/raid1/www/Hosts/bankrupt/TCR_Public/070428.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 28, 2007, Vol. 11, No. 100
Headlines
CATHOLIC CHURCH: Davenport Files March 2007 Operating Report
COMPLETE RETREATS: Files March 2007 Monthly Operating Report
COMPLETE RETREATS: Distinctive Files March 2007 Operating Report
COMPLETE RETREATS: Legendary Files March 2007 Operating Report
COMPLETE RETREATS: Preferred Files March 2007 Operating Report
COMPLETE RETREATS: Private Files March 2007 Operating Report
FLYI INC: Posts $645,974 Net Loss in March 2007
FLYI INC: Independence Air Earns $7.2 Million In March 2007
REFCO INC: Refco LLC Files February 2007 Operating Report
WERNER LADDER: PA Posts $10.2 Million Net Loss in March 2007
*********
CATHOLIC CHURCH: Davenport Files March 2007 Operating Report
------------------------------------------------------------
Diocese of Davenport in Iowa
Statement of Financial Position
As of March 31, 2007
ASSETS
Current Assets
Cash and cash equivalents - unrestricted $5,170,202
Cash and cash equivalents - restricted 2,252,217
Accounts receivable, net 69,648
Inventory -
Prepaid expenses 12,115
Professional retainers 55,652
--------------
Total Current Assets 7,559,834
--------------
Property and Equipment
Real Property 4,737,300
Machinery and equipment 6,000
Furniture and fixtures 8,914
Office equipment 59,500
Leasehold improvements -
Vehicles 45,460
--------------
Total Property and Equipment 4,857,174
--------------
Total Assets $12,417,008
==============
LIABILITIES AND NET ASSETS
Postpetition:
Current Liabilities
Salaries and wages -
Payroll taxes -
Real and personal property taxes -
Income taxes -
Sales taxes -
Notes payable, short term -
Accounts payable, trade $59,480
Real property lease arrearage -
Personal property lease arrearage -
Accrued professional fees -
Current portion of long-term debt -
Pass-through collections 87,640
--------------
Total Current Liabilities 147,120
--------------
Long-Term Postpetition Debt, Net -
--------------
Total Postpetition Liabilities 147,120
--------------
Prepetition Liabilities
Secured claims -
Priority unsecured claims $160,888
General unsecured claims 1,660,316
--------------
Total Prepetition Liabilities 1,821,204
--------------
Total Liabilities 1,968,324
--------------
Equity (deficit):
Retained earnings/deficit at filing 5,795,187
Capital stock -
Additional paid-in capital -
Cumulative profit/loss since filing 814,373
Post-petition contributions/distributions
or draws -
Market value adjustment 3,839,124
--------------
Total equity (deficit) 10,448,684
--------------
Total liabilities & equity (deficit) $12,417,008
==============
Diocese of Davenport in Iowa
Statement of Operations
For the month ending March 31, 2007
Revenues
Gross sales $1,081
Less: sales returns & allowances -
Net sales 1,081
Less: cost of goods sold -
Gross profit 1,081
Interest 1,603
Other income:
Charitable gifts 198,740
Insurance receipts 44,500
Investment income 80,425
--------------
Total revenues 326,349
--------------
Expenses:
Compensation to owner(s)/officer(s) 12,578
Salaries 91,657
Commissions -
Contract labor 7,018
Rent/Lease:
Personal property 285
Real property -
Insurance 211,321
Management fees -
Depreciation 5,945
Taxes:
Employer payroll taxes 5,705
Real property taxes 1,043
Other taxes -
Other selling -
Other administrative 47,890
Interest -
Other expenses:
Employee benefits 18,361
Charity collection 7,239
Medical assistance/Victim assistance 12,769
Utilities 22,784
Transfer to unrestricted -
Professional Investment Management Fees 2048
Sabbatical -
--------------
Total expenses 446,643
Reorganization items:
Professional fees -
Provisions for rejected
executory contracts -
Interest earned on accumulated cash
from resulting Chapter 11 case 28,557
Gain or (Loss) from sale of equipment -
U.S. Trustee quarterly fees -
Advertising/Printing/Mailing (89,603)
--------------
Total reorganization items (61,046)
--------------
Net profit (loss) before federal &
state taxes (181,340)
