/raid1/www/Hosts/bankrupt/TCR_Public/080503.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, May 3, 2008, Vol. 12, No. 105
Headlines
AMERICAN LAFRANCE: Files Operating Report for Period Ended Apr 4
ASARCO LLC: Earns $22,252,000 in Month Ended March 31, 2008
CATHOLIC CHURCH: Davenport Posts $272,017 Net Loss in March
CATHOLIC CHURCH: Fairbanks Amends Schedules of Assets and Debts
COMPLETE RETREATS: Files Operating Report for January 2008
COMPLETE RETREATS: Files Operating Report for February 2008
COMPLETE RETREATS: Files Operating Report for March 2008
DELTA FINANCIAL: Earns $35,070,523 in Month Ended March 31
FEDDERS CORP: Files Report for the Month Ended February 29
HOMEBANC MORTGAGE: Posts March 2008 Net Loss of $2,128,000
KITTY HAWK: Incurs $196,534 Net Loss in March 2008
KITTY HAWK: KH Ground Files January 2008 Operating Report
KITTY HAWK: KH Ground Files February 2008 Operating Report
KITTY HAWK: KH Ground Files March 2008 Operating Report
KITTY HAWK: Kitty Hawk AirCargo Files January 2008 Report
KITTY HAWK: Kitty Hawk AirCargo Files February 2008 Report
KITTY HAWK: Kitty Hawk AirCargo Files March 2008 Report
KITTY HAWK: Kitty Hawk Cargo Files January 2008 Report
KITTY HAWK: Kitty Hawk Cargo Files February 2008 Report
KITTY HAWK: Kitty Hawk Cargo Files March 2008 Report
KITTY HAWK: Kitty Hawk Ground Files January 2008 Report
KITTY HAWK: Kitty Hawk Ground Files February 2008 Report
KITTY HAWK: Kitty Hawk Ground Files March 2008 Report
LEVITZ FURNITURE: Earns $331,000 in Month Ended April 6, 2008
MOVIE GALLERY: Earns $5,656,000 for the Month of March 2008
NETBANK INC: Delivers March 2008 Monthly Operating Report
PACIFIC LUMBER: Scotia Dev't Files March 2008 Operating Report
PACIFIC LUMBER: Scotia Pacific Files March 2008 Operating Report
*********
AMERICAN LAFRANCE: Files Operating Report for Period Ended Apr 4
----------------------------------------------------------------
American LaFrance, LLC, delivered to the Court its Monthly
Operating Report for the period from March 1, 2008, through
April 4, 2008.
The Debtor also provided data for its revenues, cash on hand,
and estimated inventory.
A full-text copy of American LaFrance's March 2008 Monthly
Operating Report is available for free at:
http://bankrupt.com/misc/ALF_MonthlyOperatingReport.pdf
American LaFrance, LLC
Cash Receipts and Disbursements
For the Period from Mar. 1 to Apr. 4, 2008
Beginning Cash Book Balance $1,215,863
(excluding Restricted Cash)
Receipts:
Accounts Receivable 5,468,906
Borrowing Under DIP Facility 20,000,000
----------
Total Receipts $25,468,906
----------
Disbursements:
Admin $231,763
Out-bound freight 72,494
Taxes -
Employee Expense 59,849
Equipment Rental 67,233
Insurance 350,508
Marketing 55,653
Occupancy 949,007
Payroll 3,004,934
Employee Benefits & Contractors 1,565,989
Audit/Tax 32,193
Supplies 151,829
Travel 144
Utilities 235,468
Inventory & Material 7,926,641
Utility Deposits 53,600
PPMG 267,264
DIP Interest 157,745
A -- Professional Fee Escrow 1,075,000
B -- Payments on Prepetition Debt 5,468,906
-----------
Total Disbursements $21,726,220
-----------
Net Cash Flow $3,742,687
-----------
Ending Cash Book Balance $4,958,550
===========
About American LaFrance
Headquartered in Summerville, South Carolina, American LaFrance
LLC -- http://www.americanlafrance.com/-- is one of the
oldest
fire apparatus manufacturers and one of the top six suppliers of
emergency vehicles in North America. The company filed for
Chapter 11 protection on Jan. 28, 2008 (Bankr. D. Del. Case No.
08-10178). Ian T. Peck, Esq., and Abigail W. Ottmers, Esq., at
Haynes and Boone LLP, are the Debtor's proposed Lead Counsel.
