/raid1/www/Hosts/bankrupt/TCR_Public/080105.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, January 5, 2008, Vol. 12, No. 4
Headlines
ASARCO LLC: Earns $40,654,000 in Month Ended November 30, 2007
DANA CORP: Incurs $29,000,000 Net Loss in Month Ended November 30
DELPHI CORP: Incurs $231 Million Net Loss in Month Ended Nov. 30
DUNMORE HOMES: Files Schedules of Assets and Liabilities
HANCOCK FABRICS: Posts $17,000 Net Loss in Month Ended December 1
HOMEBANC MORTGAGE: Posts $11,594,000 Net Loss in November 2007
INTERSTATE BAKERIES: Posts $13,401,611 Net Loss in November 2007
IWT TESORO: Incurs $929,405 Net Loss in Month Ended November 30
LEVITZ FURNITURE: Files Schedules of Assets and Liabilities
MUSICLAND HOLDING: Posts $30,000 Net Loss in October 2007
MUSICLAND HOLDING: Posts $296,000 Net Loss in November 2007
NY WESTCHESTER: Submits Operating Report for November 2007
PERFORMANCE TRANS: Files Schedules of Assets and Liabilities
PERFORMANCE TRANS: Hadley Files Schedules of Assets and Debts
PERFORMANCE TRANS: Leaseway Files Schedules of Assets and Debts
PERFORMANCE TRANS: PLG Leasing Files Schedules of Assets and Debts
REMY WORLDWIDE: Incurs $5,932,000 Net Loss in October 2007
SOLUTIA INC: Posts $15,000,000 Net Loss in November 1-30, 2007
*********
ASARCO LLC: Earns $40,654,000 in Month Ended November 30, 2007
--------------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of November 30, 2007
ASSETS
Current Assets:
Cash $922,758,000
Restricted Cash 26,950,000
Accounts receivable, net 150,085,000
Inventory 270,748,000
Prepaid expenses 3,881,000
Other current assets 18,404,000
---------------
Total Current Assets 1,392,826,000
Net property, plant and equipment 460,244,000
Other Assets
Investments in subs 114,036,000
Advances to affiliates 480,000
Prepaid pension & retirement plan 0
Non-current deferred tax asset 40,951,000
Other 96,120,000
---------------
Total assets $2,104,659,000
===============
LIABILITIES
Postpetition liabilities:
Accounts payable $52,845,000
Accrued liabilities 543,701,000
Debtor-in-possession financing 0
---------------
Total postpetition liabilities 596,546,000
Prepetition liabilities:
Not subject to compromise - credit 4,053,000
Not subject to compromise - other 142,325,000
Advances from affiliates 24,659,000
Subject to compromise 1,684,016,000
---------------
Total prepetition liabilities 1,855,053,000
---------------
Total liabilities 2,451,599,000
===============
OWNERS' EQUITY (DEFICIT)
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive income (261,528,000)
Retained earnings: filing date (1,551,296,000)
---------------
Total prepetition owners' equity (1,199,923,000)
Retained earnings: post-filing date 852,983,000
---------------
Total owners' equity (net worth) (346,940,000)
---------------
Total liabilities and owners' equity $2,104,659,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended November 30, 2007
Sales $155,479,000
Cost of products and services 89,341,000
---------------
Gross profit 66,138,000
Operating expenses:
Selling and general & admin expenses 3,507,000
Depreciation & amortization 2,919,000
Provision accretion expense of asset
retirement obligation 163,000
---------------
Operating income 59,548,000
Interest expense 0
Interest income (6,677,000)
Reorganization expenses 5,770,000
Other miscellaneous (income) expenses (6,056,000)
---------------
Income (loss) before taxes 66,512,000
Income taxes 25,858,000
---------------
Net income (loss) $40,654,000
===============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended November 30, 2007
Receipts $214,803,000
Disbursements:
Inventory material 83,807,000
Operating disbursements 63,694,000
Capital expenditures 10,077,000
---------------
Total disbursements 157,577,000
Operating cash flow 57,226,000
Reorganization disbursements 6,787,000
---------------
Net cash flow 50,439,000
Net payments to secured Lenders 0
---------------
Net change in cash 50,439,000
Beginning cash balance 899,269,000
---------------
Ending cash balances $949,708,000
===============
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 Feb. 11,
2008. (ASARCO Bankruptcy News, Issue No. 62; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
DANA CORP: Incurs $29,000,000 Net Loss in Month Ended November 30
-----------------------------------------------------------------
Dana Corp. and its debtor-affiliates submitted to the U.S.
Bankruptcy Court for the Southern District of New York their
monthly operating report for November 2007, disclosing:
Dana Corporation
Unaudited Condensed Balance Sheet
At November 30, 2007
ASSETS
CURRENT ASSETS
Cash and cash equivalent assets $1,174,000,000
Accounts receivable
Trade 1,407,000,000
Other 293,000,000
Inventories 832,000,000
Assets of discontinued operations 41,000,000
Other current assets 154,000,000
--------------
Total current assets 3,901,000,000
Investments and other assets 0
Investments in equity affiliates 430,000,000
Net property, plant and equipment 1,752,000,000
Other noncurrent assets 1,048,000,000
--------------
TOTAL ASSETS $7,131,000,000
==============
LIABILITY AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
DIP Financing $900,000,000
Notes payable, including current portion
of long-term debt 177,000,000
Accounts payable 1,115,000,000
Liabilities of discontinued operations 18,000,000
Other accrued liabilities 847,000,000
--------------
Total current liabilities 3,057,000,000
Liabilities subject to compromise 4,009,000,000
Deferred employee benefits and other
non-current liabilities 487,000,000
Long-term debt 13,000,000
Minority interest in consolidated subsidiaries
99,000,000
Total liabilities 7,665,000,000
Shareholders' equity (534,000,000)
--------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $7,131,000,000
==============
Dana Corporation
Unaudited Condensed Statement of Operations
For the Month Ended November 30, 2007
Net Sales $778,000,000
Costs and expenses
Costs of sales 745,000,000
Selling, general and administrative expenses 22,000,000
Realignment charges 5,000,000
Other income, net 6,000,000
--------------
Income from operations 12,000,000
Interest expense 10,000,000
Reorganization charges 8,000,000
--------------
Loss before income taxes (6,000,000)
Income tax (expense) benefit 9,000,000
Minority interest 2,000,000
Equity in earnings of affiliates 0
--------------
Loss before continuing operations (17,000,000)
Loss from discontinued operations (12,000,000)
--------------
Net loss ($29,000,000)
==============
Dana Corporation
Unaudited Condensed Statement of Cash Flow
For the Month Ended November 30, 2007
OPERATING ACTIVITIES
Net loss ($29,000,000)
Depreciation and amortization 24,000,000
Loss on sale of business 0
Non-cash portion of U.K. pension charge 0
Increase in working capital (19,000,000)
Unremitted equity earnings in affiliates 3,000,000
Other 26,000,000
--------------
Net cash flow provided by
(used for) operating activities 5,000,000
--------------
INVESTING ACTIVITIES
Purchases of property, plant and equipment (24,000,000)
Proceeds from sale of assets 0
Other 0
Net cash flow provided by
(used for) operating activities (24,000,000)
--------------
FINANCING ACTIVITIES
Net change in short-term debt 11,000,000
Proceeds from DIP facility 0
--------------
Net cash flow provided by
(used for) financing activities 11,000,000
Net increase (decrease) in cash equivalents (8,000,000)
Cash and cash equivalents, beginning of period 1,182,000,000
--------------
Cash and cash equivalents, end of period $1,174,000,000
==============
Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/--
designs and manufactures products for every major vehicle producer
in the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies. Dana employs 46,000
people in 28 countries. Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.
Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.
The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of
Aug. 31, 2007, the Debtors listed $6,878,000,000 in total assets
and $7,551,000,000 in total debts resulting in a total
shareholders' deficit of $673,000,000.
Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.
Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders. Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.
