/raid1/www/Hosts/bankrupt/TCR_Public/080112.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 12, 2008, Vol. 12, No. 10
Headlines
AEGIS MORTGAGE: Posts $65,792,995 Net Loss in October 1-31, 2007
ARMSTRONG WORLD: Desseaux Files November 2007 Operating Report
ARMSTRONG WORLD: Nitram Files November 2007 Operating Report
CATHOLIC CHURCH: Davenport Files Operating Report for Nov. 2007
DELPHI CORPORATION: Amends November 2007 Monthly Operating Report
DURA AUTOMOTIVE: Posts $12,399,000 Net Loss in November 2007
FIRST MAGNUS: Incurs $8,107,038 Net Loss in Month Ended Nov. 30
LEVITT AND SONS: Files November 2007 Monthly Operating Report
MORTGAGE LENDERS: Posts $1,875,004 Net Loss in September 2007
MORTGAGE LENDERS: Posts $531,251 Net Loss in Month Ended Oct. 31
MOVIE GALLERY: Posts $117,146,000 Net Loss in Month Ended Nov. 4
MOVIE GALLERY: Earns $36,439,000 in Month Ended December 2, 2007
PACIFIC LUMBER: ScoPac Files November 2007 Operating Report
PACIFIC LUMBER: Scotia Dev't Files November 2007 Operating Report
POPE & TALBOT: Files Schedules of Assets and Liabilities
POPE & TALBOT: P&T Ltd. Files Schedules of Assets and Debts
POPE & TALBOT: P&T Lumber Files Statement of Assets and Debts
POPE & TALBOT: P&T Spearfish Files Statement of Assets and Debts
*********
AEGIS MORTGAGE: Posts $65,792,995 Net Loss in October 1-31, 2007
----------------------------------------------------------------
Aegis Mortgage Corporation, et al.
Consolidated Balance Sheet
As of October 31, 2007
Assets
Unrestricted Cash & Equivalents $18,249,891
Restricted Cash and Equivalents 20,191,821
--------------
Total Cash and Cash Equivalents 38,441,713
Prime loans 13,727,487
Nonconforming Loans 12,265,214
Loan Premium, net 2,013,671
Repurchased Loans 17,095,280
Loan Loss Reserve -
--------------
Mortgage Loans Held for Sale 45,101,652
ABS Nonconforming 3,659,308,285
ABS Loan Premium, net (19,716,325)
ABS Loan Loss Reserve (224,668,594)
--------------
Mortgage Loans Held for Investment 3,414,923,366
Accrued Interest - Loans Held for Sale -
Accrued Int. - Loans Held for Investment 26,182,789
--------------
Accrued Interest Receivable 26,182,789
Mortgage Servicing Rights -
Property and Equipment, net 6,367,886
Deferred Income Taxes 131,270,981
Goodwill -
Prepaid Rent and Deposits 944,160
Derivative Assets 6,123,593
Receivable for Advances 44,950,230
Servicer Related 427,094
Other Assets 641,295,468
Intercompany Receivable -
--------------
TOTAL ASSETS $4,356,028,930
==============
Liabilities & Shareholder's
Equity
N/P Warehouse - Prime
540,186,233
N/p Warehouse - Nonconforming 25,222,476
N/P Warehouse - Other 19,550,612
N/P Warehouse - Repurchased 11,933,754
--------------
Revolving Warehouse and
Repurchase Facilities 596,893,074
Bonds Payable 3,512,560,457
NAS IO Bonds Payable 20,700,000
NIM Bonds Payable 53,185,643
Bond Premium, net (24,254,884)
--------------
Bond Financing on Mortgage 3,562,191,215
Loans Held for Investment
Subordinated Debt 177,156,872
Accrued Interest Payable 8,175,037
Accounts Payable and
Accrued Expenses 88,964,944
Notes Payable-Other -
--------------
Total Liabilities 4,433,381,142
Common Stock 97,386
Preferred Stock 104,000
Other Comprehensive Income -
Paid in Capital 50,959,490
Distributions -
Treasury Stock -
Dividends (32,500)
Retained Earnings 91,041,942
Current Net Income Prepetition (101,661,579)
Current Net Income (117,860,951)
--------------
Total Equity (77,352,212)
--------------
TOTAL LIABILITIES & EQUITY $4,356,028,930
==============
Aegis Mortgage Corporation, et al.
Consolidated Income Statement
October 1 to 31, 2007
Loans Held for
Sale
Interest Income $392,634
Interest Expense (1,005)
Servicing Expense (3,131)
--------------
Net Interest Income 388,497
Loans Held for Investment
Interest Income 28,157,314
Interest Expense (11,805,565)
Servicing Expense (1,646,971)
--------------
Net Interest Income 14,704,777
Gains on Sale 1,151,820
Premiums Paid (10,596)
Loan Points 7,296
Loan Origination Fees 8,904
Broker Fees Received -
--------------
Production Income (1,146,216)
Servicing and Prepayment Income 214,472
Late Charges 1,903
--------------
Total Servicing Fees 216,375
Other income (11,785,728)
--------------
Total Revenue 2,377,706
Salaries 668,848
Bonuses 540,911
Commissions -
Employee Benefits 15,324
Payroll Taxes 31,607
Meetings & Travel 20,757
Meals & Entertainment 3,612
--------------
Total Personnel Expenses 1,281,060
Rent 232,516
Telephone 25,555
Office Supplies 2,786
Shipping & Postage (618)
Equipment 3,069,628
--------------
Total Office Expenses 3,329,867
Professional expense 162,905
Marketing (10,225)
Loan Related Expenses 67,576
Banking (50)
Other Taxes/Licenses/Fees 42,470
Other Expenses 187,877
--------------
Total Other Expenses 450,554
Direct Operating Expense 5,061,481
Direct Operating Income (2,683,775)
Loan Loss Provision 62,478,487
Deferred SFAS 91 Expenses 171,500
Sub Debt Expense -
Depreciation Expense 459,233
Amortization -
Direct Allocation to Subs -
Allocation Between Subs -
--------------
Indirect Operating Expense 63,109,220
--------------
Total Expenses 68,170,701
Income (Loss) Before Taxes (65,792,995)
Federal and State Income Taxes -
--------------
Net Income (Loss) ($65,792,995)
==============
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, &
Jones, L.L.P., serve as counsel to the Debtors. The Official
Committee of Unsecured Creditors is represented by Landis Rath &
Cobb LLP. In schedules filed with the Court, Aegis disclosed
total assets of $138,265,342 and total debts of $4,125,470.
The Debtors' exlusive plan filing period expired Jan. 11, 2008,
but the Debtors requested on Dec. 18, 2007, for an extension to
file their plan until April 9, 2008. (Aegis Bankruptcy News,
Issue No. 14, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
ARMSTRONG WORLD: Desseaux Files November 2007 Operating Report
--------------------------------------------------------------
Desseaux Corporation of North America, debtor-affiliate of
Armstrong World Industries Inc. submitted its monthly operating
report for November 2007, disclosing:
Desseaux Corp. of North America
Unaudited Balance Sheet
As of November 30, 2007
ASSETS
Current Assets $0
Plant, Property and Equipment, Net 0
Other Assets:
Investment in Subsidiary 3,885,354
Due from Parent Corporation 840
---------------
Total Assets $3,886,194
===============
LIABILITIES & EQUITY
Liabilities Not Subject to Compromise:
Due to Parent Corporation 66,805
Payable to Nitram Liquidators - Postpetition 8,085
---------------
Total Liabilities Not Subject to Compromise 74,890
Liabilities Subject to Compromise:
Accrued Expenses 247,768
Payable to Subsidiary 944,860
Notes Payable 2,964,500
---------------
Total Liabilities Subject to Compromise 4,157,128
Shareholder's Equity:
Common Stock 1,000
Paid-in Capital 2,499,000
Retained Deficit (2,845,824)
---------------
Total Shareholder's Equity (345,824)
---------------
Total Liabilities and Owners' Equity $3,886,194
===============
Desseaux Corp. of North America
Unaudited Statements of Operations
Month Ended November 30, 2007
Ordinary Income/Expense $0
---------------
Federal Income Taxes 0
State Taxes 0
---------------
Net Income (Loss) $0
===============
Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc.
(NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets. AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.
The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam. It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.
The company and its affiliates filed for chapter 11 protection on
Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen Karotkin,
Esq., at Weil, Gotshal & Manges LLP, and Russell C.Silberglied,
Esq., at Richards, Layton & Finger, P.A., represent the Debtors in
their restructuring efforts. The company and its affiliates
tapped the Feinberg Group for analysis, evaluation, and treatment
of personal injury asbestos claims.
Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured Creditors.
The Creditors Committee tapped Houlihan Lokey for financial and
investment advice. The Official Committee of Asbestos Personal
Injury Claimant hired Ashby & Geddes as counsel.
The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006. The Clerk entered the formal written confirmation
order on Aug. 18, 2006. The company's "Fourth Amended Plan of
Reorganization, as Modified," has become effective and AWI has
emerged from Chapter 11.
Nitram Liquidators Inc. and Desseaux Corporation of North America
delivered to the Court a Joint Chapter 11 Plan of Liquidation and
an accompanying Disclosure Statement on Sept. 20, 2007. Nitram
and Desseaux relate that their First Amended Joint Plan of
Liquidation became effective on Dec. 28, 2007. The First Amended
Joint Plan of Liquidation was confirmed by Judge Judith K.
Fitzgerald of the U.S. Bankruptcy Court for the District
of Delaware on Dec. 17, 2007.
(Armstrong Bankruptcy News, Issue No. 120; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
ARMSTRONG WORLD: Nitram Files November 2007 Operating Report
------------------------------------------------------------
Nitram Liquidators Inc., debtor-affiliate of Armstrong World
Industries Inc., delivered its monthly operating report for
November 2007, disclosing:
Nitram Liquidators, Inc.
