/raid1/www/Hosts/bankrupt/TCR_Public/080405.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, April 5, 2008, Vol. 12, No. 81
Headlines
BLUE WATER: Files Schedules of Assets and Debts
BLUE WATER: BW Plastics Mexico Files Schedules of Assets and Debts
BLUE WATER: BWAS Holdings Files Schedules of Assets and Debts
BLUE WATER: BWAS Mexico Files Schedules of Assets and Debts
BLUE WATER: BWAS Properties Files Schedules of Assets and Debts
CATHOLIC CHURCH: Davenport Files February 2008 Operating Report
CATHOLIC CHURCH: Fairbanks Files Statement of Income & Expenses
DANA CORPORATION: Files Operating Report for December 2007
DANA CORPORATION: Further Revises Schedules of Assets and Debts
DURA AUTOMOTIVE: Incurs February 2008 Net Loss of $9,687,000
HANCOCK FABRICS: Posts $3,759,000 Net Loss Ended Feb. 2, 2008
HOMEBANC MORTGAGE: Posts $1,037,000 Net Loss in January 2008
HOMEBANC MORTGAGE: Posts $1,365,000 Net Loss in February 2008
INTERSTATE BAKERIES: Posts $16,493,079 Loss in Month Ended Feb. 9
LEVITZ FURNITURE: Posts $4,722,000 Loss in Period Feb. 4 - March 2
PERFORMANCE TRANS: Posts $3,689,000 Net Loss in February 2008
PRC LLC: Discloses February 2008 Net Loss of $7,941,000
PROPEX INC: Incurs $1,100,000 Net Loss in Month Ended Feb. 3, 2008
PROPEX INC: Incurs $100,000 Net Loss in Month Ended March 2, 2008
REFCO LLC: Chapter 7 Trustee Deliver January 2008 Report
REFCO LLC: Chapter 7 Trustee Delivers February 2008 Report
SEA CONTAINERS: Earns $78,197 in Month Ended February 29, 2008
*********
BLUE WATER: Files Schedules of Assets and Debts
-----------------------------------------------
A. Real Property
Administrative Office Building $1,525,000
Busha Highway Plant 567,000
Marysville Building 225,000
Administrative Office Land 180,000
Busha Highway Plant Land 63,000
Marysville Land 25,000
B. Personal Property
B.1 Cash on hand 6,750
B.2 Deposits
LaSalle Bank Midwest NA (493,348)
LaSalle Bank Midwest NA 47,965
Comerica 1,766
B.3 Security Deposits
Blue Cross Blue Shield 208,002
General Electric Capital Corp. 208,120
General Electric Capital Corp. 208,120
RL Enterprises Real Property Taxes 98,528
RL Enterprises, LLC 53,906
Delta Dental 47,175
Principal Life 24,900
North Winds Investment Corp. 2,584
B.4 Household goods and furnishings, including
audio, video, and computer equipment --
B.5 Books, pictures and other art objects, etc. None
B.6 Wearing apparel None
B.7 Furs and jewelry None
B.8 Firearms and sports, photographic, and other
hobby equipment None
B.9 Interests in insurance policies No cash value
B.10 Annuities None
B.11 Interests in an education IRA as defined in
26 U.S.C. Section 530(b)(1) None
B.12 Interests in IRA, ERISA, Keogh, or other
pension or profit sharing plans None
B.13 Stock and interests in businesses Unknown
B.14 Interests in partnerships or joint ventures. 0
B.15 Government and corporate bonds 0
B.16 Accounts Receivable
Trade Receivable
Ford Motor Company 5,486,642
General Motors Corporation 2,356,090
Integram 1,425,281
Chrysler LLC 1,898,923
Automotive Components Holdings, LLC 1,649,893
Air International, Inc. 1,112,075
Mercedes Benz USA 698,375
Dakkota Integrated Systems 503,339
Johnson Controls 417,142
Lear Corporation 400,950
Excelsior Springs Seating Systems 268,163
Tooling Receivables
Ford Motor Company 3,024,730
Johnson Controls Inc 703,465
Chrysler LLC 583,080
Intercompany Receivable 12,003,232
Others 9,620,868
B.17 Alimony, maintenance, support, and
property settlements debtor is entitled to None
B.18 Other liquidated debts including tax refunds
Michigan UAI Refund 100,128
US Dept of Treasury 40,777
US Dept of Treasury PEHBT 2,130
B.19 Equitable or future interests, life estates,
and rights or powers exercisable for the
debtor's benefit None
B.20 Contingent and noncontingent interests in
estate of a decedent, death benefits plan,
life insurance policy, or trust None
B.21 Other contingent and unliquidated claims None
B.22 Patents, copyrights, and other intellectual property
Rotary Stack of Injection Molding Unknown
Patent No. 6210266 Unknown
Patent No. 6026852 Unknown
B.23 Licenses, franchises, and other
general intangibles Undetermined
B.24 Customer lists or other compilations None
B.25 Automobiles and other vehicles and accessories
Dodge Van 4,011
Chevrolet Truck 2,557
Used Stake Truck 1,209
Dodge Pickup Truck 550
GMC Sierra 333
Ford Stake Truck 187
GMC Sierra 125
Dodge Truck 125
B.26 Boats, motors, and accessories None
B.27 Aircraft and accessories None
B.28 Office equipment, furnishings, and supplies
Computer equipment and software 365,504
Marysville Admin. Office Furnitures & Fixtures 95,703
Howell Plant Furniture & Fixtures 24,179
Port Huron Plant Furniture & Fixture 21,358
Burlington Plant Furniture & Fixtures 12,840
Haas Plant Furniture & Fixtures 6,702
Range Road Plant Furniture & Fixtures 802
B.29 Machinery, fixtures, equipment and supplies
Haas Plant Machinery and Equipment 6,908,481
Howell Plant Machinery and Equipment 2,829,973
Range Road Plant Machinery and Equipment 2,141,088
Burlington Plant Machinery and Equipment 2,174,356
Howell Plant Returnable Containers 1,637,098
Caro Plant Machinery and Equipment 849,818
Haas Custom Equipment/Tooling 289,850
Others 7,197,237
B.30 Inventory
Whiting - Raw Material & Work in Progress 1,128,892
Range - Raw Material & Work in Progress 1,043,003
Port Huron- Raw Material & Work in Progress 948,092
Range - Finished Goods 890,589
Haas Raw Material & Work in Progress 845,516
Howell Raw Material 817,924
Burlington Raw Material 782,673
Port Huron - Finished Goods 721,960
Others 3,305,715
B.31 Animals None
B.32 Crops - growing or harvested None
B.33 Farming equipment and implements None
B.34 Farms supplies, chemicals, and feed None
B.35 Other personal property
Molds in Process 4,706,303
TOTAL SCHEDULED ASSETS $85,049,531
==========================================================
D. Creditors Holding Secured Claims
Secured Creditors
CIT Capital USA Inc. $14,981,372
CIT Group/Business Credit 17,560,463
CIT Group/Equipment Financing Inc. 14,460,230
KPS Special Situations Fund II L.P. 5,000,000
Microsoft Financing 216,048
Lease Payments 465,127
Molding/Tooling Contracts Unknown
E. Creditors Holding Unsecured Claims
State of Michigan 100,000
City of St. Clair 86,475
Ohio Commercial Activity Tax 40,000
Indianfields 35,788
Lexington Township 29,585
Howell Township 28,980
City of Marysville 20,936
Alamance County 6,277
City of Port Huron 5,983
F. Creditors Holding NonPriority Claims
Trade Claim
PolyOne Distribution 1,657,245
Basic Tool Inc. 1,455,300
RheTech Inc. 1,371,086
Crest Mold Technology Inc. 1,255,660
Sentech On-Site Services 1,167,043
DTE Energy 1,063,232
Active Burgess Mold 885,163
PME Companies 726,341
Wellman Inc. 598,239
Sundance Products Inc. 567,950
Infor Global Solutions 530,349
Qualified Staffing 435,073
Innovene O&D USA LLC 424,751
Plastomer Corporation 422,943
American Autocoat Inc. 382,427
Spartech/Resin Express Distributors 387,632
Superior Mold Services 346,465
D & N Die & Mold Inc. 341,957
Milacron Marketing Company 296,840
Romeo Mold Technologies Inc. 294,500
Stephenson Electric Co Inc. 277,030
Packaging Corp of America 228,256
Cooper-Standard Automotive 224,104
Mold-Tech Standex Engraving Group 222,550
ENTEC Engineered Resin, Inc. 220,682
Unique Fabricating Inc. 217,931
Rennco Automation Systems Inc. 212,800
Complete Prototype Services 203,388
Uniform Color Company 199,181
R & W Metal Inc. 171,411
Aphagary Canada LTD 170,197
Valley Crane & Rigging 170,000
Borgers USA Corp 165,422
Talma Fastener Corp. 163,863
Ticona 161,285
Radiance Mold & Engineering Inc. 150,333
Applied Technologies and Resources 147,227
Intrax Performance Resources 136,218
Delta Dental Plan 132,340
Diemould Tooling Services 130,560
Sundance Products Inc. 129,162
BodyCote Materials Testing 127,691
Entropex 125,179
Phoenix Machinery Movers 124,630
Three 60 Productions 118,456
Advanced Elastomer Systems 117,656
ARD Logistics- Alabama 114,309
Metzeler/Maps Holding Inc. 114,111
City of St. Clair 113,599
Advance Molds 112,800
Marshall E. Campbell Co. 110,073
Superior Tool & Mold Inc 106,155
Kanematsu USA Inc. 100,320
Pratt Industries 100,710
Paragon Die & Engineering Co. 100,062
State of Michigan 100,550
Rapid Global Business Solutions 99,591
Synergia Automotive 94,513
Jo-Ad Industries 94,446
HS Die & Engineering Inc. 93,350
Tinnerman Palnut 93,315
Park Nameplate Company Inc 92,398
Henkelorbseal 88,621
Sturges Manufacturing Company Inc. 85,988
World Corrugated Container Inc. 85,469
Positive Quality Solutions, Inc. 84,596
Washington Penn Plastics Co Inc. 84,351
St. Clair Packaging Inc. 84,055
HP Pelzer Auto Systems Inc. 83,334
Costello Enterprises 75,140
Standard Components, Inc. 74,525
Twin Corporation 69,637
Blue Water Lift Truck Service 69,249
The Materials Group LLC 69,239
Tool Plas Systems Inc. 69,045
TRW Automotive Electronics 68,778
PolyOne Color 64,229
GT Industries Inc. 63,573
Conair Group Inc. 62,729
Vidon Plastics, Inc. 60,319
Trans-Man Logistics, Inc. 57,527
CNI Inc. 53,550
Fanuc Products LLC 51,149
Oracle Corporation 50,688
Precision Stamping 50,542
Nova Chemicals Inc 50,344
Eteron Inc. 45,612
Michigan petroleum Tech Inc. 42,911
Termax Corp 40,010
Others 11,207,394
Intercompany Payable
Blue Water Automotive Systems Inc. 14,219
A list of all Non-Priority Creditors is available for free at:
http://bankrupt.com/misc/bluewater_scheduleF.pdf
TOTAL LIABILITIES $86,473,112
==========================================================
About Blue Water Automotive
Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry. The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies. They are
supported by full-service design, program management,
manufacturing and tooling capabilities. With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
US$200 million. The company's headquarters and technology
center is located in Marysville, Mich. The company has
operation in Mexico.
