/raid1/www/Hosts/bankrupt/TCR_Public/070818.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, August 18, 2007, Vol. 11, No. 195
Headlines
ACCEPTANCE INSURANCE: Posts $7,332 Net Loss in July 2007
ADVANCED MARKETING: Posts $1,532,741 Net Loss in April 2007
CATHOLIC CHURCH: San Diego Files June 2007 Operating Report
DANA CORP: Earns $32,000,000 in Month Ended June 30, 2007
FEDERAL-MOGUL: Earns $2.6 Million in June 2007
INTERSTATE BAKERIES: Files Operating Report Ending June 30, 2007
SAINT VINCENT'S: Files June 2007 Operating Report
SEA CONTAINERS: Posts $849,219 Net Loss in June 2007
*********
ACCEPTANCE INSURANCE: Posts $7,332 Net Loss in July 2007
--------------------------------------------------------
Acceptance Insurance Companies Inc. filed its monthly operating
report for July 2007 with the United States Bankruptcy Court
for the District of Nebraska on Aug. 13, 2007.
The Debtor reported a net loss of $7,332 and revenue of 6,769
for the month ended July 31, 2007.
At July 31, 2007, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $1,558,184
Total Assets $35,003,326
Total Liabilities $138,276,493
Total Shareholders' Deficit $103,273,167
A full-text copy of Acceptance Insurance Companies Inc.'s July
2007 Monthly Operating Report is available at no charge at:
http://researcharchives.com/t/s?22ac
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.
The company filed for chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates --
Acceptance Insurance Services Inc. and American Agrisurance Inc.
-- filed separate chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on Jan. 7, 2005. John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts. No Official Committee of Unsecured Creditors has been
appointed to date on this case. When the Debtor filed for
protection from its creditors, it listed $33,069,446 in total
assets and $137,120,541 in total debts. The Debtors' exclusive
period to file a plan expired on Aug. 9, 2007.
ADVANCED MARKETING: Posts $1,532,741 Net Loss in April 2007
-----------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates filed a
copy of their Monthly Operating Report on July 25, 2007, contaning
a Balance Sheet as of April 27, 2007, and a Statement of
Operations for the month ended April 27.
AMS Corp.
Balance Sheet
As of April 27, 2007
ASSETS
Current Assets
Cash and Cash Equivalents $185,697
Short-term Investments 33,142,701
Accounts Receivable, Net -
Vendor & Misc. Receivables 11,888,774
Intercompany Receivables 17,615,411
Inventory 56,190,565
Freight on Inventory 556,522
Inventory in Process, in Transit 0
Inventory Reserves (9,136,332)
----------
Inventory, Net 47,610,756
Deferred Income Tax 0
Income Tax Receivable 0
Prepaid Expenses 10,569,741
----------
Total Current Assets 118,603,565
PROPERTY & EQUIPMENT
Leasehold Improvements 0
Office Furniture & Equipment 0
Warehouse Equipment 0
Autos 0
----------
Total Property & Equipment 0
Accumulated Depreciation 0
----------
Net Property & Equipment 0
Long-Term Investment 15,764
Goodwill & Other Assets 12,926,756
-----------
TOTAL ASSETS $131,546,085
===========
LIABILITIES & STOCKHOLDER EQUITY
Current Liabilities
Accounts Payable $2,359,364
Accrued Liabilities 11,286,446
Income Taxes Payable 168,644
Intercompany Payables 0
Short-term Debt (4,815)
-----------
TOTAL CURRENT LIABILITIES 13,809,639
Long Term Liabilities 168,600,491
-----------
TOTAL LIABILITIES 182,410,130
STOCKHOLDERS' EQUITY
Common Stock @ Par Value 23,350
Additional Paid-in Capital 13,368,311
Common Stock Dividend (4,213,583)
Deferred Compensation 0
Retained Earnings - Prior Year (36,367,490)
Retained Earnings - Current Year (1,532,744)
Cumulative Other Comp. Income (585,519)
Treasury Stock (21,556,370)
-----------
TOTAL STOCKHOLDERS' EQUITY (50,864,045)
-----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $131,546,085
===========
*** The Debtors report that for the month ended April 27,
2007, they have $118,603,565 in Total Current Assets
and $131,546,085 in Total Assets. Actual computation of the
figures, however, show that Total Current Assets aggregate
$121,013,079, while Total Assets aggregate $133,955,599.
