/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/070421.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, April 21, 2007, Vol. 11, No. 94 Headlines ACCEPTANCE INSURANCE: Posts $13,702 Net Loss in March 2007 ADVANCED MARKETING: Posts $5.9 Million Net Loss in January 2007 ADVANCED MARKETING: Earns $878,449 in February 2007 CALPINE CORP: Posts $82.9 Million Net Loss in January 2007 CALPINE CORP: Posts $160.2 Million Net Loss in February 2007 DANA CORP: Posts $26 Million Net Loss in February 2007 SAINT VINCENTS: Files February 2007 Monthly Operating Report THAXTON GROUP: Posts $82 Million Cumulative Net Loss in Feb. 2007 VESTA INSURANCE: Gaines Files March 2007 Operating Report ********* ACCEPTANCE INSURANCE: Posts $13,702 Net Loss in March 2007 ---------------------------------------------------------- Acceptance Insurance Companies Inc. filed its monthly operating report for March 2007 with the United States Bankruptcy Court for the District of Nebraska on April 9, 2007. The Debtor reported a net loss of $13,702 from revenue of $7,222 for the month ended March 31, 2007. Net loss for the month ended Feb. 28, 2007, was $15,640 on $6,966 of revenues. At March 31, 2007, Acceptance Insurance Companies Inc.'s balance sheet showed: Total Current Assets $1,787,604 Total Assets $35,023,649 Total Liabilities $138,191,135 Total Shareholders' Deficit ($103,167,486) A full-text copy of Acceptance Insurance Companies Inc.'s March 2007 Monthly Operating Report is available at no charge at: http://researcharchives.com/t/s?1d87 Headquartered in Council Bluffs, Iowa, Acceptance Insurance Companies Inc. -- http://www.aicins.com/-- owns, either directly or indirectly, several companies, one of which is an insurance company that accounts for substantially all of the business operations and assets of the corporate groups. The company filed for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates -- Acceptance Insurance Services Inc. and American Agrisurance Inc. -- filed separate chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 and 05-80058) on Jan. 7, 2005. John J. Jolley, Esq., at Kutak Rock LLP, represents the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $33,069,446 in total assets and $137,120,541 in total debts. The Debtors' exclusive period to file a plan expires on Aug. 9, 2007. ADVANCED MARKETING: Posts $5.9 Million Net Loss in January 2007 --------------------------------------------------------------- AMS Corp. Balance Sheet As of January 31, 2007 ASSETS Current Assets Cash and Cash Equivalents $3,293,815 Short-term Investments - Accounts Receivable, Net 54,244,745 Vendor & Misc. Receivables 9,015,952 Intercompany Receivables 20,887,870 Inventory 70,569,480 Freight on Inventory 556,522 Inventory in Process, in Transit 6,230,867 Inventory Reserves (9,427,119) ------------ Inventory, net 67,929,751 Deferred Income Tax 63,486 Income Tax Receivable (3,524) Prepaid Expenses 25,986,319 ------------ Total Current Assets 181,418,413 PROPERTY & EQUIPMENT Leasehold Improvements 4,956,425 Office Furniture & Equipment 40,776,286 Warehouse Equipment 15,751,486 Autos - ------------ Total Property & Equipment 61,484,197 Accumulated Depreciation (39,725,689) ------------ Net Property & Equipment 21,758,509 Long-Term Investment 16,068 Goodwill & Other Assets 17,562,528 ------------ TOTAL ASSETS $220,755,518 ============ LIABILITIES & STOCKHOLDER EQUITY Current Liabilities Accounts Payable $189,161,831 Accrued Liabilities 13,201,398 Income Taxes Payable 152,950 Intercompany Payables - Short-term Debt 34,653,738 ------------ TOTAL CURRENT LIABILITIES 237,169,917 Long Term Liabilities 6,412,415 ------------ TOTAL LIABILITIES 243,582,332 STOCKHOLDERS' EQUITY Common Stock @ Par Value 23,350 Additional Paid-in Capital 13,109,981 Common Stock Dividend (4,213,583) Deferred Compensation (75,004) Retained Earnings - Prior Year 29,229,430 Retained Earnings - Current Year (38,759,416) Cumulative Other Comp. Income (585,202) Treasury Stock (21,556,370) ------------ TOTAL STOCKHOLDERS' EQUITY (22,826,814) ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $220,755,518 ============ AMS Corp. Statement of Operations From January 1 to 31, 2007 GROSS SALES Invoiced Amount $25,924,194 Stickering Revenue 138,623 Service & Fee Revenue 593,554 Interco Revenue - Total Sales Returns (17,839,833) Sales Returns Provision 9,797,432 Unprocessed Sales Returns 804,149 ------------ Sales Less Returns Prov. 19,418,119 ============ SALES