/raid1/www/Hosts/bankrupt/TCR_Public/070630.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 30, 2007, Vol. 11, No. 153
Headlines
ADVANCED MARKETING: Files April 2007 Monthly Operating Report
CATHOLIC CHURCH: Davenport Files May 2007 Monthly Operating Report
CATHOLIC CHURCH: San Diego Files April 2007 Operating Report
COLLINS & AIKMAN: Earns $23.8 Million in Period Ended May 15
DELTA WOODSIDE: Files Operating Report for Period Ended May 5
DELTA WOODSIDE: Files Operating Report for Period Ended March 31
DELTA WOODSIDE: Files Operating Report for Period Ended March 3
DELTA WOODSIDE: Files Operating Report for Period Ended February 3
HANCOCK FABRICS: Posts $5.7 Mil. Net Loss in Period Ended June 2
HANCOCK FABRICS: HancockFabrics.com Files Schedules
HANCOCK FABRICS: HF Enterprise Files Schedules of Assets & Debts
HANCOCK FABRICS: Hancock Fabrics LLC Files Schedules
HANCOCK FABRICS: HF Merchandising Files Schedules
HANCOCK FABRICS: Hancock Fabrics of MI Files Schedules
HANCOCK FABRICS: HF Resources Files Schedules of Assets & Debts
MORTGAGE LENDERS: Posts $7.9 Million Net Loss in May 2007
MORTGAGE LENDERS: Posts $136 Million Net Loss in April 2007
MUSICLAND HOLDING: Posts $138,000 Net Loss in May 2007
MUSICLAND HOLDING: Files April 2007 Operating Report
*********
ADVANCED MARKETING: Files April 2007 Monthly Operating Report
-------------------------------------------------------------
Advanced Marketing Services Inc.'s monthly operating report
ending April 30, 2007, does not contain a balance sheet and
income statement.
Advanced Marketing Services, Inc.
(Excluding Publishers Group West Incorporated)
Statement of Cash Flows
From April 1 to 30, 2007
CASH RECEIPTS
B&T Purchase Price $11,637,105
Reimbursement under B&T TSA -
Non-refundable inventory 354,916
Returnable inventory, net -
CIA inventory -
Vendor accounts receivable 2,900
Prepaid expenses -
CSV Life Insurance -
Foreign Subs 264,371
Standby L/C Expirations -
WF Foothill Fee Reserve -
Interest Income 33,801
Other 279,703
----------
Total Cash Receipts 12,572,796
----------
CASH DISBURSEMENTS
Publisher payments -
Payroll & health insurance 746,697
KERP -
MIP -
Insurance 60,615
Rent-facilities 312,295
Freight 701,572
Shipping Supplies -
Utilities 96,073
IT Expenses 58,913
Travel 7,030
Professional fees 1,260,018
US Trustee Fees -
Office equipment and supplies 6,866
Communications -
Warehouse equipment 12,953
Directors' fees -
Miscellaneous 82,747
Post-petition A/P -
----------
Total Disbursements 3,345,779
----------
Net Operating Cash Inflow 9,227,017
INTERCOMPANY TRANSFERS
PGW Rcpts Swept to AMS -
AMS (To)/From PGW 1,500,000
Foreign Subsidiaries -
----------
Total I/C Transfers 1,500,000
----------
Net Cash Inflow $10,727,017
==========
Publishers Group West Incorporated
Statement of Cash Flows
April 1 to 30, 2007
CASH RECEIPTS
Accounts Receivable $7,538,844
Perseus - payments for post-petition returns -
Perseus - reimbursement for customer deductions -
Perseus - Transition service reimb (PGW costs) -
Perseus - Transition service reimb (AMS costs) -
Perseus - Retention plan reimbursement -
Interest Income -
Other 459
----------
Total Cash Receipts 7,539,303
----------
INVENTORY DISBURSEMENTS
Publishers - Wires 82,918
Publishers - Checks 41,634
----------
Total Inventory Disbursements 124,552
----------
OPERATING DISBURSEMENTS
Total Payroll (incl. taxes) 520,287
Employee retention plan -
Temp/contract labor 73,979
Health Insurance -
Insurance -
Rent-facilities 23,018
Freight 231,334
Shipping supplies -
Utilities 11,312
IT Expenses 854
Travel 56,685
Professional fees -
Office equipment & supplies 12,054
Communications 12,851
Warehouse equipment -
Directors' fees -
Misc 135,513
Post-petition A/P -
----------
Total Operating Disbursements 1,077,887
----------
Total Disbursements 1,202,439
----------
Net Operating Cash Inflow 6,336,864
----------
INTERCOMPANY TRANSFERS
PGW Rcpts. Swept to AMS -
AMS to/(from) PGW (1,500,000)
Reimbursement to AMS -
----------
Total I/C Transfers (1,500,000)
----------
Net Cash Inflow $4,836,864
==========
About Advanced Marketing
Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry. The company has operations in the
U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.
The company and its two affiliates, Publishers Group Incorporated
and Publishers Group West Incorporated filed for chapter 11
protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480
through 06-11482). Suzzanne S. Uhland, Esq., Austin K. Barron,
Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP,
represent the Debtors as Lead Counsel. Chun I. Jang, Esq., Mark
D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton
& Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors. When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than $100 million.