AMS Corp.
Statement of Operations
From April 1 to 27, 2007
GROSS SALES
Invoiced Amount $719,226
Stickering Revenue 0
Service & Fee Revenue 3,441
Interco Revenue 0
Total Sales Returns (1,177,963)
Sales Returns Provision 0
Unprocessed Sales Returns 4,873,652
------------
Sales Less Returns Prov. 4,418,357
------------
SALES DEDUCTIONS
Cash Discount Provision 0
New Store Allowance 0
Customer Rebates 0
Co-op Allowance 0
Misc. Allowance & Adjustment 157
Sales Commissions 128
------------
Total Sales Deductions 285
------------
NET SALES 4,418,071
------------
COST OF NET SALES
Standard Cost of Sales 1,379,453
Interco Cost of Sales 0
Standard Cost of Returns (1,513,766)
Standard Cost of Returns Provision 0
Standard Cost of Returns - Unprocessed 4,062,101
Purchase Variance, Revaluation 375,864
Return to Publisher Variance (7,142)
Freight In Costs of Sales 39,277
Freight - AGL 20,068
Freight Customer Returns 4,127
Freight -Return to Publisher 10,649
Freight Warehouse Transfer 4,184
Quantity Adjustments (1,463,160)
Markdown Expense 0
Publisher Incentive 0
Publisher Account Settlements 0
Other Costs of Sales 0
------------
Total Cost of Sales 2,911,657
------------
GROSS PROFIT 1,506,415
------------
VARIABLE EXPENSES
Freight Sales Shipments 36,181
Freight - Special Shipments 0
Shipping Supplies and Service 87,572
Payroll DC operations 377,767
Distribution Fees 0
------------
Total Variable Expenses 501,520
------------
VARIABLE PROFIT MARGIN 1,004,895
------------
FIXED EXPENSE
Payroll (excl. DC Oper.) 712,990
Travel & Entertainment 7,076
Professional Services 3,150
Information Services 20,739
Office Equipment & Supplies 22,457
Telephone Expense 3,732
Facility Occupancy 438,718
General Insurance 0
Depreciation 0
Uncollectible Accounts 0
Customer Service 365
Promotion Expense 221
Express Mail & Postage 1,720
Training & Education 0
Exchange Gain/Loss 0
Miscellaneous Expense 113,855
Shareholder's Relations 2,029
Co-op Advertising Exp/Inc 0
Miscellaneous Income (24,637)
Warehouse Equipment 13,674
------------
Total Fixed Expenses 1,316,087
------------
OPERATING INCOME: (311,192)
Interest Expense 7
Interest Income (117,254)
Equity in Inc/Loss of Affiliates 0
Other Non-operating Expenses 1,338,796
------------
NON-OPERATING INCOME 1,221,549
------------
INCOME BEFORE INC TAX (1,532,741)
Tax Provision 00
------------
NET INCOME ($1,532,741)
============
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 have until Sept. 26, 2007 to exclusively file a plan.