Federal & state income taxes -
--------------
Net Profit (Loss) ($181,340)
==============
Diocese of Davenport in Iowa
Statement of Cash Receipts and Disbursements
For the month ending March 31, 2007
Cash receipts
Rent/Leases collected $4,527
Cash received from sales 1,081
Interest received 30,160
Borrowings increase in accounts payable -
Funds from shareholders, partners,
or other insiders -
Capital contributions -
Annual diocesan appeal/donations 198,740
Investment income/misc. -
Insurance receipts 44,500
Tribunal/Immigration/Faith Formation fees 75,898
Decrease in prepaids/accounts receivable -
Misc/Increase in accounts payable 9,433
--------------
Total Cash Receipts $364,339
==============
Cash disbursements:
Payments for inventory -
Selling -
Administrative $153,425
Capital expenditures -
Principal payments on debt -
Interest paid -
Rent/Lease:
Personal Property 285
Real Property -
Amount paid to owner(s)/officer(s)
Salaries 12,578
Draws -
Commissions/Royalties -
Expense Reimbursements 373
Other -
Salaries/Commissions (less employee
withholding 70,036
Management fees -
Taxes
Employee withholding 21,621
Employer payroll taxes 5,705
Real property taxes 1,043
Other taxes -
Other cash outflows:
Insurance 211,321
Utilities 22,784
Medical Assistance 12,769
Employee Benefits 18,361
Misc/Decrease in Accts Payable/Increase
in receivables 118,150
--------------
Total Cash Disbursements $648,451
--------------
Net increase (decrease) in cash (284,112)
Cash balance, beginning of period 1,568,021
Cash balance, end of period $1,283,909
==============
The Diocese of Davenport in Iowa filed for chapter 11 protection
(Bankr. S.D. Ia. Case No. 06-02229) on October 10, 2006.
Richard A. Davidson, Esq., at Lane & Waterman LLP, represents the
Davenport Diocese in its restructuring efforts. Hamid R.
Rafatjoo, Esq., and Gillian M. Brown, Esq., of Pachulski Stang
Zhiel Young Jones & Weintraub LLP represent the Official Committee
of Unsecured Creditors. In its schedules of assets and
liabilities, the Davenport Diocese reported $4,492,809 in assets
and $1,650,439 in liabilities.
Davenport's exclusive period to file a plan will expire on
Aug. 15, 2007. Its exclusive period to solicit acceptances of
its plan will expire on Oct. 14, 2007. (Catholic Church
Bankruptcy News, Issue No. 90; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Files March 2007 Monthly Operating Report
------------------------------------------------------------
Complete Retreats, LLC
Balance Sheet
As of March 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 $428,115
--------------
Total Prepetition Liabilities 428,115
--------------
Total Liabilities 428,115
Equity
Prepetition Owners' Equity 4,045,880
Postpetition Cumulative Profit or Loss -
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 4,045,880
--------------
Total Liabilities & Owners' Equity $4,473,994
==============
Complete Retreats, LLC
Statement of Operations
March 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. 25;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COMPLETE RETREATS: Distinctive Files March 2007 Operating Report
----------------------------------------------------------------
Distinctive Retreats, LLC
Balance Sheet
As of March 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 (3,598,186)
--------------
Net Property, Plant & Equipment 101,015,130
Due from Insiders -
Other Assets - Net of Amortization 485,000
Other 117,093,266
--------------
Total Assets $219,290,782
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable -
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other $37,533,438
--------------
Total Postpetition Liabilities 37,533,438
Prepetition Liabilities
Secured Debt 452,027
Priority Debt -
Unsecured Debt 30,713,743
Other 16,851,100
--------------
Total Prepetition Liabilities 48,016,870
--------------
Total Liabilities 85,550,308
Equity
Prepetition Owners' Equity 133,882,810
Postpetition Cumulative Profit or Loss (142,337)
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 133,740,473
--------------