The Debtors' exclusive period to file a plan expires on Aug. 10,
2007. (Advanced Marketing Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
CATHOLIC CHURCH: Davenport Files May 2007 Monthly Operating Report
------------------------------------------------------------------
Diocese of Davenport in Iowa
Statement of Financial Position
As of May 31, 2007
ASSETS
Current Assets
Cash and cash equivalents - unrestricted $5,306,684
Cash and cash equivalents - restricted 2,455,723
Accounts receivable, net 28,210
Inventory -
Prepaid expenses 1,778
Professional retainers 55,652
--------------
Total Current Assets 7,848,047
--------------
Property and Equipment
Real Property 4,684,254
Machinery and equipment 6,000
Furniture and fixtures 8,914
Office equipment 59,500
Leasehold improvements -
Vehicles 45,460
--------------
Total Property and Equipment 4,804,128
--------------
Total Assets $12,652,175
==============
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 $36,291
Real property lease arrearage
Personal property lease arrearage
Accrued professional fees
Current portion of long-term debt
Pass-through collections 210,311
--------------
Total Current Liabilities 246,602
--------------
Long-Term Postpetition Debt, Net -
--------------
Total Postpetition Liabilities 246,602
--------------
Prepetition
Secured claims -
Priority unsecured claims 160,888
General unsecured claims 1,660,316
--------------
Total Prepetition Liabilities 1,821,204
--------------
Total Liabilities 2,067,806
--------------
Equity (deficit):
Retained earnings/deficit at filing 5,795,187
Capital stock
Additional paid-in capital
Cumulative profit/loss since filing 991,214
Post-petition contributions/distributions
or draws
Market value adjustment 3,797,968
--------------
Total equity (deficit) 10,584,369
--------------
Total liabilities & equity (deficit) $12,652,175
==============
Diocese of Davenport in Iowa
Statement of Operations
For the month ending May 31, 2007
Revenues
Gross sales $501
Less: sales returns & allowances -
Net sales 501
Less: cost of goods sold -
Gross profit 501
Interest 2,049
Other income:
Charitable gifts 231,548
Insurance receipts 135,083
Investment income 57,393
--------------
Total revenues 426,574
--------------
Expenses:
Compensation to owner(s)/officer(s) 12,578
Salaries 97,715
Commissions -
Contract labor 7,585
Rent/Lease:
Personal property 2,769
Real property 1,000
Insurance 90,049
Management fees -
Depreciation 5,945
Taxes:
Employer payroll taxes 6,174
Real property taxes -
Other taxes -
Other selling -
Other administrative 37,899
Interest -
Other expenses:
Employee benefits 31,916
Charity collection 33,189
Medical assistance/Victim assistance 2,039
Utilities 9,276
Professional fees 812
--------------
Total expenses 338,946
--------------
Reorganization items:
Professional fees (2,343)
Provisions for rejected
executory contracts -
Interest earned on accumulated cash
from resulting Chapter 11 case 17,083
Gain or (Loss) from sale of equipment -
U.S. Trustee quarterly fees (1,250)
Advertising/printing/mailing (1,383)
--------------
Total reorganization items 12,107
--------------
Net profit (loss) before federal &
state taxes 99,735
Federal & state income taxes -
--------------
Net profit (loss) $99,735
=============
Diocese of Davenport in Iowa
Statement of Cash Receipts and Disbursements
For the month ending May 31, 2007
Cash receipts
Rent/Leases collected $3,375
Cash received from sales 501
Interest received 19,132
Borrowings increase in accounts payable
Funds from shareholders, partners,
or other insiders
Capital contributions
Annual diocesan appeal/donations 231,548
Investment income/misc. -
Insurance receipts 135,083
Tribunal/Immigration/Faith Formation fees 54,018
Decrease in prepaids/accounts receivable -
Misc./Increase in accounts payable 75,792
--------------
Total Cash Receipts 519,449
Cash disbursements:
Payments for inventory -
Selling -
Administrative 88,230
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 -
Other -
Salaries/Commissions (less employee
withholding 76,094
Management fees
Taxes
Employee withholding 21,621
Employer payroll taxes 6,174
Real property taxes -
Other taxes -
Other cash outflows:
Insurance 90,049
Utilities 9,276
Medical Assistance 2,039
Employee benefits 31,916
Misc 37,736
--------------
Total Cash Disbursements 375,713
--------------
Net increase (decrease) in cash 143,736
Cash balance, beginning of period 1,425,807
Cash balance, end of period $1,569,543
==============
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. 95; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: San Diego Files April 2007 Operating Report
------------------------------------------------------------
Diocese of San Diego
Statement of Financial Position
As of April 30, 2007
ASSETS
Cash and cash equivalents $17,311,230
Funds on deposit with administrative offices: -
Perpetual Care Funds -
Funds on deposit -
Other funds on deposit -
Marketable securities 39,205,604
Accounts receivable, net of allowance -
Parishes and School 1,084,677
PSDL Trust 354,650
Cemetery trade 4,381,952
Tuition, fees and others 1,323,743
Juan Diego Trust 109,343
Notes and other receivables 36,986
Planned gifts receivable 5,357,998
Prepaid expenses 29,474
Inventory 14,507
Revisionary Interest in CSE 65,000,000
Property and equipment, net 20,879,056
Other land and buildings, net
Cemetery inventory - graves, crypts & niches 6,622,972
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 5,551,035
Other assets -
--------------
Total Assets $235,039,295
==============
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable and accrued liabilities $1,699,280
Special collections 257,327
Accrued vacation 359,067
Construction loan - ALSAM Foundation 38,620,000
Payable to PSDL Trust 23,285,353
Funds on deposit:
Parish and school funds & endowments 397,409
Perpetual Care Funds -
Restricted funds on deposit -
Other diocesan entities funds -
Reserve for worker's compensation claims 1,564,509
Priest retirement plan liability 1,994,494
Planned gifts liability 1,327,535
Deferred revenue:
Annual Catholic Appeal -
Cemetery 3,224,029
Tuition and other fees 1,399,729
Other 6,719
--------------
Total liabilities $74,135,452
--------------
Net Assets:
Unrestricted:
Undesignated $115,304,515
Insurance reserve funds 7,463,922
Bishop's burse 1,314,663
Designated funds 321,408
Property and equipment 16,581,782
--------------
Total unrestricted 140,986,290
Temporarily restricted 11,571,019
Permanently restricted 8,346,533
--------------
Total net assets 160,903,842
--------------
Total liabilities and net assets $235,039,295
==============
Diocese of San Diego
Statement of Activities
For the month ending April 30, 2007
Support and revenue:
Parish assessments $602,641
Donations and fundraising 365,313
Investment income 744,965
Interest and other income 35,108
Parish & employee insurance reserve funds, net -
Rental income 15,064
Administrative fees 291,956
Cemetery sales 266,012
Tuition, net of tuition assistance 667,091
Student and other fees 14,575
Concessions/food service 10,397
Other 34,882
--------------
Total support and revenue 3,048,005
Expenses:
Administrative 259,126
Programs 319,093
Cemetery cost of sales 31,652
General:
Contributions and charitable programs 42,864
Interest expense
Funds on deposit 4,064
Other 156,864
Depreciation 41,495
Bad debt expense -
Recruiting, advertising & public relations 3,928
Student related expenses 287,677
Concessions/food service 11,812
Athletics 21,248
Development/special events 1,900
Operating expenses 315,682
Chaplaincies and ministries 73,008
Assessments 760
Professional fees 3,172
Chapter 11 fees -
Legal fees 7,736
Other 70,751
--------------
Total Expenses 1,652,879
Funds released from restricted funds 0
Net change in designated funds (4,951)
--------------
(4,951)
--------------
Increase (decrease) in net assets 1,395,126
--------------
Net assets:
Beginning of month 159,508,716
--------------
End of month $160,903,842
==============
Diocese of San Diego
Cash Receipts and Disbursement
For the month ending April 30, 2007
Total receipts - prior general account reports $6,176,871
Less: total disbursements 2,881,319
Beginning balance 16,713,834
Receipts during current period:
Transfers from main account
Accounts receivable - pre-filing 380,177
Accounts receivable - assessment post-filing 463,997
Receipts - clearing 1,079,353
A/R CES 2,588
Annual Catholic Appeal 319,634
Interest 12,641
Dividends 198
Miscellaneous 5,323
Tribunal income 4,425
Southern Cross income 15,233
Programs and ministries 774,637
Registration and tuitions 355,327
Receipts - reimbursements and other 53,502
Unreconciled item 15,508
Other Diocesan locations' deposits 548,479
Stock processing 274,854
Athletics 1,010
Concessions and store sales 7,268
Restricted account receipts 5,697
Donations 27,638
--------------
Total receipts 4,347,497
Balance 21,061,332
Less: Total disbursements during current period
Transfers to Diocese from Service Receipients
Workers' compensation premium (153,360)
Priest health - SIF Protion (5,776)
Transfers to Priest Health Account 19,746
Transfers to payroll account 366,306
Transfers to medical reimbursement 247,137
Disbursements - clearing 36,818
Unreconciled items 216
Administrative 64,635
A/R CES 784
Athletics 7,347
Bank fees and charges 20,699
Brokerage commissions 378
Stock processing 274,854
Conferences 26,925
Utility deposits 27,740
Dues/Fees 2,569
Fundraising 2,671
Education expenses 4,775
Employee benefits 4,770
Facilities 25,303
Health insurance and benefits 63,659
Health insurance claims paid 972,150
Lay salaries and wages 11,412
Liability insurance 4,813
Maintenance/Repairs 23,719
Medical reimbursements 11,810
Ministries 7,620
Miscellaneous 47,003
Scholarships - Donations 100
Supplies 13,033
Operations 317,475
Payroll 459,678
Postage 11,706
Professional fees 44,141
Printing 17,230
Rent 19,445
Restricted 54,590
Sales tax 1,642
Special collections 148,251
Seminarian tuition 8,075
Stipends/Services 40,879
Utilities 14,217
Adjustment for February voids 50,674
--------------
3,317,873
--------------
Ending balance $17,743,459
==============
About the San Diego Diocese
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 tomorrow, June 27, 2007. On March 27,
2007, the Debtor filed its plan and disclosure statement.