(Advanced Marketing Bankruptcy News, Issue No. 15 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
CATHOLIC CHURCH: San Diego Files June 2007 Operating Report
-----------------------------------------------------------
Diocese of San Diego
Statement of Financial Position
As of June 30, 2007
ASSETS
Cash and cash equivalents $21,174,239
Funds on deposit with administrative offices:
Perpetual Care Funds -
Funds on deposit -
Other funds on deposit -
Marketable securities 39,695,004
Accounts receivable, net of allowance
Parishes and School 1,048,425
PSDL Trust 598,788
Diocesan Admin Office for Mater Dei 65,120
Cemetery trade 4,290,157
Tuition, fees and others 185,173
Juan Diego Trust 127,206
Notes and other receivables 74,307
Pooled Income Funds 1,659,419
Planned gifts receivable 354,650
Prepaid expenses 37,099
Inventory 18,788
Loan to parishes, net -
Pledges receivable $102,719 allowance 1,951,665
Demand note receivable - CSE -
Revisionary Interest in CSE 65,000,000
Property and equipment, net 21,334,241
Other land and buildings, net
Cemetery inventory - graves, crypts & niches 6,605,634
Cemetery undeveloped land & outside property 1,544,557
Mater Dei land and land improvements 13,819,408
Mater Dei buildings 52,938,154
Oceanside land and land improvements 5,551,042
Other assets -
--------------
Total Assets $238,073,074
==============
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable and accrued liabilities $3,575,119
Special collections 53,053
Accrued vacation 341,140
Accrued Chapter 11 Fees 2,010,604
Construction loan - ALSAM Foundation 38,620,000
Payable to PSDL Trust 23,396,735
Funds on deposit:
Parish and school funds & endowments 1,171,839
Perpetual Care Funds -
Restricted funds on deposit -
Other diocesan entities funds 33,383
Reserve for worker's compensation claims 1,604,473
Priest retirement plan liability 1,952,635
Annuity Payment Liability 609,614
Liability under Unitrust Agreement 205,044
Planned gifts liability -
Deferred revenue:
Annual Catholic Appeal -
Discount on Future Interest 106,875
Cemetery 3,244,156
Tuition and other fees 853,909
Other 6,621
--------------
Total liabilities 77,785,199
--------------
Net Assets:
Unrestricted:
Undesignated 112,958,184
Insurance reserve funds 7,194,102
Bishop's burse 1,322,357
Designated funds 319,936
Property and equipment 16,607,981
--------------
Total unrestricted 138,402,561
Temporarily restricted 13,534,960
Permanently restricted 8,350,355
--------------
Total net assets 160,287,875
--------------
Total liabilities and net assets $238,073,074
==============
Diocese of San Diego
Statement of Activities
For the month ending June 30, 2007
Support and revenue:
Parish assessments $621,687
Donations and fund-raising 2,465,033
Investment income (501,058)
Interest and other income 37,304
Parish & employee insurance reserve funds, net -
Rental income 15,745
Administrative fees (71,290)
Gain on sale of property -
Cemetery sales 263,666
Tuition, net of tuition assistance 664,711
Student and other fees 3,736
San Juan Diego English language center 199,925
Concessions/food service 11,732
Change in value of split-interest agreements 39,090
Other 96,766
--------------
Total support and revenue 3,847,047
Expenses:
Administrative fees 198,393
Programs 611,132
Annual Catholic Appeal 42,067
Distribution of restricted donations 183,903
Cemetery cost of sales 44,252
San Juan Diego English language center 156
General:
Contributions and charitable programs 41,696
Schools dept. - support for schools 184,914
Interest expense
Funds on deposit 5,930
Other (4,624)
Depreciation (31,705)
Bad debt expense -
Recruiting, advertising & public relations 4,543
Student related expenses 65,047
Concessions/food service 13,727
Athletics 8,313
Development/special events -
Operating expenses 514,423
Chaplaincies and ministries 62,030
Assessments 18,294
Professional fees 3,919,963
Chapter 11 fees
Legal fees -
UST fees -
Accounting fees -
Insurance 165,957
Other (670)
--------------
Total Expenses 6,075,954
Funds released from restricted funds 31,283
Net change in designated funds (3,070)
--------------
28,213
--------------
Increase (decrease) in net assets (2,228,907)
--------------
Net assets:
Beginning of month 162,516,782
--------------
End of month $160,287,875
==============
Diocese of San Diego
Cash Receipts and Disbursement
For the month ending June 30, 2007
Beginning balance, 02/28/2007 $13,418,282
Total receipts - prior general account reports 18,086,437
Less: total disbursements 9,547,958
--------------
Beginning balance, 05/31/2007 21,956,760
Receipts during current period:
Transfers from main account 50,000
