/raid1/www/Hosts/bankrupt/TCR_Public/070728.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, July 28, 2007, Vol. 11, No. 177
Headlines
ADVANCED MARKETING: Files May 2007 Operating Report
ASARCO LLC: Earns $30,931,000 in June 2007
CALPINE CORP: Posts $408 Million Net Loss in May 2007
CATHOLIC CHURCH: San Diego Amends Schedule of Assets & Debts
DANA CORP: Files Amended Schedules of Assets & Debts
INTERSTATE BAKERIES: Files 4th Amended Schedules of Assets & Debts
INTERSTATE BAKERIES: Files June 2007 Operating Report
NEW CENTURY: Posts $453,479,021 Net Loss in May 2007
NEW CENTURY: TRS Holdings Files May 2007 Operating Report
TWEETER HOME: Files Schedules of Assets and Liabilities
*********
ADVANCED MARKETING: Files May 2007 Operating Report
---------------------------------------------------
Advanced Marketing Services, Inc.'s monthly operating report
ending May 31, 2007, does not contain a balance sheet and
income statement.
Advanced Marketing Services, Inc.
(Excluding Publishers Group West Incorporated)
Statement of Cash Flows
From May 1 to 31, 2007
CASH RECEIPTS
B&T Purchase Price $4,134,410
Reimbursement under B&T TSA -
Non-refundable inventory -
Returnable inventory, net -
CIA inventory -
Vendor accounts receivable -
Prepaid expenses -
CSV Life Insurance -
Foreign Subs 876,894
Standby L/C Expirations -
WF Foothill Fee Reserve -
Interest Income 98,805
Other 178,938
----------
Total Cash Receipts 5,289,047
----------
CASH DISBURSEMENTS
Publisher payments 105,000
Payroll & health insurance 610,311
KERP -
MIP -
Insurance 588,162
Rent-facilities 316,951
Freight 8,400
Shipping Supplies 110,391
Utilities 70,772
IT Expenses 58,703
Travel 14,570
Professional fees 579,222
US Trustee Fees -
Office equipment and supplies 503
Communications 1,605
Warehouse equipment 7,280
Directors' fees -
Miscellaneous 165,084
Post-petition A/P 52,950
----------
Total Disbursements 2,689,904
----------
Net Operating Cash Inflow 2,599,143
INTERCOMPANY TRANSFERS
PGW Rcpts Swept to AMS -
AMS (To)/From PGW -
Foreign Subsidiaries -
----------
Total I/C Transfers -
----------
Net Cash Inflow $2,599,143
==========
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. 14;
Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
ASARCO LLC: Earns $30,931,000 in June 2007
------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of June 30, 2007
ASSETS
Current Assets:
Cash $622,180,000
Restricted Cash 27,599,000
Accounts receivable, net 137,523,000
Inventory 259,353,000
Prepaid expenses 4,455,000
Deferred income tax assets 0
Other current assets 30,561,000
---------------
Total Current Assets 1,081,671,000
Net property, plant and equipment 451,193,000
Other Assets
Investments in subs 106,528,000
Advances to affiliates 0
Prepaid pension & retirement plan 81,409,000
Non-current deferred tax asset 40,951,000
Other 96,910,000
---------------
Total assets $1,858,661,000
===============
LIABILITIES
Postpetition liabilities:
Accounts payable $60,268,000
Accrued liabilities 154,274,000
Debtor-in-possession financing 0
---------------
Total postpetition liabilities 214,542,000
Prepetition liabilities:
Not subject to compromise - credit 4,327,000
Not subject to compromise - other 86,204,000
Advances from affiliates 24,768,000
Subject to compromise 1,440,656,000
---------------
Total liabilities 1,770,497,000
---------------
Total prepetition liabilities $1,555,955,000
---------------
OWNERS' EQUITY (DEFICIT)
Common stock 508,325,000
Additional paid-in capital 104,578,000
Other comprehensive income (122,019,000)
Retained earnings: filing date (1,066,811,000)
---------------
Total prepetition owners' equity (575,927,000)
Retained earnings: post-filing date 664,091,000
---------------
Total owners' equity (net worth) 88,164,000
Total liabilities and owners' equity $1,858,661,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ending June 30, 2007
Sales $132,050,000
Cost of products and services 77,894,000
---------------
Gross profit 54,156,000
Operating expenses:
Selling and general & admin expenses 4,309,000
Depreciation & amortization 2,977,000
Provision accretion expense of asset 0
Retirement obligation 163,000
---------------
Operating income 46,707,000
Interest expense 58,000
Interest income (2,607,000)
Reorganization expenses 6,226,000
Other miscellaneous (income) expenses (7,757,000)
---------------
Income (loss) before taxes 50,788,000
Income taxes 19,857,000
---------------
Net income (loss) $30,931,000