(Catholic Church Bankruptcy News, Issue No. 95; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
COLLINS & AIKMAN: Earns $23.8 Million in Period Ended May 15
------------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of May 16, 2007
ASSETS
Cash $187,718,722
Accounts receivable-trade, net 127,178,506
Other non-trade receivables 10,644,232
Inventories, net 33,853,422
Tooling and molding, net-current 49,668,790
Prepaids & other current assets 42,113,534
Deferred tax assets-current 0
---------------
TOTAL CURRENT ASSETS 451,177,206
Investments in subsidiaries 2,479,293,518
Fixed assets, net 232,774,692
Goodwill, net 59,622,121
Deferred tax assets-long term 0
Tooling and molding, net-long term 5,198,309
Other noncurrent assets 26,587,378
Intercompany accounts - net 85,238,673
Prepetition intercompany - net 670,316,228
---------------
TOTAL ASSETS $4,010,208,126
===============
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 52,670,262
Accrued interest payable 72,943,133
Accrued & other liabilities 134,548,423
Income taxes payable 3,053,922
---------------
Total current liabilities 372,756,783
Liabilities subject to compromise 2,384,702,468
Deferred income taxes 30,472,400
---------------
Total liabilities 2,787,931,651
Total equity 1,222,276,475
---------------
TOTAL LIABILITIES & EQUITY $4,010,208,126
===============
Collins & Aikman Corporation
Income Statement
Month Ending May 15, 2007
Net outside sales $64,276,570
I/C Net sales 3,567,576
---------------
Total sales 67,844,146
Cost of Sales 48,809,720
---------------
Gross profit 19,034,426
Selling, general & administrative expenses (2,034,037)
---------------
Operating income 21,068,463
Interest expenses, net 3,904,282
Intercompany interest, net (1,669,844)
Preferred stock accretion 0
Miscellaneous (income)/expense 0
Corporate allocation adjustment (4,950,442)
Commission income (85,693)
Commission expense 0
Royalty income (182,831)
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 0
Foreign transactions - (Gain)/Loss 198,902
Amort of discount on NPV of liabilities 0
(Gain)/Loss on sale-leaseback transaction 0
---------------
Income from continuing operations before taxes 23,854,089
Federal income tax 0
State income tax 0
Foreign income tax 11,426
---------------
Income from continuing operations 23,842,663
Discontinued operations 7,595
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME (LOSS) $23,835,068
===============
About Collins & Aikman
Headquartered in Troy, Mich., 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 Debtors 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 July 12,
2007. (Collins & Aikman Bankruptcy News, Issue No. 66; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/ or
215/945-7000)
DELTA WOODSIDE: Files Operating Report for Period Ended May 5
-------------------------------------------------------------
Delta Woodside Industries Inc., Delta Mills Inc., and Delta Mills
Marketing Inc. filed their monthly operating report for the period
from April 1, 2007, to May 5, 2007, with the United States
Bankruptcy Court for the District of Delaware on June 25, 2007.
Delta Woodside Industries Inc.
Delta Woodside Industries reported a net loss of $428 on zero
revenue for the period from April 1, 2007, to May 5, 2007.
At May 5, 2007, Delta Woodside's balance sheet showed:
Total Current Assets ($245,000)
Total Assets ($248,000)
Total Liabilities ($17,238,000)
Total Shareholders' Equity $16,990,000
A full-text copy of Delta Woodside's Monthly Operating Report is
available at no charge at http://ResearchArchives.com/t/s?2136
Delta Mills Inc.
Delta Mills reported a net loss of $886,095 on revenues of
$912,101 for the period from April 1, 2007, to May 5, 2007.
At May 5, 2007, Delta Mills' balance sheet showed:
Total Current Assets $14,755,000
Total Assets $24,164,000
Total Liabilities [$56,644,000]
Total Shareholders' Deficit ($32,480,000)
A full-text copy of Delta Mill's Monthly Operating Report is
available at no charge at http://ResearchArchives.com/t/s?2136
Delta Mills Marketing Inc.
Delta Mills Marketing reported a net loss of $112,561 on zero
revenue for the period April 1, 2007, to May 5, 2007.
At May 5, 2007, Delta Mills Marketing's balance sheet showed:
Total Current Assets $55,000
Total Assets $56,000
Total Liabilities [($2,145,000)]
Total Shareholders' Equity $2,089,000
A full-text copy of Delta Mill's Monthly Operating Report is
available at no charge at http://ResearchArchives.com/t/s?2136
About Delta Woodside
Based in Greenville, South Carolina, Delta Woodside Industries,
Inc. (OTCBB: DLWI), through its wholly owned subsidiary, Delta
Mills, manufactures and sells textile products for the apparel
industry. The company employs about 600 people and operates two
plants located in South Carolina.
The company, its wholly owned subsidiary Delta Mills Inc., and
Delta Mills Marketing Inc., the wholly owned subsidiary of Delta
Mills, filed for chapter 11 protection on Oct. 13, 2006 (Bank. D.
Del. Lead Case No. Case Nos. 06-11144). Robert J. Dehney, Esq.,
Margaret E. Juliano, Esq., Robert J. Dehney, Esq., and Thomas F.
Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP represent
the Debtors. Jeffrey R. Waxman, Esq., and Mark E. Felger, Esq.,
at Cozen O'Connor, represent the Official Committee of Unsecured
Creditors.
DELTA WOODSIDE: Files Operating Report for Period Ended March 31
----------------------------------------------------------------
Delta Woodside Industries Inc., Delta Mills Inc., and Delta Mills
Marketing Inc. filed their monthly operating report for the period
from March 4, 2007, to March 31, 2007, with the United States
Bankruptcy Court for the District of Delaware on June 25, 2007.
Delta Woodside Industries Inc.
Delta Woodside Industries reported a net loss of $428 on zero
revenue for the for the period from March 4, 2007, to March 31,
2007.
At March 31, 2007, Delta Woodside's balance sheet showed:
Total Current Assets ($248,000)
Total Assets ($248,000)
Total Liabilities ($17,238,000)
Total Shareholders' Equity $16,991,000
A full-text copy of Delta Woodside's March 2007, Monthly
Operating Report is available at no charge at:
http://ResearchArchives.com/t/s?213a
Delta Mills Inc.
Delta Mills reported a net loss of $1,098,487 on revenues of
$567,758 for the period March 4, 2007, to March 31, 2007.
At March 31, 2007, Delta Mills' balance sheet showed:
Total Current Assets $15,926,000
Total Assets $25,347,000
Total Liabilities [$56,940,000]
Total Shareholders' Deficit ($31,593,000)
A full-text copy of Delta Mill's March 2007, Monthly
Operating Report is available at no charge at:
http://ResearchArchives.com/t/s?213a
Delta Mills Marketing Inc.
Delta Mills Marketing reported a net loss of $123,229 on zero
revenue for the period from March 4, 2007, to March 31, 2007.
At March 31, 2007, Delta Mills Marketing's balance sheet showed:
Total Current Assets $55,000
Total Assets $55,000
Total Liabilities [($2,161,000)]
Total Shareholders' Equity $2,212,000
A full-text copy of Delta Mill's March 2007 Monthly
Operating Report is available at no charge at:
http://ResearchArchives.com/t/s?213a
About Delta Woodside
Based in Greenville, South Carolina, Delta Woodside Industries,
Inc. (OTCBB: DLWI), through its wholly owned subsidiary, Delta
Mills, manufactures and sells textile products for the apparel
industry. The company employs about 600 people and operates two
plants located in South Carolina.
The company, its wholly owned subsidiary Delta Mills Inc., and
Delta Mills Marketing Inc., the wholly owned subsidiary of Delta
Mills, filed for chapter 11 protection on Oct. 13, 2006 (Bank. D.
Del. Lead Case No. Case Nos. 06-11144). Robert J. Dehney, Esq.,
Margaret E. Juliano, Esq., Robert J. Dehney, Esq., and Thomas F.
Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP represent
the Debtors. Jeffrey R. Waxman, Esq., and Mark E. Felger, Esq.,
at Cozen O'Connor, represent the Official Committee of Unsecured
Creditors.
DELTA WOODSIDE: Files Operating Report for Period Ended March 3
---------------------------------------------------------------
Delta Woodside Industries Inc., Delta Mills Inc., and Delta Mills
Marketing Inc. filed their monthly operating report for the period
from Feb. 4, 2007, to March 3, 2007, with the United States
Bankruptcy Court for the District of Delaware on June 25, 2007.
Delta Woodside Industries Inc.
Delta Woodside Industries reported a net loss of $5,906 on zero
revenue for the period from Feb. 4, 2007, to March 3, 2007.
At March 3, 2007, Delta Woodside's balance sheet showed:
Total Current Assets ($247,000)
Total Assets ($247,000)
Total Liabilities ($17,238,000)
Total Shareholders' Equity $16,991,000
A full-text copy of Delta Woodside's Monthly Operating Report is
available at no charge at http://ResearchArchives.com/t/s?2137
Delta Mills Inc.
Delta Mills reported a net loss of $22,337,339 on revenues of
$817,027 for the period from Feb. 4, 2007, to March 3, 2007.
At March 3, 2007, Delta Mills' balance sheet showed:
Total Current Assets $17,703,000
Total Assets $27,132,000
Total Liabilities [$57,627,000]
Total Shareholders' Deficit ($30,495,000)
A full-text copy of Delta Mill's Monthly Operating Report is
available at no charge at http://ResearchArchives.com/t/s?2137
Delta Mills Marketing Inc.
Delta Mills Marketing reported a net loss of $137,956 on zero
revenue for the period from Feb 4, 2007, to March 3, 2007.
At March 3, 2007, Delta Mills Marketing's balance sheet showed:
Total Current Assets $9,000
Total Assets $10,000
Total Liabilities [($2,330,000)]
Total Shareholders' Equity $2,336,000
A full-text copy of Delta Mill's Monthly Operating Report is
available at no charge at http://ResearchArchives.com/t/s?2137
About Delta Woodside
Based in Greenville, South Carolina, Delta Woodside Industries,
Inc. (OTCBB: DLWI), through its wholly owned subsidiary, Delta
Mills, manufactures and sells textile products for the apparel
industry. The company employs about 600 people and operates two
plants located in South Carolina.
The company, its wholly owned subsidiary Delta Mills Inc., and
Delta Mills Marketing Inc., the wholly owned subsidiary of Delta
Mills, filed for chapter 11 protection on Oct. 13, 2006 (Bank. D.
Del. Lead Case No. Case Nos. 06-11144). Robert J. Dehney, Esq.,
Margaret E. Juliano, Esq., Robert J. Dehney, Esq., and Thomas F.
Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP represent
the Debtors. Jeffrey R. Waxman, Esq., and Mark E. Felger, Esq.,
at Cozen O'Connor, represent the Official Committee of Unsecured
Creditors.
DELTA WOODSIDE: Files Operating Report for Period Ended February 3
------------------------------------------------------------------
Delta Woodside Industries Inc., Delta Mills Inc., and Delta Mills
Marketing Inc. filed their monthly operating report for the period
from Jan. 1, 2007, to Feb. 3, 2007, with the United States
Bankruptcy Court for the District of Delaware on March 29, 2007.
Delta Woodside Industries Inc.
Delta Woodside Industries reported a net loss of $9,670 on zero
revenue for the period from Jan. 1, 2007, to Feb. 3, 2007.
At Feb. 3, 2007, Delta Woodside's balance sheet showed:
Total Current Assets ($246,000)
Total Assets ($246,000)
Total Liabilities ($17,389,000)
Total Shareholders' Equity $16,997,000
A full-text copy of Delta Woodside's Monthly Operating Report is
available at no charge at http://ResearchArchives.com/t/s?1cca
Delta Mills Inc.
Delta Mills reported a net loss of $614,015 on revenues of
$2,532,881 for the period from Jan. 1, 2007, to Feb. 3, 2007.