Unaudited Balance Sheet
As of November 30, 2007
ASSETS
Current Assets:
Cash $11,752
Accounts Receivable 559,035
Reserve for Uncollectible Accounts (559,035)
---------------
Other Current Assets:
Deferred Tax 0
Due from Parent Corporation 952,944
Note Receivable from Southwest Recreation 6,334,948
Reserve for Receivable (6,334,948)
---------------
Total Current Assets 964,695
---------------
Plant, Property and Equipment, Net 0
Other Assets 0
---------------
Total Assets $964,695
===============
LIABILITIES & EQUITY
Liabilities Not Subject to Compromise:
Due to Parent Corporation $104,012
Accounts Payable - Postpetition 481
---------------
Total Liabilities Not Subject to Compromise 104,493
Liabilities Subject to Compromise:
Accounts Payable 208,148
Warranty Reserves 569,998
Due to Affiliates 8,443,772
---------------
Total Liabilities Subject to Compromise 9,221,918
Shareholder's Equity:
Common Stock 1,000
Cumulative Dividends (Preferred) 2,964,500
Dividends (284,098)
Paid-in Capital 3,459,000
Retained Deficit (14,502,117)
---------------
Total Equity (8,361,715)
---------------
Total Liabilities and Owners' Equity $964,695
===============
Nitram Liquidators, Inc.
Unaudited Statements of Operations
Month Ended November 30, 2007
Income $0
Operating Expenses 0
---------------
Operating Income (Loss) 0
Other Income (Expense)
Interest Expense (58)
---------------
Total Other Income (58)
---------------
Income (Loss) Before Capital-related Expenses ($58)
===============
Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc.
(NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets. AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.
The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam. It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.
The company and its affiliates filed for chapter 11 protection on
Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen Karotkin,
Esq., at Weil, Gotshal & Manges LLP, and Russell C.Silberglied,
Esq., at Richards, Layton & Finger, P.A., represent the Debtors in
their restructuring efforts. The company and its affiliates
tapped the Feinberg Group for analysis, evaluation, and treatment
of personal injury asbestos claims.
Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured Creditors.
The Creditors Committee tapped Houlihan Lokey for financial and
investment advice. The Official Committee of Asbestos Personal
Injury Claimant hired Ashby & Geddes as counsel.
The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006. The Clerk entered the formal written confirmation
order on Aug. 18, 2006. The company's "Fourth Amended Plan of
Reorganization, as Modified," has become effective and AWI has
emerged from Chapter 11.
Nitram Liquidators Inc. and Desseaux Corporation of North America
delivered to the Court a Joint Chapter 11 Plan of Liquidation and
an accompanying Disclosure Statement on Sept. 20, 2007. Nitram
and Desseaux relate that their First Amended Joint Plan of
Liquidation became effective on Dec. 28, 2007. The First Amended
Joint Plan of Liquidation was confirmed by Judge Judith K.
Fitzgerald of the U.S. Bankruptcy Court for the District
of Delaware on Dec. 17, 2007.
(Armstrong Bankruptcy News, Issue No. 120; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
CATHOLIC CHURCH: Davenport Files Operating Report for Nov. 2007
---------------------------------------------------------------
Diocese of Davenport in Iowa
Statement of Financial Position
As of November 30, 2007
ASSETS
Current Assets
Cash and cash equivalents - unrestricted $5,249,640
Cash and cash equivalents - restricted 2,671,989
Accounts receivable, net 136,712
Inventory -
Prepaid expenses 2,272
Professional retainers 55,652
--------------
Total Current Assets 8,116,265
--------------
Property and Equipment
Real Property 3,000
Machinery and equipment 6,000
Furniture and fixtures 8,914
Office equipment 59,500
Leasehold improvements -
Vehicles 45,460
--------------
Total Property and Equipment 122,874
--------------
Total Assets $8,239,139
==============
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 $24,220
Real property lease arrearage -
Personal property lease arrearage -
Accrued professional fees -
Current portion of long-term debt -
other: -
Pass-through collections 24,840
Additional Accrued Vacations 5,574
--------------
Total Current Liabilities 54,634
--------------
Long-Term Postpetition Debt, Net -
--------------
Total Postpetition Liabilities 54,634
--------------
Prepetition
Secured claims -
Priority unsecured claims 160,888
General unsecured claims 13,605,000
--------------
Total Prepetition Liabilities 13,765,888
--------------
Total Liabilities 13,820,522
--------------
Equity (deficit):
Retained earnings/deficit at filing 5,855,424
Capital stock -
Additional paid-in capital -
Cumulative profit/loss since filing (11,459,359)
Post-petition contributions/distributions
or draws -
Market value adjustment 22,552
--------------
Total equity (deficit) (5,581,383)
--------------
Total liabilities & equity (deficit) $8,239,139
==============
Diocese of Davenport in Iowa
Statement of Operations
For the month ending November 30, 2007
Revenues
Gross sales $403
Less: sales returns & allowances -
Net sales 403
Less: cost of goods sold -
Gross profit 403
Interest 2,656
Other income:
Charitable gifts 217,513
Insurance receipts 133,288
Investment income/fees 104,247
--------------
Total revenues 458,107
--------------
Expenses:
Compensation to owner(s)/officer(s) 12,209
Salaries 105,460
Commissions -
Contract labor 5,327
Rent/Lease:
Personal property 150
Real property -
Insurance 81,553
Management fees -
Depreciation (10,495)
Taxes:
Employer payroll taxes 6,586
Real property taxes -
Other taxes -
Other selling -
Other administrative 37,234
Interest -
Other expenses:
Employee benefits 24,853
Charity collection 1,094
Medical assistance/Victim assistance 1,841
Utilities 4,832
Transfer to unrestricted -
Professional fees -
Sabbatical -
Cemetery perpetual care -
Youth trip expenses 90,805
--------------
Total expenses 361,449
--------------
Reorganization items:
Professional fees (23,700)
Estimate of claims payments (7,468,531)
Interest earned on accumulated cash
from resulting Chapter 11 case -
Gain or (Loss) from sale of equipment -
U.S. Trustee quarterly fees -
Advertising/printing/mailing -
--------------
Total reorganization items (7,492,231)
--------------
Net profit (loss) before federal &
state taxes (7,395,573)
Federal & state income taxes -
--------------
Net profit (loss) ($7,395,573)
==============
Diocese of Davenport in Iowa
Statement of Cash Receipts and Disbursements
For the month ending November 30, 2007
Cash receipts
Rent/Leases collected $3,175
Cash received from sales 403
Interest received 2,656
Borrowings increase in accounts payable -
Funds from shareholders, partners,
or other insiders (Sale of property) -
Capital contributions -
Annual diocesan appeal/donations 217,513
Investment income/misc. -
Insurance receipts 133,288
Tribunal/Immigration/Faith Formation fees 101,072
Decrease in prepaid/accounts receivable -
Misc./Increase in accounts payable -
--------------
Total Cash Receipts 458,107
Cash disbursements:
Payments for inventory -
Selling -
Administrative 158,160
Capital expenditures -
Principal payments on debt -
Interest paid -
Rent/Lease:
Personal Property 150
Real Property -
Amount paid to owner(s)/officer(s)
Salaries 12,209
Draws -
Commissions/Royalties -
Expense Reimbursements -
Other -
Salaries/Commissions (less employee
withholding 81,664
Management fees -
Taxes
Employee withholding 23,796
Employer payroll taxes 6,586
Real property taxes -
Other taxes -
Other cash outflows:
Insurance 81,553
Utilities 4,832
Medical Assistance 1,841
Employee benefits 24,853
Misc 47,939
--------------
Total Cash Disbursements 443,583
--------------
Net increase (decrease) in cash 14,524
Cash balance, beginning of period 1,702,729
Cash balance, end of period $1,717,253
==============
The Diocese of Davenport in Iowa filed for chapter 11 protection
(Bankr. S.D. Iowa 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.
The Debtor was unable to file a Chapter 11 Plan of Reorganization
when its exclusive plan-filing period expired on Nov. 16, 2007.
The Court ordered the Diocese to file its Plan and disclosure
statement by Jan. 31, 2008. The Court will convene a hearing on
March 5, 2008, 1:30 p.m. to consider approval of the Disclosure
Statement. Judge Jackwig notes that the hearing is a "no
testimony hearing."
(Catholic Church Bankruptcy News, Issue No. 111; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
DELPHI CORPORATION: Amends November 2007 Monthly Operating Report
-----------------------------------------------------------------
On Jan. 4, 2008, Delphi Corporation and its debtor-affiliates
delivered to the U.S. Bankruptcy Court for the Southern District
of New York an amended version of its monthly operating report for
the month ended Nov. 30, 2007.
The purpose of the amendment, according to Delphi Corp. Chief
Accounting Officer and Controller Thomas S. Timko, is to correct
a reclassification among certain line items in the unaudited
condensed combined debtors-in-possession financial statements
included in the monthly operating report filed on Dec. 31, 2007.
The monthly and year-to-date net losses in the statement of
operations were properly reported but cost of sales was
understated and equity income (loss) earnings from non-Debtor
affiliates should have included additional income of the same
amount, Mr. Timko tells the Honorable Robert Drain. The
reclassification also caused investments in non-Debtor affiliates
and accounts payable to non-Debtor affiliates on the balance sheet
to be understated by the same amount.
Mr. Timko relates that the monthly cash flows provided by
operating activities in the statement of cash flows were properly
reported because the reclassification impacted offsetting items
within cash flows provided by operating activities. The amount
of the reclassification that impacted the unaudited condensed
combined debtors-in-possession financial statements included in
the originally filed MOR was $183,000,000, he discloses.
Delphi Corporation, et al.
Amended 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 4,229
Goodwill 152
Other intangible assets 25
Other 534
--------
TOTAL LONG-TERM ASSETS 7,076
--------
TOTAL ASSETS $11,528
========
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 708
Accrued liabilities 1,362
Notes payable to non-Debtor affiliates 66
--------
TOTAL CURRENT LIABILITIES 6,716
Long-term liabilities not subject to compromise:
Employee benefit plan obligations and other 1,143
Liabilities subject to compromise 17,008
--------
TOTAL LIABILITIES 24,867
Stockholders' deficit:
TOTAL STOCKHOLDERS' DEFICIT (13,339)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $11,528
========
Delphi Corporation, et al.
Amended 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 1,206
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 1,378
--------
Operating loss (233)
Interest expense (41)
Loss on extinguishment of debt (4)
Other (expense) income, net 12
Reorganization items (13)
Income tax benefit (expense) (1)
Equity income from non-consolidated affiliates 4
Equity income from non-Debtor affiliates 45
--------
NET LOSS ($231)
========
Delphi Corporation, et al.