Christopher A. Ward, Esq., at Klehr, Harrison, Harvey, Branzburg &
Ellers LLP, are the Debtor's proposed local counsel. In its
schedules of assets and debts filed Feb. 4, 2008, the Debtor
disclosed $188,990,680 in total assets and $89,065,038 in total
debts.
The Debtor's exclusive period to file a plan expires on May 27,
2008. (American LaFrance Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
ASARCO LLC: Earns $22,252,000 in Month Ended March 31, 2008
-----------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of March 31, 2008
ASSETS
Current Assets:
Cash $964,795,000
Restricted Cash 25,582,000
Accounts receivable, net 180,338,000
Inventory 317,648,000
Prepaid expenses 5,384,000
Other current assets 11,231,000
---------------
Total Current Assets 1,504,978,000
Net property, plant and equipment 496,912,000
Other Assets
Investments in subs 99,166,000
Advances to affiliates 579,000
Prepaid pension & retirement plan 0
Non-current deferred tax asset 40,952,000
Other 81,524,000
---------------
Total assets $2,224,111,000
===============
LIABILITIES
Postpetition liabilities:
Accounts payable $83,889,000
Accrued liabilities 587,688,000
Debtor-in-possession financing 0
---------------
Total postpetition liabilities 671,577,000
Prepetition liabilities:
Not subject to compromise - credit 3,645,000
Not subject to compromise - other 55,996,000
Advances from affiliates 24,919,000
Subject to compromise 1,756,766,000
---------------
Total prepetition liabilities 1,841,325,000
---------------
Total liabilities $2,512,903,000
===============
OWNERS' EQUITY (DEFICIT)
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive income (213,545,000)
Retained earnings: filing date (1,649,762,000)
---------------
Total prepetition owners' equity (1,250,405,000)
Retained earnings: post-filing date 961,613,000
---------------
Total owners' equity (net worth) (288,792,000)
Total liabilities and owners' equity $2,224,111,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended March 31, 2008
Sales $180,723,000
Cost of products and services 144,183,000
------------
Gross profit 36,540,000
Operating expenses:
Selling and general & admin expenses 3,423,000
Depreciation & amortization 2,836,000
Provision accretion expense of asset
retirement obligation 412,000
------------
Operating income 29,869,000
Interest expense 196,000
Interest income (2,773,000)
Reorganization expenses 3,271,000
Other miscellaneous (income) expenses (7,452,000)
------------
Income (loss) before taxes 36,628,000
Income taxes 14,376,000
------------
Net income (loss) $22,252,000
============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended March 31, 2008
Receipts $182,868,000
Disbursements:
Inventory material 65,691,000
Operating disbursements 59,619,000
Capital expenditures 23,740,000
-----------
Total disbursements 149,050,000
Operating cash flow 33,818,000
Reorganization disbursements 4,519,000
------------
Net cash flow 29,299,000
Net payments to secured Lenders 0
------------
Net change in cash 29,299,000
Beginning cash balance 961,078,000
------------
Ending cash balances $990,377,000
============
About ASARCO
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The
Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts. Lehman
Brothers Inc. provides the ASARCO with financial advisory services
And investment banking services. Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee. When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and $1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since April 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to
06-20776).
