/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/070609.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 9, 2007, Vol. 11, No. 136 Headlines ASARCO LLC: Earns $11.9 Million in April 2007 CATHOLIC CHURCH: Davenport Files April 2007 Operating Report CATHOLIC CHURCH: Portland Files April 2007 Operating Report CATHOLIC CHURCH: San Diego Files March 2007 Operating Report CATHOLIC CHURCH: Spokane Files April 2007 Operating Report DANA CORPORATION: Posts $170 Million Net Loss in April 2007 DELPHI CORP: Posts $66 Million Net Loss in April 2007 DURA AUTOMOTIVE: Posts $14.4 Million Net Loss in April 2007 HANCOCK FABRICS: Files Operating Report For Period Ending May 5 SAINT VINCENTS: Files Monthly Operating Report for April 2007 SOLUTIA INC: Files Monthly Operating Report for April 2007 TOWER AUTOMOTIVE: Posts $22.2 Million Net Loss in April 2007 ********* ASARCO LLC: Earns $11.9 Million in April 2007 --------------------------------------------- ASARCO LLC, et al. Balance Sheet As of April 30, 2007 ASSETS Current Assets: Cash $515,450,000 Restricted Cash 28,385,000 Accounts receivable, net 150,427,000 Inventory 252,039,000 Prepaid expenses 5,416,000 Deferred income tax assets 0 Other current assets 17,358,000 --------------- Total Current Assets 969,075,000 Net property, plant and equipment 453,499,000 Other Assets Investments in subs 103,160,000 Advances to affiliates 653,000 Prepaid pension & retirement plan 83,941,000 Non-current deferred tax asset 40,951,000 Other 110,317,000 --------------- Total assets $1,761,596,000 =============== LIABILITIES Postpetition liabilities: Accounts payable $65,199,000 Accrued liabilities 103,761,000 Debtor-in-possession financing 0 --------------- Total postpetition liabilities 168,960,000 Prepetition liabilities: Not subject to compromise - credit 681,000 Not subject to compromise - other 52,367,000 Advances from affiliates 24,309,000 Subject to compromise 1,497,478,000 --------------- Total prepetition liabilities 1,574,835,000 --------------- Total liabilities $1,743,795,000 =============== OWNERS' EQUITY (DEFICIT) Common stock 508,325,000 Additional paid-in capital 104,578,000 Other comprehensive income (122,110,000) Retained earnings: filing date (1,065,018,000) --------------- Total prepetition owners' equity (574,225,000) Retained earnings: post-filing date 592,026,000 --------------- Total owners' equity (net worth) 17,801,000 Total liabilities and owners' equity $1,761,596,000 =============== ASARCO LLC, et al. Consolidated Statement of Operations Month Ending April 30, 2007 Sales $139,567,000 Cost of products and services 104,366,000 -------------- Gross profit 35,201,000 Operating expenses: Selling and general & admin expenses 3,402,000 Depreciation & amortization 3,011,000 Provision accretion expense of asset retirement obligation 163,000 -------------- Operating income 28,625,000 Interest expense 58,000 Interest income (2,759,000) Reorganization expenses 5,772,000 Other miscellaneous (income) expenses (8,274,000) -------------- Income (loss) before taxes 33,828,000 Income taxes 21,858,000 -------------- Net income (loss) $11,970,000 ============== ASARCO LLC, et al. Consolidated Cash Receipts & Disbursements Month Ending April 30, 2007 Receipts $126,690,000 Disbursements: Inventory material 44,980,000 Operating disbursements 51,964,000 Capital expenditures 12,530,000 -------------- Total disbursements 109,474,000 Operating cash flow 17,216,000 Reorganization disbursements 4,945,000 -------------- Net cash flow 12,271,000 Net payments to secured Lenders 0 -------------- Net change in cash 12,271,000 Beginning cash balance 531,563,000 -------------- Ending cash balances $543,835,000 ============== 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. 47; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) CATHOLIC CHURCH: Davenport Files April 2007 Operating Report ------------------------------------------------------------ Diocese of Davenport in Iowa Statement of Financial Position As of April 30, 2007 ASSETS Current Assets Cash and cash equivalents - unrestricted $5,194,700 Cash and cash equivalents - restricted 2,389,554 Accounts receivable, net 24,982 Inventory - Prepaid expenses 1,688 Professional retainers 55,652 -------------- Total Current Assets 7,666,576 -------------- 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 $12,523,750 ============== 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 $23,196 Real property lease arrearage - Personal property lease arrearage - Accrued professional fees - Current portion of long-term debt - Pass-through collections 147,614 -------------- Total Current Liabilities 170,810 -------------- Long-Term Postpetition Debt, Net - -------------- Total Postpetition Liabilities 170,810 -------------- Prepetition Liabilities Secured claims - Priority unsecured claims $160,888 General unsecured claims 1,660,316 -------------- Total Prepetition Liabilities 1,821,204 -------------- Total Liabilities 1,992,014 -------------- Equity (deficit): Retained earnings/deficit at filing 5,795,187 Capital stock - Additional paid-in capital - Cumulative profit/loss since filing 891,480 Post-petition contributions/distributions or draws - Market value adjustment 3,845,069 -------------- Total equity (deficit) 10,531,736 -------------- Total liabilities & equity (deficit) $12,523,750 ============== Diocese of Davenport in Iowa Statement of Operations For the month ending April 30, 2007 Revenues Gross sales $161 Less: sales returns & allowances - Net sales 161 Less: cost of goods sold - Gross profit 161 Interest 1,826 Other income: Charitable gifts 186,970 Insurance receipts 214,715 Investment income 37,773 -------------- Total revenues 441,445 -------------- Expenses: Compensation to owner(s)/officer(s) 12,578 Salaries 94,808 Commissions - Contract labor 7,663 Rent/Lease: Personal property - Real property - Insurance 94,883 Management fees - Depreciation 5,945 Taxes: Employer payroll taxes 5,946 Real property taxes - Other taxes - Other selling - Other administrative 69,095 Interest - Other expenses: Employee benefits 17,960 Charity collection 2,206 Medical assistance/Victim assistance 12,194 Utilities 13,432 Transfer to unrestricted - Professional Investment Management Fees 588 Sabbatical 0 Cemetery Perpetual Care 25,000 -------------- Total expenses 362,298 Reorganization items: Professional fees (10,000) Provisions for rejected executory contracts - Interest earned on accumulated cash from resulting Chapter 11 case 18,393 Gain or (Loss) from