/raid1/www/Hosts/bankrupt/TCR_Public/070310.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, March 10, 2007, Vol. 11, No. 59
Headlines
ADELPHIA COMMS: Files January 2007 Monthly Operating Report
CATHOLIC CHURCH: San Diego Files Schedules of Assets and Debts
CATHOLIC CHURCH: Spokane Files Jan. 2007 Monthly Operating Report
COMPLETE RETREATS: Files January 2007 Monthly Operating Report
COMPLETE RETREATS: Distinctive Files January 2007 Operating Report
COMPLETE RETREATS: Legendary Files January 2007 Operating Report
COMPLETE RETREATS: Preferred Files January 2007 Operating Report
COMPLETE RETREATS: Private Files January 2007 Operating Report
DELPHI CORP: Posts $186 Million Net Loss in January 2007
DELTA AIR: Posts $109 Million Net Loss in January 2007
DURA AUTOMOTIVE: Files Operating Report for Period Ended Jan. 28
FEDERAL-MOGUL: Earns $48.3 Million in January 2007
NORTHWEST AIRLINES: Posts $30 Million Net Loss in December 2006
NORTHWEST AIRLINES: Posts $349 Million Net Loss in January 2007
PACIFIC LUMBER: Files Schedules of Assets and Liabilities
SEA CONTAINERS: Files Updated Operating Report for October 2006
SEA CONTAINERS: Files Updated Operating Report for November 2006
SEA CONTAINERS: Files Updated Operating Report for December 2006
SEA CONTAINERS: Earns $12.1 Million in January 2007
THAXTON GROUP: Posts $86 Million Cumulative Net Loss in Jan. 2007
TOWER AUTOMOTIVE: Posts $18.9 Million Net Loss in January 2007
VESTA INSURANCE: Gaines Files January 2007 Operating Report
*********
ADELPHIA COMMS: Files January 2007 Monthly Operating Report
-----------------------------------------------------------
Adelphia Communications Corporation, et al.
Consolidated Statement of Net Liabilities
In Liquidation (Unaudited)
As of January 31, 2007
(Dollars in thousands)
ASSETS
Cash and cash equivalents $8,986,973
Restricted cash 24,657
Proceeds from Sale Transaction held in escrow 520,699
TWC Class A Common Stock 5,475,208
Other assets 229,758
-----------
Total Assets $15,237,295
===========
LIABILITIES AND NET LIABILITIES IN LIQUIDATION
Accounts payable $1,634
Income taxes payable 317,775
Accrued liquidation costs 149,461
Other accrued liabilities 264,709
Liabilities subject to compromise 15,729,829
-----------
Total liabilities $16,463,408
-----------
Net Liabilities in Liquidation ($1,226,113)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statement of Changes
In Net Liabilities In Liquidation
Month Ended January 31, 2007
(Dollars in thousands)
Net liabilities in liquidation at Dec. 31, 2006 ($1,779,201)
Changes in net liabilities in liquidation:
Settlement of liabilities subject to compromise 554,115
Change in estimate of net realizable value of
assets (959)
Interest income 35,085
Interest expense to affiliates 7,399
Interest expense (42,552)
-----------
Net change in net liabilities in liquidation 553,088
-----------
Net liabilities in liquidation ($1,226,113)
===========
Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) -- http://www.adelphia.com/-- is a cable
television company. Adelphia serves customers in 30 states and
Puerto Rico, and offers analog and digital video services,
Internet access and other advanced services over its broadband
networks. The company and its more than 200 affiliates filed for
Chapter 11 protection in the Southern District of New York on June
25, 2002. Those cases are jointly administered under case number
02-41729. Willkie Farr & Gallagher represents the Debtors in
their restructuring efforts. PricewaterhouseCoopers serves as the
Debtors' financial advisor. Kasowitz, Benson, Torres & Friedman,
LLP, and Klee, Tuchin, Bogdanoff & Stern LLP represent the
Official Committee of Unsecured Creditors.
Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of the
Rigas family. In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC. The RME Debtors filed for chapter 11 protection
on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622 through
06-10642). Their cases are jointly administered under Adelphia
Communications and its debtor-affiliates chapter 11 cases.
(Adelphia Bankruptcy News, Issue No. 166; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: San Diego Files Schedules of Assets and Debts
---------------------------------------------------------------
A. Real Property
Mater Dei Catholic High School $60,790,222
Holy Cross Cemetery 11,376,471
Pastoral Center 6,351,798
Others 17,198,091
B. Personal Property
B.1 Cash on Hand
Petty Cash 6,250
B.2 Bank Accounts
Pastoral Center Account 6,132,474
Holy Cross Cemetery Account 459,419
Marian Catholic High School Account 2,444,651
SDSU Newman Center Account 22,126
Vincent Memorial High School Account 212,863
UCSD Newman Center Account 54,334
B.3 Security Deposits 0
B.4 Household Goods unknown
B.5 Books, artwork & collectibles unknown
B.6 Wearing apparel 0
B.7 Furs and jewelry unknown
B.8 Firearms and sporting goods unknown
B.9 Interests in insurance policies 0
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interests in retirement plans 0
B.13 Stock and Interests
Large Cap Value Equity Fund 9,867,614
Mid Cap Growth Domestic Equity Fund 10,634,305
B.14 Interests in joint ventures 0
B.15 Government & corporate bonds
Domestic Income - Intermediate 4,750,138
Domestic Income - Short 6,767,899
US Government Obligations 5,214,659
B.16 Accounts receivable
Pastoral Center 2,703,812
Marian Catholic High School 2,399,463
Vincent Memorial High School 575,068
Holy Cross Cemetery 4,545,524
B.17 Alimony 0
B.18 Other liquidated debts owed 0
B.19 Equitable and future interests 0
B.20 Contingent interests 3,698
B.21 Other contingent & unliquidated claims 0
B.22 Patents, copyrights & trademarks 0
B.23 Licenses & franchises 0
B.24 Other intangibles 0
B.25 Automobiles unknown
B.26 Boats 0
B.27 Aircraft 0
B.28 Office equipment and supplies unknown
B.29 Machinery, furniture and fixtures unknown
B.30 Inventory unknown
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment 0
B.34 Farm supplies 0
B.35 Other personal property 0
TOTAL SCHEDULED ASSETS $152,510,888
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
ALSAM Foundation $35,920,100
Union Bank of California 4,323,204
E. Unsecured Priority Claims
Wages, salaries and commissions 1,405,960
Contributions to Employee Benefit Plans 5,205
Taxes and Other Debts owed to
Governmental Units 5,054
F. Unsecured Non-Priority Claims
Allied Irish Bank 28,400,000
Allied Irish Bank 227,589
Bank of America unknown
Outstanding Checks 1,613,073
Payables and other creditors 898,536
TOTAL SCHEDULED LIABILITIES $72,754,092
============
Roman Catholic Diocese of San Diego in California --
http://www.diocese-sdiego.org/-- employs approximately
3,000 people in various areas of work. The Diocese filed for
Chapter 11 protection just before commencement of the first of
court proceedings for 140 sexual abuse lawsuits filed against the
Diocese. Authorities of the San Diego Diocese said they were not
in favor of litigating their cases.
The San Diego Diocese filed for chapter 11 protection on Feb. 27,
2007 (Bankr. S.D. Calif. Case No. 07-00939). Gerald P. Kennedy,
Esq., at Procopio, Cory, Hargreaves and Savitch LLP, represents
the Diocese. In its schedules of assets and liabilities, the
Diocese listed total assets of $152,510,888 and total liabilities
of $72,754,092. The Diocese's exclusive period to file a chapter
11 plan of reorganization expires on June 27, 2007. (Catholic
Church Bankruptcy News, Issue No. 82; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Spokane Files Jan. 2007 Monthly Operating Report
-----------------------------------------------------------------
Catholic Diocese of Spokane
Balance Sheet
As of January 31, 2007
ASSETS
Total Cash Accounts $2,322,507
Total Transfer Account (6,487,990)
Total Investments 104,420
Total Property -
Total Loans Receivable -
Total Interfund Loan Receivable -
Total Accounts Receivable 90,192
Total Land and Buildings & Equipment 67,569
Total Prepaid Expenses 2,309
--------------
Total Assets ($3,900,991)
==============
LIABILITIES AND NET ASSETS
Liabilities
Total Deposits Payable $4,241,911
Total Interest Payable -
Total Accounts Payable 3,594
Total Long-term Liabilities 9,269,297
Net Assets
Total Unrestricted - Fund Balance (18,963,409)
Total Unrestricted Net Assets (18,963,409)
T.R. - Guse Grant Funds 417,749
T.R. - Bishop's School Grants Funds 72,410
T.R. - Bishop's Discretionary Funds 65,681
Total Replacement Fund 1,547,615
Total Diocesan D&L Funding -
Total Guatemala Funds -
Temporarily Restricted -
--------------
Total liabilities & net assets ($3,900,991)
==============
Catholic Diocese of Spokane
Income and Expense Statement
For the month ending January 31, 2007
Total Income $2,085,621
Total Expenses 255,326
--------------
Net Excess or Deficit ($1,830,295)
==============
The Diocese of Spokane's Statement of Cash Receipts and
Disbursements for January 2007 shows ending balance of
$2,289,503. Cash receipts for the period total $2,122,071, while
disbursements total $120,744.
A full-text copy of the Diocese's January 2007 operating report
is available for free at http://researcharchives.com/t/s?1afa
The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts.
