long-term liabilities not subject to compromise
Postretirement benefits 13,500
Other long-term liabilities 19,959
---------
Total long-term liabilities 33,459
Liabilities subject to compromise 198,916
Stockholders' deficit (194,628)
---------
Total liabilities & stockholders' deficit $277,866
=========
Allied Holdings, Inc.
Unaudited Consolidated Statement of Operations
For the Month Ended December 31, 2006
(In Thousands)
Revenues $64,860
Operating Expenses
Salaries, Wages & Fringe benefits 32,997
Operating supplies & expenses 14,186
Purchased transportation 8,023
Insurance & claims 3,945
Operating tax & licenses 2,011
Depreciation & amortization 2,830
Rents 618
Communications & utilities 510
Other operating expenses 441
Gain on disposal of operating assets, net (3,036)
---------
Total Operating Expenses 62,525
---------
Operating Income (Loss) 2,335
Other Income (Expense)
Interest expense (1,746)
Investment income 74
Foreign exchange losses, net (1,314)
Equity in earnings of subsidiaries 254
---------
(2,732)
---------
Loss before reorganization items and income taxes (397)
Reorganization items (886)
---------
Loss before income taxes (1,283)
Income tax benefit 32
---------
NET LOSS ($1,251)
=========
The Debtors disclosed cash disbursements totaling $6,179,122
during December 2006.
Based in Decatur, Georgia, Allied Holdings Inc. (AMEX: AHI, other
OTC: AHIZQ.PK) -- http://www.alliedholdings.com/-- and its
affiliates provide short-haul services for original equipment
manufacturers and provide logistical services. The company and 22
of its affiliates filed for chapter 11 protection on July 31, 2005
(Bankr. N.D. Ga. Case Nos. 05-12515 through 05-12537). Jeffrey W.
Kelley, Esq., at Troutman Sanders, LLP, represents the Debtors in
their restructuring efforts. Henry S. Miller at Miller Buckfire &
Co., LLC, serves as the Debtors' financial advisor. Anthony J.
Smits, Esq., at Bingham McCutchen LLP, provides the Official
Committee of Unsecured Creditors with legal advice and Russell A.
Belinsky at Chanin Capital Partners, LLC, provides financial
advisory services to the Committee. When the Debtors filed for
protection from their creditors, they estimated more than
$100 million in assets and debts.
The Debtors are currently asking the Court to extend their
exclusive plan filing period to April 25, 2007. (Allied Holdings
Bankruptcy News, Issue No. 40; Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)
CATHOLIC CHURCH: Davenport Files December 2006 Operating Report
---------------------------------------------------------------
Diocese of Davenport in Iowa
Statement of Financial Position
As of December 31, 2006
ASSETS
Cash and cash equivalents - unrestricted $4,968,692
Cash and cash equivalents - restricted 2,191,351
Accounts receivable, net 38,551
Inventory -
Prepaid expenses 155
Professional retainers 55,651
Real Property 4,549,430
Machinery and equipment 6,000
Furniture and fixtures 8,914
Office equipment 59,500
Leasehold improvements -
Vehicles 45,460
--------------
Total Assets $11,923,704
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Secured claims -
Priority unsecured claims $160,888
General unsecured claims 1,660,316
--------------
Total Prepetition Liabilities 1,821,204
--------------
Postpetition
Salaries and wages -
Payroll taxes -
Real and personal property taxes -
Income taxes -
Sales taxes -
Notes payable, short term -
Accounts payable, trade 9,013
Real property lease arrearage -
Personal property lease arrearage -
Accrued professional fees -
Current portion of long-term debt -
Pass-through collections 50,960
--------------
Total Postpetition Liabilities 59,973
--------------
Total Liabilities 1,881,177
--------------
Equity (deficit):
Equity (deficit) at time of filing: 5,795,187
Capital stock -
Additional paid-in capital -
Cumulative profit/loss since filing 613,921
Post-petition contributions/distributions
or draws -
Market value adjustment 3,633,419
--------------
Total equity (deficit) 10,042,527
--------------
Total liabilities & equity (deficit) $11,923,704
==============
Diocese of Davenport in Iowa
Statement of Operations
For the month ending December 31, 2006
Revenues
Gross sales $155
Less: sales returns & allowances -
Net sales 155
Less: cost of goods sold -
Gross profit 155
Interest -
Other income:
Charitable gifts 279,240
Insurance receipts 60,776
Investment income 33,060
--------------
Total revenues 373,231
--------------
Expenses:
Compensation to owner(s)/officer(s) 12,090
Salaries 89,962
Commissions -
Contract labor 3,440
Rent/Lease:
Personal property 400
Real property -
Insurance 131,646
Management fees -
Depreciation 5,945
Taxes:
Employer payroll taxes 5,702
