/raid1/www/Hosts/bankrupt/TCR_Public/071006.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, October 6, 2007, Vol. 11, No. 237
Headlines
AEGIS MORTGAGE: Files Schedules of Assets and Liabilities
ASARCO LLC: Earns $25,266,000 in Month Ended August 31, 2007
CALPINE CORP: Earns $40 Million in Month Ended August 31, 2007
CATHOLIC CHURCH: Davenport Files August 2007 Operating Report
COLLINS & AIKMAN: Posts $27,403,332 Net Loss in August 2007
DELPHI CORP: Posts $100 Million Net Loss in Month Ended August 31
DURA AUTOMOTIVE: Incurs $11.4 Million Net Loss in August 2007
FEDERAL-MOGUL: Posts Net Loss of $10.4 Million in August 2007
HOMEBANC CORP: Posts $106,893,000 Net Loss in Month Ended Aug. 31
PACIFIC LUMBER: Scotia Dev't. Files August 2007 Operating Report
PACIFIC LUMBER: ScoPac Files August 31 Monthly Operating Report
*********
AEGIS MORTGAGE: Files Schedules of Assets and Liabilities
---------------------------------------------------------
Aegis Mortgage Corporation submitted to the U.S. Bankruptcy Court
for the District of Delaware its schedules of assets and
liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on Hand 0
B.2 Financial Accounts
AMC Operating Account 652,888
Countrywide 69,217
Prime Buydown 4,387,672
UBS 1,212,380
Operating Account 8,415,001
Payroll Account 14,237
B.3 Security Deposits 0
B.4 Household Goods and Furnishings 0
B.5 Books, pictures & other art objects 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms, sports & other hobby equipment 0
B.9 Interests in insurance policies Unknown
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interest in pension, profit sharing plan 0
B.13 Stock & Interests 0
B.14 Interests in partnerships, joint ventures Unknown
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable 31,882,823
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor
[face amount: 5,850,414]
B.19 Other equitable interests 0
B.20 Investment in deferred compensation 0
B.21 Derivative asset
Tax refund due 2008 [estimated: 6,200,000]
Various tax refunds and overpayments 94,942
Vendor credit balances 66,742
Collateral held by lenders 78,398,429
B.22 Intellectual property Undetermined
B.23 Licenses, franchises and others 0
B.24 Customer list 0
B.25 Vehicles & accessories 0
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies
Ocwen Real Servicing Platform 1,727,090
Others (including machinery, fixtures) 10,715,920
B.29 Inventory 0
B.30 Animals 0
B.31 Crops 0
B.32 Farming equipment & implements 0
B.33 Farm supplies, chemicals & feed 0
B.34 Other personal property 0
TOTAL SCHEDULED ASSETS $138,265,342
======================================================
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
Residential Funding Corporation Unliquidated
Countrywide Unliquidated
E. Creditors Holding Unsecured
Priority Claims $743,334
plus unliquidated values to
be determined
F. Creditors Holding Unsecured
Nonpriority Claims
Bain & Company, Inc. 1,125,000
Reserve at Westchase, LP 114,133
Ocwen Loan Servicing 83,553
Katmore Realty Ten, Ltd. 97,131
Interactive Intelligence, Inc. 75,731
Others 1,886,585
TOTAL SCHEDULED LIABILITIES $4,125,470
======================================================
The liquidated debts owed to the Debtor with face amount of
$5,850,414 and tax refund due 2008 estimated to be $6,200,000
were excluded from the computation of the Debtor's total assets.
About Aegis Mortgage
Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage loan
products to brokers through its subsidiaries.
The company together with 10 affiliates filed for chapter 11
protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119)
Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones,
Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl,
Young, Jones and Weintraub, L.L.P., serve as counsel to the
Debtors. When the Debtors filed for bankruptcy, they
listed assets and debts of more than $100 million.
The Debtors' exclusive period to file a plan expires on
Dec. 11, 2007. Aegis Bankruptcy News, Issue No. 7, Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
ASARCO LLC: Earns $25,266,000 in Month Ended August 31, 2007
------------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of August 31, 2007
ASSETS
Current Assets:
Cash $722,812,000
Restricted Cash 27,648,000
Accounts receivable, net 127,889,000
Inventory 265,874,000
Prepaid expenses 3,496,000
Other current assets 28,034,000
---------------
Total Current Assets 1,175,753,000
Net property, plant and equipment 455,508,000
Other Assets
Investments in subs 104,597,000
Advances to affiliates 390,000
Prepaid pension & retirement plan 0
Non-current deferred tax asset 40,951,000
Other 99,530,000
---------------
Total assets $1,876,729,000
===============
LIABILITIES
Postpetition liabilities:
Accounts payable $48,514,000
Accrued liabilities 195,842,000
Debtor-in-possession financing 0
---------------
Total postpetition liabilities 244,356,000
Prepetition liabilities:
Not subject to compromise - credit 4,279,000
Not subject to compromise - other 85,296,000
Advances from affiliates 24,648,000
Subject to compromise 1,498,887,000
---------------
Total prepetition liabilities 1,613,110,000
---------------
Total liabilities $1,857,466,000
===============