sale of equipment - U.S. Trustee quarterly fees (3,750) Advertising/Printing/Mailing (6,684) -------------- Total reorganization items (2,041) -------------- Net profit (loss) before federal & state taxes 77,106 Federal & state income taxes - -------------- Net Profit (Loss) $77,106 ============== Diocese of Davenport in Iowa Statement of Cash Receipts and Disbursements For the month ending April 30, 2007 Cash receipts Rent/Leases collected $3,375 Cash received from sales 161 Interest received 20,220 Borrowings increase in accounts payable 23690 Funds from shareholders, partners, or other insiders - Capital contributions - Annual diocesan appeal/donations 186,970 Investment income/misc. - Insurance receipts 214,715 Tribunal/Immigration/Faith Formation fees 34,398 Decrease in prepaids/accounts receivable 35,157 Misc/Increase in accounts payable - -------------- Total Cash Receipts $518,686 ============== Cash disbursements: Payments for inventory - Selling - Administrative $124,469 Capital expenditures - Principal payments on debt - Interest paid - Rent/Lease: Personal Property - Real Property - Amount paid to owner(s)/officer(s) Salaries 12,578 Draws - Commissions/Royalties - Expense Reimbursements 518 Other - Salaries/Commissions (less employee withholding 73,187 Management fees - Taxes Employee withholding 21,621 Employer payroll taxes 5,946 Real property taxes - Other taxes - Other cash outflows: Insurance 94,883 Utilities 13,432 Medical Assistance 12,194 Employee Benefits 17,960 Misc/Decrease in Accts Payable/Increase in receivables - -------------- Total Cash Disbursements $376,788 -------------- Net increase (decrease) in cash 141,898 Cash balance, beginning of period 1,283,909 Cash balance, end of period $1,425,807 ============== About Diocese of Davenport 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. 93; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). CATHOLIC CHURCH: Portland Files April 2007 Operating Report ----------------------------------------------------------- Pastoral Center Archdiocese of Portland in Oregon Statement of Financial Position As of April 30, 2007 ASSETS Cash and cash equivalents $31,939,611 Accounts receivable, net 1,749,283 Notes, estates and other receivables 11,476,309 Loans receivable from Archdiocesan entities, net 5,644,945 Loans receivable from Archdiocesan housing entities 538,664 Interest receivable and other assets 234,221 Inventories 1,782,164 Real Property 226,688 Deposits and prepaid expenses 48,846 Known and future tort claims deposits 6,121,500 Investments 106,374,727 Advances to Archdiocesan housing entities 1,531,500 Land, building, and equipment, net 7,380,462 -------------- Total Assets $175,048,920 ============== LIABILITIES AND NET ASSETS Liabilities: Prepetition Accounts payable - Accrued liabilities $2,172,196 Funds held for others Second Collections (12) Short-term investments payable 12,087,100 Long-term pool investments payable 17,500,357 Reserve for insurance claims 655,227 Notes payable 10,170,973 Pre-need liability and reserve 456,268 Accrued post-retirement liability 7,607,264 -------------- Total Prepetition Liabilities 50,649,373 -------------- Postpetition Liabilities Accounts payable 904,739 Accrued liabilities 9,507,620 Funds held for others Second Collections 305,952 Short-term investments payable 5,125,720 Long-term pool investments 8,508,870 Reserve for insurance claims 460,647 Notes payable 8,000,000 Pre-need liability and reserve 40,140 Accrued post-retirement liability 404,521 -------------- Total Postpetition Liabilities 33,258,209 -------------- Total Liabilities 83,907,582 -------------- Net Assets: Prepetition Net Assets: Charitable Trust Assets 69,960,768 Other Assets (3,571,006) -------------- Total Prepetition Net Assets 66,389,762 -------------- Postpetition Net Assets: Charitable Trust Assets 11,929,971 Other Assets 12,821,605 -------------- Total Postpetition Net Assets 24,751,576 -------------- Total Net Assets 91,141,338 -------------- Total liabilities & net assets $175,048,920 ============== Pastoral Center Archdiocese of Portland in Oregon Statement of Activities For the month ending April 30, 2007 Revenues, gains and other support Annual Catholic Appeal income $3,781 Gross profit on cemetery sales 81,081 Contributions, gifts, annuities and bequests 40,994,565 Operating support - Oregon Catholic Press - Investment income and realized gains (losses), net of expenses 3,219,744 Change in unrealized gains (losses) (103,748) Insurance premiums, net - Interest income from loans 31,896 Parish assessments 260,689 Other income 43,795 Departmental revenues 57,419 Net assets released from restrictions - -------------- Total revenues, gains, and other support 44,589,222 -------------- Expenses and program support: Program Services: Annual Catholic Appeal program support, grants and parish subsidies 125,680 Clergy Services 40,490 Catholic Schools 28,862 Pastoral Services 41,539 Evangelization Services 35,156 Public Services 9,397 Tribunal Services 18,114 Deposit and loan interest 217,024 Insurance program 43,038,127 Cemetery operating expenses 74,806 High School grants/charitable annuities 14,582 Other program expenses 122,512 -------------- Total program services 43,766,289 -------------- Supporting Services: Archbishop, Vicar General and Chancellor Services 70,175 Finance & Administration: Resource Development 76,253 Business Affairs 10,009 Financial Services 57,624 Human Resources 26,926 Shared Services 15,590 Occupancy and physical plant expenses 11,494 Designated funds expense (11,061) Bankruptcy expense 216,811 Depreciation expense - -------------- Total supporting services 473,821 -------------- Total expenses and program support 44,240,110 -------------- Increase (decrease) in net assets before transfers and designations of net assets 349,112 Fund transfers - in (out) - Designation of net assets - -------------- Increase (decrease) in net assets 349,112 Net assets at beginning of year 90,792,226 -------------- Net assets at end of year $91,141,338 =============== Archdiocese of Portland in Oregon Statement of Cash Receipts and Disbursements For the month ending April 30, 2007 Beginning Cash Balance: $31,781,980 Add: Transfers in 52,938,446 Receipts Deposited 52,716,641 Other (Return of Direct Deposits) - Other - Other (Interest Income) 88,092 -------------- Total Cash Receipts 105,743,181 Subtract: Transfers out (52,938,446) Disbursements by check or debit (52,642,664) Cash withdrawn - Other (Service Charges) (4,328) Other (Misc Check Correction) - Other (NSF Checks) (110) Other (Clear Interfund Rec/Pay) - -------------- Total Cash Disbursements (105,585,549) -------------- Ending Cash Balance $31,939,611 ============== About Archdiocese of Portland The Archdiocese of Portland in Oregon filed for chapter 11 protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004. Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman Shank LLP, represent the Portland Archdiocese in its restructuring efforts. Albert N. Kennedy, Esq., at Tonkon Torp, LLP, represents the Official Tort Claimants Committee in Portland, and scores of abuse victims are represented by other lawyers. David A. Foraker serves as the Future Claimants Representative appointed in the Archdiocese of Portland's Chapter 11 case. In its Schedules of Assets and Liabilities filed with the Court on July 30, 2004, the Portland Archdiocese reports $19,251,558 in assets and $373,015,566 in liabilities. The Court approved the Debtor's disclosure statement explaining its Second Amended Joint Plan of Reorganization on Feb. 27, 2007. On April 17, 2007, the Court confirmed Portland's 3rd Amended Plan. (Catholic Church Bankruptcy News, Issue No. 93; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). CATHOLIC CHURCH: San Diego Files March 2007 Operating Report ------------------------------------------------------------ Diocese of San Diego Statement of Financial Position As of March 31, 2007 ASSETS Cash and cash equivalents $16,259,097 Funds on deposit with administrative offices: Restricted Perpetual Care Funds - Restricted funds on deposit - Other funds on deposit - Marketable securities - restricted 38,434,110 Marketable securities - unrestricted - Accounts receivable, net of allowance - Parishes and School 1,274,888 PSDL Trust 84,050 Cemetery trade 4,413,889 Tuition, fees and others 1,508,883 Juan Diego Trust 100,986 Notes and other receivables 41,921 Planned gifts receivable 5,357,998 Prepaid expenses 2,286 Inventory 14,507 Loan to parishes, net - Pledges receivable, $450,429 allowance 2,839,247 Demand note receivable - CSE - Revisionary Interest in CSE 65,000,000 Property and equipment, net 18,063,742 Other land and buildings, net - Cemetery inventory - graves, crypts & niches 6,630,338 Cemetery undeveloped land & outside property 1,365,793 Mater Dei land and land improvements 13,819,408 Mater Dei buildings 52,590,867 Oceanside land and land improvements 5,550,993 Other assets 3,264 -------------- Total Assets $233,356,266 ============== LIABILITIES AND NET ASSETS Liabilities: Accounts payable and accrued liabilities $1,706,225 Special collections 232,191 Accrued vacation 357,683 Construction loan - ALSAM Foundation 38,620,000 Payable to PSDL Trust 23,128,490 Funds on deposit: Parish and school funds & endowments 75,349 Perpetual Care Funds - Restricted funds on deposit - Other diocesan entities funds - Reserve for worker's compensation claims 1,564,509 Priest retirement plan liability 1,917,729 Planned gifts liability 1,327,535 Deferred revenue: Annual Catholic Appeal - Cemetery 3,181,285 Tuition and other fees - Other 11,800 -------------- Total liabilities $72,122,795 -------------- Net Assets: Unrestricted: Undesignated $115,920,985 Insurance reserve funds 7,110,049 Bishop's burse 1,310,878 Designated funds 320,241 Property and equipment 16,610,280 -------------- Total unrestricted 141,272,435 Temporarily restricted 11,633,137 Permanently restricted 8,327,899 -------------- Total net assets 161,233,471 -------------- Total liabilities and net assets $233,356,266 ============== Diocese of San Diego Statement of Activities For the month ending March 31, 2007 Support and revenue: Parish assessments $604,641 Donations and fundraising 1,000,766 Investment income 605,021 Interest and other income 72,039 Parish & employee insurance reserve funds, net 600,397 Rental income 22,688 Administrative fees 84,260 Gain on sale of property - Cemetery sales 356,064 Tuition, net of tuition assistance 357,007 Student and other fees 53,506 San Juan Diego English language center - Concessions/food service 20,516 Other 20,785 -------------- Total support and revenue 3,797,691 Expenses: Administrative 150,151 Programs 207,893 Cemetery cost of sales 48,752 San Juan Diego English language center - General: Contributions and charitable programs 43,368 Subsidies to parishes and schools - Interest expense Funds on deposit 49,887 Other 27,620 Depreciation 41,352 Bad debt expense 912 Recruiting, advertising & public relations - Student related expenses 56,454 Concessions/food service 15,138 Athletics 4,418 Development/special events - Operating expenses 787,735 Chaplaincies and ministries 49,601 Assessments 22,536 Professional fees - Chapter 11 fees Legal fees - UST fees - Accounting fees - Insurance - Other 66,521 -------------- Total Expenses 1,572,338 Funds released from restricted funds 262,849 Net change in designated funds (4,484) -------------- 258,365 -------------- Increase (decrease) in net assets 1,966,988 -------------- Net assets: Beginning of month 159,266,483 -------------- End of month $161,233,471 ============== Diocese of San Diego Cash Receipts and Disbursement For the month ending March 31, 2007 Total receipts - prior general account reports - Less: total disbursements - Beginning balance $13,418,282 Receipts during current period: Transfers from main account - Accounts receivable - pre-filing 2,170,023 Accounts receivable - post-filing - Accounts receivable - assessment pre-filing 88,719 Accounts receivable - assessment post-filing 675,207 Difference per reconciliation (140,812) Receipts - clearing - Annual Catholic Appeal 1,309,059 Interest 15,382 Dividends 191 Stock contribution - Receipt from Service Recipient 75,348 Tribunal income 14,827 Southern Cross income 17,063 Programs and ministries 580,905 Registration and tuitions 195,502 Transfers from account 20,000 Investment sales 1,123,408 Unrealized gains - Receipts - reimbursements and other 7,532 Unreconciled item 22,357 Adjustment to be made to schedule 2,156 Receipts - major categories - -------------- Total receipts 6,176,871 Balance 19,595,153 Less: Total disbursements during current period Transfers diocese - Transfers to other accounts 20,113 Transfers to Priest Health Account 34,743 Transfers to payroll account 728,615 Transfers out - IRS, State, 403Bs Internal Revenue Service - Employment Development Department - Lincoln Alliance - 403B Withholding - Investment purchases - Unreconciled item 21,955 Bank fees and charges 6,057 Adjustment