The Diocese of Spokane, the Tort Claimants Committee, the Future
Claims Representative, and the Executive Committee of the
Association of Parishes delivered an Amended Plan of
Reorganization, and a Disclosure Statement describing that Plan to
the Court on Feb. 1, 2007. (Catholic Church Bankruptcy News,
Issue No. 83; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Files January 2007 Monthly Operating Report
--------------------------------------------------------------
Complete Retreats, LLC
Balance Sheet
As of January 31, 2007
ASSETS
Unrestricted Cash -
Restricted Cash -
--------------
Total Cash -
Accounts Receivable (Net) -
Inventory -
Notes Receivable -
Prepaid Expenses -
Other -
--------------
Total Current Assets -
Property, Plant & Equipment $528,774
Less: Accumulated Depreciation/Depletion (127,342)
--------------
Net Property, Plant & Equipment 401,432
Due from Insiders -
Other Assets - Net of Amortization -
Other 4,072,562
--------------
Total Assets $4,473,994
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable -
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other -
--------------
Total Postpetition Liabilities -
Prepetition Liabilities
Secured Debt -
Priority Debt -
Unsecured Debt -
Other $349,494
--------------
Total Prepetition Liabilities 349,494
--------------
Total Liabilities 349,494
Equity
Prepetition Owners' Equity 4,124,500
Postpetition Cumulative Profit or Loss -
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 4,124,500
--------------
Total Liabilities & Owners' Equity $4,473,994
==============
Complete Retreats, LLC
Statement of Operations
January 1 to 31, 2007
Revenues
Gross Revenues $0
Less: Returns & Discounts -
--------------
Net Revenue 0
Cost of Goods Sold
Material -
Direct Labor
Direct Overhead -
--------------
Total Cost of Goods Sold -
--------------
Gross Profit -
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other -
--------------
Total Operating Expenses 0
--------------
Income Before Non-Operating Income & Expenses 0
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion -
Amortization -
Other -
--------------
Net Other Income & Expenses -
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses 0
--------------
Income Tax 0
--------------
Net Profit (Loss) $0
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts. (Complete Retreats Bankruptcy News, Issue No. 22;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
As reported in the Troubled Company Reporter on Feb. 19, 2007, the
Court further extended the Debtors' exclusive periods to file a
plan of reorganization through and including April 19, 2007, and
solicit votes on that plan through and including June 18, 2007.
COMPLETE RETREATS: Distinctive Files January 2007 Operating Report
------------------------------------------------------------------
Distinctive Retreats, LLC
Balance Sheet
As of January 31, 2007
ASSETS
Unrestricted Cash -
Restricted Cash -
--------------
Total Cash -
Accounts Receivable (Net) -
Inventory $50,831
Notes Receivable 448,000
Prepaid Expenses 198,555
Other -
--------------
Total Current Assets 697,386
Property, Plant & Equipment 104,613,316
Less: Accumulated Depreciation/Depletion (3,367,588)
--------------
Net Property, Plant & Equipment 101,245,727
Due from Insiders -
Other Assets - Net of Amortization 485,000
Other 117,056,272
--------------
Total Assets $219,484,386
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable $18,860
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other 35,837,299
--------------
Total Postpetition Liabilities 35,856,159
Prepetition Liabilities
Secured Debt 452,027
Priority Debt -
Unsecured Debt 30,714,233
Other 18,555,836
--------------
Total Prepetition Liabilities 49,722,095
--------------
Total Liabilities 85,578,254
Equity
Prepetition Owners' Equity 133,882,810
Postpetition Cumulative Profit or Loss 23,322
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 133,906,132
--------------
Total Liabilities & Owners' Equity $219,484,386
==============
Distinctive Retreats, LLC
Statement of Operations
January 1 to 31, 2007
Revenues
Gross Revenues $1,477
Less: Returns & Discounts -
--------------
Net Revenue 1,477
Cost of Goods Sold
Material -
Direct Labor -
Direct Overhead -
--------------
Total Cost of Goods Sold -
--------------
Gross Profit 1,477
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other (97,000)
--------------
Total Operating Expenses (97,000)
--------------
Income Before Non-Operating Income & Expenses 98,477
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion 76,595
Amortization -
Other 112,640
--------------
Net Other Income & Expenses 189,235
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses -
--------------
Income Tax -
--------------
Net Profit (Loss) ($90,758)
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts. (Complete Retreats Bankruptcy News, Issue No. 22;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
As reported in the Troubled Company Reporter on Feb. 19, 2007, the
Court further extended the Debtors' exclusive periods to file a
plan of reorganization through and including April 19, 2007, and
solicit votes on that plan through and including June 18, 2007.
COMPLETE RETREATS: Legendary Files January 2007 Operating Report
----------------------------------------------------------------
Legendary Retreats, LLC
Balance Sheet
As of January 31, 2007
ASSETS
Unrestricted Cash $8,375
Restricted Cash -
--------------
Total Cash 8,375
Accounts Receivable (Net) -
Inventory -
Notes Receivable 1,610,000
Prepaid Expenses 74,299
Other 110,000
--------------
Total Current Assets 1,794,299
Property, Plant & Equipment 26,936
Less: Accumulated Depreciation/Depletion -
--------------
Net Property, Plant & Equipment 26,936
Due from Insiders -
Other Assets - Net of Amortization -
Other 17,928,726
--------------
Total Assets $19,758,335
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable ($36,485)
Taxes Payable -
Notes Payable 11,366
Professional Fees -
Secured Debt -
Other -
--------------
Total Postpetition Liabilities (25,120)
Prepetition Liabilities
Secured Debt -
Priority Debt -
Unsecured Debt 523,447
Other 4,025,000
--------------
Total Prepetition Liabilities 4,548,447
--------------
Total Liabilities 4,523,327
Equity
Prepetition Owners' Equity 15,300,377
Postpetition Cumulative Profit or Loss (65,368)
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 15,235,008
--------------
Total Liabilities & Owners' Equity $19,758,335
==============
Legendary Retreats, LLC
Statement of Operations
January 1 to 31, 2007
Revenues
Gross Revenues -
Less: Returns & Discounts -
--------------
Net Revenue -
Cost of Goods Sold
Material $16,620
Direct Labor -
Direct Overhead 3,609
--------------
Total Cost of Goods Sold 20,229
--------------
Gross Profit (20,229)
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration (43)
Rent & Lease -
Other -
--------------
Total Operating Expenses (43)
--------------
Income Before Non-Operating Income & Expenses (20,185)
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion -
Amortization -
Other 2,759
--------------
Net Other Income & Expenses 2,759
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses -
--------------
Income Tax -
--------------
Net Profit (Loss) ($22,944)
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts. (Complete Retreats Bankruptcy News, Issue No. 22;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
As reported in the Troubled Company Reporter on Feb. 19, 2007, the
Court further extended the Debtors' exclusive periods to file a
plan of reorganization through and including April 19, 2007, and
solicit votes on that plan through and including June 18, 2007.
COMPLETE RETREATS: Preferred Files January 2007 Operating Report
----------------------------------------------------------------
Preferred Retreats, LLC
Balance Sheet
As of January 31, 2007
ASSETS
Unrestricted Cash $528,648
Restricted Cash 326,532
--------------
Total Cash 855,180
Accounts Receivable (Net) 758,568
Inventory 2,088,520
Notes Receivable 142,704
Prepaid Expenses 3,090,971
Other 1,074,919
--------------
Total Current Assets 7,155,681
Property, Plant & Equipment 9,080,124
Less: Accumulated Depreciation/Depletion (3,272,273)
--------------
Net Property, Plant & Equipment 5,807,850
Due from Insiders 2,222,111
Other Assets - Net of Amortization 1,555
Other 102,806,722
--------------
Total Assets $118,849,099
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable $10,416,360
Taxes Payable -
Notes Payable 76,853,087
Professional Fees -
Secured Debt -
Other 8,668,152
--------------
Total Postpetition Liabilities 95,937,599
Prepetition Liabilities
Secured Debt 43,411
Priority Debt -
Unsecured Debt 13,002,050
Other 126,701,861
--------------
Total Prepetition Liabilities 139,747,323
--------------
Total Liabilities 235,684,922
Equity
Prepetition Owners' Equity (90,524,986)
Postpetition Cumulative Profit or Loss (30,310,837)
Cash funded from UR LLC in excess of P&L losses 4,000,000
--------------
Total Equity (116,835,823)
--------------
Total Liabilities & Owners' Equity $118,849,099
==============
Preferred Retreats, LLC
Statement of Operations
January 1 to 31, 2007
Revenues
Gross Revenues $89,119
Less: Returns & Discounts -
--------------
Net Revenue 89,119
Cost of Goods Sold
Material 38,400
Direct Labor -
Direct Overhead 70,459
--------------
Total Cost of Goods Sold 108,859
--------------
Gross Profit (19,740)
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing 36,301
General Administration 254,417
Rent & Lease 1,636
Other (104,215)
--------------
Total Operating Expenses 188,139
--------------
Income Before Non-Operating Income & Expenses (207,879)
Other Income & Expenses
Non-operating Income -
Non-operating Expense 2,598
Interest Expense 241
Depreciation/Depletion 57,536
Amortization -
Other (242,008)
--------------
Net Other Income & Expenses (181,632)
Reorganization Expenses
Professional Fees 3,936,238
U.S. Trustee Fees -
Other 3,700
--------------
Total Reorganization Expenses 3,939,938
--------------
Income Tax -
--------------
Net Profit (Loss) ($3,966,185)
==============
Preferred Retreats, LLC
Consolidated Cash Receipts and Disbursements
January 1 to 31, 2007
Cash - Beginning of Month $1,334,394
Receipts from Operations
Cash Sales 717,028
Collection of Accounts Receivable
Prepetition -
Postpetition -
--------------
Total Operating Receipts 717,028
Non-operating Receipts
Loans & Advances 4,525,377
Sale of Assets 2,422,190
Other 847,742
--------------
Total Non-operating Receipts 7,795,308
--------------
Total Receipts 8,512,337
--------------
Total Cash Available 9,846,730
Operating Disbursements
Gross Payroll 1,253,380
Payroll Taxes Paid -
Sales, Use & Other Taxes Paid 25,020
Secured/Rental/Leases 661,529
Utilities 61,020
Insurance 84,839
Mortgages -
Interest 937,777
Employee Expenses 16,540
House Keeping & Contract Labor 54,113
Repairs & Maintenance 44,931
Field Expenses 170,490
International Destination Expenses 149,236
HOA 20,521
Other 146,831
--------------
Total Operating Disbursements 3,626,228
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other 2,414,190
--------------
Total Reorganization Expenses 2,414,190
--------------
Total Disbursements 6,040,418
--------------
Net Cash Flow 2,471,919
--------------
Cash - End of Month $3,806,312
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts. (Complete Retreats Bankruptcy News, Issue No. 22;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
As reported in the Troubled Company Reporter on Feb. 19, 2007, the
Court further extended the Debtors' exclusive periods to file a
plan of reorganization through and including April 19, 2007, and
solicit votes on that plan through and including June 18, 2007.
