/raid1/www/Hosts/bankrupt/TCR_Public/070505.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, May 5, 2007, Vol. 11, No. 106
Headlines
ALLIED HOLDINGS: Posts $4.1 Million Net Loss in February 2007
ASARCO LLC: Posts $19.38 Million Net Loss in March 2007
COLLINS & AIKMAN: Files March 2007 Monthly Operating Report
DELPHI CORP: Posts $63 Mil. Net Loss in Month Ended March 31, 2007
DURA AUTOMOTIVE: Files Monthly Operating Report for April 2007
FEDERAL-MOGUL: Earns $5.5 Million in Month Ended March 31, 2007
MERIDIAN AUTOMOTIVE: Posts $52 Million Net Loss in December 2006
MUSICLAND HOLDING: Posts $3.9 Million Net Loss in February 2007
MUSICLAND HOLDING: Posts $2 Million Net Loss in March 2007
SOLUTIA INC: Posts $3 Mil. Net Loss in Month Ended March 31, 2007
TOWER AUTO: Posts $12 Million Net Loss in March 2007
*********
ALLIED HOLDINGS: Posts $4.1 Million Net Loss in February 2007
-------------------------------------------------------------
Allied Holdings, Inc.
Unaudited Consolidated Balance Sheet
As of February 28, 2007
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $2,180
Receivables, net of allowances 44,804
Related party receivables 20,238
Inventories 4,592
Deferred income taxes 1,714
Prepayments and other current assets 21,413
---------
Total current assets 94,941
Property and equipment, net 123,282
Goodwill, net 3,545
Other noncurrent assets 24,766
Investment in related parties 24,963
---------
TOTAL ASSETS $271,497
=========
Liabilities and Stockholders' Deficit
Current liabilities not subject to compromise:
Borrowings under Canadian revolving
credit facility $1,215
DIP facility 170,056
Accounts and notes payable 21,420
Accrued liabilities 53,068
---------
Total current liabilities 245,759
Long-term liabilities not subject to compromise
Postretirement benefits 14,213
Deferred income taxes 1,733
Other long-term liabilities 19,299
---------
Total long-term liabilities 35,245
Liabilities subject to compromise 198,945
Stockholders' deficit (208,452)
---------
Total liabilities & stockholders' deficit $271,497
=========
Allied Holdings, Inc.
Unaudited Consolidated Statement of Operations
For the Month Ended February 28, 2007
(In Thousands)
Revenues $59,389
Operating Expenses
Salaries, Wages & Fringe benefits 32,579
Operating supplies & expenses 13,208
Purchased transportation 7,158
Insurance & claims 2,724
Operating tax & licenses 2,138
Depreciation & amortization 2,526
Rents 562
Communications & utilities 579
Other operating expenses 578
Loss on disposal of operating assets, net 30
---------
Total Operating Expenses 62,082
---------
Operating Income (Loss) (2,693)
Other Income (Expense)
Interest expense (1,773)
Investment income 2
Foreign exchange gains, net 706
Equity in earnings of subsidiaries 598
---------
(467)
---------
Loss before reorganization items and income taxes (3,160)
Reorganization items (940)
---------
Loss before income taxes (4,100)
Income tax benefit -
---------
NET LOSS ($4,100)
=========
The Debtors' cash disbursements totaled $5,046,916 during February
2007.
About Allied Holdings Inc.
Based in Decatur, Georgia, Allied Holdings Inc. (AMEX: AHI, other
OTC: AHIZQ.PK) -- http://www.alliedholdings.com/-- and its
affiliates provide short-haul services for original equipment
manufacturers and provide logistical services. The company and 22
of its affiliates filed for chapter 11 protection on July 31, 2005
(Bankr. N.D. Ga. Case Nos. 05-12515 through 05-12537). Jeffrey W.
Kelley, Esq., at Troutman Sanders, LLP, represents the Debtors in
their restructuring efforts. Henry S. Miller at Miller Buckfire &
Co., LLC, serves as the Debtors' financial advisor. Anthony J.
Smits, Esq., at Bingham McCutchen LLP, provides the Official
Committee of Unsecured Creditors with legal advice and Russell A.
Belinsky at Chanin Capital Partners, LLC, provides financial
advisory services to the Committee. When the Debtors filed for
protection from their creditors, they estimated more than $100
million in assets and debts. (Allied Holdings Bankruptcy News,
Issue No. 47; Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/ or 215/945-7000)
Plan Update
On March 2, 2007, the Debtors, Yucaipa and Teamsters filed a Co-
Sponsored Plan and Disclosure Statement explaining that plan. On
April 2, 2007, they filed an Amended Plan and on April 6 filed a
Second Amended Plan. The Court approved the adequacy of the
disclosure statement explaining the 2nd Amended Plan on April 6,
2007. The Court is set to consider confirmation of the Co-
Sponsored Plan on Wednesday, May 9, 2007.