The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007. On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan. The Court confirmed
the Debtor's Plan on Dec. 26, 2007. (Dana Corporation Bankruptcy
News, Issue No. 67; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
DELPHI CORP: Incurs $231 Million Net Loss in Month Ended Nov. 30
----------------------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of November 30, 2007
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $13
Restricted cash 124
Accounts receivable, net:
General Motors and affiliates 1,482
Other third parties 949
Non-Debtor affiliates 232
Notes receivable from non-Debtor affiliates 286
Inventories, net:
Productive material, work-in-process & supplies 794
Finished goods 215
Other current assets 357
--------
TOTAL CURRENT ASSETS 4,452
Long-term assets:
Property, net 1,756
Investment in affiliates 380
Investments in non-Debtor affiliates 4,046
Goodwill 152
Other intangible assets 25
Other 534
--------
TOTAL LONG-TERM ASSETS 6,893
--------
TOTAL ASSETS $11,345
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Debtor-in-possession financing $3,301
Accounts payable 1,279
Accounts payable to non-Debtor affiliates 525
Accrued liabilities 1,362
Notes payable to non-Debtor affiliates 66
--------
TOTAL CURRENT LIABILITIES 6,533
Long-term liabilities not subject to compromise:
Employee benefit plan obligations and other 1,143
Liabilities subject to compromise 17,008
--------
TOTAL LIABILITIES 24,684
Stockholders' deficit:
TOTAL STOCKHOLDERS' DEFICIT (13,339)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $11,345
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended November 30, 2007
(In Millions)
Net sales:
General Motors and affiliates $660
Other customers 431
Non-Debtor affiliates 54
--------
Total net sales 1,145
--------
Operating expenses:
Cost of sales 1,023
U.S. employee workforce transition program charges 41
Long-lived asset impairment charges -
Depreciation and amortization 46
Selling, general and administrative 85
Securities & ERISA litigation charge -
--------
Total operating expenses 1,195
--------
Operating loss (50)
Interest expense (41)
Loss on extinguishment of debt (4)
Other (expense) income, net 12
--------
Loss before reorganization items, income
tax expense, and equity income (83)
Reorganization items (13)
Income tax benefit (expense) (1)
Equity income from non-consolidated affiliates 4
Equity income from non-Debtor affiliates (138)
--------
NET LOSS ($231)
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended November 30, 2007
(In Millions)
Cash flows from operating activities:
Net loss ($231)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization 46
Deferred income taxes (1)
Pension and other postretirement benefit expenses 68
Equity income from unconsolidated affiliates (4)
Equity income from non-Debtor affiliates 138
Reorganization items 13
U.S. employee workforce transition program charges 41
Loss on extinguishment of debt 4
Changes in operating assets and liabilities:
Accounts receivable, net 55
Inventories, net 69
Other assets 3
Accounts payable, accrued and other long-term debt (138)
Other 17
U.S. employee workforce transition program payments (37)
Other postretirement benefit payments (20)
Pension contributions (2)
Payments for reorganization items (14)
--------
Net cash used in operating activities 7
Cash flows from investing activities:
Capital expenditures (37)
Proceeds from divestitures 20
Increase in restricted cash 2
--------
Net cash used in investing activities (15)
Cash flows from financing activities:
Net proceeds from DIP facility 22
Repayments on borrowings from non-Debtor affiliates (1)
--------
Net cash used in financing activities 21
--------
Decrease in cash and cash equivalents 13
Cash and cash equivalents at beginning of period -
--------
Cash and cash equivalents at end of period $13
========
* * *
Reuters notes that Delphi's net loss of $231,000,000 for November
has pushed the company's loss through the first 11 months of 2007
to $2,782,000,000.
Reuters also notes that sales to General Motors Corp., Delphi's
former parent, totaling $660,000,000, accounted for 58% of the
auto-parts supplier's net revenues for November. According to
Delphi's Monthly Operating Report, sales to General Motors and
its affiliates accounted for $8,298,000,000 out of the company's
net sales of $14,351,000,000 from January through November.
Crain's Detroit Business says Delphi ranks second on the
Automotive News list of the top 100 global suppliers with
original equipment automotive parts sales of $24,400,000,000 in
2006.
About Delphi Corporation
Headquartered in Troy, Michigan, 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
March 31, 2007, the Debtors' balance sheet showed $11,446,000,000
in total assets and $23,851,000,000 in total debts.
On Sept. 6, 2007, the Debtors filed their chapter 11 plan of
reorganization and a disclosure statement explaining that plan.
They submitted an amended reorganization plan and disclosure
statement on Dec. 10, 2007. The Debtors' exclusive plan-filing
period expires on March 31, 2008. The Court has scheduled a
confirmation hearing on Jan. 17, 2008. (Delphi Bankruptcy News,
Issue No. 104; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
DUNMORE HOMES: Files Schedules of Assets and Liabilities
--------------------------------------------------------
Dunmore Homes Inc. submitted to the United States Bankruptcy Court
for the Southern District of New York its schedules of assets and
liabilities, disclosing:
A. Real Property
Lots 259, 260, 261 of Natomas Central Subd. $4,357,530
B. Personal Property
B.1 Cash on Hand 200
B.2 Bank Accounts
Guaranty Bank - CD 350,000
Umpqua Bank 110,708
Guaranty Bank 7,684
B.3 Security Deposits
Rent deposit - 8781 Sierra College LLC 51,627
Rent deposit - Fresno Hemdon Investors LLC 8,500
Workers Comp Deposit 11,763
B.12 Interests in pension plans, 401(k) Plan
Deferred Compensation Funds 1,410,579
Money Market Funds 274,730
B.14 Interests in partnerships or joint ventures
Premier Lending Services LP 13,382
B.16 Accounts Receivable
Notes receivable - Sidney Dunmore 11,199,042
Dunmore Land Company 350,749
B.21 Other Contingent and Unliquidated Claims
Potential refund from FTB-2003 return 60,016
B&D Plumbing, Inc. 50,146
IM Construction, Inc. 18,399
VC Concrete 12,921
Production Framing Systems 6,786
Quality Door and Trim 6,217
Wilmore and Sons Plumbing 5,934
Sherman Loehr Custom Tile Works 5,564
Timberlake Cabinet Co. 4,811
Creative Touch Interiors - Roseville 3,214
Simas Floor Company, Inc. 2,618
Others 43,163
B.25 Vehicles
2005 Chevy Silverado 10,000
2003 GMC Envoy 5,000
2001 Chevy van 3,000
2001 Chevy van 3,000
B.28 Office Equipment
Office furnishings 52,937
Computer hardware 19,172
Office equipment 15,094
B.29 Machinery, fixtures, equipment for Business 3,657
B.35 Other Personal Property
Cordano Parcel Option to Acquire 815,000
Potential insurance recoveries - Cooper 700,000
Potential insurance recoveries - RAM/MTN 750,000
TOTAL SCHEDULED ASSETS $20,743,147
=========================================================
C. Property Claimed 0
D. Creditors Holding Secured Claims
Sacramento Valley Farm Credit $1,529,567
Travelers Bond 9,147,084
E. Creditors Holding Unsecured Priority Claims
Sacramento County Tax Collector 184,056
Placer County Tax Collector 11,551
Franchhise Tax Bard 9,063
Fresno County Tax Collector 3,484
F. Creditors Holding Unsecured Non-priority Claims
RBC Builder Finance 40,010,499
Guaranty Bank 38,277,001
Key Bank 36,140,131
Wachovia Bank, N.A. 20,544,317
Bank of New York 20,000,000
Comerica Bank 19,569,954
Affinity Bank 17,054,943
Franklin Bank 10,637,173
Indymac Bank F.S.B. 8,524,813
United Commercial Bank 6,367,814
Cal Sierra Construction, Inc. 4,158,269
JMP Securities 2,000,000
MacKay & Somps - Sacramento 1,745,804
Telchert Construction 737,859
Cooper White & Cooper LLP 403,888
SGN Nelson Construction 393,390
Hemington Landscape Service 390,043
Valley Utility Services Inc. 368,055
B&D Plumbing, Inc. 324,500
Slaughter, John 317,715
Beutler Corp. 275,692
Old Country Roofing Inc. 241,989
Dennis Blazona Construction, Inc. 213,483
Timberlake Cabinet Company 206,540
Doorway Mfg. Co. 206,179
Wetland and Erosion Technologies 204,000
Gibson, Michelle 198,587
Premier Indemnity Company 192,525
Simas Floor Company 192,480
Placer Lumber 192,173
Emerald Drywall 174,905
Sherman Loehr Custom Tile Works 173,989
CVC Construciton 172,325
G. Glenn Plastering 167,801
Lutz, Michael 167,980
Ingram, Thomas 155,280
Creative Touch Interiors - Fresno 140,612
Terrence E. Lowell and Associates 136,935
Creative Touch Interiors - Roseville 134,734
KTGY Group, Inc. 134,586
Sacramento Bee 128,405
Energetic Paint & Drywall 128,124
Power Factor Electric 126,908
Lupton Excavation, Inc. 121,536
Golden State Custom Framing, Inc. 121,404
H&M Roofing 119,338
GE Appliances 118,202
I and J Builder 107,738
McDonough, Holland & Allen 108,558
Vemon, Dennis 107,888
NorCal Environmental Corporation 105,330
Air Design, Inc. 100,805
Pedro's Drywall, Inc. 98,020
Morgan Miller Blair 96,568
Virtue Masonry 96,241
Design Masonry 95,741
MacKay & Somps - Roseville 92,598
Executive Cleaning Corp. 82,450
Parker Landscape Development, Inc. 81,767
Blazona Concrete Construction 81,320
Motivational Systems, Inc. 77,910
Pacific Park Landscaping 70,108
Sierra Pacific Lath and Plaster 70,975
Downey Plumbing 61,770
Edwards Plastering 66,164
Riddio Construction 61,666
Others 5,254,052
TOTAL SCHEDULED LIABILITIES $250,252,312
=========================================================
Headquartered in Granite Bay, California, Dunmore Homes Inc. is a
privately-owned homebuilder. The company filed for Chapter 11
protection on Nov. 8, 2007 (Bankr. S.D.N.Y. Case No. 07-13533).