DEDUCTIONS Cash Discount Provision 4,196 New Store Allowance 6,331 Customer Rebates - Co-op Allowance - Misc. Allowance & Adjustment 7,977 Sales Commissions - ------------ Total Sales Deductions 18,505 ------------ NET SALES 19,399,614 ============ COST OF NET SALES Standard Cost of Sales 21,102,941 Interco Cost of Sales - Standard Cost of Returns (14,012,605) Standard Cost of Returns Provision 7,783,345 Standard Cost of Returns - Unprocessed 680,691 Purchase Variance, Revaluation (1,189) Return to Publisher Variance 17,234 Freight In Costs of Sales 166,725 Freight - AGL 90,767 Freight Customer Returns 12,764 Freight -Return to Publisher 100,532 Freight Warehouse Transfer 14,879 Quantity Adjustments 1,604,419 Markdown Expense 199,846 Publisher Incentive - Publisher Account Settlements (688) Other Costs of Sales 430,636 ------------ Total Cost of Sales 18,190,296 ------------ GROSS PROFIT 1,209,318 ============ VARIABLE EXPENSES Freight Sales Shipments 445,516 Freight - Special Shipments - Shipping Supplies and Service 12,077 Payroll DC operations 1,066,940 Distribution Fees 70,194 ------------ Total Variable Expenses 1,594,726 ------------ VARIABLE PROFIT MARGIN (385,408) ============ FIXED EXPENSE Payroll (excl. DC Oper.) 1,579,750 Travel & Entertainment 46,345 Professional Services 1,245,399 Information Services 174,205 Office Equipment & Supplies 24,671 Telephone Expense 7,668 Facility Occupancy 507,217 General Insurance 85,519 Depreciation 689,769 Uncollectible Accounts 25,945 Customer Service 11,409 Promotion Expense 14,670 Express Mail & Postage 10,456 Training & Education 615 Exchange Gain/Loss - Miscellaneous Expense 33,706 Shareholder's Relations 2,121 Co-op Advertising Exp/Inc (55,622) Miscellaneous Income (14,887) Warehouse Equipment 36,301 ------------ Total Fixed Expenses 4,425,256 ------------ OPERATING INCOME: (4,810,665) Interest Expense 292,357 Interest Income (35,422) Equity in Inc/Loss of Affiliates 55,873 Other Non-operating Expenses 750,000 ------------ NON-OPERATING INCOME 1,062,808 ------------ INCOME BEFORE INC TAX (5,873,474) Tax Provision - ------------ NET INCOME ($5,873,474) ============ Advanced Marketing Services, Inc. (Excluding Publishers Group West Incorporated) Statement of Cash Flows From January 1 to 31, 2007 CASH RECEIPTS Accounts Receivable $26,213,378 Other 73,337 ------------ Total Cash Receipts 26,286,715 ------------ INVENTORY DISBURSEMENTS Publishers - Wires 19,953,030 Publishers - Checks - ------------ Total Inventory Disbursements 19,953,030 ------------ OPERATING DISBURSEMENTS Total Payroll (including taxes) 2,252,167 Employee retention plan - Temp/contract labor 37,811 Health insurance 353,020 Insurance (D&O, Prop., WC, GL) 51,097 Rent - facilities 668,593 Freight 974,023 Shipping supplies 94,000 Utilities 125,356 IT Expenses - Travel & other EE related exp. 23,186 Professional fees - Other 143,709 Capital expenditures - Income/gross receipts taxes - Bank interest and fees 1,355,170 ------------ Total Operating Disbursements 6,078,132 ------------ Total Disbursements 26,031,162 ---------- Net Operating Cash Inflow (Outflow) 255,553 ------------ INTERCOMPANY TRANSFERS PGW Rcpts. Swept to AMS 13,113,699 AMS (To) / From PGW (8,712,400) Foreign Subsidiaries 580,299 ------------ Total I/C Transfers (4,981,598) ------------ Net Cash Inflow (Outflow) $5,237,151 ============ Publishers Group West Incorporated Statement of Cash Flows January 1 to 31, 2007 CASH RECEIPTS Accounts Receivable $13,113,699 Other - ------------ Total Cash Receipts 13,113,699 ------------ INVENTORY DISBURSEMENTS Publishers - Wires 7,189,184 Publishers - Checks 411,864 ------------ Total Inventory Disbursements 7,601,408 ------------ OPERATING DISBURSEMENTS Total Payroll (including taxes) 601,548 Employee retention plan - Temp/contract labor 43,168 Health insurance - Insurance (D&O, Prop., WC, GL) - Rent - facilities 33,906 Freight 228,320 Shipping supplies - Utilities 2,086 IT Expenses - Travel & other EE related exp. 17,536 Professional fees - Other 21,399 Capital expenditures - Income/gross receipts taxes - Bank interest and fees - ------------ Total Operating Disbursements 947,963 ------------ Total Disbursements 8,549,011 ------------ Net Operating Cash Inflow (Outflow) 4,564,688 ------------ INTERCOMPANY TRANSFERS PGW Rcpts. Swept to AMS (13,113,699) AMS (To) / From PGW 8,712,400 Foreign Subsidiaries - ------------ Total I/C Transfers (4,401,299) ------------ Net Cash Inflow (Outflow) $163,389 ============ Based in San Diego, California, Advanced Marketing Services, Inc. -- http://www.advmkt.com/-- provides customized merchandising, wholesaling, distribution and publishing services, currently primarily to the book industry. The company has operations in the U.S., Mexico, the United Kingdom and Australia and employs approximately 1,200 people Worldwide. The company and its two affiliates, Publishers Group Incorporated and Publishers Group West Incorporated filed for chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482). Suzzanne S. Uhland, Esq., Austin K. Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP, represent the Debtors as Lead Counsel. Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors as Local Counsel. Lowenstein Sandler PC represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of more than $100 million. The Debtors' exclusive period to file a chapter 11 plan expires on Apr. 28, 2007. (Advanced Marketing Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). ADVANCED MARKETING: Earns $878,449 in February 2007 --------------------------------------------------- AMS Corp. Balance Sheet As of February 28, 2007 ASSETS Current Assets Cash and Cash Equivalents $8,578,615 Short-term Investments - Accounts Receivable, Net 43,373,018 Vendor & Misc. Receivables 8,937,476 Intercompany Receivables 21,088,097 Inventory 79,449,472 Freight on Inventory 556,522 Inventory in Process, in Transit 6,230,867 Inventory Reserves (9,257,041) ------------ Inventory, net 76,979,821 Deferred Income Tax 63,486 Income Tax Receivable (3,524) Prepaid Expenses 32,472,438 ------------ Total Current Assets 191,489,427 PROPERTY & EQUIPMENT Leasehold Improvements 4,956,365 Office Furniture & Equipment 40,776,286 Warehouse Equipment 15,751,486 Autos - ------------ Total Property & Equipment 61,484,137 Accumulated Depreciation (40,396,609) ------------ Net Property & Equipment 21,087,528 Long-Term Investment 16,068 Goodwill & Other Assets 17,467,896 ------------ TOTAL ASSETS $230,060,919 ============ LIABILITIES & STOCKHOLDER EQUITY Current Liabilities Accounts Payable 27,725,952 Accrued Liabilities 12,724,517 Income Taxes Payable 152,950 Intercompany Payables - Short-term Debt 31,492,202 ------------ TOTAL CURRENT LIABILITIES 72,095,621 Long Term Liabilities 180,453,377 ------------ TOTAL LIABILITIES 252,548,998 STOCKHOLDERS' EQUITY Common Stock @ Par Value 23,350 Additional Paid-in Capital 13,276,648 Common Stock Dividend (4,213,583) Deferred Compensation (75,004) Retained Earnings - Prior Year 28,747,751 Retained Earnings - Current Year (38,105,420) Cumulative Other Comp. Income (585,202) Treasury Stock (21,556,370) ------------ TOTAL STOCKHOLDERS' EQUITY (22,487,829) ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $230,061,169[sic.] ============ AMS Corp. Statement of Operations From February 1 to 28, 2007 GROSS SALES Invoiced Amount $18,357,532 Stickering Revenue 115,403 Service & Fee Revenue 558,927 Interco Revenue - Total Sales Returns (9,764,420) Sales Returns Provision 13,355,682 Unprocessed Sales Returns - ---------- Sales Less Returns Prov. 22,623,124 ========== SALES DEDUCTIONS Cash Discount Provision 694 New Store Allowance 41,401 Customer Rebates - Co-op Allowance - Misc. Allowance & Adjustment 87,205 Sales Commissions 223 ---------- Total Sales Deductions 129,523 ---------- NET SALES 22,493,601 ========== COST OF NET SALES Standard Cost of Sales $14,384,302 Interco Cost of Sales - Standard Cost of Returns (8,091,836) Standard Cost of Returns Provision 11,101,196 Standard Cost of Returns - Unprocessed - Purchase Variance, Revaluation (103,118) Return to Publisher Variance - Freight In Costs of Sales 153,870 Freight - AGL 123,879 Freight Customer Returns 6,647 Freight -Return to Publisher 9,906 Freight Warehouse Transfer 7,227 Quantity Adjustments (1,302,490) Markdown Expense - Publisher Incentive - Publisher Account Settlements - Other Costs of Sales 314,527 Total Cost of Sales 16,604,110 ---------- GROSS PROFIT 5,889,490 ========== VARIABLE EXPENSES Freight Sales Shipments 354,728 Freight - Special Shipments 5,646 Shipping Supplies and Service 106,542 Payroll DC operations 325,477 Distribution Fees 136,012 ---------- Total Variable Expenses 928,404 ---------- VARIABLE PROFIT MARGIN 4,961,086 ========== FIXED EXPENSE Payroll (excl. DC Oper.) 1,998,205 Travel & Entertainment 14,557 Professional Services 160,399 Information Services 162,127 Office Equipment & Supplies 36,422 Telephone Expense 