In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction. In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies. KPS then set about reorganizing the
company. The company implemented a program to improve operating
performance and address its liquidity issues. During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.
Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case No.
08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at Foley
& Lardner, LLP, serves as the Debtors' bankruptcy counsel.
Administar Services Group LLC acts as the Debtors' claims,
noticing, and balloting agent. Blue Water's bankruptcy petition
lists assets and liabilities each in the range of US$100 million
to US$500 million. Its exclusive plan filing period expires on
June 11, 2008. (Blue Water Automotive Bankruptcy News, Issue No.
8; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BLUE WATER: BW Plastics Mexico Files Schedules of Assets and Debts
----------------------------------------------------------------
Blue Water Plastics Mexico, Ltd., debtor-affiliate of Blue Water
Automotive System Inc., filed its schedules of assets and
liabilities with the U.S. Bankruptcy Court for the Eastern
District of Michigan, disclosing:
A. Real Property None
B. Personal Property None
B.1 Cash on hand None
B.2 Bank Accounts None
B.3 Security Deposits None
B.4 Household goods None
B.5 Collectibles None
B.6 Wearing apparel None
B.7 Furs and jewelry None
B.8 Firearms and sports equipment None
B.9 Interests in Insurance Policies No cash value
B.10 Annuities None
B.13 Business Interests and stocks Unknown
B.14 Interests in partnerships None
B.15 Government and Corporate Bonds None
B.18 Other Liquidated Debts None
B.21 Other contingent and unliquidated claims Unknown
B.22 Patents, copyrights, and other intellectual property None
B.25 Vehicles None
B.28 Office equipment, furnishings and supplies None
B.29 Machinery None
B.30 Inventory None
B.35 Other Personal Property None
TOTAL SCHEDULED ASSETS $ -
========================================================
C. Property Claimed as Exempt None
D. Secured Claim
CIT Group/Business Credit $17,560,463
CIT Group/Equipment Financing Inc. 14,460,230
E. Unsecured Priority Claims None
F. Unsecured Non-priority Claims None
TOTAL SCHEDULED LIABILITIES $32,020,693
=========================================================
Blue Water Plastics Mexico, Ltd., reported no income from its
business operations or other sources during the two years
preceding the bankruptcy filing.
About Blue Water Automotive
Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry. The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies. They are
supported by full-service design, program management,
manufacturing and tooling capabilities. With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
US$200 million. The company's headquarters and technology
center is located in Marysville, Mich. The company has
operation in Mexico.
In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction. In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies. KPS then set about reorganizing the
company. The company implemented a program to improve operating
performance and address its liquidity issues. During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.
Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case No.
08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at Foley
& Lardner, LLP, serves as the Debtors' bankruptcy counsel.
Administar Services Group LLC acts as the Debtors' claims,
noticing, and balloting agent. Blue Water's bankruptcy petition
lists assets and liabilities each in the range of US$100 million
to US$500 million. Its exclusive plan filing period expires on
June 11, 2008. (Blue Water Automotive Bankruptcy News, Issue No.
9; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BLUE WATER: BWAS Holdings Files Schedules of Assets and Debts
-------------------------------------------------------------
BWAS Holdings, Inc., debtor-affiliate of Blue Water Automotive
System Inc., filed its schedules of assets and liabilities with
the U.S. Bankruptcy Court for the Eastern District of Michigan,
disclosing:
A. Real Property None
B. Personal Property None
B.1 Cash on hand None
B.2 Bank Accounts None
B.3 Security Deposits None
B.9 Interests in Insurance Policies No cash value
B.13 Business Interests and stocks Unknown
B.14 Interests in partnerships None
B.15 Government and Corporate Bonds None
B.16 Accounts Receivable -
B.18 Other Liquidated Debts None
B.21 Other contingent and unliquidated claims Unknown
B.22 Patents, copyrights, and other intellectual property None
B.25 Vehicles None
B.28 Office equipment, furnishings and supplies None
B.29 Machinery None
B.30 Inventory None
B.35 Other Personal Property None
TOTAL SCHEDULED ASSETS -
========================================================
C. Property Claimed as Exempt
D. Secured Claim
CIT Group/Business Credit $17,560,463
CIT Group/Equipment Financing Inc. 14,460,230
E. Unsecured Priority Claims None
F. Unsecured Non-priority Claims None
TOTAL SCHEDULED LIABILITIES $32,020,693
========================================================
BWAS Holdings, Inc., disclosed no income from the operation of
its business or from other sources during the two years preceding
the bankruptcy filing.
About Blue Water Automotive
Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry. The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies. They are
supported by full-service design, program management,
manufacturing and tooling capabilities. With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
US$200 million. The company's headquarters and technology
center is located in Marysville, Mich. The company has
operation in Mexico.
In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction. In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies. KPS then set about reorganizing the
company. The company implemented a program to improve operating
performance and address its liquidity issues. During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.
Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case No.
08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at Foley
& Lardner, LLP, serves as the Debtors' bankruptcy counsel.
Administar Services Group LLC acts as the Debtors' claims,
noticing, and balloting agent. Blue Water's bankruptcy petition
lists assets and liabilities each in the range of US$100 million
to US$500 million. Its exclusive plan filing period expires on
June 11, 2008. (Blue Water Automotive Bankruptcy News, Issue No.
9; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BLUE WATER: BWAS Mexico Files Schedules of Assets and Debts
-----------------------------------------------------------
BWAS Mexico, LLC, debtor-affiliate of Blue Water Automotive System
Inc., filed its schedules of assets and liabilities with the U.S.
Bankruptcy Court for the Eastern District of Michigan, disclosing:
A. Real Property None
B. Personal Property None
B.1 Cash on hand None
B.2 Bank Accounts None
B.3 Security Deposits None
B.4 Household goods None
B.5 Collectibles None
B.6 Wearing apparel None
B.7 Furs and jewelry None
B.8 Firearms and sports equipment None
B.9 Interests in Insurance Policies No cash value
B.10 Annuities None
B.13 Business Interests and stocks Unknown
B.14 Interests in partnerships None
B.15 Government and Corporate Bonds None
B.16 Accounts Receivable None
B.18 Other Liquidated Debts None
B.21 Other contingent and unliquidated claims Unknown
B.22 Patents, copyrights, and other intellectual property None
B.24 Customer lists or other compilations None
B.25 Vehicles None
B.28 Office equipment, furnishings and supplies None
B.29 Machinery None
B.30 Inventory None
B.35 Other Personal Property None
TOTAL SCHEDULED ASSETS $ -
========================================================
C. Property Claimed as Exempt None
D. Secured Claim
CIT Group/Business Credit $17,560,463
CIT Group/Equipment Financing Inc. 14,460,230
E. Unsecured Priority Claims None
F. Unsecured Non-priority Claims None
TOTAL SCHEDULED LIABILITIES $32,020,693
=========================================================
BWAS Mexico, LLC, disclosed zero income from the operation of its
business and other sources during the two years preceding the
bankruptcy filing.
About Blue Water Automotive
Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry. The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies. They are
supported by full-service design, program management,
manufacturing and tooling capabilities. With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
US$200 million. The company's headquarters and technology
center is located in Marysville, Mich. The company has
operation in Mexico.
In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction. In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies. KPS then set about reorganizing the
company. The company implemented a program to improve operating
performance and address its liquidity issues. During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.
Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case No.
08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at Foley
& Lardner, LLP, serves as the Debtors' bankruptcy counsel.
Administar Services Group LLC acts as the Debtors' claims,
noticing, and balloting agent. Blue Water's bankruptcy petition
lists assets and liabilities each in the range of US$100 million
to US$500 million. Its exclusive plan filing period expires on
June 11, 2008. (Blue Water Automotive Bankruptcy News, Issue No.
9; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BLUE WATER: BWAS Properties Files Schedules of Assets and Debts
---------------------------------------------------------------
Blue Water Automotive Systems Properties, LLC, debtor-affiliate of
Blue Water Automotive System Inc., filed its schedules of assets
and liabilities with the U.S. Bankruptcy Court for the Eastern
District of Michigan, disclosing:
A. Real Property
Haas Plant Building $5,830,875
Range Road Plant Building 5,431,500
Port Huron Plant Building 4,233,375
Haas Plant Building Improvements 3,617,485
Whiting Plant Building 1,437,750
Caro Plant Building 1,038,375
Lexington Plant Building 878,625
Haas Plant Land 730,000
Range Road Plant Land 680,000
Port Huron Plant Land 530,000
Whiting Plant Land 180,000
Caro Plant Land 130,000
Lexington Plant Land 110,000
B. Personal Property
B.1 Cash on hand None
B.2 Bank Accounts None
B.3 Security Deposits None
B.9 Interests in Insurance Policies No cash value
B.10 Annuities None
B.13 Business Interests and stocks None
B.14 Interests in partnerships None
B.16 Accounts Receivable None
B.18 Other Liquidated Debts None
B.21 Other contingent and unliquidated claims None
B.22 Patents None
B.23 Licenses, franchises & other general intangibles None
B.24 Customer lists or other compilations None
B.25 Vehicles None
B.28 Office equipment, furnishings and supplies None
B.29 Machinery None
B.30 Inventory None
B.31 Animals None
B.32 Crops - growing or harvested None
B.33 Farming equipment and implements None
B.34 Farm supplies, chemicals, and feed None
B.35 Other Personal Property None
TOTAL SCHEDULED ASSETS $24,827,985
=========================================================
C. Property Claimed as Exempt
D. Secured Claim
Secured Creditor - CIT Capital USA, Inc. $14,981,372
Materialmens' and Mechanics' Liens
Industrial Technology Services LLC 29,438
Sheldon Construction, Inc. 20,042
Sheldon Construction, Inc. 5,934
E. Unsecured Priority Claims,,
City of St. Clair, Michigan 86,475
Indianfields Township, Michigan 35,789
Lexington Township, Michigan 29,585
City of Port Huron, Michigan 5,983
F. Unsecured Non-priority Claims
Intercompany Claim
Blue Water Automotive Systems, Inc. 12,003,232
TOTAL SCHEDULED LIABILITIES $27,197,851
=========================================================
Blue Water Automotive Systems Properties, LLC, disclosed no
income from the operation of its business or from other sources
during the two years preceding the bankruptcy filing.