Maria A. Bove, Esq., and Debra I. Grassgreen, Esq., at Pachulski
Stang Ziehl & Jones LLP, represent the Debtor in its restructuring
efforts. The Official Committee of Unsecured Creditors has
selected Morrison & Foerster LLP as its counsel in this bankruptcy
proceeding. When the Debtor filed for protection against its
creditors, it listed assets and liabilities of more than
$100 million.
The Debtor's exclusive period to file a plan expires on March 7,
2008. (Dunmore Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
HANCOCK FABRICS: Posts $17,000 Net Loss in Month Ended December 1
-----------------------------------------------------------------
Hancock Fabrics Inc. and Subsidiaries
Consolidated Balance Sheet
As of December 1, 2007
ASSETS
Current assets:
Cash and cash equivalents $3,366,000
Receivables less allowance for
doubtful accounts 6,584,000
Inventories 85,039,000
Income taxes refundable 8,235,000
Prepaid expenses 1,766,000
------------
Total current assets 104,990,000
Property and equipment 43,330,000
Other assets 14,957,000
------------
Total Assets $163,277,000
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities not subject to compromise
Accounts payable $20,435,000
Credit facility; DIP financing 18,706,000
Accrued liabilities 9,820,000
Deferred tax liabilities 6,273,000
Liabilities subject to compromise
Accounts payable 28,345,000
Accrued liabilities 10,932,000
Long-term lease financing obligations 1,676,000
Capital lease obligations 1,701,000
Postretirement benefits other than pensions 9,588,000
Pension and SERP liabilities 8,074,000
Other liabilities 9,098,000
------------
Total Liabilities 125,648,000
Total Shareholders Equity 37,629,000
------------
Total liabilities and shareholders' equity $163,277,000
============
Hancock Fabrics Inc. and Subsidiaries
Consolidated Statement of Operations
For the Month Ended December 1, 2007
Sales $27,065,000
Cost of goods sold 15,705,000
------------
Gross profit 11,360,000
Selling general & admin expense 9,720,000
Depreciation and amortization 292,000
------------
Operating income (loss) 1,348,000
Reorganization expenses 1,050,000
Interest expense net 315,000
------------
Earnings (loss) before income taxes (17,000)
Income taxes 0
------------
Net earnings (loss) ($17,000)
============
Hancock Fabrics Inc. and Subsidiaries
Consolidated Statement of Cash Flow
For the Month Ended December 1, 2007
Cash flows from operating activities:
Net earnings ($17,000)
Adjustments to reconcile net
earnings to cash flows used in
operating activities
Depreciation and amortization 519,000
Amortization of deferred loan costs 99,000
LIFO charge (credit) (277,000)
Reserve for store closings credits 514,000
Reserve for obsolete inventory 0
Reserve for sales returns and bad debts 0
Stepped rent accrual 0
Loss on disposition of property
and equipment 77,000
Gain on disposition of lease
financing obligations 0
Stock compensation expense 74,000
(Increase) decrease in assets
Receivables and prepaid expenses (52,000)
Inventory at current cost 2,799,000
Income tax refundable 0
Other non-current assets (12,000)
Increase (decrease) in liabilities
Accounts payable (1,785,000)
Accrued liabilities (552,000)
Postretirement benefits other than pensions (42,000)
Long-term pension and SERP liabilities 156,000
Reserve for store closings 8,000
Other liabilities (4,000)
------------
Net cash used in operating activities (477,000)
Cash flows from investing activities:
Additions to property and equipment (63,000)
Proceeds from the disposition of property
and equipment 1,000
------------
Net cash used in investing activities (62,000)
Cash flows from financing activities:
Net borrowings on revolving credit agreement (827,000)
Payments for lease financing (1,000)
Payments for capital leases (4,000)
Payments for loan costs 0
Purchase of treasury stock 0
Tax obligation settled with treasury stock 0
------------
Net cash provided by financing activities (832,000)
------------
Decrease in cash and cash equivalents (417,000)
Cash beginning of period 3,783,000
------------
Cash end of period $3,366,000
============
Headquartered in Baldwyn, Mississippi, Hancock Fabrics Inc.
(OTC: HKFIQ) -- http://www.hancockfabrics.com/-- is a specialty
retailer of a wide selection of fashion and home decorating
textiles, sewing accessories, needlecraft supplies and sewing
machines. Hancock Fabrics is one of the largest fabric retailers
in the United States, currently operating approximately 400 retail
stores in approximately 40 states. The company employs
approximately 7,500 people on a full-time and part-time basis.
Most of the company's employees work in its retail stores, or in
field management to support its retail stores.
The company and six of its debtor-affiliates filed for chapter 11
protection on March 21, 2007 (Bankr. D. Del. Lead Case No.
07-10353). Robert J. Dehney, Esq., at Morris, Nichols, Arsht &
Tunnell, represent the Debtors. As of Sept. 1, 2007, Hancock
Fabrics disclosed total assets of $159,673,000 and total
liabilities of 122,316,000. The Court extended the Debtors'
exclusive period to file a Chapter 11 Plan to May 30, 2008.
(Hancock Fabric Bankruptcy News, Issue No. 23, Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000).
