/raid1/www/Hosts/bankrupt/TCR_Public/070602.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, June 2, 2007, Vol. 11, No. 130
Headlines
COLLINS & AIKMAN: Posts $8.1 Million Net Loss in April 2007
COMPLETE RETREATS: Discloses April 2007 Monthly Operating Report
COMPLETE RETREATS: Distinctive Files April 2007 Operating Report
COMPLETE RETREATS: Legendary Files April 2007 Operating Report
COMPLETE RETREATS: Preferred Files April 2007 Operating Report
COMPLETE RETREATS: Private Files April 2007 Operating Report
*********
COLLINS & AIKMAN: Posts $8.1 Million Net Loss in April 2007
-----------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of April 28, 2007
ASSETS
Cash $169,101,369
Accounts receivable-trade, net 185,158,295
Other non-trade receivables 10,566,104
Inventories, net 36,326,449
Tooling and molding, net-current 44,314,285
Prepaids & other current assets 46,637,201
Deferred tax assets-current 0
---------------
TOTAL CURRENT ASSETS 492,103,705
Investments in subsidiaries 2,479,293,518
Fixed assets, net 233,234,146
Goodwill, net 59,622,121
Deferred tax assets-long term 0
Tooling and molding, net-long term 5,064,055
Other noncurrent assets 27,250,629
Intercompany accounts - net 7,860,439
Prepetition intercompany - net 667,866,241
---------------
TOTAL ASSETS $3,972,294,854
===============
LIABILITIES & EQUITY
Notes payable $0
Short term borrowings 0
Advance on receivables 0
Current portion-long term debt 109,541,044
Current portion-capital leases 0
Accounts payable 45,253,369
Accrued interest payable 68,704,008
Accrued & other liabilities 133,159,419
Income taxes payable 3,136,573
---------------
Total current liabilities 359,794,413
Liabilities subject to compromise 2,384,680,629
Deferred income taxes 30,472,400
---------------
Total liabilities 2,774,947,443
Total equity 1,197,347,411
---------------
TOTAL LIABILITIES & EQUITY $3,972,294,854
===============
Collins & Aikman Corporation
Income Statement
Month Ending April 28, 2007
Net outside sales $106,442,385
I/C Net sales 10,540,555
---------------
Total sales 116,982,940
Cost of Sales 105,480,167
---------------
Gross profit 11,502,773
Selling, general & administrative expenses 16,157,693
---------------
Operating income (4,654,920)
Interest expenses, net 9,574,874
Intercompany interest, net (2,704,838)
Preferred stock accretion 0
Miscellaneous (income)/expense (3,060,228)
Corporate allocation adjustment 0
Commission income (159,864)
Commission expense 0
Royalty income (314,412)
Royalty expense 0
Joint Venture (Income)/Expense 0
Minority interest in cons net income (16,886)
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 237,035
Foreign transactions - (Gain)/Loss (106,198)
Amort of discount on NPV of liabilities 0
(Gain)/Loss on sale-leaseback transaction 0
---------------
Income from continuing operations before taxes (8,104,403)
Federal income tax 0
State income tax 0
Foreign income tax 21,315
---------------
Income from continuing operations (8,125,718)
Discontinued operations 15,190
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME (LOSS) ($8,140,908)
===============
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.
On Aug. 30, 2006, the Debtors filed their Chapter 11 Plan and
Disclosure Statement. On Dec. 22, 2006, they filed an Amended
Joint Chapter 11 Plan. The Court approved the adequacy of the
Amended Disclosure Statement. The Court has adjourned the hearing
to consider confirmation of the Amended Joint Plan to June 5,
2007. (Collins & Aikman Bankruptcy News, Issue No. 62; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
COMPLETE RETREATS: Discloses April 2007 Monthly Operating Report
----------------------------------------------------------------
Complete Retreats, LLC
Balance Sheet
As of April 30, 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 $368,194
--------------
Total Prepetition Liabilities 368,194
--------------
Total Liabilities 368,194
Equity
Prepetition Owners' Equity 4,105,800
Postpetition Cumulative Profit or Loss -
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 4,105,800
--------------
Total Liabilities & Owners' Equity $4,473,994
==============
Complete Retreats, LLC
Statement of Operations
April 1 to 30, 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
==============
About Complete Retreats
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. 27
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COMPLETE RETREATS: Distinctive Files April 2007 Operating Report
----------------------------------------------------------------
Distinctive Retreats, LLC
Statement of Operations
April 1 to 30, 2007
Revenues
Gross Revenues ($1,124)
Less: Returns & Discounts -
--------------
Net Revenue (1,124)
Cost of Goods Sold
Material -
Direct Labor -
Direct Overhead -
--------------
Total Cost of Goods Sold -
--------------
Gross Profit (1,124)
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other -
--------------
Total Operating Expenses -
--------------
Income Before Non-Operating Income & Expenses (1,124)
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) ($77,719)
==============
Distinctive Retreats, LLC's assets totaled approximately
$219,200,000 as of April 30, 2007. Current assets account for
more than $600,000 of the company's total assets. Distinctive
Retreats' liabilities remained at $85,500,000 compared to last
month's figure.