About Blue Water Automotive
Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry. The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies. They are
supported by full-service design, program management,
manufacturing and tooling capabilities. With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
US$200 million. The company's headquarters and technology
center is located in Marysville, Mich. The company has
operation in Mexico.
In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction. In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies. KPS then set about reorganizing the
company. The company implemented a program to improve operating
performance and address its liquidity issues. During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.
Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case No.
08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at Foley
& Lardner, LLP, serves as the Debtors' bankruptcy counsel.
Administar Services Group LLC acts as the Debtors' claims,
noticing, and balloting agent. Blue Water's bankruptcy petition
lists assets and liabilities each in the range of US$100 million
to US$500 million. Its exclusive plan filing period expires on
June 11, 2008. (Blue Water Automotive Bankruptcy News, Issue No.
9; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Davenport Files February 2008 Operating Report
---------------------------------------------------------------
Diocese of Davenport in Iowa
Statement of Financial Position
As of February 29, 2008
ASSETS
Current Assets
Cash and cash equivalents - unrestricted $5,039,895
Cash and cash equivalents - restricted 2,540,814
Accounts receivable, net 105,619
Inventory -
Prepaid expenses 3,316
Professional retainers 55,652
Other: assets awaiting disposition 618,533
--------------
Total Current Assets 8,363,828
--------------
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 $8,486,702
==============
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 $36,361
Real property lease arrearage -
Personal property lease arrearage -
Accrued professional fees -
Current portion of long-term debt -
other: -
Pass-through collections 107,908
Additional Accrued Vacations 5,574
Misc. 300
--------------
Total Current Liabilities 150,143
--------------
Long-Term Postpetition Debt, Net -
--------------
Total Postpetition Liabilities 150,143
--------------
Prepetition
Secured claims -
Priority unsecured claims 160,888
General unsecured claims 13,602,441
--------------
Total Prepetition Liabilities 13,763,329
--------------
Total Liabilities 13,913,472
--------------
Equity (deficit):
Retained earnings/deficit at filing 5,855,424
Capital stock -
Additional paid-in capital -
Cumulative profit/loss since filing (11,300,111)
Post-petition contributions/distributions
or draws -
Market value adjustment 17,918
--------------
Total equity (deficit) (5,426,770)
--------------
Total liabilities & equity (deficit) $8,486,702
==============
Diocese of Davenport in Iowa
Statement of Operations
For the month ending February 29, 2008
Revenues
Gross sales $944
Less: sales returns & allowances -
Net sales 944
Less: cost of goods sold -
Gross profit 944
Interest 4,045
Other income:
Charitable gifts 233,510
Insurance receipts 100,816
Investment income/fees 24,277
--------------
Total revenues 363,593
--------------
Expenses:
Compensation to owner(s)/officer(s) 12,209
Salaries 110,622
Commissions -
Contract labor 12,791
Rent/Lease:
Personal property 380
Real property -
Insurance 83,108
Management fees -
Depreciation 2,105
Taxes:
Employer payroll taxes 6,843
Real property taxes -
Other taxes -
Other selling -
Other administrative 47,071
Interest -
Other expenses:
Employee benefits 22,146
Charity collection 2,238
Medical assistance/Victim assistance 2,238
Utilities 13,988
Transfer to unrestricted -
Professional fees -
Sabbatical -
Cemetery perpetual care -
Youth trip expenses -
--------------
Total expenses 315,739
--------------
Reorganization items:
Professional fees -
Estimate of claims payments -
Interest earned on accumulated cash
from resulting Chapter 11 case 18,261
Gain or (Loss) from sale of equipment -
U.S. Trustee quarterly fees -
Advertising/printing/mailing -
--------------
Total reorganization items 18,261
--------------
Net profit (loss) before federal &
state taxes 66,114
Federal & state income taxes -
--------------
Net profit (loss) $66,114
==============
Diocese of Davenport in Iowa
Statement of Cash Receipts and Disbursements
For the month ending February 29, 2008
Cash receipts
Rent/Leases collected $3,375
Cash received from sales 944
Interest received 22,306
Borrowings increase in accounts payable -
Funds from shareholders, partners,
or other insiders (Sale of property) -
Capital contributions -
Annual diocesan appeal/donations 233,510
Investment income/misc. -
Insurance receipts 100,816
Tribunal/Immigration/Faith Formation fees 20,903
Decrease in prepaids/accounts receivable 560,611
Misc./Increase in accounts payable -
--------------
Total Cash Receipts 942,465
Cash disbursements:
Payments for inventory -
Selling -
Administrative 62,100
Capital expenditures 10,949
Principal payments on debt -
Interest paid -
Rent/Lease:
Personal Property 380
Real Property -
Amount paid to owner(s)/officer(s)
Salaries 12,209
Draws -
Commissions/Royalties -
Expense Reimbursements -
Other -
Salaries/Commissions (less employee
withholding 86,826
Management fees -
Taxes
Employee withholding 23,796
Employer payroll taxes 6,843
Real property taxes -
Other taxes -
Other cash outflows:
Insurance 83,108
Utilities 13,988
Medical/Victim Assistance 2,238
Employee benefits 22,145
Misc/Dec. in accts. payable, etc. 607,999
--------------
Total Cash Disbursements 932,581
--------------
Net increase (decrease) in cash 9,884
Cash balance, beginning of period 2,118,408
--------------
Cash balance, end of period $2,128,292
==============
About Diocese of Davenport
The Diocese of Davenport in Iowa filed for chapter 11 protection
(Bankr. S.D. Ia. Case No. 06-02229) on Oct. 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., at 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 Court will hear the adequacy of Davenport's
disclosure statement explaining its reorganization plan on
March 5, 2008. (Catholic Church Bankruptcy News, Issue No. 119;
Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/
or 215/945-7000).
CATHOLIC CHURCH: Fairbanks Files Statement of Income & Expenses
---------------------------------------------------------------
In lieu of Schedules I and J of the Catholic Bishop of Northern
Alaska's schedules of assets and liabilities, and pursuant to
Rule 1007(b)(1) of the Federal Rules of Bankruptcy Procedure, the
Diocese delivered to the U.S. Bankruptcy Court for the District
of Alaska a statement of income and expenses for the period from
July 1, 2007 through December 31, 2007.
Diocese of Fairbanks
Statement of Activities
From July 1, 2007 to December 31, 2007
Support and revenue:
Parish assessments $103,799
Tuition, net of tuition assistance 1,148,573
Curricular income 48,581
Donations 3,454,741
Investment income 176,602
Other income 93,774
Grant income -
----------
Total support and revenue 5,026,072
Expenses:
Operating expenses 720,238
Supplies 169,876
Repair and maintenance 132,962
Utilities 154,405
Insurance 68,119
Staff expenses
Salaries and expenses 2,114,432
Payroll taxes 213,940
Employee benefits 650,514
Staff development/Misc. 34,279
Curricular expenses 89,035
Recruiting, advertising and
public relations 5,112
Travel expenses 136,537
Equipment and furniture 2,987
Student related expenses 50,207
Contributions 55,805
Professional and technical fees 362,495
Interest expense 24,677
Subsidies 264,221
Rental/Lease expense 185,285
Assessments 20,869
Fund Raising expense 241,742
Radio programming expense 19,378
Radio technical dept. expenses 48,002
Miscellaneous expense 10,186
Claims settlement -
Bad debt expense 13,529
Restricted funds transferred 5,758
----------
Total expenses 5,794,600
----------
Increase (decrease) in net assets ($768,528)
==========
About Diocese of Fairbanks
The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka
The Diocese of Fairbanks, aka CBNA filed for chapter 11 bankruptcy
on March 1, 2008 (Bankr. D. Alaska Case No. 08-00110). Susan G.
Boswell, Esq., at Quarles & Brady LLP represents the Debtor in its
restructuring efforts. Michael R. Mills, Esq., of Dorsey &
Whitney LLP serves as the Debtor's local counsel and Cook,
Schuhmann & Groseclose Inc. as its special counsel. Judge Donald
MacDonald, IV, of the United States Bankruptcy Court for the
District of Alaska presides over Fairbanks' Chapter 11 case. The
Debtor's schedules show total assets of $13,316,864 and total
liabilities of $1,838,719. The church's exclusive plan filing
period expires on June 29, 2008. (Catholic Church Bankruptcy
News, Issue No. 119; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
DANA CORPORATION: Files Operating Report for December 2007
----------------------------------------------------------
Dana Corporation and its debtor affiliates, by agreement with the
U.S. Trustee for Region 2, delivered to the Court a disbursement
schedule and abbreviated monthly operating report for the month
of December 2007, in lieu of the financial statements typically
provided with the Debtors' Monthly Operating Reports.
The Debtors disclose that settlement obligations relating to non-
pension retiree benefits for retirees and union employees and
long-term disability benefits for union claimants were satisfied
with cash payments of $788,000,000, to non-Dana sponsored
Voluntary Employee Benefits Association. The Debtors also paid
Dana Credit Corporation $49,000,000, to settle DCC's general
unsecured claim against the Debtors. Administrative claims,
priority tax claims and other classes of allowed claims of
$222,000,000, were satisfied by payment of cash at emergence.
In December 2007, the Debtors made disbursements totaling
$356,021,000:
Debtor Entity Disbursements
------------- -------------
Dana Corporation $355,811,000
Dana Risk Management Services, Inc. 178,000
Reinz Wisconsin Gasket, LLC 1,000
Torque-Traction Manufacturing Technologies 31,000
About Dana Corporation
Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies. Dana
employs 46,000 people in 28 countries. Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.
Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.
The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of
Nov. 30, 2007, the Debtors listed $7,131,000,000 in total assets
and $7,665,000,000 in total debts resulting in a total
shareholders' deficit of $534,000,000.
Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represented the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.
Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represented the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders. Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.
The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007. On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.
The Debtors' Third Amended Joint Plan of Reorganization was deemed
effective as of Jan. 31, 2008. Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.
(Dana Corporation Bankruptcy News, Issue No. 73; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
* * *
As reported in the Troubled Company Reporter on Feb. 12, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Toledo, Ohio-based Dana Holding Corp. following
the company's emergence from Chapter 11 on Feb. 1, 2008. The
outlook is negative.
At the same time, Standard & Poor's assigned Dana's $650 million
asset-based loan revolving credit facility due 2013 a 'BB+' rating
(two notches higher than the corporate credit rating) with a
recovery rating of '1', indicating an expectation of very high
recovery in the event of a payment default.
In addition, S&P assigned a 'BB' bank loan rating to Dana's
$1.43 billion senior secured term loan with a recovery rating of
'2', indicating an expectation of average recovery.