ASARCO LLC: Posts $19.38 Million Net Loss in March 2007
-------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of March 31, 2007
ASSETS
Current Assets:
Cash $503,187,000
Restricted Cash 28,377,000
Accounts receivable, net 127,684,000
Inventory 247,438,000
Prepaid expenses 5,541,000
Deferred income tax assets 0
Other current assets 21,209,000
---------------
Total Current Assets 933,435,000
Net property, plant and equipment 444,190,000
Other Assets
Investments in subs 100,474,000
Advances to affiliates 454,000
Prepaid pension & retirement plan 79,958,000
Non-current deferred tax asset 40,951,000
Other 112,088,000
---------------
Total assets $1,711,551,000
===============
LIABILITIES
Postpetition liabilities:
Accounts payable $50,195,000
Accrued liabilities 81,791,000
DIP financing 0
---------------
Total postpetition liabilities 131,986,000
Prepetition liabilities:
Not subject to compromise - credit 704,000
Not subject to compromise - other 50,596,000
Advances from affiliates 24,183,000
Subject to compromise 1,498,001,000
---------------
Total prepetition liabilities 1,573,485,000
---------------
Total liabilities $1,705,471,000
===============
OWNERS' EQUITY (DEFICIT)
Common stock 508,325,000
Additional paid-in capital 104,578,000
Other comprehensive income (121,861,000)
Retained earnings: filing date (1,065,018,000)
---------------
Total prepetition owners' equity (573,976,000)
Retained earnings: post-filing date 580,056,000
---------------
Total owners' equity (net worth) 6,079,000
Total liabilities and owners' equity $1,711,551,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ending March 31, 2007
Sales $102,980,000
Cost of products and services 71,850,000
--------------
Gross profit 31,130,000
Operating expenses:
Selling and general & admin expenses 2,921,000
Depreciation & amortization 3,019,000
Provision accretion expense of asset
retirement obligation 163,000
--------------
Operating income 25,026,000
Interest expense 58,000
Interest income (2,418,000)
Reorganization expenses 10,432,000
Other miscellaneous (income) expenses (6,526,000)
--------------
Income (loss) before taxes [sic] 33,183,000
Income taxes 4,104,000
--------------
Net income (loss) $19,375,000
==============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ending March 31, 2007
Receipts $127,400,000
Disbursements:
Inventory material 33,980,000
Operating disbursements 65,285,000
Capital expenditures 9,370,000
--------------
Total disbursements 108,635,000
Operating cash flow 18,765,000
Reorganization disbursements 6,451,000
--------------
Net cash flow 12,314,000
Net payments to secured Lenders 0
--------------
Net change in cash 12,314,000
Beginning cash balance 519,249,000
--------------
Ending cash balances $531,563,000
==============
About ASARCO LLC
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The
Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts. Lehman
Brothers Inc. provides the ASARCO with financial advisory services
And investment banking services. Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee. When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and
$1 billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No.
05-21346) also filed for chapter 11 protection, and ASARCO has
asked that the three subsidiary cases be jointly administered
with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case
was converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7
Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for chapter 11
protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to
06-20776).