Real property taxes -
Other taxes -
Other selling -
Other administrative 23,106
Interest -
Other expenses:
Employee benefits 17,215
Charity collection 2,000
Medical assistance/Victim assistance 10,693
Utilities 7,921
Transfer to unrestricted -
Professional Investment Management Fees -
Sabbatical -
--------------
Total expenses 310,120
Reorganization items:
Professional fees -
Provisions for rejected
executory contracts -
Interest earned on accumulated cash
from resulting Chapter 11 case 8,101
Gain or (Loss) from sale of equipment -
U.S. Trustee quarterly fees -
--------------
Total reorganization items 8,101
--------------
Net profit (loss) before federal &
state taxes 71,212
Federal & state income taxes -
--------------
Net Profit (Loss) $71,212
==============
Diocese of Davenport in Iowa
Statement of Cash Receipts and Disbursements
For the month ending December 31, 2006
Cash receipts
Rent/Leases collected $4,217
Cash received from sales 155
Interest received 8,101
Borrowings increase in accounts payable -
Funds from shareholders, partners,
or other insiders -
Capital contributions -
Annual diocesan appeal/donations 279,240
Investment income/misc. -
Insurance receipts 60,776
Tribunal/Immigration/Faith Formation fees 28,842
Decrease in prepaids/accounts receivable 21,581
Misc/Increase in accounts payable 15,878
--------------
Total Cash Receipts $418,790
==============
Cash disbursements:
Payments for inventory -
Selling -
Administrative $28,548
Capital expenditures -
Principal payments on debt -
Interest paid -
Rent/Lease:
Personal Property 400
Real Property -
Amount paid to owner(s)/officer(s)
Salaries 12,090
Draws -
Commissions/Royalties -
Expense Reimbursements -
Other -
Salaries/Commissions (less employee
withholding 68,341
Management fees -
Taxes
Employee withholding 21,621
Employer payroll taxes 5,701
Real property taxes -
Other taxes -
Other cash outflows:
Insurance 131,646
Utilities 7,921
Medical Assistance 10,693
Employee Benefits 17,215
Misc/Decrease in Accts Payable/Increase
in receivables 26,548
--------------
Total Cash Disbursements $330,724
--------------
Net increase (decrease) in cash 88,066
Cash balance, beginning of period 1,038,584
Cash balance, end of period $1,126,650
==============
The Diocese of Davenport in Iowa filed for chapter 11 protection
(Bankr. S.D. Ia. Case No. 06-02229) on October 10, 2006.
Richard A. Davidson, Esq., at Lane & Waterman LLP, represents the
Davenport Diocese in its restructuring efforts. Hamid R.
Rafatjoo, Esq., and Gillian M. Brown, Esq., of Pachulski Stang
Zhiel Young Jones & Weintraub LLP represent the Official Committee
of Unsecured Creditors. In its schedules of assets and
liabilities, the Davenport Diocese reported $4,492,809 in assets
and $1,650,439 in liabilities. (Catholic Church Bankruptcy News,
Issue No. 80; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
DELTA AIR: Posts $1.8 Billion Net Loss in December 2006
-------------------------------------------------------
DELTA AIR LINES, INC.
Unaudited Condensed Consolidated Balance Sheets
As of December 31, 2006
ASSETS
Current assets:
Cash and cash equivalents $2,034,000,000
Short-term investments 614,000,000
Restricted cash 750,000,000
Accounts receivable, net 915,000,000
Expendable parts & supplies inventories, net 181,000,000
Prepaid expenses & other 891,000,000
---------------
Total current assets $5,385,000,000
Property and equipment:
Flight equipment 17,641,000,000
Accumulated depreciation (6,800,000,000)
---------------
Flight equipment, net 10,841,000,000
Ground property & equipment 4,575,000,000
Accumulated depreciation (2,838,000,000)
---------------
Ground property and equipment, net 1,737,000,000
Flight & ground equipment under capital lease 474,000,000
Accumulated amortization (136,000,000)
---------------
Flight & ground equipment under capital lease 338,000,000
Advance payments for equipment 57,000,000
---------------
Total property & equipment, net 12,973,000,000
Other assets:
Goodwill 227,000,000
Operating rights & other intangibles, net 89,000,000
Other noncurrent assets 948,000,000
---------------
Total other assets 1,264,000,000
---------------
Total assets $19,622,000,000
===============
LIABILITIES AND SHAREOWNERS' DEFICIT
Current liabilities:
Current maturities of long-term debt
& capital lease obligations $1,503,000,000
Accounts payable & other liabilities 1,564,000,000
Air traffic liability 1,797,000,000
Taxes payable 500,000,000
Accrued salaries and related benefits 405,000,000
---------------
Total current liabilities 5,769,000,000
Noncurrent liabilities:
Long-term debt & capital leases 6,509,000,000
Deferred revenue & credits 346,000,000
Other 774,000,000
---------------