DANA CORPORATION: Further Revises Schedules of Assets and Debts
---------------------------------------------------------------
Dana Corporation further revised its schedules of assets and
liabilities, disclosing these changes:
A. Real Property $138,201,203
B. Personal Property 1,836,094,294
TOTAL SCHEDULED ASSETS $1,974,295,497
========================================================
C. Property Claimed as Exempt
D. Secured Claim 0
E. Unsecured Priority Claims $90,175
F. Unsecured Non-priority Claims
Accounts Payable 184,201,246
Litigation Claims & Disputes Undetermined
Intercompany-Debtor 275,493,037
Intercompany-Nondebtor 496,392,849
Unsecured Funded Debt 1,633,993,211
Additional Deferred Compensation 24,442,980
Miscellaneous Payables 486,637
TOTAL SCHEDULED LIABILITIES $2,615,100,135
========================================================
The further amended Schedules of Assets and Liabilities reflect
additional general unsecured claims totaling $64,929,617,
composed of:
-- $40,000,000 of Intercompany Claims for non-debtors,
-- $24,442,980 of additional deferred compensation claims, and
-- $486,637 of claims for miscellaneous payables.
About Dana Corporation
Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies. Dana
employs 46,000 people in 28 countries. Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.
Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.
The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of
Nov. 30, 2007, the Debtors listed $7,131,000,000 in total assets
and $7,665,000,000 in total debts resulting in a total
shareholders' deficit of $534,000,000.
Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represented the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.
Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represented the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders. Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.
The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007. On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.
The Debtors' Third Amended Joint Plan of Reorganization was deemed
effective as of Jan. 31, 2008. Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.
(Dana Corporation Bankruptcy News, Issue No. 73; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
* * *
As reported in the Troubled Company Reporter on Feb. 12, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Toledo, Ohio-based Dana Holding Corp. following
the company's emergence from Chapter 11 on Feb. 1, 2008. The
outlook is negative.
At the same time, Standard & Poor's assigned Dana's $650 million
asset-based loan revolving credit facility due 2013 a 'BB+' rating
(two notches higher than the corporate credit rating) with a
recovery rating of '1', indicating an expectation of very high
recovery in the event of a payment default.
In addition, S&P assigned a 'BB' bank loan rating to Dana's
$1.43 billion senior secured term loan with a recovery rating of
'2', indicating an expectation of average recovery.
DURA AUTOMOTIVE: Incurs February 2008 Net Loss of $9,687,000
------------------------------------------------------------
DURA Automotive Systems, Inc., and Subsidiaries
Condensed Consolidated Balance Sheet
As of February 24, 2008
(In thousands of dollars)
ASSETS
Current assets:
Cash and cash equivalents $4,940
Accounts receivable, net
Trade 104,179
Other 6,789
Non-Debtor subsidiaries 33,998
Inventories 46,612
Other current assets 36,868
----------
Total current assets 233,386
----------
Property, plant and equipment, net 126,097
Goodwill, net 178,611
Notes receivable from Non-Debtors subsidiaries 191,748
Investment in Non-Debtors subsidiaries 790,647
Other noncurrent assets 9,892
----------
Total Assets $1,530,381
==========
LIABILITIES AND NET LIABILITIES IN LIQUIDATION
Current liabilities:
Debtors-in-possession financing $165,668
Accounts payable 48,441
Accounts payable to Non-Debtors subsidiaries 2,943
Accrued Liabilities 77,131
----------
Total current liabilities 294,183
----------
Long-term Liabilities:
Notes Payable to Non-Debtors subsidiaries 9,582
Other noncurrent liabilities 45,632
Liabilities Subject to Compromise 1,309,939
----------
Total Liabilities 1,659,336
Stockholders' Investment (128,955)
----------
Total Liabilities and Stockholders' Investment $1,530,381
==========
DURA Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statement of Operations
For the Four Weeks Ended February 24, 2008
(In thousands of dollars)
Total sales $59,331
Cost of sales 53,750
----------
Gross (loss) profit 5,581
Selling, general and administrative expenses 5,416
Facility consolidation, asset impairment
and other charges (1,565)
Amortization expense 19
----------
Operating (loss) income 1,711
Interest expense, net 3,672
----------
Loss before reorganization items and income taxes (1,961)
Reorganization items 7,702
----------
Loss before income taxes (9,663)
Provision for income taxes 19
----------
Loss from continuing operations (9,682)
Loss from discontinued operations 5
----------
Net Income (Loss) ($9,687)
==========
DURA Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statements of Cash Flows
For the Four Weeks Ended February 24, 2008
(In thousands of dollars)
Operating Activities:
Net Income (loss) ($9,687)
Adjustments to reconcile net loss to net cash used
in operations activities:
Depreciation, amortization & asset impairment 1,754
Amortization of deferred financing fees 762
Facility consolidation and other charges (1,565)
(Gain)/Loss on sale of assets (13)
Reorganization items 7,702
Changes in other operating items:
Accounts receivable (23,932)
Inventories 1,067
Other current assets 1,933
Noncurrent assets 85
Accounts payable 11,807
Accrued liabilities (2,464)
Noncurrent liabilities (65)
Current intercompany transactions (3,744)
----------
Net cash provided by operating activities (16,360)
Investing Activities:
Purchases of property, plant & equipment (1,276)
Proceeds from sales of assets 14
----------
Net cash (used in) provided by
investing activities (1,262)
Financing Activities:
DIP borrowings (23,555)
DIP Term repayments 45,586
Debt issuance costs (7,286)
----------
Net cash used in financing activities 14,745
Net Increase (Decrease) in Cash & Equivalents (2,877)
Cash Flows from Discontinued Operations -
Cash & Cash Equivalent, Beginning Balance 7,817
----------
Cash & Cash Equivalent, Ending Balance $4,940
==========
About DURA
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). Marc Kieselstein, P.C.,
Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq.,
at Kirkland & Ellis LLP are lead counsel for the Debtors'
bankruptcy proceedings. Daniel J. DeFranseschi, Esq., and Jason
M. Madron, Esq., at 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.
The Debtors have asked the Court to extend their plan filing
period to April 30, 2008. The hearing on the revised disclosure
statement describing the Debtors' plan commenced on April 3, 2008.
The proposed date for the plan confirmation hearing is May 13,
2008. (Dura Automotive Bankruptcy News, Issue No. 50; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
HANCOCK FABRICS: Posts $3,759,000 Net Loss Ended Feb. 2, 2008
-------------------------------------------------------------
Hancock Fabrics, Inc. and Subsidiaries
Consolidated Balance Sheet
As of February 2, 2008
ASSETS
Current assets:
Cash and cash equivalents $2,280,000
Receivables, less allowance for
doubtful accounts 4,167,000
Inventories 80,489,000
Income taxes refundable 8,118,000
Prepaid expenses 1,748,000
------------
Total current assets 96,802,000
Property and equipment 43,683,000
Other assets 16,786,000
------------
Total Assets $157,271,000
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities not subject to compromise
Accounts payable $19,347,000
Credit facility; DIP financing 23,608,000
Accrued liabilities 8,639,000
Deferred tax liabilities 6,273,000
Liabilities subject to compromise
Accounts payable 28,743,000
Accrued liabilities 13,022,000
Income taxes payable 1,000,000
Long-term lease financing obligations 1,672,000
Capital lease obligations 1,693,000
Postretirement benefits other than pensions 9,531,000
Pension and SERP liabilities 8,557,000
Other liabilities 9,630,000
------------
Total Liabilities 131,715,000
Total Shareholders' Equity 25,556,000
------------
Total liabilities and shareholders' equity $157,271,000
============
Hancock Fabrics, Inc., and Subsidiaries
Consolidated Statement of Operations
For the Month Ended February 2, 2008
Sales $21,213,000
Cost of goods sold 11,957,000
-----------
Gross profit 9,256,000
Selling, general & admin expense 11,128,000
Depreciation and amortization 487,000
-----------
Operating income (loss) (2,359,000)
Reorganization expenses 1,048,000
Interest expense, net 352,000
-----------
Earnings (loss) before income taxes (3,759,000)
Income taxes 0
-----------
Net earnings (loss) ($3,759,000)
===========
Hancock Fabrics, Inc., and Subsidiaries
Consolidated Statement of Cash Flow
For the Month Ended February 2, 2008
Cash flows from operating activities:
Net earnings ($3,759,000)
Adjustments to reconcile net
earnings to cash flows used in
operating activities
Depreciation and amortization 315,000
Amortization of deferred loan costs 96,000
LIFO charge (credit) 497,000
Reserve for store closings credits (9,000)
Reserve for obsolete inventory 118,000
Reserve for sales returns and bad debts (47,000)
Stepped rent accrual 415,000
Impairment on property and equipment and
other assets 269,000
Loss on disposition of property and equipment (9,000)
Stock compensation expense 333,000
(Increase) decrease in assets
Receivables and prepaid expenses 547,000
Inventory at current cost 325,000
Income tax refundable 117,000
Other non-current assets (281,000)
Increase (decrease) in liabilities
Accounts payable (203,000)
Accrued liabilities (929,000)
Postretirement benefits other than pensions (304,000)
Long-term pension and SERP liabilities (511,000)
Reserve for store closings (2,000)
Other liabilities 164,000
---------
Net cash used in operating activities (2,858,000)
Cash flows from investing activities:
Additions to property and equipment (1,272,000)
Proceeds from the disposition of property and
equipment (11,000)
---------
Net cash used in investing activities (1,261,000)
Cash flows from financing activities:
Net borrowings on revolving credit agreement 3,477,000
Payments for lease financing (2,000)
Payments for capital leases (3,000)
---------
Net cash provided by financing activities 3,472,000
---------
Decrease in cash and cash equivalents (647,000)
Cash, beginning of period 2,927,000
---------
Cash, end of period $2,280,000
=========
About Hancock Fabrics
Headquartered in Baldwyn, Mississippi, Hancock Fabrics Inc.
(OTC: HKFIQ) -- http://www.hancockfabrics.com/-- is a specialty
retailer of a wide selection of fashion and home decorating
textiles, sewing accessories, needlecraft supplies and sewing
machines. Hancock Fabrics is one of the largest fabric retailers
in the United States, currently operating approximately 400 retail
stores in approximately 40 states. The company employs
approximately 7,500 people on a full-time and part-time basis.
Most of the company's employees work in its retail stores, or in
field management to support its retail stores.
The company and six of its debtor-affiliates filed for chapter 11
protection on March 21, 2007 (Bankr. D. Del. Lead Case No.
07-10353). Robert J. Dehney, Esq., at Morris, Nichols, Arsht &
Tunnell, represent the Debtors. As of Sept. 1, 2007, Hancock
Fabrics disclosed total assets of $159,673,000 and total
liabilities of 122,316,000. The Debtors' exclusive period to file
a Chapter 11 Plan expires on May 30, 2008. (Hancock Fabric
Bankruptcy News, Issue No. 28, Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).