===============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ending June 30, 2007
Receipts $167,600,000
Disbursements:
Inventory material 29,500,000
Operating disbursements 41,103,000
Capital expenditures 15,500,000
---------------
Total disbursements 86,103,000
Operating cash flow 81,497,000
Reorganization disbursements 5,596,000
---------------
Net cash flow 75,901,000
Net payments to secured Lenders 0
---------------
Net change in cash 75,901,000
Beginning cash balance 573,878,000
---------------
Ending cash balances $649,779,000
===============
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
Nov. 12, 2007. (ASARCO Bankruptcy News, Issue No. 51; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
CALPINE CORP: Posts $408 Million Net Loss in May 2007
-----------------------------------------------------
Calpine Corporation
Consolidated Condensed Balance Sheet
As of May 31, 2007
ASSETS
Current assets:
Cash and cash equivalents $1,405,000,000
Accounts receivable, net 842,000,000
Inventories 145,000,000
Margin deposits and other prepaid expense 519,000,000
Restricted cash, current 353,000,000
Current derivative assets 252,000,000
Assets held for sale 336,000,000
Other current assets 55,000,000
---------------
Total current assets 3,907,000,000
Property, plant and equipment, net 12,910,000,000
Restricted cash, net of current portion 179,000,000
Investments 105,000,000
Long-term derivative assets 399,000,000
Non-current assets held for sale 52,000,000
Other assets 1,004,000,000
---------------
Total assets $18,556,000,000
===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $586,000,000
Accrued interest payable 292,000,000
Debt, current 5,005,000,000
Current derivative liabilities 391,000,000
Income taxes payable 36,000,000
Liabilities held for sale 9,000,000
Other current liabilities 387,000,000
---------------
Total current liabilities 6,706,000,000
Debt, net of current portion 3,113,000,000
Deferred income taxes, net of current portion 599,000,000
Long-term derivative liabilities 535,000,000
Long-term liabilities 305,000,000
---------------
Total liabilities not subject to compromise 11,258,000,000
Liabilities subject to compromise 15,160,000,000
Minority interests 270,000,000
Stockholders’ equity (deficit):
Common stock 1,000,000
Additional paid-in capital 3,269,000,000
Additional paid-in capital, loaned shares 52,000,000
Additional paid-in capital, returnable shares (52,000,000)
Accumulated deficit (11,338,000,000)
Accumulated other comprehensive loss (64,000,000)
---------------
Total stockholders’ deficit (8,132,000,000)
Total liabilities and stockholders’ deficit $18,556,000,000
===============
Calpine Corporation
Consolidated Condensed Statement of Operations
For the period ending May 31, 2007
Revenue:
Electricity and steam revenue $486,000,000
Sales of purchased power and gas
for hedging and optimization 140,000,000
Mark-to-market activities, net 0
Other revenue 2,000,000
------------
Total revenue 628,000,000
Cost of revenue:
Plant operating expense 82,000,000
Purchased power and gas expense
for hedging and optimization 116,000,000
Fuel expense 331,000,000
Depreciation & amortization expense 40,000,000
Operating plant impairments 0
Operating lease expense 4,000,000
Other cost of revenue 11,000,000
------------
Total cost of revenue 584,000,000
Gross profit (loss) 44,000,000
Equipment, development project & other impairments 0
Sales, general and administrative expense 17,000,000
Other operating expenses 1,000,000
------------
Income (loss) from operations 26,000,000
Interest expense 93,000,000
Interest (income) (7,000,000)
Minority interest expense (1,000,000)
Other (income) expense, net 0
------------
Income (loss) before reorganization items
& provision (benefit) for income taxes (59,000,000)
Reorganization items 343,000,000
------------
Income (loss) before provision
(benefit) for income taxes (402,000,000)
Provision (benefit) for income taxes 6,000,000
------------
Net income (loss) ($408,000,000)
============
Based in San Jose, California, Calpine Corporation (OTC Pink
Sheets: CPNLQ) -- http://www.calpine.com/-- supplies customers
and communities with electricity from clean, efficient, natural
gas-fired and geothermal power plants. Calpine owns, leases and
operates integrated systems of plants in 21 U.S. states and in
three Canadian provinces. Its customized products and services
include wholesale and retail electricity, gas turbine components
and services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services.