to be made to scheduled balance 249,573 Service Recipient disbursements from checking - Conferences 36,687 Dues/Fees 23,332 Fundraising 15,723 Health insurance and benefits 40,713 Health insurance claims paid 992,796 Liability insurance 4,813 Maintenance/Repairs 58,118 Medical reimbursements 11,793 Ministries 7,620 Miscellaneous 27,837 Scholarships - Donations 2,856 Supplies 4,623 Operations 234,182 Payroll 221,936 Postage 10,073 Professional fees 522 Printing 13,225 Rent 29,735 Restricted 17,326 Seminarian tuition 13,333 Stipends/Services 47,689 Utilities 5,319 -------------- 2,881,319 -------------- Ending balance $16,713,834 ============== About Diocese of San Diego The Roman Catholic Diocese of San Diego in California -- http://www.diocese-sdiego.org/-- employs approximately 3,000 people in various areas of work. The Diocese filed for Chapter 11 protection just before commencement of the first of court proceedings for 140 sexual abuse lawsuits filed against the Diocese. Authorities of the San Diego Diocese said they were not in favor of litigating their cases. The San Diego Diocese filed for chapter 11 protection on Feb. 27, 2007 (Bankr. S.D. Calif. Case No. 07-00939). Gerald P. Kennedy, Esq., at Procopio, Cory, Hargreaves and Savitch LLP, represents the Diocese. In its schedules of assets and liabilities, the Diocese listed total assets of $152,510,888 and total liabilities of $72,754,092. The Diocese's exclusive period to file a chapter 11 plan of reorganization expires on June 27, 2007. On March 27, 2007, the Debtor filed its plan and disclosure statement. (Catholic Church Bankruptcy News, Issue No. 93; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). CATHOLIC CHURCH: Spokane Files April 2007 Operating Report ---------------------------------------------------------- Catholic Diocese of Spokane Balance Sheet As of April 30, 2007 ASSETS Total Cash Accounts $3,379,546 Total Transfer Account - Total Investments 4,084,146 Total Property 495,004 Total Loans Receivable 2,524,153 Total Interfund Loan Receivable 217,912 Total Accounts Receivable 110,812 Total Land and Buildings & Equipment 2,120,834 Total Prepaid Expenses 141,368 -------------- Total Assets $13,073,778 ============== LIABILITIES AND NET ASSETS Liabilities Total Deposits Payable $8,248,398 Total Interest Payable - Total Accounts Payable 31,275 Total Long-term Liabilities 9,269,297 Net Assets Total Unrestricted - Fund Balance (17,861,339) Total Unrestricted Net Assets (17,861,339) T.R. - Guse Grant Funds 417,749 T.R. - Bishop's School Grants Funds 72,630 T.R. - Bishop's Discretionary Funds 65,681 Total Replacement Fund 10,659,342 Total Diocesan D&L Funding 2,176,115 Total Guatemala Funds 550,688 Temporarily Restricted - -------------- Total liabilities & net assets $13,073,778 ============== Catholic Diocese of Spokane Income and Expense Statement For the month ending April 30, 2007 Total Income $554,648 Total Expenses 530,426 -------------- Net Excess or Deficit ($24,221) ============== The Diocese of Spokane's Statement of Cash Receipts and Disbursements for April 2007 shows that cash receipts for the period total $851,902, while disbursements total $454,615. About The Diocese of Spokane The Roman Catholic Church of the Diocese of Spokane filed for chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen, Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $11,162,938 in total assets and $81,364,055 in total debts. The Diocese of Spokane, the Tort Claimants Committee, the Future Claims Representative, and the Executive Committee of the Association of Parishes delivered an Amended Plan of Reorganization, and a Disclosure Statement describing that Plan to the Court on Feb. 1, 2007. The Honorable Patricia C. Williams approved the disclosure statement on March 8, 2007. On April 24, 2007, the Court confirmed Spokane's 2nd Amended Joint Plan. (Catholic Church Bankruptcy News, Issue No. 94; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). DANA CORPORATION: Posts $170 Million Net Loss in April 2007 ----------------------------------------------------------- Dana Corporation Condensed Balance Sheet As of April 30, 2007 ASEETS CURRENT ASSETS Cash and cash equivalents $1,073,000,000 Accounts receivable Trade 1,316,000,000 Other 288,000,000 Inventories 763,000,000 Assets of discontinued operations 211,000,000 Other current assets 146,000,000 --------------- Total current assets 3,797,000,000 Investments and other assets 1,002,000,000 Investments in equity affiliates 409,000,000 Property, plant and equipment, ne 1,734,000,000 --------------- TOTAL ASSETS $6,942,000,000 =============== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES DIP financing $900,000,000 Notes payable 95,000,000 Accounts payable 1,049,000,000 Liabilities of discontinued operations 136,000,000 Other accrued liabilities 766,000,000 --------------- Total current liabilities 2,946,000,000 Liabilities subject to compromise 4,341,000,000 Deferred employee benefits and other noncurrent 409,000,000 Long-term debt 14,000,000 Minority interest in consolidated subsidiaries 96,000,000 --------------- Total liabilities 7,806,000,000 Shareholders' deficit (864,000,000) --------------- TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $6,942,000,000 =============== Dana Corporation Condensed Statement of Operations Month Ending April 30, 2007 Net sales $690,000,000 Costs and expenses Cost of sales 660,000,000 Selling, general & administrative expenses 25,000,000 Realignment charges 142,000,000 Other income, net 17,000,000 ------------- Loss from operations (120,000,000) Interest expense 7,000,000 Reorganization items, net 12,000,000 ------------- Loss before income taxes (139,000,000) Income tax expense 18,000,000 Minority interest expense 1,000,000 Equity in earnings of affiliates 1,000,000 ------------- Loss from continuing operations (157,000,000) Loss from discontinued operations (13,000,000) ------------- Net loss ($170,000,000) ============= Dana Corporation Condensed Statement of Cash Flows Month Ending April 30, 2007 OPERATING ACTIVITIES Net loss ($170,000,000) Depreciation and amortization 24,000,000 Loss on sale of businesses 0 Non-cash portion of U.K. pension charge 61,000,000 Increase in working capital (28,000,000) Unremitted equity in earnings of affiliates (1,000,000) Other 3,000,000 ------------- Net cash flows used for operating activities (111,000,000) INVESTING ACTIVITIES Purchases of property, plant and equipment (11,000,000) Proceeds from sale of assets 3,000,000 Other (4,000,000) ------------- Net cash flows provided by investing activities (12,000,000) FINANCING ACTIVITIES Net change in short-term debt (1,000,000) Proceeds from DIP Credit Agreement 0 -------------- Net cash flows provided by financing activities (1,000,000) Net decrease in cash and cash equivalent (124,000,000) -------------- Cash and cash equivalents, beginning of period 1,197,000,000 Cash and cash equivalents, end of period $1,073,000,000 ============== About Dana Corp. Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed $7,900,000,000 in total assets and $6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors' exclusive period to file a plan expires on Sept. 3, 2007. They have until Nov. 2, 2007, to solicit acceptances of that plan. (Dana Corporation Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). DELPHI CORP: Posts $66 Million Net Loss in April 2007 ----------------------------------------------------- Delphi Corporation, et al. Unaudited Consolidated Balance Sheet As of April 30, 2007 (In Millions) ASSETS Current assets: Cash and cash equivalents $25 Restricted cash 109 Accounts receivable, net: General Motors and affiliates 1,637 Other third parties 1,086 Non-Debtor affiliates 392 Notes receivable from non-Debtor affiliates 355 Inventories, net: Productive material, work-in-process & supplies 855 Finished goods 281 Other current assets 301 -------- TOTAL CURRENT ASSETS 5,041 Long-term assets: Property, net 1,977 Investment in affiliates 378 Investments in non-Debtor affiliates 3,509 Goodwill 152 Other intangible assets 33 Other 318 -------- TOTAL LONG-TERM ASSETS 6,367 -------- TOTAL ASSETS $11,408 ======== LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities not subject to compromise: Debtor-in-possession financing $3,070 Accounts payable 1,347 Accounts payable to non-Debtor affiliates 460 Accrued liabilities 755 -------- TOTAL CURRENT LIABILITIES 5,632 Long-term liabilities not subject to compromise: Employee benefit plan obligations and other 705 Liabilities subject to compromise 17,614 -------- TOTAL LIABILITIES 23,951 Stockholders' deficit: Common stock 6 Additional paid-in capital 2,773 Accumulated deficit (12,510) Accumulated other comprehensive loss (2,760) Treasury stock, at cost (3.2 million shares) (52) -------- TOTAL STOCKHOLDERS' DEFICIT (12,543) -------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $11,408 ======== Delphi Corporation, et al. Unaudited Consolidated Statement of Operations Month Ended April 30, 2007 (In Millions) Net sales: General Motors and affiliates $730 Other customers 541 Non-Debtor affiliates 51 -------- Total net sales 1,322 -------- Operating expenses: Cost of sales 1,303 Long-lived asset impairment charges - Depreciation and amortization 42 Selling, general and administrative 79 -------- Total operating expenses 1,424 -------- Operating loss (102) Interest expense (24) Loss on extinguishment of debt - Other income, net 1 Reorganization items (13) Income tax benefit (expense) - Equity income from non-consolidated affiliates 4 Equity income from non-Debtor affiliates 68 -------- NET LOSS ($66) ======== Delphi Corporation, et al. Unaudited Consolidated Statement of Cash Flows Month Ended April 30, 2007 (In Millions) Cash flows from operating activities: Net loss ($66) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 42 Pension and other postretirement benefit expenses 79 Equity income from unconsolidated affiliates (4) Equity income from non-Debtor affiliates (68) Reorganization items 13 Changes in operating assets and liabilities: Accounts receivable, net (26) Inventories, net Other assets (7) Accounts payable, accrued and other long-term debt 43 U.S. employee special attrition program (14) Pension contributions (50) Other postretirement benefit payments (20) Payments for reorganization items Other 20 -------- Net cash used in operating activities (74) Cash flows from investing activities: Capital expenditures (13) Proceeds from sale of property 2 -------- Net cash used in investing activities (11) Cash flows from financing activities: Net repayments of borrowings under DIP facility (2) Net repayments of borrowings under other debt pacts (1) -------- Net cash used in financing activities (3) -------- Decrease in cash and cash equivalents (88) Cash and cash equivalents at beginning of period 113 -------- Cash and cash equivalents at end of period $25 ======== About Delphi Corporation Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) - - http://www.delphi.com/-- is the single largest global supplier of vehicle electronics, transportation components, integrated system 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. 71; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). DURA AUTOMOTIVE: Posts $14.4 Million Net Loss in April 2007 ----------------------------------------------------------- Dura Automotive Systems, Inc., and Subsidiaries Condensed Unaudited Consolidated Balance Sheet As of April 29, 2007 (Dollars in thousands) ASSETS Current assets: Cash and cash equivalents $16,895 Accounts receivable, net Trade 149,715 Other 17,426 Non-Debtor subsidiaries 26,576 Inventories 78,581 Other current assets 40,181 ---------- Total current assets 329,374 ---------- Property, plant and equipment, net 170,385 Goodwill, net 249,927 Notes receivable from Non-Debtors subsidiaries 184,109 Investment in Non-Debtors subsidiaries 790,647 Other noncurrent assets 25,955 ---------- Total Assets $1,750,397 ========== LIABILITIES AND NET LIABILITIES IN LIQUIDATION Current liabilities: Debtors-in-possession financing $219,112 Accounts payable 49,564 Accounts payable to Non-Debtors subsidiaries 832 Accrued Liabilities 91,736 ---------- Total current liabilities 361,244 ---------- Long-term Liabilities: Notes Payable to Non-Debtors subsidiaries 8,858 Other noncurrent liabilities 55,157 Liabilities Subject to Compromise 1,316,161 ---------- Total Liabilities 1,741,420 Stockholders' Investment 8,977 ---------- Total Liabilities and Stockholders' Investment $1,750,397 ========== Dura Automotive Systems, Inc., and Subsidiaries Condensed Unaudited Consolidated Statement of Operations For the Four Weeks Ended April 29, 2007 (Dollars in thousands) Total sales $82,045 Cost of sales 81,646 ---------- Gross (loss) profit 399 Selling, general and administrative expenses 6,934 Facility consolidation, asset impairment and other charges 1,090 Amortization expense 34 ---------- Operating (loss) income (7,659) Interest expense, net 3,378 ---------- Loss before reorganization items