HOMEBANC MORTGAGE: Posts $1,037,000 Net Loss in January 2008
------------------------------------------------------------
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Balance Sheet
As of January 31, 2008
ASSETS
Cash $7,063,000
Restricted cash 0
Mortgage loans held for sale, net 4,699,000
Mortgage loans held for investment, net 0
Mortgage servicing rights 0
Receivable from custodian 0
Trading securities 500,000
Securities available for sale 0
Securities held to maturity 0
Accrued interest receivable 0
Premises and equipment, net 0
Goodwill, net 0
Deferred tax asset, net 0
Accounts receivable from affiliates 0
Investment in subsidiaries 0
Other Assets 13,363,000
---------------
TOTAL ASSETS $25,625,000
===============
LIABILITIES & EQUITY
Warehouse lines of credit $0
Repurchase agreements 0
Loan funding payable 1,478,000
Accrued interest payable 0
Accrued expenses 5,602,000
Other accounts payable 0
Accounts payable to affiliates 0
Collaterized debt obligations 0
Junior subordinated debentures representing 175,260,000
obligations for trust preferred securities
---------------
Total liabilities 182,340,000
Minority interest 64,000
Shareholders Equity:
Preferred stock 47,992,000
Common stock 571,000
Additional paid-in capital 278,865,000
Accumulated deficit (466,303,000)
Treasury stock (17,904,000)
Accumulated other comprehensive (loss) income 0
---------------
Total shareholder's equity (156,779,000)
---------------
TOTAL LIABILITIES & EQUITY $25,625,000
===============
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Statement of Operations
For the Month Ended January 31, 2008
REVENUES
MBS interest income $131,000
Other miscellaneous income 48,000
---------------
Total revenues 179,000
EXPENSES
Professionals 638,000
Insurance 0
Contract personnel 14,000
Data facility 0
Compensation and benefits 156,000
Financial systems 77,000
Medical insurance run-off payments 80,000
Loan sales expense 53,000
U.S. trustee fees 32,000
Office rental 0
Other misc. operating expenses 166,000
---------------
Total expenses 1,216,000
---------------
Income tax expense 0
---------------
Net loss ($1,037,000)
===============
HomeBanc Mortgage Corporation and Subsidiaries
Consolidated Statement of Cash Flows
For the 1 Month Period Ended January 31, 2008
OPERATING ACTIVITIES
Net loss ($1,037,000)
Adjustments to reconcile net loss to net cash
(used in) provided by operating activities:
(Increase) decrease in mortgage loans held for 712,000
sale, net
Decrease (interest) in other assets (3,000)
Decrease in other liabilities 2,000
---------------
Net cash (used in) provided by operating (326,000)
activities
INVESTING ACTIVITIES
Net cash provided by (used in) investing 0
activities
FINANCING ACTIVITIES
Net cash (used in) provided by financing 0
activities
---------------
Net increase (decrease) in cash (326,000)
Cash and cash equivalents at beginning of period 20,987,000
---------------
Cash and cash equivalents at end of period $20,661,000
===============
About HomeBanc Mortgage
Headquartered in Atlanta, Georgia, HomeBanc Mortgage Corporation
-- http://www.homebanc.com/-- is a mortgage banking company
focused on originating primarily prime purchase money residential
mortgage loans in the Southeast United States.
HomeBanc Mortgage together with five affiliates filed for chapter
11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079
through 07-11084). Joel A. Waite, Esq., at Young, Conaway,
Stargatt & Taylor was selected by the Debtors to represent them in
these cases. The Official Committee of Unsecured Creditors
selected the firm Otterbourg, Steindler, Houston and Rosen, P.C.
as its counsel. The Debtors' financial condition as of June 30,
2007, showed total assets of $5,100,000,000 and total liabilities
of $4,900,000,000. The Debtors' exclusive period to file a plan
ends on April 7, 2008. (HomeBanc Bankruptcy News, Issue No. 21;
Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
HOMEBANC MORTGAGE: Posts $1,365,000 Net Loss in February 2008
-------------------------------------------------------------
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Balance Sheet
As of February 29, 2008
ASSETS
Cash $7,153,000
Restricted cash 0
Mortgage loans held for sale, net 4,282,000
Mortgage loans held for investment, net 0
Mortgage servicing rights 0
Receivable from custodian 0
Trading securities 500,000
Securities available for sale 0
Securities held to maturity 0
Accrued interest receivable 0
Premises and equipment, net 0
Goodwill, net 0
Deferred tax asset, net 0
Accounts receivable from affiliates 0
Investment in subsidiaries 0
Other Assets 13,362,000
---------------
TOTAL ASSETS $25,297,000
===============
LIABILITIES & EQUITY
Warehouse lines of credit $0
Repurchase agreements 0
Loan funding payable 1,478,000
Accrued interest payable 0
Accrued expenses 5,602,000
Other accounts payable 0
Accounts payable to affiliates 0
Collaterized debt obligations 0
Junior subordinated debentures representing 175,260,000
obligations for trust preferred securities
---------------
Total liabilities 182,340,000
Minority interest 64,000
Shareholders Equity:
Preferred stock 47,992,000
Common stock 571,000
Additional paid-in capital 278,865,000
Accumulated deficit (466,631,000)
Treasury stock (17,904,000)
Accumulated other comprehensive (loss) income 0
---------------
Total shareholder's equity (157,107,000)
---------------
TOTAL LIABILITIES & EQUITY $25,297,000
===============
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Statement of Operations
For 2 Months Ended February 29, 2008
REVENUES
MBS interest income $315,000
Other miscellaneous income 99,000
---------------
Total revenues 414,000
EXPENSES
Professionals 843,000
Insurance 0
Contract personnel 44,000
Data facility 0
Compensation and benefits 312,000
Financial systems 77,000
Medical insurance run-off payments 208,000
Loan sales expense 78,000
U.S. trustee fees 32,000
Office rental 0
Other misc. operating expenses 185,000
---------------
Total expenses 1,779,000
---------------
Income tax expense 0
---------------
Net loss ($1,365,000)
===============
HomeBanc Mortgage Corporation and Subsidiaries
Consolidated Statement of Cash Flows
For the 2 Month Period Ended February 29, 2008
OPERATING ACTIVITIES
Net loss ($1,365,000)
Adjustments to reconcile net loss to net cash
(used in) provided by operating activities:
(Increase) decrease in mortgage loans held for 1,129,000
sale, net
Decrease (interest) in other assets (2,000)
Decrease in other liabilities 2,000
---------------
Net cash (used in) provided by operating (236,000)
activities
INVESTING ACTIVITIES
Net cash provided by (used in) investing 0
activities
FINANCING ACTIVITIES
Net cash (used in) provided by financing 0
activities
---------------
Net increase (decrease) in cash (236,000)
Cash and cash equivalents at beginning of period 20,987,000
---------------
Cash and cash equivalents at end of period $20,751,000
===============
About HomeBanc Mortgage
Headquartered in Atlanta, Georgia, HomeBanc Mortgage Corporation
-- http://www.homebanc.com/-- is a mortgage banking company
focused on originating primarily prime purchase money residential
mortgage loans in the Southeast United States.
HomeBanc Mortgage together with five affiliates filed for chapter
11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079
through 07-11084). Joel A. Waite, Esq., at Young, Conaway,
Stargatt & Taylor was selected by the Debtors to represent them in
these cases. The Official Committee of Unsecured Creditors
selected the firm Otterbourg, Steindler, Houston and Rosen, P.C.
as its counsel. The Debtors' financial condition as of June 30,
2007, showed total assets of $5,100,000,000 and total liabilities
of $4,900,000,000. The Debtors' exclusive period to file a plan
ends on April 7, 2008. (HomeBanc Bankruptcy News, Issue No. 21;
Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
INTERSTATE BAKERIES: Posts $16,493,079 Loss in Month Ended Feb. 9
-----------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended February 9, 2008
REVENUE
Gross Income $209,727,145
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 58,393,428
Direct & Indirect Labor 35,351,672
Overhead & Production Administration 11,243,646
-------------
Total Cost of Goods Sold 104,988,746
-------------
Gross Profit 104,738,399
=============
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries 49,456,121
Advertising and Marketing 3,128,639
Insurance (Property, Casualty, & Medical) 11,253,892
Payroll Taxes 3,943,993
Lease and Rent 2,893,038
Telephone and Utilities 1,672,539
Corporate Expense (Including Salaries) 7,257,400
Other Expenses 29,287,804
-------------
Total Operating Expenses 108,893,426
-------------
EBITDA (4,155,027)
Restructuring & Reorganization Charges 3,988,974
Depreciation and Amortization 5,195,750
Abandonment 56,546
Property & Equipment Impairment -
Other( Income)/Expense (15,749)
Gain/Loss Sale of Property -
Interest Expense 3,450,597
-------------
Operating Income (Loss) (16,831,145)
Income Tax Expense (Benefit) (338,066)
-------------
NET Income (Loss) ($16,493,079)
=============
CURRENT ASSETS
Accounts Receivable at end of period $133,680,801
Increase (Dec.) in Accounts Receivable 9,063,773
Inventory at end of period 53,747,240
Increase (Decrease) in Inventory for period 871,016
Cash at end of period 2,236,597
Increase (Decrease) in Cash for period (4,118,556)
Restricted Cash 20,921,729
Increase (Dec.) in Restricted Cash for period -
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise 13,845,771
Increase (Decrease) in Liabilities
Subject to Compromise 22,710
Taxes payable:
Federal Payroll Taxes 4,133,725
State/Local Payroll Taxes 4,858,313
State Sales Taxes 678,118
Real Estate and Personal Property Taxes 6,349,552
Other 3,947,462
-------------
Total Taxes Payable $19,967,170
=============
About Interstate Bakeries
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh-baked
bread and sweet goods, under various national brand names,
including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and
Drake's(R). Currently, IBC employs more than 25,000 people and
operates 45 bakeries, as well as approximately 800 distribution
centers and approximately 800 bakery outlets throughout the
country.
The company and eight of its subsidiaries and affiliates filed for
chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No.
04 45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6% senior subordinated convertible notes due Aug. 15, 2014) in
total debts. The Debtors' filed their Chapter 11 Plan and
Disclosure Statement on Nov. 5, 2007. Their exclusive period to
file a chapter 11 plan expired on November 8. On Jan. 25, 2008,
the Debtors filed their First Amended Plan and Disclosure
Statement. On Jan. 30, 2008, the Debtors received Court approval
of the First Amended Disclosure Statement.
IBC confirmed that it has not received any qualifying alternative
proposals for funding its plan of reorganization in accordance
with the Court-approved alternative proposal procedures. As a
result, no auction was held on Jan. 22, 2008, as would have been
required under those procedures. The deadline for submission of
alternative proposals was Jan. 15, 2008. Plan confirmation
hearing commences on April 23, 2008. (Interstate Bakeries
Bankruptcy News, Issue No. 93; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
LEVITZ FURNITURE: Posts $4,722,000 Loss in Period Feb. 4 - March 2
------------------------------------------------------------------
PLVTZ, Inc.