COMPLETE RETREATS: Private Files January 2007 Operating Report
--------------------------------------------------------------
Private Retreats, LLC
Balance Sheet
As of January 31, 2007
ASSETS
Unrestricted Cash -
Restricted Cash $1,679
--------------
Total Cash 1,679
Accounts Receivable (Net) -
Inventory 71,916
Notes Receivable 565,356
Prepaid Expenses -
Other -
--------------
Total Current Assets 637,273
Property, Plant & Equipment 53,171,439
Less: Accumulated Depreciation/Depletion (5,624,592)
--------------
Net Property, Plant & Equipment 47,546,847
Due from Insiders -
Other Assets - Net of Amortization 1,152,200
Other 19,059,986
--------------
Total Assets $68,397,984
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable -
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other $30,646,634
--------------
Total Postpetition Liabilities 30,646,634
Prepetition Liabilities
Secured Debt 186,738
Priority Debt -
Unsecured Debt 5,447,416
Other 13,680,502
--------------
Total Prepetition Liabilities 19,314,655
--------------
Total Liabilities 49,961,289
Equity
Prepetition Owners' Equity 19,317,217
Postpetition Cumulative Profit or Loss (880,521)
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 18,436,695
--------------
Total Liabilities & Owners' Equity $68,397,984
==============
Private Retreats, LLC
Statement of Operations
January 1 to 31, 2007
Revenues
Gross Revenues $319
Less: Returns & Discounts -
--------------
Net Revenue 319
Cost of Goods Sold
Material -
Direct Labor -
Direct Overhead -
--------------
Total Cost of Goods Sold -
--------------
Gross Profit 319
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other -
--------------
Total Operating Expenses -
--------------
Income Before Non-Operating Income & Expenses 319
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion 136,693
Amortization -
Other -
--------------
Net Other Income & Expenses 136,693
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses -
--------------
Income Tax -
--------------
Net Profit (Loss) ($136,374)
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts. (Complete Retreats Bankruptcy News, Issue No. 22;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
As reported in the Troubled Company Reporter on Feb. 19, 2007, the
Court further extended the Debtors' exclusive periods to file a
plan of reorganization through and including April 19, 2007, and
solicit votes on that plan through and including June 18, 2007.
DELPHI CORP: Posts $186 Million Net Loss in January 2007
--------------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of January 31, 2007
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $193
Restricted cash 107
Accounts receivable, net
General Motors and affiliates 1,296
Other third parties 1,210
Non-Debtor subsidiaries 333
Notes receivable from non-Debtor subsidiaries 345
Inventories, net
Productive material, work-in-process and supplies 922
Finished goods 287
Prepaid expenses and other 237
--------
TOTAL CURRENT ASSETS 4,930
Long-term assets:
Property, net 2,204
Investment in affiliates 366
Investments in non-Debtor subsidiaries 3,303
Goodwill 152
Other intangible assets 35
Other 346
--------
TOTAL ASSETS $11,336
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Debtor-in-possession financing $2,742
Accounts payable 1,212
Accounts payable to non-Debtor subsidiaries 486
Accrued liabilities 972
--------
TOTAL CURRENT LIABILITIES 5,412
Long-term liabilities not subject to compromise:
Employee benefit plan obligations and other 733
--------
TOTAL LONG-TERM LIABILITIES 733
Liabilities subject to compromise 17,519
--------
TOTAL LIABILITIES 23,664
Stockholders' deficit:
Common stock 6
Additional paid-in capital 2,771
Accumulated deficit (12,079)
Accumulated other comprehensive loss (2,974)
Treasury stock, at cost (3.2 million shares) (52)
--------
TOTAL STOCKHOLDERS' DEFICIT (12,328)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $11,336
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended January 31, 2007
(In Millions)
Net sales:
General Motors and affiliates $707
Other customers 491
Intercompany non-Debtor subsidiaries 77
--------
Total net sales 1,275
--------
Operating expenses:
Cost of sales 1,355
Selling, general and administrative 82
Depreciation and amortization 51
--------
Total operating expenses 1,488
--------
Operating loss (213)
Interest expense (29)
Other expense, net (1)
Reorganization items (9)
Income tax benefit (expense) -
Equity income from non-consolidated subsidiaries 5
Equity income from non-Debtor subsidiaries, net of tax 61
--------
NET LOSS ($186)
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended January 31, 2007
(In Millions)
Cash flows from operating activities:
Net loss ($186)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization 51
Pension and other postretirement benefit expenses 97
Equity loss from unconsolidated subsidiaries, net (5)
Equity loss from non-Debtor subsidiaries, net of tax (61)
Reorganization items 9
Changes in operating assets and liabilities:
Accounts receivable, net 12
Inventories, net (8)
Prepaid expenses and other (4)
Accounts payable, accrued and other long-term debts 135
U.S. employee special attrition program (114)
Pension contributions (50)
Other postretirement benefit payments (26)
Receipts (payments) for reorganization items, net 1
Other (18)
--------
Net cash used in operating activities (167)
Cash flows from investing activities:
Capital expenditures (12)
Proceeds from sale of property 1
Other 4
--------
Net cash used in investing activities (7)
Cash flows from financing activities:
Proceeds from DIP facility, net 2,739
Repayments of debt securities (2,746)
Repayments of borrowings under other debt (2)
--------
Net cash used in financing activities (9)
--------
Decrease in cash and cash equivalents (183)
Cash and cash equivalents at beginning of period 376
--------
Cash and cash equivalents at end of period $193
========
Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier of
vehicle electronics, transportation components, integrated systems
and modules, and other electronic technology. The Company's
technology and products are present in more than 75 million
vehicles on the road worldwide. The Company filed for chapter 11
protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and
Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
represent the Debtors in their restructuring efforts. Robert J.
Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude,
Esq., at Latham & Watkins LLP, represents the Official Committee
of Unsecured Creditors. As of Aug. 31, 2005, the Debtors' balance
sheet showed $17,098,734,530 in total assets and $22,166,280,476
in total debts. (Delphi Corporation Bankruptcy News,
Issue No. 60; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
DELTA AIR: Posts $109 Million Net Loss in January 2007
------------------------------------------------------
DELTA AIR LINES, INC.
Unaudited Consolidated Balance Sheets
As of January 31, 2007
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $2,146,000,000
Short-term investments 470,000,000
Restricted cash 885,000,000
Accounts receivable, net of an allowance for
uncollectible accounts of $21 1,007,000,000
Expendable parts and supplies inventories, net
of an allowance for obsolescence of $162 180,000,000
Deferred income taxes, net 400,000,000
Prepaid expenses and other 533,000,000
---------------
Total current assets 5,621,000,000
PROPERTY AND EQUIPMENT:
Flight equipment 17,675,000,000
Accumulated depreciation (6,858,000,000)
---------------
Flight equipment, net 10,817,000,000
Ground property and equipment 4,581,000,000
Accumulated depreciation (2,864,000,000)
---------------
Ground property and equipment, net 1,717,000,000
Flight and ground equipment
under capital leases 473,000,000
Accumulated amortization (141,000,000)
---------------
Flight and ground equipment
under capital leases, net 332,000,000
---------------
Advance payments for equipment 71,000,000
---------------
Total property and equipment, net 12,937,000,000
OTHER ASSETS:
Goodwill 227,000,000
Operating rights and other intangibles,
net of accumulated amortization of $191 89,000,000
Other noncurrent assets 873,000,000
---------------
Total other assets 1,189,000,000
---------------
Total assets $19,747,000,000
===============
LIABILITIES AND SHAREOWNERS' DEFICIT
CURRENT LIABILITIES:
Current maturities of long-term debt
and capital leases $1,829,000,000
Accounts payable $952,000,000
Air traffic liability 2,072,000,000
Taxes payable 556,000,000
Deferred revenue 371,000,000
Accrued salaries and related benefits 408,000,000
Other accrued liabilities 266,000,000
---------------
Total current liabilities 6,454,000,000
NONCURRENT LIABILITIES:
Long-term debt and capital leases 6,029,000,000
Deferred income taxes, net 406,000,000
Deferred revenue and other credits 348,000,000
Other 366,000,000
---------------
Total noncurrent liabilities 7,149,000,000
LIABILITIES SUBJECT TO COMPROMISE 19,828,000,000
COMMITMENTS AND CONTINGENCIES
SHAREOWNERS' DEFICIT:
Common stock:
$0.01 par value; 900,000,000 shares
authorized; 202,081,648 shares issued 2,000,000
Additional paid-in capital 1,561,000,000
Accumulated deficit (14,523,000,000)
Accumulated other comprehensive loss (500,000,000)
Treasury stock at cost, 4,745,710 shares (224,000,000)
---------------
Total shareowners' deficit (13,684,000,000)
---------------
Total liabilities and shareowners' deficit $19,747,000,000
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statement of Operations
For the Month Ended January 31, 2006
OPERATING REVENUES:
Passenger:
Mainline $877,000,000
Regional affiliates 287,000,000
Cargo 35,000,000
Other, net 98,000,000
---------------
Total operating revenues 1,297,000,000
OPERATING EXPENSES:
Aircraft fuel 317,000,000
Salaries and related costs 306,000,000
Contract carrier arrangements 238,000,000
Depreciation and amortization 98,000,000
Contracted services 98,000,000
Passenger commissions and
other selling expenses 70,000,000
Aircraft maintenance materials and
outside repairs 70,000,000
Landing fees and other rents 63,000,000
Aircraft rent 25,000,000
Passenger service 24,000,000
Restructuring, asset writedowns, pension
settlements and related items, net 1,000,000
Other 52,000,000
---------------
Total operating expenses 1,362,000,000
---------------
OPERATING INCOME (65,000,000)
---------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest
expense equals $95,000,000 for the month ended
January 31, 2006) (68,000,000)
Interest income 5,000,000
Miscellaneous, net 13,000,000
---------------
Total other expense, net (50,000,000)
---------------
LOSS BEFORE REORGANIZATION ITEMS, NET (115,000,000)
REORGANIZATION ITEMS, NET 6,000,000
---------------
LOSS BEFORE INCOME TAXES (109,000,000)
INCOME TAX BENEFIT --
---------------
NET LOSS ($109,000,000)
===============
DELTA AIR LINES, INC.