HOMEBANC MORTGAGE: Posts $11,594,000 Net Loss in November 2007
--------------------------------------------------------------
HomeBanc Mortgage Corporation and its debtor-affiliates submitted
to the U.S. Bankruptcy Court for the Southern District of Delaware
their monthly operating report for November 2007, disclosing:
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Balance Sheet
As of November 30, 2007
ASSETS
Cash $7,940,000
Restricted cash 10,449,000
Mortgage loans held for sale, net 496,068,000
Mortgage loans held for investment, net 0
Mortgage servicing rights 67,157,000
Receivable from custodian 146,781,000
Trading securities 752,000
Securities available for sale 0
Securities held to maturity 0
Accrued interest receivable 0
Premises and equipment, net (70,000)
Goodwill, net 0
Deferred tax asset, net 0
Accounts receivable from affiliates 0
Investment in subsidiaries 0
Other Assets 20,894,000
---------------
TOTAL ASSETS $749,971,000
===============
LIABILITIES & EQUITY
Warehouse lines of credit $523,011,000
Repurchase agreements 0
Loan funding payable 1,478,000
Accrued interest payable 0
Accrued expenses 6,211,000
Other accounts payable (18,561,000)
Accounts payable to affiliates 510,000
Collaterized debt obligations 0
Junior subordinated debentures representing 175,260,000
obligations for trust preferred securities
---------------
Total liabilities 687,909,000
Minority interest 64,000
Shareholders Equity:
Preferred stock 47,992,000
Common stock 571,000
Additional paid-in capital 278,865,000
Accumulated deficit (247,526,000)
Treasury stock (17,904,000)
Accumulated other comprehensive (loss) income 0
---------------
Total shareholder's equity 61,998,000
---------------
TOTAL LIABILITIES & EQUITY $749,971,000
===============
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Statement of Operations
For the Month Period Ended November 30, 2007
REVENUES
Net interest income:
Interest income:
Mortgage loans including fees $1,179,000
Securities available for sale 0
Securities held to maturity 0
Trading securities 0
---------------
Total interest income 1,179,000
Total interest expense 5,785,000
---------------
Net interest income 6,964,000
Provision for loan losses 0
---------------
Net interest income after provision for loan
losses 6,964,000
Net gain on sale of mortgage loans (575,000)
Net gain on sale of securities available
for sale 0
Mortgage servicing income, net 1,728,000
Other revenue 0
---------------
Total revenues 8,117,000
EXPENSES
Salaries and associate benefits, net 366,000
Goodwill impairment 0
Marketing and promotions 51,000
Occupancy and equipment (10,635,000)
Depreciation and amortization 486,000
Minority interest 0
Other operating expense 12,942,000
---------------
Total expenses 3,210,000
---------------
Loss before income taxes 4,907,000
Income tax expense 16,501,000
---------------
Net Income (Loss) ($11,594,000)
===============
HomeBanc Mortgage Corporation and Subsidiaries
Consolidated Statement of Cash Flows
For the 11-Month Period Ended November 30, 2007
OPERATING ACTIVITIES
Net Income (Loss) ($182,454,000)
Adjustments to reconcile net loss to net cash
(used in) provided by operating activities:
Goodwill impairment 39,995,000
Depreciation and amortization 6,830,000
Net amortization of premium/accretion of
discount on investment securities (1,064,000)
Provision for loan losses (3,830,000)
Provision for losses associated with certain
loan sales and mortgage loans held for sale (5,104,000)
Gain on sale of securities available for sale (24,003,000)
Capitalization of mortgage servicing rights (23,172,000)
Change in fair value of mortgage servicing rights (77,000)
Loss on disposal of premises and equipment 42,097,000
Stock-based compensation, net 2,678,000
Compensation expense for Sales Equity Plan, net 158,000
Cumulative effect of change in accounting
principle 0
Minority interest 22,000
Deferred taxes 22,218,000
Decrease (increase) in restricted cash 117,584,000
(Increase) decrease in mortgage loans held for
sale, net (116,769,000)
Increase in trading securities 4,072,000
Decrease in receivable from custodian (69,169,000)
Decrease (increase) in accrued interest 22,387,000
receivable
Decrease (interest) in other assets 96,602,000
(Decrease) increase in accrued interest
payable (9,144,000)
Decrease in other liabilities (88,938,000)
---------------
Net cash (used in) provided by operating
activities (169,081,000)
INVESTING ACTIVITIES
Net principal collections of mortgage loans held
for investment 4,370,528,000
Purchases of premises and equipment, net (3,451,000)
Purchases of investment securities available
for sale 0
Proceeds from the sale of securities available
for sale 1,509,386,000
Proceeds from maturities and prepayments of
investment securities available for sale 49,274,000
Purchase of investment securities held to
maturity 0
Proceeds from maturities and prepayments of
investment securities held to maturity 10,553,000
---------------
Net cash provided by (used in) investing
activities 5,936,290,000
FINANCING ACTIVITIES
Increase (decrease) in warehouse credit
facilities, net 118,246,000
(Decrease) increase in repurchase agreements,
net (1,527,470,000)
Net change in loan funding payable (62,377,000)
Proceeds from debt issuance 0
Repayment of debt (4,277,026,000)
Proceeds from issuance of preferred stock, net 0
Purchase of shares under share repurchase program (16,499,000)
Purchase of shares under Sales Equity Plan 0
Cash dividends paid (15,130,000)
---------------
Net cash (used in) provided by financing
activities (5,780,256,000)
---------------
Net increase (decrease) in cash (13,047,000)
Cash and cash equivalents at beginning of period 20,987,000
---------------
Cash and cash equivalents at end of period $7,940,000
===============
Headquartered in Atlanta, Georgia, 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 Official Committee of Unsecured Creditors
selected the firm Otterbourg, Steindler, Houston and Rosen, P.C.
as its counsel. 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 April 7,
2008. (HomeBanc Bankruptcy News, Issue No. 16; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or
215/945-7000).
INTERSTATE BAKERIES: Posts $13,401,611 Net Loss in November 2007
----------------------------------------------------------------
Interstate Bakeries Corporation and its debtor-affiliates
submitted to the U.S. Bankruptcy Court for the Western District of
Missouri their monthly operating report for November 2007,
disclosing:
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended November 17, 2007
REVENUE:
Gross Income $207,187,594
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 54,706,753
Direct & Indirect Labor 36,106,432
Overhead & Production Administration 10,612,300
-------------
Total Cost of Goods Sold 101,425,485
-------------
Gross Profit 105,762,109
-------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries 49,526,210
Advertising and Marketing 1,510,062
Insurance (Property, Casualty, & Medical 8,644,982
Payroll Taxes 4,282,371
Lease and Rent 2,882,765
Telephone and Utilities 974,498
Corporate Expense (Including Salaries 8,079,316
Other Expenses 28,229,018
-------------
Total Operating Expenses 104,129,222
-------------
EBITDA 1,632,887
Restructuring & Reorganization Charges 6,500,180
Depreciation and Amortization 4,972,109
Abandonment 251,496
Property & Equipment Impairment (350,680)
Other( Income)/Expense 61,397
Gain/Loss Sale of Property -
Interest Expense 3,812,375
-------------
Operating Income (Loss) (13,613,990)
Income Tax Expense (Benefit) (212,379)
-------------
NET Income (Loss) ($13,401,611)
=============
CURRENT ASSETS
Accounts Receivable at end of period 134,880,471
Increase (Dec.) in Accounts Receivable (3,355,359)
Inventory at end of period 53,812,714
Increase (Decrease) in Inventory for period (2,910,199)
Cash at end of period 58,439,272
Increase (Decrease) in Cash for period (16,755,920)
Restricted Cash 19,156,243
Increase (Dec.) in Restricted Cash for period 906,860
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise (8,395,165)
Increase (Decrease) in Liabilities
Subject to Compromise 3,444,045
Taxes payable:
Federal Payroll Taxes 4,485,171
State/Local Payroll Taxes 3,942,073
State Sales Taxes 625,264
Real Estate and Personal Property Taxes 7,768,000
Other 3,549,307
-------------
Total Taxes Payable $20,729,815
=============
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh-baked
bread and sweet goods, under various national brand names,
including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and
Drake's(R). Currently, IBC employs more than 25,000 people and
operates 45 bakeries, as well as approximately 800 distribution
centers and approximately 800 bakery outlets throughout the
country.
The company and seven of its debtor-affiliates filed for chapter
11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No. 04-
45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6% senior subordinated convertible notes due Aug. 15, 2014) in
total debts. The Debtors' filed their Chapter 11 Plan and
Disclosure Statement on Nov. 5, 2007. Their exclusive period to
file a chapter 11 plan expired on November 8.
The Debtors have been been actively seeking higher and better
offers to the proposed financing and plan support agreements and
received interest from multiple parties regarding the opportunity
to invest in the company. The deadline for investors to submit
initial bids was on November 28 and deadline to submit final bids
is on Jan. 15, 2008.