Amended 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 (45)
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 45
U.S. employee workforce transition program payment (37)
Other postretirement benefit payments (20)
Pension contributions (2)
Payments for reorganization items (14)
Other 17
--------
Net cash used in operating activities 7
Cash flows from investing activities:
Capital expenditures (37)
Decrease (increase) in restricted cash 20
Other 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
--------
Increase in cash and cash equivalents 13
Cash and cash equivalents at beginning of period -
--------
Cash and cash equivalents at end of period $13
========
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.
The Debtors' exclusive plan-filing period expires on March 31,
2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan, which it subsquently amended on Dec. 10, 2007. The
confirmation hearing on that Plan is on Jan. 17, 2008.
(Delphi Bankruptcy News, Issue No. 105; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
DURA AUTOMOTIVE: Posts $12,399,000 Net Loss in November 2007
------------------------------------------------------------
DURA Automotive Systems, Inc., and Subsidiaries
Condensed Consolidated Balance Sheet
As of November 25, 2007
(In thousands of dollars)
ASSETS
Current assets:
Cash and cash equivalents $11,660
Accounts receivable, net
Trade 110,629
Other 8,373
Non-Debtor subsidiaries 24,197
Inventories 49,021
Other current assets 35,880
----------
Total current assets 239,760
----------
Property, plant and equipment, net 131,184
Goodwill, net 178,611
Notes receivable from Non-Debtors subsidiaries 194,310
Investment in Non-Debtors subsidiaries 790,647
Other noncurrent assets 16,883
----------
Total Assets $1,551,395
==========
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current liabilities:
Debtors-in-possession financing $140,332
Accounts payable 41,424
Accounts payable to Non-Debtors subsidiaries 2,052
Accrued Liabilities 77,506
----------
Total current liabilities 261,314
----------
Long-term Liabilities:
Notes Payable to Non-Debtors subsidiaries 9,652
Other noncurrent liabilities 57,440
Liabilities Subject to Compromise 1,310,265
----------
Total Liabilities 1,638,671
Stockholders' Investment (87,276)
----------
Total Liabilities and Stockholders' Investment $1,551,395
==========
DURA Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statement of Operations
For the Four Weeks Ended November 25, 2007
(In thousands of dollars)
Total sales $57,195
Cost of sales 56,610
----------
Gross (loss) profit 585
Selling, general and administrative expenses 4,587
Facility consolidation, asset impairment
and other charges 877
Amortization expense 19
----------
Operating (loss) income (4,898)
Interest expense, net 2,898
----------
Loss before reorganization items and income taxes (7,796)
Reorganization items 4,286
----------
Loss before income taxes (12,082)
Provision for income taxes (23)
----------
Loss from continuing operations 12,059
Loss from discontinued operations 340
----------
Net Income (Loss) ($12,399)
==========
DURA Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statements of Cash Flows
For the Four Weeks Ended November 25, 2007
(In thousands of dollars)
Operating Activities:
Net Income (loss) ($12,399)
Adjustments to reconcile net loss to net cash used
in operations activities:
Depreciation, amortization & asset impairments 2,164
Amortization of deferred financing fees 708
(Gain)/Loss on sale of assets (243)
Reorganization items 4,286
Changes in other operating items:
Accounts receivable 2,004
Inventories 95
Other current assets (1,590)
Noncurrent assets 110
Accounts payable (4,579)
Accrued liabilities (4,277)
Noncurrent liabilities (202)
Current intercompany transactions 7,847
--------
Net cash provided by operating activities 6,076
Investing Activities:
Purchases of property, plant & equipment (1,607)
Proceeds from sales of assets 1,075
--------
Net cash (used in) provided by investing activities 532
Financing Activities:
DIP borrowings 13,708
Payments on prepetition debt -
--------
Net cash used in financing activities 13,708
Net Increase (Decrease) in Cash & Equivalents 7,100
Cash & Cash Equivalent, Beginning Balance 4,560
--------
Cash & Cash Equivalent, Ending Balance $11,660
========
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 company has three locations in Asia -- China, Japan and Korea.
It has locations in Europe and Latin-America, particularly in
Mexico, Germany and the United Kingdom.
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 Plan of Reorganization was filed on Aug. 22, 2007.
The Court approved the Disclosure Statement explaining that Plan
on Oct. 3, 2007. Plan confirmation hearing is yet to be
scheduled. The Debtors' exlusive plan filing period expires on
Jan. 24, 2008. (Dura Automotive Bankruptcy News, Issue No. 42;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
FIRST MAGNUS: Incurs $8,107,038 Net Loss in Month Ended Nov. 30
---------------------------------------------------------------
First Magnus Financial Corporation
Balance Sheet
As of November 30, 2007
ASSETS
Unrestricted Cash $11,205,519
Restricted Cash --
Accounts Receivable (net) 119,887,434
Inventory -
Notes Receivable -
Prepaid Expenses -
Other 1,172,069
Property, Plant & Equipment
Less : Accumulated Depreciation
Net property, Plant & Equipment 27,667,539
Due From Insider(s)
Other Assets - net 6,939,377
Other 12,992,671
--------------
TOTAL ASSETS $179,864,609
==============
POST PETITION LIABILITIES
Accounts Payable $243,300
Taxes Payable --
Notes Payable --
Professional Fees --
Secured Debt --
Other 1,074,320
--------------
Total Postpetition Liabilities 1,317,620
PREPETITION LIABILITIES
Secured Debt 32,448,227
Priority Debt 11,822,911
Unsecured Debt 67,411,209
Other --
--------------
Total Prepetition Liabilities 111,682,347
--------------
TOTAL LIABILITIES 112,999,968
EQUITY
Prepetition Owner's Equity 217,787,849
Postpetition Cumulative Profit/Loss (70,339,232)
--------------
Total Equity 66,864,641
--------------
TOTAL LIABILITIES & OWNER'S EQUITY $179,864,609
==============
First Magnus Financial Corporation
Income Statement
Month Ended November 30, 2007
REVENUES
Gross Revenue $57,645
Less: Returns and Discounts --
--------------
Net Revenue 57,645
COST OF GOODS SOLD
Material --
Direct Labor 403,019
Direct Overhead --
--------------
Total Cost of Goods Sold 403,019
--------------
GROSS PROFIT 345,373
OPERATING EXPENSES
Officer/Insider Compensation --
General & Administrative 322,665
Other Expenses --
--------------
Total Operating Expenses 322,665
--------------
Income Before Non-Operating Income
and Expenses (668,039)
OTHER INCOME AND EXPENSE
Other Income --
Other Expense 7,438,999
Interest Expense --
Depreciation/Depletion --
Amortization --
Net other Income and Expense 7,438,999
--------------
Income Before Reorganization Expense (8,107,038)
REORGANIZATION EXPENSES
Professional Fees --
U.S. Trustee Fees --
Other --
Income Tax --
--------------
NET PROFIT OR (LOSS) ($8,107,038)
==============
First Magnus Financial Corporation
Receipts and Disbursements
Month Ended November 30, 2007
Balance at Beginning of Period $10,849,542
RECEIPTS: --
Cash Sales --
Accounts Receivable -- Prepetition --
Accounts Receivable -- Postpetition --
Loans and Advances --
Sale of Assets 56,328
Transfers from Other DIP Accounts 11,600,953
Others 1,159,552
--------------
Total Receipts 12,816,833
DISBURSEMENTS:
Business -- Ordinary Operations 727,199
Capital Improvements --
Prepetition Debt --
Transfers to Other DIP Accounts 11,600,953
Others 132,703
Reorganization Expenses --
--------------
Total Disbursements 12,460,856
Balance at End of Month $11,205,519
==============
Based in Tucson, Arizona, First Magnus Financial Corporation --
http://www.firstmagnus.com/-- purchases and sells prime and
Alt-A mortgage loans secured by one-to-four unit residences.
The company filed for chapter 11 protection on Aug. 21, 2007
(Bankr. D. Ariz. Case No.: 07-01578). John R. Clemency, Esq., at
Greenberg Traurig LLP serves as the counsel for the Debtor. The
Official Committee of Unsecured Creditors has selected the firm
Warner Stevens LLP as its counsel. When the Debtor filed for
bankruptcy, it listed total assets of $942,109,860 and total debts
of $812,533,046.
The Debtor's exclusive period to file a plan expired on Dec. 19,
2007. The confirmation hearing on the Debtor's liquidation plan
is on Feb. 7, 2008. (First Magnus Bankruptcy News, Issue No. 15;
Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
LEVITT AND SONS: Files November 2007 Monthly Operating Report
-------------------------------------------------------------
Levitt and Sons, LLC
Monthly Financial Report for Business
From November 10 to 30, 2007
Cash, beginning of period $4,267,057
Receipts:
Cash sales 0
Collection on postpetition A/R 0
Collection on prepetition A/R 0
Other receipts 103,345
--------------
Total receipts 103,345
Total cash available for operations 4,370,402
Disbursements:
U.S. Trustee quarterly fees 0
Net payroll 251,895
Payroll taxes paid 87,024
Sales and use taxes 0
Other taxes 0
Rent 0
Other leases 0
Telephone 0
Utilities 0
Travel & entertainment 0
Vehicle expenses 0
Office supplies 0
Advertising 0
Insurance 0
Purchases of fixed assets 0
Purchases of inventory 0
Manufacturing supplies 0
Repairs & maintenance 0
Payments to secured creditors 0
Other operating expenses
Transfer to CNB payroll account 1,000
Transfer to utilities escrow account 31,256
--------------
Total cash disbursements 371,175
--------------
Ending Cash Balance $3,999,227
==============
Based in Fort Lauderdale, Florida, Levitt and Sons LLC --
http://www.levittandsons.com/-- is the homebuilding subsidiary of
Levitt Corporation (NYSE:LEV). Levitt Corp. --
http://www.levittcorporation.com/-- together with its
subsidiaries, operates as a homebuilding and real estate
development company in the southeastern United States. The
company operates in two divisions, homebuilding and land. The
homebuilding division primarily develops single and multi-family
homes for adults and families in Florida, Georgia, Tennessee, and
South Carolina. The land division engages in the development of
master-planned communities in Florida and South Carolina.
Levitt and Sons LLC and 38 of its homebuilding affiliates filed
for Chapter 11 protection on Nov. 9, 2007 (Bankr. S.D. Fla. Lead
Case No. 07-19845). Paul Singerman, Esq. and Jordi Guso, Esq., at
Berger Singerman, P.A., represent the Debtors in their
restructuring efforts. The Debtors chose AP Services, LLC as
their crisis managers, and Kurtzman Carson Consultants, LLC as
their claims and noticing agent. Levitt Corp., the parent
company, is not included in the bankruptcy filing.