Unaudited Condensed Consolidated Statement of Cash Flows
For the Month ended January 31, 2006
NET CASH USED BY OPERATING ACTIVITIES $275,000,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
Flight equipment, including
advance payments (53,000,000)
Ground property and equipment (12,000,000)
Proceeds from sale of flight equipment 3,000,000
Other, net 11,000,000
---------------
Net cash provided by investing activities (51,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and
capital lease obligations (112,000,000)
---------------
Net cash used by financing activities (112,000,000)
---------------
Net decrease in cash and cash equivalents 112,000,000
Cash & cash equivalents at beginning of period 2,034,000,000
---------------
Cash & cash equivalents at end of period $2,146,000,000
===============
Delta Air Lines filed its Monthly Operating Report for
January 2007 with the U.S. Bankruptcy Court for the Southern
District of New York. Key points include:
* Delta's January 2007 net loss was $109 million. Excluding
reorganization items, the January 2007 net loss was
$115 million.
* As of Jan. 31, 2007, Delta had $2.6 billion of
unrestricted cash, cash equivalents and short-term
investments.
Delta reported a net loss of $109 million in the month of
January 2007, compared to a net loss of $300 million in
January 2006. Delta's net loss before reorganization items was
$115 million for January 2007, a $98 million improvement versus
the prior year period. Delta's operating loss of $65 million, an
$81 million improvement over January 2006, includes a $15 million
negative impact of fuel hedges for the month. As of
Jan. 31, 2007, Delta had $3.6 billion of cash, cash equivalents
and short-term investments, of which $2.6 billion was
unrestricted.
Restructuring Progress
Delta remains on course to emerge from Chapter 11 in Spring
2007, having made significant progress in transforming the
airline into a strong and vibrant competitor. Evidence of the
company's progress in January's performance:
* Delta's consolidated passenger unit revenue (PRASM)
increased 3.7% for January 2007 compared to January 2006.
Delta's length of haul adjusted PRASM increased 6.1% for
January 2007 versus January 2006, as compared to the
industry (excluding Delta) average PRASM increase of 1.7%
over the same period.
* Delta's operating expenses remained essentially flat
despite a capacity increase of 2.9%, resulting in a 2.7%
reduction in consolidated unit costs (CASM) in January
2007 compared to January 2006. Mainline non-fuel CASM was
7.19 cents for the month, a 7.1% improvement year over
year.
"The year-over-year improvement in our results continues to
reflect the progress we are making in transforming our business,"
said Edward H. Bastian, Delta's executive vice president and
chief financial officer. "January's results were in line with
our plan, for what is typically Delta's slowest travel month. We
remain on track to emerge from bankruptcy as a strong, healthy
and independent global carrier this spring."
Important Financial Disclosure
Current holders of Delta's equity will not receive any
distributions under Delta's proposed Plan of Reorganization.
These equity interests would be cancelled upon the effectiveness
of the proposed Plan of Reorganization, which the company
believes will be shortly after the confirmation hearing scheduled
on April 25, 2007. Accordingly, we urge that caution be
exercised with respect to existing and future investments in
Delta's equity securities and any of Delta's liabilities and
other securities.
Headquartered in Atlanta, Georgia, Delta Air Lines
-- http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities. (Delta Air Lines
Bankruptcy News, Issue No. 64; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
Plan Update
The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.
On Jan 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on Feb. 2,
2007. On Feb. 7, 2007, the Court approved the adequacy of the
Debtors' disclosure statement. The hearing to consider
confirmation the Debtors' plan is scheduled on April 25, 2007.
DURA AUTOMOTIVE: Files Operating Report for Period Ended Jan. 28
----------------------------------------------------------------
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Balance Sheet
As of January 28, 2007
(Dollars in thousands)
ASSETS
Current assets:
Cash and cash equivalents $24,238
Accounts receivable, net
Trade 131,287
Other 17,969
Non-Debtor subsidiaries 19,351
Inventories 82,513
Other current assets 40,349
----------
Total current assets 315,707
----------
Property, plant and equipment, net 177,214
Goodwill, net 249,927
Notes receivable from Non-Debtors subsidiaries 180,462
Investment in Non-Debtors subsidiaries 790,647
Other noncurrent assets 26,996
----------
Total Assets $1,740,953
==========
LIABILITIES AND NET LIABILITIES IN LIQUIDATION
Current liabilities:
Debtors-in-possession financing $165,000
Accounts payable 33,904
Accounts payable to Non-Debtors subsidiaries 811
Accrued Liabilities 89,547
----------
Total current liabilities 289,262
----------
Long-term Liabilities:
Notes Payable to Non-Debtors subsidiaries 8,429
Other noncurrent liabilities 80,862
Liabilities Subject to Compromise 1,304,545
----------
Total Liabilities 1,683,098
Stockholders' Investment 57,855
----------
Total Liabilities and Stockholders' Investment $1,740,953
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statement of Operations
For the Four Weeks Ended January 28, 2007
(Dollars in thousands)
Total sales $72,138
Cost of sales 72,563
----------
Gross (loss) profit (425)
Selling, general and administrative expenses 6,190
Facility consolidation, asset impairment
and other charges 144
Amortization expense 34
----------
Operating (loss) income (6,793)
Interest expense, net 3,078
----------
Loss before reorganization items and income taxes (9,871)
Reorganization items 4,819
----------
Loss before income taxes (14,690)
Provision for income taxes 17
----------
Net Loss ($14,707)
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statements of Cash Flows
For the Four Weeks Ended January 28, 2007
(Dollars in thousands)
Operating Activities:
Net loss ($14,707)
Adjustments to reconcile net loss to net cash used
in operations activities:
Depreciation, amortization & asset impairments 2,770
Amortization of deferred financing fees 644
Bad debts (50)
Unrealized foreign currency exchange rate lo (771)
Reorganization items 4,819
Changes in other operating items:
Accounts receivable 12,737
Inventories (2,737)
Other current assets 2,331
Noncurrent assets 49
Accounts payable 1,814
Accrued liabilities 8,608
Noncurrent liabilities (20)
Current intercompany transactions (2,185)
----------
Net cash (used in) provided by operating activities 13,302
Investing Activities:
Purchases of property, plant & equipment (823)
----------
Net cash (used in) provided by investing activities (823)
Financing Activities:
Payments on insurance premium installment financing (1,029)
Debt issuance costs (90)
----------
Net cash used in financing activities (1,119)
Net increase (Decrease) in Cash & Equivalents 11,360
Cash & Cash Equivalent, Beginning Balance 12,878
----------
Cash & Cash Equivalent, Ending Balance $24,238
==========
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 Oct. 30, 2006 (Bankr.
D. 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.
15; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
FEDERAL-MOGUL: Earns $48.3 Million in January 2007
--------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of January 31, 2007
(In millions)
Assets
Cash and equivalents $42.8
Accounts receivable 550.3
Inventories 438.4
Deferred taxes 191.3
Prepaid expenses and other current assets 94.9
--------
Total current assets 1,317.7
Summary of Unpaid Postpetition Debits (34.1)
Intercompany Loans Receivable (Payable) 1,449.7
--------
Intercompany Balances 1,415.6
Property, plant and equipment 819.3
Goodwill 967.0
Other intangible assets 345.0
Insurance recoverable 859.9
Other non-current assets 485.8
--------
Total Assets $6,210.3
========
Liabilities and Shareholders' Equity
Short-term debt $358.5
Accounts payable 221.0
Accrued compensation 83.5
Restructuring and rationalization reserves 22.1
Current portion of asbestos liability -
Interest payable 4.5
Other accrued liabilities 231.9
--------
Total current liabilities 921.6
Long-term debt -
Post-employment benefits 752.5
Other accrued liabilities 522.9
Liabilities subject to compromise 5,808.4
Shareholders' equity:
Preferred stock 1,050.6
Common stock 658.1
Additional paid-in capital 7,986.0
Accumulated deficit (11,410.9)
Accumulated other comprehensive income (78.9)
Other -
--------
Total Shareholders' Equity (1,795.1)
--------
Total Liabilities and Shareholders' Equity $6,210.3
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended January 31, 2007
(In millions)
Net sales $253.7
Cost of products sold 212.7
--------
Gross margin 41.0
Selling, general & administrative expenses (44.1)
Amortization (1.1)
Reorganization items 86.1
Interest expense, net (45.4)
Other expense, net 11.5
--------
Earnings before Income Taxes 47.9
Income Tax (Expense) Benefit 0.4
--------
Earnings before cumulative effect of change
in acctg. Principle 48.3
--------
Net Earnings (loss) $48.3
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended January 31, 2007
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) $48.3
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 12.6
Adjustment of assets held for sale and
other long-lived assets to fair value -
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. Principle -
Change in post-employment benefits (16.5)
Decrease (increase) in accounts receivable (6.9)
Decrease (increase) in inventories (18.0)
Increase (decrease) in accounts payable 19.8
Change in other assets & other liabilities (25.8)
Change in restructuring charge -
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From Operating Activities 13.4
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (6.0)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
--------
Net Cash Provided From (Used By) Investing Activities (6.0)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (15.5)
Sale of accounts receivable under securitization -
Dividends -
Other 0.1
--------
Net Cash Provided From Financing Activities (15.4)
Increase (Decrease) in Cash and Equivalents (8.0)
Cash and equivalents at beginning of period 50.8
--------
Cash and equivalents at end of period $42.8
========
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some $6 billion. The Company filed for
chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No.
01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and
Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura
Davis Jones Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed $10.15 billion in assets and $8.86 billion
in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq.,
at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard
Firm represent the Official Committee of Unsecured Creditors.