The Debtors' exclusive period to file a plan expires on
Aug. 9, 2007. (ASARCO Bankruptcy News, Issue No. 45; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
COLLINS & AIKMAN: Files March 2007 Monthly Operating Report
-----------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of March 31, 2007
ASSETS
Cash $146,839,746
Accounts receivable-trade, net 215,780,453
Other non-trade receivables 11,066,255
Inventories, net 69,206,742
Tooling and molding, net-current 25,900,754
Prepaids & other current assets 48,391,616
Deferred tax assets-current 0
---------------
TOTAL CURRENT ASSETS 517,185,567
Investments in subsidiaries 2,479,293,518
Fixed assets, net 235,813,029
Goodwill, net 59,622,121
Deferred tax assets-long term 0
Tooling and molding, net-long term 6,882,120
Other noncurrent assets 28,216,654
Intercompany accounts - net 22,923,292
Prepetition intercompany - net 650,967,736
---------------
TOTAL ASSETS $4,000,904,037
===============
LIABILITIES & EQUITY
Notes payable $0
Short term borrowings 0
Advance on receivables 0
Current portion-long term debt 110,981,044
Current portion-capital leases 0
Accounts payable 42,174,570
Accrued interest payable 61,635,623
Accrued & other liabilities 175,959,182
Income taxes payable 3,472,004
---------------
Total current liabilities 394,222,422
Liabilities subject to compromise 2,385,655,398
Deferred income taxes 30,472,400
---------------
Total liabilities 2,810,350,220
Total equity 1,190,553,817
---------------
TOTAL LIABILITIES & EQUITY $4,000,904,037
===============
Collins & Aikman Corporation
Income Statement
Month Ending March 31, 2007
Net outside sales $152,205,661
I/C Net sales 14,740,785
---------------
Total sales 166,946,446
Cost of Sales 151,818,659
---------------
Gross profit 15,127,787
Selling, general & administrative expenses 25,007,710
---------------
Operating income (9,879,923)
Interest expenses, net 7,835,920
Intercompany interest, net (3,321,581)
Preferred stock accretion 0
Miscellaneous (income)/expense 3,059,978
Corporate allocation adjustment 0
Commission income (176,070)
Commission expense 0
Royalty income (336,973)
Royalty expense 0
Joint Venture (Income)/Expense 0
Minority interest in cons net income 0
Dividend income 0
Discount/Income for Carcorp. 0
Gain/(Loss) early extinguishments of debt 0
Discount/Premium on hedges 0
(Gain)/Loss on hedges 0
(Gain)/Loss on swaps 0
NAAIS Intercompany sales profit 0
Loss on sale of receivables 0
Restructuring provision 0
Asset Impairment 723,053,542
Foreign transactions - (Gain)/Loss 268,581
Amort of discount on NPV of liabilities 0
(Gain)/Loss on sale-leaseback transaction 0
---------------
Income from continuing operations before taxes (740,263,320)
Federal income tax 0
State income tax 0
Foreign income tax 23,476
---------------
Income from continuing operations (740,286,796)
Discontinued operations 93,727
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME (LOSS) ($740,380,523)
===============
About Collins & Aikman
Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems. The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.
The company and its debtor-affiliates filed for chapter 11
protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927).
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in
its restructuring. Lazard Freres & Co., LLC, provides the Debtor
with investment banking services. Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee. When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total
debts. The Debtors' disclosure statement explaining their First
Amended Joint Chapter 11 Plan was approved on Jan. 25, 2007.
(Collins & Aikman Bankruptcy News, Issue No. 60; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
DELPHI CORP: Posts $63 Mil. Net Loss in Month Ended March 31, 2007
------------------------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of March 31, 2007
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $113
Restricted cash 108
Accounts receivable, net
General Motors and affiliates 1,649
Other third parties 977
Non-Debtor subsidiaries 389
Notes receivable from non-Debtor subsidiaries 352
Inventories, net
Productive material, work-in-process and supplies 826
Finished goods 302
Prepaid expenses and other 297
--------
TOTAL CURRENT ASSETS 5,013
Long-term assets:
Property, net 2,134
Investment in affiliates 376
Investments in non-Debtor subsidiaries 3,402
Goodwill 152
Other intangible assets 33
Other 336
--------
TOTAL ASSETS $11,446
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Debtor-in-possession financing $3,072
Accounts payable 1,272
Accounts payable to non-Debtor subsidiaries 446
Accrued liabilities 815
--------
TOTAL CURRENT LIABILITIES 5,605
Long-term liabilities not subject to compromise:
Employee benefit plan obligations and other 639
--------
TOTAL LONG-TERM LIABILITIES 639
Liabilities subject to compromise 17,607
--------
TOTAL LIABILITIES 23,851
Stockholders' deficit:
Common stock 6
Additional paid-in capital 2,772
Accumulated deficit (12,274)
Accumulated other comprehensive loss (2,857)
Treasury stock, at cost (3.2 million shares) (52)
--------
TOTAL STOCKHOLDERS' DEFICIT (12,405)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $11,446
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended March 31, 2007
(In Millions)
Net sales:
General Motors and affiliates $849
Other customers 567
Intercompany non-Debtor subsidiaries 95
--------
Total net sales 1,511
--------
Operating expenses:
Cost of sales 1,387
Selling, general and administrative 82
Depreciation and amortization 53
--------
Total operating expenses 1,522
--------
Operating loss (11)
Interest expense (31)
Loss on extinguishment of debt (23)
Other income, net 7
Reorganization items (6)
Income tax benefit (expense) (3)
Equity income from non-consolidated subsidiaries 5
Equity income from non-Debtor subsidiaries, net of tax (1)
--------
NET LOSS ($63)
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended March 31, 2007
(In Millions)
Cash flows from operating activities:
Net loss ($63)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization 53
Pension and other postretirement benefit expenses 42
Equity loss from unconsolidated subsidiaries, net (5)
Equity loss from non-Debtor subsidiaries, net of tax 1
Reorganization items 6
Loss on debt extinguishment 23
Changes in operating assets and liabilities:
Accounts receivable, net (149)
Inventories, net 41
Prepaid expenses and other (4)
Accounts payable, accrued and other long-term debts (65)
U.S. employee special attrition program (29)
Pension contributions (1)
Other postretirement benefit payments (17)
Receipts (payments) for reorganization items, net (15)
Other (8)
--------
Net cash used in operating activities (190)
Cash flows from investing activities:
Capital expenditures (11)
Proceeds from sale of property 2
Other (2)
--------
Net cash used in investing activities (11)
Cash flows from financing activities:
Net proceeds from DIP facility 177
Net repayment of borrowings under other debt agreements (2)
--------
Net cash used in financing activities 175
--------
Decrease in cash and cash equivalents (26)
Cash and cash equivalents at beginning of period 139
--------
Cash and cash equivalents at end of period $113
========
About Delphi Corporation
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.