Total noncurrent liabilities 7,629,000,000
Liabilities Subject to Compromise 19,817,000,000
Commitments and Contingencies
Shareholders' Deficit:
Common stock 2,000,000
Additional paid-in capital 1,561,000,000
Accumulated deficit (14,414,000,000)
Accumulated other comprehensive loss (518,000,000)
Treasury stock (224,000,000)
---------------
Total common stockholders' deficit (13,593,000,000)
---------------
Total Liabilities &
Stockholders' Equity (deficit) $19,622,000,000
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statement of Operations
For the Month Ended December 31, 2006
OPERATING REVENUES:
Passenger:
Mainline $917,000,000
Regional affiliates 286,000,000
Cargo 43,000,000
Other, net 96,000,000
---------------
Total operating revenues 1,342,000,000
OPERATING EXPENSES:
Aircraft fuel 340,000,000
Salaries and related costs 296,000,000
Contract carrier arrangements 226,000,000
Depreciation and amortization 165,000,000
Contracted services 101,000,000
Passenger commissions and other selling expenses 72,000,000
Landing fees and other rents 60,000,000
Aircraft maintenance materials and outside repairs 46,000,000
Passenger service 26,000,000
Aircraft rent 24,000,000
Restructuring, asset writedowns, pension
settlements and related items, net (6,000,000)
Other 29,000,000
---------------
Total operating expenses 1,379,000,000
---------------
OPERATING INCOME (37,000,000)
---------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest
expense equals $94 for the month ended
December 31, 2006) (68,000,000)
Interest income 8,000,000
Miscellaneous, net (12,000,000)
---------------
Total other expense, net (72,000,000)
---------------
LOSS BEFORE REORGANIZATION ITEMS, NET (109,000,000)
REORGANIZATION ITEMS, NET (2,460,000,000)
---------------
LOSS BEFORE INCOME TAXES (2,569,000,000)
INCOME TAX BENEFIT 725,000,000
---------------
NET LOSS ($1,844,000,000)
===============
DELTA AIR LINES, INC.
Unaudited Condensed Consolidated Statement of Cash Flows
For the Month ended December 31, 2006
NET CASH USED BY OPERATING ACTIVITIES ($169,000,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
Flight equipment, including
advance payments (32,000,000)
Ground property and equipment (22,000,000)
Proceeds from sale of flight equipment 6,000,000
Change in restricted investments related to
Boston airport terminal project (2,000,000)
Decrease in restricted investments, net 238,000,000
---------------
Net cash provided by investing activities 188,000,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and
capital lease obligations (51,000,000)
---------------
Net cash used by financing activities (51,000,000)
---------------
Net decrease in cash and cash equivalents (32,000,000)
Cash & cash equivalents at beginning of period 2,066,000,000
Cash & cash equivalents at end of period $2,034,000,000
===============
Headquartered in Atlanta, Georgia, Delta Air Lines (OTC: DALRQ)
-- http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities.
The Debtors filed their Chapter 11 Plan and Disclosure Statement
on Dec. 19, 2006. The Court declared that the Disclosure
Statement contained adequate information and approved the
Disclosure Statement on Feb. 7, 2007. The confirmation hearing
for the Plan is scheduled on April 25, 2007. (Delta Air Lines
Bankruptcy News, Issue No. 62; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
FISCHER IMAGING: Posts $91,982 Net Loss in Period Ended Dec. 31
---------------------------------------------------------------
Fischer Imaging Corp. filed its monthly operating report
for January 2007 with the United States Bankruptcy Court for the
District of Colorado on Feb. 5, 2007.
The Debtor reported a net loss of $91,981 from zero revenue for
the month ended Jan. 31, 2007.
At Jan. 31, 2007, Fischer Imaging Corp.'s balance sheet showed:
Total Current Assets $2,573,771
Total Assets $3,297,414
Total Liabilities $1,862,227
Total Owners' Equity $1,435,187
For the month from Jan. 1, 2007, through Jan. 31, 2007, Fischer
Imaging Corp.'s Cash Receipts and Disbursement Report show:
Beginning Balance $2,087,050
Total Receipts 54,333
Total Disbursements 88,249
Ending Balance $2,053,134
A full-text copy of Fischer Imaging Corp.'s January 2007 Monthly
Operating Report is available at no charge at:
http://researcharchives.com/t/s?1a4e
Fischer Imaging Corporation -- http://www.fischerimaging.com/--
services and manufactures medical imaging systems for the
screening and diagnosis of disease. The company began producing
general-purpose x-ray imaging systems in 1910 and is the oldest
manufacturer of x-ray imaging devices in the United States. The
Company filed for chapter 11 protection on Aug. 22, 2006 (Bankr.