On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003. They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan. On July 28, 2004, the
District Court approved the Disclosure Statement. The estimation
hearing began on June 14, 2005. They then submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007. The confirmation hearing is set for May 8, 2007. (Federal-
Mogul Bankruptcy News, Issue No. 130; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
NORTHWEST AIRLINES: Posts $30 Million Net Loss in December 2006
---------------------------------------------------------------
Northwest Airlines Corporation
Unaudited Condensed Consolidated Balance Sheet
As of December 31, 2006
ASSETS
Current assets:
Cash and cash equivalents $1,461,000,000
Unrestricted short-term investments 597,000,000
Restricted cash, cash equivalents &
short-term investments 424,000,000
Accounts receivable, net 638,000,000
Flight equipment spare parts, net 104,000,000
Prepaid expenses & other 342,000,000
---------------
Total current assets 3,566,000,000
Property and equipment:
Flight equipment, net 7,609,000,000
Other property & equipment, net 571,000,000
---------------
Total property & equipment 8,180,000,000
Flight Equipment under capital leases, net 12,000,000
Other assets:
International routes 634,000,000
Investments in affiliated companies 42,000,000
Other 781,000,000
---------------
Total other assets 1,457,000,000
---------------
Total assets $13,215,000,000
===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Air traffic liability $1,557,000,000
Accounts payable & other liabilities 1,441,000,000
Current maturities of long-term debt
& capital lease obligations 213,000,000
---------------
Total current liabilities 3,211,000,000
Long-term debt 3,899,000,000
Deferred Credits & other liabilities:
Long-term pension & postretirement
Health care benefits 86,000,000
Other 161,000,000
---------------
Total deferred credits & other liabilities 247,000,000
Liabilities Subject to Compromise 13,572,000,000
Preferred redeemable stock subject to Compromise 277,000,000
Common Stockholders' Equity (Deficit)
Common stock 1,000,000
Additional paid-in capital 1,505,000,000
Accumulated deficit (7,384,000,000)
Accumulated other comprehensive
income (loss) (1,100,000,000)
Treasury stock (1,013,000,000)
---------------
Total common stockholders' equity (deficit) (7,991,000,000)
---------------
Total Liabilities &
Stockholders' Equity (deficit) $13,215,000,000
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statement of Operations
For Month Ended December 31, 2006
Operating Revenues
Passenger $729,000,000
Regional carrier revenues 90,000,000
Cargo 71,000,000
Other 77,000,000
---------------
Total Operating Revenues 967,000,000
Operating Expenses
Aircraft fuel and taxes 275,000,000
Salaries, wages, and benefits 209,000,000
Selling and marketing 63,000,000
Aircraft maintenance materials and repair 81,000,000
Other rentals and landing fees 33,000,000
Depreciation and amortization 46,000,000
Aircraft rentals 17,000,000
Regional carrier expenses 103,000,000
Other 149,000,000
Other unusual items 1,000,000
---------------
Total Operating Expenses 977,000,000
Operating Income (Loss) (10,000,000)
Other Income (Expense)
Interest expense, net (45,000,000)
Investment income 11,000,000
Reorganization items, net (24,000,000)
Other, net 3,000,000
---------------
Total other income (expense) (55,000,000)
---------------
Income (Loss) Before Income Taxes (65,000,000)
Income tax expense (benefit) (35,000,000)
---------------
Net Income (Loss) ($30,000,000)
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statement of Cash Flows
For Month Ended December 31, 2006
Cash Flows from Operating Activities:
Net income (loss) ($30,000,000)
Adjustments to reconcile net loss to net
cash provided by (used in)
operating activities:
Depreciation and amortization 46,000,000
Pension and other postretirement benefit
contributions less than expense 9,000,000
Changes in certain assets & liabilities (67,000,000)
Long-term vendor deposits/holdbacks 20,000,000
Reorganization items 24,000,000
Other, net (37,000,000)
---------------
Net cash used in operating activities (35,000,000)
Cash Flows from Reorganization Activities:
Net cash provided by (used in)
reorganization activities 1,000,000
Cash Flows from Investing Activities:
Capital expenditures (159,000,000)
Proceeds from sales of short term investment (8,000,000)
Decrease (increase) in restricted
cash, cash equivalents &
short-term investments (24,000,000)
Other, net 1,000,000
---------------
Net cash provided by (used in) investing
activities (190,000,000)
Cash Flows from Financing Activities:
Proceeds from long-term debt 779,000,000
Payments of long-term debt and capital
lease obligations (771,000,000)
Other, net (16,000,000)
---------------
Net cash provided by (used in)
financing activities (8,000,000)
---------------
Increase (Decrease) in Cash and
Cash Equivalents (232,000,000)
Cash & cash equivalents at beginning of period 1,693,000,000
---------------
Cash & cash equivalents at end of period $1,461,000,000
===============
Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures. Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks. Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents. The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930). Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases. When the Debtors filed for protection
from their creditors, they listed $14.4 billion in total assets
and $17.9 billion in total debts. On Feb. 15, 2007, the Debtors
filed an Amended Plan & Disclosure Statement. The hearing to
consider the adequacy of the Disclosure Statement has been
scheduled for March 26, 2007. (Northwest Airlines Bankruptcy
News, Issue No. 59; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
NORTHWEST AIRLINES: Posts $349 Million Net Loss in January 2007
---------------------------------------------------------------
Northwest Airlines Corporation
Unaudited Condensed Consolidated Balance Sheet
As of January 31, 2007
ASSETS
Current assets:
Cash and cash equivalents $1,622,000,000
Unrestricted short-term investments 614,000,000
Restricted cash, cash equivalents &
short-term investments 512,000,000
Accounts receivable, net 619,000,000
Flight equipment spare parts, net 103,000,000
Prepaid expenses & other 346,000,000
---------------
Total current assets 3,816,000,000
Property and equipment:
Flight equipment, net 7,694,000,000
Other property & equipment, net 566,000,000
---------------
Total property & equipment 8,260,000,000
Flight Equipment under capital leases, net 12,000,000
Other assets:
International routes 634,000,000
Investments in affiliated companies 41,000,000
Other 683,000,000
---------------
Total other assets 1,358,000,000
---------------
Total assets $13,446,000,000
===============
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Air traffic liability $1,720,000,000
Accounts payable & other liabilities 1,511,000,000
Current maturities of long-term debt
& capital lease obligations 211,000,000
---------------
Total current liabilities 3,442,000,000
Long-term debt 3,954,000,000
Deferred Credits & other liabilities:
Long-term pension & postretirement
health care benefits 86,000,000
Other 161,000,000
---------------
Total deferred credits & other liabilities 247,000,000
Liabilities Subject to Compromise 13,866,000,000
Preferred redeemable stock subject to Compromise 275,000,000
Common Stockholders' Equity (Deficit)
Common stock 1,000,000
Additional paid-in capital 1,506,000,000
Accumulated deficit (7,732,000,000)
Accumulated other comprehensive
income (loss) (1,100,000,000)
Treasury stock (1,013,000,000)
---------------
Total common stockholders' equity (deficit) (8,338,000,000)
---------------
Total Liabilities &
Stockholders' Equity (deficit) $13,446,000,000
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statement of Operations
For Month Ended January 31, 2007
Operating Revenues
Passenger $692,000,000
Regional carrier revenues 87,000,000
Cargo 60,000,000
Other 53,000,000
---------------
Total Operating Revenues 892,000,000
Operating Expenses
Aircraft fuel and taxes 265,000,000
Salaries, wages, and benefits 202,000,000
Aircraft maintenance materials and repair 62,000,000
Selling and marketing 57,000,000
Other rentals and landing fees 47,000,000
Depreciation and amortization 39,000,000
Aircraft rentals 32,000,000
Regional carrier expenses 71,000,000
Other 139,000,000
---------------
Total Operating Expenses 914,000,000
Operating Income (Loss) (22,000,000)
Other Income (Expense)
Interest expense, net (45,000,000)
Investment income 9,000,000
Reorganization items, net (291,000,000)
Other, net -
---------------
Total other income (expense) (327,000,000)
---------------
Income (Loss) Before Income Taxes (349,000,000)
Income tax expense (benefit) -
---------------
Net Income (Loss) ($349,000,000)
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statement of Cash Flows
For Month Ended January 31, 2007
Cash Flows from Operating Activities:
Net income (loss) ($349,000,000)
Adjustments to reconcile net loss to net
cash provided by (used in)
operating activities:
Depreciation and amortization 39,000,000
Pension and other postretirement benefit
contributions less than expense (2,000,000)
Changes in certain assets & liabilities 227,000,000
Long-term vendor deposits/holdbacks 86,000,000
Reorganization items 291,000,000
Other, net 3,000,000
---------------
Net cash provided by operating activities 295,000,000
Cash Flows from Reorganization Activities:
Net cash provided by (used in)
reorganization activities 6,000,000
Cash Flows from Investing Activities:
Capital expenditures (5,000,000)
Proceeds from sales of short term investment (15,000,000)
Decrease (increase) in restricted
cash, cash equivalents &
short-term investments (88,000,000)
Other, net 1,000,000
---------------
Net cash provided by (used in) investing
activities (107,000,000)
Cash Flows from Financing Activities:
Proceeds from long-term debt -
Payments of long-term debt and capital
lease obligations (33,000,000)
Other, net -
---------------
Net cash provided by (used in)
financing activities (33,000,000)
---------------
Increase (Decrease) in Cash and
Cash Equivalents 161,000,000
Cash & cash equivalents at beginning of period 1,461,000,000
---------------
Cash & cash equivalents at end of period $1,622,000,000
===============
Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures. Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks. Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents. The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930). Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases. When the Debtors filed for protection
from their creditors, they listed $14.4 billion in total assets
and $17.9 billion in total debts. On Feb. 15, 2007, the Debtors
filed an Amended Plan & Disclosure Statement. The hearing to
consider the adequacy of the Disclosure Statement has been
scheduled for March 26, 2007. (Northwest Airlines Bankruptcy
News, Issue No. 59; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
PACIFIC LUMBER: Files Schedules of Assets and Liabilities
---------------------------------------------------------
A. Real Estate
270 Single Family Residences $65,000,000
Mill B Complex 25,000,000
Bio-Mass Co-Generation Power Plant 21,300,000
Fortuna Mill Site 10,000,000
Scotia Center 4,900,000
Mill A Complex 4,850,000
Co-Gen Turbine Building 3,600,000
Scotia Inn Boutique Hotel 3,500,000
Carlotta Mill Site 3,500,000
Headquarters 3,400,000
Schools 2,250,000
Recreation Facility 1,750,000
Vacant land 1,250,000
Scotia Lumber Mill
Planer 6,270,000
Dry Kiln 5,500,000
Stern Merchandising Sys. 5,040,000
Small Log Trim/Sort 4,010,000
Small Log Line Primary 3,860,000
Waste System Components 3,120,000
Large Log Side 2,350,000
Gang System 2,300,000
Lineal Scan Edgar System 1,560,000
Horizontal Resaw System 700,000
Miscellaneous Equipment 670,000
Line Manual Grade 370,000
Sewage Treatment Garage Shop 800,000
PALCO Offices 700,000
Medical Center 700,000
Scotia Garage 600,000
Fire Department 600,000
Museum 500,000
Scotia Union Church 400,000
PO Complex 400,000
Day Care Center 200,000
St. Patrick's RC Church 150,000
President's Home Unknown
B. Personal Property
B.1 Cash on Hand / Petty Cash 1,500
B.2 Financial Accounts
Bank of California - Collection Lock Box 512,655
Bank of California - Accounts Payables 436,440
B.3 Security Deposits
PGE Deposits 125,109
B.9 Interests in Insurance Policies
Unamortized Insurance Premium 978,864
B.13 Stocks and Interests
Baywood Country Club 513
B.14 Interest in Joint Ventures
Co-op Investment in Cal Ammonia 16,000
B.16 Accounts/Trade/Note Receivable
Lumber 2,743,539
Logs 1,826,116
I/C Scopac 1,027,641
Rounds Logging 452,908
Wills Logging 428,489
Sale of Equipment 414,364
Educational Media 385,953
Pacific Coast Trading 196,592
Lewis Logging 175,098
Railroad Track 72K 117,101
Railroad Track 61K 90,193
By-Products 71,583
Imperial Capital - refund 62,500
I/C Scotia Inn 30,544
Computers 7,992
B.22 Patents
Intangibles 49,419
B.25 Automobiles 817,841
B.28 Office Equipment and Supplies
Misc. Small Machinery 790,000
B.29 Machinery, Fixtures & Supplies
Planer Mill 1,230,000
Small Log Merchandising 1 990,000
Small Log Merchandising 2 760,000
Planer Mill Equipment 610,000
Large Log Side 460,000
Curve-Sawing Gang System 450,000
Lineal Scan Edger System 310,000
Waste System Components 140,000
Dry Kilns 130,000
Dry Kilns 80,000
Manual Grade Edger System 70,000
B.30 Inventory
Scotia Sawmill Log Deck 28,780,438
Scotia Lumber Inventory 17,792,182
B.35 Other Personal Property
Logging Advances to HTC 43,119
State Comptroller of Texas 3,000
Self-Insurance Plans 37,716
Strong Creek subdivision 24,120
BofA Hold-back 100,000
TOTAL SCHEDULED ASSETS $254,869,540
=============
D. Creditors Holding Secured Claims
County of Humboldt $400,347
LaSalle Business Credit LLC 13,158,103
Marathon Structured Finance Fund LP 26,842,300
Marathon Structured Finance Fund LP 87,254,829
E. Creditors Holding Unsecured Claims
R.L. McCutchen 62,816
Kathy Wigginton 46,612
Ronny Bush 42,438
Healthtrans LLC 38,500
John C Morrison 37,640
Michael Fuller 32,685
Henry Long 29,365
Loran Graham 29,237
Dennis E. Wood 27,818
Self-Insurance Plans 27,497
Joseph J Moore 27,383
Gary Brown 26,466
Kenneth Sanders 26,346
Emil Sarlund 25,808
Jesus Torres 25,130
Jackie Allen 24,662
Gerald Finley 24,656
Paul Belli 23,363
George O'Brien 22,860
James E Griffith 21,564
Dale K. Smith 21,357
Harmon Hebert 21,232
Oscar Fregoso 19,613
Donald R. Mederios 19,402
Michael Campbell 18,403
Michael Bushnell 17,584
Rex Perkes 17,380
Virgil Hall 17,319
Paulette Houseworth 17,146
Leora Owens 17,122
Paul Newmaker 17,109
Kenneth Thornton 16,807
Kevin Paldino 16,394
Dario Primofiore 15,961
Martin Sanchez 15,371
Metropolitan Life Insurance Co. 14,979
Frank R. Wilson 14,759
Gary Clark 14,673
Steven Deike 14,566
Steven Wigginton 13,986
Frank S. Bacik 13,403
Timothy Whitchurch 13,141
National Benefit Resources 13,016
Donald L. Bryant 12,946
Richard Robbins 12,826
Eugene R. Ross 12,773
Brian P Connors 12,436
Robert Vogt 11,185
Paul Shaner 11,129
Robert Girsback 11,092
Carlos Urbins 10,329
Gary Ogden 10,032
Jackie Curteman 10,010
Reed Spiers 9,986
Rodney Benson 9,824
Rodney Sanderson 9,710
Ronald Eldridge 9,710
Dennis Clark 9,682
Humboldt-Del No 9,536
Dan McLaughlin 9,340
John Broadstock 8,923
Ademar Freitas 8,807
Randall Andersen 8,803
Samuel Bartlett 8,801
Demos Barcelos 8,584
Richard Walsh 8,496
James Barsanti 8,269
Armando Ramirez 8,235
Robert Moore 8,202
Paul Sheppard 8,193
Stanley Johnson 8,191
Tracy Elgin 8,181
Dennis Betts 8,083
Gerardo Herrera 8,078
Daniel Bartlett 7,630
Gary Rush 7,597
Steven Burgh 7,511
Jesus Martinez 7,505
Joe Colina 7,362
Todd Hilligross 7,147
Glen Johnson 7,025
Others 987,265
F. Creditors Holding Unsecured Non-Priority Claims
Maxxam Group Inc. 39,080,375
PALCO Retirement Plan 9,002,573
PALCO Employees 6,427,626
Britt Lumber Company 2,199,814
Scotia Pacific Company LLC 1,834,400
Maxxam Inc. 694,282
John Campbell 494,345
Robert Manne 350,679
Gordon Dewberry 349,203
Scotia Development Corp., LLC 310,729
Stonegate International 302,078
Steve Wills Trucking 299,072
Redcoast Forest Services Inc. 217,672
Jeff Duncan 212,517
SHN Consulting Engineers 167,971
Rodney Hunter 164,038
Darrold Criswell 158,202
Columbia Helico 148,613
Salmon Creek 139,653
Thomas Fraser, Jr. 135,017
William Thurston 134,687
Morrison & Foerster 133,536
Donald Woods 127,311
Leonardo Logging Inc. 123,149
Rounds Logging Inc. 119,544
A. Stockman 115,786
Northwest Forestry & Marine Inc. 114,210
Lewis Logging 114,080
Dwight Jennings 107,449
Pacific Coast Trading Inc. 104,441
Jerry Delay 104,433
Duane Lewis 98,547
Darron Dunlap 97,552
Allied Barton Security SVCS LP 95,758
Charles Phillips 94,133
Richard Currier 92,456
Charles Eilers 92,175
Irwin Petrey 89,594
Timothy Marks 87,377
Chris Perreira 84,987
Hastings' Smith River Tree Nursery 84,810
Shusters Transp 82,069
Richard Currier 81,854
Dean Martin 78,535
Howard Holcomb 77,464
Key Equipment f 73,618
Lonnie Manning 72,969
Porter Novelli Inc. 72,652
Jeff King Contr 72,346
Jimmy Daetwiler 72,028
Kenneth Rose 71,321
James Card Jr. 69,173
Harvey Willet 68,276
Thomas Strader 66,437
Pacific Watershed Associates 64,861
Jeffrey Farley 64,298
Walter Tucker 63,635
Richard Ingraham 60,152
George Head 58,434
Charley McDaniel 57,386
Michael Mahn 56,637
Arthur Petrey 56,470
Peterson Tractor Co. 55,838
Source One 54,167
Darrol Raven 54,098
Leonardo Logging 54,026
Norberto Garcia 53,903
North Coast Fabricators 52,680
Jesus Munoz 52,383
Steve Baker 52,025
Peter Austrus 50,621
John Sutsch 50,388
Union Pacific Dist Services 49,231
David Hayes 49,119
Robert McCutchen 47,067
California Redwood Asso. 45,905
Wilbur Freeman 45,668
Farwest Steel C 45,195
Brent Davis 43,308
Granite Construction Co. 42,970
Steve Wills Trucking 42,211
Renner Petroleu 42,150
Anthony Wallace 41,784
Ivan Marca 41,663
Wendall Bott III 41,399
Evergreen Pulp 41,335
Caterpillar Financial Services 40,975
Rounds Logging Inc. 40,917
Sonoma Compost Co. 40,826
Robert Ewing 40,615
Lee Russell 40,154
Other 3,779,662
TOTAL SCHEDULED LIABILITIES $201,476,665
=============
Headquartered in Oakland, California, The Pacific Lumber Company
-- http://www.palco.com/-- and its subsidiaries operate in
several principal areas of the forest products industry,
including the growing and harvesting of redwood and Douglas-fir
timber, the milling of logs into lumber and the manufacture of
lumber into a variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transactions pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jeffrey L. Schaffer, Esq.,
William J. Lafferty, Esq., and Gary M. Kaplan, Esq., at Howard
Rice Nemerovski Canady Falk & Rabkin, A Professional Corporation
is Pacific Lumber's lead counsel. Nathaniel Peter Holzer, Esq.,
Harlin C. Womble, Jr., Esq., and Shelby A. Jordan, Esq., at
Jordan Hyden Womble Culbreth & Holzer PC, is Pacific Lumber's co-
counsel. Kathryn A. Coleman, Esq., and Eric J. Fromme, Esq., at
Gibson, Dunn & Crutcher LLP, acts as Scotia Pacific's lead
counsel. John F. Higgins, Esq., and James Matthew Vaughn, Esq.,
at Porter & Hedges LLP, is Scotia Pacific's co-counsel.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335. The Debtors' exclusive period to file a chapter
11 plan expires on May 18, 2007. (Scotia/Pacific Lumber
Bankruptcy News, Issue No. 8, http://bankrupt.com/newsstand/or
215/945-7000).
SEA CONTAINERS: Files Updated Operating Report for October 2006
---------------------------------------------------------------
The Debtors underwent a reconciliation process of, among other
things, their intercompany claims, to ensure that their financial
reporting is as of the Petition Date, rather than as of Sept. 30,
2006. As a result, the Debtors updated their monthly operating
report previously filed with the Court:
Sea Containers, Ltd.