The Debtors' exclusive plan-filing period expires on July 31,
2007. (Delphi Corporation Bankruptcy News, Issue No. 67;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
DURA AUTOMOTIVE: Files Monthly Operating Report for April 2007
--------------------------------------------------------------
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Balance Sheet
As of April 1, 2007
(Dollars in thousands)
ASSETS
Current assets:
Cash and cash equivalents $5,894
Accounts receivable, net
Trade 146,267
Other 16,186
Non-Debtor subsidiaries 24,289
Inventories 81,344
Other current assets 40,532
----------
Total current assets 314,512
----------
Property, plant and equipment, net 172,002
Goodwill, net 249,927
Notes receivable from Non-Debtors subsidiaries 183,142
Investment in Non-Debtors subsidiaries 790,647
Other noncurrent assets 26,706
----------
Total Assets $1,736,936
==========
LIABILITIES AND NET LIABILITIES IN LIQUIDATION
Current liabilities:
Debtors-in-possession financing $193,139
Accounts payable 43,807
Accounts payable to Non-Debtors subsidiaries 922
Accrued Liabilities 92,931
----------
Total current liabilities 330,799
----------
Long-term Liabilities:
Notes Payable to Non-Debtors subsidiaries 8,662
Other noncurrent liabilities 57,401
Liabilities Subject to Compromise 1,319,375
----------
Total Liabilities 1,716,237
Stockholders' Investment 20,699
----------
Total Liabilities and Stockholders' Investment $1,736,936
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statement of Operations
For the Five Weeks Ended April 1, 2007
(Dollars in thousands)
Total sales $102,608
Cost of sales 100,212
----------
Gross (loss) profit 2,396
Selling, general and administrative expenses 8,301
Facility consolidation, asset impairment
and other charges 4,694
Amortization expense 96
----------
Operating (loss) income (10,695)
Interest expense, net 4,176
----------
Loss before reorganization items and income taxes (14,871)
Reorganization items 8,368
----------
Loss before income taxes (23,239)
Provision for income taxes 48
----------
Net Loss ($23,287)
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statements of Cash Flows
For the Five Weeks Ended April 1, 2007
(Dollars in thousands)
Operating Activities:
Net loss ($23,287)
Adjustments to reconcile net loss to net cash used
in operations activities:
Depreciation, amortization & asset impairments 2,770
Amortization of deferred financing fees 665
Bad debts 118
Reorganization items 8,368
Changes in other operating items:
Accounts receivable (9,480)
Inventories 949
Other current assets 2,576
Noncurrent assets 105
Accounts payable (2,294)
Accrued liabilities (4,124)
Noncurrent liabilities 207
Current intercompany transactions (2,139)
----------
Net cash (used in) provided by operating activities (25,566)
Investing Activities:
Purchases of property, plant & equipment (1,385)
----------
Net cash (used in) provided by investing activities (1,385)
Financing Activities:
DIP borrowings 28,139
Payments on prepetition debt (323)
----------
Net cash used in financing activities 27,816
Net Increase (Decrease) in Cash & Equivalents 865
Cash & Cash Equivalent, Beginning Balance 5,029
----------
Cash & Cash Equivalent, Ending Balance $5,894
==========
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.