Transfers from Vincent memorial savings -
Accounts receivable - pre-filing 215,985
Accounts receivable - post-filing 78
Accounts receivable - assessments pre-filing 2,488
Accounts receivable - assessments post-filing 603,140
Other receivables 3,305
Planned gifts collection 343,929
Receipts - health premiums 874,766
Annual Catholic Appeal 166,937
Interest 6,199
Dividends 185
Stock Clearing 12,000
Workers' compensation premium 163,813
ACA through AR 1,000
Miscellaneous 1,043
Tribunal income 8,010
Southern Cross income 29,022
Programs and ministries 447,830
Registration and tuitions 590,384
Insurance 77,087
Realized gains 7,950
Receipts \u2013 medical reimbursements 223,000
Parish and school funds & endowments 267,302
Other Diocesan locations' deposits 393,711
Mater Dei Owners' contingency reserve 51,905
Stock processing 88,872
Special collections 10,221
Athletics 1,362
Concessions and store sales 9,126
Restricted account receipts 1,115
Donations 209,944
--------------
Total receipts 5,001,720
Balance 26,958,480
Less: Total disbursements during current period
Transfers to Pastoral Services Main Checking 228,614
Transfers to Priest Health Account 50,000
Transfers to payroll account 359,558
Transfers to Vincent Memorial Checking 152,000
Administrative 13,932
A/R CES 663
Athletics 5,247
Bank fees and charges 6,538
Stock 367,393
Conferences 104,564
Utility Deposits 1,794
Dues/Fees 8,184
Education expenses 149,516
Employee benefits 4,800
FF&E 493,634
Health insurance and benefits 53,359
Health insurance claims paid 77,225
Health insurance premiums paid 922,265
Lay salaries and wages 410,767
Loan payments 80,000
Liability insurance 4,813
Maintenance/Repairs 16,748
Medical reimbursements 12,472
Ministries 49,035
Miscellaneous 29,922
Supplies 21,702
Operations 193,204
Payroll 65,110
Postage 3,562
Professional fees 703,143
Printing 26,234
Rent 12,120
Restricted 212,086
Workers' comp - prefunds and losses 110,223
Special collections 344,467
Unemployment insurance program 44,403
Stipends/Services 62,457
Withdrawal from funds on deposit 4,750
Utilities 14,282
Voids (745)
--------------
5,420,058
--------------
Ending balance $21,538,422
==============
*** San Diego reports that for the month ended June 30, 2007,
the Diocese's total receipts aggregate $5,001,720. Actual
computation of the figures, however, show that Total Receipts
aggregate $4,861,720.
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. (Catholic Church Bankruptcy News, Issue
No. 99; Bankruptcy Creditors' Service Inc.
http://bankrupt.com/newsstand/or 215/945-7000).
DANA CORP: Earns $32,000,000 in Month Ended June 30, 2007
---------------------------------------------------------
Dana Corporation
Unaudited Condensed Balance Sheet
At June 30, 2007
ASSETS
CURRENT ASSETS
Cash and cash equivalent assets $1,001,000,000
Accounts receivable
Trade 1,411,000,000
Other 297,000,000
Inventories 773,000,000
Assets of discontinued operations 194,000,000
Other current assets 141,000,000
----------------
Total current assets 3,817,000,000
----------------
Investments and other assets 1,006,000,000
Investments in equity affiliates 433,000,000
Net property, plant and equipment 1,731,000,000
----------------
TOTAL ASSETS $6,987,000,000
================
LIABILITY AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
DIP Financing $900,000,000
Notes payable, including current portion
of long-term debt 36,000,000
Accounts payable 1,145,000,000
Liabilities of discontinued operations 96,000,000
Other accrued liabilities 830,000,000
----------------
Total current liabilities 3,007,000,000
----------------
Liabilities subject to compromise 3,978,000,000
Deferred employee benefits and other
non-current liabilities 472,000,000
Long-term debt 13,000,000
Minority interest in consolidated subsidiaries 92,000,000
Shareholder' equity (deficit) (575,000,000)
----------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $6,987,000,000
================
Dana Corporation
Unaudited Condensed Statement of Operations
For the Month Ended June 30, 2007
Net Sales $793,000,000
Costs and expenses
Costs of sales 732,000,000
Selling, general and administrative expenses 29,000,000
Realignment charges (14,000,000)
Other income, net (8,000,000)
----------------
Income (loss) from operations 38,000,000
Interest expense 7,000,000
Reorganization charges 16,000,000
----------------
Income (loss) before income taxes 15,000,000
Income tax (expense) benefit (26,000,000)
Minority interest 1,000,000
Equity in earnings of affiliates 6,000,000
----------------
Income (loss) before continuing operations 46,000,000
Income (loss) from discontinued operations (14,000,000)