Total Liabilities & Owners' Equity $219,290,781
==============
Distinctive Retreats, LLC
Statement of Operations
March 1 to 31, 2007
Revenues
Gross Revenues -
Less: Returns & Discounts -
--------------
Net Revenue -
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 -
--------------
Income Before Non-Operating Income & Expenses -
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion $76,595
Amortization -
Other -
--------------
Net Other Income & Expenses 76,595
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses -
--------------
Income Tax -
--------------
Net Profit (Loss) ($76,595)
==============
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. 25;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COMPLETE RETREATS: Legendary Files March 2007 Operating Report
--------------------------------------------------------------
Legendary Retreats, LLC
Balance Sheet
As of March 31, 2007
ASSETS
Unrestricted Cash $8,375
Restricted Cash -
--------------
Total Cash 8,375
Accounts Receivable (Net) -
Inventory -
Notes Receivable 1,610,000
Prepaid Expenses 74,040
Other 110,000
--------------
Total Current Assets 1,794,040
Property, Plant & Equipment 26,936
Less: Accumulated Depreciation/Depletion -
--------------
Net Property, Plant & Equipment 26,936
Due from Insiders -
Other Assets - Net of Amortization -
Other 17,787,456
--------------
Total Assets $19,616,806
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable -
Taxes Payable -
Notes Payable $11,366
Professional Fees -
Secured Debt -
Other -
--------------
Total Postpetition Liabilities 11,366
Prepetition Liabilities
Secured Debt -
Priority Debt -
Unsecured Debt 482,432
Other 3,887,743
--------------
Total Prepetition Liabilities 4,370,176
--------------
Total Liabilities 4,381,541
Equity
Prepetition Owners' Equity 15,300,377
Postpetition Cumulative Profit or Loss (65,112)
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 15,235,265
--------------
Total Liabilities & Owners' Equity $19,616,806
==============
Legendary Retreats, LLC
Statement of Operations
March 1 to 31, 2007
Revenues
Gross Revenues -
Less: Returns & Discounts -
--------------
Net Revenue -
Cost of Goods Sold
Material -
Direct Labor -
Direct Overhead ($686)
--------------
Total Cost of Goods Sold (686)
--------------
Gross Profit 686
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other 130
--------------
Total Operating Expenses 130
--------------
Income Before Non-Operating Income & Expenses 557
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 -
--------------
Income Tax -
--------------
Net Profit (Loss) $557
==============
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. 25;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COMPLETE RETREATS: Preferred Files March 2007 Operating Report
--------------------------------------------------------------
Preferred Retreats, LLC
Balance Sheet
As of March 31, 2007
ASSETS
Unrestricted Cash $219,925
Restricted Cash 326,530
--------------
Total Cash 546,455
Accounts Receivable (Net) 755,449
Inventory 2,056,975
Notes Receivable 142,704
Prepaid Expenses 2,938,436
Other 1,023,169
--------------
Total Current Assets 6,916,732
Property, Plant & Equipment 9,060,515
Less: Accumulated Depreciation/Depletion (3,387,345)
--------------
Net Property, Plant & Equipment 5,673,170
Due from Insiders 2,222,941
Other Assets - Net of Amortization 1,555
Other 100,553,642
--------------
Total Assets $115,914,496
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable $11,574,494
Taxes Payable -
Notes Payable 75,009,390
Professional Fees -
Secured Debt -
Other 8,131,861
--------------
Total Postpetition Liabilities 94,715,746
Prepetition Liabilities
Secured Debt 43,411
Priority Debt -
Unsecured Debt 11,983,920
Other 126,713,227
--------------
Total Prepetition Liabilities 138,740,559
--------------
Total Liabilities 233,456,305
Equity
Prepetition Owners' Equity (90,524,986)
Postpetition Cumulative Profit or Loss (31,016,823)
Cash funded from UR LLC in excess of P&L losses 4,000,000