At Feb. 3, 2007, Delta Mills' balance sheet showed:
Total Current Assets $17,742,000
Total Assets $49,495,000
Total Liabilities [$57,652,000]
Total Shareholders' Deficit ($8,158,000)
A full-text copy of Delta Mill's Monthly Operating Report is
available at no charge at http://ResearchArchives.com/t/s?1cca
Delta Mills Marketing Inc.
Delta Mills Marketing reported a net loss of $51,783,956 on zero
revenue for the period from Jan. 1, 2007, to Feb. 3, 2007.
At Feb. 3, 2007, Delta Mills Marketing's balance sheet showed:
Total Current Assets $12,000
Total Assets $12,000
Total Liabilities [($2,466,000)]
Total Shareholders' Equity $2,473,000
A full-text copy of Delta Mill's Monthly Operating Report is
available at no charge at http://ResearchArchives.com/t/s?1cca
About Delta Woodside
Based in Greenville, South Carolina, Delta Woodside Industries,
Inc. (OTCBB: DLWI), through its wholly owned subsidiary, Delta
Mills, manufactures and sells textile products for the apparel
industry. The company employs about 600 people and operates two
plants located in South Carolina.
The company, its wholly owned subsidiary Delta Mills Inc., and
Delta Mills Marketing Inc., the wholly owned subsidiary of Delta
Mills, filed for chapter 11 protection on Oct. 13, 2006 (Bank. D.
Del. Lead Case No. Case Nos. 06-11144). Robert J. Dehney, Esq.,
Margaret E. Juliano, Esq., Robert J. Dehney, Esq., and Thomas F.
Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP represent
the Debtors. Jeffrey R. Waxman, Esq., and Mark E. Felger, Esq.,
at Cozen O'Connor, represent the Official Committee of Unsecured
Creditors.
HANCOCK FABRICS: Posts $5.7 Mil. Net Loss in Period Ended June 2
----------------------------------------------------------------
Hancock Fabrics, Inc., and Subsidiaries
Consolidated Balance Sheet
As of June 2, 2007
ASSETS
Current assets:
Cash and cash equivalents $3,838,000
Receivables, less allowance for
doubtful accounts 5,530,000
Inventories 81,494,000
Income taxes refundable 7,116,000
Prepaid expenses 2,423,000
------------
Total current assets 100,401,000
Property and equipment,
at depreciated cost 48,802,000
Other assets 15,736,000
------------
Total Assets $164,939,000
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities not subject to compromise:
Accounts Payable $10,154,000
Credit facility: DIP financing 10,596,000
Accrued liabilities 8,960,000
Deferred tax liabilities 7,152,000
------------
Liabilities subject to compromise:
Accounts payable 30,554,000
Accrued liabilities 11,902,000
Long-term lease financing
obligations 3,997,000
Capital lease obligations 1,726,000
Post-retirement benefits other
than pensions 9,345,000
Pension and SERP liabilities 8,498,000
Other liabilities 9,575,000
------------
Total liabilities 112,459,000
------------
Total shareholders' equity 52,480,000
------------
Total liabilities & shareholders' equity $164,939,000
============
Hancock Fabrics, Inc., and Subsidiaries
Consolidated Statement of Operations
For the Month Ended June 2, 2007
Sales $27,876,000
Cost of goods sold 20,377,000
------------
Gross profit 7,499,000
Selling, general and administrative expense 10,407,000
Depreciation and amortization 410,000
------------
Operating income (loss) (3,318,000)
Reorganization expenses 2,129,000
Interest expense, net 261,000
Earnings (loss) before income taxes (5,708,000)
Income taxes -
------------
Net earnings (loss) ($5,708,000)
============
Hancock Fabrics, Inc., and Subsidiaries
Consolidated Statement of Cash Flow
For the Month Ended June 2, 2007
Cash flows from operating activities:
Net earnings ($5,708,000)
Adjustments to reconcile net earnings to
cash flows used in operating activities
Depreciation and amortization 613,000
Amortization of deferred loans 83,000
LIFO charge (credit) (3,596,000)
Amortization of deferred compensation
on restricted stock incentive plan 55,000
Reserve for store closings credits (134,000)
Reserve for obsolete inventory (8,000)
Reserve for sales returns bad debts -
Stepped rent accrual (111,000)
Loss of disposition of property & equipment 72,000
Stock compensation expense 70,000
(Increase) decrease in assets
Receivable and prepaid expenses (924,000)
Inventory at current cost 13,758,000
Income tax refundable 0
Other non-current assets 167,000
Increase (decrease) in liabilities
Accounts payable 840,000
Accrued liabilities (665,000)
Income taxes payable 0
Postretirement benefits other than pension (43,000)
Long-term pension and SERP liabilities 156,000
Reserve for store closings (202,000)
Other liabilities (44,000)
-----------
Net cash used in operating activities 4,379,000
Cash flows from investing activities:
Additions to property and equipment (42,000)
Proceeds from the disposition of property
and equipment 282,000
------------
Net cash used in investing activities 240,000
Cash flows from financing activities:
Net borrowing on revolving credit agreement (5,297,000)
Payments for lease financing (7,000)
Payments for capital leases (3,000)
Tax obligation settled with treasury stock -
------------
Net cash provided by financing activities (5,307,000)
Decrease in cash and cash equivalents (688,000)
Cash and cash equivalents, beginning of period 4,526,000
------------
Cash and cash equivalents, end of period $3,838,000
============
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. 12,
http://bankrupt.com/newsstand/or 215/945-7000).
HANCOCK FABRICS: HancockFabrics.com Files Schedules
---------------------------------------------------
HancockFabrics.com, Hancock Fabrics Inc.'s debtor-affiliate, filed
with the United States Bankruptcy Court for the District of
Delaware, its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.16 Accounts receivable
Credit Card Receivable 18,254
B.22 Patents, copyrights & trademarks undetermined
B.29 Machinery, furniture and fixtures
Furniture, Fixtures & Equipment $158,452
B.30 Inventory
Retail Inventory 466,767
TOTAL SCHEDULED ASSETS $1,764,017
===========
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
Wachovia Bank, NA $53,224,413
Wachovia Bank, NA 8,711,508
E. Creditors Holding Unsecured
Priority Claims
Taxes 0
F. Creditors Holding Unsecured Claims
Non-Priority Claims 0
TOTAL SCHEDULED LIABILITIES $61,935,921
============
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. 12,
http://bankrupt.com/newsstand/or 215/945-7000).
HANCOCK FABRICS: HF Enterprise Files Schedules of Assets & Debts
----------------------------------------------------------------
HF Enterprise, Hancock Fabrics Inc.'s debtor-affiliate, filed with
the United States Bankruptcy Court for the District of Delaware,
its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 0
B.2 Bank accounts
PNC Bank 1,737
PNC Bank 18,149
B.13 Stock and Interests undetermined
B.16 Accounts receivable
Royalty due from Hancock Merchandising 7,836,596
B.22 Patents, copyrights & trademarks undetermined
B.23 Licenses & franchises undetermined
TOTAL SCHEDULED ASSETS $7,856,482
============
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
Wachovia Bank, NA $53,224,413
Wachovia Bank, NA 8,711,508
E. Creditors Holding Unsecured
Priority Claims
Taxes 0
F. Creditors Holding Unsecured Claims
Non-Priority Claims 0
TOTAL SCHEDULED LIABILITIES $61,935,921
============
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. 12,
http://bankrupt.com/newsstand/or 215/945-7000).