----------------
Net income (loss) $32,000,000
================
Dana Corporation
Unaudited Condensed Statement of Cash Flow
For the Month Ended June 30, 2007
OPERATING ACTIVITIES
Net income (loss) $32,000,000
Depreciation and amortization 22,000,000
Loss on sale of business 10,000,000
Non-cash portion of U.K. pension charge (8,000,000)
Decrease (increase) in working capital (16,000,000)
Unremitted equity earnings in affiliates (7,000,000)
Other (48,000,000)
----------------
Net cash flow provided by
(used for) operating activities (15,000,000)
INVESTING ACTIVITIES
Purchases of property, plant and equipment (26,000,000)
Proceeds from sale of assets 2,000,000
Other (9,000,000)
----------------
Net cash flow provided by
(used for) operating activities (33,000,000)
FINANCING ACTIVITIES
Net change in short-term debt (11,000,000)
Proceeds from DIP facility -
----------------
Net cash flow provided by
(used for) financing activities (11,000,000)
Net increase in cash equivalents (59,000,000)
----------------
Cash and cash equivalents, beginning of period 1,060,000,000
----------------
Cash and cash equivalents, end of period $1,001,000,000
================
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. 49;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
FEDERAL-MOGUL: Earns $2.6 Million in June 2007
----------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of June 30, 2007
(In millions)
Assets
Cash and equivalents $79.8
Accounts receivable 651.1
Inventories 401.4
Deferred taxes 192.3
Prepaid expenses and other current assets 103.4
--------
Total current assets 1,428.0
Summary of Unpaid Postpetition Debits (48.0)
Intercompany Loans Receivable (Payable) 1,678.9
--------
Intercompany Balances 1,630.9
Property, plant and equipment 776.6
Goodwill 930.4
Other intangible assets 341.4
Insurance recoverable 873.7
Other non-current assets 521.2
--------
Total Assets $6,502.2
========
Liabilities and Shareholders' Equity
Short-term debt $693.0
Accounts payable 259.9
Accrued compensation 56.6
Restructuring and rationalization reserves 17.6
Current portion of asbestos liability -
Interest payable 3.8
Other accrued liabilities 285.0
--------
Total current liabilities 1,315.9
Long-term debt -
Post-employment benefits 734.5
Other accrued liabilities 546.5
Liabilities subject to compromise 5,452.6
Shareholders' equity:
Preferred stock 1,050.6
Common stock 662.1
Additional paid-in capital 8,026.0
Accumulated deficit (11,442.8)
Accumulated other comprehensive income 156.8
Other -
--------
Total Shareholders' Equity (1,547.2)
--------
Total Liabilities and Shareholders' Equity $6,502.2
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended June 30, 2007
(In millions)
Net sales $275.5
Cost of products sold 214.1
--------
Gross margin 61.3
Selling, general & administrative expenses (41.5)
Amortization (1.2)
Reorganization items (6.4)
Interest income (expense), net (14.9)
Other income (expense), net 5.6
--------
Earnings before Income Taxes 3.0
Income Tax (Expense) Benefit (0.4)
--------
Earnings before cumulative effect of change
in accounting principle 2.6
--------
Net Earnings (loss) $2.6
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended June 30, 2007
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) $2.6
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 12.5
Adjustment of assets held for sale and
other long-lived assets to fair value -
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. principle -
Change in post-employment benefits (1.5)
Decrease (increase) in accounts receivable 4.1
Decrease (increase) in inventories 6.9
Increase (decrease) in accounts payable 22.0
Change in other assets & other liabilities 25.2
Change in restructuring charge -
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From Operating Activities 71.7
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (5.4)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
--------
Net Cash Provided From (Used By) Investing Activities (5.4)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (54.0)
Sale of accounts receivable under securitization -
Dividends -
Other 0.6
--------
Net Cash Provided From Financing Activities (53.4)
Increase (Decrease) in Cash and Equivalents 12.9
Cash and equivalents at beginning of period 66.8
--------
Cash and equivalents at end of period $79.8
========
Headquartered in Southfield, Mich., Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some $6 billion. Federal-Mogul also has
operations in Mexico and the Asia Pacific Region, which includes,
Malaysia, Australia, China, India, Japan, Korea, and Thailand.