Unaudited Balance Sheet
As of October 31, 2006
Assets
Current Assets
Cash and cash equivalents $52,084,064
Trade receivables, less allowances
for doubtful accounts 1,197,118
Due from related parties 10,077,614
Prepaid expenses and other current assets 4,369,498
------------
Total current assets 67,728,294
Fixed assets, net 0
Long-term equipment sales receivable, net -
Investments in group companies -
Intercompany receivables -
Investment in equity ownership interests 199,120,137
Other assets 3,454,797
------------
Total assets $270,303,229
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $14,462
Accrued expenses 24,978,283
Current portion of long-term debt 26,042,311
Current portion of senior notes 385,040,923
------------
Total current liabilities 436,075,980
Total shareholders' equity (165,772,752)
------------
Total liabilities and shareholders' equity $270,302,228
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended October 31, 2006
Revenue $1,400,953
Costs and expenses:
Operating costs (249,354)
Selling, general and
administrative expenses 178,520
Charges to provide against
intercompany accounts (3,488,763)
Depreciation and amortization 0
------------
Total costs and expenses (3,559,597)
------------
Loss on sale of assets 0
------------
Operating income (loss) 4,960,550
Other income (expense)
Interest income 163,248
Foreign exchange gains (losses) 14,664
Interest expense, net (1,749,438)
------------
Income (Loss) before taxes 3,389,024
Income tax expense (51,614)
------------
Net (Loss) $3,337,410
============
Sea Containers, Ltd., also reported $1,614,406 in cash receipts,
and no disbursements for October 2006. The Debtor held
$52,084,064 in cash as of October 31.
Sea Containers Services Ltd.
Unaudited Balance Sheet
As of October 31, 2006
Assets
Current Assets
Cash and cash equivalents $271,670
Trade receivables 475,165
Due from related parties 5,789,600
Prepaid expenses and other current assets 13,252,836
------------
Total current assets 19,789,271
Fixed assets, net 3,324,751
Investments 2,556,283
Intercompany receivables 35,355,343
Other assets 14,294
------------
Total assets $61,039,942
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $4,465,371
Accrued expenses 4,420,261
Current portion of long-term debt 1,836,525
------------
Total current liabilities 10,722,156
Total shareholders' equity 50,317,786
------------
Total liabilities and shareholders' equity $61,039,942
============
Sea Containers Services Ltd.
Unaudited Statement of Operations
For the Month Ended October 31, 2006
Revenue $1,136,728
Costs and expenses:
Operating costs -
Selling, general and
administrative expenses (903,621)
Other charges -
Depreciation and amortization (66,405)
------------
Total costs and expenses (970,026)
------------
Gains on sale of assets 0
------------
Operating income (loss) 166,702
Other income (expense)
Interest income 8
Foreign exchange gains (losses) 95
Interest expense, net (5,806)
------------
Income (Loss) before taxes 160,998
Income tax expense 0
------------
Net Income $160,998
============
Sea Containers Services recorded $122,000 in cash receipts, and
$124,323 in disbursements for October 2006. The Debtor held
$271,670 in cash as of October 31.
A full-text copy of Sea Containers Services and Sea Containers
Ltd.'s schedules of receipts and disbursements is available for
free at http://researcharchives.com/t/s?1afd
In its balance sheet, Sea Containers Carribean, Inc., reported
zero assets and accounts payable of $3,530,094, as its sole
liability, as of October 31.
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. (Sea Containers Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
The Debtors' exclusive period to file a plan expires on June 12,
2007. They have until Aug. 11, 2007, to solicit acceptances to
that plan.
SEA CONTAINERS: Files Updated Operating Report for November 2006
----------------------------------------------------------------
The Debtors underwent a reconciliation process of, among other
things, their intercompany claims, to ensure that their financial
reporting is as of the Petition Date, rather than as of Sept. 30,
2006. As a result, the Debtors amended their monthly operating
report previously filed with the Court:
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 0
Long-term equipment sales receivable, net -
Investments 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
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended November 30, 2006
Revenue $1,342,882
Costs and expenses:
Operating costs (27,402)
Selling, general and
administrative expenses 4,183,914
Reorganization costs -
Charges to provide against
intercompany accounts (7,044,011)
Depreciation and amortization -
------------
Total costs and expenses (2,887,499)
------------
Loss on sale of assets 0
------------
Operating income (loss) 4,230,381
Other income (expense)
Interest income 218,643
Foreign exchange gains (losses) 23,237
Interest expense, net (3,483,956)
------------
Income (Loss) before taxes 988,304
Income tax expense (100,000)
------------
Net (Loss) $888,304
============
Sea Containers, Ltd., also reported $4,238,889 in cash receipts,
and 311,788 in disbursements for November 2006. The Debtor held
$56,007,964 in cash as of Nov. 31.
Sea Containers Services Ltd.
Unaudited Balance Sheet
As of November 30, 2006
Assets
Current Assets
Cash and cash equivalents $233,206
Trade receivables 259,095
Due from related parties 5,890,101
Prepaid expenses and other current assets 6,898,193
------------
Total current assets 13,270,596
Fixed assets, net 3,280,027
Investments 2,596,645
Intercompany receivables 42,852,621
Other assets 12,705
------------
Total assets $62,012,595
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $2,806,523
Accrued expenses 6,109,749
Current portion of long-term debt 1,660,779
------------
Total current liabilities 10,577,050
Total shareholders' equity 51,435,544
------------
Total liabilities and shareholders' equity $62,012,595
============
Sea Containers Services Ltd.
Unaudited Statement of Operations
For the Month Ended November 30, 2006
Revenue $418,420
Costs and expenses:
Operating costs -
Selling, general and
administrative expenses (38,281)
Reorganization costs -
Other charges -
Depreciation and amortization 102,752
------------
Total costs and expenses 64,470
------------
Gains on sale of assets 0
------------
Operating income (loss) 353,950
Other income (expense)
Interest income -
Foreign exchange gains (losses) (35,864)
Interest expense, net (2,537)
------------
Income (Loss) before taxes 315,549
Income tax expense 0
------------
Net Income $315,549
============
Sea Containers Services recorded $1,488,401 in cash receipts, and
$1,642,222 in disbursements for November 2006.
A full-text copy of Sea Containers Services and Sea Containers
Ltd.'s schedules of receipts and disbursements is available for
free at http://researcharchives.com/t/s?1aff
In its balance sheet, Sea Containers Carribean, Inc., reported
zero assets and accounts payable of $3,530,094 as its sole
liability as of Nov. 30, 2006.
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. (Sea Containers Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
The Debtors' exclusive period to file a plan expires on June 12,
2007. They have until Aug. 11, 2007, to solicit acceptances to
that plan.
SEA CONTAINERS: Files Updated Operating Report for December 2006
----------------------------------------------------------------
The Debtors underwent a reconciliation process of, among other
things, their intercompany claims, to ensure that the Debtors'
financial reporting is as of the Petition Date, rather than as of
Sept. 30, 2006. As a result, the Debtors amended their monthly
operating report previously filed with the Court:
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 0
Long-term equipment sales receivable, net -
Investments 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 4,882,245
Depreciation and amortization 58,677
------------
Total costs and expenses 9,046,202
------------
Loss on sale of assets (29,747)
------------
Operating income (loss) (8,576,826)
Other income (expense)
Interest income 248,766
Foreign exchange gains (losses) (92,909)
Interest expense, net (3,408,685)
------------
Income (Loss) before taxes (11,829,654)
Income tax expense (100,000)
------------
Net (Loss) ($11,929,654)
============
Sea Containers, Ltd., also reported $1,614,406 in cash receipts,
and $3,325,581 in disbursements for December 2006. The Debtor
held $54,196,789 in cash as of Dec. 31.
Sea Containers Services Ltd.
Unaudited Balance Sheet
As of December 31, 2006
Assets
Current Assets
Cash and cash equivalents $64,809
Trade receivables 467,956
Due from related parties 3,334,083
Prepaid expenses and other current assets 8,528,756
------------
Total current assets 12,395,604
Fixed assets, net 3,196,876
Investments 2,637,008
Intercompany receivables 45,758,723
Other assets 3,656,666
------------
Total assets $67,644,876
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $2,810,115
Accrued expenses 4,663,663
Current portion of long-term debt 1,677,105
------------
Total current liabilities 9,150,883
Total shareholders' equity 58,493,993
------------
Total liabilities and shareholders' equity $67,644,876
============
Sea Containers Services Ltd.
Unaudited Statement of Operations
For the Month Ended December 31, 2006
Revenue $3,441,096
Costs and expenses:
Operating costs -
Selling, general and
administrative expenses 2,152,356
Professional fees 756,603
Other charges -
Depreciation and amortization 111,089
------------
Total costs and expenses 3,020,048
------------
Gains on sale of assets 15,033
------------
Operating income (loss) 436,080
Other income (expense)
Interest income 45
Foreign exchange gains (losses) (110,628)
Interest expense, net (31,417)
------------
Income (Loss) before taxes 294,080
Income tax expense 5,964,852
------------
Net (Loss) $6,258,932
============
In its schedules of receipts and disbursements, Sea Containers
Services recorded $3,265,192 in cash receipts, and $3,415,721 in
disbursements for December 2006.
A full-text copy of Sea Containers Services and Sea Containers
Ltd.'s schedules of receipts and disbursements is available for
free at http://researcharchives.com/t/s?1b00
In its balance sheet, Sea Containers Carribean, Inc., reported
zero assets and accounts payable of $3,530,094 as its sole
liability as of Dec. 31, 2006.
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. (Sea Containers Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
The Debtors' exclusive period to file a plan expires on June 12,
2007. They have until Aug. 11, 2007, to solicit acceptances to
that plan.
SEA CONTAINERS: Earns $12.1 Million in January 2007
---------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of January 31, 2007
Assets
Current Assets
Cash and cash equivalents $54,289,351
Trade receivables, less allowances
for doubtful accounts -
Due from related parties 7,758,745
Prepaid expenses and other current assets 6,478,060
------------
Total current assets $68,526,156
Fixed assets, net -
Lont-term equipment sales receivable, net -
Investments in group companies -
Intercompany receivables -
Investment in equity ownership interests 209,015,333
Other assets 3,226,962
------------
Total assets $280,768,451
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $2,031,753
Accrued expenses 33,996,232
Current portion of long-term debt 26,411,239
Current portion of senior notes 385,125,608
------------
Total current liabilities 447,564,832
Total shareholders' equity (166,796,381)
------------
Total liabilities and shareholders' equity $280,768,451
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended January 31, 2007
Revenue $1,450,454
Costs and expenses:
Operating costs (100,063)
Selling, general and
administrative expenses 892,796
Reorganization costs -
Charges to provide against
intercompany accounts (14,914,955)
Depreciation and amortization -
------------
Total costs and expenses (14,122,222)
------------
Gain or (Loss) on sale of assets 272,531
------------
Operating income (loss) 15,845,207
Other income (expense)
Interest income 5,393
Foreign exchange gains or (losses) (53,776)
Interest expense, net (3,508,109)
------------
Income (Loss) before taxes 12,288,715
Income tax expense (100,000)
------------
Net (Loss) $12,188,715
============
Sea Containers, Ltd., also reported $1,781,721 in cash receipts
and $1,889,159 in disbursements for January 2007.