The company filed for chapter 11 protection on Dec. 20, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard M. Cieri, Esq.,
Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G.
Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their
restructuring efforts. Michael S. Stamer, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors. As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities. On June 20, 2007, the Debtors filed their Chapter 11
Plan and Disclosure Statement. The hearing to consider the
adequacy of the Disclosure Statement is set for Aug. 8, 2007.
(Calpine Bankruptcy News, Issue No. 56 Bankruptcy Creditors'
Service Inc. http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: San Diego Amends Schedule of Assets & Debts
------------------------------------------------------------
Rev. Robert H. Brom, bishop of San Diego, notifies the U.S.
Bankruptcy Court for the Southern District of California that The
Roman Catholic Bishop of San Diego has amended Schedule A of its
Schedules of Assets and Liabilities filed on July 12, 2007.
Rev. Brom discloses that the Diocese has real properties
amounting to $128,133,741. A complete list of San Diego's
Amended Real Property Schedule is available for free at:
http://researcharchives.com/t/s?21dc
According to the Amended Schedule, the Diocese used its best
estimate of the values of the Real Properties based on its
limited knowledge of the market, discussions with others, and
other information available to it. Rev. Brom notes that the
Diocese does not represent that the values listed in its Amended
Real Property Schedule could be obtained for the Properties if
any of the Properties were sold. Actual values could differ
materially from the Diocese's estimates.
For the Holy Cross Cemetery, Rev. Brom says that the property
could not be used for any other purpose other than as a cemetery.
He further discloses that the Property's income is not
substantial, hence, the Diocese believes that the Property is
worth less than its assessed value.
Specifically, since the Creditors Committee has consented to some
extension, San Diego asks the Court that the initial 120-day
period to file a plan under Section 1121(b) of the Bankruptcy
Court be extended to October 15, 2007, to give the Diocese
approximately six weeks after the conclusion of the mediation to
prepare and file an amended plan and disclosure statement.
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. On March 27, 2007, the Debtor filed its plan and
disclosure statement. The Diocese's exclusive period to file a
chapter 11 plan of reorganization expired June 27, 2007. The
Diocese however has asked the Court to extend its exclusive plan-
filing period.
(Catholic Church Bankruptcy News, Issue No. 97; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
DANA CORP: Files Amended Schedules of Assets & Debts
----------------------------------------------------
A. Real Property $138,201,203
B. Personal Property 1,836,094,294
TOTAL SCHEDULED ASSETS $1,974,295,497
========================================================
C. Property Claimed as Exempt
D. Secured Claim 0
E. Unsecured Priority Claims $90,175
F. Unsecured Non-priority Claims
Accounts Payable 184,201,246
Litigation Claims & Disputes Undetermined
Intercompany-Debtor 275,493,037
Intercompany-Nondebtor 456,392,849
Unsecured Funded Debt 1,633,993,211
TOTAL SCHEDULED LIABILITIES $2,550,170,518
========================================================
Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC
Bulletin Board: DCNAQ) 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. 47;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
INTERSTATE BAKERIES: Files 4th Amended Schedules of Assets & Debts
------------------------------------------------------------------
Interstate Bakeries Corporation filed its fourth amendment and
supplement to Schedule F -- Creditors Holding General Unsecured
Claims -- of its Schedules of Assets and Liabilities.