The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed $10.15 billion in assets and
$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.
On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003. They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan. On July 28, 2004, the
District Court approved the Disclosure Statement. The estimation
hearing began on June 14, 2005. They then submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007. The confirmation hearing on the Plan is set to conclude on
Oct. 1, 2007. (Federal-Mogul Bankruptcy News, Issue No. 145;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
INTERSTATE BAKERIES: Files Operating Report Ending June 30, 2007
----------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended June 30, 2007
REVENUE
Gross Income $237,073,331
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 58,631,493
Direct & Indirect Labor 41,282,066
Overhead & Production Administration 12,350,799
-------------
Total Cost of Goods Sold 112,264,358
-------------
Gross Profit 124,808,973
-------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries 53,481,654
Advertising and Marketing 2,726,255
Insurance (Property, Casualty, & Medical) 12,266,408
Payroll Taxes 4,599,731
Lease and Rent 3,117,976
Telephone and Utilities 999,136
Corporate Expense (Including Salaries) 6,312,700
Other Expenses 29,460,579
-------------
Total Operating Expenses 112,964,439
-------------
EBITDA 112,964,439
Restructuring & Reorganization Charges 1,783,987
Depreciation and Amortization 5,239,532
Abandonment -
Other( Income)/Expense 8,456
Gain/Loss Sale of Property -
Interest Expense 3,732,318
-------------
Operating Income (Loss) 1,080,241
Income Tax Expense (Benefit) 28,086
-------------
NET Income (Loss) $1,052,155
=============
CURRENT ASSETS
Accounts Receivable at end of period $150,209,734
Increase (Dec.) in Accounts Receivable (1,964,971)
Inventory at end of period 66,274,121
Increase (Decrease) in Inventory for period 591,611
Cash at end of period 63,629,571
Increase (Decrease) in Cash for period 3,582,410
Restricted Cash 15,085,316
Increase (Dec.) in Restricted Cash for period -
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise (7,789,150)
Increase (Decrease) in Liabilities
Subject to Compromise 186,787
Taxes payable:
Federal Payroll Taxes 5,029,289
State/Local Payroll Taxes 2,477,676
State Sales Taxes 692,618
Real Estate and Personal Property Taxes 7,650,529
Other 3,792,666
-------------
Total Taxes Payable $19,642,778
=============
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. 65;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
SAINT VINCENT'S: Files June 2007 Operating Report
-------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of June 30, 2007
ASSETS
Cash & Cash Equivalents $6,304,821
Investments -
Patients Accounts Receivable, less allowance
for doubtful accounts 61,691,255
Accounts Receivable 39,694,932
Other Current Assets 21,722,973
Assets Held for Sale 11,162,322
--------------
Total Current Assets 140,576,303
Depreciation Reserve Funds & Collaterized Assets 7,451,269
Assets Designated for Self-Insurance
Investments at Market 48,963,203
Assets whose use is limited -
Investments at Market 59,228,172
Other Non-Current Assets 14,299,271
Land, Buildings & Equipment, net of
Accumulated Depreciation 118,346,084
--------------
Total Assets $388,864,302
==============
LIABILITIES AND NET ASSETS
Liabilities Not Subject to Compromise:
Long-term Debt $88,719,621
Long-term Debt (GE) 85,852,842
Accounts Payables & Accrued Expenses 134,520,084
Accrued Salaries & Payroll Taxes Withheld 34,419,683
Estimated Retroactive Payables 86,872,962
Other Non-current Liabilities 62,236,747
-------------
Total Liabilities Not Subject to Compromise 492,621,939
Liabilities Subject to Compromise:
Liabilities Subject to Compromise 454,886,760
--------------
Total Liabilities Subject to Compromise 454,886,760
--------------
Total Liabilities 947,508,699
Net Assets:
Unrestricted (617,584,535)
Temporarily Restricted 34,220,509
Permanently Restricted 24,719,629
--------------
Total Net Assets (558,644,397)
--------------
Total Liabilities & Net Assets $388,864,302
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From June 1 to 30, 2007
Operating Revenue
Inpatient $32,056,544
Outpatient 20,261,801
--------------
Patient Service Revenue 52,318,345
--------------
Less Provision for Bad Debt 2,469,087
--------------
Net Patient Service Revenue 49,849,258
--------------
Pool Revenue 1,498,655
Capitation 8,010,851
Other 8,138,633
--------------
Total Operating Revenue 67,497,397
Operating Expenses:
Salaries and Wages 24,853,109
Fringe Benefits 6,810,614
Supplies and Other 26,775,611
Insurance 1,494,234
--------------
Total Direct Operating Costs 59,933,568
Salaries and Wages 0
Fringe Benefits 0
Supplies and Other 0
--------------
Total Corporate Allocated 1,644,957
--------------
Total Operating Expense 61,578,525
--------------
Interest 1,389,967
Depreciation 1,532,231
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items 2,996,674
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) 0
St. Mary's Op Pac Rate Adjustment 0
ZBEC/HFE Recoveries 0
Restructuring & Bankruptcy Related Costs (3,026,566)
Estimated Close-out of St. Mary's 0
Hanys Investment Income (SFS INS) 0
Prior Period Ambulance Revenue 0
Transfer of Equity Foundation 0
--------------
Total Non-Recurring and/or Unusual Items (3,026,566)
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (29,892)
--------------
Non-Operating Revenue (2,614,950)
Change in Temporary Restricted Net Assets (250,204)
--------------
Change in Net Assets ($2,895,046)
--------------
EBITDA $5,918,872
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From June 1 to 30, 2007
Cash Flows from Operation Activities:
Changes in Net Assets ($2,895,046)
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Depreciation & Amortization 1,532,231
Change in Unrealized Gains & Losses 3,157,069
Change in Patient's Accounts Receivable (941,285)
Change in Accounts Receivables, Other 102,758
Change in Prepaid Expenses & Other (278,774)
Change in Other Non-Current Assets 1,670,864
Change in Accounts Payable & Accrued
Expenses - Prepetition -
Change in Accounts Payable & Accrued
Expenses - Postpetition 12,534,981
Change in Accrued Salaries & P/R Taxes (2,921,385)
Change in Est. Retro rec/pay
from/to third parties 1,834,810
Change in Est. Liability for self-insurance -
Change in Other Non-Current Liabilities (2,271,244)
--------------
Net Cash Provided by Operating Activities 11,524,979
Cash flows From Investment Activities:
Sale of Investments, Net (20,463)
Sale of Assets Whose Use is Limited 1,127,524
Acquisition/Sale of Land, Building,
& Equipment (2,893,184)
--------------
Net Cash Provided by Investing Activities (1,786,123)
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Loa 0
Proceed from issuance of Long-term debt 0
Repayment of Long-term debt (9,605,271)
--------------
Net Cash (Used) in Financing Activities (9,605,271)
Net Increase (Decrease)
in Cash & Cash Equivalents 133,585
Cash & Cash Equivalents at Beginning of Month 6,171,236
--------------
Cash & Cash Equivalents at End of the Month $6,304,821
==============
Based in New York City, Saint Vincent's Catholic Medical Centers
of New York -- http://www.svcmc.org/-- the healthcare provider in
New York State, operates hospitals, health centers, nursing homes
and a home health agency. The hospital group consists of seven
hospitals located throughout Brooklyn, Queens, Manhattan, and
Staten Island, along with four nursing homes and a home health
care agency.