Balance Sheet
As of March 2, 2008
ASSETS
Current Assets
Cash $5,158,000
Accounts receivable, net 2,110,000
------------
Total current assets 7,267,000
Other assets 9,655,000
------------
TOTAL ASSETS $16,922,000
============
Liabilities and Shareholders' Equity
Liabilities Not Subject to Compromise
Current Liabilities:
Accounts payable trade $5,585,000
Accrued expenses 3,013,000
Customer Deposits 829,000
------------
Total current liabilities 9,427,000
Liabilities Subject to Compromise
Term loan B 20,715,000
Trade and other miscellaneous claims 55,544,000
Customer Deposit 2,258,000
------------
Total 78,517,000
------------
TOTAL LIABILITIES 87,944,000
============
Shareholder's (deficit):
Preferred stock 47,000,000
Class A Common stock 139,030,000
Class B Common stock 10,000,000
Retained (deficit) (267,052,000)
------------
Shareholder's deficit (71,022,000)
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $16,922,000
============
PLVTZ, Inc.
Statement of Operations
For the period February 4 to March 2, 2008
Selling, operating and administrative Expenses $1,474,000
Reorganization costs 3,248,000
------------
Net (Loss) ($4,722,000)
============
PLVTZ, Inc.
Statement of Cash Flows
For the period February 4 to March 2, 2008
Cash flows used in operating activities:
Cash received from customers $3,773,000
Cash received from Sales Agent 8,375,000
Cash paid to suppliers and employees (19,917,000)
------------
Net cash used in operating activities (7,769,000)
============
Net decrease in cash and cash equivalents (7,769,000)
Cash and cash equivalents at beginning of month 12,927,000
------------
Cash and cash equivalents at end of month $5,158,000
============
About Levitz Furniture/PVLTZ
Based in New York City, Levitz Furniture Inc., nka PVLTZ Inc. --
http://www.levitz.com/-- is a specialty retailer of furniture,
bedding and home furnishings in the United States. It has 76
locations in major metropolitan areas, principally in the
Northeast and on the West Coast of the United States.
Levitz Furniture Inc. and 11 affiliates filed for chapter 11 on
Sept. 5, 1997. In December 2000, the Court confirmed the Debtors'
Plan and Levitz emerged from chapter 11 on February 2001. Levitz
Home Furnishings Inc. was created as the new holding company as a
result of the emergence.
Levitz Home Furnishings and 12 affiliates filed for chapter 11
protection on Oct. 11, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-
45189). In their second filing, the Debtors disclosed about
$245 million in total assets and $456 million in total debts.
Nicholas M. Miller, Esq., and Richard H. Engman, Esq., at Jones
Day represented the Debtors. Jeffrey L. Cohen, Esq., Jay R.
Indyke, Esq., and Cathy Hershcopf, Esq., at Cooley Godward Kronish
LLP served as counsel to the Official Committee of Unsecured
Creditors. During this period, the Debtors closed around 35
stores in the Northeast, California, Minnesota and Arizona.
PLVTZ Inc., a company created by Prentice Capital Management LP,
and Great American Group purchased substantially all the assets of
Levitz Home Furnishings in December 2005. Initially, Prentice
owned all of the equity interests in PLVTZ. On July 6, 2007,
PLVTZ was converted into a Delaware corporation, and Harbinger
Capital Partners Special Situations Fund, LP, Harbinger Capital
Partners Master Fund I, Ltd., and their affiliates became minority
shareholders. Great American's stake in the acquisition was in
running the going-out-of-business sales for some 27 Levitz units.
PLVTZ, dba Levitz Furniture, continued to face decline in
financial performance since December 2005. Liquidity issues and
the inability to obtain additional capital prompted PLVTZ to seek
protection under chapter 11 on Nov. 8, 2007 (Bankr. S.D.N.Y. Lead
Case No. 07-13532). Paul D. Leake, Esq., and Brad B. Erens, Esq.,
at Jones Day represents the Debtors in their restructuring
efforts. Kurtzman Carson Consultants LLC serves as the Debtors'
claims and noticing agent. The Debtor's schedules show total
assets of $123,842,190 and total liabilities of $76,421,661. The
Debtors' exclusive period to file a chapter 11 plan expired on
March 7, 2008. (Levitz Bankruptcy News, Issue No. 38; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
PERFORMANCE TRANS: Posts $3,689,000 Net Loss in February 2008
-------------------------------------------------------------
Performance Logistics Group and subsidiaries
Unaudited Consolidated Balance Sheet
As of February 29, 2008
Assets
Current Assets:
Cash, cash equivalents and marketable
securities $4,310,000
Deposits 1,441,000
Restricted Cash 3,545,000
Receivables customer 17,572,000
allowance for doubtful accounts (317,000)
Receivables other 1,188,000
Inventory 1,956,000
Work in process 672,000
Prepayments and other current assets 9,075,000
-----------
Total current assets 39,442,000
Property and equipment 53,434,000
Accumulated depreciation (16,169,000)
-----------
Total property and equipment 37,265,000
Other Assets:
Other 16,000
DIP Financing Costs(2007) 1,534,000
Amortization of DIP 2007 financing costs (603,000)
Debt Financing Costs(2007) 8,436,000
Amortization of debt financing costs (8,436,000)
Goodwill -
Debt Costs(DIP) 1,079,000
Amortization of debt costs (1,079,000)
Jr. DIP Debt Costs 140,000
Amortization of Jr DIP debt costs (140,000)
Debt Costs(Prepetition) 8,790,000
Amortization of debt costs (8,790,000)
-----------
Total other assets 947,000
-----------
Total assets $77,653,000
===========
Liabilities and Equity
Current Liabilities not Subject to Compromise:
Current portion of debt - prepetition 1st lien $49,625,000
Current portion of debt 16,500,000
Current portion of accrued interest on debt 817,000
Current portion of long-term equipment leases 1,843,000
Accounts payable 4,865,000
Accrued workman's compensation 21,349,000
Accrued cargo damage claims 1,090,000
Accrued payroll and benefits 9,821,000
Accrued liabilities 10,463,000
Accrued taxes 462,000
-----------
Total current liabilities 116,835,000
Long Term Liabilities NOT Subject to Compromise:
Long-term debt, less current portion -
Long-term equipment leases 1,543,000
Shareholder, other notes & leases payable -
-----------
Total long term liabilities 1,543,000
Liabilities Subject to Compromise:
Prepetition - 2nd lien debt 35,000,000
Prepetition - accrued interest
Prepetition - accounts payable 4,337,000
Prepetition - accrued liabilities
-----------
Total liabilities subject to compromise 39,337,000
Deferred compensation -
Deferred income taxes 1,219,000
-----------
Total liabilities 158,934,000
Stockholders' Equity:
Common Stock $0.01 par value; 100,000 shares 1,000
Additional paid-in capital 19,416,000
Restricted Stock -
Currency Exchange 2,306,000
Retained earnings (103,004,000)
-----------
Total stockholders' equity (81,281,000)
-----------
Total liabilities and stockholders' equity $77,653,000
===========
Performance Logistics Group and subsidiaries
Unaudited Consolidated Statements of Operations
For the Month Ended February 29, 2008
Transportation Revenue $20,469,000
Plus Fuel Surcharge 2,428,000
-----------
Revenue 22,898,000
Operating Expenses
Driver Wages and Benefits 10,592,000
Claims and Transportation Expenses 1,176,000
Maintenance 3,032,000
Fuel 4,440,000
Memo; Fuel Surcharge (2,428,000)
Terminal Costs 2,674,000
Depreciation 861,000
Direct Fixed 1,107,000
Discontinued Operations -
Vehicle Movement -
Management Fee and Expenses -
Corporate Overhead (less Depreciation) 890,000
-----------
Total Operating Costs 24,772,000
Other Income/(Expenses) -
-----------
Operating Income (1,875,000)
-----------
EBITDA (1,013,000)
Less
Amortization of Capital Access Fee and Taxes
included in EBITDA -
Interest Expense 1,255,000
Professional Fees and Restructuring 311,000
Goodwill Impairment -
Non-Operating Income/(Expense) (125,000)
-----------
Pretax Income (3,565,000)
Income Tax (Est.) 124,000
-----------
NET INCOME (LOSS) (3,689,000)
Reorganization Items -
-----------
NET INCOME (LOSS) ($3,689,000)
===========
Performance Logistics Group and subsidiaries
Unaudited Consolidated Statement of Cash Flows
Y.T.D. Ending February 29, 2008
Cash flows from operating activities
(includes fresh start)
Net Income ($7,064,000)
Adjustments to reconcile net income to
net cash flows provided by operations:
Depreciation and amortization 1,716,000
Gain (loss) on disposal of property
and equipment (153,000)
Goodwill impairment -
Cost of debt financing (retired) -
Amortization of debt financing (DIP) 510,000
Amortization of capital access fee -
Non cash interest (PIK) -
Deferred income taxes 11,000
Deferred compensation -
Non cash reorganization costs -
Changes in assets and liabilities:
(Increase) decrease in accounts receivable (2,785,000)
(Increase) decrease in other current assets (745,000)
Increase/(decrease) in accounts payable 398,000
(Increase)/decrease in other assets and
liabilities 693,000
-----------
Net cash provided by operating activities (7,420,000)
Cash flows from investing activities
Property and equipment (324,000)
Restricted cash (31,000)
Proceeds from disposal of property and equipment -
-----------
Net cash provided by (used in) (355,000)
investing activities
Cash flows from financing activities
Repayment of debt -
Borrowings under debt agreement -
Net borrowings (repayments) under
revolving credit facilities -
Payments on capital lease obligations (209,000)
Acquisition of capital leases -
Acquisition of debt costs (704,000)
-----------
Net cash used in financing activities (913,000)
-----------
Net increase (decrease) in cash (8,688,000)
Effect of exchange rate on cash
and cash equivalents 428,000
Cash at beginning of period 14,010,000
-----------
Cash and cash equivalents at end of period $5,751,000
===========
About Performance Transportation
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The U.S. Bankruptcy Court for the Western District of New
York confirmed the Debtors' plan on Dec. 21, 2006, and that plan
became effective on Jan. 29, 2007. Garry M. Graber, Esq. of
Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their restructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims and balloting
agent is Kutzman Carson Consultants LLC. The Debtors have until
April 15, 2008, to file a plan of reorganization. (Performance
Bankruptcy News, Issue No. 42; Bankruptcy Creditors' Services
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PRC LLC: Discloses February 2008 Net Loss of $7,941,000
-------------------------------------------------------
PRC, LLC, et al.