According to Ronald B. Hutchison, chief financial officer of
Interstate Bakeries, the Debtor amended Schedule F to reflect
$634,664 in estimated Non-priority Unsecured Liabilities.
A copy of the 23-page Fourth Amended Schedule is available for
free at http://researcharchives.com/t/s?21dd
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh-baked
bread and sweet goods, under various national brand names,
including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and
Drake's(R). Currently, IBC employs more than 25,000 people and
operates 45 bakeries, as well as approximately 800 distribution
centers and approximately 800 bakery outlets throughout the
country.
The company and seven of its debtor-affiliates filed for
chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014)
in total debts.
The Debtors' exclusive period to file a chapter 11 plan expires on
Oct. 5, 2007. (Interstate Bakeries Bankruptcy News, Issue No. 64;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/
or 215/945-7000).
INTERSTATE BAKERIES: Files June 2007 Operating Report
-----------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended June 2, 2007
REVENUE
Gross Income $235,419,377
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 60,613,066
Direct & Indirect Labor 37,685,891
Overhead & Production Administration 11,573,319
-------------
Total Cost of Goods Sold 109,872,276
-------------
Gross Profit 125,547,101
-------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries 53,124,593
Advertising and Marketing 1,048,541
Insurance (Property, Casualty, & Medical) 9,333,372
Payroll Taxes 4,466,842
Lease and Rent 2,838,728
Telephone and Utilities 1,005,516
Corporate Expense (Including Salaries) 9,448,923
Other Expenses 35,128,282
-------------
Total Operating Expenses 116,394,797
-------------
EBITDA 9,152,304
Restructuring & Reorganization Charges 2,920,429
Depreciation and Amortization 6,267,903
Abandonment 1,360,145
Other( Income)/Expense 2,371,038
Gain/Loss Sale of Property -
Interest Expense 3,387,633
-------------
Operating Income (Loss) (7,103,503)
Income Tax Expense (Benefit) (1,134,881)
-------------
NET Income (Loss) ($5,968,622)
=============
CURRENT ASSETS
Accounts Receivable at end of period $151,174,705
Increase (Dec.) in Accounts Receivable (838,818)
Inventory at end of period 65,869,137
Increase (Decrease) in Inventory for period (1,571,451)
Cash at end of period 37,211,981
Increase (Decrease) in Cash for period 2,414,997
Restricted Cash 15,085,316
Increase (Dec.) in Restricted Cash for period 168,174
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise (43,351,958)
Increase (Decrease) in Liabilities
Subject to Compromise 513,286
Taxes payable:
Federal Payroll Taxes 4,452,048
State/Local Payroll Taxes 1,736,134
State Sales Taxes 736,826
Real Estate and Personal Property Taxes 7,434,488
Other 3,499,976
-------------
Total Taxes Payable $17,859,472
=============
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh-baked
bread and sweet goods, under various national brand names,
including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and
Drake's(R). Currently, IBC employs more than 25,000 people and
operates 45 bakeries, as well as approximately 800 distribution
centers and approximately 800 bakery outlets throughout the
country.
The company and seven of its debtor-affiliates filed for
chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014)
in total debts.