The Debtors' exclusive plan-filing period expires on May 23,
2007. (Dura Automotive Bankruptcy News, Issue No. 18; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
FEDERAL-MOGUL: Earns $5.5 Million in Month Ended March 31, 2007
---------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of March 31, 2007
(In millions)
Assets
Cash and equivalents $59.8
Accounts receivable 636.9
Inventories 420.1
Deferred taxes 191.2
Prepaid expenses and other current assets 86.8
--------
Total current assets 1,394.8
Summary of Unpaid Postpetition Debits (38.3)
Intercompany Loans Receivable (Payable) 1,625.1
--------
Intercompany Balances 1,586.8
Property, plant and equipment 792.7
Goodwill 930.1
Other intangible assets 342.7
Insurance recoverable 860.1
Other non-current assets 526.4
--------
Total Assets $6,433.6
========
Liabilities and Shareholders' Equity
Short-term debt $373.0
Accounts payable 233.2
Accrued compensation 60.9
Restructuring and rationalization reserves 19.5
Current portion of asbestos liability -
Interest payable 4.4
Other accrued liabilities 303.5
--------
Total current liabilities 994.4
Long-term debt -
Post-employment benefits 753.9
Other accrued liabilities 505.9
Liabilities subject to compromise 5,811.4
Shareholders' equity:
Preferred stock 1,050.6
Common stock 658.1
Additional paid-in capital 7,986.8
Accumulated deficit (11,420.5)
Accumulated other comprehensive income 93.1
Other -
--------
Total Shareholders' Equity (1,631.8)
--------
Total Liabilities and Shareholders' Equity $6,433.6
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended March 31, 2007
(In millions)
Net sales $295.1
Cost of products sold 238.0
--------
Gross margin 57.1
Selling, general & administrative expenses (43.0)
Amortization (1.2)
Reorganization items (10.1)
Interest expense, net (15.4)
Other expense, net 21.1
--------
Earnings before Income Taxes 8.5
Income Tax (Expense) Benefit (3.1)
--------
Earnings before cumulative effect of change
in acctg. principle 5.5
--------
Net Earnings (loss) $5.5
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended March 31, 2007
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) $5.5
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 0.9
Decrease (increase) in accounts receivable (61.8)
Decrease (increase) in inventories 14.3
Increase (decrease) in accounts payable 9.8
Change in other assets & other liabilities 26.7
Change in restructuring charge -
Refunds (payments) against asbestos liability (1.9)
--------
Net Cash Provided From Operating Activities 6.1
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (9.4)
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 (9.4)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (1.3)
Sale of accounts receivable under securitization -
Dividends -
Other (0.1)
--------
Net Cash Provided From Financing Activities (1.4)
Increase (Decrease) in Cash and Equivalents (4.7)
Cash and equivalents at beginning of period 64.5
--------
Cash and equivalents at end of period $59.8
========
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some $6 billion. Federal-Mogul also has
operations in Mexico and the Asia Pacific Region, which includes,
Malaysia, Australia, China, India, Japan, Korea, and Thailand.
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 June 8, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 135; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
MERIDIAN AUTOMOTIVE: Posts $52 Million Net Loss in December 2006
----------------------------------------------------------------
Meridian Automotive Systems - Composites
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of December 31, 2006
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $59,833
Intercompany receivable 16,521
Inventories 55,360
Tooling costs in excess of billings and others 27,457
----------
TOTAL CURRENT ASSETS 159,171
----------
Property, plant and equipment, net 194,718
Intangible assets 1,881
Investment in subsidiaries 23,863
Other assets 7,210
----------
TOTAL ASSETS $386,843
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Current portion of long term debt $62,022
Accounts payable 46,092
Accrued expenses 43,503
Tooling billings in excess of costs 4,222
----------
TOTAL CURRENT LIABILITIES 155,839
----------
Liabilities subject to compromise 821,034
Non-Current Liabilities Not Subject to Compromise:
Other long-term liabilities 13,760
Accumulated post-retirement benefit obligation 23,999
----------
TOTAL LIABILITIES 1,014,632
SHAREHOLDERS' EQUITY (627,789)
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $386,843
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operations
December 1 to 31, 2006
(In Thousands)
Net sales $54,247
Cost of sales 73,979
----------
Gross profit (19,732)
Selling, general and administrative expenses 17,479
Restructuring charges 4,683
----------
Operating income (loss) (41,894)
Interest expense, net 8,215
Other (expense) income 4,443
Chapter 11 and related reorganization items 6,710
----------
Loss before provision for income taxes (52,376)
(Benefit) Provision for income taxes 29
----------
NET LOSS ($52,405)
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
December 1 to 31, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($52,405)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization, and impairment 21,707
Change in working capital and other operating
items 24,786
----------
Net cash provided by (used for) operating
activities before reorganization items (5,912)
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items 6,710
Payments on Chapter 11 and related reorg items (5,083)
----------
Net cash provided by Chapter 11 and related
reorg items 1,627
Net cash provided by (used for) operating
activities (4,285)
INVESTING ACTIVITIES:
Additions to property and equipment (5,383)
Proceeds from sale or property and equipment 4,168
----------
Net cash used for investing activities (1,215)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 23,000
Repayments of DIP credit facility (17,500)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized -
----------
Net cash (used for) provided by financing activities 5,500
----------
Net increase (decrease) in cash -
----------
Cash and Cash Equivalents, beginning of period -
Cash and Cash Equivalents, end of period -
==========
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers.