D. Colo. Case No. 06-15611). Douglas W. Jessop, Esq., at Jessop &
Company, P.C., represents the Debtor in its restructuring efforts.
When it filed for protection from its creditors, it listed
$2,235,414 in total assets and $26,104 in total debts.
FLYI INC: Posts $795,412 Net Loss in January 2007
-------------------------------------------------
FLYi Inc.
Consolidated Balance Sheet
As of January 31, 2007
ASSETS
Current assets
Cash $1,234,291
Short term investments -
Net accounts receivable 379,627,803
IC Notes receivable 4,252,000
-------------
Total Current Assets 385,114,094
-------------
Other assets
Restricted cash -
Long term investments -
Property and eqpt., net of depreciation 7,435,000
Other assets 14,055,412
-------------
Total Other Assets 21,490,412
-------------
TOTAL ASSETS $406,604,506
=============
TOTAL LIABILITIES AND OWNER'S EQUITY
Liabilities not subject to compromise
Liabilities subject to compromise
Secured debt -
Priority debt -
Unsecured debt $253,101,401
-------------
Total Liabilities 253,101,401
-------------
Owner Equity
Common stock 1,088,716
Additional paid in capital 158,254,512
Treasury stock (35,717,477)
Prepetition retained earnings 39,858,773
Postpetition retained earnings (9,981,419)
-------------
Net Owners' Equity 153,503,105
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $406,604,506
=============
FLYi Inc.
Statement of Operations
January 2007
Revenues -
Operating Expense $579
-------------
Net Profit (Loss) before Other Income & Expenses (579)
Other (income) expenses
Interest income (4,667)
Interest expense -
Other miscellaneous -
-------------
Net Profit (Loss) before reorganization items 4,088
Reorganization items
Professional fees 799,500
U.S. Trustee Quarterly Fees -
Income Taxes -
-------------
Net Profit (Loss) ($795,412)
=============
Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000. (FLYi Bankruptcy News, Issue No. 34; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
FLYI INC: Independence Air Earns $94,547 in January 2007
--------------------------------------------------------
Independence Air Inc.
Consolidated Balance Sheet
As of January 31, 2007
ASSETS
Current assets
Cash $42,062,259
Short term investments 105,450,000
Restricted cash 1,499,339
Net accounts receivable 100,297,918
Net expandable parts and fuel 37,661
Prepaid expenses and other current assets 4,197,020
Deferred tax asset (1)
-------------
Total current assets 253,544,196
-------------
Other assets
Restricted cash 3,116,876
Net depreciation, property and equipment -
Aircraft deposits 11,112,000
Other assets 419,643
-------------
Total other assets 14,648,519
-------------
TOTAL ASSETS $268,192,715
=============
LIABILITIES & OWNERS' EQUITY
Liabilities not subject to compromise
Accounts payable $3,544,796
Air traffic liability 833,822
Accrued liabilities 1,916,401
Amounts due to insiders 53,334
-------------
Total Postpetition Liabilities 6,348,353
-------------
Liabilities subject to compromise
Secured debt 1,000,128
Priority debt 10,482,516
Unsecured debt 391,992,724
Other accruals 12,128,934
-------------
Total prepetition liabilities 415,604,302
-------------
Total Liabilities 421,952,655
-------------
Owner Equity
Common stock -
Treasury stock 7,435,000
Owner's equity account -
Prepetition retained earnings (257,846,546)
Postpetition retained earnings 96,651,606
-------------
Net Owners' Equity (153,759,940)
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $268,192,715
=============
Independence Air Inc.