The Debtors filed an illegible copy of Distinctive Retreats'
Balance Sheet as of April 30, 2007, a full-text copy of which is
available for free at:
http://bankrupt.com/misc/T&H_DistinctiveRetreats_APR07_balanceshee
t.pdf
About Complete Retreats
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. 27;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COMPLETE RETREATS: Legendary Files April 2007 Operating Report
--------------------------------------------------------------
Legendary Retreats, LLC
Balance Sheet
As of April 30, 2007
ASSETS
Unrestricted Cash $8,375
Restricted Cash -
--------------
Total Cash 8,375
Accounts Receivable (Net) -
Inventory -
Notes Receivable 1,610,000
Prepaid Expenses 73,910
Other 110,000
--------------
Total Current Assets 1,793,910
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 $19,616,677
==============
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 (65,241)
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 15,235,135
--------------
Total Liabilities & Owners' Equity $19,616,677
==============
Legendary Retreats, LLC
Statement of Operations
April 1 to 30, 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 $130
Rent & Lease -
Other -
--------------
Total Operating Expenses 130
--------------
Income Before Non-Operating Income & Expenses (130)
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) ($130)
==============
About Complete Retreats
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. 27;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COMPLETE RETREATS: Preferred Files April 2007 Operating Report
--------------------------------------------------------------
Preferred Retreats LLC
Statement of Operations
April 1 to 30, 2007
Revenues
Gross Revenues ($18,552)
Less: Returns & Discounts -
--------------
Net Revenue (18,552)
Cost of Goods Sold
Material -
Direct Labor -
Direct Overhead 1,311
--------------
Total Cost of Goods Sold 1,311
--------------
Gross Profit (19,862)
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing 11,400
General Administration 47,040
Rent & Lease 0
Other -
--------------
Total Operating Expenses 58,440
--------------
Income Before Non-Operating Income & Expenses (78,302)
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion 57,536
Amortization -
Other (46,082)
--------------
Net Other Income & Expenses 11,454
Reorganization Expenses
Professional Fees (357,714)
U.S. Trustee Fees -
Other 3,200
--------------
Total Reorganization Expenses (354,514)
--------------
Income Tax -
--------------
Net Profit (Loss) $264,758
==============
As of April 30, 2007, Preferred Retreats, LLC, had about
$114,163,698 worth of assets. Cash totaled approximately $700,000
while current assets amounted to more than $6,000,000.
Liabilities were roughly 231,400,000 as of April 30, 2007.
The Debtors filed an illegible copy of Preferred Retreats' balance
sheet as of April 30, 2007, a full-text copy of which is available
for free at:
http://bankrupt.com/misc/T&H_PreferredRetreats_APR07_balancesheet.
pdf
The Debtors also filed an illegible copy of their consolidated
cash receipts and disbursements for the period April 1 to 30,
2007, a full-text copy of which is available for free at:
http://bankrupt.com/misc/T&H_APR07_cashflow.pdf
About Complete Retreats
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. 27;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COMPLETE RETREATS: Private Files April 2007 Operating Report
------------------------------------------------------------
Private Retreats, LLC
Statement of Operations
April 1 to 30, 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 $194,780
Rent & Lease -
Other -
--------------
Total Operating Expenses 194,780
--------------
Income Before Non-Operating Income & Expenses (194,780)
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion 136,693
Amortization -
Other 460,272
--------------
Net Other Income & Expenses 596,966
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses -
--------------
Income Tax -
--------------
Net Profit (Loss) ($791,746)
==============
Private Retreats, LLC, had total assets of approximately
$63,600,000 as of April 30, 2007, of which $1,600 comprises cash
and $632,000 comprises the company's current assets. The
company's liabilities totaled more than $40,000,000.
The Debtors delivered an illegible copy of Private Retreats'
Balance Sheet as of April 30, 2007, a full-text copy of which is
available for free at:
http://bankrupt.com/misc/T&H_PrivateRetreats_APR07_balancesheet.pd
f
About Complete Retreats
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. 27
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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however, be complete or accurate. The Monday Bond Pricing table
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*********
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