HANCOCK FABRICS: Hancock Fabrics LLC Files Schedules
----------------------------------------------------
Hancock Fabrics LLC, Hancock Fabrics Inc.'s debtor-affiliate,
filed with the United States Bankruptcy Court for the District of
Delaware, its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 5,175
B.2 Bank accounts
Wells Fargo 29,123
Wells Fargo 20,536
Westamerica Bank 17,672
Others 23,126
B.3 Security Deposits 0
B.4 Household goods 0
B.5 Book, art work & collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sporting goods 0
B.9 Interests in Insurance Policies 0
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interests in retirement plans 0
B.13 Stock and Interests 0
B.14 Interests in joint ventures 0
B.15 Government & corporate bonds 0
B.16 Accounts receivable 0
B.17 Alimony 0
B.18 Other liquidated debts owed 0
B.19 Equitable or future interests 0
B.20 Contingent & contingent interests 0
B.21 Other contingent & unliquidated claims 0
B.22 Patents, copyrights & trademarks 0
B.23 Licenses & franchises 0
B.24 Other intangibles 0
B.25 Automobiles 0
B.26 Boats 0
B.27 Aircraft 0
B.28 Office eqpt., furnishings and supplies 0
B.29 Machinery, furniture and fixtures
Furniture, Fixtures & Equipment 411,666
Leasehold Improvements 10,096
B.30 Inventory
Pattern Inventory 338,424
Retail Inventory 3,032,686
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment 0
B.34 Farm supplies 0
B.35 Other personal property 0
TOTAL SCHEDULED ASSETS $3,888,504
===========
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
Wachovia Bank, NA $53,224,413
Wachovia Bank, NA 8,711,508
E. Creditors Holding Unsecured
Priority Claims
Taxes
Fresno County 214
County of Santa Clara 166
Butte County Treasurer 151
Humboldt County 144
Sacramento County 146
Others 1,958
F. Creditors Holding Unsecured Claims
Non-Priority Claims
Redland-Branson Development 25,473
Cypress Group 39,679
Hallaian Brother #1 12,055
Kohl's Department Store 11,247
Others 111,790
TOTAL SCHEDULED LIABILITIES $62,138,944
============
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. 12,
http://bankrupt.com/newsstand/or 215/945-7000).
HANCOCK FABRICS: HF Merchandising Files Schedules
-------------------------------------------------
HF Merchandising, Hancock Fabrics Inc.'s debtor-affiliate, filed
with the United States Bankruptcy Court for the District of
Delaware, its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.29 Machinery, furniture and fixtures
Furniture, Fixtures & Equipment 7,935,148
B.30 Inventory
Retail Inventory 14,168,577
TOTAL SCHEDULED ASSETS $22,103,725
============
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
Wachovia Bank, NA $53,224,413
Wachovia Bank, NA 8,711,508
E. Creditors Holding Unsecured
Priority Claims
Taxes 0
F. Creditors Holding Unsecured Claims
Non-Priority Claims
HF Enterprises, Inc. 7,836,597
HF Resources, Inc. 44,536,120
TOTAL SCHEDULED LIABILITIES $114,308,638
=============
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. 12,
http://bankrupt.com/newsstand/or 215/945-7000).
HANCOCK FABRICS: Hancock Fabrics of MI Files Schedules
------------------------------------------------------
Hancock Fabrics of MI, Hancock Fabrics Inc.'s debtor-affiliate,
has filed with the United States Bankruptcy Court for the District
of Delaware, its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 2,750
B.2 Bank accounts
Bank One 3,578
Bank One 2,790
Charter One 5,238
Comerica 13,090
Huntington National Bank 2,112
National City 3,066
B.25 Automobiles 5,213
B.29 Machinery, furniture and fixtures
Furniture, Fixtures & Equipment 66,454
Leasehold Improvements 781
B.30 Inventory
Pattern Inventory 169,212
Retail Inventory 1,489,733
TOTAL SCHEDULED ASSETS $1,764,017
===========
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
Wachovia Bank, NA $53,224,413
Wachovia Bank, NA 8,711,508
E. Creditors Holding Unsecured
Priority Claims
Taxes 1,371
F. Creditors Holding Unsecured Claims
Non-Priority Claims
Harold L. Brander, J 38,153
Rubloff Development 7,967
Eleven-Dequindre Associates 7,102
Others 13,436
TOTAL SCHEDULED LIABILITIES $62,003,950
============
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. 12,
http://bankrupt.com/newsstand/or 215/945-7000).
HANCOCK FABRICS: HF Resources Files Schedules of Assets & Debts
---------------------------------------------------------------
HF Resources Inc., Hancock Fabrics Inc.'s debtor-affiliate, has
filed with the United States Bankruptcy Court for the District of
Delaware, its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 0
B.2 Bank accounts
PNC Bank 1,708
PNC Bank 15,578
B.13 Stock and Interests undetermined
B.16 Accounts receivable
Due from Hancock Fabrics, Inc. 181,592,642
Due from HF Merchandising, Inc. 44,536,120
TOTAL SCHEDULED ASSETS $226,146,048
=============
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
Wachovia Bank, NA $53,224,413
Wachovia Bank, NA 8,711,508
E. Creditors Holding Unsecured
Priority Claims
Taxes 0
F. Creditors Holding Unsecured Claims
Non-Priority Claims 0
TOTAL SCHEDULED LIABILITIES $61,935,921
============
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. 12,
http://bankrupt.com/newsstand/or 215/945-7000).
MORTGAGE LENDERS: Posts $7.9 Million Net Loss in May 2007
---------------------------------------------------------
Mortgage Lenders Network USA, Inc.
Balance Sheet
As of May 31, 2007
Assets:
Cash and Cash Equivalents $17,464,140
Mortgage loans held for sale 739,165
Portfolio loans 0
Allowance for loan losses 0
Capitalized Mortgage Servicing rights, net 0
Retained interests in securitization,
at fair value 0
Furniture, fixtures, equipment,
an software, net 3,187,970
Deferred Costs 0
Principal & Interest Advances 329,541
Interest in subsidiaries 0
Other Assets 10,575,255
------------
Total Assets $32,296,071
============
Liabilities:
Accounts Payable prepetition $14,473,859
Accounts Payable postpetition 110,142
Accrued Expenses - Payroll 989,811
Accrued Expenses - Other 15,509,179
Warehouse Borrowings 22,987,992
Convertible Debt 1,500,000
Servicing & Working Capital Advances 54,408,435
Capital Lease Liability 6,258
Other liabilities 31,248,741
------------
Total Liabilities 141,234,417
Stockholders' Equity:
Common Stock 625,000
Additional Paid-In Capital 1,829,770
Retained Earnings (110,552,116)
------------
Total Stockholders' Equity (108,097,346)
------------
Total Debts & Stockholders' Equity $33,137,071
============
* * * The Debtor notes that an $841,000 adjustment was made to
Retained Earnings for the period ended May 31, 2007. This
adjustment was due to accrued taxes in 2006 that will not
be paid. As a result, the payable was reduced and the
expense was reversed with a transaction date of Dec. 31,
2006.