Statement of Operations
January 2007
Revenues
Operating Revenue
Passenger revenue $0
Other revenue -
-------------
Total operating revenues -
-------------
Operating expenses
Insider compensation 13,334
Wages 365,813
Fringes and benefits 28,605
Aircraft fuel -
Aircraft maintenance and materials (28,275)
Traffic Commissions (47,064)
CRS Fees (399,786)
Facilities rents (237,522)
Landing fees -
Depreciation and amortization -
Others 11,551
Retirement & restructuring charge 26,650
-------------
Total operating expense (266,695)
-------------
Net operating income (loss) 266,695
-------------
Net Profit (Loss) before other income & expenses 266,695
-------------
Other (income) expenses
Interest income (631,204)
Interest expense 2,888
Other miscellaneous -
-------------
Total other (income) expense (628,316)
-------------
Net Profit (Loss) before reorganization items 895,011
-------------
Reorganization items
Professional fees 799,500
U.S. Trustee Quarterly Fees -
Income Taxes 964
-------------
Net Profit (Loss) $94,547
=============
Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000. (FLYi Bankruptcy News, Issue No. 34; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
GRANITE BROADCASTING: Post $6MM Net Loss in 2 Months Ended Jan. 31
------------------------------------------------------------------
Granite Broadcasting Corporation
Unaudited Condensed Consolidated Balance Sheet
As of January 31, 2007
ASSETS
Current assets:
Cash and cash equivalents $16,060,854
Accounts receivable, net
less allowance for doubtful accounts
of $540,605 19,838,860
Current portion of film contract rights 8,070,168
Other current assets 9,525,015
------------
Total current assets 53,494,897
Restricted cash equivalents 1,000,000
Property and equipment, net 54,607,206
Film contract rights, net
of current portion 8,817,697
Other non current assets 2,232,382
Deferred financing fees, less
accumulated ammortization
of $10,687,685 9,545,454
Intangible assets, net 299,688,060
------------
Total Assets $429,385,696
============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Accounts Payable $953,236
Other accrued liabilities 6,043,228
Current portion of film contract
rights payable 8,357,982
Current portion of long-term debt 3,943,000
Other current liabilities 2,858,138
------------
Total current liabilities not
subject to compromise 22,155,584
Long-term debt, net of current portion 22,443,547
Film contract rights payable, net of
current portion 14,485,287
Deferred tax liability 49,006,509
Other non current liabilities 3,823,879
Total liabilities not subject
to compromise ------------
111,914,806
Liabilities subject to compromise 530,770,416
Redeemable preferred stock 199,546,412
Accrued dividends on redeemable
preferred stock 120,003,907
Stockholders' deficit:
Common stock 199,572
Additional paid-in capital 486,118
Accumulated deficit (532,659,860)
Treasury stock, at cost (875,675)
------------
Total stockholders' deficit (532,849,845)
------------
Total liabilities and stockholders' deficit $429,385,696
============
Granite Broadcasting Corporation
Unaudited Condensed Consolidated Statement of Operations
From December 1, 2006 through January 31, 2007
Net revenues $19,002,975
Station operating expenses 15,794,744
Corporate expense 1,522,245
Depreciation 1,504,498
Amortization of intangible assets 568,852
------------
Operating loss (387,364)
Other expenses (income):
Interest expense 3,538,117
Interest income (23,153)
Non-cash interest expense 489,918
Non-cash preferred stock dividend 780,633
Other 93,920
------------
Loss before reorganization items (5,266,799)
Reorganization items 1,614,252
------------
Net loss ($6,881,051)
============
Granite Broadcasting Corporation
Unaudited Condensed Consolidated Statement of Cash Flows
From December 1, 2006 through January 31, 2007
Cash flows from operating activities:
Net loss ($6,881,051)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities:
Amortization of intangible assets 568,852
Depreciation 1,504,498
Non-cash compensation expense (50,186)
Non-cash interest expense 489,918
Non-cash preferred stock dividend 780,633
Film amortization 1,969,726
Loss on sale of equipment 194,027
Change in assets and liabilities:
Decrease in accounts receivable 2,070,165
Increase in accrued liabilities 2,565,528
Increase in accounts payable 924,366
Increase in film contract rights and
other assets (989,891)
Decrease in film contract rights payable
and other liabilities (1,027,110)
------------
Net cash provided by operating
activities 2,119,475
------------
Cash flows from investing activities:
Capital expenditures 96,603
------------
Net cash provided by investing
activities 96,603
------------
Cash flows from financing activities
Payment of Malara Broadcast Group
senior credit facility (333,784)
Payment of deferred financing fees (1,037,469)
------------
Net cash used in financing activities (1,371,253)
Net increase in cash and cash equivalents 844,825
Cash and cash equivalents, beginning of
period 16,216,029
------------
Cash and cash equivalents, end of period $17,060,854
============
Headquartered in New York, Granite Broadcasting Corp.
-- 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. 12; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
KUSHNER-LOCKE: Files July 2006 Monthly Operating Reports
--------------------------------------------------------
On Jan. 26, 2007, The Kushner-Locke Company and its debtor-
affiliates filed their July 2006 Monthly Operating Reports with
the U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division.
For the month ending July 31, 2006, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses $35,870
Total Non-Operating Expenses 5,750
Net Income (Loss) ($41,620)
For the period from July 1, 2006, through July 31, 2006, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration City National
Account Account Collection Account
---------- ------------- ------------------
Beginning Balance $1,792,813 $ 70,593 $593,074
Total Receipts 107,995 120,000 1,978
Total Disbursements 120,000 41,570 50
Ending Balance $1,780,808 $149,023 $595,002
Full-text copies of The Kushner-Locke Company's July 2006
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://researcharchives.com/t/s?1a3e
Cash Receipts and Disbursements Report:
http://researcharchives.com/t/s?1a44
Headquartered in Los Angeles, Calif., The Kushner-Locke Company is
a low-budget movie production studio. The company, along with its
debtor-affiliates filed for chapter 11 protection on Nov. 21,
2001, in the U.S. Bankruptcy Court for the Central District of
California. The cases are jointly administered under case number
01-44828.