--------------
Total Equity (117,541,809)
--------------
Total Liabilities & Owners' Equity $115,914,496
==============
Preferred Retreats, LLC
Statement of Operations
March 1 to 31, 2007
Revenues
Gross Revenues ($9,039)
Less: Returns & Discounts (1,000)
--------------
Net Revenue (10,039)
Cost of Goods Sold
Material (14,055)
Direct Labor -
Direct Overhead 84,110
--------------
Total Cost of Goods Sold 70,055
--------------
Gross Profit (80,094)
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing 2,290
General Administration 102,077
Rent & Lease 9,910
Other 310,137
--------------
Total Operating Expenses 424,415
--------------
Income Before Non-Operating Income & Expenses (504,509)
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion 57,536
Amortization -
Other (118,132)
--------------
Net Other Income & Expenses (60,596)
Reorganization Expenses
Professional Fees (340,497)
U.S. Trustee Fees -
Other 5
--------------
Total Reorganization Expenses (340,492)
--------------
Income Tax -
--------------
Net Profit (Loss) ($103,420)
==============
Preferred Retreats had approximately $3,000,000 on hand as of
March 31, 2007.
Preferred Retreats obtained approximately $5,900,000 in
immediately available cash for the period from March 1 to 31,
2007, from accounts receivables, asset sales and certain loans.
During the same period, the company spent approximately
$2,800,000 for its daily business operations, and paid
approximately $14,000 on reorganization fees, including
fees for the U.S. Trustee and the company's bankruptcy
professionals.
Preferred Retreats filed with the Court an illegible copy of the
Debtors' consolidated cash receipts and disbursements for the
period March 1 to 31, 2007, a full-text copy of which is
available at no charge at:
http://researcharchives.com/t/s?1e02
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. 25;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COMPLETE RETREATS: Private Files March 2007 Operating Report
------------------------------------------------------------
Private Retreats, LLC
Balance Sheet
As of March 31, 2007
ASSETS
Unrestricted Cash -
Restricted Cash $1,679
--------------
Total Cash 1,679
Accounts Receivable (Net) -
Inventory 71,384
Notes Receivable 560,981
Prepaid Expenses -
Other -
--------------
Total Current Assets 632,365
Property, Plant & Equipment 51,312,308
Less: Accumulated Depreciation/Depletion (5,820,571)
--------------
Net Property, Plant & Equipment 45,491,737
Due from Insiders -
Other Assets - Net of Amortization 1,152,200
Other 19,041,338
--------------
Total Assets $66,319,319
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable -
Taxes Payable -
Notes Payable $14,901
Professional Fees -
Secured Debt -
Other 29,870,250
--------------
Total Postpetition Liabilities 29,885,151
Prepetition Liabilities
Secured Debt 186,738
Priority Debt -
Unsecured Debt 5,432,515
Other 12,508,567
--------------
Total Prepetition Liabilities 18,127,820
--------------
Total Liabilities 48,012,971
Equity
Prepetition Owners' Equity 19,317,217
Postpetition Cumulative Profit or Loss (1,010,868)
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 18,306,349
--------------
Total Liabilities & Owners' Equity $66,319,319
==============
Private Retreats, LLC
Statement of Operations
March 1 to 31, 2007
Revenues
Gross Revenues ($1,804)
Less: Returns & Discounts -
--------------
Net Revenue (1,804)
Cost of Goods Sold
Material -
Direct Labor -
Direct Overhead -
--------------
Total Cost of Goods Sold -
--------------
Gross Profit (1,804)
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other -
--------------
Total Operating Expenses -
--------------
Income Before Non-Operating Income & Expenses (1,804)
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) ($138,497)
==============
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. 25;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
FLYI INC: Posts $645,974 Net Loss in March 2007
-----------------------------------------------
FLYi Inc.
