/raid1/www/Hosts/bankrupt/TCR_Public/070915.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, September 15, 2007, Vol. 11, No. 219
Headlines
CATHOLIC CHURCH: San Diego Files July 2007 Operating Report
DELPHI CORPORATION: Posts $169 Million Net Loss in July 2007
DURA AUTOMOTIVE: Posts $21,306,000 Net Loss in July 2007
NEWPOWER HOLDINGS: Files July 2007 Monthly Operating Report
PACIFIC LUMBER: Scotia Dev't., et al. Files July Operating Report
PACIFIC LUMBER: Scotia Pacific Files July 2007 Operating Report
REFCO LLC: Chapter 7 Trustee Discloses July 2007 Operating Report
SEA CONTAINERS: Earns $8,467,259 in Month Ended July 31, 2007
*********
CATHOLIC CHURCH: San Diego Files July 2007 Operating Report
-----------------------------------------------------------
Diocese of San Diego
Statement of Financial Position
As of July 31, 2007
ASSETS
Cash and cash equivalents $20,103,692
Funds on deposit with administrative offices:
Perpetual Care Funds -
Funds on deposit -
Other funds on deposit -
Marketable securities 38,590,744
Accounts receivable, net of allowance
Parishes and School 1,031,818
PSDL Trust 833,292
Cathedral Catholic, annual admin fees 65,120
Cemetery trade 4,249,979
Tuition, fees and others 1,715,471
Juan Diego Trust 10,928
Notes and other receivables 121,291
Pooled income funds, CGAs and CRTs 1,659,419
Planned gifts receivable 354,650
Prepaid expenses 36,337
Inventory 18,788
ACA pledges receivables 1,685,099
Loan to parishes, net -
Pledges receivable $450,429 allowance -
Demand note receivable - CSE -
Revisionary Interest in CSE 65,000,000
Property and equipment, net 21,688,101
Other land and buildings, net
Cemetery inventory - graves, crypts & niches 6,589,734
Cemetery undeveloped land & outside property 1,399,350
Mater Dei land and land improvements 13,819,408
Mater Dei buildings 63,674,835
Oceanside land and land improvements 5,551,043
Other assets -
--------------
Total Assets $248,199,099
==============
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable and accrued liabilities $2,176,858
Special collections 170,846
Accrued vacation 343,016
Accrued Chapter 11 professional fees 2,010,604
Construction loan - ALSAM Foundation 49,356,681
Payable to PSDL Trust 23,485,368
Funds on deposit:
Parish and school funds & endowments 767,748
Perpetual Care Funds -
Restricted funds on deposit -
Other diocesan entities funds 43,773
Reserve for worker's compensation claims 1,604,473
Priest retirement plan liability 2,014,713
Planned gifts liability -
Annuity payment liability 609,614
Liability under Unitrust Agreement 205,044
Deferred revenue:
Annual Catholic Appeal -
Discount on future interest 106,875
Cemetery 3,259,317
Tuition and other fees 3,146,284
Other 6,920
--------------
Total liabilities 89,308,135
--------------
Net Assets:
Unrestricted:
Undesignated 111,818,958
Insurance reserve funds 7,406,675
Bishop's burse 1,326,268
Designated funds 319,094
Property and equipment 16,571,507
--------------
Total unrestricted 137,442,503
Temporarily restricted 13,079,218
Permanently restricted 8,369,243
--------------
Total net assets 158,890,964
--------------
Total liabilities and net assets $248,199,099
==============
Diocese of San Diego
Statement of Activities
For the month ending July 31, 2007
Support and revenue:
Parish assessments $604,841
Donations and fundraising 83,115
Investment income (1,115,351)
Interest and other income 46,501
Parish & employee insurance reserve funds, net 212,574
Rental income 15,762
Administrative fees (147,228)
Gain on sale of property -
Cemetery sales 242,996
Tuition, net of tuition assistance 170,177
Student and other fees 1,550
San Juan Diego English language center -
Concessions/food service 1,644
Other 31,304
--------------
Total support and revenue 147,884
Expenses:
Administrative fees 230,385
Programs 398,974
Annual Catholic Appeal 15,908
Distribution of restricted donations 224,241
Cemetery cost of sales 28,892
San Juan Diego English language center 56,821