The Company and its debtor-affiliates filed for chapter 11
protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $530 million in
total assets and approximately $815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 52; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
MUSICLAND HOLDING: Posts $3.9 Million Net Loss in February 2007
---------------------------------------------------------------
Musicland Holding Corp.
Consolidated Balance Sheet
As of February 28, 2007
ASSETS
Current Assets
Cash $11,757,000
Letters of Credit/Other Deposits 515,000
Other
Amounts due from TransWorld 2,500,000
Receivables from Sub-leases 774,000
Amounts due from GOB sales -
Miscellaneous CC 29,000
Vendors Credit due from services 2,608,000
-------------
Total 18,183,000
=============
Fixed Assets 0
Other assets
Transport Logistic deposit -
Insurance Deposits 3,977,000
Utility and Tax Deposits -
-------------
TOTAL ASSETS $22,160,000
=============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities
Accounts payable
Due to Transworld -
Due to Deluxe -
Expense accruals $2,840,000
Other accrued liabilities
Logistic Accrual -
Deferred Income -
Insurance Reserve 3,380,000
Accrued Payroll & Employee Benefits:
Accrued Vacation -
Accrued Severance -
Accrued Employer Payroll Taxes -
Accrued Benefits -
Sales Tax -
5% Admin. Fee on Wachovia L/C 250,000
FY06 Tax Return & Employee Benefit
Audit Services -
Payroll/W2 & 1099 System -
Miscellaneous 29,000
Gift Card liabilities -
-------------
Total 3,659,000
-------------
DIP financing -
Other LT Liabilities -
Liabilities subject to compromise 315,047,000
Shareholders' deficit (299,386,000)
-------------
TOTAL LIABILITIES &
SHAREHOLDERS' DEFICIT $22,160,000
=============
Musicland Holding Corp.
Statement of Operations
For the Month Ended February 28, 2007
Merchandise revenue -
Non-merchandise revenue -
Net sales -
Cost of good sold -
Gross Profit -
Store operating expenses
Payroll -
Occupancy -
Other ($58,000)
-------------
Store expenses 0
-------------
General & administrative (58,000)
-------------
EBITDA (Loss) (58,000)
Hilco 340 Store GOB -
Chapter 11 & related charges (241,000)
Sale to Transworld -
Hilco 65 -
Media Play Wind down -
Depreciation & Amortization -
-------------
Operating income (Loss) (299,000)
Interest income (expense) 43,000
Other non-operating charges (3,711,000)
-------------
Earnings before Taxes (3,967,000)
-------------
Income tax 0
-------------
Net earnings (Loss) ($3,967,000)
=============
Musicland Holding Corp.
Statements of Cash Flow
For the Month Ended February 28, 2007
Operating activities
Net earnings (Loss) ($3,967,000)
Adjustments to reconcile net earnings (loss)
to net cash provided by (used in)
operating activities:
Loss on utility deposits write off -
Changes in operating assets & liabilities:
Inventory -
Other current assets 3,779,000
Other Non-current Assets -
Accounts payable -
Other accrued liabilities -
Liabilities subject to compromise -
-------------
Net cash provided by (used in)
operating activities (188,000)
-------------
Investing activities
Change in other long term asset/liabilities -
Retirement of fixed assets -
Net cash -
Financing activities
Distribution to Secured Creditors -
-------------
Increase/decrease in cash (188,000)
-------------
Cash at the beginning of Period 11,945,000
-------------
Cash at the end of Period $11,757,000
=============
Headquartered in New York, New York, Musicland Holding Corp., is a
specialty retailer of music, movies and entertainment-related
products. The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts. Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors. When the Debtors filed for
protection from their creditors, they estimated more than $100
million in assets and debts. (Musicland Bankruptcy News, Issue
No. 31; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
Plan Update
On May 12, 2006, the Debtors filed their Joint Plan of Liquidation
with the Court. On Sept. 14, 2006, they filed an amended Plan and
a Second Amended Plan on Oct. 13, 2006. The Court approved the
adequacy of the Amended Disclosure Statement on Oct. 13, 2006.