Consolidated Balance Sheet
As of March 31, 2007
ASSETS
Current assets
Cash $0
Short term investments -
Net accounts receivable -
IC Notes receivable -
-------------
Total Current Assets -
-------------
Other assets
Restricted cash -
Long term investments -
Other assets -
-------------
Total Other Assets -
-------------
TOTAL ASSETS $0
=============
Liabilities not subject to compromise
Liabilities subject to compromise
Secured debt -
Priority debt -
Unsecured debt -
-------------
Total Liabilities -
-------------
Owner Equity
Transfer of Cash to Distribution Trust (1,243,278)
Transfer of Priority/Secured/Admin
Liabilities to Distribution Trust 1,479,815
Settlement of Intercompany Debt (284,924,587)
Transfer of Unsecured Debt to Trust
as Beneficial Interests 132,478,302
Common stock 1,088,716
Additional paid in capital 158,254,512
Treasury stock (35,717,477)
Prepetition retained earnings 39,858,773
Postpetition retained earnings (11,274,776)
-------------
Net Owners' Equity -
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $0
=============
FLYi Inc.
Statement of Operations
March 2007
Revenues $0
Operating Expense 824
-------------
Net Profit (Loss) before Other Income & Expenses (824)
Other (income) expenses
Interest income (4,455)
Interest expense -
Other miscellaneous -
-------------
Net Profit (Loss) before reorganization items 3,631
Reorganization items
Professional fees 649,605
U.S. Trustee Quarterly Fees -
Income Taxes -
-------------
Net Profit (Loss) (645,974)
=============
Headquartered in Dulles, Virginia, FLYi Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000.
The Debtors' exclusive period to file a chapter 11 expired on
Aug. 15, 2006. On the same day, the Debtors filed their Joint
Plan of Liquidation. On Nov. 13, 2006, they filed an Amended Plan
and Disclosure Statement. The Court approved the Disclosure
Statement on Nov. 17, 2006 and the Clerk of Court entered a
written disclosure statement order on Nov. 21, 2006. The hearing
to consider confirmation of the Debtors' Plan is set for March 12,
2007. (FLYi Bankruptcy News, Issue No. 39; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
FLYI INC: Independence Air Earns $7.2 Million In March 2007
-----------------------------------------------------------
Independence Air Inc.
Consolidated Balance Sheet
As of March 31, 2007
ASSETS
Current assets
Cash $0
Short term investments -
Restricted cash -
Net accounts receivable -
Net expandable parts and fuel -
Net prepaid expenses -
Deferred tax asset -
-------------
Total current assets -
-------------
Other assets
Restricted cash -
Aircraft deposits -
Other assets -
-------------
Total other assets -
-------------
TOTAL ASSETS $0
=============
LIABILITIES
Liabilities not subject to compromise
Accounts payable -
Air traffic liability -
Accrued liabilities -
Amounts due to insiders -
-------------
Total Postpetition Liabilities -
-------------
Liabilities subject to compromise
Secured debt -
Priority debt -
Unsecured debt -
Other accruals -
-------------
Total prepetition liabilities -
-------------
Total Liabilities -
-------------
Owner Equity
Transfer of Cash to Distribution Trust (145,999,087)
Transfer of Other Assets to Distribution
Trust (20,692,258)
Transfer of Priority/Secured/Admin.
Liabilities to Distribution Trust 15,674,905
Settlement of Intercompany Debt 284,924,587
Transfer of Unsecured Debt to Trust
as Beneficial Interests 21,626,438
Common stock -
Treasury stock -
Owner's equity account -
Prepetition retained earnings (257,846,546)
Postpetition retained earnings 102,311,961
-------------
Net Owners' Equity -
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $0
=============
Independence Air Inc.