(Interstate Bakeries Bankruptcy News, Issue No. 81; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
IWT TESORO: Incurs $929,405 Net Loss in Month Ended November 30
---------------------------------------------------------------
I.W.T. Tesoro Corporation and its debtor-affiliates U.S.
Bankruptcy Court for the Southern District of New York their
monthly operating report for November 2007.
On a month to date basis, net sales for were $2,725,160, cost of
goods were $1,805,923. The company had a net loss of $929,405 for
the month ended Nov. 30, 2007.
The Debtors' consolidated balance sheet showed total assets of
$29,706,769, total liabilities of $42,655,401, and total
stockholders' deficit of $12,948,632 as of Nov. 30, 2007.
The Debtors have total current assets of $27,078,448 and total
current liabilities of $9,559,891 as of Nov. 30, 2007.
I.W.T. Tesoro Corporation, fka Ponca Acquisition Company, --
http://www.iwttesoro.com/-- is headquartered in New York City.
The company and its subsidiaries distribute building materials,
specifically hard floor and wall coverings. They are
wholesalers and do not sell directly to any end user. Their
products consist of ceramic, porcelain and natural stone floor,
wall and decorative tile. They import a majority of these
products from suppliers and manufacturers in Europe, South
America (Brazil), and the Near and Far East. Their markets
include the United States and Canada. They also offer private
label programs for branded retail sales customers, buying
groups, large homebuilders and home center store chains.
The Debtor and its debtor-affiliates, International Wholesale
Tile, Inc. and American Gres, Inc., filed for Chapter 11
bankruptcy protection on Sept. 6, 2007 (Bankr. S.D. NY Lead Case
No. 07-12841). John K. Sherwood, Esq., at Lowenstein Sandler
P.C., represents the Official Committee of Unsecured Creditors.
As of June 30, 2007, the Debtors had total assets of $39,798,579
and total debts of $47,940,983.
The Debtors asked an extension to their exclusive period to file a
plan, which expired Jan. 3, 2008.
LEVITZ FURNITURE: Files Schedules of Assets and Liabilities
-----------------------------------------------------------
Levitz Furniture Inc., nka PVLTZ Inc., submitted to the U.S.
Bankruptcy Court for the Southern District of New York its
schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 29,998
B.2 Financial Accounts 51,660
B.3 Security Deposits
Arizona Public Service 31,580
City of Mesa 3,000
Fed-Ex 5,000
LIPA 15,505
Mindpearl 73,293
Net, Check Scanner Machines 21,150
Nevada Power 28,770
Nj Natural Gas 2,250
Orange & Rockland 15,932
Pacific Gas & Electric 159,115
Southern California Edison Co. 250,000
Peco Energy 42,760
Pse&G 50,300
SMUD -North Highlands 39,000
Srp-River Project 61,715
Deposit-LB Bridgewater Store 43,023
Gold Key Furniture Co 11,250
Pet Smart 22,834
Sears, Roebuck & Co. Store 76,163
New Modesto CA 15,000
Concorde CA - R&B Heritage Investors 63,750
Bellevue, WA 25,000
Elmhurst NY 58,842
Farmingdale NY 60,637
Murieta CA 48,333
Others 179,916
B.4 Household Goods and Furnishings 0
B.5 Books, pictures and other art objects 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms, sports and other hobby equipment 0
B.9 Interests in insurance policies 0
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 Investments in subsidiaries & others 0
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable
HSBC Bank 2,109,492
Visa/Mastercard 2,266,940
American Express 1,131,582
Discover 245,818
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor 0
B.19 Other equitable interests 0
B.20 Investment in deferred compensation 0
B.21 Derivative asset 0
B.22 Intellectual property Undetermined
B.23 Licenses & franchises 0
B.24 Borrower & applicant list Undetermined
B.25 Vehicles & accessories 5,136
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies 5,294,698*
B.29 Machinery, supplies, equipment, supplies 28,232,439**
B.30 Inventory 83,070,759***
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment & implements 0
B.34 Farm supplies, chemicals & feed 0
B.35 Other personal property 0
TOTAL SCHEDULED ASSETS $123,842,190
====================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
General Electric Capital Corporation $32,629,063
YA Global Investment LP 22,704,000
E. Creditors Holding Unsecured Priority Claims
Employee Wages Unliquidated
Employee benefit plans Unliquidated
Taxes Owed to Governmental Units Unliquidated
F. Creditors Holding Unsecured 21,088,598****
Nonpriority Claims
TOTAL SCHEDULED LIABILITIES $76,421,661
====================================================
*see http://www.bankrupt.com/misc/Levitz_SAL_B28.pdf
**see http://www.bankrupt.com/misc/Levitz_SAL_B29.pdf
***see http://www.bankrupt.com/misc/Levitz_SAL_B30.pdf
****see http://www.bankrupt.com/misc/Levitz_SAL_SchedF.pdf
About Levitz Furniture
Based in New York City, Levitz Furniture Inc., nka PVLTZ Inc. --
http://www.levitz.com/-- is a specialty retailer of furniture,
bedding and home furnishings in the United States. It has 76
locations in major metropolitan areas, principally in the
Northeast and on the West Coast of the United States.
Levitz Furniture Inc. and 11 affiliates filed for chapter 11 on
Sept. 5, 1997. In December 2000, the Court confirmed the Debtors'
Plan and Levitz emerged from chapter 11 on February 2001. Levitz
Home Furnishings Inc. was created as the new holding company as a
result of the emergence.
Levitz Home Furnishings and 12 affiliates filed for chapter 11
protection on Oct. 11, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-
45189). In their second filing, the Debtors disclosed about
$245 million in total assets and $456 million in total debts.
Nicholas M. Miller, Esq., and Richard H. Engman, Esq., at Jones
Day represented the Debtors. Jeffrey L. Cohen, Esq., Jay R.
Indyke, Esq., and Cathy Hershcopf, Esq., at Cooley Godward Kronish
LLP served as counsel to the Official Committee of Unsecured
Creditors. During this period, the Debtors closed around 35
stores in the Northeast, California, Minnesota and Arizona.
PLVTZ Inc., a company created by Prentice Capital Management LP,
and Great American Group purchased substantially all the assets of
Levitz Home Furnishings in December 2005. Initially, Prentice
owned all of the equity interests in PLVTZ. On July 6, 2007,
PLVTZ was converted into a Delaware corporation, and Harbinger
Capital Partners Special Situations Fund, LP, Harbinger Capital
Partners Master Fund I, Ltd., and their affiliates became minority
shareholders. Great American's stake in the acquisition was in
running the going-out-of-business sales for some 27 Levitz units.
PLVTZ, dba Levitz Furniture, continued to face decline in
financial performance since December 2005. Liquidity issues and
the inability to obtain additional capital prompted PLVTZ to seek
protection under chapter 11 on Nov. 8, 2007 (Bankr. S.D.N.Y. Lead
Case No. 07-13532). Paul D. Leake, Esq., and Brad B. Erens, Esq.,
at Jones Day represents the Debtors in their restructuring
efforts. Kurtzman Carson Consultants LLC serves as the Debtors'
claims and noticing agent. The Debtors' exclusive period to file
a chapter 11 plan expires on March 7, 2008. (Levitz Bankruptcy
News, Issue No. 33; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
PLVTZ's balance sheet at Sept. 30. 2007, showed total assets of
$177,883,000 and total liabilities of $152,476,000.
MUSICLAND HOLDING: Posts $30,000 Net Loss in October 2007
---------------------------------------------------------
Musicland Holding Corp.