The Debtors' latest consolidated financial condition as of
Sept. 30, 2007 reflect total assets of $900,392,000, and total
liabilities of $780,969,000. The Debtors' exclusive plan filing
period expires on March 8, 2008. (Levitt and Sons Bankruptcy
News, Issue No. 9; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)
MORTGAGE LENDERS: Posts $1,875,004 Net Loss in September 2007
-------------------------------------------------------------
Mortgage Lenders Network USA, Inc.
Balance Sheet
As of September 30, 2007
Assets:
Cash and Cash Equivalents $13,621,388
Mortgage loans held for sale 0
Portfolio loans 0
Allowance for loan losses 0
Capitalized Mortgage Servicing rights, net 0
Retained interests in securitization,
at fair value 0
Land 3,187,970
Furniture, fixtures, equipment,
an software, net 0
Deferred Costs 0
Principal & Interest Advances 0
Interest in subsidiaries 0
Other Assets 11,243,178
------------
Total Assets $28,052,536
============
Liabilities:
Accounts Payable prepetition $14,473,514
Accounts Payable postpetition 115,090
Accrued Expenses - Payroll 981,314
Accrued Expenses - Other 16,581,386
Warehouse Borrowings 22,284,261
Convertible Debt 1,500,000
Servicing & Working Capital Advances 54,408,435
Capital Lease Liability 0
Other liabilities 31,214,536
------------
Total Liabilities 141,558,536
Stockholders' Equity:
Common Stock 625,000
Additional Paid-In Capital 1,829,770
Retained Earnings (115,960,770)
------------
Total Stockholders' Equity (113,506,000)
------------
Total Debts & Stockholders' Equity $28,052,536
============
Mortgage Lenders Network USA, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended September 30, 2007
Cash - Beginning of Month $4,857,018
Receipts:
Net Servicing Inflows
Warehouse and Loan Sale Inflows 0
Sale of Fixed Assets 0
Sale of Other Assets 0
Other Inflows 23,116
Transfers from Cash Collateral 0
Total Receipts 23,116
Disbursements:
Net Payroll 106,163
Payroll Taxes 0
Medical Coverage Sub/ FSA Withholding 0
Operating Expenses 202,238
Rent 0
Utilities 0
Insurance 0
Administrative & Selling 0
Other 0
Professional Fees Escrow Account 193,018
Professional Fees Paid 0
U.S. Trustee Fees 0
DIP Fees 0
Transfers to Cash Collateral 0
------------
Total Disbursements 501,419
------------
Net Cash Flow (478,303)
------------
Cash - End of Month $4,378,715
============
Mortgage Lenders Network USA, Inc.
Income Statement
Month Ended September 30, 2007
Revenue
Gain on Sale - Subprime $0
Gain on Sale - SRP/MBS 0
Mortgage origination income 0
Net Warehouse interest income 0
Servicing income, net 0
Loss on investment in MLN Depository 0
Other Income 21,049
------------
Total Revenues $21,049
------------
Expenses
Salaries $0
Overtime/Temp Help 0
Bonus/Incentives 0
Benefits (681)
Rent Expense 480
Telephone 1,171
Repairs & Maintenances 360
Office & Supplies Expense 120
Postage/Express Mail (9,950)
Service Bureau 0
Consulting Fees 103,945
Insurance 0
Loan Loss/Foreclosure Exp. 0
Appraisal/Credit Expenses 0
Travel & Entertainment 0
Meetings/Seminars/Education 0
Membership Fees/Dues/Filings 125
Advertising - Other 0
Interest Expense - Other 0
Legal/Regulatory Expense 131
Miscellaneous Expenses 395,463
------------
Total Expenses Before Depreciation 491,162
Depreciation Expense 0
------------
Net Profit Before Reorganization Items (470,112)
Reorganization Items
Professional Fees 1,404,892
------------
Total Reorganization Items 1,404,892
Income Taxes 0
------------
Net Income (Loss) ($1,875,004)
============
Middletown, Conn.-based Mortgage Lenders Network USA Inc. --
http://www.mlnusa.com/-- is a privately held company offering a
full range of Alt-A/Non-Conforming and Conforming loan products
through its retail and wholesale channels. The company filed for
chapter 11 protection on Feb. 5, 2007 (Bankr. D. Del. Case No.
07-10146). Pachulski Stang Ziehl & Jones LLP represents the
Debtor. Blank Rome LLP represents the Official Committee of
Unsecured Creditors. In the Debtor's schedules of assets and
liabilities filed with the Court, it disclosed total assets of
$464,847,213 and total debts of $556,459,464. The Debtor's
exclusive period to file a chapter 11 plan of reorganization is
set to expire on Jan. 22, 2008.
(Mortgage Lenders Bankruptcy News, Issue No. 23; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or 215/945-
7000).
MORTGAGE LENDERS: Posts $531,251 Net Loss in Month Ended Oct. 31
----------------------------------------------------------------
Mortgage Lenders Network USA, Inc.
Balance Sheet
As of October 31, 2007
Assets:
Cash and Cash Equivalents $12,012,702
Mortgage loans held for sale 0
Portfolio loans 0
Allowance for loan losses 0
Capitalized Mortgage Servicing rights, net 0
Retained interests in securitization,
at fair value 0
Furniture, fixtures, equipment,
an software, net 0
Land 3,187,970
Deferred Costs 0
Principal & Interest Advances 0
Interest in subsidiaries 0
Other Assets 11,243,178
------------
Total Assets $26,443,850
============
Liabilities:
Accounts Payable prepetition $14,473,514
Accounts Payable postpetition 75,547
Accrued Expenses - Payroll 981,314
Accrued Expenses - Other 15,508,495
Warehouse Borrowings 22,284,261
Convertible Debt 1,500,000
Servicing & Working Capital Advances 54,408,435
Capital Lease Liability 0
Other liabilities 31,209,991
------------
Total Liabilities 140,441,557
Stockholders' Equity:
Common Stock 625,000
Additional Paid-In Capital 1,829,770
Retained Earnings (116,452,478)
------------
Total Stockholders' Equity (113,997,708)
------------
Total Debts & Stockholders' Equity $26,443,850
============
Mortgage Lenders Network USA, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended October 31, 2007
Cash - Beginning of Month $4,378,715
Receipts:
Net Servicing Inflows 0
Warehouse and Loan Sale Inflows 0
Sale of Fixed Assets 0
Sale of Other Assets 0
Other Inflows 157,535
Transfers from Cash Collateral
------------
Total Receipts 157,535
Disbursements:
Net Payroll 118,287
Payroll Taxes 0
Medical Coverage Sub/ FSA Withholding 0
Operating Expenses 174,523
Rent 0
Utilities 0
Insurance 0
Administrative & Selling 0
Other 0
Professional Fees Escrow Account 1,496,647
Professional Fees Paid 0
U.S. Trustee Fees 0
DIP Fees 0
Transfers to Cash Collateral 0
------------
Total Disbursements 1,789,457
------------
Net Cash Flow (1,631,922)
------------
Cash - End of Month $2,746,793
============
Mortgage Lenders Network USA, Inc.
Income Statement
Month Ended October 31, 2007
Revenue
Gain on Sale - Subprime $0
Gain on Sale - SRP/MBS 0
Mortgage origination income 0
Net Warehouse interest income 0
Servicing income, net 0
Loss on investment in MLN Depository 0
Other Income 181,941
------------
Total Revenues $181,941
------------
Expenses
Salaries $0
Overtime/Temp Help 0
Bonus/Incentives 0
Benefits 0
Rent Expense 16,393
Telephone 552
Repairs & Maintenances 0
Office & Supplies Expense 54
Postage/Express Mail 278
Service Bureau 131,447
Consulting Fees 136,956
Insurance 0
Loan Loss/Foreclosure Exp. 3,999
Appraisal/Credit Expenses 0
Travel & Entertainment 572
Meetings/Seminars/Education 0
Membership Fees/Dues/Filings 0
Advertising - Other 0
Interest Expense - Other 0
Legal/Regulatory Expense 436
Miscellaneous Expenses 1,358
------------
Total Expenses Before Depreciation 292,047
Depreciation Expense 0
------------
Net Profit Before Reorganization Items (110,106)
Reorganization Items
Professional Fees 421,145
------------
Total Reorganization Items 421,145
Income Taxes 0
------------
Net Income (Loss) ($531,251)
============
Middletown, Conn.-based Mortgage Lenders Network USA Inc. --
http://www.mlnusa.com/-- is a privately held company offering a
full range of Alt-A/Non-Conforming and Conforming loan products
through its retail and wholesale channels. The company filed for
chapter 11 protection on Feb. 5, 2007 (Bankr. D. Del. Case No.
07-10146). Pachulski Stang Ziehl & Jones LLP represents the
Debtor. Blank Rome LLP represents the Official Committee of
Unsecured Creditors. In the Debtor's schedules of assets and
liabilities filed with the Court, it disclosed total assets of
$464,847,213 and total debts of $556,459,464. The Debtor's
exclusive period to file a chapter 11 plan of reorganization is
set to expire on Jan. 22, 2008.
(Mortgage Lenders Bankruptcy News, Issue No. 23; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or 215/945-
7000).
MOVIE GALLERY: Posts $117,146,000 Net Loss in Month Ended Nov. 4
----------------------------------------------------------------
Movie Gallery, Inc.