Statement of Operations
March 2007
Revenues $0
Operating Revenue
Passenger revenue -
Other revenue -
-------------
Total operating revenues -
-------------
Operating expenses
Insider compensation 25,305
Wages 230,982
Fringes and benefits (332,931)
Aircraft fuel (1,353,279)
Aircraft maintenance and materials (1,874)
CRS fees (7,578)
Facilities rents 30,115
Landing fees 4,481
Depreciation and amortization -
Others (2,837,135)
Retirement & restructuring charge (2,428,801)
-------------
Total operating expense (6,670,716)
-------------
Net operating income (loss) 6,670,716
-------------
Net Profit (Loss) before other income & expenses 6,670,716
-------------
Other (income) expenses
Interest income (921,566)
Interest expense (3,675)
Other miscellaneous -
-------------
Total other (income) expense (925,241)
-------------
Net Profit (Loss) before reorganization items 7,595,957
-------------
Reorganization items
Professional fees 364,361
Income Taxes 22,170
-------------
Net Profit (Loss) $7,209,425
=============
Headquartered in Dulles, Virginia, FLYi Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000.
The Debtors' exclusive period to file a chapter 11 expired on
Aug. 15, 2006. On the same day, the Debtors filed their Joint
Plan of Liquidation. On Nov. 13, 2006, they filed an Amended Plan
and Disclosure Statement. The Court approved the Disclosure
Statement on Nov. 17, 2006 and the Clerk of Court entered a
written disclosure statement order on Nov. 21, 2006. The hearing
to consider confirmation of the Debtors' Plan is set for March 12,
2007. (FLYi Bankruptcy News, Issue No. 39; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
REFCO INC: Refco LLC Files February 2007 Operating Report
---------------------------------------------------------
Albert Togut, the Chapter 7 trustee overseeing the liquidation of
Refco, LLC's estate, delivered to the Court a monthly statement
of cash receipts and disbursements for the period from
Feb. 1 to 28, 2007.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of February 1 totals $633,278,000. The Debtor's beginning
purchase price account balance totals $14,589,000, while its
beginning capital account "A" balance aggregates $618,689,000.
The purchase price account includes activity related to Man
Financial, Inc. sale proceeds and related disbursements. Capital
account "A" includes activities related to collection of excess
capital.
Refco LLC received $4,739,000 and disbursed $2,483,000 during the
Reporting Period. The Debtor held $635,534,000 at the end of the
period.
The Chapter 7 Trustee prepared the Monthly Statement in lieu of
comprehensive financial statements.
A full-text copy of Refco LLC's February 2007 Monthly Statement
is available at no charge at:
http://researcharchives.com/t/s?1e01
Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in 14
countries and an extensive global institutional and retail client
base. Refco's worldwide subsidiaries are members of principal
U.S. and international exchanges, and are among the most active
members of futures exchanges in Chicago, New York, London and
Singapore. In addition to its futures brokerage activities, Refco
is a major broker of cash market products, including foreign
exchange, foreign exchange options, government securities,
domestic and international equities, emerging market debt, and OTC
financial and commodity products. Refco is one of the largest
global clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.
On June 5, 2006, three more affiliates filed for chapter 11
protection namely: Westminster-Refco Management LLC, Refco Managed
Futures LLC, and Lind-Waldock Securities LLC.