Balance Sheet
As of February 29, 2008
ASSETS
Current Assets:
Cash and cash equivalents $18,319,000
Short-term investments 0
Accounts receivable -- customers 67,400,000
Accounts receivable -- intercompany 0
Total inventories 0
Prepaid & other current assets 8,605,000
------------
Total current assets 94,324,000
------------
Total investments & other assets 7,557,000
Goodwill & other intangible assets 189,436,000
Property, plant and equipment, net 45,136,000
-------------
Total Assets $336,453,000
============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities Not Subject to Compromise:
Senior Credit Facility $0
DIP Credit Agreement 0
Long-term debt classified as current 0
Accrued interest payable 0
Accounts payable -- trade 13,772,000
Accounts payable -- intercompany 0
Other payables and accrued liabilities 0
Deferred income taxes 0
Pension and other liabilities 0
------------
Total liabilities not subject to compromise 13,772,000
------------
Liabilities Subject to Compromise:
Senior Notes 180,850,000
Revolver 5,500,000
Deferred financing fees 0
Accrued interest payable on Senior Notes 1,512,000
Accounts payable 35,133,000
Other payables and accrued liabilities 20,938,000
Pension and other liabilities 0
------------
Total liabilities subject to compromise 243,933,000
------------
Total Liabilities 257,705,000
============
Stockholders' Equity
Equity of subsidiaries
Common stock/initial capitalization 127,169,000
Capital Surplus/Treasury Stock/APIC 11,355,000
Retained earnings(deficit) (62,579,000)
Minimum pension liability adjustment 0
Other adjustments (580,000)
Unearned compensation 3,383,000
------------
Total Stockholders' Equity 78,748,000
------------
Total Liabilities & Stockholders' Equity $336,453,000
============
PRC, LLC, et al.
Statement of Operations
For the Period From Jan. 24 to Feb. 29, 2008
Total sales $46,248,000
------------
Cost of sales -- Direct 34,304,000
Cost of sales -- Indirect 8,380,000
------------
Gross profit 3,564,000
-------------
Selling and administrative expenses
Selling and advertising expense 263,000
Warehousing and shipping 97,000
Division administrative expense 0
MIS expense 207,000
Corporate administrative expense 2,855,000
-------------
Total Selling and administrative expense 3,422,000
------------
Restructuring and impairment charge 0
Goodwill impairment charge 0
Depreciation and amortization expense 4,099,000
-------------
Loss from Operations (3,957,000)
-------------
Interest expense
Interest expense -- outside 1,512,000
Capitalized interest expense 0
Interest expense -- intercompany 0
Interest income (44,000)
Interest income -- intercompany 0
-------------
Net interest expense 1,468,000
-------------
Other expense:
Miscellaneous 0
Royalties -- intercompany 0
Transaction gain/loss 0
-------------
Total other expense 0
-------------
Other income:
Royalties -- intercompany 0
Dividends 0
Sale of assets 0
Miscellaneous 0
-------------
Total other income 0
-------------
Net other expense 0
-------------
Loss before reorganization expenses and
income taxes(benefits) and
extraordinary items (5,425,000)
-------------
Reorganization expenses 2,516,000
Income taxes(benefits) 0
-------------
Loss before extraordinary item (7,941,000)
Extraordinary items 0
-------------
Net loss ($7,941,000)
============
PRC, LLC, et al.
Statement of Cash Flows
For the Period From Jan. 24 to Feb. 29, 2008
Cash flows from Operations:
Net income(loss) ($7,941,000)
Non-cash items
Depreciation and amortization expense 4,099,000
Changes in Assets and Liabilities
Decrease/(increase) -- accounts receivable
(customers) (248,000)
Decrease/(increase) -- receivable (intercompany) 0
Decrease/(increase) -- inventories 0
Decrease/(increase) -- other current assets (630,000)
Decrease/(increase) -- other noncurrent assets (85,000)
Increase/(decrease) -- accounts payable (trade) 13,604,000
Increase/(decrease) -- accounts payable
(intercompany) 0
Increase/(decrease) -- accrued liabilities (1,868,000)
Increase/(decrease) -- accrued interest payable 0
Increase/(decrease) -- pension and other
liabilities 0
Increase/(decrease) -- deferred federal
income tax 0
-------------
Total Cash Flows from Operations 6,931,000
-------------
Cash Flows from Investing:
Decrease/(increase) -- short term investments 0
Capital expenditures (582,000)
Transfers 0
Net proceeds from sale of assets 0
-------------
Total Cash Flows from Investing (582,000)
-------------
Cash Flows from Financing:
Increase/(decrease) -- DIP credit agreement 0
-------------
Total Cash Flows from Financing 0
-------------
Beginning Cash Balance 11,970,000
Change in Cash 6,349,000
-------------
Ending Cash Balance $18,319,000
=============
About PRC LLC
Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC --
http://www.prcnet.com/-- is a leading provider of customer
management solutions. PRC markets its services to brand-focused,
Fortune 500 U.S. corporations and delivers these services through
a global network of call centers in the U.S., Philippines, India,
and the Dominican Republic.
PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of Access
Direct Telemarketing, Inc., each of which is a debtor and debtor-
in-possession in PRC's joint Chapter 11 cases.
Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.
PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry. Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.
The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts. The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring and
turnaround advisor. Additionally, Evercore Group LLC provides
investment and financial counsel to the Debtors.
The Debtors' consolidated financial condition as of Dec. 31, 2007
showed total assets of $354,000,000 and total debts of
$261,000,000.
The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008. (PRC LLC Bankruptcy News, Issue
No. 8; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
PROPEX INC: Incurs $1,100,000 Net Loss in Month Ended Feb. 3, 2008
------------------------------------------------------------------
Propex Inc.
Unaudited Condensed Consolidated Balance Sheet
As of February 3, 2008
ASSETS
Current assets:
Cash and cash equivalents $22,200,000
Restricted cash 700,000
Accounts receivable, net 85,100,000
Accounts Receivable Claims - prepetition (200,000)
Inventories, net 136,000,000
Deferred income taxes 9,000,000
Prepaid expenses and other current assets 23,800,000
Assets held for sale 7,400,000
-----------
Total current assets 284,000,000
Other assets:
Goodwill 9,100,000
Intangible assets, net 23,900,000
Deferred income taxes -
Investment in Subsidiaries -
Intercompany Notes Receivable -
Other assets 11,100,000
-----------
Property, plant and equipment, net 225,500,000
-----------
Total assets $553,600,000
===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Prepetition
Accounts payable $15,000,000
Accrued liabilities 1,100,000
Current portion of debt and accrued interest 378,000,000
Accrued pension obligations -
Restructuring and other similar costs 700,000
Other current liabilities 1,200,000
Postpetition
Accounts payable 23,200,000
Accrued liabilities 20,000,000
Current portion of debt and accrued interest 6,900,000
Accrued pension obligations -
Restructuring and other similar costs 500,000
Other current liabilities 1,700,000
-----------
Total current liabilities 448,300,000
Non-Current liabilities:
Prepetition
Accrued pension and other postretirement 24,700,000
benefit liabilities
Other non-current liabilities -
Postpetition
Intercompany Notes Payable -
Debt, less current portion -
Deferred income taxes 11,600,000
Accrued pension and other postretirement 26,400,000
benefit liabilities
Other non-current liabilities 1,400,000
-----------
Total non-current liabilities 64,100,000
Total stockholder's equity:
Common stock -
Paid In Capital 96,200,000
Accumulated Other Comprehensive income 17,800,000
Retained Earnings - Prior Year (71,700,000)
Retained Earnings - Current Year (1,100,000)
-----------
Total stockholder's equity 41,200,000
-----------
Total liabilities and stockholder's equity $553,600,000
===========
Propex Inc.
Unaudited Condensed Consolidated Statement of Operations
For Month Ended February 3, 2008
Net revenue $52,800,000
Cost of sales 41,900,000
-----------
Gross profit 10,900,000
Operating expenses:
Selling, general and administrative 6,400,000
Other expense, net (100,000)
Add Back Depreciation and Amortization 2,700,000
EBITDA 7,300,000
Depreciation & Amortization 2,700,000
Interest expense 3,100,000
Restructuring and Similar Costs 1,500,000
Other Non Operating expense
Impairment of goodwill -
Impairment of other intangibles -
Impairment of property, plant and equipment -
Pension curtailment, net of settlement loss -
Debt Forgiveness -
Other -
Equity Loss from Sub Earnings -
Income before income taxes 0
Income tax provision 1,100,000
-----------
Net income ($1,100,000)
===========
Propex Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
For Month Ended February 3, 2008
Cash Flows from Operating Activities:
Net income (loss) ($1,100,000)
Adjustments to reconcile net loss to net
Depreciation and amortization 2,700,000
None Cash Interest on Debt -
Amortization of bank fees -
Net gain on dispositions of property -
and equipment
Stock-based Compensation -
Impairment of property, plant and equipment -
Impairment of goodwill -
Impairment of other intangibles -
Pension and Post Retirement Benefit Cost (100,000)
Deferred income taxes -
Changes in operating assets and liabilities
Increase in assets - Prepetition 200,000
Increase in assets - Postpetition (13,600,000)
Increase in liabilities - Prepetition 18,000,000
Increase in liabilities - Postpetition
(17,400,000)
-----------
Net cash provided by operating activities (11,300,000)
Cash flows from investing activities
Capital expenditures (400,000)
Proceeds from sale of property and equipment -
Acquisition of business -
-----------
Net cash used in investing activities (400,000)
Cash flows from financing activities
Payments if long-term debt principal (2,800,000)
Proceeds from issuance of debt 4,700,000
Debt issuance costs -
Dividends from unconsolidated Parent -
Net receipts from unconsolidated Parent 1,500,000
Net payments of affiliate debt -
-----------
Net cash provided by financing activities 3,400,000
Effect of changes in foreign exchange rates (700,000)
on cash and cash equivalents
Change in cash and cash equivalents (9,000,000)
Cash and cash equivalents - beginning of period 31,200,000
-----------
Cash and cash equivalents - end of period $22,200,000
===========
About Propex
Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber. It is produces
primary and secondary carpet backing. Propex operates in North
America, Europe, and Brazil.
The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-10249).
The debtors' has selected Edward L. Ripley, Esq., Henry J. Kaim,
Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston,
Texas, to represent them. As of Sept. 30, 2007, the debtors'
balance sheet showed total assets of $585,700,000 and total debts
of $527,400,000. The Debtors' exclusive period to file a plan of
reorganization expires on May 17, 2008.
(Propex Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
PROPEX INC: Incurs $100,000 Net Loss in Month Ended March 2, 2008
-----------------------------------------------------------------
Propex Inc.