Unaudited Consolidated Balance Sheet
(Excluding International Operations)
As Of November 4, 2007
ASSETS
Current Assets
Cash & Cash Equivalents $16,581,000
Merchandise Inventory 167,089,000
Prepaid Expenses 67,730,000
Store Supplies and Other 16,425,000
---------------
Total Current Assets 267,825,000
Rental inventory, net 301,860,000
Property, furnishings and equipment, net 127,249,000
Other intangibles, net 21,236,000
Deferred income tax asset, net 1,774,000
Deposits and other assets 36,080,000
Investment in subsidiaries 17,016,000
---------------
Total Assets $773,040,000
===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Current maturities of long-term obligations $873,500,000
Accounts payable 39,194,000
Intercompany payable (11,791,000)
Accrued liabilities 56,537,000
Accrued payroll 30,589,000
Accrued interest 11,226,000
Deferred revenue 35,719,000
---------------
Total Current Liabilities 1,034,974,000
Other Accrued Liabilities 19,901,000
---------------
Total Liabilities Not Subject to Compromise 1,054,875,000
Liabilities Subject to Compromise
Accounts payable 47,214,000
Accrued liabilities 16,594,000
Accrued utilities 4,234,000
Accrued interest 16,566,000
Long-term obligations 322,959,000
Lease liability on closed stores 132,516,000
---------------
Total Liabilities Subject to Compromise 540,083,000
---------------
Total Liabilities 1,594,958,000
Stockholders' Deficit
Preferred stock, $0.10 par value; 2000 shares
authorized, no shares or issues outstanding 0
Common stock, $0.001 par value; 65,000 shares
authorized, shares issued and outstanding 32,000
Additional paid-in capital 199,602,000
Accumulated deficit (1,028,924,000)
Accumulated other comprehensive income 7,372,000
---------------
Total Stockholders' Deficit (821,918,000)
---------------
Total Liabilities and Stockholders' Deficit $773,040,000
===============
Movie Gallery, Inc.
Unaudited Consolidated Statement of Operations
(Excluding International Operations)
From October 16 to November 4, 2007
Revenue
Rentals $85,462,000
Product Sales 31,778,000
---------------
117,240,000
Cost of Sales
Cost of rental revenues 39,460,000
Cost of product sales 25,132,000
---------------
64,592,000
Gross Profit 52,648,000
Operating Costs and Expenses
Store operating expenses 164,040,000
General and administrative 6,097,000
Amortization of intangibles 149,000
---------------
170,286,000
---------------
Operating Income (Loss) (117,638,000)
Interest Expense, net 8,703,000
Intercompany interest expense, net 0
---------------
Income (loss) before reorganization items
and income taxes (126,341,000)
Reorganization items, net (9,195,000)
---------------
Income (loss) before income taxes (117,146,000)
Income taxes (benefit) 0
---------------
Net Income (Loss) ($117,146,000)
===============
Movie Gallery, Inc.
Unaudited Consolidated Statement of Cash Flows
(Excluding International Operations)
From October 16 to November 4, 2007
Operating Activities
Net income (loss) ($117,146,000)
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Rental Inventory Amortization 28,293,000
Purchases of Rental Inventory (29,929,000)
Purchases of Rental Inventory-Base Stock (41,000)
Reorganization Items, net (11,870,000)
Depreciation and Intangibles Amortization 2,712,000
Loss on Closed Store Write-Offs 14,000
Amortization of Debt Issuance Cost 484,000
Write Off of Debt Issuance Cost 2,006,000
Changes in Operating Assets and Liabilities
Merchandise Inventory (7,049,000)
Other Current Assets (33,524,000)
Deposits and Other Assets (281,000)
Accounts Payable 7,388,000
Accrued Interest (1,094,000)
Lease Liability on Closed Stores 121,956,000
Other Accrued Liabilities and Deferred Revenue (1,864,000)
---------------
Net Cash Used by Operating Activities (39,945,000)
Investing Activities
Purchases of Property, Furnishings and
Equipment, net (109,000)
Proceeds from Disposal of Property,
Furnishings and Equipment 0
---------------
Net Cash Provided by Investing Activities (109,000)
Financing Activities
Change in Intercompany Receivable (1,357,000)
Net Borrowings (Repayments) on Revolving
Credit Facilities (92,478,000)
Long Term Debt Financing Fees (3,389,000)
Proceeds from Issuance of DIP Credit Facility 100,000,000
---------------
Net Cash Provided by Financing Activities 2,776,000
Increase (Decrease) in Cash and Cash Equivalents (37,278,000)
Cash and cash equivalents at beginning of period 53,859,000
---------------
Cash and cash equivalents at end of period $16,581,000
===============
Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment specialty
retailer. The company owns and operates 4,600 retail stores that
rent and sell DVDs, videocassettes and video games.
The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849 to
07-33853. Anup Sathy, Esq., Marc J. Carmel, Esq., and Richard M.
Cieri, Esq., at Kirkland & Ellis LLP, represent the Debtors.
Michael A. Condyles, Esq., and Peter J. Barrett, Esq., at Kutak
Rock LLP, is the Debtors' local counsel. The Debtors' claims &
balloting agent is Kutzman Carson Consultants LLC. When the
Debtors' filed for protection from their creditors, they listed
total assets of $891,993,000 and total liabilities of
$1,419,215,000.
The Official Committee of Unsecured Creditors has selected Robert
J. Feinstein, Esq., James I. Stang, Esq., Robert B. Orgel, Esq.,
and Brad Godshall, Esq., at Pachulski Stang Ziehl & Jones LLP, as
its lead counsel, and Brian F. Kenney, Esq., at Miles &
Stockbridge PC, as its local counsel.
The Debtors' spokeswoman Meaghan Repko said that the company does
not expect to exit bankruptcy protection before the second quarter
of 2008. The Debtors' exclusive plan filing period expires on
Feb. 13, 2008. (Movie Gallery Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/
or 215/945-7000)
MOVIE GALLERY: Earns $36,439,000 in Month Ended December 2, 2007
----------------------------------------------------------------
Movie Gallery, Inc.
Unaudited Consolidated Balance Sheet
(Excluding International Operations)
As Of December 2, 2007
ASSETS
Current Assets
Cash & Cash Equivalents $13,686,000
Merchandise Inventory 186,977,000
Prepaid Expenses 50,943,000
Store Supplies and Other 13,512,000
---------------
Total Current Assets 265,118,000
Rental inventory, net 303,443,000
Property, furnishings and equipment, net 123,269,000
Other intangibles, net 20,977,000
Deferred income tax asset, net 1,774,000
Deposits and other assets 36,881,000
Investment in subsidiaries 17,019,000
---------------
Total Assets $768,481,000
===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Current maturities of long-term obligations $873,500,000
Accounts payable 63,560,000
Intercompany payable (12,746,000)
Accrued liabilities 64,211,000
Accrued payroll 33,906,000
Accrued interest 14,026,000
Deferred revenue 36,603,000
---------------
Total Current Liabilities 1,073,060,000
Other Accrued Liabilities 17,913,000
---------------
Total Liabilities Not Subject to Compromise 1,090,973,000
Liabilities Subject to Comrpomise
Accounts payable 31,908,000
Accrued liabilities 14,235,000
Accrued utilities 4,254,000
Accrued interest 16,410,000
Long-term obligations 323,006,000
Lease liability on closed stores 73,174,000
---------------
Total Liabilities Subject to Compromise 462,987,000
---------------
Total Liabilities 1,553,960,000
Stockholders' Deficit
Preferred stock, $0.10 par value; 2000 shares
authorized, no shares or issues outstanding 0
Common stock, $0.001 par value; 65,000 shares
authorized, shares issued and outstanding 32,000
Additional paid-in capital 199,602,000
Accumulated deficit (992,485,000)
Accumulated other comprehensive income 7,372,000
---------------
Total Stockholders' Deficit (785,479,000)
---------------
Total Liabilities and Stockholders' Deficit $768,481,000
===============
Movie Gallery, Inc.
Unaudited Consolidated Statement of Operations
(Excluding International Operations)
For The Period Ended December 2, 2007
Revenue
Rentals $117,845,000
Product Sales 60,231,000
---------------
178,076,000
Cost of Sales
Cost of rental revenues 41,579,000
Cost of product sales 47,824,000
---------------
89,403,000
Gross Profit 88,673,000
Operating Costs and Expenses
Store operating expenses 103,131,000
General and administrative 10,530,000
Amortization of intangibles 259,000
---------------
113,920,000
---------------
Operating Income (Loss) (25,247,000)
Interest Expense, net 9,548,000
Intercompany interest expense, net 0
---------------
Income (loss) before reorganization items
and income taxes (34,795,000)
Reorganization items, net (71,239,000)
---------------
Income (loss) before income taxes 36,444,000
Income taxes (benefit) 5,000
---------------
Net Income (Loss) $36,439,000
===============
Movie Gallery, Inc.
Unaudited Consolidated Statement of Cash Flows
(Excluding International Operations)
For The Period Ended December 2, 2007
Operating Activities
Net income (loss) $36,439,000
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Rental Inventory Amortization 32,721,000
Purchases of Rental Inventory (34,281,000)
Purchases of Rental Inventory-Base Stock (23,000)
Reorganization Items, net (75,096,000)
Depreciation and Intangibles Amortization 4,674,000
Loss on Closed Store Write-Offs 15,000
Amortization of Debt Issuance Cost 837,000
Changes in Operating Assets and Liabilities
Merchandise Inventory (19,888,000)
Other Current Assets 19,700,000
Deposits and Other Assets (1,593,000)
Accounts Payable 9,224,000
Accrued Interest 2,645,000
Lease Liability on Closed Stores 15,751,000
Other Accrued Liabilities and Deferred Revenue 7,390,000
---------------
Net Cash Used by Operating Activities (1,485,000)
Investing Activities
Purchases of Property, Furnishings and
Equipment, net (451,000)
Proceeds from Disposal of Property,
Furnishings and Equipment (4,000)
---------------
Net Cash Provided by Investing Activities (455,000)
Financing Activities
Change in Intercompany Receivable (955,000)
---------------
Net Cash Provided by Financing Activities (955,000)
Increase (Decrease) in Cash and Cash Equivalents (2,895,000)
Cash and cash equivalents at beginning of period 16,581,000
---------------
Cash and cash equivalents at end of period $13,686,000
===============
Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment specialty
retailer. The company owns and operates 4,600 retail stores that
rent and sell DVDs, videocassettes and video games.
The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849 to
07-33853. Anup Sathy, Esq., Marc J. Carmel, Esq., and Richard M.
Cieri, Esq., at Kirkland & Ellis LLP, represent the Debtors.
Michael A. Condyles, Esq., and Peter J. Barrett, Esq., at Kutak
Rock LLP, is the Debtors' local counsel. The Debtors' claims &
balloting agent is Kutzman Carson Consultants LLC. When the
Debtors' filed for protection from their creditors, they listed
total assets of $891,993,000 and total liabilities of
$1,419,215,000.