ASARCO and its debtor affiliates are scheduled to file a plan of
reorganization on June 10, 2008. (ASARCO Bankruptcy News, Issue
No. 71; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Davenport Posts $272,017 Net Loss in March
-----------------------------------------------------------
Diocese of Davenport in Iowa
Statement of Financial Position
As of March 31, 2008
ASSETS
Current Assets
Cash and cash equivalents - unrestricted $5,039,722
Cash and cash equivalents - restricted 2,326,239
Accounts receivable, net 55,837
Inventory -
Prepaid expenses 2,448
Professional retainers 55,652
Other: Assets Waiting Disposition 618,533
--------------
Total Current Assets 8,098,431
--------------
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 $8,221,305
==============
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 $95,648
Real property lease arrearage -
Personal property lease arrearage -
Accrued professional fees -
Current portion of long-term debt -
other:
Pass-through collections 53,436
Additional Accrued Vacations 5,574
Misc. 300
--------------
Total Current Liabilities 154,958
--------------
Long-Term Postpetition Debt, Net -
--------------
Total Postpetition Liabilities 154,958
--------------
Prepetition
Secured claims -
Priority unsecured claims 160,588
General unsecured claims 13,602,441
--------------
Total Prepetition Liabilities 13,763,029
--------------
Total Liabilities 13,917,987
--------------
Equity (deficit):
Retained earnings/deficit at filing 5,855,424
Capital stock -
Additional paid-in capital -
Cumulative profit/loss since filing (11,572,128)
Post-petition contributions/distributions
or draws -
Market value adjustment 20,023
--------------
Total equity (deficit) (5,696,681)
--------------
Total liabilities & equity (deficit) $8,221,305
==============
Diocese of Davenport in Iowa
Statement of Operations
For the month ending March 31, 2008
Revenues
Gross sales $111
Less: sales returns & allowances -
Net sales 111
Less: cost of goods sold -
Gross profit 111
Interest 6,049
Other income:
Charitable gifts 204,646
Insurance receipts 60,776
Investment income/fees (8,591)
--------------
Total revenues 262,992
--------------
Expenses:
Compensation to owner(s)/officer(s) 12,209
Salaries 109,158
Commissions -
Contract labor 5,016
Rent/Lease:
Personal property 748
Real property -
Insurance 247,109
Management fees -
Depreciation 2,105
Taxes:
Employer payroll taxes 6,947
Real property taxes -
Other taxes -
Other selling -
Other administrative 111,102
Interest -
Other expenses:
Employee benefits 38,883
Charity collection 2,730
Medical assistance/Victim assistance 543
Utilities 15,309
Transfer to unrestricted -
Professional fees -
Sabbatical -
Cemetery perpetual care -
Youth trip expenses -
--------------
Total expenses 551,857
--------------
Reorganization items:
Professional fees -
Estimate of claims payments -
Interest earned on accumulated cash
from resulting Chapter 11 case 16,849
Gain or (Loss) from sale of equipment -
U.S. Trustee quarterly fees -
Advertising/printing/mailing -
--------------
Total reorganization items 16,849
--------------
Net profit (loss) before federal &
state taxes (272,017)
Federal & state income taxes -
--------------
Net profit (loss) ($272,017)
==============
Diocese of Davenport in Iowa
Statement of Cash Receipts and Disbursements
For the month ending March 31, 2008
Cash receipts
Rent/Leases collected $3,095
Cash received from sales 111
Interest received 22,898
Borrowings increase in accounts payable -
Funds from shareholders, partners,
or other insiders (Sale of property) -
Capital contributions -
Annual diocesan appeal/donations 204,646
Investment income/misc. -
Insurance receipts 60,776
Tribunal/Immigration/Faith Formation fees (11,685)
Decrease in prepaids/accounts receivable 73,798
Misc./Increase in accounts payable 4,515
--------------
Total Cash Receipts 358,154
Cash disbursements:
Payments for inventory -
Selling -
Administrative 118,848
Capital expenditures -
Principal payments on debt -
Interest paid -
Rent/Lease:
Personal Property 748
Real Property -
Amount paid to owner(s)/officer(s)
Salaries 12,209
Draws -
Commissions/Royalties -
Expense Reimbursements -
Other -
Salaries/Commissions (less employee
withholding 85,362
Management fees -
Taxes
Employee withholding 23,796
Employer payroll taxes 6,947
Real property taxes -
Other taxes -
Other cash outflows:
Insurance 247,109
Utilities 15,309
Medical/Victim Assistance 543
Employee benefits 38,883
Misc. -
--------------
Total Cash Disbursements 549,753
--------------
Net increase (decrease) in cash (191,599)
Cash balance, beginning of period 2,128,292
--------------
Cash balance, end of period $1,936,693
==============
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 approved on April 3, 2008, the Diocese of
Davenport's second amended disclosure statement explaining its
joint plan of reorganization. The Committee is a proponent to the
plan. The confirmation hearing of the Debtor's plan started on
April 30, 2008. (Catholic Church Bankruptcy News, Issue No. 123;
Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/
or 215/945-7000).
CATHOLIC CHURCH: Fairbanks Amends Schedules of Assets and Debts
---------------------------------------------------------------
The Catholic Bishop of Northern Alaska, aka The Roman Catholic
Diocese of Fairbanks in Alaska, delivered to the U.S.