MUSICLAND HOLDING: Posts $2 Million Net Loss in March 2007
----------------------------------------------------------
Musicland Holding Corp.
Consolidated Balance Sheet
As of March 31, 2007
ASSETS
Current Assets
Cash $12,026,000
Letters of Credit/Other Deposits 415,000
Other
Amounts due from TransWorld 1,300,000
Receivables from Sub-leases 774,000
Amounts due from GOB sales -
Miscellaneous CC 29,000
Vendors Credit due from services 1,600,000
-------------
Total 16,144,000
=============
Fixed Assets 0
Other assets
Transport Logistic deposit -
Insurance Deposits 3,977,000
Utility and Tax Deposits -
-------------
TOTAL ASSETS $20,121,000
=============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities
Accounts payable
Due to Transworld 0
Due to Deluxe 0
Expense accruals $2,840,000
Other accrued liabilities
Logistic Accrual -
Deferred Income -
Insurance Reserve 3,380,000
Accrued Payroll & Employee Benefits:
Accrued Vacation -
Accrued Severance -
Accrued Employer Payroll Taxes -
Accrued Benefits -
Sales Tax -
5% Admin. Fee on Wachovia L/C 250,000
FY06 Tax Return & Employee Benefit
Audit Services -
Payroll/W2 & 1099 System -
Miscellaneous 29,000
Gift Card liabilities 0
-------------
Total 3,659,000
-------------
DIP financing 0
Other LT Liabilities 0
Liabilities subject to compromise 315,047,000
Shareholders' deficit (301,425,000)
-------------
TOTAL LIABILITIES &
SHAREHOLDERS' DEFICIT $20,121,000
=============
Musicland Holding Corp.
Statement of Operations
For the Month Ended March 31, 2007
Merchandise revenue -
Non-merchandise revenue -
Net sales -
Cost of good sold -
Gross Profit -
Store operating expenses
Payroll -
Occupancy -
Other ($29,000)
-------------
Store expenses 0
-------------
General & administrative (29,000)
-------------
EBITDA (Loss) (29,000)
Hilco 340 Store GOB -
Chapter 11 & related charges (733,000)
Sale to Transworld 0
Hilco 65 0
Media Play Wind down 0
Depreciation & Amortization 0
-------------
Operating income (Loss) (762,000)
Interest income (expense) 45,000
Other non-operating charges (1,321,000)
-------------
Earnings before Taxes (2,038,000)
-------------
Income tax 0
-------------
Net earnings (Loss) ($2,038,000)
=============
Musicland Holding Corp.
Statements of Cash Flow
For the Month Ended March 31, 2007
Operating activities
Net earnings (Loss) ($2,038,000)
Adjustments to reconcile net earnings (loss)
to net cash provided by (used in)
operating activities:
Loss on utility deposits write off (1,000)
Changes in operating assets & liabilities:
Inventory -
Other current assets 2,308,000
Other Non-current Assets -
Accounts payable -
Other accrued liabilities -
-
Liabilities subject to compromise -
-------------
Net cash provided by (used in)
operating activities 269,000
-------------
Investing activities
Change in other long term asset/liabilities -
Retirement of fixed assets -
Net cash -
Financing activities
Distribution to Secured Creditors -
-------------
Increase/decrease in cash 269,000
-------------
Cash at the beginning of Period 11,757,000
-------------
Cash at the end of Period $12,026,000
=============
Headquartered in New York, New York, Musicland Holding Corp., is a
specialty retailer of music, movies and entertainment-related
products. The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts. Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors. When the Debtors filed for
protection from their creditors, they estimated more than $100
million in assets and debts. (Musicland Bankruptcy News, Issue
No. 31; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
Plan Update
On May 12, 2006, the Debtors filed their Joint Plan of Liquidation
with the Court. On Sept. 14, 2006, they filed an amended Plan and
a Second Amended Plan on Oct. 13, 2006. The Court approved the
adequacy of the Amended Disclosure Statement on Oct. 13, 2006.