OWNERS' EQUITY (DEFICIT)
Common stock 508,325,000
Additional paid-in capital 104,578,000
Other comprehensive income (262,249,000)
Retained earnings: filing date (1,062,099,000)
---------------
Total prepetition owners' equity (711,446,000)
Retained earnings: post-filing date 730,709,000
---------------
Total owners' equity (net worth) 19,263,000
---------------
Total liabilities and owners' equity $1,876,729,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ending August 31, 2007
Sales $139,882,000
Cost of products and services 91,271,000
---------------
Gross profit 48,610,000
Operating expenses:
Selling and general & admin expenses 3,766,000
Depreciation & amortization 3,299,000
Provision accretion expense of asset
retirement obligation 163,000
---------------
Operating income 41,382,000
Interest expense 608,000
Interest income (3,763,000)
Reorganization expenses 9,043,000
Other miscellaneous (income) expenses (5,838,000)
---------------
Income (loss) before taxes 41,332,000
Income taxes 16,066,000
---------------
Net income (loss) $25,266,000
===============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ending August 31, 2007
Receipts $166,500,000
Disbursements:
Inventory material 58,400,000
Operating disbursements 61,066,000
Capital expenditures 3,920,000
---------------
Total disbursements 123,386,000
Operating cash flow 43,144,000
Reorganization disbursements 6,629,000
---------------
Net cash flow [36,515,000]
Net payments to secured Lenders 0
---------------
Net change in cash 36,515,000
Beginning cash balance 713,974,000
---------------
Ending cash balances [$750,489,000]
===============
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. 55; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
CALPINE CORP: Earns $40 Million in Month Ended August 31, 2007
--------------------------------------------------------------
Calpine Corporation
Consolidated Condensed Balance Sheet
As of August 31, 2007
ASSETS
Current assets:
Cash and cash equivalents $1,395,000,000
Accounts receivable, net 1,134,000,000
Inventories 111,000,000
Margin deposits and other prepaid expense 452,000,000
Restricted cash, current 373,000,000
Current derivative assets 212,000,000
Assets held for sale 380,000,000
Other current assets 56,000,000
---------------
Total current assets 4,113,000,000
Property, plant and equipment, net 12,691,000,000
Restricted cash, net of current portion 148,000,000
Investments 262,000,000
Long-term derivative assets 277,000,000
Other assets 976,000,000
---------------
Total assets $18,467,000,000
===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $758,000,000
Accrued interest payable 202,000,000
Debt, current 4,882,000,000
Current derivative liabilities 246,000,000
Income taxes payable 38,000,000
Liabilities held for sale 276,000,000
Other current liabilities 387,000,000
---------------
Total current liabilities 6,789,000,000
Debt, net of current portion 3,131,000,000
Deferred income taxes, net of current portion 597,000,000
Long-term derivative liabilities 409,000,000
Long-term liabilities 281,000,000
---------------
Total liabilities not subject to compromise 11,207,000,000
Liabilities subject to compromise 15,354,000,000
Minority interests 8,000,000
Stockholders' equity (deficit):
Common stock 1,000,000
Additional paid-in capital 3,270,000,000
Additional paid-in capital, loaned shares 22,000,000
Additional paid-in capital, returnable shares (22,000,000)
Accumulated deficit (11,324,000,000)
Accumulated other comprehensive loss (49,000,000)
---------------
Total stockholders' deficit 8,102,000,000
Total liabilities and stockholders' deficit $18,467,000,000
===============
Calpine Corporation
Consolidated Condensed Statement of Operations
For the period ending August 31, 2007
Revenue:
Electricity and steam revenue $647,000,000
Sales of purchased power and gas
for hedging and optimization 201,000,000
Mark-to-market activities, net 9,000,000
Other revenue 3,000,000
-------------
Total revenue 860,000,000
Cost of revenue:
Plant operating expense 59,000,000
Purchased power and gas expense
for hedging and optimization 164,000,000
Fuel expense 415,000,000
Depreciation & amortization expense 38,000,000
Operating plant impairments 0
Operating lease expense 5,000,000
Other cost of revenue 11,000,000
-------------
Total cost of revenue 692,000,000
Gross profit (loss) 168,000,000
Equipment, development project & other impairments 0
Sales, general and administrative expense 11,000,000
Other operating expenses 3,000,000
-------------
Income (loss) from operations 154,000,000
Interest expense 95,000,000
Interest (income) (5,000,000)
Minority interest expense 0
Other (income) expense, net (9,000,000)
-------------
Income (loss) before reorganization items
& provision (benefit) for income taxes 73,000,000
Reorganization items 27,000,000
-------------
Income before provision for income taxes 46,000,000
Provision for income taxes 6,000,000
-------------
Net income $40,000,000
=============
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 Sept. 25, 2007, the Court approved the adequacy of the Debtors'
Disclosure Statement explaining their plan. The hearing to
consider confirmation of that Plan is set for Dec. 18, 2007.