21,235 Facility Occupancy 808,879 General Insurance - Depreciation 684,879 Uncollectible Accounts 23,704 Customer Service 4,449 Promotion Expense 14,537 Express Mail & Postage 16,037 Training & Education 14,865 Exchange Gain/Loss - Miscellaneous Expense 219,735 Shareholder's Relations 33,010 Co-op Advertising Exp/Inc (44,951) Miscellaneous Income (429,512) Warehouse Equipment 31,861 ---------- Total Fixed Expenses 3,770,459[sic.] ---------- OPERATING INCOME: 1,190,627 Interest Expense 266,794 Interest Income (22,757) Equity in Inc/Loss of Affiliates 67,891 Other Non-operating Expenses 250 ---------- NON-OPERATING INCOME 312,178 ---------- INCOME BEFORE INC TAX 878,449 Tax Provision - ---------- NET INCOME $878,449 ========== Advanced Marketing Services, Inc. (Excluding Publishers Group West Incorporated) Statement of Cash Flows From February 1 to 28, 2007 CASH RECEIPTS Accounts Rcvbl. (net of RTPs) $19,989,296 Other 65,070 ------------ Total Cash Receipts 20,054,366 ------------ INVENTORY DISBURSEMENTS Publishers - Wires 7,716,719 Publishers - Checks - ------------ Total Inventory Disbursements 7,716,719 ------------ OPERATING DISBURSEMENTS Total Payroll (including taxes) 2,210,344 Employee retention plan - Temp/contract labor 439,126 Health insurance 359,193 Insurance (D&O, Prop., WC, GL) 64,503 Rent - facilities 667,140 Freight 506,153 Shipping supplies 127,838 Utilities 89,873 IT Expenses 90,775 Travel & other EE related exp. 33,561 Professional fees (Sep. Tab) - Other 141,061 Capital expenditures - Income/gross receipts taxes 925 Bank interest and fees 646,130 ------------ Total Operating Disbursements 5,376,622 ------------ Total Disbursements 13,093,341 ------------ Net Operating Cash Inflow (Outflow) 6,961,025 ------------ INTERCOMPANY TRANSFERS PGW Rcpts. Swept to AMS 8,887,405 AMS (To) / From PGW (11,763,945) Foreign Subsidiaries - ------------ Total I/C Transfers (2,876,540) ------------ Net Cash Inflow (Outflow) $4,084,485 ============ Based in San Diego, California, Advanced Marketing Services, Inc. -- http://www.advmkt.com/-- provides customized merchandising, wholesaling, distribution and publishing services, currently primarily to the book industry. The company has operations in the U.S., Mexico, the United Kingdom and Australia and employs approximately 1,200 people Worldwide. The company and its two affiliates, Publishers Group Incorporated and Publishers Group West Incorporated filed for chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482). Suzzanne S. Uhland, Esq., Austin K. Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP, represent the Debtors as Lead Counsel. Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors as Local Counsel. Lowenstein Sandler PC represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of more than $100 million. The Debtors' exclusive period to file a chapter 11 plan expires on Apr. 28, 2007. (Advanced Marketing Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). CALPINE CORP: Posts $82.9 Million Net Loss in January 2007 ---------------------------------------------------------- Calpine Corporation Consolidated Condensed Balance Sheet As of January 31, 2007 ASSETS Current assets: Cash and cash equivalents $969,268,000 Accounts receivable, net 743,735,000 Inventories 154,800,000 Margin deposits and other prepaid expense 360,240,000 Restricted cash - current 390,097,000 Current derivative assets 217,175,000 Current assets held for sale 88,457,000 Other current assets 79,949,000 --------------- Total current assets 3,003,721,000 Property, plant and equipment, net 13,490,393,000 Restricted cash, net of current portion 190,190,000 Investments 129,311,000 Long-term derivative assets 341,856,000 Other assets 1,131,751,000 --------------- Total assets $18,287,222,000 =============== LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $418,289,000 Accrued interest payable 287,294,000 Debt, current portion 4,483,574,000 Current derivative liabilities 329,942,000 Taxes payable - current 98,549,000 Other current liabilities 308,524,000 --------------- Total current liabilities 5,926,172,000 Debt, net of current portion 3,238,549,000 Deferred income taxes, net of current portion 483,143,000 Long-term derivative liabilities 461,822,000 Other long-term liabilities 346,986,000 --------------- Total liabilities not subject to compromise 10,456,672,000 Liabilities subject to compromise 14,813,261,000 Minority interests 266,251,000 Stockholders' equity (deficit): Common