and income taxes (11,037) Reorganization items 3,386 ---------- Income before income taxes (14,423) Provision for income taxes 17 ---------- Net Income (Loss) ($14,440) ========== Dura Automotive Systems, Inc., and Subsidiaries Condensed Unaudited Consolidated Statements of Cash Flows For the Four Weeks Ended April 29, 2007 (Dollars in thousands) Operating Activities: Net Income (loss) Adjustments to reconcile net loss to net cash used in operations activities: ($14,440) Depreciation, amortization & asset impairment 2,659 Amortization of deferred financing fees 682 Bad debts 116 Reorganization items 3,386 Changes in other operating items: Accounts receivable (6,318) Inventories 2,215 Other current assets 388 Noncurrent assets (145) Accounts payable 3,922 Accrued liabilities (4,847) Noncurrent liabilities (698) Current intercompany transactions 23 ---------- Net cash provided by operating activities (13,057) Investing Activities: Purchases of property, plant & equipment (740) ---------- Net cash (used in) provided by investing activities (740) Financing Activities: DIP borrowings 25,973 Payments on prepetition debt (296) ---------- Net cash used in financing activities 25,677 Net Increase (Decrease) in Cash & Equivalents 11,880 Cash & Cash Equivalent, Beginning Balance 5,015 ---------- Cash & Cash Equivalent, Ending Balance $16,895 ========== About DURA Automotive Systems Headquartered in Rochester Hills, Mich., 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. 20; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/ or 215/945-7000). HANCOCK FABRICS: Files Operating Report For Period Ended May 5 -------------------------------------------------------------- In compliance with the U.S. Trustee's Operating Guidelines and Financial Reporting Requirements for Chapter 11 cases, Hancock Fabrics, Inc., and its debtor-affiliates filed with the Court their first monthly operating report, covering the portion of the company's first fiscal quarter from the Petition Date of March 21, 2007, to May 5, 2007. Larry D. Fair, Hancock's Vice President - Finance (Principal Financial and Accounting Officer), disclosed in a regulatory filing with the Securities and Exchange Commission that the Monthly Operating Report contains financial information that has not been audited or reviewed by an independent registered public accounting firm. He added that the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Hancock cautions investors and others not to place undue reliance on the information included in the financial statements and in the Monthly Operating Report. The financial statements and information should not be used as a basis for making an investment decision regarding Hancock's securities, Mr. Fair said. Hancock anticipates releasing financial information for the full fiscal quarter, beginning February 4, 2007, and ended May 5, 2007, in the near future. HANCOCK FABRICS INC. Consolidated Balance Sheet As of As of Mar. 20, 2007 May 5, 2007 ------------- ----------- Assets Current assets: Cash and cash equivalents $9,763,000 $4,526,000 Receivables, less allowance for doubtful accounts 2,659,000 5,956,000 Inventories 113,591,000 91,739,000 Income taxes refundable 7,166,000 7,116,000 Prepaid expenses 1,346,000 1,073,000 ------------- ----------- Total current assets 134,473,000 110,410,000 ------------- ----------- Property and equipment, at depreciated cost 50,393,000 49,424,000 Other assets 14,937,000 16,207,000 ------------- ----------- Total assets $199,803,000 $176,041,000 ============= =========== Liabilities and Shareholders' Equity Liabilities not subject to compromise: Accounts payable $0 $10,269,000 Credit facility: DIP financing 53,021,000 15,893,000 Accrued liabilities 651,000 2,368,000 Deferred tax liabilities 7,152,000 7,152,000 ------------- ----------- Liabilities subject to compromise: Accounts payable 33,584,000 29,599,000 Accrued liabilities 16,598,000 19,364,000 Long-term lease financing obligations 4,011,000 4,004,000 Capital lease obligations 1,731,000 1,728,000 Postretirement benefits other than pensions 9,216,000 9,276,000 Pension and SERP liabilities 8,281,000 8,403,000 Other liabilities 10,663,000 9,871,000 ------------- ----------- Total liabilities $144,908,000 $117,927,000 ------------- ----------- Total shareholders' equity 54,895,000 58,114,000 ------------- ----------- Total liabilities and shareholders' equity $199,803,000 $176,041,000 ============= =========== HANCOCK FABRICS, INC. Consolidated Statement of Operations For the Period March 21 to May 5, 2007 Sales $65,839,000 Cost of goods sold 35,032,000 ----------- Gross profit 30,808,000 Selling, general and administrative expense 21,274,000 Depreciation and amortization 465,000 ----------- Operating income 9,069,000 ----------- Reorganization expenses 5,340,000 Interest expense, net 673,000 ----------- Earnings before income taxes 3,056,000 Income taxes 0 ----------- Net earnings $3,056,000 =========== HANCOCK FABRICS, INC. Consolidated Statement of Cash Flows For the Period March 21 to May 5, 2007 Cash flows from operating activities: Net earnings $3,056,000 Adjustments to reconcile net earnings to cash flows used in operating activities Depreciation and amortization 1,989,000 Amortization of deferred loan costs 148,000 LIFO charge (credit) (7,050,000) Reserve for store closings credits 1,677,000 Reserve for obsolete inventory (25,000) Reserve for sales returns and bad debts (81,000) Stepped rent accrual (30,000) Loss on disposition of property and equipment 210,000 Stock compensation expense 281,000 (Increase) decrease in assets Receivables and prepaid expenses (3,024,000) Inventory at current cost 27,770,000 Income tax refundable 0 Other noncurrent assets (1,418,000) Increase (decrease) in liabilities Accounts payable 6,284,000 Accrued liabilities 2,505,000 Income taxes payable 0 Postretirement benefits other than pensions (163,000) Long-term pension and SERP liabilities 245,000 Reserve for store closings (77,000) Other liabilities (269,000) ----------- Net cash used in operating activities $32,028,000 ----------- Cash flows from investing activities: Additions to property and equipment (598,000) Proceeds from disposition of property and equipment 489,000 ----------- Net cash used in investing activities (109,000) ----------- Cash flows from financing activities: Net borrowings on revolving credit agreement (37,128,000) Payments for lease financing (7,000) Payments for capital leases (2,000) Tax obligation settled with treasury stock (19,000) ----------- Net cash provided by financing activities (37,156,000) Decrease in cash and cash equivalents (5,237,000) Cash and cash equivalents: Beginning of period 9,763,000 ----------- End of period $4,526,000 =========== About Hancock Fabrics Headquartered in Baldwyn, Miss., Hancock Fabrics Inc. (OTC: HKFIQ) -- http://www.hancockfabrics.com/-- is a specialty retailer of a wide selection of fashion and home decorating textiles, sewing accessories, needlecraft supplies and sewing machines. Hancock Fabrics is one of the largest fabric retailers in the United States, currently operating approximately 400 retail stores in approximately 40 states. The company employs approximately 7,500 people on a full-time and part-time basis. Most of the company's employees work in its retail stores, or in field management to support its retail stores. The company and 6 of its debtor-affiliates filed for chapter 11 protection on March 21, 2007 (Bankr. D. Del. Lead Case No. 07-10353). Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell, represent the Debtors. When the Debtors filed for protection from their creditors, they listed $241,873,900 in total assets and 161,412,000 in total liabilities. The Debtors exclusive period to file a chapter 11 plan expires on July 19, 2007. (Hancock Fabric Bankruptcy News, Issue No. 10, http://bankrupt.com/newsstand/or 215/945-7000). SAINT VINCENTS: Files April 2007 Monthly Operating Report --------------------------------------------------------- SVCMC Debtors Unaudited Consolidated Balance Sheet As of April 30, 2007 ASSETS Cash & Cash Equivalents $15,820,333 Investments - Patients Accounts Receivable, less allowance for doubtful accounts 62,304,178 Accounts Receivable 43,168,847 Other Current Assets 20,362,637 Assets Held for Sale 11,148,299 -------------- Total Current Assets 152,804,294 Depreciation Reserve Funds & Collaterized Assets 7,396,131 Assets Designated for Self-Insurance Investments at Market 48,367,030 Assets whose use is limited - Investments at Market 60,879,565 Other Non-Current Assets 17,958,402 Land, Buildings & Equipment, net of Accumulated Depreciation 116,965,447 -------------- Total Assets $404,370,869 ============== LIABILITIES AND NET ASSETS Liabilities Not Subject to Compromise: Long-term Debt $91,593,051 Long-term Debt (GE) 94,852,842 Accounts Payables & Accrued Expenses 110,390,538 Accrued Salaries & Payroll Taxes Withheld 36,772,747 Estimated Retroactive Payables 91,528,925 Other Non-current Liabilities 13,941,642 ------------- Total Liabilities Not Subject to Compromise 439,079,745 Liabilities Subject to Compromise: Liabilities Subject to Compromise 470,852,005 -------------- Total Liabilities Subject to Compromise 470,852,005 -------------- Total Liabilities 909,931,750 Net Assets: Unrestricted (573,278,530) Temporarily Restricted 42,172,702 Permanently Restricted 25,544,947 -------------- Total Net Assets (505,560,881) -------------- Total Liabilities & Net Assets $404,370,869 ============== SVCMC Debtors Unaudited Consolidated Income Statement From April 1 to 30, 2007 Operating Revenue Inpatient $31,459,157 Outpatient 18,334,399 -------------- Patient Service Revenue 49,793,556 -------------- Less Provision for Bad Debt 2,276,911 -------------- Net Patient Service Revenue 47,516,645 -------------- Pool Revenue 1,498,655 Capitation 7,453,374 Other 8,199,190 -------------- Total Operating Revenue 64,667,864 Operating Expenses: Salaries and Wages 24,526,519 Fringe Benefits 6,512,168 Supplies and Other 27,395,480 Insurance 1,683,631 -------------- Total Direct Operating Costs 60,117,798 Salaries and Wages 0 Fringe Benefits 0 Supplies and Other 0 -------------- Total Corporate Allocated 1,440,001 -------------- Total Operating Expense 61,557,799 -------------- Interest 2,185,955 Depreciation 1,532,231 -------------- Operating Gain (Loss) Before Non-Recurring and/or Unusual Items (608,121) Non-Recurring and/or Unusual Items: Discontinued Operations (St. Mary's) 0 St. Mary's Op Pac Rate Adjustment 0 ZBEC/HFE Recoveries 0 Restructuring & Bankruptcy Related Costs (2,523,557) Estimated Close-out of St. Mary's 0 Hanys Investment Income (SFS INS) 0 Prior Period Ambulance Revenue 0 Transfer of Equity Foundation 0 -------------- Total Non-Recurring and/or Unusual Items (2,523,557) -------------- Operating Gain (Loss) After Non-Recurring and/or Unusual Items (3,131,678) -------------- Non-Operating Revenue 7,923,825 Change in Temporary Restricted Net Assets 568,725 -------------- Change in Net Assets $5,360,872 -------------- EBITDA $3,110,065 ============== SVCMC Debtors Unaudited Statement of Cash Flows From April 1 to 30, 2007 Cash Flows from Operation Activities: Changes in Net Assets $5,360,872 Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by Operating Activities: Depreciation & Amortization 1,532,231 Change in Unrealized Gains & Losses (1,275,847) Change in Patient's Accounts Receivable 6,286,687 Change in Accounts Receivables, Other (1,860,246) Change in Prepaid Expenses & Other 1,314,408 Change in Other Non-Current Assets 8,348,426 Change in Accounts Payable & Accrued Exp-Prepetition 0 Change in Accounts Payable & Accrued Exp-Postpetition (5,961,286) Change in Accrued Salaries & P/R Taxes 1,136,288 Change in Est. Retro rec/pay from/to third parties 2,785,556 Change in Est. Liability for self-insurance 0 Change in Other Non-Current Liabilities (5,994,686) -------------- Net Cash Provided by Operating Activities 11,672,403 Cash flows From Investment Activities: Sale of Investments, Net 20,114 Sale of Assets Whose Use is Limited (1,408,016) Acquisition/Sale of Land, Building, & Equipment (1,362,662) -------------- Net Cash Provided by Investing Activities (2,750,564) Cash flows From Financing Activities: Proceeds/Repayment From/of Working Capital Loa 0 Proceed from issuance of Long-term debt 0 Repayment of Long-term debt (4,305,291) -------------- Net Cash (Used) in Financing Activities (4,305,291) Net Increase (Decrease) in Cash & Cash Equivalents 4,616,548 Cash & Cash Equivalents at Beginning of Month 11,203,785 -------------- Cash & Cash Equivalents at End of the Month $15,820,333 ============== About Saint Vincents Based in New York City, Saint Vincents Catholic Medical Centers of New York -- http://www.svcmc.org/-- the healthcare provider in New York State, operates hospitals, health centers, nursing homes and a home health agency. The hospital group consists of seven hospitals located throughout Brooklyn, Queens, Manhattan, and Staten Island, along with four nursing homes and