Bankruptcy Court for the District of Alaska amended schedules of
assets and liabilities to report changes in total scheduled
assets and liabilities.
As previously reported, the Diocese said it has $13,316,864
in total assets and $1,838,719 in total debts.
A. Real Property
Catholic Schools of Fairbanks $3,500,000
Bishop's residence 1,100,000
Chancery and Retreat Center 1,100,000
Others 3,421,000
B. Personal Property
B.1 Cash on Hand 1,600
B.2 Bank Accounts 485,237
B.3 Security Deposits 0
B.4 Household goods 0
B.5 Book, artwork and collectibles Unknown
B.6 Wearing apparel 0
B.7 Furs and jewelry 168
B.8 Firearms and other equipment 0
B.9 Insurance Policies 0
B.10 Annuities 0
B.11 Interests in an education IRA 0
B.12 Interests in pension plans 401(k) Plan 0
B.13 Stock and Interests 1,088,256
B.14 Interests in partnerships or joint ventures 0
B.15 Government and corporate bonds 0
B.16 Accounts Receivable 787,239
B.17 Alimony 0
B.18 Other Liquidated Debts Owing Debtor 0
B.19 Equitable or future interests 93,935
B.20 Interests in estate death benefit plan Unknown
B.21 Other Contingent and Unliquidated Claims Unknown
B.22 Patents, copyrights, and others 0
B.23 Licenses, franchises & other intangibles 0
B.24 Customer lists or other compilations Unknown
B.25 Vehicles 96,285
B.26 Boats, motors and accessories Salvage Value
B.27 Aircraft and accessories 235,000
B.28 Office Equipment 300,000
B.29 Equipment and Supplies for Business 0
B.30 Inventory 84,179
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment and implements 0
B.34 Farm supplies, chemicals, and feed 0
B.35 Other Personal Property 965,793
TOTAL SCHEDULED ASSETS $13,258,694
==========================================================
C. Property Claimed $0
D. Creditors Holding Secured Claims
McCosker, Dennis 50,719
Beaumont, Jack and Suzanne 23,200
Hiland, Joyce Marian 33,950
Bozzo, Alfred J. 11,091
Ishiguro, Chothilde 13,713
Sinnot, James Francis 10,621
Others 63,232
E. Creditors Holding Unsecured Priority Claims
Taxes, advanced fees and employee claims 280,969
F. Creditors Holding Unsecured Nonpriority Claims
Deferred revenue - school tuition 422,982
Society of Jesus, Oregon Province 216,966
Alaska Conference of Catholic Bishops 259,541
Others 480,287
TOTAL SCHEDULED LIABILITIES $1,867,276
==========================================================
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. 123; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Files Operating Report for January 2008
----------------------------------------------------------
Complete Retreats, LLC, et al.
Monthly Operating Report
For the Month Ended January 31, 2008
(a) Plan payments made during the month:
Administrative Expenses $0
Secured Creditors 0
Priority Creditors 0
Unsecured Creditors 0
-------
Total Plan Payments 0
=======
(b) Cash Flow Report:
Total cash receipts $636,402
Total cash disbursements including plan payments 34,763
--------
Net cash flow $601,638
========
About Complete Retreats
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.
Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts. The Court confirmed the Debtor's plan on Nov. 30,
2007. (Complete Retreats Bankruptcy News, Issue No. 42;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COMPLETE RETREATS: Files Operating Report for February 2008
-----------------------------------------------------------
Complete Retreats, LLC, et al.
Monthly Operating Report
For the Month Ended February 29, 2008
(a) Plan payments made during the month:
Administrative Expenses $0
Secured Creditors 0
Priority Creditors 0
Unsecured Creditors 0
-------
Total Plan Payments 0
=======
(b) Cash Flow Report:
Total cash receipts $1,882
Total cash disbursements including plan payments 11,751
-------
Net cash flow ($9,869)
=======
About Complete Retreats
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.
Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts. The Court confirmed the Debtor's plan on Nov. 30,
2007. (Complete Retreats Bankruptcy News, Issue No. 42;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COMPLETE RETREATS: Files Operating Report for March 2008
--------------------------------------------------------
Complete Retreats, LLC, et al.