stock 528,000 Additional paid-in capital 3,270,282,000 Additional paid-in capital, loaned shares 140,143,000 Additional paid-in capital, returnable shares (140,143,000) Accumulated deficit (10,460,939,000) Accumulated other comprehensive loss (58,833,000) --------------- Total stockholders' deficit (7,248,962,000) --------------- Total liabilities and stockholders' deficit $18,287,222,000 =============== Calpine Corporation Consolidated Condensed Statement of Operations For the period ending January 31, 2007 Revenue: Electricity and steam revenue $414,669,000 Sales of purchased power and gas for hedging and optimization 113,019,000 Mark-to-market activities, net (13,560,000) Other revenue 2,584,000 --------------- Total revenue 516,712,000 Cost of revenue: Plant operating expense 47,705,000 Purchased power and gas expense for hedging and optimization 97,232,000 Fuel expense 282,604,000 Depreciation and amortization expense 38,851,000 Operating plant impairments (1,000) Operating lease expense 4,772,000 Other cost of revenue 12,027,000 --------------- Total cost of revenue 483,190,000 Gross profit 33,522,000 Equipment, development project & other impairments (242,000) Sales, general and administrative expense 11,893,000 Other operating expenses 2,665,000 --------------- Income (loss) from operations 19,206,000 Interest expense 100,844,000 Interest (income) (5,629,000) Minority interest expense (518,000) Other (income) expense, net 1,738,000 --------------- Income (loss) before reorganization items and provisions for income taxes (77,229,000) Reorganization items 5,825,000 --------------- Income (loss) before provision for income taxes (83,054,000) Provision (benefit) for income taxes (182,000) --------------- Net income (loss) ($82,872,000) =============== The company filed for chapter 11 protection on Dec. 20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard M. Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G. Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their restructuring efforts. Michael S. Stamer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors. As of Dec. 19, 2005, the Debtors listed $26,628,755,663 in total assets and $22,535,577,121 in total liabilities. The Debtors' exclusive period to file chapter 11 plan of reorganization expires on June 20, 2007. (Calpine Bankruptcy News, Issue No. 46; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). Calpine Corp. has until June 20, 2007, to file a plan, and until Aug. 20, 2007, to solicit acceptances of that plan. CALPINE CORP: Posts $160.2 Million Net Loss in February 2007 ------------------------------------------------------------ Calpine Corporation Consolidated Condensed Balance Sheet As of February 28, 2007 ASSETS Current assets: Cash and cash equivalents $983,071,000 Accounts receivable, net 767,239,000 Inventories 149,989,000 Margin deposits and other prepaid expense 423,618,000 Restricted cash - current 268,206,000 Current derivative assets 202,188,000 Other current assets 80,450,000 --------------- Total current assets 2,874,761,000 Property, plant and equipment, net 13,468,215,000 Restricted cash, net of current portion 191,046,000 Investments 144,311,000 Long-term derivative assets 322,772,000 Other assets 1,101,864,000 --------------- Total assets $18,102,969,000 =============== LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $458,218,000 Accrued interest payable 257,525,000 Debt, current portion 4,462,607,000 Current derivative liabilities 311,877,000 Taxes payable - current 98,549,000 Other current liabilities 278,584,000 --------------- Total current liabilities 5,867,360,000 Debt, net of current portion 3,180,923,000 Deferred income taxes, net 591,777,000 Long-term derivative liabilities 441,395,000 Other long-term liabilities 334,082,000 --------------- Total liabilities not subject to compromise 10,415,537,000 Liabilities subject to compromise 14,822,096,000 Minority interests 268,695,000 Stockholders' equity (deficit): Common stock 527,000 Additional paid-in capital 3,269,528,000 Additional paid-in capital, loaned shares 137,243,000 Additional paid-in capital, returnable shares (137,243,000) Accumulated deficit (10,621,152,000) Accumulated other comprehensive loss (52,262,000) --------------- Total stockholders' deficit (7,403,359,000) --------------- Total liabilities and stockholders' deficit $18,102,969,000 =============== Calpine Corporation Consolidated Condensed Statement of Operations For period