Consolidated Balance Sheet
As of October 31, 2007
ASSETS
Current Assets
Cash $12,079,000
Letters of Credit/Other Deposits 415,000
Other
Amounts due from TransWorld 0
Receivables from Sub-leases 774,000
Amounts due from GOB sales 0
Miscellaneous CC 29,000
Vendors Credit due from services 1,541,000
-------------
Total 14,838,000
=============
Fixed Assets 0
Other assets
Transport Logistic deposit 0
Insurance Deposits 3,977,000
Utility and Tax Deposits 0
-------------
TOTAL ASSETS $18,815,000
=============
Liabilities & Shareholders' deficit
Current liabilities
Accounts payable
Due to Transworld 0
Due to Deluxe 0
Expense accruals $2,840,000
Other accrued liabilities
Insurance Reserve 3,380,000
5% Admin. Fee on Wachovia L/C 250,000
Miscellaneous 29,000
-------------
Total 6,499,000
-------------
DIP financing 0
Other LT Liabilities 0
Liabilities subject to compromise 315,047,000
Shareholders' deficit (302,731,000)
-------------
TOTAL LIABILITIES &
SHAREHOLDERS' DEFICIT $18,815,000
=============
Musicland Holding Corp.
Statement of Operations
For the Month Ended October 31, 2007
Merchandise revenue 0
Non-merchandise revenue 0
Net sales 0
Cost of good sold 0
Gross Profit 0
Store operating expenses
Payroll 0
Occupancy 0
Other ($1,000)
-------------
Store expenses 0
-------------
General & administrative (1,000)
-------------
EBITDA (Loss) (1,000)
Chapter 11 & related charges (136,000)
Sale to Transworld 0
Hilco 65 0
Media Play Wind down 0
Depreciation & Amortization 0
-------------
Operating income (Loss) (137,000)
Interest income (expense) 44,000
Other non-operating charges/income 63,000
-------------
Earnings before Taxes (30,000)
-------------
Income tax 0
-------------
Net earnings (Loss) ($30,000)
=============
Musicland Holding Corp.
Statements of Cash Flow
For the Month Ended October 31, 2007
Operating activities
Net earnings (Loss) ($30,000)
Adjustments to reconcile net earnings (loss)
to net cash provided by (used in)
operating activities: 1,000
other current assets 0
-------------
Net cash provided by (used in)
operating activities (29,000)
Investing activities
Net cash provided by (used in) 0
investing activities 0
Financing activities -
-------------
Increase/decrease in cash (29,000)
-------------
Cash at the beginning of Period 12,108,000
-------------
Cash at the end of Period $12,079,000
=============
Headquartered in New York, New York, Musicland Holding Corp., is a
specialty retailer of music, movies and entertainment-related
products. The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts. Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors. At March 31, 2007, the Debtors
disclosed $20,121,000 in total assets and $321,546,000 in total
liabilities.
On May 12, 2006, the Debtors filed their Joint Plan of Liquidation
with the Court. On Sept. 14, 2006, they filed an amended Plan and
a Second Amended Plan on Oct. 13, 2006. The Court approved the
adequacy of the Amended Disclosure Statement on Oct. 13, 2006.
The hearing to consider confirmation of the 2nd Amended Joint Plan
started on Nov. 28, 2006.
(Musicland Bankruptcy News, Issue No. 44; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
MUSICLAND HOLDING: Posts $296,000 Net Loss in November 2007
-----------------------------------------------------------
Musicland Holding Corp.
Consolidated Balance Sheet
As of November 30, 2007
ASSETS
Current Assets
Cash $11,782,000
Letters of Credit/Other Deposits 415,000
Other
Amounts due from TransWorld 0
Receivables from Sub-leases 774,000
Miscellaneous CC 29,000
Vendors Credit due from services 1,541,000
-------------
Total 14,541,000
=============
Fixed Assets 0
Other assets
Insurance Deposits 3,977,000
Utility and Tax Deposits 0
-------------
TOTAL ASSETS $18,518,000
=============
Liabilities & Shareholders' deficit
Current liabilities
Accounts payable
Expense accruals $2,840,000
Other accrued liabilities
Insurance Reserve 3,380,000
5% Admin. Fee on Wachovia L/C 250,000
Miscellaneous 29,000
-------------
Total 6,499,000
-------------
DIP financing 0
Other LT Liabilities 0
Liabilities subject to compromise 315,047,000
Shareholders' deficit (303,028,000)
-------------
TOTAL LIABILITIES &
SHAREHOLDERS' DEFICIT $18,518,000
=============
Musicland Holding Corp.
Statement of Operations
For the Month Ended November 30, 2007
Merchandise revenue 0
Non-merchandise revenue 0
Net sales 0
Cost of good sold 0
Gross Profit 0
Store operating expenses
Payroll 0
Occupancy 0
Other ($42,000)
-------------
Store expenses 0
-------------
General & administrative (42,000)
-------------
EBITDA (Loss) (42,000)
Chapter 11 & related charges (302,000)
-------------
Operating income (Loss) (344,000)
Interest income (expense) 41,000
Other non-operating charges/income 7,000
-------------
Earnings before Taxes (296,000)
-------------
Income tax 0
-------------
Net earnings (Loss) ($296,000)
=============
Musicland Holding Corp.
Statements of Cash Flow
For the Month Ended November 30, 2007
Operating activities
Net earnings (Loss) ($296,000)
Adjustments to reconcile net earnings (loss)
to net cash provided by (used in)
operating activities: 0
Changes in operating assets and liabilities 0
Other Current Assets 0
-------------
Net cash provided by (used in)
operating activities (296,000)
Investing activities
Net cash provided by (used in)
investing activities 0
Financing activities 0
-------------
Increase/decrease in cash (296,000)
-------------
Cash at the beginning of Period 12,079,000
-------------
Cash at the end of Period $11,782,000
=============
Headquartered in New York, New York, Musicland Holding Corp., is a
specialty retailer of music, movies and entertainment-related
products. The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts. Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors. At March 31, 2007, the Debtors
disclosed $20,121,000 in total assets and $321,546,000 in total
liabilities.
On May 12, 2006, the Debtors filed their Joint Plan of Liquidation
with the Court. On Sept. 14, 2006, they filed an amended Plan and
a Second Amended Plan on Oct. 13, 2006. The Court approved the
adequacy of the Amended Disclosure Statement on Oct. 13, 2006.
The hearing to consider confirmation of the 2nd Amended Joint Plan
started on Nov. 28, 2006.
(Musicland Bankruptcy News, Issue No. 44; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
NY WESTCHESTER: Submits Operating Report for November 2007
----------------------------------------------------------
New York Westchester Square Medical Center submitted to the U.S.
Bankruptcy Court for the Southern District of New York its monthly
operating report for November 2007.
For the month ended Nov. 30, 2007, the Debtor generated total
operating revenue of $6,220,327 and deficit of revenue over
expenses of $740,252.
The Debtor's balance sheet as of Nov. 30, 2007, showed total
assets of $26,585,017, total liabilities of $47,472,064, and total
stockholders' deficit of $20,887,047. The Debtor's November 30
balance sheet also showed strained liquidity with total current
assets of $11,619,386 available to pay total current liabilities
of $18,752,646.
Headquartered in Bronx, New York, New York Westchester Square
Medical Center -- http://www.nywsmc.org/-- is a not-for-profit,
community acute care hospital and certified stroke center that has
served a working class population in the Bronx community since
1929. Its primary facility, located at 2475 St. Raymond Avenue,
Bronx, New York 10461, houses 205 beds and provides acute adult
medical and surgical care, emergency medicine and ambulatory
services. NYWSMC is a membership corporation whose members are
selected by the New York-Presbyterian Healthcare System, Inc.
The company filed for chapter 11 protection on Dec. 19, 2006
(Bankr. S.D.N.Y. Case No. 06-13050). Burton S. Weston, Esq., at
Garfunkel, Wild & Travis, P.C., represents the Debtor. Louis A.
Scarcella, Esq., and Robert C. Yan, Esq., at Farrell Fritz PC,
represent the Official Committee Of Unsecured Creditors. The
Debtor's schedules showed total assets of $49,283,477 and total
debts of $35,502,088.
PERFORMANCE TRANS: Files Schedules of Assets and Liabilities
------------------------------------------------------------
Performance Transportation Services Inc. submitted to the U.S.