(CALPINE Bankruptcy News, Issue No. 63; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Davenport Files August 2007 Operating Report
-------------------------------------------------------------
Diocese of Davenport in Iowa
Statement of Financial Position
As of August 31, 2007
ASSETS
Current Assets
Cash and cash equivalents - unrestricted $5,644,142
Cash and cash equivalents - restricted 2,575,421
Accounts receivable, net 334,757
Inventory -
Prepaid expenses 689
Professional retainers 55,652
--------------
Total Current Assets 8,610,661
--------------
Property and Equipment
Real Property 4,163,800
Machinery and equipment 6,000
Furniture and fixtures 8,914
Office equipment 59,500
Leasehold improvements -
Vehicles 45,460
--------------
Total Property and Equipment 4,283,674
--------------
Total Assets $12,894,335
==============
LIABILITIES AND NET ASSETS
Postpetition
Current Liabilities:
Salaries and wages -
Payroll taxes -
Real and personal property taxes -
Income taxes -
Sales taxes -
Notes payable, short term -
Accounts payable, trade $5,356,573
Real property lease arrearage -
Personal property lease arrearage -
Accrued professional fees -
Current portion of long-term debt -
Pass-through collections 18,721
Additional Accrued Vacations 5,574
--------------
Total Current Liabilities 5,380,868
--------------
Long-Term Postpetition Debt, Net -
--------------
Total Postpetition Liabilities 5,380,868
--------------
Prepetition
Secured claims -
Priority unsecured claims 160,888
General unsecured claims 1,655,316
--------------
Total Prepetition Liabilities 1,816,204
--------------
Total Liabilities 7,197,072
--------------
Equity (deficit):
Retained earnings/deficit at filing 5,855,424
Capital stock -
Additional paid-in capital -
Cumulative profit/loss since filing (3,722,964)
Post-petition contributions/distributions
or draws -
Market value adjustment 3,564,803
--------------
Total equity (deficit) 5,697,263
--------------
Total liabilities & equity (deficit) $12,894,335
==============
Diocese of Davenport in Iowa
Statement of Operations
For the month ending August 31, 2007
Revenues
Gross sales $206
Less: sales returns & allowances -
Net sales 206
Less: cost of goods sold -
Gross profit 206
Interest 2,730
Other income:
Charitable gifts 15,438
Insurance receipts 129,081
Investment income 41,783
--------------
Total revenues 189,238
--------------
Expenses:
Compensation to owner(s)/officer(s) 12,209
Salaries 102,704
Commissions -
Contract labor 4,653
Rent/Lease:
Personal property 100
Real property -
Insurance 239,211
Management fees -
Depreciation 5,255
Taxes:
Employer payroll taxes 6,484
Real property taxes -
Other taxes -
Other selling -
Other administrative 65,532
Interest -
Other expenses:
Employee benefits 26,235
Charity collection 12,406
Medical assistance/Victim assistance 2,310
Utilities 6,023
Transfer to unrestricted -
Professional fees 616
Sabbatical -
Cemetery perpetual care -
--------------
Total expenses 483,738
--------------
Reorganization items:
Professional fees -
Estimate of claims payments -
Interest earned on accumulated cash
from resulting Chapter 11 case 22,457
Gain or (Loss) from sale of equipment -
U.S. Trustee quarterly fees -
Advertising/printing/mailing -
--------------
Total reorganization items 22,457
--------------
Net profit (loss) before federal &
state taxes (272,043)
Federal & state income taxes -
--------------
Net profit (loss) ($272,043)
==============
Diocese of Davenport in Iowa
Statement of Cash Receipts and Disbursements
For the month ending August 31, 2007
Cash receipts
Rent/Leases collected $3,625
Cash received from sales 206
Interest received 25,187
Borrowings increase in accounts payable -
Funds from shareholders, partners,
or other insiders (Sale of property) -
Capital contributions -
Annual diocesan appeal/donations 15,438
Investment income/misc. -
Insurance receipts 129,081
Tribunal/Immigration/Faith Formation fees 38,158
Decrease in prepaids/accounts receivable 222,489
Misc./Increase in accounts payable -
--------------
Total Cash Receipts 434,184
Cash disbursements:
Payments for inventory -
Selling -
Administrative 81,926
Capital expenditures 997
Principal payments on debt -
Interest paid -
Rent/Lease:
Personal Property 100
Real Property -
Amount paid to owner(s)/officer(s)
Salaries 12,209
Draws -
Commissions/Royalties -
Expense Reimbursements 284
Other -
Salaries/Commissions (less employee
withholding 78,908
Management fees -
Taxes
Employee withholding 23,796
Employer payroll taxes 6,484
Real property taxes -
Other taxes -
Other cash outflows:
Insurance 239,211
Utilities 6,023
Medical Assistance 2,310
Employee benefits 26,235
Misc 137,800
--------------
Total Cash Disbursements 616,283
--------------
Net increase (decrease) in cash (182,099)
Cash balance, beginning of period 2,119,643
Cash balance, end of period $1,937,544
==============
The Diocese of Davenport in Iowa filed for chapter 11 protection
(Bankr. S.D. Ia. Case No. 06-02229) on October 10, 2006. Richard
A. Davidson, Esq., at Lane & Waterman LLP, represents the
Davenport Diocese in its restructuring efforts. Hamid R.