Monthly Operating Report
For the Month Ended March 31, 2008
(a) Plan payments made during the month:
Administrative Expenses $0
Secured Creditors 0
Priority Creditors 0
Unsecured Creditors 0
------
Total Plan Payments 0
======
(b) Cash Flow Report:
Total cash receipts $107,190
Total cash disbursements including plan payments 5,000
--------
Net cash flow $102,190
========
About Complete Retreats
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.
Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts. The Court confirmed the Debtor's plan on Nov. 30,
2007. (Complete Retreats Bankruptcy News, Issue No. 42;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
DELTA FINANCIAL: Earns $35,070,523 in Month Ended March 31
----------------------------------------------------------
Delta Financial Corp. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of March 31, 2008
Assets
Cash and cash equivalents $8,513,626
Mortgage loans held for sale, net 0
Mortgage loans held for investment, net of
discount and deferred fees 0
Less: allowance for loan losses 0
----------
Mortgage loans held for investment, net 0
----------
Trustee receivable 0
Accrued interest receivable 0
Excess cash flow certificates 0
Equipment, net 0
Accounts receivable 11,084,877
Prepaid and other assets 355,791
Deferred tax asset 0
-----------
Total Assets $19,954,295
===========
Liabilities and Stockholder's Equity
Liabilities:
Bank payable 0
Warehouse financing 0
Financing on mortgage loans
held for investment, net 0
Other borrowings 0
Accrued interest payable 0
Accounts payable and other liabilities $12,842,277
Deferred tax liability 0
-----------
Total Liabilities $12,842,277
Stockholders' Equity:
Preferred stock - REIT 0
Common stock $254,792
Additional paid-in capital 158,301,751
Retained earnings (accumulated deficit) (150,126,370)
Accumulated other comprehensive income (loss) 0
Treasury stock, at cost (1,318,154)
-----------
Total stockholders' equity $7,112,018
-----------
Total liabilities and stockholders' equity $19,954,295
===========
Delta Financial Corp. and Subsidiaries
Unaudited Consolidated Statements of Operations
Consolidated Statements of Operations
For the Three Months Ended
March 31, 2008
Interest income $103,083
Interest expense (1,281,150)
-----------
Net interest income (1,178,066)
Provision for loan loss 0
-----------
Net interest income after provision for loan loss (1,178,066)
Non-interest income
Net gain on sale of mortgage loans (190,828)
Other income 42,887,053
-----------
Total non-interest income 42,696,224
Non-interest expense
Payroll and related costs 1,717,839
General and administrative 4,729,794
(Gain) loss on derivative instruments 0
-----------
Total non-interest expense 6,447,634
Income (loss) before income tax expense (benefit) 35,070,523
Provision for income tax expense (benefit) 0
-----------
Net income (loss) $35,070,523
===========
The Debtors disclosed payments made to one retained professional
during March 2008. The Debtors paid AlixPartners, LP, its
claims' agent, $18,519 in fees and $10,864 in expenses.
About Delta Financial
Founded in 1982, Delta Financial Corporation (NASDAQ: DFC) --
http://www.deltafinancial.com/-- is a Woodbury, New York-based
specialty consumer finance company that originates, securitizes
and sells non-conforming mortgage loans.
The company filed a chapter 11 petition on Dec. 17, 2007 (Bankr.
D. Del. Lead Case No. 07-11880). On the same day, three
affiliates filed separate chapter 11 petitions -- Delta Funding
Corp., Renaissance Mortgage Acceptance Corp., and Renaissance
R.E.I.T. Investment Corp. -- (Bankr. D. Del. Case Nos. 07-11881 to
07-11883).
The Debtors selected Morrison & Foerster LLP as their general
bankruptcy counsel and David B. Stratton, Esq. and James C.
Carignan, Esq. at Pepper Hamilton LLP as their counsel. The
Debtors hired AlixPartners LLP as their claims agent. The
Official Committee of Unsecured Creditors retained Landis Rath &
Cobb LLP as its Delaware counsel.
The Debtors' amended consolidated quarterly financial condition as
of Sept. 30, 2007, showed $7,223,528,000 in total assets and
$7,108,232,000 in total liabilities. The Debtors' petition listed
D.B. Structured Products Inc. as their largest unsecured creditor
holding a $19,500,000 claim. The Court extended until June 16,
2008, the period during which the Debtors have the exclusive right
to file a plan of reorganization or liquidation. (Delta Financial
Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).
FEDDERS CORP: Files Report for the Month Ended February 29
----------------------------------------------------------
Fedders Corporation and its debtor-affiliates filed their monthly
operating report for February 2008.