General:
Contributions and charitable programs 41,664
Schools dept. - support for schools -
Interest expense
Funds on deposit 4,560
Other 87,777
Depreciation 41,495
Bad debt expense 8,434
Recruiting, advertising & public relations 1,979
Student related expenses 3,614
Concessions/food service 1,380
Athletics 4,904
Development/special events -
Operating expenses 445,857
Chaplaincies and ministries 39,284
Assessments 53,626
Professional fees 6,852
Chapter 11 fees
Legal fees -
UST fees -
Accounting fees -
Insurance 43,473
Other 24,793
--------------
Total Expenses 1,544,796
Funds released from restricted funds (217,048)
Net change in designated funds (3,069)
--------------
(220,117)
--------------
Increase (decrease) in net assets (1,396,911)
--------------
Net assets:
Beginning of month 160,287,875
--------------
End of month $158,890,964
==============
Diocese of San Diego
Cash Receipts and Disbursement
For the month ending July 31, 2007
Beginning balance, 02/28/2007 $13,418,282
Total receipts - prior general account reports 23,088,157
Less: total disbursements 14,968,016
Beginning balance 21,538,422
Receipts during current period:
Transfers from Pastoral Services, main checking 44,204
Transfers between internal accounts 699,937
Accounts receivable - pre-filing 93,224
Accounts receivable - post-filing 1,575
Accounts receivable - assessments pre-filing 661
Accounts receivable - assessments post-filing 603,140
Other receivables 9,238
Planned gifts collection -
Receipts - health premiums 975,991
Rental income 9,199
Annual Catholic Appeal 266,596
Interest 6,167
Dividends 203
Transfers from Service Recipients
Workers' compensation premium 116,984
Priest health - SIF Portion -
Miscellaneous 7,248
Tribunal income 2,972
Southern Cross income 30,542
Programs and ministries 526,316
Registration and tuitions 865,945
Insurance 108,342
Receipts - reimbursements and other -
Parish and school funds & endowments -
Other Diocesan locations' deposits 59,137
Mater Dei owners' contingency reserve 26,401
Stock processing 14,486
Special collections 117,793
Athletics 1,550
Concessions and store sales 1,643
Restricted account receipts -
Voids and refunds 10,967
Donations 6,327
--------------
Total receipts 4,606,798
Balance 26,145,220
Less: Total disbursements during current period
Transfers to Priest Health Account 4,821
Transfers to payroll account 345,711
Transfers to medical reimbursement 39,383
Holy Cross excess funds on deposit 375,431
Transfers to between internal accounts 699,937
Mater Dei owners' contingency reserve 49,765
Administrative 15,037
A/R CES 541
Athletics 6,515
Bank fees and charges 8,037
Stock processing 14,486
Other Diocesan locations' disbursements 223,346
Conferences 12,473
Dues/Fees 93,302
Fundraising -
Education expenses 26,627
Employee benefits 3,933
FF&E 300,686
Health insurance and benefits 72,163
Health insurance claims paid 68,894
Health insurance premiums paid 956,040
Lay salaries and wages 491,057
Liability insurance 4,813
Maintenance/Repairs 22,841
Medical reimbursements 19,759
Ministries 44,530
Miscellaneous 17,790
Supplies 21,053
Operations 168,596
Payroll 86,881
Postage 21,543
Professional fees 51,629
Professional fees, Chapter 11 1,226,415
Printing 14,462
Rent 13,000
Restricted 20,807
Workers' comp 58,526
Unemployment insurance program 1,036
Seminarian tuition 2,775
Stipends/Services 39,289
Withdrawal from funds on deposit 4,682
Utilities 13,037
Sales tax 1,236
--------------
5,662,900
--------------
Ending balance $20,482,320
==============
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. Attorneys at Pachulski Stang Ziehl & Jones LLP
represent the Official Committee of Unsecured Creditors. 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. San Diego's exclusive period to file a chapter 11 plan
expires on Oct. 15, 2007. (Catholic Church Bankruptcy News, Issue
No. 102; Bankruptcy Creditors' Service Inc.
http://bankrupt.com/newsstand/or 215/945-7000).