Rafatjoo, Esq., and Gillian M. Brown, Esq., of Pachulski Stang
Zhiel Young Jones & Weintraub LLP represent the Official Committee
of Unsecured Creditors. In its schedules of assets and
liabilities, the Davenport Diocese reported $4,492,809 in assets
and $1,650,439 in liabilities. (Catholic Church Bankruptcy News,
Issue No. 103; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COLLINS & AIKMAN: Posts $27,403,332 Net Loss in August 2007
-----------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of August 31, 2007
ASSETS
Cash $287,143,339
Accounts receivable-trade, net 125,427,294
Other non-trade receivables 7,397,507
Inventories, net 22,751,493
Tooling and molding, net-current 26,671,312
Prepaids & other current assets 20,317,945
Deferred tax assets-current 0
---------------
TOTAL CURRENT ASSETS 489,708,890
Investments in subsidiaries 2,479,293,518
Fixed assets, net 146,252,923
Goodwill, net 59,622,121
Deferred tax assets-long term 0
Tooling and molding, net-long term 1,515,939
Other noncurrent assets 24,688,944
Intercompany accounts - net 50,372,177
Prepetition intercompany - net 633,676,975
---------------
TOTAL ASSETS $3,885,131,488
===============
LIABILITIES & EQUITY
Notes payable $0
Short term borrowings 0
Advance on receivables 0
Current portion-long term debt 111,060,000
Current portion-capital leases 0
Accounts payable 37,697,376
Accrued interest payable 100,441,287
Accrued & other liabilities 76,765,701
Income taxes payable 4,689,864
---------------
Total current liabilities 330,654,228
Liabilities subject to compromise 2,402,845,272
Deferred income taxes 30,472,400
---------------
Total liabilities 2,763,971,900
Total equity 1,121,159,588
---------------
TOTAL LIABILITIES & EQUITY $3,885,131,488
===============
Collins & Aikman Corporation
Income Statement
Month Ended August 31, 2007
Net outside sales $71,018,129
I/C Net sales (4,227,509)
---------------
Total sales 66,790,620
Cost of Sales 72,709,138
---------------
Gross profit (5,918,518)
Selling, general & administrative expenses 6,815,022
---------------
Operating income (12,733,540)
Interest expenses, net 7,096,668
Intercompany interest, net (3,513,622)
Preferred stock accretion 0
Miscellaneous (income)/expense 0
Corporate allocation adjustment 0
Commission income (230,022)
Commission expense 0
Royalty income (510,184)
Royalty expense 0
Joint Venture (Income)/Expense 0
Minority interest in cons net income 0
Dividend income 0
Discount/Income for Carcorp. 0
Gain/(Loss) early extinguishments of debt 0
Discount/Premium on hedges 0
(Gain)/Loss on hedges 0
(Gain)/Loss on swaps 0
NAAIS Intercompany sales profit 0
Loss on sale of receivables 0
Restructuring provision (18,193,018)
Asset Impairment 30,300,379
Foreign transactions - (Gain)/Loss (326,269)
Amort of discount on NPV of liabilities 0
(Gain)/Loss on sale-leaseback transaction 0
---------------
Income from continuing operations before taxes (27,357,472)
Federal income tax 0
State income tax 0
Foreign income tax 30,670
---------------
Income from continuing operations (27,388,142)
Discontinued operations 15,190
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME (LOSS) ($27,403,332)
===============
Headquartered in Troy, Mich., Collins & Aikman Corporation --
http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a leading
supplier of instrument panels, automotive fabric, plastic-based
trim, and convertible top systems. The Company has a workforce of
approximately 23,000 and a network of more than 100 technical
centers, sales offices and manufacturing sites in 17 countries
throughout the world. The Company and its debtor-affiliates filed
for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case
No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring. Lazard Freres & Co., LLC,
provides the Debtors with investment banking services. Michael S.
Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents
the Official Committee of Unsecured Creditors Committee. When the
Debtors filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total debts.
On Aug. 30, 2006, the Debtors filed a Joint Chapter 11 Plan and a
Disclosure Statement explaining that plan. On Dec. 22, 2006, they
filed an Amended Plan and on Jan. 22, 2007, filed a modified
Amended Plan. On Jan. 25, 2007, the Court approved the adequacy
of the Disclosure Statement. On July 18, 2007, the Court
confirmed the Debtors' Liquidation Plan. The Debtors' cases are
set to be closed on Feb. 28, 2008. (Collins & Aikman Bankruptcy
News, Issue No. 75; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)
DELPHI CORP: Posts $100 Million Net Loss in Month Ended August 31
-----------------------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of August 31, 2007
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $20
Restricted cash 138
Accounts receivable, net:
General Motors and affiliates 1,545
Other third parties 972
Non-Debtor affiliates 367
Notes receivable from non-Debtor affiliates 292
Inventories, net:
Productive material, work-in-process & supplies 862
Finished goods 249
Other current assets 226
--------
TOTAL CURRENT ASSETS 4,671
Long-term assets:
Property, net 1,819
Investment in affiliates 362
Investments in non-Debtor affiliates 3,936
Goodwill 152
Other intangible assets 28
Other 301
--------
TOTAL LONG-TERM ASSETS 6,598
--------
TOTAL ASSETS $11,269
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Debtor-in-possession financing $3,105
Accounts payable 1,261
Accounts payable to non-Debtor affiliates 623
Accrued liabilities 763
Notes payable to non-Debtor affiliates 131
--------
TOTAL CURRENT LIABILITIES 5,883
Long-term liabilities not subject to compromise:
Employee benefit plan obligations and other 707
Liabilities subject to compromise 18,216
--------
TOTAL LIABILITIES 24,806
Stockholders' deficit:
Common stock 6
Additional paid-in capital 2,779
Accumulated deficit (13,534)
Accumulated other comprehensive loss (2,736)
Treasury stock, at cost (3.2 million shares) (52)
--------
TOTAL STOCKHOLDERS' DEFICIT (13,537)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $11,269
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended August 31, 2007
(In Millions)
Net sales:
General Motors and affiliates $925
Other customers 554
Non-Debtor affiliates 45
--------
Total net sales 1,524
--------
Operating expenses:
Cost of sales 1,463
Long-lived asset impairment charges -
Securities & ERISA litigation charge 21
Depreciation and amortization 41
Selling, general and administrative 93
--------
Total operating expenses 1,618
--------
Operating loss (94)
Interest expense (24)
Loss on extinguishment of debt -
Other (expense) income, net 16
Reorganization items (14)
Income tax benefit (expense) -
Equity income from non-consolidated affiliates 1
Equity income from non-Debtor affiliates 15
--------
NET LOSS ($100)
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended August 31, 2007
(In Millions)
Cash flows from operating activities:
Net loss ($100)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization 41
Deferred income taxes (1)
Pension and other postretirement benefit expenses 78
Equity income from unconsolidated affiliates (1)
Equity income from non-Debtor affiliates (15)
Reorganization items 14
Securities & ERISA litigation charges 21
Changes in operating assets and liabilities:
Accounts receivable, net (84)
Inventories, net 17
Other assets 8
Accounts payable, accrued and other long-term debts (98)
U.S. employee special attrition program (14)
Other postretirement benefit payments (20)
Pension contributions (1)
Payments for reorganization items (11)
Other (2)
--------
Net cash used in operating activities (168)
Cash flows from investing activities:
Capital expenditures (22)
Increase in restricted cash (28)
Other 4
--------
Net cash used in investing activities (46)
Cash flows from financing activities:
Net proceeds from DIP facility 75
Net repayments of borrowings under other debt pacts 131
Other (2)
--------
Net cash used in financing activities 204
--------
Decrease in cash and cash equivalents (10)
Cash and cash equivalents at beginning of period 30
--------
Cash and cash equivalents at end of period $20
========
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.