For the month ended Feb. 29, 2008, the Debtors generated gross
sales of $4,493,000 and incurred a net loss of $658,000.
Total assets were $114,640,000, total current assets were
$49,914,000, total liabilities were $322,789,000, and total
stockholders' deficit was $208,149,000 as of Feb. 29, 2008.
A full-text copy of the Debtors' February 2008 report is available
for free at http://ResearchArchives.com/t/s?2b65
About Fedders Corporation
Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers. The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.
The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182). Its debtor-affiliates
filed for separate Chapter 11 cases. Norman L. Pernick, Esq.,
Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul,
Ewing, Remick & Saul LLP, represent the Debtors in their
restructuring efforts. The Debtors have selected Logan & Company
Inc. as claims and noticing agent. The Official Committee of
Unsecured Creditors is represented by Brown Rudnick Berlack
Israels LLP.
The Debtors asked the Court to stretch until May 31, 2008, their
exclusive plan filing period.
HOMEBANC MORTGAGE: Posts March 2008 Net Loss of $2,128,000
----------------------------------------------------------
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Balance Sheet
As of March 31, 2008
ASSETS
Cash $6,517,000
Restricted cash 0
Mortgage loans held for sale, net 4,099,000
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 13,361,000
---------------
TOTAL ASSETS $24,477,000
===============
LIABILITIES & EQUITY
Warehouse lines of credit $0
Repurchase agreements 0
Loan funding payable 1,478,000
Accrued interest payable 0
Accrued expenses 5,545,000
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 182,283,000
Minority interest 64,000
Shareholders Equity:
Preferred stock 47,992,000
Common stock 571,000
Additional paid-in capital 278,865,000
Accumulated deficit (467,394,000)
Treasury stock (17,904,000)
Accumulated other comprehensive (loss) income 0
---------------
Total shareholder's equity (157,870,000)
---------------
TOTAL LIABILITIES & EQUITY $24,477,000
===============
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Statement of Operations
For 3 Months Ended March 31, 2008
REVENUES
MBS interest income $507,000
Other miscellaneous income 131,000
---------------
Total revenues 638,000
EXPENSES
Professionals 1,763,000
Insurance 0
Contract personnel 79,000
Data facility 0
Compensation and benefits 312,000
Financial systems 77,000
Medical insurance run-off payments 176,000
Loan sales expense 91,000
U.S. trustee fees 32,000
Office rental 23,000
Other misc. operating expenses 213,000
---------------
Total expenses 2,766,000
---------------
Income tax expense 0
---------------
Net loss ($2,128,000)
===============
HomeBanc Mortgage Corporation and Subsidiaries
Consolidated Statement of Cash Flows
For the 3 Month Period Ended March 31, 2008
OPERATING ACTIVITIES
Net loss ($2,128,000)
Adjustments to reconcile net loss to net cash
(used in) provided by operating activities:
(Increase) decrease in mortgage loans held for 1,312,000
sale, net
Decrease (interest) in other assets (1,000)
Decrease in other liabilities (55,000)
---------------
Net cash (used in) provided by operating (872,000)
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 (872,000)
Cash and cash equivalents at beginning of period 7,389,000
---------------
Cash and cash equivalents at end of period $6,517,000
===============
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 May 6, 2008. (HomeBanc Bankruptcy News, Issue No. 23;
Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
KITTY HAWK: Incurs $196,534 Net Loss in March 2008
--------------------------------------------------
Kitty Hawk Inc.'s balance sheet in its March 2008 monthly
operating report shows total assets of $42,145,643, total
liabilities of $2,046,459, and total stockholders' equity of
$40,099,184.
For the month of March 2008, revenue was zero and incurred a net
loss of $196,534.
Cash at the beginning of the month was $6,297,770, total receipts
were $228,848, total cash available was $6,526,618, total
operating disbursements were $567,085, total disbursements were
$567,085, and cash at the end of the month was $5,959,533.
A full-text copy of the company's March 2008 operating report is
available for free at http://ResearchArchives.com/t/s?2b66
About Kitty Hawk
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel.
KITTY HAWK: KH Ground Files January 2008 Operating Report
---------------------------------------------------------
KH Ground Inc., a debtor-affiliate of Kitty Hawk Inc., filed with
the U.S. Bankruptcy Court for the Northern District of Texas its
monthly operating report for January 2008.