DELPHI CORPORATION: Posts $169 Million Net Loss in July 2007
------------------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of July 31, 2007
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $30
Restricted cash 110
Accounts receivable, net:
General Motors and affiliates 1,488
Other third parties 880
Non-Debtor affiliates 430
Notes receivable from non-Debtor affiliates 292
Inventories, net:
Productive material, work-in-process & supplies 879
Finished goods 249
Other current assets 240
--------
TOTAL CURRENT ASSETS 4,598
Long-term assets:
Property, net 1,842
Investment in affiliates 386
Investments in non-Debtor affiliates 3,945
Goodwill 152
Other intangible assets 29
Other 306
--------
TOTAL LONG-TERM ASSETS 6,660
--------
TOTAL ASSETS $11,258
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Debtor-in-possession financing $3,031
Accounts payable 1,191
Accounts payable to non-Debtor affiliates 613
Accrued liabilities 961
--------
TOTAL CURRENT LIABILITIES 5,796
Long-term liabilities not subject to compromise:
Employee benefit plan obligations and other 709
Liabilities subject to compromise 18,132
--------
TOTAL LIABILITIES 24,637
Stockholders' deficit:
Common stock 6
Additional paid-in capital 2,778
Accumulated deficit (13,434)
Accumulated other comprehensive loss (2,677)
Treasury stock, at cost (3.2 million shares) (52)
--------
TOTAL STOCKHOLDERS' DEFICIT (13,379)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $11,258
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended July 31, 2007
(In Millions)
Net sales:
General Motors and affiliates $593
Other customers 381
Non-Debtor affiliates 38
--------
Total net sales 1,012
--------
Operating expenses:
Cost of sales 1,063
Long-lived asset impairment charges -
Depreciation and amortization 45
Selling, general and administrative 91
--------
Total operating expenses 1,199
--------
Operating loss (187)
Interest expense (24)
Loss on extinguishment of debt -
Other (expense) income, net 1
Reorganization items (10)
Income tax benefit (expense) 1
Equity income from non-consolidated affiliates 4
Equity income from non-Debtor affiliates 46
--------
NET LOSS ($169)
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended July 31, 2007
(In Millions)
Cash flows from operating activities:
Net loss ($169)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization 45
Pension and other postretirement benefit expenses 79
Equity income from unconsolidated affiliates (4)
Equity income from non-Debtor affiliates (46)
Reorganization items 10
Changes in operating assets and liabilities:
Accounts receivable, net 458
Inventories, net (49)
Other assets 16
Accounts payable, accrued and other long-term debts (90)
U.S. employee special attrition program (19)
Other postretirement benefit payments (22)
Pension contributions (48)
Payments for reorganization items (19)
Other 6
--------
Net cash used in operating activities 148
Cash flows from investing activities:
Capital expenditures (20)
Proceeds from sale of property 2
Other (1)
--------
Net cash used in investing activities (19)
Cash flows from financing activities:
Net proceeds from DIP facility (125)
Net repayments of borrowings under other debt pacts -
--------
Net cash used in financing activities (125)
--------
Decrease in cash and cash equivalents 4
Cash and cash equivalents at beginning of period 26
--------
Cash and cash equivalents at end of period $30
========
Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology. The company's
technology and products are present in more than 75 million
vehicles on the road worldwide. Delphi has regional headquarters
in Japan, Brazil and France.
The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors. As of
Mar. 31, 2007, the Debtors' balance sheet showed $11,446,000,000
in total assets and $23,851,000,000 in total debts.