The company and six of its affiliates filed for chapter 11
protection on July 5, 2005 (Bankr. S.D.N.Y. Case No. 05-14945
through 05-14951). Gary Ravert, Esq., and Stephen B. Selbst,
Esq., at McDermott Will & Emery, LLP, filed the Debtors' chapter
11 cases. On Sept. 12, 2005, John J. Rapisardi, Esq., at Weil,
Gotshal & Manges LLP took over representing the Debtors in their
restructuring efforts. Martin G. Bunin, Esq., at Thelen Reid &
Priest LLP, represents the Official Committee of Unsecured
Creditors. As of Apr. 30, 2005, the Debtors listed $972 million
in total assets and $1 billion in total debts. The Debtors filed
their Chapter 11 Plan of Reorganization accompanying a disclosure
statement explaining that Plan on Feb. 9, 2007. On June 1, 2007,
the Debtors filed an Amended Plan & Disclosure Statement. The
Court confirmed the Debtors' Amended Plan on July 27, 2007.
(Saint Vincent Bankruptcy News, Issue No. 61 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
SEA CONTAINERS: Posts $849,219 Net Loss in June 2007
----------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of June 30, 2007
Assets
Current Assets
Cash and cash equivalents $21,917,537
Trade receivables, less allowances
for doubtful accounts -
Due from related parties 7,887,164
Prepaid expenses and other current assets 1,816,838
-----------
Total current assets $31,621,539
Fixed assets, net -
Long-term equipment sales receivable, net -
Investments in group companies -
Intercompany receivables -
Investment in equity ownership interests 221,500,710
Other assets 2,851,462
------------
Total assets $255,973,711
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $1,811,626
Accrued expenses 51,316,736
Current portion of long-term debt 25,855,028
Current portion of senior notes 385,266,750
------------
Total current liabilities 464,210,140
Total shareholders' equity (208,276,429)
------------
Total liabilities and shareholders' equity $255,973,711
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended June 30, 2007
Revenue $2,844,000
Costs and expenses:
Operating costs 27,199
Selling, general and
administrative expenses (2,770,759)
Professional fees (427,740)
Charges to provide against
intercompany accounts 2,584,215
Depreciation and amortization -
------------
Total costs and expense (587,085)
------------
Gain or (Loss) on sale of assets 30,000
------------
Operating income (loss) 2,286,915
Other income (expense)
Interest income 82,868
Foreign exchange gains or (losses) 16,942
Interest expense, net (3,135,944)
------------
Income (Loss) before taxes (749,219)
Income tax expense (100,000)
------------
Net (Loss) ($849,219)
============
Sea Containers Services
Unaudited Balance Sheet
As of June 30, 2007
Assets
Current Assets
Cash and cash equivalents ($18,088)
Trade receivables 23,332
Due from related parties 5,288,953
Prepaid expenses and other current assets 5,860,975
------------
Total current assets 11,155,172
Fixed assets, net 2,591,250
Investments 2,704,278
Intercompany receivables 45,681,103
Other assets 3,738,600
------------
Total assets $65,870,403
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $2,547,530
Accrued expenses 2,559,074
Current portion of long-term debt 1,681,003
------------
Total current liabilities 6,787,607
Total shareholders' equity 59,082,796
------------
Total liabilities and shareholders' equity $65,870,403
============
Sea Containers Services
Unaudited Statement of Operations
For the Month Ended June 30, 2007
Revenue $2,511,839
Costs and expenses:
Operating costs -
Selling, general and
administrative expenses (1,799,312)
Professional Fees (364,256)
Other charges 0
Depreciation and amortization (106,719)
------------
Total costs and expenses (2,270,287)
------------
Gains on sale of assets 0
------------
Operating income (loss) 241,552
Other income (expense)
Interest income 34
Foreign exchange gains (losses) (1,302)
Interest expense, net (13,815)
------------
Income (Loss) before taxes 226,469
Income tax credit 0
------------
Net Income $226,469
============
Sea Containers Carribean, Inc., reported zero assets and accounts
payable of $3,530,094, as its sole liabilities in its June 2007
balance sheet.
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of $62,400,718 and total liabilities of
$1,545,384,083.
The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007. (Sea Containers Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
*********
Monday's edition of the TCR delivers a list of indicative prices
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*********
S U B S C R I P T I O N I N F O R M A T I O N
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