KUSHNER-LOCKE: Files August 2006 Monthly Operating Reports
----------------------------------------------------------
On Jan. 26, 2007, The Kushner-Locke Company and its debtor-
affiliates filed their August 2006 Monthly Operating Reports with
the U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division.
For the month ending Aug. 31, 2006, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses $95,409
Total Non-Operating Expenses 23,223
Net Income (Loss) ($118,632)
For the period from Aug. 1, 2006, through Aug. 31, 2006, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration City National
Account Account Collection Account
---------- ------------- ------------------
Beginning Balance $1,780,808 $149,023 $595,002
Total Receipts 72,132 80,000 14,778
Total Disbursements 80,000 118,582 50
Ending Balance $1,772,940 $110,441 $609,730
Full-text copies of The Kushner-Locke Company's August 2006
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://researcharchives.com/t/s?1a3f
Cash Receipts and Disbursements Report:
http://researcharchives.com/t/s?1a45
Headquartered in Los Angeles, Calif., The Kushner-Locke Company is
a low-budget movie production studio. The company, along with its
debtor-affiliates filed for chapter 11 protection on Nov. 21,
2001, in the U.S. Bankruptcy Court for the Central District of
California. The cases are jointly administered under case number
01-44828.
KUSHNER-LOCKE: Files September 2006 Monthly Operating Reports
-------------------------------------------------------------
On Jan. 26, 2007, The Kushner-Locke Company and its debtor-
affiliates filed their September 2006 Monthly Operating Reports
with the U.S. Bankruptcy Court for the Central District of
California, Los Angeles Division.
For the month ending Sept. 30, 2006, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses $89,603
Total Non-Operating Expenses 2,763
Net Income (Loss) ($92,366)
For the period from Sept. 1, 2006, through Sept. 30, 2006, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration City National
Account Account Collection Account
---------- ------------- ------------------
Beginning Balance $1,772,940 $110,441 $609,730
Total Receipts 65,735 80,000 13,030
Total Disbursements 80,000 77,718 14,648
Ending Balance $1,758,675 $112,723 $608,112
Full-text copies of The Kushner-Locke Company's September 2006
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://researcharchives.com/t/s?1a40
Cash Receipts and Disbursements Report:
http://researcharchives.com/t/s?1a46
Headquartered in Los Angeles, Calif., The Kushner-Locke Company is
a low-budget movie production studio. The company, along with its
debtor-affiliates filed for chapter 11 protection on Nov. 21,
2001, in the U.S. Bankruptcy Court for the Central District of
California. The cases are jointly administered under case number
01-44828.
KUSHNER-LOCKE: Files October 2006 Monthly Operating Reports
-----------------------------------------------------------
On Jan. 26, 2007, The Kushner-Locke Company and its debtor-
affiliates filed their October 2006 Monthly Operating Reports with
the U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division.
For the month ending Oct. 31, 2006, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses $156,758
Total Non-Operating Expenses 263,474
Net Income (Loss) ($420,232)
For the period from Oct. 1, 2006, through Oct. 31, 2006, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration City National
Account Account Collection Account
---------- ------------- ------------------
Beginning Balance $1,758,675 $112,723 $608,112
Total Receipts 51,061 326,000 4,842
Total Disbursements 419,060 327,122 50
Ending Balance $1,390,676 $111,601 $612,904
Full-text copies of The Kushner-Locke Company's October 2006
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://researcharchives.com/t/s?1a41
Cash Receipts and Disbursements Report:
http://researcharchives.com/t/s?1a47
Headquartered in Los Angeles, Calif., The Kushner-Locke Company is
a low-budget movie production studio. The company, along with its
debtor-affiliates filed for chapter 11 protection on Nov. 21,
2001, in the U.S. Bankruptcy Court for the Central District of
California. The cases are jointly administered under case number
01-44828.
REFCO INC: Refco LLC Files December 2006 Monthly Operating Report
-----------------------------------------------------------------
In lieu of comprehensive financial statements, Albert Togut, the
Chapter 7 Trustee appointed to oversee the liquidation of Refco,
LLC's estate, filed with the U.S. Bankruptcy Court for the
Southern District of New York a monthly statement of cash receipts
and disbursements for the period from Dec. 1 to 31, 2006.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of December 1 totals $620,450,000. The Debtor's beginning
purchase price account balance totals $21,927,000, and its
beginning capital account "A" balance totals $598,523,000.