The Debtors' exclusive plan-filing period expires on Dec. 31,
2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that Plan.
The Court has set a hearing on October 3 to consider the adequacy
of the Disclosure Statement. (Delphi Bankruptcy News, Issue No.
82 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
DURA AUTOMOTIVE: Posts $21,306,000 Net Loss in July 2007
--------------------------------------------------------
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Balance Sheet
As of July 29, 2007
(Dollars in thousands)
ASSETS
Current assets:
Cash and cash equivalents $6,848
Accounts receivable, net
Trade 117,407
Other 13,000
Non-Debtor subsidiaries 33,923
Inventories 84,036
Other current assets 33,120
----------
Total current assets 288,334
Property, plant and equipment, net 165,203
Goodwill, net 249,927
Notes receivable from Non-Debtors subsidiaries 185,250
Investment in Non-Debtors subsidiaries 790,647
Other noncurrent assets 25,423
----------
Total Assets $1,704,784
==========
LIABILITIES AND NET LIABILITIES IN LIQUIDATION
Current liabilities:
Debtors-in-possession financing $236,656
Accounts payable 40,919
Accounts payable to Non-Debtors subsidiaries 1,297
Accrued Liabilities 86,064
----------
Total current liabilities 364,936
Long-term Liabilities:
Notes Payable to Non-Debtors subsidiaries 8,919
Other noncurrent liabilities 55,969
Liabilities Subject to Compromise 1,312,481
----------
Total Liabilities 1,742,305
Stockholders' Investment (37,521)
----------
Total Liabilities and Stockholders' Investment $1,704,784
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statement of Operations
For the Four Weeks Ended July 29, 2007
(Dollars in thousands)
Total sales $54,002
Cost of sales 59,969
----------
Gross (loss) profit (5,967)
Selling, general and administrative expenses 7,042
Facility consolidation, asset impairment
and other charges 382
Amortization expense 34
----------
Operating (loss) income (13,425)
Interest expense, net 3,681
----------
Loss before reorganization items and income taxes (17,106)
Reorganization items 4,182
----------
Income before income taxes (21,288)
Provision for income taxes 18
----------
Net Income (Loss) ($21,306)
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statements of Cash Flows
For the Four Weeks Ended July 29, 2007
(Dollars in thousands)
Operating Activities:
Net Income (loss) ($21,306)
Adjustments to reconcile net loss to net cash used
in operations activities:
Depreciation, amortization & asset impairment 2,525
Amortization of deferred financing fees 708
(Gain)/Loss on sale of assets 38
Reorganization items 4,182
Changes in other operating items:
Accounts receivable 32,883
Inventories (5,428)
Other current assets 1,591
Noncurrent assets (352)
Accounts payable (6,866)
Accrued liabilities (6,181)
Noncurrent liabilities 27
Current intercompany transactions (1,202)
----------
Net cash provided by operating activities 619
Investing Activities:
Purchases of property, plant & equipment 2,410
Proceeds from sales of assets (301)
----------
Net cash (used in) provided by
investing activities 2,109
----------
Net Increase (Decrease) in Cash & Equivalents 1,524
Cash & Cash Equivalent, Beginning Balance 5,324
----------
Cash & Cash Equivalent, Ending Balance $6,848
==========
Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural
door modules and exterior trim systems for the global automotive
industry. The company is also a supplier of similar products to
the recreation vehicle and specialty vehicle industries. DURA
sells its automotive products to North American, Japanese and
European original equipment manufacturers and other automotive
suppliers.
The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr.
D. Del. Case No. 06-11202). Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine
Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the
Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J.
DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton
& Finger, P.A. Attorneys are the Debtors' co-counsel. Baker &
McKenzie acts as the Debtors' special counsel. Togut, Segal &
Segal LLP is the Debtors' conflicts counsel. Miller Buckfire &
Co., LLC is the Debtors' investment banker. Glass & Associates
Inc., gives financial advice to the Debtor. Kurtzman Carson
Consultants LLC handles the notice, claims and balloting for the
Debtors and Brunswick Group LLC acts as their Corporate
Communications Consultants for the Debtors. As of July 2, 2006,
the Debtor had $1,993,178,000 in total assets and $1,730,758,000
in total liabilities.