Mortgage Lenders Network USA, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended May 31, 2007
Cash - Beginning of Month $286,713
Receipts:
Net Servicing Inflows 398,548
Warehouse and Loan Sale Inflows 111,884
Sale of Fixed Assets 903,539
Sale of Other Assets 4,256,260
Other Inflows 1,808,350
Transfers from Cash Collateral 0
------------
Total Receipts 7,478,581
Disbursements:
Net Payroll 394,865
Payroll Taxes 45,703
Medical Coverage Sub/ FSA Witholding 8,359
Operating Expenses 478,190
Rent 133,032
Utilities 0
Insurance 0
Administrative & Selling 0
Other 0
Professional Fees Escrow Account 236,237
Professional Fees Paid 0
U.S. Trustee Fees 0
DIP Fees (50,000)
Transfers to Cash Collateral 600,000
------------
Total Disbursements 1,846,386
Net Cash Flow 5,632,195
------------
Cash - End of Month $5,918,908
============
Mortgage Lenders Network USA, Inc.
Income Statement
Month Ended May 31, 2007
Revenue
Gain on Sale - Subprime ($5,643,220)
Gain on Sale - SRP/MBS (2,807,823)
Mortgage origination income 143
Net Warehouse interest income (511,834)
Servicing income, net 250,164
Other Income (16,189,035)
------------
Total Revenues ($24,901,606)
------------
Expenses
Salaries $299,138
Overtime/Temp Help 1,133
Bonus/Incentives 0
Benefits 493,575
Rent Expense 3,141,281
Telephone 13,465
Repairs & Maintenances 43,661
Office & Supplies Expense (1,584)
Postage/Express Mail 93,716
Service Bureau 205,224
Consulting Fees 35,595
Insurance 231,562
Loan Loss/Foreclosure Exp. (23,988,995)
Appraisal/Credit Expenses (368)
Travel & Entertainment 53,346
Meetings/Seminars/Education 14,738
Membership Fes/Dues/Filings 1,002,424
Advertising - Other 27,914
Interest Expense - Other 1,250
Legal/Regulatory Expese 43,146
Miscellaneous Expenses 894,031
------------
Total Expenses Before Depreciation (17,395,747)
Depreciation Expense 0
------------
Net Profit Before Reorganization Items (7,505,859)
Reorganization Items
Professional Fees
------------
Total Reorganization Items 408,807
Income Taxes 0
------------
Net Income (Loss) ($7,914,666)
============
During May 2007, the Debtor paid $409,519 in professional fees to
Scouler Andrews; $305,970 to Pachulski, Stang, Ziel, Young;
$152,014 to Blank Rome; $250,000 to Dechart. Around $16,193 in
miscellaneous fees was also reported.
Since filing for bankruptcy, the Debtor has paid $1,388,654 to
Scouler Andrews, $405,970 to Pachulski, Stang, Ziel, Young,
$152,014 to Blank Rome, $57,701 to The Trumbull Group, and
$250,000 to Dechart.
About Mortgage Lenders
Middletown, Conn.-based Mortgage Lenders Network USA Inc. --
http://www.mlnusa.com/-- is a privately held company offering
a full range of Alt-A/Non-Conforming and Conforming loan products
through its retail and wholesale channels. The company filed for
chapter 11 protection on Feb. 5, 2007 (Bankr. D. Del. Case No.
07-10146). Pachulski Stang Ziehl Young Jones & Weintraub LLP
represents the Debtor. Blank Rome LLP represents the Official
Committee of Unsecured Creditors. In the Debtor's schedules of
assets and liabilities filed with the Court, it disclosed total
assets of $464,847,213 and total debts of $556,459,464.
The Debtor's exclusive period to file a chapter 11 plan expires on
Oct. 3, 2007. (Mortgage Lenders Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
MORTGAGE LENDERS: Posts $136 Million Net Loss in April 2007
-----------------------------------------------------------
Mortgage Lenders Network USA, Inc.
Balance Sheet
As of April 30, 2007
Assets:
Cash and Cash Equivalents $17,091,406
Mortgage loans held for sale 35,993,542
Portfolio loans 10,142,343
Allowance for loan losses (24,401,101)
Capitalized Mortgage Servicing rights, net 0
Retained interests in securitization,
at fair value 0
Furniture, fixtures, equipment,
an software, net 20,272,541
Deferred Costs 0
Principal & Interest Advances 1,765,944
Interest in subsidiaries 1,534
Other Assets 17,523,142
------------
Total Assets $78,389,352
============
Liabilities:
Accounts Payable prepetition $14,459,741
Accounts Payable postpetition 385,503
Accrued Expenses - Payroll 1,000,833
Accrued Expenses - Other 18,235,530
Warehouse Borrowings 56,144,324
Convertible Debt 1,500,000
Servicing & Working Capital Advances 54,408,435
Capital Lease Liability 6,258
Other liabilities 32,431,409
------------
Total Liabilities 178,572,032
Stockholders' Equity:
Common Stock 625,000
Additional Paid-In Capital 1,829,770
Retained Earnings (102,637,450)
------------
Total Stockholders' Equity (100,182,680)
------------
Total Debts & Stockholders' Equity $78,389,352
============
Mortgage Lenders Network USA, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended April 30, 2007
Cash - Beginning of Month $2,270,308
Receipts:
Net Servicing Inflows 978,344
Warehouse and Loan Sale Inflows 44,812
Sale of Fixed Assets 0
Sale of Other Assets 186,219
Other Inflows 22,395
Transfers from Cash Collateral 2,000,000
------------
Total Receipts 3,231,770
Disbursements:
Net Payroll 465,792
Payroll Taxes 38,620
Medical Coverage Sub/ FSA Withholding 10,108
Operating Expenses 106,319
Rent 132,996
Utilities 0
Insurance 43,243
Administrative & Selling 0
Other 0
Professional Fees Escrow Account 3,018,037
Professional Fees Paid 0
U.S. Trustee Fees 250
DIP Fees 0
Transfers to Cash Collateral 1,400,000
------------
Total Disbursements 5,215,365
Net Cash Flow (1,983,595)
------------
Cash - End of Month $286,713
============
Mortgage Lenders Network USA, Inc.