a home health care agency. The company and six of its affiliates filed for chapter 11 protection on July 5, 2005 (Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will & Emery, LLP, filed the Debtors' chapter 11 cases. On Sept. 12, 2005, John J. Rapisardi, Esq., at Weil, Gotshal & Manges LLP took over representing the Debtors in their restructuring efforts. Martin G. Bunin, Esq., at Thelen Reid & Priest LLP, represents the Official Committee of Unsecured Creditors. As of Apr. 30, 2005, the Debtors listed $972 million in total assets and $1 billion in total debts. The Debtors filed their Chapter 11 Plan of Reorganization accompanying a disclosure statement explaining that Plan on Feb. 9, 2007. On June 1, 2007, the Debtors filed an Amended Plan & Disclosure Statement. (Saint Vincent Bankruptcy News, Issue No. 55 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000) SOLUTIA INC: Files April 2007 Monthly Operating Report ------------------------------------------------------ Solutia Chapter 11 Debtors Unaudited Statement of Consolidated Financial Position As of April 30, 2007 ASSETS Cash $13,000,000 Trade Receivables, net 212,000,000 Account Receivables-Unconsolidated Subsidiaries 66,000,000 Inventories 198,000,000 Other Current Assets 238,000,000 -------------- Total Current Assets 727,000,000 Property, Plant and Equipment, net 656,000,000 Investments in Subsidiaries and Affiliates 576,000,000 Intangible Assets, net 100,000,000 Other Assets 59,000,000 -------------- Total Assets $2,118,000,000 ============== LIABILITIES AND SHAREHOLDERS' DEFICIT Accounts Payable $205,000,000 Short Term Debt 975,000,000 Other Current Liabilities 151,000,000 -------------- Total Current Liabilities 1,331,000,000 Other Long-Term Liabilities 191,000,000 -------------- Total Liabilities not Subject to Compromise 1,522,000,000 Liabilities Subject to Compromise 1,902,000,000 Shareholders' Deficit (1,306,000,000) -------------- Total Liabilities & Shareholders' Deficit $2,118,000,000 ============== Solutia Chapter 11 Debtors Unaudited Consolidated Statement of Operations For the Month Ended April 30, 2007 Total Net Sales $223,000,000 Total Cost Of Goods Sold 196,000,000 -------------- Gross Profit 27,000,000 Total MAT Expense 19,000,000 -------------- Operating Income (Loss) 8,000,000 Equity Earnings from Affiliates 3,000,000 Interest Expense, net (9,000,000) Other Income, net 4,000,000 Reorganization Items: Professional fees (6,000,000) Employee severance and retention costs 0 Other 0 -------------- (6,000,000) -------------- Loss Before Taxes 0 Income tax expense (benefit) 0 -------------- Net Loss $0 ============== About Solutia Inc. Headquartered in St. Louis, Mo., 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. 88; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). The Debtors' exclusive period to file a plan expires on July 30, 2007. TOWER AUTOMOTIVE: Posts $22.2 Million Net Loss in April 2007 ------------------------------------------------------------ Tower Automotive, Inc. Unaudited Consolidated Balance Sheets As of April 30, 2007 (Amounts in thousands) Current Assets: Cash and cash equivalents $961 Accounts Receivable 120,798 Inventories 41,632 Prepaid tooling and other 24,136 ----------- Total current assets 187,527 Property, plant and equipment, net 453,128 Investment in and advances to affiliates 800,413 Other assets, net 20,936 ----------- Total assets $1,462,004 =========== Current Liabilities Not Subject to Compromise: Current maturities of long-term debt and capital lease obligations $- Current maturities of debtor-in-possession borrowings 661,500 Accounts payable 109,587 Accrued liabilities 92,219 ----------- Total current liabilities 863,306 Liabilities subject to compromise: 1,298,954 Non-Current Liabilities Not Subject to Compromise: Long-term debt, net of current maturities 84,751 Other noncurrent liabilities 31,081 ----------- Total liabilities 2,278,092 ----------- Stockholders' Deficit (816,088) ----------- Total liabilities and stockholders' deficit: $1,462,004 =========== Tower Automotive, Inc. Unaudited Statement of Operations For the Month Ended April 30, 2007 (Amounts in thousands) Revenues 91,505 Cost of sales 83,793 ----------- Gross Profit 7,712 Selling, general and administrative expenses 5,331 Restructuring and asset impairment charges, net 14,030 Other operating income 379 ----------- Operating loss (loss) (12,028) Interest expense 8,629 Interest income (59) Intercompany interest (income)/expense (2,772) Chapter 11 and related reorganization items 4,168 ----------- Income (loss) before provision for income taxes, equity in earnings of joint ventures, and minority interest (21,994) Provision (benefit) for income taxes 255 ----------- Income (loss) before equity in earnings of joint ventures (22,249) Equity in earnings of joint ventures, net of tax (26) ----------- Net income (loss) ($22,275) =========== Tower Automotive, Inc. Unaudited Consolidated Statements of Cash Flows For the Month Ended April 30, 2007 (Amounts in thousands) Operating Activities: Net loss ($22,275) Adjustments required to reconcile net loss to net cash provided by (used in) operating activities: Chapter 11 and related reorganization items, net 2,463 Restructuring and asset impairment, net 14,113 Depreciation 6,307 Equity in earnings of joint ventures, net 26 Change in working capital and other operating items (9,303) ----------- Net cash provided by (used in) operating activities (8,669) ----------- Investing Activities: Cash disbursed for purchase of property, plant and equipment (5,886) ----------- Net cash used for investing activities (5,886) ----------- Financing Activities: Proceeds from non-Debtor in possession borrowings - Repayments of non-Debtor in possession borrowings - Borrowings from DIP credit facility 43,500 Repayment of borrowings from DIP credit facility (35,900) ----------- Net cash provided by (used in) financing activities 7,600 ----------- Net change in cash and cash equivalents: (6,955) ----------- Cash and Cash Equivalents, beginning of period 7,916 Cash and Cash Equivalents, end of period $961 =========== About Tower Automotive Headquartered in Grand Rapids, Mich., 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. 64; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Jason A. Nieva, Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez, Tara Marie A. Martin, John Paul C. Canonigo, Sheena Jusay, and Peter A. Chapman, Editors. Copyright 2007. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***