Refco Commodity Management, Inc., another affiliate, filed for
bankruptcy on Oct. 16, 2006.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006. That Plan became effective on
Dec. 26, 2006. (Refco Bankruptcy News, Issue No. 62; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
WERNER LADDER: PA Posts $10.2 Million Net Loss in March 2007
------------------------------------------------------------
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Balance Sheet
As of March 31, 2007
($ in thousands)
ASSETS
Current Assets:
Cash and cash equivalents $1,363
Receivables, net 63,294
Income taxes receivable (payable) 640
Inventories, net 62,732
Property, plant and equipment held for sale, at
cost less accumulated depreciation 16,590
Prepaid insurance and other 7,262
------------
Total current assets 151,881
Property, Plant & Equipment, Net 50,964
Other assets:
Deferred financing fees, net 6,078
Investment in subsidiaries -
Other noncurrent assets 6,483
------------
Total other assets 12,561
------------
TOTAL ASSETS $215,406
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $15,583
Accrued liabilities 28,122
Intercompany payable (receivables) -
First lien revolving credit facility 205,085
Current maturities of long-term debt
------------
Total current liabilities 248,790
Long-Term Liabilities:
Long-term debt 13,591
Reserve for product liability and
workers' compensation claims 12,205
Other long-term obligations 4,092
Liabilities subject to compromise 318,300
------------
Total Liabilities 596,978
Convertible preferred stock 100,592
Shareholders' Deficit:
Common stock 1
Additional paid-in-capital 17,017
Retained earnings (deficit) (485,941)
Accumulated other comprehensive income (loss) (13,241)
------------
Total Shareholders Deficit (482,164)
------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $215,406
============
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Statement of Operations
Month Ended March 31, 2007
($ in thousands)
Net sales $33,101
Total cost of sales 26,298
------------
Gross profit 6,803
Total operating expenses 10,004
Operating income (loss) (3,201)
Equity in net income (loss) of subsidiaries -
Other income (expense), net 539
------------
Income (loss) before interest,
reorganization items and taxes (2,662)
Reorganization Items:
(Restructuring Process Fees) (2,291)
Interest Income 10
------------
Reorganization Items, Net (2,281)
------------
Interest (loss) before interest and taxes (4,943)
Inter-company interest expense -
Interest expense 4,451
------------
Income (loss) before income taxes (9,394)
Provision (benefit) for income taxes 785
------------
Net Income (Loss) ($10,179)
============
Werner Holding Co. (PA), Inc., and Subsidiaries
Unaudited Consolidated Statement of Cash Flows
Month Ended March 31, 2007
($ in thousands)
Cash flows provided (used) by
operating activities ($10,276)
Cash Flows From Investing Activities:
Capital expenditures, net (213)
------------
Net cash used in investing activities (213)
Cash Flows From Financing Activities:
Capital lease payments (163)
Net borrowings under First Lien Credit Facility 10,500
Debt issuance costs (500)
------------
Net cash provided (used) by financing activities 9,837
Net increase (decrease) in cash and equivalents (652)
Cash and equivalents at March 1, 2007 2,015
------------
Cash and equivalents at March 31, 2007 $1,363
============
Based in Greenville, Pennsylvania, Werner Holding Co. (DE) Inc.
aka Werner Ladder Co. -- http://www.wernerladder.com/--
manufactures and distributes ladders, climbing equipment and
ladder accessories. The company and three of its affiliates filed
for chapter 11 protection on June 12, 2006 (Bankr. D. Del. Case
No. 06-10578).
The Debtors are represented by the firm of Willkie Farr &
Gallagher LLP as lead counsel and the firm of Young, Conaway,
Stargatt & Taylor LLP as co-counsel. Rothschild Inc. is the
Debtors' financial advisor. The Official Committee of Unsecured
Creditors is represented by the firm of Winston & Strawn LLP as
lead counsel and the firm of Greenberg Traurig LLP as co-counsel.
Jefferies & Company serves as the Creditor Committee's financial
advisor. At March 31, 2006, the Debtors reported total assets of
$201,042,000 and total debts of $473,447,000. (Werner Ladder
Bankruptcy News, Issue No. 27; Bankruptcy Creditors' Service Inc.
http://bankrupt.com/newsstand/or (215/945-7000)
The Debtors' exclusive period to file a plan expires on April 10,
2007.
*********
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*********
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
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