ending February 28, 2007 Revenue: Electricity and steam revenue $456,400,000 Sales of purchased power and gas for hedging and optimization 105,287,000 Mark-to-market activities, net (9,914,000) Other revenue 11,671,000 --------------- Total revenue 563,444,000 Cost of revenue: Plant operating expense 50,251,000 Purchased power and gas expense for hedging and optimization 85,986,000 Fuel expense 321,644,000 Depreciation and amortization expense 38,560,000 Operating plant impairments 1,000 Operating lease expense 1,556,000 Other cost of revenue 16,162,000 --------------- Total cost of revenue 514,160,000 Gross profit 49,284,000 Equipment, development project & other impair 200,000 Sales, general & administrative expense 16,175,000 Other operating expenses 4,001,000 --------------- Income (loss) from operations 28,908,000 Interest expense 97,113,000 Interest (income) (4,594,000) Minority interest expense 2,389,000 Other (income) expense, net 1,724,000 --------------- Income (loss) before reorganization items and provisions for income taxes (67,724,000) Reorganization items (12,051,000) --------------- Income (loss) before provision for income tax (55,673,000) Provision (benefit) for income taxes 104,540,000 --------------- Net income (loss) ($160,213,000) =============== The company filed for chapter 11 protection on Dec. 20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard M. Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G. Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their restructuring efforts. Michael S. Stamer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors. As of Dec. 19, 2005, the Debtors listed $26,628,755,663 in total assets and $22,535,577,121 in total liabilities. The Debtors' exclusive period to file chapter 11 plan of reorganization expires on June 20, 2007. (Calpine Bankruptcy News, Issue No. 46; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). Calpine Corp. has until June 20, 2007, to file a plan, and until Aug. 20, 2007, to solicit acceptances of that plan. DANA CORP: Posts $26 Million Net Loss in February 2007 ------------------------------------------------------ Dana Corporation Condensed Balance Sheet As of February 28, 2007 ASSETS CURRENT ASSETS Cash and cash equivalents $945,000,000 Accounts receivable Trade 1,247,000,000 Other 230,000,000 Inventories 732,000,000 Assets of discontinued operations 417,000,000 Other current assets 148,000,000 -------------- Total current assets 3,719,000,000 Investments and other assets 1,010,000,000 Investments in equity affiliates 700,000,000 Property, plant and equipment, net 1,736,000,000 -------------- TOTAL ASSETS $7,165,000,000 ============== LIABILITIES AND SHAREHOLDERS' DEFICIT CURRENT LIABILITIES Notes payable, including current portion of long-term debt $97,000,000 Accounts payable 988,000,000 Liabilities of discontinued operations 217,000,000 Other accrued liabilities 754,000,000 -------------- Total current liabilities 2,056,000,000 Liabilities subject to compromise 4,506,000,000 Deferred employee benefits and other non-current liabilities 497,000,000 Long-term debt 14,000,000 DIP financing 900,000,000 Minority interest in consolidated subsidiaries 78,000,000 Shareholders' deficit (886,000,000) -------------- TOTAL LIABILITIES AND SHAREHOLDERS' DEFICITS $7,165,000,000 ============== Dana Corporation Condensed Statement of Income For the month ending February 28, 2007 Net sales $690,000,000 Costs and expenses Cost of sales 667,000,000 Selling, general and administrative expenses 26,000,000 Realignment charges 4,000,000 Other income, net 7,000,000 -------------- Loss from operations - Interest expense 5,000,000 Reorganization items, net 14,000,000 -------------- Loss before income taxes (19,000,000) Income tax expense (10,000,000) Minority interest (1,000,000) Equity in earnings of affiliates 5,000,000 -------------- Loss from continuing operations (25,000,000) Loss from discontinued operations (1,000,000) -------------- Net loss ($26,000,000) ============== Dana Corporation Condensed Statement of Cash Flows For the month ending February 28, 2007 OPERATING ACTIVITIES Net loss ($26,000,000) Depreciation and amortization 23,000,000 Gain on sale of assets - Increase in working capital (39,000,000) Unremitted equity in earnings of affiliates (5,000,000) Other 18,000,000 -------------- Net cash flows used by operating activities (29,000,000) INVESTING ACTIVITIES Purchases of property, plant and equipment (10,000,000) Proceeds