The Official Committee of Unsecured Creditors has selected Robert
J. Feinstein, Esq., James I. Stang, Esq., Robert B. Orgel, Esq.,
and Brad Godshall, Esq., at Pachulski Stang Ziehl & Jones LLP, as
its lead counsel, and Brian F. Kenney, Esq., at Miles &
Stockbridge PC, as its local counsel.
The Debtors' spokeswoman Meaghan Repko said that the company does
not expect to exit bankruptcy protection before the second quarter
of 2008. The Debtors' exclusive plan filing period expires on
Feb. 13, 2008. (Movie Gallery Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/
or 215/945-7000)
PACIFIC LUMBER: ScoPac Files November 2007 Operating Report
-----------------------------------------------------------
Scotia Pacific Company LLC, debtor-affiliate of The Pacific Lumber
Company, delivered to the Honorable Richard Schmidt of the
Southern District of Texas their monthly operating report for
November 2007, disclosing:
Scotia Pacific Company LLC
Consolidated Balance Sheet
As of November 30, 2007
ASSETS
Current Assets
Cash $45,751,392
Accounts receivable, net 4,484,705
Inventory: lower cost or market 1,911,054
Prepaid expenses 6,493,043
Prepaid Restructuring 764,671
Investments 0
Other 694,631
------------
Total Current Assets 60,099,497
Property, Plant & Equipment 600,496,342
Less: Accumulated Depreciation (359,422,353)
------------
Net book value of property & plant 241,073,989
Other Assets
Capitalized Expenses 10,484,199
------------
TOTAL ASSETS $311,657,684
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $146,178
Tax payable
Federal payroll taxes 10,013
State payroll taxes 497
Ad valorem taxes 245,000
Other taxes 157,857
------------
Total taxes payable 413,368
Secured debt postpetition 0
Accrued interest payable 46,748,800
Accrued professional fees 4,542,130
Other accrued liabilities
Unsecured Debt 1,710,047
Payroll 459,776
Other 364,758
------------
Total Postpetition Liabilities 54,385,056
Prepetition Liabilities
Notes payable - Secured 767,347,638
Priority debt 207,812
Federal income tax 0
FICA/ Withholding 0
Unsecured debt 3,358,866
Other 235,944
------------
Total Prepetition Liabilities 771,150,260
------------
Total Liabilities 825,535,318
Owner's Equity (Deficit)
Preffered Stock 0
Common Stock 20,384,905
Additional Paid-in Capital 179,838,186
Retained Earnings: Filing Date (662,058,832)
Retained Earnings: Post Filing Date (52,041,892)
------------
Total Owner's Equity (513,877,633)
------------
TOTAL LIABILITIES & OWNERS EQUITY $311,657,684
============
Scotia Pacific Company LLC
Statement of Income
For the Period Ended November 30, 2007
Revenues $2,560,791
Total cost of revenues 908,447
------------
Gross Profit 1,652,344
Operating Expenses
Selling & Marketing 0
General & Administrative 213,381
Insiders Compensation 0
Professional Fees 0
Idle Facilities 0
Environmental 0
------------
Total Operating Expenses 213,381
------------
Income before interest, depreciation, tax 1,438,963
Interest Expense 4,716,951
Depreciation 611,861
Other (Income) Expenses (109,467)
Amortization of Deferred Financing Costs 0
Restructuring
Professional Fees 1,603,750
Other 198,552
Equity Loss (Earnings) in Subsidiary 0
Total Interest, Depreciation & Other Items 7,021,647
------------
Net Income Before Taxes (5,582,684)
Federal Income Tax 0
------------
Net Income (Loss) ($5,582,684)
============
Scotia Pacific Company LLC
Cash Receipts and Disbursements
For the Month Ended November 30, 2007
Receipts
Cash Sales $0
Collection of Accounts Receivable 0
Loans & Advances 0
Sale of Assets 0
Interest Income 189,182
Log Sales to Palco less Reimbursable 1,593,144
Other 51,335
------------
Total Receipts 1,833,661
Disbursements
Net payroll 299,931
Payroll taxes paid 82,919
Sales, use & other taxes paid 0
Secured/rentals/leases 20,529
Utilities & telephone 157
Insurance 286,367
Cost of goods sold 0
Vehicle expenses 0
Travel & entertainment 0
Repairs, maintenance & supplies 0
Administrative & selling 407,980
Decking, logging & hauling 1,127,213
Other 92,783
------------
Total Disbursements from operations 2,317,880
Professional fees 2,152,102
U.S. Trustee fees 10,000
Interest 256,973
Other reorganization expenses 0
------------
Total Disbursements 4,736,954
------------
Net Cash Flow (2,903,293)
------------
Cash, at the end of the month $45,751,392
============
Based in Oakland, California, The Pacific Lumber Company --
http://www.palco.com/-- and its subsidiaries operate in several
principal areas of the forest products industry, including the
growing and harvesting of redwood and Douglas-fir timber, the
milling of logs into lumber and the manufacture of lumber into a
variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel. John F. Higgins, Esq., and James Matthew
Vaughn, Esq., at Porter & Hedges LLP, is Scotia Pacific's co-
counsel. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335. The Debtors filed their Joint Plan of
Reorganization on Sept. 30, 2007, which was amended on Dec. 20,
2007. The Debtors' exclusive plan filing period expires on
Feb. 29, 2007. (Scotia/Pacific Lumber Bankruptcy News, Issue No.
40, http://bankrupt.com/newsstand/or 215/945-7000).
PACIFIC LUMBER: Scotia Dev't Files November 2007 Operating Report
-----------------------------------------------------------------
Scotia Development LLC, et al., debtor-affiliates of The Pacific
Lumber Company, delivered to the Honorable Richard Schmidt of the
Southern District of Texas their monthly operating report for
November 2007, disclosing:
Scotia Development LLC, et al.
Consolidated Balance Sheet
As of November 30, 2007
ASSETS
Current Assets
Cash ($275,143)
Accounts receivable, net 6,573,111
Inventory: lower cost or market 21,769,430
Prepaid expenses 5,341,983
Prepaid Restructuring 200,000
Investments -
Other 267,367
------------
Total Current Assets 33,876,748
Property, Plant & Equipment 214,433,666
Less: Accumulated Depreciation (140,020,801)
------------
Net book value of property & plant 74,412,865
Other Assets
Notes Receivable 461,190
Deferred Financing Costs 5,937,655
Long-term Investments 2,913,287
Restricted Cash 2,509,580
Restricted Cash/Letter
of Credit Collaterization 12,335,351
Deferred Tax Assets 13,652,208
------------
TOTAL ASSETS $146,098,884
============
LIABILITIES & OWNERS EQUITY
Postpetition
Liabilities
Trade accounts payable 972,105
Tax payable
Federal payroll taxes 44,800
State payroll taxes 8,387
Ad valorem taxes 266,740
Other taxes 22,417
------------
Total taxes payable 342,344
Secured debt postpetition 72,828,104
Accrued interest payable 2,063,391
Accrued professional fees 3,416,616
Other accrued liabilities
Trade Accruals 1,038,882
Compensation and Benefits 2,012,173
Other Accrued 465,144
Due to(from) Affiliate/Parent 2,862,656
------------
Total Postpetition Liabilities 86,001,415
Prepetition Liabilities
Notes payable - Secured 84,277,251
Priority debt 3,569,579
Federal income tax (17,006)
FICA/ Withholding -
Unsecured debt 2,972,933
Other 33,626,758
Due to Affiliate/Parent 41,661,505
------------
Total Prepetition Liabilities 166,091,020
------------
Total Liabilities 252,092,435
Owner's Equity (Deficit)
Equity in Affiliates 531,021,386
Common Stock 1,001
Additional Paid-in Capital 275,546,288
Retained Earnings: Filing Date (794,985,292)
Retained Earnings: Post Filing Date (117,576,935)
------------
Total Owner's Equity (105,993,552)
------------
TOTAL LIABILITIES & OWNERS EQUITY $146,098,884
============
Scotia Development LLC, et al.
Statement of Income
For the Period Ended November 30, 2007
Revenues $6,767,200
Total cost of revenues 7,227,128
------------
Gross Profit (459,928)
Operating Expenses
Selling & Marketing 84,824
General & Administrative 321,545
Insiders Compensation 101,251
Idle Facilities 139,875
Environment 26,511
------------
Total Operating Expenses 674,006
------------
Income before interest, depreciation, tax (1,133,934)
Interest Expense 3,181,224
Depreciation 856,880
Other (Income) Expenses (135,636)
Amortization of Deferred Financing Costs 387,997
Restructuring
Professional Fees 1,295,303
Other 83,470
Equity Loss (Earnings) in Subsidiary 5,582,684
Total Interest, Depreciation & Other 11,251,921
------------
Net Income Before Taxes (12,385,855)
Federal Income Tax 0
------------
Net Income (Loss) ($12,385,855)
============
Scotia Development LLC, et al.
Cash Receipts and Disbursements
For the Month Ended November 30, 2007
Receipts
Cash Sales $65,320
Collection of Accounts Receivable 6,216,493
Loans & Advances 2,503,040
Sale of Assets 115,000
Other 435,273
------------
Total Receipts 9,335,125
Disbursements
Net payroll 884,040
Payroll taxes paid 395,569
Sales, use & other taxes paid 46,419
Secured/rentals/leases 262,755
Utilities & telephone 85,724
Insurance 532,278
Cost of goods sold 4,663,992
Vehicle expenses 184,435
Travel & entertainment 35,590
Repairs, maintenance & supplies 593,217
Administrative & selling 1,049,656
Interest 535,302
Other 3,752
------------
Total Disbursements from operations 9,272,729
Professional fees 917,606
U.S. Trustee fees 10,250
Other reorganization expenses 0
------------
Total Disbursements 10,200,585
------------
Net Cash Flow (865,459)
------------
Cash, at the beginning of the month 590,317
------------
Cash, at the end of the month ($275,143)
============
Based in Oakland, California, The Pacific Lumber Company --
http://www.palco.com/-- and its subsidiaries operate in several
principal areas of the forest products industry, including the
growing and harvesting of redwood and Douglas-fir timber, the
milling of logs into lumber and the manufacture of lumber into a
variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel. John F. Higgins, Esq., and James Matthew
Vaughn, Esq., at Porter & Hedges LLP, is Scotia Pacific's co-
counsel. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335. The Debtors filed their Joint Plan of
Reorganization on Sept. 30, 2007, which was amended on Dec. 20,
2007. The Debtors' exclusive plan filing period expires on
Feb. 29, 2007. (Scotia/Pacific Lumber Bankruptcy News, Issue No.
