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 - &nbs