from sale of businesses - Other 1,000,000 -------------- Net cash flows used for investing activities (9,000,000) FINANCING ACTIVITIES Net change in short-term debt 76,000,000 Proceeds from DIP Credit Agreement - -------------- Net cash flows provided by financing activities 76,000,000 Net increase in cash and cash equivalents 38,000,000 -------------- Cash and cash equivalents, beginning of period 907,000,000 -------------- Cash and cash equivalents, end of period $945,000,000 ============== Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed $7,900,000,000 in total assets and $6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors' exclusive period to file a plan expires on Sept. 3, 2007. They have until Nov. 2, 2007, to solicit acceptances of that plan. (Dana Corporation Bankruptcy News, Issue No. 39; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). SAINT VINCENTS: Files February 2007 Monthly Operating Report ------------------------------------------------------------ SVCMC Debtors Unaudited Consolidated Balance Sheet As of February 28, 2007 ASSETS Cash & Cash Equivalents $23,586,434 Investments - Patients Accounts Receivable, less allowance for doubtful accounts 94,851,993 Accounts Receivable 54,467,087 Other Current Assets 30,368,943 -------------- Total Current Assets 203,274,457 Depreciation Reserve Funds & Collaterized Assets 5,900,344 Assets Designated for Self-Insurance Investments at Market 45,574,698 Assets whose use is limited - Investments at Market 59,095,812 Other Non-Current Assets 42,943,151 Land, Buildings & Equipment, net of Accumulated Depreciation 129,011,641 -------------- Total Assets $485,800,103 ============== LIABILITIES AND NET ASSETS Liabilities Not Subject to Compromise: Long-term Debt $92,417,552 Long-term Debt (GE) 114,334,529 Accounts Payables & Accrued Expenses 125,507,272 Accrued Salaries & Payroll Taxes Withheld 38,263,854 Estimated Retroactive Payables 103,810,908 Other Non-current Liabilities 41,906,242 ------------- Total Liabilities Not Subject to Compromise 516,240,357 Liabilities Subject to Compromise: Liabilities Subject to Compromise 481,131,676 -------------- Total Liabilities Subject to Compromise 481,131,676 -------------- Total Liabilities 997,372,033 Net Assets: Unrestricted (577,232,309) Temporarily Restricted 40,115,432 Permanently Restricted 25,544,947 -------------- Total Net Assets (511,571,930) -------------- Total Liabilities & Net Assets $485,800,103 ============== SVCMC Debtors Unaudited Consolidated Income Statement From February 1 to 28, 2007 Operating Revenue Inpatient $29,595,993 Outpatient 18,667,341 -------------- Patient Service Revenue 48,263,334 -------------- Less Provision for Bad Debt 2,310,198 -------------- Net Patient Service Revenue 45,953,136 -------------- Pool Revenue 1,498,654 Capitation 7,456,400 Other 5,913,314 -------------- Total Operating Revenue 60,821,504 Operating Expenses: Salaries and Wages 22,487,056 Fringe Benefits 6,172,935 Supplies and Other 26,063,358 Insurance 1,204,892 -------------- Total Direct Operating Costs 55,928,241 Salaries and Wages - Fringe Benefits - Supplies and Other - -------------- Total Corporate Allocated 1,388,600 -------------- Total Operating Expense 57,316,841 -------------- Interest 1,606,277 Depreciation 1,443,634 -------------- Operating Gain (Loss) Before Non-Recurring and/or Unusual Items 454,752 Non-Recurring and/or Unusual Items: Discontinued Operations (St. Mary's) - St. Mary's Op Pac Rate Adjustment - ZBEC/HFE Recoveries - Restructuring & Bankruptcy Related Costs (4,305,886) Estimated Close-out of St. Mary's - Hanys Investment Income (SFS INS) - Prior Period Ambulance Revenue - Transfer of Equity Foundation - -------------- Total Non-Recurring and/or Unusual Items (4,305,886) -------------- Operating Gain (Loss) After Non-Recurring and/or Unusual Items (3,851,134) -------------- Non-Operating Revenue (1,471,689) Change in Temporary Restricted Net Assets (100,581) -------------- Change in Net Assets ($5,423,404) -------------- EBITDA $3,504,663 ============== SVCMC Debtors Unaudited Statement of Cash Flows From February 1 to 28, 2007 Cash Flows from Operation Activities: Changes in Net Assets ($5,423,404) Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by Operating Activities: Depreciation & Amortization 1,443,634 Change in Unrealized Gains & Losses 1,632,569 Change in Patient's Accounts Receivable 29,839,568 Change in Accounts Receivables, Other (2,054,910) Change