On Aug. 22, 2007, the Debtors delivered the Disclosure Statement
explaining the terms of their Joint Plan of Reorganization. The
Court is set to consider approval of the Disclosure Statement on
Sept. 26, 2007. (Dura Automotive Bankruptcy News, Issue No. 28
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
NEWPOWER HOLDINGS: Files July 2007 Monthly Operating Report
-----------------------------------------------------------
NewPower Holdings Inc. filed its Monthly Operating Report for
the period from June 30,2007 to July 31, 2007, with the U.S.
Bankruptcy Court for the Northern District of Georgia, Newnan
Division on Sept. 6, 2007. The company reports an opening
cash balance of $1,784,000 and a closing cash balance of
$1,722,000.
A full-text copy of NewPower Holdings Inc.'s Monthly Operating
Report for the period from June 30,2007 to July 31, 2007, is
available at no charge at http://researcharchives.com/t/s?2358
NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP represent the Debtors. When the Debtors filed for
chapter 11 protection, they reported $231,837,000 in assets and
$87,936,000 in debts.
On Aug. 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC
Holdings, Inc., a wholly owned subsidiary. That Plan became
effective on Oct. 9, 2003, with respect to the company and TNPC.
On Feb. 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003 with respect to New Power. The New Power Company
is a wholly owned subsidiary of the company.
PACIFIC LUMBER: Scotia Dev't., et al. Files July Operating Report
-----------------------------------------------------------------
Scotia Development LLC, et al.
Consolidated Balance Sheet
As of July 31, 2007
ASSETS
Current Assets
Cash $2,173,193
Accounts receivable, net 8,123,356
Inventory: lower cost or market 23,085,485
Prepaid expenses 5,159,578
Prepaid Restructuring 100,000
Investments -
Other 261,102
------------
Total Current Assets 38,902,713
Property, Plant & Equipment 213,219,728
Less: Accumulated Depreciation (136,925,747)
------------
Net book value of property & plant 76,293,981
Other Assets
Notes Receivable 582,168
Deferred Financing Costs 4,718,794
Long-term Investments 2,694,361
Restricted Cash 2,509,580
Deferred Tax Assets 13,652,208
------------
TOTAL ASSETS $139,353,805
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $864,729
Tax payable
Federal payroll taxes 63,786
State payroll taxes 7,545
Ad valorem taxes 36,507
Other taxes 24,589
------------
Total taxes payable 132,427
Secured debt postpetition -
Accrued interest payable 8,439,356
Accrued professional fees 2,244,865
Other accrued liabilities
Trade Accruals 2,260,363
Compensation and Benefits 1,476,193
Other Accrued 588,840
Due to Affiliate/Parent 2,460,019
------------
Total Postpetition Liabilities 18,466,791
Prepetition Liabilities
Notes payable - Secured 114,048,529
Priority debt 5,987,769
Federal income tax (17,006)
FICA/ Withholding -
Unsecured debt 2,921,297
Other 33,835,206
Due to Affiliate/Parent 41,661,505
-----------
Total Prepetition Liabilities 198,437,300
-----------
Total Liabilities 216,904,091
Owner's Equity (Deficit)
Equity in Affiliates 507,531,285
Common Stock 1,001
Additional Paid-in Capital 275,546,288
Retained Earnings: Filing Date (794,985,292)
Retained Earnings: Post Filing Date (65,643,567)
------------
Total Owner's Equity (77,550,285)
------------
TOTAL LIABILITIES & OWNERS EQUITY $139,353,805
============
Scotia Development LLC, et al.