(Delphi Bankruptcy News, Issue No. 87 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
DURA AUTOMOTIVE: Incurs $11.4 Million Net Loss in August 2007
-------------------------------------------------------------
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Balance Sheet
As of August 26, 2007
(Dollars in thousands)
ASSETS
Current Assets:
Cash and cash equivalents $13,597
Accounts receivable, net
Trade 134,255
Other 10,929
Non-Debtor subsidiaries 28,934
Inventories 81,955
Other current assets 37,163
----------
Total current assets 306,803
Property, plant and equipment, net 164,318
Goodwill, net 249,927
Notes receivable from Non-Debtors subsidiaries 184,198
Investment in Non-Debtors subsidiaries 790,647
Other noncurrent assets 25,179
----------
Total Assets $1,721,072
==========
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current liabilities:
Debtors-in-possession financing $249,130
Accounts payable 54,525
Accounts payable to Non-Debtors subsidiaries 1,377
Accrued Liabilities 84,759
----------
Total current liabilities 389,791
Long-term Liabilities:
Notes Payable to Non-Debtors subsidiaries 8,812
Other noncurrent liabilities 60,742
Liabilities Subject to Compromise 1,312,352
----------
Total Liabilities 1,771,697
Stockholders' Investment (50,625)
----------
Total Liabilities and Stockholders' Investment $1,721,072
==========
Dura Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statement of Operations
For the Four Weeks Ended August 26, 2007
(Dollars in thousands)
Total sales $83,342
Cost of sales 80,238
----------
Gross (loss) profit 3,104
Selling, general and administrative expenses 5,627
Facility consolidation, asset impairment
and other charges 452
Amortization expense 34
----------
Operating (loss) income (3,009)
Interest expense, net 3,749
----------
Loss before reorganization items and income taxes (6,758)
Reorganization items 4,637
----------
Income before income taxes (11,395)
Provision for income taxes 12
----------
Net Income (Loss) ($11,407)
==========
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) ($11,407)
Adjustments to reconcile net loss to net cash used
in operations activities:
Depreciation, amortization & asset impairment 2,468
Amortization of deferred financing fees 708
(Gain)/Loss on sale of assets 61
Reorganization items 4,637
Changes in other operating items:
Accounts receivable (14,749)
Inventories 2,284)
Other current assets 541
Noncurrent assets 245
Accounts payable 7,293
Accrued liabilities (1,163)
Noncurrent liabilities (227)
Current intercompany transactions 5,057
----------
Net cash provided by operating activities (4,249)
Investing Activities:
Purchases of property, plant & equipment (1,332)
Proceeds from sales of assets
----------
Net cash (used in) provided by
investing activities (1,332)
Financing Activities:
DIP borrowings 12,474
Payments on Prepetition Date (303)
----------
Net cash provided by financing activities 12,171
Net Increase (Decrease) in Cash & Equivalents 6,590
Cash & Cash Equivalent, Beginning Balance 7,007
----------
Cash & Cash Equivalent, Ending Balance $13,597
==========
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.