40, http://bankrupt.com/newsstand/or 215/945-7000).
POPE & TALBOT: Files Schedules of Assets and Liabilities
--------------------------------------------------------
Pope & Talbot Inc. delivered to the United States Bankruptcy Court
for the District of Delaware its schedules of assets and
liabilities, disclosing:
A. Real Property $1,346,465
B. Personal Property
B.1 Cash on hand 600
B.2 Financial Accounts
Wells Fargo Business Credit
Deposit 12,151,800
Concentration (9,510,440)
A/P Disbursement (44,981)
Payroll (21,888)
W/C Compensation (9,208)
PNC Bank,PFPC, Inc. 1,877,254
Key Bank Account 315
Seafirst Bank 100
B.3 Security Deposits
Short term deposits 300,503
Miscellaneous deposits 159,094
Deposits - Purchase timber and roads 916,436
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
Pope & Talbot Ltd. 171,810,731
Pope & Talbot Pulp Sales U.S. Inc. 4,483,823
Pope & Talbot Relocation, Inc. 694,771
Penn Timber, Inc. 481,910
P&T Funding Ltd. 162,625
Pope & Talbot Pulp Sales Europe LLC (140,065)
Pope & Talbot Lumber Sales Inc. (4,415,274)
B.14 Investments in subsidiaries & others
P&T Finance One Limited Partnership 25,135,413
P&T Factoring Ltd. Partnership 25,203,804
Halsey CLO2 Limited Partnership (1,950,633)
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable
Intercompany loan receivables
P&T Ltd. 75,000,000
Pope & Talbot Ltd. -- Halsey 6,231,956
Pope & Talbot Spearfish 2,553,996
Limited Partnership
Intercompany trade receivables
P&T Pulp Sales 20,516,905
P&T Lumber Sales 10,508,860
P&T Spearfish 1,849,707
P&T Pulp Sales Belgium 1,046,479
Intercompany loan interest receivables 8,969,178
Trade receivables 7,156,546
Others 195,564
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor 133,216
B.19 Other equitable interests 0
B.20 Investment in deferred compensation
Life insurance on former Chairman Peter T.
Pope and his wife, Josephine D. Pope 1,604,827
B.21 Derivative asset 0
B.22 Intellectual property Unknown
B.23 Licenses & franchises 0
B.24 Borrower & applicant list 0
B.25 Vehicles & accessories (60,368)
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies 1,839,019
B.29 Machinery, supplies, equipment, supplies 56,967
B.30 Inventory 701,053
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
Deferred income tax asset 3,672,760
Retainer for services
Sherman & Sterling LLP 550,000
FTI Consulting Inc. 400,000
Rothschild, Inc. 300,000
Stoel Rives LLP 75,000
Stikeman Elliot 50,000
Workers Comp. claims receivable 544,435
Acquisition costs, Mackenzie purchase 425,862
Deferred debt insurance costs 399,898
D&O insurance coverage 385,781
Credit inurance policy 312,500
Maint. Annual Installment 148,084
Others 604,667
TOTAL SCHEDULED ASSETS $374,866,415
=========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Ableco Finance LLC Term C Loan 30,920,282
Wells Fargo Financial Corp., Canada 30,463,024
HBK Master Fund LP Term C Loan 19,631,925
Ableco Finance LLC Term B Loan 16,409,331
David W. Stack 15,231,512
Quadrangle Master Funding Ltd Term C Loan 13,286,222
HBK Master Fund LP Term B Loan 10,418,623
Oak Hill Credit Opportunities - Term C Loan 7,730,070
Regiment Capital Special Situations 7,361,972
Oak Hill Credit Alpha 7,111,665
Quadrangle Master Funding Ltd Term B Loan 7,050,971
OHA Capital Solutions LP 5,024,546
Oak Hill Credit Opportunities - Term B Loan 4,102,333
Regiment Capital 3,906,984
Oak Hill Credit Alpha Finance I (Offshore) 3,744,146
DK Acquisition Partners LP 3,906,984
Oak Hill Credit Opportunities - Term C Loan 3,092,028
OHSF II 3,092,028
Fortress Credit Funding I LLP 2,944,789
Fortress Credit Opportunities II LP 2,944,789
Oak Hill Credit Alpha Finance I LLC 2,782,825
OHA Capital 2,705,525
OHA Capital 2,666,516
Credit Genesis CLO 2005-1 Ltd. 2,453,991
OHSF II Financing Ltd. Term B Loan 1,640,933
Fortress Credit Opportunities 1,562,793
Fortress Credit Funding 1,562,793
Oak Hill Credit Alpha 1,476,840
Fortress Credit Funding 1,472,394
OHA Capital 1,435,816
Credit Genesis CLO 2005-1 Ltd. 1,302,328
Lerner Enterprises LP 1,236,811
Durham Acquisition Co. LLC 1,041,862
Fortress Credit Funding 781,397
Bank of America N.A. 779,472
OHSF Financing Ltd. 656,373
Lerner Enterprises 656,373
Bank of America, N.A. 413,664
Concordia Distressed Debt Fund LP 349,332
Others 6,855,869
E. Creditors Holding Unsecured Priority Claims Unknown
F. Creditors Holding Unsecured Non-priority Claims
The Bank of New York Trust Co., N.A. 75,000,000
The Bank of New York Trust Co., N.A. 60,000,000
P&T Ltd. 27,325,176
Post-retirement obligations
Halsey 17,967,614
U.S. Salaried 6,209,750
P&T -- Halsey 14,201,030
Wells Fargo Bank Northwest N.A.
Corp. Trust Services 6,186,714
P&T employees vacation 2,868,865
Pension obligations
U.S. salaried 2,337,303
SERPS 3,882,189
Vendor accounts payable as of 10/28/2007 11,415,768
Long term obligation, Wells Fargo 6,186,714
Others 6,106,347
TOTAL SCHEDULED LIABILITIES $473,197,929
=========================================================
Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding. (Pope & Talbot
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
POPE & TALBOT: P&T Ltd. Files Schedules of Assets and Debts
-----------------------------------------------------------
Pope & Talbot Ltd., debtor-affiliate of Pope & Talbot Inc.,
delivered to the United States Bankruptcy Court for the District
of Delaware its schedules of assets and liabilities, disclosing:
A. Real Property
Buildings and Land improvements $60,638,169
Harmac write up of land upon purchase 1,773,918
B. Personal Property
B.1 Cash on hand 14,339
B.2 Financial Accounts
Toronto-Dominion Bank
Payroll 2,843,564
FIA FSJ Timber 243,196
Concentration 205,542
Deposit 177,765
CIBC 16,769
Others 854,950
B.3 Security Deposits 540,425
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
Pope & Talbot Spearfish Limited Partnership 22,660,178
Pope & Talbot Factoring Limited Partnership 49,940
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable
Trade Receivable 31,941,981
Intercompany Loan Receivables
P&T Factoring 27,585,507
Intercompany Trade Receivables
P&T Inc. 27,325,176
P&T Funding Ltd. 70,183
Intercompany Trade Receivables -- Halsey
Pope & Talbot Inc. 14,201,030
Other Receivables -- Halsey 4,160,098
Other Receivables 4,311,358
Others 438,387
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor
2007 Net Operating Loss Carryback to 2006 8,668,404
Quebec -- 2007 Scientific Research 157,209
B.19 Other equitable interests 0
B.20 Investment in deferred compensation 0
B.21 Derivative asset 0
B.22 Intellectual property Unknown
B.23 Licenses & franchises
Forest License #A77955 12,166,263
Tree Farm License #8 2,110,453
Tree Farm License #23 1,162,748
B.24 Borrower & applicant list 0
B.25 Vehicles & accessories 2,466,968
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies 2,368,892
B.29 Machinery, supplies, equipment, supplies 354,829,598
B.30 Inventory
Pulp 27,232,208
Chemicals/Supplies 23,986,117
Logs 17,308,417
Chips/Sawdust 9,658,531
Lumber 7,483,969
Inventory -- Halsey
Chemicals/Supplies 6,413,911
Pulp 2,337,496
Chips/Sawdust 2,159,710
LIFO Reserve (1,064,284)
LIFO Reserve (3,760,523)
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
Prepaid property tax
City of Nanaimo 674,446
District of Mackenzie 358,545
Prepaid property insurance policy
Factory Mutual Insurance Co. 678,318
Factory Mutual Insurance Co. 318,357
Factory Mutual Insurance Co. 155,487
Factory Mutual Insurance Co. 92,971
Factory Mutual Insurance Co. 89,083
Other assets from Fixed Asset Summary 596,920
Prepaid expenses T81250 layout 490,560
Midway planer install contract 466,125
Prepaid Natural Gas
Coral Energy 390,030
IGI Resources 61,677
Prepaid rent
A779995 124,090
TFL # 8 44,272
TFL # 23 94,329
Prepaid electricity deposit 272,476
Prepaid rail freight 264,281
Prepaid shutdown spending 247,108
Prepaid general liability policy
Woodruff Sawyer & Company 39,773
Woodruff Sawyer & Company 37,127
Woodruff Sawyer & Company 25,605
Woodruff Sawyer & Company 21,713
Woodruff Sawyer & Company 10,899
Property premium credit 133,605
Prepaid building materials for ditch work 129,605
Prepaid annual waste management permit 128,709
Annual subscription, Norpac Controls Inc. 116,704
Prepaid deposit for H&W claims processing 104,806
Prepaid retainer for services 104,806
Prepaid deposit for H&W claims processing 93,976
Prepaid quarterly dues -- Pulp & Paper
Research Institute of Canada 93,121
Prepaid extended benefit claims processing 78,709
Prepaid pollution liability policy 65,738
Prepaid land lease deposits -- various 43,473
Log tie-ups along Arrow Lake 42,299
Others 655,267
TOTAL SCHEDULED ASSETS $683,125,933
=========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Ableco Finance LLC Term C Loan $30,920,282
Wells Fargo Financial Corporation 30,463,024
HBK Masterfund LP Term C Loan 19,631,925
Letter of Credit
Goldenrod Asset Management Inc. 6,407,058
Safeco Insurance Company 5,200,000
TD Community & Energy Trading 3,600,156
Toronto-Dominion 1,028,616
Winthrop Resources Corporation 550,000
The Bank of Nova Scotia 250,000
Generali Belgium SA 33,978
Ableco Finance LLC Term B Loan 16,409,331
ABN AMRO Bank N.V. 15,231,512
Quadrangle Master Funding Ltd 13,286,222
HBK Masterfund LP Term B Loan 10,418,623