The Debtors' exclusive period to file a chapter 11 plan expires on
Oct. 5, 2007. (Interstate Bakeries Bankruptcy News, Issue No. 64;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
NEW CENTURY: Posts $453,479,021 Net Loss in May 2007
----------------------------------------------------
New Century Financial Corporation
Balance Sheet
As of May 31, 2007
Assets
Current assets:
Unrestricted cash and equivalents ($7,704)
Accounts receivable, net 0
Notes Receivable 0
Inventories 0
Prepaid expenses 3,117,973
Professional Retainers 0
Other current assets 0
--------------
Total current assets 3,110,269
--------------
Other assets 757,229,884
--------------
Total assets $760,340,153
==============
Liabilities and Owner Equity
Liabilities not subject to compromise:
Accounts payable $0
Professional fees 9,091,000
Liabilities subject to compromise:
Unsecured Debt 139,092,178
--------------
Total liabilities 148,183,178
--------------
Owner equity:
Capital stock $625,037
Additional paid-in capital 1,259,611,527
Partners' capital account 0
Owner's equity account 0
Retained earnings -- prepetition (190,259,568)
Retained earnings -- postpetition (457,820,021)
Adjustments to owner equity 0
Postpetition contributions 0
--------------
Net owner equity 612,156,975
--------------
Total liabilities and owners' equity $760,340,153
==============
New Century Financial Corporation
Statement of Operations
Month Ended May 31, 2007
Revenues $0
Cost of goods sold 0
Net profit (loss) before other income & expenses (729,445)
Other Income (448,026,580)
Reorganization items:
Professional fees 4,750,000
Interest Earned for Accumulated Cash (27,004)
Total reorganization expenses 4,722,996
Income taxes 0
--------------
Net profit (loss) ($453,479,021)
==============
New Century Financial Corporation
Schedule of Cash Receipts and Disbursements
Month Ended May 31, 2007
Cash, beginning of month $21,128,118
Total receipts (21,135,822)
Total disbursements 0
Net cash flow (21,135,822)
--------------
Cash, end of month ($7,704)
==============
Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation. The company offers
a broad range of mortgage products designed to meet the needs of
all borrowers.
The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416). Suzzanne Uhland, Esq., Austin K. Barron, Esq., and Ana
Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors. The
Official Committee of Unsecured Creditors selected Hahn & Hessen
as its bankruptcy counsel and Blank Rome LLP as its co-counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$36,276,815 and total debts of $102,503,950. The Debtors'
exclusive period to file a chapter 11 plan expires on July 31,
2007. (New Century Bankruptcy News, Issue No. 16; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
NEW CENTURY: TRS Holdings Files May 2007 Operating Report
----------------------------------------------------------
New Century TRS Holdings, Inc.
Balance Sheet
As of May 31, 2007
Assets
Current assets:
Unrestricted cash and equivalents $24,697
Prepaid expenses 20,000
Professional Retainers 0
Other current assets 0
--------------
Total current assets 44,697
--------------
Property and equipment 0
Other assets (206,274,242)
--------------
Total assets ($206,229,545)
==============
Liabilities and Owner Equity
Postpetition liabilities $0
Liabilities subject to compromise:
Unsecured Debt 211,209
--------------
Total liabilities $211,209
==============
Owner Equity:
Capital stock $0
Additional paid-in capital (60,887,310)
Partners' Capital Account 0
Owner's Equity account 0
Retained Earnings - Prepetition 118,856,184
Retained Earnings - Postpetition (264,409,628)
Adjustments to Owner Equity 0
Postpetition Contributions 0
--------------
Net owner equity ($206,440,754)
--------------
Total liabilities and owners' equity ($206,229,545)
==============
New Century TRS Holdings, Inc.
Consolidated Statement of Operations
Month Ended May 31, 2007
Revenues $0
Cost of goods sold 0
Operating expenses:
Others 818,027
--------------
Other Income (262,558,383)
Reorganization items:
Professional fees 0
Interest Earned on Accumulated Cash (2,374)
Income taxes 0
--------------
Net profit (loss) ($263,374,036)
==============
New Century TRS Holdings, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended May 31, 2007
Cash, beginning of month $22,208
Total receipts 2,459
Total disbursements 30
Net cash flow 2,489
--------------
Cash, end of month $24,697
==============
Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation. The company offers
a broad range of mortgage products designed to meet the needs of
all borrowers.