The Debtors' exclusive plan-filing period expired on Sept. 30,
2007. Confirmation hearing of the plan will begin on Nov. 26,
2007. (Dura Automotive Bankruptcy News, Issue No. 32 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
FEDERAL-MOGUL: Posts Net Loss of $10.4 Million in August 2007
-------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of August 31, 2007
(In millions)
Assets
Cash and equivalents $52.3
Accounts receivable 599.8
Inventories 400.7
Deferred taxes 192.5
Prepaid expenses and other current assets 108.2
--------
Total current assets 1,353.4
Summary of Unpaid Postpetition Debits 24.8
Intercompany Loans Receivable (Payable) 1,678.2
--------
Intercompany Balances 1,703.0
Property, plant and equipment 766.4
Goodwill 930.5
Other intangible assets 340.1
Insurance recoverable 880.2
Other non-current assets 521.2
--------
Total Assets $6,494.9
========
Liabilities and Shareholders' Equity
Short-term debt $708.1
Accounts payable 239.9
Accrued compensation 62.4
Restructuring and rationalization reserves 17.0
Current portion of asbestos liability -
Interest payable 3.8
Other accrued liabilities 261.0
--------
Total current liabilities 1,292.2
Long-term debt -
Post-employment benefits 725.1
Other accrued liabilities 546.5
Liabilities subject to compromise 5,456.9
Shareholders' equity:
Preferred stock 1,050.6
Common stock 662.1
Additional paid-in capital 7,997.3
Accumulated deficit (11,424.1)
Accumulated other comprehensive income 188.4
Other -
--------
Total Shareholders' Equity (1,525.7)
--------
Total Liabilities and Shareholders' Equity $6,494.9
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended August 31, 2007
(In millions)
Net sales $283.8
Cost of products sold 236.1
--------
Gross margin 47.6
Selling, general & administrative expenses (44.6)
Amortization (1.2)
Reorganization items (4.2)
Interest income (expense), net (16.3)
Other income (expense), net 8.4
--------
Earnings before Income Taxes (10.2)
Income Tax (Expense) Benefit (0.2)
--------
Earnings before cumulative effect of change
in accounting principle (10.4)
--------
Net Earnings (loss) ($10.4)
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the Month Ended August 31, 2007
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) ($10.4)
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 15.1
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 0.4
Decrease (increase) in accounts receivable (3.6)
Decrease (increase) in inventories 11.9
Increase (decrease) in accounts payable (5.5)
Change in other assets & other liabilities (33.3)
Change in restructuring charge -
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From Operating Activities (25.2)
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (6.6)
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 (6.6)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt 25.1
Sale of accounts receivable under securitization -
Dividends -
Other (0.1)
--------
Net Cash Provided From Financing Activities 25.0
Increase (Decrease) in Cash and Equivalents (6.8)
Cash and equivalents at beginning of period 59.1
--------
Cash and equivalents at end of period $52.3
========
Based in Southfield, Michigan, 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. The Debtors 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 began on June 18, 2007. The Court
heard closing arguments regarding confirmation of the Plan on
October 1 and 2, 2007. The Debtors proposed certain modifications
to the Plan at the end of closing arguments on Oct. 2. The
Debtors officially filed the Plan Modifications, together with a
revised Proposed Order confirming the Plan, on Oct. 4. (Federal-
Mogul Bankruptcy News, Issue No. 147; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
HOMEBANC CORP: Posts $106,893,000 Net Loss in Month Ended Aug. 31
-----------------------------------------------------------------
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Balance Sheet
As of August 31, 2007
ASSETS
Cash $9,430,000
Restricted cash 10,449,000
Mortgage loans held for sale, net 619,207,000
Mortgage loans held for investment, net of 3,840,039,000
allowance of $3,872,000 and $4,040,000
Mortgage servicing rights 67,157,000
Receivable from custodian 48,011,000
Trading securities 1,733,000
Securities available for sale 0
Securities held to maturity 0
Accrued interest receivable 12,788,000
Premises and equipment, net 43,264,000
Goodwill, net 0
Deferred tax asset, net 16,502,000
Accounts receivable from affiliates 0
Investment in subsidiaries 0
Other Assets 49,515,000
---------------
TOTAL ASSETS $4,718,095,000
===============
LIABILITIES & EQUITY
Warehouse lines of credit $636,646,000
Repurchase agreements 0
Loan funding payable 12,861,000
Accrued interest payable 0
Accrued expenses 26,137,000
Other accounts payable (18,562,000)
Accounts payable to affiliates 589,000
Collaterized debt obligations 3,747,541,000
Junior subordinated debentures representing 175,260,000
obligations for trust preferred securities
---------------
Total liabilities 4,580,472,000
Minority interest 64,000
Shareholders Equity:
Preferred stock 47,992,000
Common stock 571,000
Additional paid-in capital 278,865,000
Accumulated deficit (171,965,000)
Treasury stock (17,904,000)
Accumulated other comprehensive (loss) income 0
---------------
Total shareholder's equity 137,559,000
---------------
TOTAL LIABILITIES & EQUITY $4,718,095,000
===============
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Statement of Operations
For the Eight-Month Period Ended August 31, 2007
REVENUES
Net interest income:
Interest income:
Mortgage loans, including fees $164,925,000
Securities available for sale 16,833,000
Securities held to maturity 4,632,000
Trading securities 2,179,000
---------------
Total interest income 188,569,000
Total interest expense (198,622,000)
---------------
Net interest income (10,053,000)
Provision for loan losses 3,830,000
---------------
Net interest income after provision for loan (6,223,000)
losses
Net gain on sale of mortgage loans 17,712,000
Net gain on sale of securities available for sale 24,002,000
Mortgage servicing income, net 5,360,000