Sea Containers Services
Unaudited Balance Sheet
As of January 31, 2007
Assets
Current Assets
Cash and cash equivalents $206,104
Trade receivables 185,845
Due from related parties 5,070,228
Prepaid expenses and other current assets 4,821,696
------------
Total current assets 10,283,873
Fixed assets, net 3,077,947
Investments 2,637,008
Intercompany receivables 43,483,537
Other assets 3,654,824
------------
Total assets $63,137,188
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $2,197,677
Accrued expenses 4,159,988
Current portion of long-term debt 1,679,853
------------
Total current liabilities 8,037,519
Total shareholders' equity 55,099,669
------------
Total liabilities and shareholders' equity $63,137,188
============
Sea Containers Services
Unaudited Statement of Operations
For the Month Ended January 31, 2007
Revenue $818,278
Costs and expenses:
Operating costs -
Selling, general and
administrative expenses 554,441
Professional Fees 68,555
Other charges -
Depreciation and amortization 119,809
------------
Total costs and expenses 742,805
------------
Gains on sale of assets -
------------
Operating income (loss) 75,474
Other income (expense)
Interest income -
Foreign exchange gains (losses) 5,819
Interest expense, net (13,136)
------------
Income (Loss) before taxes 68,157
Income tax credit -
------------
Net Income $68,157
============
Sea Containers Services recorded $1,621,872 in cash receipts and
$1,473,529 in disbursements for January 2007.
A full-text copy of Sea Containers Services and Sea Containers
Ltd.'s schedules of receipts and disbursements is available for
free at http://researcharchives.com/t/s?1b06
Sea Containers Carribean, Inc., reported zero assets and accounts
payable of $3,530,094, as its sole liability, in its January 2007
balance sheet.
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. (Sea Containers Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
The Debtors' exclusive period to file a plan expires on June 12,
2007. They have until Aug. 11, 2007, to solicit acceptances to
that plan.
THAXTON GROUP: Posts $86 Million Cumulative Net Loss in Jan. 2007
-----------------------------------------------------------------
The Thaxton Group filed its monthly operating report for the month
of January 2007 with the U.S. Bankruptcy Court for the District
of Delaware on Feb. 26, 2007.
The company reported a cumulative net loss of $86,999,436 on
$177,079,561 of revenue for the period from Oct. 17, 2003, thru
Jan. 31, 2007.
At Jan. 31, 2007, the company's balance sheet reflects:
Total Assets $ 89,970,290
Total Liabilities $172,342,277
Stockholders' Equity Deficit ($ 82,371,987)
A full-text copy of Thaxton Group's January 2007 Monthly Operating
Report is available at no charge at:
http://researcharchives.com/t/s?1b05
Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company.
The company filed for Chapter 11 protection on Oct. 17, 2003
(Bankr. Del. Case No. 03-13183). Daniel B. Butz, Esq.,
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at
Morris, Nichols, Arsht & Tunnell, represent the Debtors in their
restructuring efforts. Alan Kolod, Esq., at Moses & Singer LLP,
represents the Offical Committee of Unsecured Creditors. As of
Dec. 31, 2005, the Debtors reported assets totaling $98,889,297
and debts totaling $175,693,613.
TOWER AUTOMOTIVE: Posts $18.9 Million Net Loss in January 2007
--------------------------------------------------------------
Tower Automotive, Inc., and Subsidiaries
Unaudited Consolidated Balance Sheet
As of January 31, 2007
(In Thousands)
Cash and cash equivalents $1,248
Accounts receivable 102,595
Inventories 43,754
Prepaid tooling and other 30,186
------------
TOTAL CURRENT ASSETS 177,783
------------
Property, plant and equipment, net 468,949
Investment in and advances to affiliates 781,732
Other assets, net 36,918
------------
TOTAL ASSETS $1,465,382
============
CURRENT LIABILITIES NOT SUBJECT TO
COMPROMISE:
Current maturities of L-T debt and capital lease $3
obligations
Current maturities of DIP borrowings 640,400
Accounts payable 100,490
Accrued liabilities 96,201
------------
TOTAL CURRENT LIABILITIES 837,094
------------
Liabilities subject to comprise: 1,296,219
Non-Current Liabilities Not Subject to
Compromise:
Long-term debt, net of current maturities 84,751
Other non-current liabilities 20,131
------------
TOTAL LIABILITIES 2,238,195
------------
STOCKHOLDERS' DEFICIT: (772,813)
------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT: $1,465,382
============
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Operations
January 1 to 31, 2007
(In Thousands)
Revenues $81,750
Cost of sales 83,860
------------
Gross profit (2,110)
Selling, general and administrative 5,499
expenses
Restructuring & asset impairment 1,395
charges, net
Other operating income 391
------------
Operating income (loss) (9,395)
Interest expense 9,292
Interest income (103)
Intercompany interest (income)/expense (2,711)
Chapter 11 and related reorganization items 2,881
------------
Income (loss) before provision for income (18,754)
taxes, equity in earnings of joint
ventures, and minority interest
Provision (benefit) for income taxes 191
Income (loss) before equity in earnings of (18,945)
joint ventures
Equity in earnings of joint ventures, net of tax -
------------
NET INCOME/(LOSS) ($18,945)
============
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Cash Flows
January 1 to 31, 2007
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($18,945)
Adjustments required to reconcile net loss
to net cash provided by (used in)
operating activities:
Chapter 11 & related reorganization items, net 870
Restructuring and asset impairment, net 186
Depreciation 7,694
Equity in earnings of joint ventures, net -
Change in working capital & other operating items (32,514)
------------
Net cash provided by (used in) operating (42,709)
activities:
INVESTING ACTIVITIES:
Cash disbursed for purchase of property, (7,147)
plant and equipment
------------
Net cash used for investing activities (7,147)
FINANCING ACTIVITIES:
Proceeds from non-DIP borrowings -
Repayments of non-DIP borrowings (1)
Borrowings from DIP credit facility 126,000
Repayments of borrowings from DIP facility (80,600)
------------
Net cash provided by (used in) financing 45,399
activities
------------
Net change in cash and cash equivalents (4,457)
------------
Cash and Cash Equivalents, beginning of period 5,705
------------
Cash and Cash Equivalents, end of period $1,248
============
Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan,
Toyota, Volkswagen and Volvo. Products include body structures
and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components. The Company and
25 of its debtor-affiliates filed voluntary chapter 11 petitions
on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through
05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq.,
Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet,
Esq., at Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts. Ira S. Dizengoff, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors. When the Debtors filed for protection from
their creditors, they listed $787,948,000 in total assets and
$1,306,949,000 in total debts. (Tower Automotive Bankruptcy
News, Issue No. 55; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
VESTA INSURANCE: Gaines Files January 2007 Operating Report
-----------------------------------------------------------
J. Gordon Gaines, Inc.
Income Statement
Month ended January 31, 2007
Revenue from Total Sales $0
Less:
Cost of Sales 0
------------
Gross Profit 0
Less:
Operating Expenses 448,305
------------
Net Profit Operations (448,305)
Non-Operating Income (Expenses)
Interest Earned 3,006
State Tax Refunds 0
Non-operational income 0
Sale of Property 0
Stale Dated Checks Written Off 72,861
------------
Net Profit (Loss) ($372,438)
============
J. Gordon Gaines, Inc.
Schedule of Cash Receipts and Disbursements
Month ended January 31, 2007
Cash On Hand (Beginning) $1,176,001
Cash Receipts:
Accounts Receivable 0
Management Fees 0
Loan Proceeds 0
Sale of Property 0
Interest Earned 3,006
State Tax Refunds 0
Non-operational Income 0
Funding by Texas Receiver 0
Funding by Texas Receiver in Transit 0
Intercompany insurance operations 0
Stale Dated Checks Written Off 72,861
------------
Total Receipts 75,867
Cash Disbursements:
Financing costs, fees, interest 0
Accounting Fees (payroll fees) 148
Advertising 0
Automobiles/Vehicles (repair and maintenance) 35
Bank Fees 0
Commissions/Contract Labor 0
Insurance Expense 57,132
Interest Paid 1,207
Storage Cost 0
Information System Cost 15,369
Inventory Purchased 0
Legal Fees 208,575
Management Fees 0
Trustee Fees 7,500
Postage 279
Rent/Lease Payments on Real Estate 0
Operating Costs related to Bankruptcy 0
Repairs and Maintenance 0
Salaries/Wages (portion paid to J.G. Gaines, Inc.) 97,780
Wages paid not by SDR 0
Secured Loan Payments 0
Supplies 875
Travel & Entertainment 0
Taxes 47,762
Unsecured Loan Payments 0
Utilities 665
Others 10,977
------------
Total Disbursements 448,305
Surplus or Deficit (372,438)
------------
Cash on Hand (End) $803,563
============
Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc.
(Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding
company for a group of insurance companies that primarily offer
property insurance in targeted states.
Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership
III, L.P., filed an involuntary chapter 7 petition against the
company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517).
The case was converted to a voluntary chapter 11 case on Aug. 8,
2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson,
Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor.
R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker,
LLC, represents the petitioning creditors. In its schedules of
assets and liabilities, Vesta listed $14,919,938 in total assets
and $214,278,847 in total liabilities.
J. Gordon Gaines Inc. is a Vesta Insurance-owned unit that
manages the company's numerous insurance subsidiaries and employs
the headquarters workers. The company filed for chapter 11
protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808).
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP,
represent the Debtor in its restructuring efforts. In its
schedules of assets and liabilities, Gaines listed $19,818,094 in
total assets and $16,046,237 in total liabilities.
On Aug. 1, 2006, the District Court of Travis County, Texas
entered an order appointing the Texas Commissioner of Insurance
as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries:
Vesta Fire Insurance Corporation; The Shelby Insurance Company;
Shelby Casualty Insurance Corporation; Texas Select Lloyds
Insurance Company; and Select Insurance Services, Inc. (Vesta
Bankruptcy News, Issue No. 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. 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,
Melanie C. Pador, 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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher Beard
at 240/629-3300.
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