SOLUTIA INC: Posts $3 Mil. Net Loss in Month Ended March 31, 2007
-----------------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated
Financial Position
As of March 31, 2007
ASSETS
Cash $26,000,000
Trade Receivables, net 195,000,000
Account Receivables-Unconsolidated Subsidiaries 77,000,000
Inventories 201,000,000
Other Current Assets 245,000,000
--------------
Total Current Assets 744,000,000
Property, Plant and Equipment, net 661,000,000
Investments in Subsidiaries and Affiliates 571,000,000
Intangible Assets, net 100,000,000
Other Assets 59,000,000
--------------
Total Assets $2,135,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts Payable $205,000,000
Short Term Debt 975,000,000
Other Current Liabilities 146,000,000
--------------
Total Current Liabilities 1,326,000,000
Other Long-Term Liabilities 193,000,000
--------------
Total Liabilities not Subject to Compromise 1,519,000,000
Liabilities Subject to Compromise 1,922,000,000
Shareholders' Deficit (1,306,000,000)
--------------
Total Liabilities & Shareholders' Deficit $2,135,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended March 31, 2007
Total Net Sales $215,000,000
Total Cost Of Goods Sold 189,000,000
--------------
Gross Profit 26,000,000
Total MAT Expense 18,000,000
--------------
Operating Income (Loss) 8,000,000
Equity Earnings from Affiliates 3,000,000
Interest Expense, net (4,000,000)
Other Income, net 4,000,000
Loss on Debt Modification (7,000,000)
Reorganization Items:
Professional fees (6,000,000)
Employee severance and retention costs 0
Other 0
--------------
(6,000,000)
--------------
Loss Before Taxes (2,000,000)
Income tax expense (benefit) 1,000,000
--------------
Net Loss ($3,000,000)
==============
Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide. The company
and 15 debtor-affiliates filed for chapter 11 protection on
Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the
Debtors filed for protection from their creditors, they listed
$2,854,000,000 in assets and $3,223,000,000 in debts.
Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore
& Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn &
Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and
noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice. (Solutia
Bankruptcy News, Issue No. 85; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TOWER AUTO: Posts $12 Million Net Loss in March 2007
----------------------------------------------------
Tower Automotive, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
As of March 31, 2007
(In Thousands)
CURRENT ASSETS:
Cash and cash equivalents $7,916
Accounts receivable 116,128
Inventories 43,132
Prepaid tooling and other 26,241
----------
TOTAL CURRENT ASSETS 193,417
Property, plant and equipment, net 462,472
Investment in and advances to affiliates 791,266
Other assets, net 22,314
----------
TOTAL ASSETS $1,469,469
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Current maturities of long-term debt $3
Current maturities of DIP borrowings 653,900
Accounts payable 113,079
Accrued liabilities 95,169
----------
TOTAL CURRENT LIABILITIES 862,151
----------
Liabilities subject to compromise 1,299,394
Non-Current Liabilities Not Subject to Compromise:
Long-term debt, net of current maturities 84,751
Other non-current liabilities 21,588
----------
TOTAL LIABILITIES 2,267,884
----------
STOCKHOLDERS' DEFICIT (798,415)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,469,469
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Operations
March 1 to 31, 2007
(In Thousands)
Revenues $93,648
Cost of sales 89,908
----------
Gross profit 3,740
Selling, general and administrative expenses 4,196
Restructuring and asset impairment charges, net 1,972
Other operating income 379
----------
Operating income (loss) (2,807)
Interest expense 8,974
Interest income (274)
Intercompany interest (income)/expense (2,611)
Chapter 11 and related reorganization items 3,137
----------
Income (loss) before provision for income taxes,
equity in earnings and minority interest (12,033)
Provision (benefit) for income taxes 339
----------
Income (loss) before equity in earnings (12,372)
Equity in earnings of joint ventures, net of tax (27)
NET INCOME/(LOSS) ($12,399)
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
March 1 to 31, 2007
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($12,399)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Chapter 11 and related reorganization items 1,211
Restructuring and asset impairment, net -
Depreciation 7,937
Equity in earnings of joint ventures, net 27
Change in working capital and operating items 12,600
----------
Net cash provided by operating activities 9,376
----------
INVESTING ACTIVITIES:
Cash disbursed for purchase of property,
plant and equipment (3,123)
----------
Net cash used for investing activities (3,123)
----------
FINANCING ACTIVITIES:
Proceeds from non-DIP borrowings -
Repayments of non-DIP borrowings -
Borrowings from DIP credit facility 49,000
Repayments of borrowings from DIP credit facility (7,500)
----------
Net cash provided by (used in) financing
activities 1,500
----------
Net change in cash and cash equivalents 7,753
----------
Cash and Cash Equivalents, beginning of period 163
Cash and Cash Equivalents, end of period $7,916
==========
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 has operations in Korea, Spain and
Brazil.
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. The Debtors' exclusive period to file a chapter 11 plan
expired today, May 3.
(Tower Automotive Bankruptcy News, Issue No. 60; 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
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Each Tuesday edition of the TCR contains a list of companies with
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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
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*** End of Transmission ***