Other revenue (8,748,000)
---------------
Total revenues 32,103,000
EXPENSES
Salaries and associate benefits, net 48,036,000
Goodwill impairment 39,995,000
Marketing and promotions 10,126,000
Occupancy and equipment 10,245,000
Depreciation and amortization 5,363,000
Minority interest 111,000
Other operating expense 19,404,000
---------------
Total expenses 133,280,000
---------------
Loss before income taxes (101,177,000)
Income tax expense 5,716,000
---------------
Net loss ($106,893,000)
===============
HomeBanc Mortgage Corporation and Subsidiaries
Consolidated Statement of Cash Flows
For the Eight-Month Period Ended August 31, 2007
OPERATING ACTIVITIES
Net loss ($106,893,000)
Adjustments to reconcile net loss to net cash
(used in) provided by operating activities:
Goodwill impairment 39,995,000
Depreciation and amortization 5,363,000
Net amortization of premium/accretion of (1,064,000)
discount on investment securities
Provision for loan losses (3,830,000)
Provision for losses associated with certain (5,101,000)
loan sales and mortgage loans held for sale
Gain on sale of securities available for sale (24,002,000)
Capitalization of mortgage servicing rights (23,172,000)
Change in fair value of mortgage servicing (77,000)
rights
Loss on disposal of premises and equipment 396,000
Stock-based compensation, net 2,678,000
Compensation expense for Sales Equity Plan, net 158,000
Cumulative effect of change in accounting 0
principle
Minority interest 22,000
Deferred taxes 5,716,000
Decrease (increase) in restricted cash 117,584,000
(Increase) decrease in mortgage loans held for (239,908,000)
sale, net
Increase in trading securities 3,091,000
Decrease in receivable from custodian 29,601,000
Decrease (increase) in accrued interest 9,599,000
receivable
Decrease (interest) in other assets 67,981,000
(Decrease) increase in accrued interest (9,144,000)
payable
Decrease in other liabilities (68,937,000)
---------------
Net cash (used in) provided by operating (199,944,000)
activities
INVESTING ACTIVITIES
Net principal collections of mortgage loans 530,489,000
held for investment
Purchases of premises and equipment, net (3,617,000)
Purchases of investment securities available 0
for sale
Proceeds from the sale of securities available 1,509,385,000
for sale
Proceeds from maturities and prepayments of 49,274,000
investment securities available for sale
Purchase of investment securities held to 0
maturity
Proceeds from maturities and prepayments of 10,553,000
investment securities held to maturity
---------------
Net cash provided by (used in) investing 2,096,084,000
activities
FINANCING ACTIVITIES
Increase (decrease) in warehouse credit 231,881,000
facilities, net
(Decrease) increase in repurchase agreements, (1,527,470,000)
net
Net change in loan funding payable (50,994,000)
Proceeds from debt issuance 0
Repayment of debt (529,485,000)
Proceeds from issuance of preferred stock, net 0
Purchase of shares under share repurchase (16,499,000)
program
Purchase of shares under Sales Equity Plan 0
Cash dividends paid (15,130,000)
---------------
Net cash (used in) provided by financing (1,907,697,000)
activities
---------------
Net increase (decrease) in cash (11,557,000)
Cash & cash equivalents at beginning of period 20,987,000
---------------
Cash and cash equivalents at end of period $9,430,000
===============
Headquartered in Atlanta, Ga., HomeBanc Mortgage Corporation --
http://www.homebanc.com/-- is a mortgage banking company focused
on originating primarily prime purchase money residential mortgage
loans in the Southeast United States.
HomeBanc Mortgage together with five affiliates filed for chapter
11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079
through 07-11084). Joel A. Waite, Esq., at Young, Conaway,
Stargatt & Taylor was selected by the Debtors to represent them
in these cases. The Debtors' financial condition as of June 30,
2007, showed total assets of $5,100,000,000 and total liabilities
of $4,900,000,000.
The Debtors' exclusive period to file a plan ends on Dec. 7, 2007.
(HomeBanc Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
PACIFIC LUMBER: Scotia Dev't. Files August 2007 Operating Report
----------------------------------------------------------------
Scotia Development LLC, et al.
Consolidated Balance Sheet
As of August 31, 2007
ASSETS
Current Assets
Cash $1,473,495
Accounts receivable, net 6,969,108
Inventory: lower cost or market 24,259,006
Prepaid expenses 5,620,570
Prepaid Restructuring 100,000
Investments -
Other 271,750
------------
Total Current Assets 38,693,929
Property, Plant & Equipment 213,689,088
Less: Accumulated Depreciation (137,783,044)
------------
Net book value of property & plant 75,906,044
Other Assets
Notes Receivable 530,490
Deferred Financing Costs 6,751,646
Long-term Investments 2,743,636
Restricted Cash 2,509,580
Restricted Cash - Letter of
Credit Collaterization 14,368,408
Deferred Tax Assets 13,652,208
------------
TOTAL ASSETS $155,155,941
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $1,084,318
Tax payable
Federal payroll taxes 54,776
State payroll taxes 10,000
Ad valorem taxes 103,231
Other taxes 23,443
------------
Total taxes payable 191,451
Secured debt postpetition 61,728,574
Accrued interest payable 1,791,896
Accrued professional fees 2,447,741
Other accrued liabilities
Trade Accruals 2,198,817
Compensation and Benefits 1,711,899
Other Accrued 678,740
Due to Affiliate/Parent 949,621
------------
Total Postpetition Liabilities 72,783,057
Prepetition Liabilities
Notes payable - Secured 84,277,251
Priority debt 5,987,769
Federal income tax (17,006)
FICA/ Withholding -
Unsecured debt 2,922,594
Other 33,835,206
Due to Affiliate/Parent 41,661,505
------------
Total Prepetition Liabilities 168,667,319
------------
Total Liabilities 241,450,376
Owner's Equity (Deficit)
Equity in Affiliates 513,069,398
Common Stock 1,001
Additional Paid-in Capital 275,546,288
Retained Earnings: Filing Date (794,985,292)
Retained Earnings: Post Filing Date (79,925,830)
------------
Total Owner's Equity (86,294,435)
------------
TOTAL LIABILITIES & OWNERS EQUITY $155,155,941
============
Scotia Development LLC, et al.