Oak Hill Credit Opportunities Term C Loan 7,730,070
DK Acquisition Partners LP 7,361,972
Oak Hill Credit Alpha Finance I
(Offshore) LLC 7,111,665
Quadrangle Master Funding 7,050,971
Goldenrod Asset Management Inc 6,407,058
Safeco Insurance Company 5,200,000
OHA Capital Solutions Ltd. Term C Loan 5,024,546
Oak Hill Credit Opportunities Term B Loan 4,102,333
DK Acquisition Partners LP 3,906,984
Regiment Capital Special
Situations Fund III LP 3,906,984
Oak Hill Credit Alpha Finance I Term B Loan 3,774,146
OHSF II Financing Ltd. 3,092,028
Fortress Credit Funding LP 2,944,789
Fortress Credit Opportunities II LP 2,944,789
Oak Hill Credit Alpha Finance I Term C Loan 2,782,825
OHA Capital Solutions LP 2,705,525
OHA Capital Solutions Ltd. Term B Loan 2,666,516
Fortress Credit 1,562,793
Fortress Credit 1,562,793
OHA Capital 1,435,816
OHSF Financing 1,236,811
Fortress Credit 781,397
Lerner Enterprises LP 656,373
Others 11,507,184
E. Creditors Holding Unsecured Priority Claims
Canadian Export Tax Payment -- September 1,315,924
Canadian Export Taxes -- October 870,174
Others 119,591
F. Creditors Holding Unsecured Non-priority Claims
Intercompany loan
P&T Inc. 75,000,000
P&T Finance Two Limited Partnership 34,127,211
Intercompany payable P&T Factoring 42,332,361
Postretirement Obligations
Harmac 32,697,736
Interior 8,447,456
CMSG 1,387,499
Interior 1,000,282
Vendor accounts payable as of 10/28/2007 32,159,077
Pension Obligations
Canadian Salaried 20,387,625
Bridge Plans 3,135,037
SERPS 1,621,017
CMSG 1,028,044
Pope & Talbot Ltd. Employees Vacation 13,222,239
Accured interest payable -- P&T Inc. 8,969,178
Intercompany loan [Halsey] -- P&T Inc. 6,231,956
Employees payroll -- P&T Ltd. 3,989,108
Gas, oil and chemicals 3,807,947
Stumpage payable 3,125,115
Accrued interest & withholding payable --
P&T Factoring 2,408,630
Miscellaneous liabilities 2,303,769
Employee liabilities 1,866,842
Sales discount accruals 1,641,280
Disputed balance with Canfor 1,596,985
Freight payables
Water/cargo 1,235,367
Land/truck 283,674
Accrued interest -- Pope & Talbot Finance 2 1,083,639
Estimated income tax payable 1,077,211
Insurance -- AIG Credit Corp. 864,013
Accrued export tax payable 826,816
Employees Tax P&T Ltd. 530,663
GST -- Canadian Ministry of France 356,820
Various professional fees 348,880
Various WP accruals 230,845
Accrued provincial sales tax 224,849
Canfor chips accrual 197,336
Book entry 191,380
Other miscellaneous accruals 155,762
Insurance -- cargo 123,718
Others 377,438
TOTAL SCHEDULED LIABILITIES $561,175,072
=======================================================
Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding. (Pope & Talbot
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
POPE & TALBOT: P&T Lumber Files Statement of Assets and Debts
-------------------------------------------------------------
Pope & Talbot Lumber Sales Inc., debtor-affiliate of Pope & Talbot
Inc., delivered to the United States 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 0
B.3 Security Deposits 0
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 0
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 0
B.23 Licenses & franchises 0
B.24 Borrower & applicant list 0
B.25 Vehicles & accessories 0
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies 0
B.29 Machinery, supplies, equipment, supplies 0
B.30 Inventory
Inventory Lumber 4,277,705
Net Realizable Value Adjustment (289,173)
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 4,953
TOTAL SCHEDULED ASSETS $3,993,485
========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Ableco Finance LLC Term C Loan $30,920,282
Wells Fargo Financial Corp., Canada 30,463,024
HBK Master Fund LP Term C Loan 19,631,925
Ableco Finance LLC Term B Loan 16,409,331
David W. Stack 15,231,512
Quadrangle Master Funding Ltd Term C Loan 13,286,222
HBK Master Fund LP Term B Loan 10,418,623
Oak Hill Credit Opportunities - Term C Loan 7,730,070
Regiment Capital Special Situations 7,361,972
Oak Hill Credit Alpha 7,111,665
Quadrangle Master Funding Ltd Term B Loan 7,050,971
OHA Capital Solutions LP 5,024,546
Oak Hill Credit Opportunities Term B Loan 4,102,333
Regiment Capital 3,906,984
Oak Hill Credit Alpha Finance I (Offshore) 3,744,146
DK Acquisition Partners LP 3,906,984
Oak Hill Credit Opportunities - Term C Loan 3,092,028
OHSF II 3,092,028
Fortress Credit Funding I LLP 2,944,789
Fortress Credit Opportunities II LP 2,944,789
Oak Hill Credit Alpha Finance I LLC 2,782,825
OHA Capital 2,705,525
OHA Capital 2,666,516
Credit Genesis CLO 2005-1 Ltd. 2,453,991
OHSF II Financing Ltd. Term B Loan 1,640,933
Fortress Credit Opportunities 1,562,793
Fortress Credit Funding 1,562,793
Oak Hill Credit Alpha 1,476,840
Fortress Credit Funding 1,472,394
OHA Capital 1,435,816
Credit Genesis CLO 2005-1 Ltd. 1,302,328
Lerner Enterprises LP 1,236,811
Durham Acquisition Co. LLC 1,041,862
Fortress Credit Funding 781,397
Bankof America N.A. 779,472
OHSF Financing Ltd. 656,373
Lerner Enterprises 656,373
Bank of America, N.A. 413,664
Concordia Distressed Debt Fund LP 349,332
Others 6,855,869
E. Creditors Holding Unsecured
Priority Claims Unknown
F. Creditors Holding Unsecured Non-priority Claims
Pope & Talbot, Inc.
Intercompany Payable 10,508,860
TOTAL SCHEDULED LIABILITIES $244,019,319
========================================================
Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding. (Pope & Talbot
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
POPE & TALBOT: P&T Spearfish Files Statement of Assets and Debts
----------------------------------------------------------------
Pope & Talbot Spearfish Limited Partnership, debtor-affiliate of
Pope & Talbot Inc., delivered to the United States Bankruptcy
Court for the District of Delaware its schedules of assets and
liabilities, disclosing:
A. Real Property
Buildings & Improvements $3,792,036
Others 830,961
B. Personal Property
B.1 Cash on hand 1,200
B.2 Financial Accounts
Wells Fargo Business Credit (2,813)
B.3 Security Deposits 0
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 166,814
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 0
B.23 Licenses & franchises 0
B.24 Borrower & applicant list 0
B.25 Vehicles & accessories 540,594
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies 50,495
B.29 Machinery, supplies, equipment, supplies
Machinery & equipment - Spearfish 15,764,507
Construction in Progress 128,361
B.30 Inventory
Lumber 2,306,175
Wood Pellets 287,688
Chemicals and Supplies 783,357
LIFO Reserve (583,036)
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 158,720
TOTAL SCHEDULED ASSETS $24,225,059
========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Ableco Finance LLC Term C Loan $30,920,282
Wells Fargo Financial Corp., Canada 30,463,024
HBK Master Fund LP Term C Loan 19,631,925
Ableco Finance LLC Term B Loan 16,409,331
David W. Stack 15,231,512
Quadrangle Master Funding Ltd Term C Loan 13,286,222
HBK Master Fund LP Term B Loan 10,418,623
Oak Hill Credit Opportunities
Financing Ltd. Term C Loan 7,730,070
Regiment Capital Special Situations 7,361,972
Oak Hill Credit Alpha 7,111,665
Quadrangle Master Funding Ltd Term B Loan 7,050,971
OHA Capital Solutions LP 5,024,546
Oak Hill Credit Opportunities
Financing Ltd. Term B Loan 4,102,333
Regiment Capital 3,906,984
Oak Hill Credit Alpha
Finance I (Offshore) LLC 3,744,146
DK Acquisition Partners LP 3,906,984
Oak Hill Credit Opportunities
Financing Ltd. Term C Loan 3,092,028
OHSF II 3,092,028
Fortress Credit Funding I LLP 2,944,789
Fortress Credit Opportunities II LP 2,944,789
Oak Hill Credit Alpha Finance I LLC 2,782,825
OHA Capital 2,705,525
OHA Capital 2,666,516
Credit Genesis CLO 2005-1 Ltd. 2,453,991
OHSF II Financing Ltd. Term B Loan 1,640,933
Fortress Credit Opportunities 1,562,793
Fortress Credit Funding 1,562,793
Oak Hill Credit Alpha 1,476,840
Fortress Credit Funding 1,472,394
OHA Capital 1,435,816
Credit Genesis CLO 2005-1 Ltd. 1,302,328
Lerner Enterprises LP 1,236,811
Durham Acquisition Co. LLC 1,041,862
Fortress Credit Funding 781,397
Bank of America N.A. 779,472
OHSF Financing Ltd. 656,373
Lerner Enterprises 656,373
Bank of America, N.A. 413,664
Concordia Distressed Debt Fund LP 349,332
Others 6,855,869
E. Creditors Holding Unsecured
Priority Claims Unknown
F. Creditors Holding Unsecured Non-priority Claims
Intercompany Payable
Pope & Talbot, Inc. 1,849,707
P&T Ltd Halsey 688
Intercompany Loan
Pope & Talbot, Inc. 2,553,996
Accounts Payable - various 950,296
Electric Purchases - Black Hills Power 187,715
Chip Accrual 35,439
Rental Accrual 19,200
Selling Expense Accrual 3,178
TOTAL SCHEDULED LIABILITIES $239,110,678
========================================================
Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding. (Pope & Talbot
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
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A list of Meetings, Conferences and Seminars appears in each
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related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy,
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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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