Unaudited Condensed Consolidated Balance Sheet
As of March 2, 2008
ASSETS
Current assets:
Cash and cash equivalents $31,400,000
Restricted cash 700,000
Accounts receivable, net 90,800,000
Accounts Receivable Claims - prepetition (200,000)
Inventories, net 149,800,000
Deferred income taxes 9,100,000
Prepaid expenses and other current assets 23,800,000
Assets held for sale 7,400,000
-----------
Total current assets 312,800,000
Other assets:
Goodwill 9,100,000
Intangible assets, net 23,600,000
Deferred income taxes -
Investment in Subsidiaries -
Intercompany Notes Receivable -
Other assets 11,900,000
-----------
Property, plant and equipment, net 225,400,000
-----------
Total assets $582,800,000
===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Prepetition
Accounts payable $14,700,000
Accrued liabilities 500,000
Current portion of debt and accrued interest 382,600,000
Accrued pension obligations -
Restructuring and other similar costs 700,000
Other current liabilities -
Postpetition
Accounts payable 20,000,000
Accrued liabilities 20,300,000
Current portion of debt and accrued interest 34,900,000
Accrued pension obligations -
Restructuring and other similar costs 500,000
Other current liabilities -
-----------
Total current liabilities 474,200,000
Non-Current liabilities:
Prepetition
Accrued pension and other postretirement 24,700,000
benefit liabilities
Other non-current liabilities -
Postpetition
Intercompany Notes Payable -
Debt, less current portion -
Deferred income taxes 11,700,000
Accrued pension and other postretirement 27,100,000
benefit liabilities
Other non-current liabilities 1,400,000
-----------
Total non-current liabilities 64,900,000
Total stockholder's equity:
Common stock -
Paid In Capital 96,200,000
Accumulated Other Comprehensive income 20,300,000
Retained Earnings - Prior Year (71,600,000)
Retained Earnings - Current Year (1,200,000)
-----------
Total stockholder's equity 43,700,000
-----------
Total liabilities and stockholder's equity $582,800,000
===========
Propex Inc.
Unaudited Condensed Consolidated Statement of Operations
For Month Ended March 2, 2008
Net revenue $44,600,000
Cost of sales 39,400,000
-----------
Gross profit 5,200,000
Operating expenses:
Selling, general and administrative 5,600,000
Other expense, net -
Add Back Depreciation and Amortization 2,200,000
EBITDA 1,800,000
Depreciation & Amortization 2,200,000
Interest expense 2,100,000
Restructuring and Similar Costs -
Other Non Operating expense
Impairment of goodwill -
Impairment of other intangibles -
Impairment of property, plant and equipment -
Pension curtailment, net of settlement loss -
Debt Forgiveness -
Other -
Equity Loss from Sub Earnings -
Income before income taxes (2,500,000)
Income tax provision (2,400,000)
-----------
Net income ($100,000)
===========
Propex Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
For Month Ended March 2, 2008
Cash Flows from Operating Activities:
Net income (loss) ($100,000)
Adjustments to reconcile net loss to net
Depreciation and amortization 2,100,000
None Cash Interest on Debt 200,000
Amortization of bank fees -
Net gain on dispositions of property -
and equipment
Stock-based Compensation -
Impairment of property, plant and equipment -
Impairment of goodwill -
Impairment of other intangibles -
Pension and Post Retirement Benefit Cost 300,000
Deferred income taxes -
Changes in operating assets and liabilities
Increase in assets - Prepetition -
Increase in assets - Postpetition (18,400,000)
Increase in liabilities - Prepetition (2,100,000)
Increase in liabilities - Postpetition
(3,300,000)
-----------
Net cash provided by operating activities (21,200,000)
Cash flows from investing activities
Capital expenditures (300,000)
Proceeds from sale of property and equipment -
Acquisition of business -
-----------
Net cash used in investing activities (300,000)
Cash flows from financing activities
Payments if long-term debt principal -
Proceeds from issuance of debt 30,600,000
Debt issuance costs (200,000)
Dividends from unconsolidated Parent -
Net receipts from unconsolidated Parent -
Net payments of affiliate debt -
-----------
Net cash provided by financing activities 30,400,000
Effect of changes in foreign exchange rates 300,000
on cash and cash equivalents
Change in cash and cash equivalents 9,200,000
Cash and cash equivalents - beginning of period 22,200,000
-----------
Cash and cash equivalents - end of period $31,400,000
===========
About Propex
Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber. It is produces
primary and secondary carpet backing. Propex operates in North
America, Europe, and Brazil.
The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-10249).
The debtors' has selected Edward L. Ripley, Esq., Henry J. Kaim,
Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston,
Texas, to represent them. As of Sept. 30, 2007, the debtors'
balance sheet showed total assets of $585,700,000 and total debts
of $527,400,000. The Debtors' exclusive period to file a plan of
reorganization expires on May 17, 2008.
(Propex Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
REFCO LLC: Chapter 7 Trustee Deliver January 2008 Report
--------------------------------------------------------
Albert Togut, the Chapter 7 trustee overseeing the liquidation of
Refco, LLC's estate, filed with the Court a monthly statement of
cash receipts and disbursements for the period from
Jan. 1 to 31, 2008.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of January 1 totaled $79,003,000. The Debtor's beginning
purchase price account balance totals $2,562,000, while its
beginning capital account "A" balance aggregates $76,441,000.
The purchase price account includes activity related to Man
Financial, Inc. sale proceeds and related disbursements. Capital
account "A" includes activities related to collection of excess
capital.
During the Reporting Period, Refco LLC received $2,656,000, and
and disbursed $1,427,000. The Debtor held $8,232,000 at the end
of the period.
The Chapter 7 Trustee filed the Monthly Statement in lieu of
comprehensive financial statements.
A full-text copy of Refco LLC's January 2008 Monthly Statement is
available at no charge at:
http://bankrupt.com/misc/RefcoLLCMORJanuary08.pdf
About Refco
Headquartered in New York, Refco Inc. -- http://www.refco.com/--
is a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the most
active members of futures exchanges in Chicago, New York, London
and Singapore. In addition to its futures brokerage activities,
Refco is a major broker of cash market products, including foreign
exchange, foreign exchange options, government securities,
domestic and international equities, emerging market debt, and OTC
financial and commodity products. Refco is one of the largest
global clearing firms for derivatives.
The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26,
2006. (Refco Bankruptcy News, Issue No. 78; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
REFCO LLC: Chapter 7 Trustee Delivers February 2008 Report
----------------------------------------------------------
Albert Togut, the Chapter 7 trustee overseeing the liquidation of
Refco, LLC's estate, filed with the Court a monthly statement of
cash receipts and disbursements for the period Feb. 1 to 29,
2008.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
in its capital account "A" as of February 1 totaled $80,232,000.
Capital account "A" includes activities related to collection of
excess capital.
During the Reporting Period, Refco LLC received $1,591,000, and
and disbursed $44,000. The Debtor held $81,779,000 at the end of
the period.
The Chapter 7 Trustee filed the Monthly Statement in lieu of
comprehensive financial statements.
A full-text copy of Refco LLC's February 2008 Monthly Statement
is available at no charge at:
http://bankrupt.com/misc/RefcoLLCMORFebruary08.pdf
About Refco
Headquartered in New York, Refco Inc. -- http://www.refco.com/--
is a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the most
active members of futures exchanges in Chicago, New York, London
and Singapore. In addition to its futures brokerage activities,
Refco is a major broker of cash market products, including foreign
exchange, foreign exchange options, government securities,
domestic and international equities, emerging market debt, and OTC
financial and commodity products. Refco is one of the largest
global clearing firms for derivatives.
The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26,
2006. (Refco Bankruptcy News, Issue No. 78; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
SEA CONTAINERS: Earns $78,197 in Month Ended February 29, 2008
--------------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of February 29, 2008
Assets
Current Assets
Cash and cash equivalents $37,253,017
Trade receivables, less allowances
for doubtful accounts 324,401
Due from related parties 738,611
Prepaid expenses and other current assets 834,625
------------
Total current assets 39,150,654
Fixed assets, net -
Long-term equipment sales receivable, net -
Investments in group companies 143,546,856
Intercompany receivables -
Investment in equity ownership interests 219,426,925
Other assets 3,276,299
------------
Total assets $405,400,734
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $12,689,886
Accrued expenses 72,815,092
Current portion of long-term debt 174,061,884
Current portion of senior notes 385,492,578
------------
Total current liabilities 645,059,440
Total shareholders' equity (239,658,706)
------------
Total liabilities and shareholders' equity $405,400,734
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended February 29, 2008
Revenue $2,451,834
Costs and expenses:
Operating costs -
Selling, general and admin. expenses (1,332,865)
Professional fees (3,973,571)
Charges against intercompany accounts (5,024,873)
Impairment of investment in subsidy Co. (12,000)
Forgiveness of intercompany debt -
Depreciation and amortization -
------------
Total costs and expenses (10,343,309)
------------
Gain or (Loss) on sale of assets -
------------
Operating income (loss) (7,891,475)
Other income (expense)
Investment income 69,599
Foreign exchange gains or (losses) 6,011
Interest expense, net (4,379,776)
------------
Income (Loss) before taxes (12,195,641)
Income tax expense (135,150)
------------
Net (Loss) ($12,330,791)
============
Sea Containers Services
Unaudited Balance Sheet
As of February 29, 2008
Assets
Current Assets
Cash and cash equivalents $22,100
Trade receivables 1,562
Due from related parties 113,530
Prepaid expenses and other current assets 1,244,838
------------
Total current assets 1,382,029
Fixed assets, net 22,789
Investments 2,677,370
Intercompany receivables 30,835,512
Other assets -
------------
Total assets $34,917,700
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $876,285
Accrued expenses 1,036,229
Current portion of long-term debt 1,515,069
------------
Total current liabilities 3,427,582
Total shareholders' equity 31,490,118
------------
Total liabilities and shareholders' equity $34,917,700
============
Sea Containers Services
Unaudited Statement of Operations
For the Month Ended February 29, 2008
Revenue $1,226,968
Costs and expenses:
Operating costs -
Selling, general and admin. expenses (777,163)
Professional Fees (358,347)
Other charges -
Depreciation and amortization (2,428)
------------
Total costs and expenses (1,137,938)
------------
Gains on sale of assets 2,625
------------
Operating income (loss) 91,655
Other income (expense)
Interest income -
Foreign exchange gains (losses) 48
Interest expense, net (13,506)
------------
Income (Loss) before taxes 78,197
Income tax credit -
------------
Net Income $78,197
============
About Sea Containers
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
The Court gave the Debtors until April 15, 2008 to file
a plan of reorganization. (Sea Containers Bankruptcy News, Issue
No. 39; 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
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
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. Shimero R. Jainga, Ronald C. Sy, Joel Anthony G. Lopez,
Cecil R. Villacampa, Melanie C. Pador, Ludivino Q. Climaco, Jr.,
Loyda I. Nartatez, Tara Marie A. Martin, Philline P. Reluya,
Joseph Medel C. Martirez, Ma. Cristina I. Canson, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher Beard
at 240/629-3300.
*** End of Transmission ***