Statement of Income
For the Period Ended July 31, 2007
Revenues $9,877,685
Total cost of revenues 12,362,520
------------
Gross Profit (2,484,835)
Operating Expenses
Selling & Marketing 74,603
General & Administrative 533,418
Insiders Compensation 106,674
Professional Fees -
Idle Facilities 65,704
Environmental 32,471
------------
Total Operating Expenses 812,869
------------
Income before interest, depreciation, tax (3,297,705)
Interest Expense 1,789,336
Depreciation 867,577
Other (Income) Expenses (36,929)
Restructuring
Professional Fees 701,382
Other 34,091
Amortization of Deferred Financing Costs 225,900
Equity Loss (Earnings) in Subsidiary 3,705,624
Total Interest, Depreciation & Other Items 7,286,979
------------
Net Income Before Taxes (10,584,684)
Federal Income Tax -
------------
Net Income (Loss) ($10,584,684)
============
Scotia Development LLC, et al.
Cash Receipts and Disbursements
For the Month Ended July 31, 2007
Receipts
Cash Sales $66,868
Collection of Accounts Receivable 10,546,349
Loans & Advances 6,079
Sale of Assets -
Other 194,034
------------
Total Receipts 10,813,330
Disbursements
Net payroll 1,092,129
Payroll taxes paid 393,374
Sales, use & other taxes paid 13,195
Secured/rentals/leases 270,981
Utilities & telephone 121,585
Insurance 1,695,363
Cost of goods sold 7,336,652
Vehicle expenses 154,645
Travel & entertainment 28,480
Repairs, maintenance & supplies 802,103
Administrative & selling 1,210,916
Other 3,017,416
------------
Total Disbursements from operations 16,136,840
Professional fees 351,825
U.S. Trustee fees -
Other reorganization expenses -
------------
Total Disbursements 16,488,665
------------
Net Cash Flow (5,675,335)
------------
Cash, at the beginning of the month 7,848,529
------------
Cash, at the end of the month $2,173,193
============
Headquartered in Oakland, California, The Pacific Lumber Company
-- http://www.palco.com/-- and its subsidiaries operate in
several principal areas of the forest products industry,
including the growing and harvesting of redwood and Douglas-fir
timber, the milling of logs into lumber and the manufacture of
lumber into a variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel. John F. Higgins, Esq., and James Matthew
Vaughn, Esq., at Porter & Hedges LLP, is Scotia Pacific's co-
counsel. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335. The Debtors' exclusive period to file a chapter
11 plan expires on Sept. 18, 2007 (Scotia/Pacific Lumber
Bankruptcy News, Issue No. 26, http://bankrupt.com/newsstand/or
215/945-7000).
PACIFIC LUMBER: Scotia Pacific Files July 2007 Operating Report
---------------------------------------------------------------
Scotia Pacific Company LLC
Consolidated Balance Sheet
As of July 31, 2007
ASSETS
Current Assets
Cash
$52,456,387
Accounts receivable, net 7,234,779
Inventory: lower cost or market -
Prepaid expenses 5,940,276
Prepaid Restructuring 839,671
Investments -
Other 465,752
------------
Total Current Assets 66,936,865
Property, Plant & Equipment 597,850,377
Less: Accumulated Depreciation (356,689,103)
------------
Net book value of property & plant 241,161,274
Other Assets
Tax Deposits -
Investments in Subsidiaries -
Electric Deposit -
Capitalized Expenses 11,296,150
------------
TOTAL ASSETS $319,394,289
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $275,420
Tax payable
Federal payroll taxes 857
State payroll taxes 623
Ad valorem taxes 105,000
Other taxes 153,562
------------
Total taxes payable 260,042
Secured debt postpetition -
Accrued interest payable 28,960,088
Accrued professional fees 6,795,150
Other accrued liabilities
Unsecured Debt 1,375,494
Payroll 352,828
Other 234,961
------------
Total Postpetition Liabilities 38,253,983
Prepetition Liabilities
Notes payable - Secured 767,290,648
Priority debt 263,100
Federal income tax -
FICA/ Withholding -
Unsecured debt 3,738,146
Other 235,944
Due to Affiliate/Parent -