Bankruptcy Court for the Western District of New York its
schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 0
B.2 Bank Accounts
Cash - Sweep 1,098,286
B.3 Security Deposit
Miscellaneous Special Deposits 1,846,535
Restricted Cash 3,506,385
B.4 Household goods 0
B.5 Book, artwork and collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and other equipment 0
B.9 Insurance Policies 0
B.10 Annuities 0
B.11 Interests in an education IRA 0
B.12 Interests in pension plans 0
B.13 Stock and Interests unknown
B.14 Interests in partnerships & joint venture 0
B.15 Government and corporate bonds 0
B.16 Accounts Receivable
Accounts Receivable - Other 138,323
B.17 Alimony 0
B.18 Other Liquidated Debts Owing Debtor 0
B.19 Equitable or future interests 0
B.20 Interests in estate death benefit plan 0
B.21 Other Contingent and Unliquidated Claims 0
B.22 Patents 0
B.23 Licenses, franchises & other intangibles 0
B.24 Customer lists or other compilations 0
B.25 Vehicles 0
Trucks and Trailers 1,726,122
Accumulated Depreciation (224,342)
B.26 Boats, motors and accessories 0
B.27 Aircraft and accessories 0
B.28 Office Equipment 0
Other Equipment (Office, computer,
service cars, leasehold improvements) 527,982
Accumulated Depreciation (55,246)
B.29 Equipment and Supplies for Business 0
B.30 Inventory 0
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment and implements 0
B.34 Farm supplies, chemicals and feed 0
B.35 Other Personal Property 0
WIP 1,010,884
Prepaid 2,958,244
TOTAL SCHEDULED ASSETS $12,533,174
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Black Diamond Commercial Finance LLC 67,197,616
Wells Fargo National Association 35,774,315
Great American Leasing Corporation unknown
US Bancorp unknown
E. Creditors Holding Unsecured Priority Claims
City of Newark 1,200
City of San Jose 2,144
Employees -Accrued Health, Welfare & Pension 17,397
Employees -Accrued Vacation and Sick 42,382
Employees -Accrued Wages 86,667
F. Creditors Holding Unsecured Non-priority Claims
Broadspire 697,912
Corporate Lodging -PTS Account 158,097
Kirkland and Ellis LLP 139,508
The Yucaipa Companies, LLC 125,000
NOCO Energy Corp. 97,864
CSR Construction Corp. 85,000
BDO Seidman, LLP 72,806
T-Check 61,218
BMC Group 51,775
Lucky Lady Oil 47,992
Pinnacle 45,080
General Motors of Canada Limited 38,000
Gallagher Bassettservices 37,039
Skadden Arps Slate meagher & Flom LLP 21,739
Ohio Treasurer of State 17,272
Ford Motor Land 14,393
Nat'l Automobile Transporters Labor Division 14,168
Latham & Watkins LLP 14,082
ADP, Inc. 10MU 13,836
Accountemps 13,534
Rastall Oil 12,967
Office Furniture Solutions 10,000
Nextel Communications 9,310
Program Solutions Group, Inc. 8,154
Others 553,188
G. Executory Contracts and Unexpired Leases 0
H. Codebtors 0
TOTAL SCHEDULED LIABILITIES $105,481,656
=========================================================
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their retructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors exclusive
period to file a plan of reorganization expires on March 18, 2008.
(Performance Bankruptcy News, Issue No. 36; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: Hadley Files Schedules of Assets and Debts
-------------------------------------------------------------
Hadley Computer Services, a debtor-affiliate of Performance
Transportation Services Inc., submitted to the U.S. Bankruptcy
Court for the Western District of New York its schedules of assets
and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B13. Stock and Interests Unknown
TOTAL SCHEDULED ASSETS 0
===========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Black Diamond Commercial Finance LLC 67,197,616
Wells Fargo National Association 35,774,315
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims 0
G. Executory Contracts and Unexpired Leases 0
H. Codebtors 0
TOTAL SCHEDULED LIABILITIES $102,971,931
===========================================================
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their retructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors exclusive
period to file a plan of reorganization expires on March 18, 2008.
(Performance Bankruptcy News, Issue No. 36; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: Leaseway Files Schedules of Assets and Debts
---------------------------------------------------------------
Leaseway Motorcar Transport Company LLC, a debtor-affiliate of
Performance Transportation Services Inc., submitted to the U.S.
Bankruptcy Court for the Western District of New York its
schedules of assets and liabilities, disclosing:
A. Real Property
Buildings $1,197,012
Land 2,990,000
B. Personal Property
B.1 Cash on hand 79,254
B.3 Security Deposit 286,554
B.16 Accounts Receivable 14,102,024
B.21 Other Contingent and Unliquidated Claims 26,477
B.25 Vehicles
Trucks, Trailers, Upgrades, Service Vehicles 9,778,659
Accumulated Depreciation (1,939,992)
B.28 Office Equipment
Other Equipment 2,400,046
Accumulated Depreciation 208,598
B.30 Inventory 1,038,141
B.35 Other Personal Property
Prepaid Items 917,741
Unbilled Revenue 650,201
TOTAL SCHEDULED ASSETS $31,317,521
===========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Black Diamond Commercial Finance 67,197,616
Bridgestone Firestone North American Tire LLC unknown
Wells Fargo National Association 35,774,315
E. Creditors Holding Unsecured Priority Claims
Employees -Accrued Health, Welfare and Pension 894,128
Employees -Accrued Vacation and Sick 2,650,664
Employees -Accrued Wages 1,065,492
Employees -Payroll Tax 38,415
Harford County Maryland 166
F. Creditors Holding Unsecured Non-priority Claims
Allied Systems (Canada) 48,407
Fleet Charge 37,370
General Motors of Canada, Ltd. 188,591
NJ EZ Pass Violations 53,702
Penske Truck -Maintenance 72,228
U.S. Security Associates 38,655
Others 83,397
G. Executory Contracts and Unexpired Leases 0
H. Codebtors 0
TOTAL SCHEDULED LIABILITIES $108,143,146
===========================================================
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their retructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors exclusive
period to file a plan of reorganization expires on March 18, 2008.
(Performance Bankruptcy News, Issue No. 36; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: PLG Leasing Files Schedules of Assets and Debts
------------------------------------------------------------------
PLG Leasing Corp., a debtor-affiliate of Performance
Transportation Services Inc., submitted to the U.S. Bankruptcy
Court for the Western District of New York its schedules of assets
and liabilities, disclosing:
A. Real Property $0
B. Personal Property 0
B.13 Stock and Interests unknown
B.25 Vehicles
Trucks and Trailers 1,376,586
Accumulated Depreciation 54,498
B.28 Office Equipment 151,890
TOTAL SCHEDULED ASSETS $1,473,978
===========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Black Diamond Commercial Finance LLC 67,197,616
Wells Fargo National Association 35,774,315
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims 0
G. Executory Contracts and Unexpired Leases 0
H. Codebtors 0
TOTAL SCHEDULED LIABILITIES $102,971,931
===========================================================
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their retructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors exclusive
period to file a plan of reorganization expires on March 18, 2008.
(Performance Bankruptcy News, Issue No. 36; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
REMY WORLDWIDE: Incurs $5,932,000 Net Loss in October 2007
----------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates submitted
to the U.S. Bankruptcy Court for the District of Delaware their
monthly operating report for October 2007, disclosing:
Remy Worldwide Holdings, Inc.