Income Statement
Month Ended April 30, 2007
Revenue
Gain on Sale - Subprime ($41,475,327)
Gain on Sale - SRP/MBS (71,343,323)
Mortgage origination income 7,128
Net Warehouse interest income 4,730,993
Servicing income, net 12,103,167
Other Income (12,005,406)
------------
Total Revenues ($107,982,768)
------------
Expenses
Salaries $18,687,282
Overtime/Temp Help 222,035
Bonus/Incentives (7,592)
Benefits 745,603
Rent Expense 696,193
Telephone 518,988
Repairs & Maintenances 219,256
Office & Supplies Expense 362,362
Postage/Express Mail 264,659
Service Bureau 947,551
Consulting Fees 875,630
Insurance 52,677
Loan Loss/Foreclosure Exp. 148,780
Appraisal/Credit Expenses 255,312
Travel & Entertainment 81,369
Meetings/Seminars/Education 40,444
Membership Fes/Dues/Filings 344,575
Advertising - Other 92,855
Interest Expense - Other 523,287
Legal/Regulatory Expese 139,579
Miscellaneous Expenses 777,952
------------
Total Expenses Before Depreciation 25,988,795
Depreciation Expense 1,143,563
------------
Net Profit Before Reorganization Items (135,115,126)
Reorganization Items
Professional Fees 1,136,837
------------
Total Reorganization Items 1,136,837
Income Taxes 0
------------
Net Income (Loss) ($136,251,962)
============
During April 2007, the Debtor paid $32,701 in professional fees to
The Trumbull Group. Since filing for bankruptcy, the Debtor has
paid $979,135 to Scouler Andrews, $100,000 to Pachulski, Stang,
Ziel, Young, and $57,701 to The Trumbull Group.
About Mortgage Lenders
Middletown, Conn.-based Mortgage Lenders Network USA Inc. --
http://www.mlnusa.com/-- is a privately held company offering
a full range of Alt-A/Non-Conforming and Conforming loan products
through its retail and wholesale channels. The company filed for
chapter 11 protection on Feb. 5, 2007 (Bankr. D. Del. Case No.
07-10146). Pachulski Stang Ziehl Young Jones & Weintraub LLP
represents the Debtor. Blank Rome LLP represents the Official
Committee of Unsecured Creditors. In the Debtor's schedules of
assets and liabilities filed with the Court, it disclosed total
assets of $464,847,213 and total debts of $556,459,464.
The Debtor's exclusive period to file a chapter 11 plan expires on
Oct. 3, 2007. (Mortgage Lenders Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
MUSICLAND HOLDING: Posts $138,000 Net Loss in May 2007
------------------------------------------------------
Musicland Holding Corp.
Consolidated Balance Sheet
As of May 31, 2007
ASSETS
Current Assets
Cash $11,729,000
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 1,541,000
-------------
Total 15,788,000
=============
Fixed Assets 0
Other assets
Transport Logistic deposit -
Insurance Deposits 3,977,000
Utility and Tax Deposits -
-------------
TOTAL ASSETS $19,765,000
=============
Liabilities & 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 (301,781,000)
-------------
TOTAL LIABILITIES &
SHAREHOLDERS' DEFICIT $19,765,000
=============
Musicland Holding Corp.
Statement of Operations
For the Month Ended May 31, 2007
Merchandise revenue -
Non-merchandise revenue -
Net sales -
Cost of good sold -
Gross Profit -
Store operating expenses
Payroll -
Occupancy -
Other $2,000
-------------
Store expenses 0
-------------
General & administrative 2,000
-------------
EBITDA (Loss) 2,000
Hilco 340 Store GOB -
Chapter 11 & related charges (200,000)
Sale to Transworld 0
Hilco 65 0
Media Play Wind down 0
Depreciation & Amortization 0
-------------
Operating income (Loss) (198,000)
Interest income (expense) 46,000
Other non-operating charges 14,000
-------------
Earnings before Taxes (138,000)
-------------
Income tax 0
-------------
Net earnings (Loss) ($138,000)
=============
Musicland Holding Corp.
Statements of Cash Flow
For the Month Ended May 31, 2007
Operating activities
Net earnings (Loss) ($138,000)
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 59,000
Other Non-current Assets -
Accounts payable -
Other accrued liabilities -
-
Liabilities subject to compromise -
-------------
Net cash provided by (used in)
operating activities (79,000)
-------------
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 (79,000)
-------------
Cash at the beginning of Period 11,808,000
-------------
Cash at the end of Period $11,729,000
=============
About Musicland Holding Corp.
Headquartered in New York City, 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. At March 31, 2007, the Debtors
disclosed $20,121,000 in total assets and $321,546,000 in total
liabilities.
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 Bankruptcy News, Issue No. 33; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
MUSICLAND HOLDING: Files April 2007 Operating Report
----------------------------------------------------
Musicland Holding Corp.
Consolidated Balance Sheet
As of April 30, 2007
ASSETS
Current Assets
Cash $11,808,000
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 15,926,000
=============
Fixed Assets 0
Other assets
Transport Logistic deposit -
Insurance Deposits 3,977,000
Utility and Tax Deposits -
-------------
TOTAL ASSETS $19,903,000
=============
Liabilities & 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 (301,643,000)
-------------
TOTAL LIABILITIES &
SHAREHOLDERS' DEFICIT $19,903,000
=============
Musicland Holding Corp.
Statement of Operations
For the Month Ended April 30, 2007
Merchandise revenue -
Non-merchandise revenue -
Net sales -
Cost of good sold -
Gross Profit -
Store operating expenses
Payroll -
Occupancy -
Other ($16,000)
-------------
Store expenses 0
-------------
General & administrative (16,000)
-------------
EBITDA (Loss) (16,000)
Hilco 340 Store GOB -
Chapter 11 & related charges (343,000)
Sale to Transworld 0
Hilco 65 0
Media Play Wind down 0
Depreciation & Amortization 0
-------------
Operating income (Loss) (359,000)
Interest income (expense) 45,000
Other non-operating charges 96,000
-------------
Earnings before Taxes (218,000)
-------------
Income tax 0
-------------
Net earnings (Loss) ($218,000)
=============
Musicland Holding Corp.
Statements of Cash Flow
For the Month Ended April 30, 2007
Operating activities
Net earnings (Loss) ($218,000)
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 -
Other Non-current Assets -
Accounts payable -
Other accrued liabilities -
-
Liabilities subject to compromise -
-------------
Net cash provided by (used in)
operating activities (218,000)
-------------
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 (218,000)
-------------
Cash at the beginning of Period 12,026,000
-------------
Cash at the end of Period $11,808,000
=============
About Musicland Holding Corp.
Headquartered in New York City, 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. At March 31, 2007, the Debtors
disclosed $20,121,000 in total assets and $321,546,000 in total
liabilities.
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 Bankruptcy News, Issue No. 33; 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
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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
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delivered to nation's bankruptcy courts. The list includes links
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For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
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of Delaware, contact Ken Troubh at Nationwide Research &
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
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.
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*** End of Transmission ***