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 $6,773,000 in cash and disbursed $6,808,000
for the Reporting Period. The Debtor held $620,415,000 at the
end of the period.
A full-text copy of Refco LLC's December 2006 Monthly Statement
is available at no charge at http://researcharchives.com/t/s?1a3d
Based in 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 $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases. The Debtors' Amended Plan was confirmed on Dec. 15, 2006.
(Refco Bankruptcy News, Issue No. 57; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
SAINT VINCENTS: Files December 2006 Monthly Operating Report
------------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of December 31, 2006
ASSETS
Cash & Cash Equivalents $29,235,249
Patients Accounts Receivable, less allowance for
doubtful accounts 147,871,555
Accounts Receivable 47,717,135
Other Current Assets 29,395,493
Assets Held for Sale 70,544,197
--------------
Total Current Assets 324,763,629
Depreciation Reserve Funds & Collaterized Assets 10,825,874
Assets Designated for Self-Insurance
Investments at Market 45,093,034
Assets whose use is limited -
Investments at Market 59,128,409
Other Non-Current Assets 13,433,385
Land, Buildings & Equipment, net of
Accumulated Depreciation 131,509,455
--------------
Total Assets $584,753,786
==============
LIABILITIES AND NET ASSETS
Liabilities Not Subject to Compromise:
Long-Term Debt $95,742,032
Long-Term Debt (GE) 145,901,647
Accounts Payable & Accrued Expenses 134,906,556
Accrued Salaries and Payroll Taxes Withheld 45,153,356
Estimated Retroactive Payables to
Third Parties, net 95,364,865
Other Non-current Liabilities 47,419,640
Liabilities Held for Sale 38,978,796
--------------
Total Liabilities Not Subject to Compromise 603,466,892
Liabilities Subject to Compromise:
Liabilities Subject to Compromise 481,131,676
--------------
Total Liabilities Subject to Compromise 481,131,676
--------------
Total Liabilities 1,084,598,568
Net Assets:
Unrestricted (564,933,304)
Temporarily Restricted 39,773,537
Permanently Restricted 25,314,985
--------------
Total Net Assets (499,844,782)
--------------
Total Liabilities & Net Assets $584,753,786
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From December 1 to December 31, 2006
Operating Revenue
Inpatient $60,469,075
Outpatient 30,341,895
--------------
Patient Service Revenue 90,810,970
--------------
Less Provision for Bad Debt 5,971,434
--------------
Net Patient Service Revenue 84,839,536
--------------
Pool Revenue 3,863,261
Capitation 7,678,018
Other 13,125,642
--------------
Total Operating Revenue 109,506,457
Operating Expenses:
Salaries and Wages 49,707,604
Fringe Benefits 13,991,304
Supplies and Other 42,350,086
Insurance 4,024,317
--------------
Total Direct Operating Costs 110,073,311
Salaries and Wages 1,965,166
Fringe Benefits 545,360
Supplies and Other 6,868,853
--------------
Total Corporate Allocated 9,379,379
--------------
Total Operating Expense 119,452,690
--------------
Interest 2,263,005
Depreciation 1,567,400
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items (13,776,638)
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) -
St. Mary's Op Pac Rate Adjustment -
ZBEC/HFE Recoveries -
Restructuring & Bankruptcy Related Costs (13,998,934)
Estimated Close-out of St. Mary's -
Hanys Investment Income (SF INS) -
Prior Period Ambulance Revenue -
Transfer of Equity Foundation -
--------------
Total Non-Recurring and/or Unusual Items (13,998,934)
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (27,775,572)
--------------
Non-Operating Revenue 8,353,553
Change in Temporary Restricted Net Assets 1,088,281
--------------
Change in Net Assets ($18,333,738)
--------------
EBITDA $9,946,233
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From December 1 to December 31, 2006
Cash Flows from Operation Activities:
Changes in Net Assets ($18,333,738)
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Depreciation & Amortization 1,567,400
Change in Unrealized Gains & Losses (53,998)
Change in Patient's Accounts Receivable (3,958,620)
Change in Accounts Receivables, Other (6,339,274)
Change in Prepaid Expenses & Other 14,028,988
Change in Other Non-Current Assets 3,124,859
Change in Accounts Payable &
Accrued Exp-Postpetition 12,214,437
Change in Accrued Salaries & P/R Taxes 270,082
Change in Est. Retro rec/pay
from/to third parties (3,186,666)
Change in Other Non-Current Liabilities 2,736,576
--------------
Net Cash Provided by Operating Activities 2,070,046
Cash flows From Investment Activities:
Sale of Investments, Net 10,696
Purchase of Assets Whose Use is Limited (1,072,647)
Acquisition/Sale of Land, Building,
& Equipment 11,689,860
--------------
Net Cash Provided by Investing Activities 10,627,909
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Lo -
Repayment of Long-term debt (25,759,066)
--------------
Net Cash (Used) in Financing Activities (25,759,066)
Net Increase (Decrease)
in Cash & Cash Equivalents (13,061,111)
Cash & Cash Equivalents at Beginning of Month 42,296,360
--------------
Cash & Cash Equivalents at End of the Month $29,235,249
==============
Headquartered in New York, New York, Saint Vincents Catholic
Medical Centers of New York -- http://www.svcmc.org/-- the
largest Catholic healthcare providers in New York State, operate
hospitals, health centers, nursing homes and a home health agency.