Statement of Income
For the Period Ended August 31, 2007
Revenues $9,028,025
Total cost of revenues 11,899,752
------------
Gross Profit (2,871,727)
Operating Expenses
Selling & Marketing 116,606
General & Administrative 402,227
Insiders Compensation 113,136
Professional Fees -
Idle Facilities 76,200
Environmental 34,121
------------
Total Operating Expenses 742,290
------------
Income before interest, depreciation, tax (3,614,016)
Interest Expense 1,336,239
Depreciation 859,031
Other (Income) Expenses (13,280)
Amortization of Deferred Financing Costs 1,434,586
Restructuring
Professional Fees 961,503
Other 552,054
Equity Loss (Earnings) in Subsidiary 5,538,113
Total Interest, Depreciation & Other Items 10,668,247
------------
Net Income Before Taxes (14,282,262)
Federal Income Tax 0
------------
Net Income (Loss) ($14,282,262)
============
Scotia Development LLC, et al.
Cash Receipts and Disbursements
For the Month Ended August 31, 2007
Receipts
Cash Sales $47,180
Collection of Accounts Receivable 10,544,814
Loans & Advances 9,970,477
Sale of Assets -
Other 171,620
------------
Total Receipts 20,734,091
Disbursements
Net payroll 1,145,912
Payroll taxes paid 402,743
Sales, use & other taxes paid 16,122
Secured/rentals/leases 197,832
Utilities & telephone 94,646
Insurance 857,837
Cost of goods sold 8,255,875
Vehicle expenses 173,840
Travel & entertainment 33,205
Repairs, maintenance & supplies 804,393
Administrative & selling 831,020
Other 4,394,301
------------
Total Disbursements from operations 17,207,725
Professional fees 737,877
U.S. Trustee fees 20,750
Other reorganization expenses 3,467,438
------------
Total Disbursements 21,433,791
------------
Net Cash Flow (699,698)
------------
Cash, at the beginning of the month 2,173,193
------------
Cash, at the end of the month $1,473,495
============
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. (Scotia/Pacific Lumber Bankruptcy News, Issue
No. 29, http://bankrupt.com/newsstand/or 215/945-7000).
PACIFIC LUMBER: ScoPac Files August 31 Monthly Operating Report
---------------------------------------------------------------
Scotia Pacific Company LLC
Consolidated Balance Sheet
As of August 31, 2007
ASSETS
Current Assets
Cash $54,657,945
Accounts receivable, net 6,083,685
Inventory: lower cost or market 562,887
Prepaid expenses 6,297,557
Prepaid Restructuring 839,671
Investments -
Other 268,756
------------
Total Current Assets $68,710,502
Property, Plant & Equipment 598,558,810
Less: Accumulated Depreciation (357,534,759)
------------
Net book value of property & plant 241,024,051
Other Assets
Tax Deposits -
Investments in Subsidiaries -
Electric Deposit -
Capitalized Expenses 11,093,162
------------
TOTAL ASSETS $320,827,715
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $188,111
Tax payable
Federal payroll taxes 10,815
State payroll taxes 1,308
Ad valorem taxes 140,000
Other taxes 316,777
------------
Total taxes payable 468,900
Secured debt postpetition -
Accrued interest payable 33,448,937
Accrued professional fees 8,436,806
Other accrued liabilities
Unsecured Debt 2,249,478
Payroll 386,212
Other 277,851
------------
Total Postpetition Liabilities 45,456,296
Prepetition Liabilities
Notes payable - Secured 767,304,719
Priority debt 207,812
Federal income tax -
FICA/ Withholding -
Unsecured debt 3,458,590
Other 235,944
-------------
Total Prepetition Liabilities 771,207,065
-------------
Total Liabilities $816,753,360
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 (34,089,904)
------------
Total Owner's Equity (495,925,645)
------------
TOTAL LIABILITIES & OWNERS EQUITY $320,827,715
============
Scotia Pacific Company LLC
Statement of Income
For the Period Ended August 31, 2007
Revenues $4,302,553
Total cost of revenues 1,219,613
------------
Gross Profit $3,082,939
Operating Expenses
Selling & Marketing -
General & Administrative 162,820
Insiders Compensation -
Professional Fees -
Other -
------------
Total Operating Expenses 162,820
------------
Income before interest, depreciation, tax 2,920,119
Interest Expense 4,898,927
Depreciation 792,393
Other (Income) Expenses (59,567)
Restructuring
Professional Fees 2,558,000
Other 268,480
Total Interest, Depreciation & Other Items 8,458,232
------------
Net Income Before Taxes (5,538,113)
Federal Income Tax -
------------
Net Income (Loss) ($5,538,113)
============
Scotia Pacific Company LLC
Cash Receipts and Disbursements
For the Month Ended August 31, 2007
Receipts
Cash Sales -
Collection of Accounts Receivable -
Loans & Advances -
Sale of Assets -
Interest Income $290,184
Log Sales to PALCO Less Reimbursable Expense 4,309,028
Other 206
-------------
Total Receipts 4,599,418
Disbursements
Net payroll 264,609
Payroll taxes paid 86,754
Sales, use & other taxes paid -
Secured/rentals/leases 24,644
Utilities & telephone 222
Insurance 410,786
Cost of goods sold -
Vehicle expenses 2,891
Travel & entertainment -
Repairs, maintenance & supplies 3,863
Administrative & selling 408,621
Other -
------------
Total Disbursements from operations $1,202,391
Professional fees 916,343
U.S. Trustee fees 10,000
Other reorganization expenses 269,127
------------
Total Disbursements $2,397,861
------------
Net Cash Flow -- 2,201,558
------------
Cash, at the beginning of the month 52,456,387
------------
Cash, at the end of the month $54,657,945
============
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. (Scotia/Pacific Lumber Bankruptcy News, Issue
No. 29, http://bankrupt.com/newsstand/or 215/945-7000).
*********
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy,
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and Peter A. Chapman, Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9474.
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