Unaudited Balance Sheet
As of October 2007
ASSETS:
Cash and cash equivalents $311,000
Trade accounts receivables - net 119,059,000
Other receivables
OTHER_AR - VAT receivable 398,000
OTHER_AR - Customs and duties receivable 705,000
OTHER_AR - Material at vendors 342,000
OTHER_AR - Tooling -
OTHER_AR - Factoring with recourse -
OTHER_AR - Other non-income taxes receiv -
OTHER_AR - Miscellaneous 2,654,000
Inventories 129,760,000
Deferred income tax - current assets (397,000)
Assets of discontinued operations 0
Prepaid insurance premiums 1,163,000
Prepaid incentives - Korea only -
Prepaid tooling -
Prepaid orders 343,000
Other misc. prepaids 4,122,000
Advances -
Unrealized currency gains -
Other current assets 1,040,000
------------
TOTAL CURRENT ASSETS 259,500,000
Fixed assets 118,122,000
Accumulated depreciation (73,181,000)
------------
Book value 44,940,000
Deferred financing 16,276,000
Goodwill 101,230,000
Investment in affiliates (17,869,000)
Deferred income taxes (1,884,000)
Other assets - total 36,913,000
------------
TOTAL ASSETS $439,107,000
============
LIABILITIES & SHAREHOLDERS' EQUITY:
Accounts payable $60,734,000
Accrued interest payable 42,363,000
Accrued restructuring 1,514,000
Liabilities of discontinued operations 324,000
Deferred income tax - current liability 105,000
Accrued pension and post retirement 1,187,000
Total other accrued liabilities 114,206,000
Current debt 585,897,000
------------
TOTAL CURRENT LIABILITIES [sic] 827,958,000
Total long-term debt 118,618,000
Post retirement benefits 13,697,000
Accrued pension benefits 3,548,000
Non-current restructuring -
Deferred income tax liability 2,347,000
Total other non-current liabilities 35,484,000
Minority interest -
Redeemable preferred stock -
Intercompany
Account 23,802,000
Interest (36,391,000)
Suspense (10,000)
Interest alloc & tax effect -
Notes - long-term -
------------
TOTAL LIABILITIES 989,053,000
SHAREHOLDERS' EQUITY (549,946,000)
------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $439,107,000
============
Remy represents that its current liabilities total $827,958,000.
The breakdown of items which comprise the Debtor's current
liabilities, however, only total $806,330,000.
Remy Worldwide Holdings, Inc.
Unaudited Income Statement
For the month ended October 2007
Outside Sales $76,183,000
Intercompany sales (29,226,000)
------------
Net sales 46,957,000
Material 25,443,000
Labor 1,290,000
Overhead
Standard overhead 11,209,000
Special charges -
Net warranty costs 4,051,000
Net allocations in overhead (393,000)
Freight in overhead 1,087,000
Scrap 185,000
Plant operations expenses 4,362,000
Manufacturing admin dept. expenses 714,000
Distribution & warehouse expenses 3,221,000
Quality departments expenses 549,000
Manufacturing engineering dept. expenses 237,000
Maintenance dept. 67,000
Purchasing department 3,000
Global services 0
Overhead absorption (12,823,000)
------------
Total Overhead 12,468,000
------------
Cost of goods sold 39,202,000
------------
Gross profit 7,756,000
Expenses:
Selling & marketing departments 1,196,000
Customer service department 52,000
Engineering App & design dept. 707,000
Corporate management dept. 2,128,000
Financial reporting/budgeting dept. 783,000
Human resources dept. 158,000
Information systems dept. 747,000
EH&S and ops mgt. dept. 11,000
Net (Gain)/Loss on currency translations (1,000)
Factoring or selling trade A/R Costs 730,000
Other (income)/Expense (651,000)
Non-operating expense (1,100,000)
Special charges -
Corporate allocation (11,000)
Net allocations (from)/to SEA (13,000)
------------
Total Selling, Engr & Admin Expense 4,736,000
------------
Earnings before interest and taxes 3,019,000
Depreciation & amortization 832,000
------------
Earnings before interest, taxes,
depreciation & amortization 3,851,000
Interest expense 3,401,000
Total financing charges 382,000
Income taxes 9,000
Minority interest -
Loss (income) from JVs (26,000)
------------
Net Income [sic] ($5,932,000)
============
Remy notes that figures in its balance sheet and income statement
are not adjusted for Fresh Start accounting treatment and do not
designate liabilities subject to compromise.
A full-text copy of Remy's October 2007 MOR is available for free
at http://ResearchArchives.com/t/s?26c4
About Remy Worldwide
Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc. Remy International -- http://www.remyinc.com/
-- manufactures, remanufactures and distributes Delco Remy brand
heavy-duty systems and Remy brand starters and alternators,
locomotive products and hybrid power technology. The company
also provides a worldwide component core-exchange service for
automobiles, light trucks, medium and heavy-duty trucks and
other heavy-duty, off-road and industrial applications. Remy
has operations in the United Kingdom, Mexico and Korea, among
others.
The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509). Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts. Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors. The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is AlixPartners,
LLC. Greenbert Traurig, LLP is the Debtors' special corporate
advisory and litigation counsel, and Ernst & Young LLP their
accountant, auditor and tax services provider.
The Debtors' exclusive plan filing period ended on Dec. 6, 2007.
(Remy Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of $919,736,000 and total liabilities of $1,265,648,000.
SOLUTIA INC: Posts $15,000,000 Net Loss in November 1-30, 2007
--------------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated
Financial Position
As of November 30, 2007
ASSETS
Cash $3,000,000
Trade Receivables, net 194,000,000
Account Receivables-Unconsolidated Subsidiaries 64,000,000
Inventories 176,000,000
Other Current Assets 81,000,000
Assets of Discontinued Operations 6,000,000
--------------
Total Current Assets 524,000,000
Property, Plant and Equipment, net 652,000,000
Investments in Subsidiaries and Affiliates 687,000,000
Intangible Assets, net 106,000,000
Other Assets 67,000,000
--------------
Total Assets $2,036,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts Payable $217,000,000
Short Term Debt 943,000,000
Other Current Liabilities 172,000,000
Liabilities of Discontinued Operations 2,000,000
--------------
Total Current Liabilities 1,334,000,000
Long-Term Debt 19,000,000
Other Long-Term Liabilities 175,000,000
--------------
Total Liabilities not Subject to Compromise 1,528,000,000
Liabilities Subject to Compromise 1,936,000,000
Shareholders' Deficit (1,428,000,000)
--------------
Total Liabilities & Shareholders' Deficit $2,036,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended November 30, 2007
Total Net Sales $199,000,000
Total Cost Of Goods Sold 185,000,000
--------------
Gross Profit 14,000,000
Total MAT Expense 17,000,000
--------------
Operating Income (Loss) (3,000,000)
Equity Earnings from Affiliates 0
Interest Expense, net (9,000,000)
Other Income, net 4,000,000
Reorganization Items:
Professional fees (6,000,000)
Employee severance and retention costs (1,000,000)
Adjustment to allowed claim amounts 0
Settlements of prepetition claims 0
--------------
(7,000,000)
--------------
Income from continuing operations before taxes (15,000,000)
Income tax expense (benefit) 0
Income from discontinued operations 0
--------------
Net Loss ($15,000,000)
==============
Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide. The company
and 15 debtor-affiliates filed for chapter 11 protection on
Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the
Debtors filed for protection from their creditors, they listed
$2,854,000,000 in assets and $3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP,
in New York, as lead bankruptcy counsel, and David A. Warfield,
Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St.
Louis Missouri, as special counsel. Trumbull Group LLC is the
Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira
S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss
Hauer & Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice. The Official Committee of Retirees of Solutia, Inc., et
al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke,
Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne,
LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E.
Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter
Young & Rediker, LLC, in Birmingham, Alabama.
On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement. On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan. The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007,
the Debtor re-filed a Consensual Plan & Disclosure Statement and
on November 29, the Court confirmed the Debtors' Consensual Plan.
(Solutia Bankruptcy News, Issue No. 112; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
* * *
As reported in the Troubled Company Reporter on Dec. 10, 2007,
Standard & Poor's Ratings Services assigned its 'B+' loan rating
to Solutia Inc.'s (D/--/--) proposed $1.2 billion senior secured
term loan and a '3' recovery rating, indicating the likelihood of
a meaningful (50%-70%) recovery of principal in the event of a
payment default. The ratings are based on preliminary terms and
conditions.
S&P also assigned its 'B-' rating to the company's proposed
$400 million unsecured notes.
*********
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Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy,
Joel Anthony G. Lopez, Cecil R. Villacampa, Jason A. Nieva,
Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez,
Tara Marie A. Martin, Joseph Medel C. Martirez, and Peter A.
Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9474.
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publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
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at 240/629-3300.
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