The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416). Suzzanne Uhland, Esq., Austin K. Barron, Esq., and Ana
Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors. The
Official Committee of Unsecured Creditors selected Hahn & Hessen
as its bankruptcy counsel and Blank Rome LLP as its co-counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$36,276,815 and total debts of $102,503,950. The Debtors'
exclusive period to file a chapter 11 plan expires on July 31,
2007. (New Century Bankruptcy News, Issue No. 16; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
TWEETER HOME: Files Schedules of Assets and Liabilities
-------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on hand
Petty cash account managed by Jerry Archambault 100
Petty cash account managed by Peter Sasic 100
Petty cash account managed by Ron Suess 100
Credit card deposit with Bank of America 250,000
B.2 Bank Account
Bank of America 187,691
B.3 Security Deposits 0
B.4 Household Goods 0
B.5 Books, Art Work & Collectibles 0
B.6 Wearing Apparel 0
B.7 Furs and Jewelry 0
B.8 Hobby Equipment 0
B.9 Insurance Policy Interests 0
B.10 Annuities 0
B.11 Interest in Educational Plans 0
B.12 Interest in Retirement Plans 0
B.13 Stock Interests
New England Audio Co., Inc. unknown
Sound Advice of Arizona Inc. unknown
B.14 Interests in Partnership and Joint Ventures 0
B.15 Government and Corporate Bonds 0
B.16 Accounts Receivable 0
B.17 Alimony 0
B.18 Other Liquidated Debts 0
B.19 Equitable and Future Interests 0
B.20 Contingent and Non-Contingent Interests 0
B.21 Other Contingent and Non-liquidated Claims 0
B.22 Intellectual Property 0
B.23 Licenses, Franchises and Other Intangibles 0
B.24 Customer List unknown
B.25 Vehicles and Accessories 0
B.26 Boats, Motors and Accessories 0
B.27 Aircraft and Accessories 0
B.28 Office Equipment 0
B.29 Machinery 0
B.30 Inventory 0
B.31 Animals 0
B.32 Crops 0
B.33 Farming Equipment 0
B.34 Farm Supplies 0
B.35 Others
TOTAL SCHEDULED ASSETS $437,991
========================================================
C. Property Claimed as Exempt None
D. Secured Claims
General Electric Capital Corp $19,479,790
GE Capital Consumer Card Co. 2,500,000
Polk Audio 1,236,689
Flatiron Capital 460,582
Sonos Inc. 38,797
The Belts Corporation 37,577
Nicolas Salerno 3,804
City of Philadelphia 1,546
Nick Konchar 1,165
New York Commissioner of Taxation & Finance 307
Manuel Mayo 224
Agnes Cook & James McCarron 111
Others unknown
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims
Trade Payables 0
Deferred Compensation Balances 0
Landlords:
CS Pines Plaza, LLC 11,899
Fusco Enterprises, LLC 19,510
Leonard & Deborah, Goodelman 3,820
Lou Regester Furniture Co., Inc. 5,854
Raleigh Portfolio NW, LLC 753
Customer Deposits 0
Employee Severance 0
Utilities 0
Employee Points Program 0
Litigation unknown
TOTAL SCHEDULED LIABILITIES $23,802,428
========================================================
According to Tweeter's Schedules of Assets and Liabilities filed
in Court, Secured Claims in Schedule D aggregate $23,261,213 and
its Scheduled Liabilities total $23,303,048. A summation of the
scheduled Secured Claims, however, shows the Secured Claims total
$23,760,592 and, accordingly, the Scheduled Liabilities total
$23,802,428.
Tweeter notes that in certain instances, it maybe a co-obligor,
co-mortgagor, or guarantor with respect to scheduled claims of
other Debtors. Tweeter also reserves the right to challenge the
secured nature of the claim or the characterization of the
structure of any transaction or any document or instrument
related to a claim.
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case No: 07-10787 through 07-10796). Gregg M.
Galardi, Esq. and Mark L. Desgrosseilliers, Esq. at Skadden,
Arps, Slate, Meagher & Flom, L.L.P. represent the Debtors in
their restructuring efforts. As of Dec. 21, 2006, Tweeter
had total assets of $258,573,353 and total debts of
$190,417,285.
The Debtors' exclusive period to file a plan expires on Oct. 9,
2007. Tweeter Bankruptcy News, Issue No. 6, 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 ***