------------
Total Prepetition Liabilities 771,527,838
------------
Total Liabilities 809,781,821
Owner's Equity (Deficit)
Preferred Stock -
Common Stock 20,384,905
Additional Paid-in Capital
179,838,186
Retained Earnings: Filing Date (662,058,832)
Retained Earnings: Post Filing Date (28,551,791)
------------
Total Owner's Equity (490,387,532)
------------
TOTAL LIABILITIES & OWNERS EQUITY $319,394,289
============
Scotia Pacific Company LLC
Statement of Income
For the Period Ended July 31, 2007
Revenues $5,336,190
Total cost of revenues 1,491,413
------------
Gross Profit 3,844,77
Operating Expenses
Selling & Marketing -
General & Administrative 245,327
Insiders Compensation -
Professional -
Idle Facilities -
Environmental -
------------
Total Operating Expenses 245,327
------------
Income before interest, depreciation, tax 3,599,450
Interest Expense 5,005,562
Depreciation 875,248
Other (Income) Expenses (351,921)
Restructuring
Professional Fees 1,771,000
Other 5,185
Amortization of Deferred Financing Costs -
Equity Loss (Earnings) in Subsidiary -
Total Interest, Depreciation & Other Items 7,305,074
------------
Net Income Before Taxes (3,705,624)
Federal Income Tax -
------------
Net Income (Loss) ($3,705,624)
============
Scotia Pacific Company LLC
Cash Receipts and Disbursements
For the Month Ended July 31, 2007
Receipts
Cash Sales $0
Collection of Accounts Receivable -
Loans & Advances -
Sale of Assets -
Other
Interest Income 294,396
Log Sales 2,884,284
Other 1,560
------------
Total Receipts 3,180,240
Disbursements
Net payroll 232,405
Payroll taxes paid 84,443
Sales, use & other taxes paid 305,641
Secured/rentals/leases 22,910
Utilities & telephone 210
Insurance 128,726
Cost of goods sold -
Vehicle expenses 1,468
Travel & entertainment -
Repairs, maintenance & supplies 3,915
Administrative & selling 506,446
Other -
------------
Total Disbursements from operations 1,286,164
Professional fees 425,408
U.S. Trustee fees -
Interest 260,446
Other reorganization expenses 5,185
------------
Total Disbursements 1,977,203
------------
Net Cash Flow 1,203,037
------------
Cash, at the beginning of the month 51,253,350
------------
Cash, at the end of the month $52,456,387
============
Headquartered in Oakland, California, The Pacific Lumber Company
-- http://www.palco.com/-- and its subsidiaries operate in
several principal areas of the forest products industry,
including the growing and harvesting of redwood and Douglas-fir
timber, the milling of logs into lumber and the manufacture of
lumber into a variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel. John F. Higgins, Esq., and James Matthew
Vaughn, Esq., at Porter & Hedges LLP, is Scotia Pacific's co-
counsel. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335. The Debtors' exclusive period to file a chapter
11 plan expires on Sept. 18, 2007 (Scotia/Pacific Lumber
Bankruptcy News, Issue No. 26, http://bankrupt.com/newsstand/or
215/945-7000).
REFCO LLC: Chapter 7 Trustee Discloses July 2007 Operating Report
-----------------------------------------------------------------
Albert Togut, the Chapter 7 trustee overseeing the liquidation of
Refco, LLC's estate, delivered to the Court a monthly statement
of cash receipts and disbursements for the period from July 1 to
31, 2007, in lieu of comprehensive financial statements.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of July 1 totals $167,526,000. The Debtor's beginning
purchase price account balance totals $5,320,000, while its
beginning capital account "A" balance aggregates $162,206,000.
The purchase price account includes activity related to Man
Financial, Inc. sale proceeds and related disbursements. Capital
account "A" includes activities related to collection of excess
capital.
Refco LLC received $313,000 and disbursed $314,000 during the
Reporting Period. The Debtor held $167,525,000 at the end of the
period.