The hospital group consists of seven hospitals located throughout
Brooklyn, Queens, Manhattan, and Staten Island, along with four
nursing homes and a home health care agency. The Company and six
of its affiliates filed for chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary
Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will &
Emery, LLP, filed the Debtors' chapter 11 cases. On Sept. 12,
2005, John J. Rapisardi, Esq., at Weil, Gotshal & Manges LLP took
over representing the Debtors in their restructuring efforts.
Martin G. Bunin, Esq., at Thelen Reid & Priest LLP, represents the
Official Committee of Unsecured Creditors.
As of Apr. 30, 2005, the Debtors listed $972 million in total
assets and $1 billion in total debts. (Saint Vincent Bankruptcy
News, Issue No. 48 Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SEA CONTAINERS: Posts $7.3 Million Net Loss in December 2006
------------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of December 31, 2006
Assets
Current Assets
Cash and cash equivalents $54,196,789
Trade receivables, less allowances
for doubtful accounts 508,115
Due from related parties 385,028
Prepaid expenses and other current assets 4,465,332
------------
Total current assets 59,555,264
Fixed assets, net -
Long-term equipment sales receivable, net -
Investment in group companies -
Intercompany receivables -
Investment in equity ownership interests 204,331,424
Other assets 3,302,285
------------
Total assets 267,188,973
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable 2,123,898
Accrued expenses 30,796,263
Current portion of long-term debt 26,946,083
Current portion of senior notes 385,097,380
------------
Total current liabilities 444,963,624
Total shareholders' equity (177,774,651)
------------
Total liabilities and shareholders' equity $267,188,973
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended December 31, 2006
Revenue
$499,123
Costs and expenses:
Operating costs 351,937
Selling, general and
administrative expenses (4,449,737)
Reorganization Costs (7,480)
Charges to provide against
intercompany accounts 8,583,920
Depreciation and amortization (58,677)
------------
Total costs and expenses 4,419,963
------------
Loss on sale of assets (29,747)
------------
Operating income (loss) [(3,950,587)]
Other income (expense)
Interest income 248,766
Foreign exchange gains (losses) (92,909)
Interest expense, net (3,408,685)
------------
Income (Loss) before taxes [(7,203,415)]
Income tax expense (100,000)
------------
Net Income (Loss) [($7,303,415)]
============
The Debtors disclose that their financial statements represent
the internal accounting of Sea Containers, Ltd., and its
affiliates and subsidiaries, on an unaudited and uncertified
basis. The certification and audit process may result in
adjustments to the stated entries.
As of Dec. 31, 2006, SCL has not filed its form 10-K report
for fiscal year ended Dec. 31, 2005, nor has it filed form
10-Q reports for the quarters ended March 31, 2006, June 30, 2006,
and Sept. 30, 2006.
After discussions with the Office of the United States Trustee,
the Debtors are undergoing a reconciliation process of, among
other things, their inter-company claims, to ensure that their
financial reporting is as of their bankruptcy filing rather than
as of Sept. 30, 2006.
The reconciliation process will require extensive efforts from the
Debtors and will take time to complete. However, in the interest
of maximum disclosure to all parties in their Chapter 11 cases,
the Debtors have decided to file their December Monthly Operating
Report using information as of Sept. 30, 2006. The Debtors will
amend their monthly operating reports upon completion of the
reconciliation.
A full-text copy of the Debtors' schedules of cash receipts and
disbursements is available for free at:
http://researcharchives.com/t/s?1a37
Based 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.
The Debtors' exclusive period to file a plan expires on June 12,
2007. Their exclusive period to solicit acceptances expires on
Aug. 11, 2007. (Sea Containers Bankruptcy News, Issue No. 11;
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
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy,
Joel Anthony G. Lopez, Cecil R. Villacampa, Cherry A.
Soriano-Baaclo, Jason A. Nieva, Melvin C. Tabao,
Tara Marie A. Martin, Frauline S. Abangan, and Peter A. Chapman,
Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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herein is obtained from sources believed to be reliable, but is
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*** End of Transmission ***