in Prepaid Expenses & Other 610,048 Change in Other Non-Current Assets (9,268,372) Change in Accounts Payable & Accrued Exp-Prepetition - Change in Accounts Payable & Accrued Exp-Postpetition (9,649,835) Change in Accrued Salaries & P/R Taxes (773,988) Change in Est. Retro rec/pay from/to third parties 1,854,036 Change in Est. Liability for self-insurance - Change in Other Non-Current Liabilities 782,995 -------------- Net Cash Provided by Operating Activities 8,992,341 Cash flows From Investment Activities: Sale of Investments, Net (1,196) Sale of Assets Whose Use is Limited (905,787) Acquisition/Sale of Land, Building, & Equipment (907,761) -------------- Net Cash Provided by Investing Activities (1,814,744) Cash flows From Financing Activities: Proceeds/Repayment From/of Working Capital Loa - Proceed from issuance of Long-term debt - Repayment of Long-term debt (8,446,250) -------------- Net Cash (Used) in Financing Activities (8,446,250) Net Increase (Decrease) in Cash & Cash Equivalents (1,268,653) Cash & Cash Equivalents, Beginning 24,855,087 -------------- Cash & Cash Equivalents, End $23,586,434 ============== Headquartered in New York, New York, Saint Vincents Catholic Medical Centers of New York -- http://www.svcmc.org/-- the largest Catholic healthcare providers in New York State, operate hospitals, health centers, nursing homes and a home health agency. The hospital group consists of seven hospitals located throughout Brooklyn, Queens, Manhattan, and Staten Island, along with four nursing homes and a home health care agency. The Company and six of its affiliates filed for chapter 11 protection on July 5, 2005 (Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will & Emery, LLP, filed the Debtors' chapter 11 cases. On Sept. 12, 2005, John J. Rapisardi, Esq., at Weil, Gotshal & Manges LLP took over representing the Debtors in their restructuring efforts. Martin G. Bunin, Esq., at Thelen Reid & Priest LLP, represents the Official Committee of Unsecured Creditors. As of Apr. 30, 2005, the Debtors listed $972 million in total assets and $1 billion in total debts. (Saint Vincent Bankruptcy News, Issue No. 51 Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) THAXTON GROUP: Posts $82 Million Cumulative Net Loss in Feb. 2007 ----------------------------------------------------------------- The Thaxton Group filed its monthly operating report for the month of February 2007 with the U.S. Bankruptcy Court for the District of Delaware on April 9, 2007. The company reported a cumulative net loss of $82,078,657 on $197,281,253 of revenue for the period from Oct. 17, 2003, thru Feb. 28, 2007. At Feb. 28, 2007, the company's balance sheet reflects: Total Assets $ 82,492,371 Total Liabilities $172,677,331 Stockholders' Equity Deficit ($ 90,184,960) A full-text copy of Thaxton Group's February 2007 Monthly Operating Report is available at no charge at: http://researcharchives.com/t/s?1d89 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. VESTA INSURANCE: Gaines Files March 2007 Operating Report --------------------------------------------------------- J. Gordon Gaines, Inc. Income Statement Month Ended March 31, 2007 Revenue from Total Sales 0 Less: Cost of Sales 0 ---------- Gross Profit $0 Less: Operating Expenses (145,856) ---------- Net Profit Operations 145,856 Non-Operating Income (Expenses) Interest Earned 4,172 State Tax Refunds 0 Non-operational income 103,216 Sale of Property 18,245 Stale Dated Checks Written Off 0 Miscellaneous Income 0 ---------- Net Profit (Loss) $271,489 ========== J. Gordon Gaines, Inc. Schedule of Cash Receipts and Disbursements Month Ended March 31, 2007 Cash On Hand (Beginning) $836,577 Cash Receipts: Accounts Receivable 0 Management Fees 0 Loan Proceeds 0 Sale of Property 18,245 Interest Earned 4,172 State Tax Refunds 0 Non-operational Income 103,216 Funding by Texas Receiver 328,963 Funding by Texas Receiver in Transit 0 Intercompany insurance operations 0 Stale Dated Checks Written Off 0 Miscellaneous Income 0 ---------- Total Receipts 454,596 Cash Disbursements: Business Disbursements Form BA-02(B) 183,107 ---------- Surplus Or Deficit 271,489 ---------- Cash on Hand (End) $1,108,066 ========== 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. 19; 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. 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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. 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