A full-text copy of Refco LLC's July 2007 Monthly Statement is
available at no charge at:
http://bankrupt.com/misc/RefcoLLCMORJuly07.pdf
Headquartered in New York, Refco Inc. -- http://www.refco.com/--
is a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the most
active members of futures exchanges in Chicago, New York, London
and Singapore. In addition to its futures brokerage activities,
Refco is a major broker of cash market products, including foreign
exchange, foreign exchange options, government securities,
domestic and international equities, emerging market debt, and OTC
financial and commodity products. Refco is one of the largest
global clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26,
2007. (Refco Bankruptcy News, Issue No. 68; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
SEA CONTAINERS: Earns $8,467,259 in Month Ended July 31, 2007
-------------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of July 31, 2007
Assets
Current Assets
Cash and cash equivalents $32,754,852
Trade receivables, less allowances
for doubtful accounts 233,217
Due from related parties 7,887,211
Prepaid expenses and other current assets 1,660,226
------------
Total current assets $42,535,506
Fixed assets, net -
Long-term equipment sales receivable, net -
Investments in group companies 143,546,856
Intercompany receivables -
Investment in equity ownership interests 224,323,843
Other assets 4,197,434
------------
Total assets $414,603,639
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $7,261,450
Accrued expenses 48,928,748
Current portion of long-term debt 171,141,012
Current portion of senior notes 385,294,979
------------
Total current liabilities 612,626,189
Total shareholders' equity (198,022,550)
------------
Total liabilities and shareholders' equity $414,603,639
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended July 31, 2007
Revenue $3,523,132
Costs and expenses:
Operating income 3,902,253
Selling, general and
administrative expenses (2,902,745)
Professional fees (11,151,666)
Charges to provide against
intercompany accounts 159,971,911
Impairment of investment
in subsidiary companies (142,167,251)
Depreciation and amortization
------------
Total costs and expenses 7,652,502
------------
Gain or (Loss) on sale of assets -
------------
Operating income (loss) 11,175,634
Other income (expense)
Interest income 166,150
Foreign exchange gains or (losses) (44,121)
Interest expense, net (2,730,404)
------------
Income (Loss) before taxes 8,567,259
Income tax expense (100,000)
------------
Net Profit/(Loss) $8,467,259
============
Sea Containers Services
Unaudited Balance Sheet
As of July 31, 2007
Assets
Current Assets
Cash and cash equivalents $89,026
Trade receivables 27,271
Due from related parties 6,133,280
Prepaid expenses and other current assets 4,560,805
------------
Total current assets 10,810,381
Fixed assets, net 2,440,054
Investments 2,731,186
Intercompany receivables 45,790,213
Other assets 0
------------
Total assets $61,771,834
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $2,449,335
Accrued expenses 2,759,606
Current portion of long-term debt 1,689,177
------------
Total current liabilities 6,898,119
Total shareholders' equity 54,873,716
------------
Total liabilities and shareholders' equity $61,771,834
============
Sea Containers Services
Unaudited Statement of Operations
For the Month Ended July 31, 2007
Revenue $2,576,582
Costs and expenses:
Operating costs -
Selling, general and
administrative expenses (424,323)
Professional Fees (1,847,860)
Other charges 0
Depreciation and amortization (99,736)
------------
Total costs and expenses (2,371,919)
------------
Gains on sale of assets -
------------
Operating income (loss) 204,663
Other income (expense)
Interest income 39
Foreign exchange gains (losses) -
Interest expense, net (11,930)
------------
Income (Loss) before taxes 192,771
Income tax (charge)/credit (4,989,740)
------------
Net (Loss)/Income ($4,796,970)
============
Sea Containers Carribean, Inc., reported zero assets and accounts
payable of $3,530,094, as its sole liabilities in its July 2007
balance sheet.
Headquartered 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. 26; 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
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related conferences are encouraged. Send announcements to
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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
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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 R. Jusay, and
Peter A. Chapman, Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***