Its January 2008 balance sheet shows total assets of $0, total
liabilities of $250, and total stockholders' deficit of $250.
For the month, revenue and net income was zero.
Cash at the beginning and end of the month was zero.
A full-text copy of KH Ground Inc.'s January 2008 operating report
is available for free at http://ResearchArchives.com/t/s?2b6b
About Kitty Hawk
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel.
KITTY HAWK: KH Ground Files February 2008 Operating Report
----------------------------------------------------------
KH Ground Inc., a debtor-affiliate of Kitty Hawk Inc., filed with
the U.S. Bankruptcy Court for the Northern District of Texas its
monthly operating report for February 2008.
Its February 2008 balance sheet shows total assets of $0, total
liabilities of $250, and total stockholders' deficit of $250.
For the month, revenue and net income was zero.
Cash at the beginning and end of the month was zero.
A full-text copy of KH Ground Inc.'s February 2008 operating
report is available for free at
http://ResearchArchives.com/t/s?2b6b
About Kitty Hawk
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel.
KITTY HAWK: KH Ground Files March 2008 Operating Report
-------------------------------------------------------
KH Ground Inc., a debtor-affiliate of Kitty Hawk Inc., filed with
the U.S. Bankruptcy Court for the Northern District of Texas its
monthly operating report for March 2008.
Its March 2008 balance sheet shows total assets of $0, total
liabilities of $575, and total stockholders' deficit of $575.
For the month, revenue was zero and net loss was $325.
Cash at the beginning and end of the month was zero.
A full-text copy of KH Ground Inc.'s March 2008 operating report
is available for free at http://ResearchArchives.com/t/s?2b6b
About Kitty Hawk
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel.
KITTY HAWK: Kitty Hawk AirCargo Files January 2008 Report
---------------------------------------------------------
Kitty Hawk AirCargo Inc., a debtor-affiliate of Kitty Hawk Inc.,
filed with the U.S. Bankruptcy Court for the Northern District of
Texas its monthly operating report for January 2008.
Its January 2008 balance sheet shows total assets of $10,012,401,
and total liabilities of $7,833,935, and total stockholders'
equity of $2,178,466.
For the month, revenue was $36,900 and net loss was $263,212.
Cash at the beginning of the month was $564,506 and cash at the
end of the month was $142,416.
A full-text copy of Kitty Hawk AirCargo Inc.'s January 2008 report
is available for free at http://ResearchArchives.com/t/s?2b6a
About Kitty Hawk
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel.
KITTY HAWK: Kitty Hawk AirCargo Files February 2008 Report
----------------------------------------------------------
Kitty Hawk AirCargo Inc., a debtor-affiliate of Kitty Hawk Inc.,
filed with the U.S. Bankruptcy Court for the Northern District of
Texas its monthly operating report for February 2008.
Its February 2008 balance sheet shows total assets of $9,735,444,
total liabilities of $7,764,971 and total stockholders' equity of
$1,970,473.
For the month, revenue was zero and net loss was $207,993.
Cash at the beginning of the month was $142,416 and cash at the
end of the month was $199,455.
A full-text copy of Kitty Hawk AirCargo Inc.'s February 2008
report is available for free at
http://ResearchArchives.com/t/s?2b6a
About Kitty Hawk
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel.
KITTY HAWK: Kitty Hawk AirCargo Files March 2008 Report
-------------------------------------------------------
Kitty Hawk AirCargo Inc., a debtor-affiliate of Kitty Hawk Inc.,
filed with the U.S. Bankruptcy Court for the Northern District of
Texas its monthly operating report for March 2008.
Its March 2008 balance sheet shows total assets of $10,205,561,
total liabilities of $7,707,516, and total stockholders' equity of
$2,498,045.
For the month, revenue was zero and net income was $527,572.
Cash at the beginning of the month was $199,455 and cash at the
end of the month was $400,376.
A full-text copy of Kitty Hawk AirCargo Inc.'s March 2008 report
is available for free at http://ResearchArchives.com/t/s?2b6a
About Kitty Hawk
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel.
KITTY HAWK: Kitty Hawk Cargo Files January 2008 Report
------------------------------------------------------
Kitty Hawk Cargo Inc., a debtor-affiliate of Kitty Hawk Inc.,
filed with the U.S. Bankruptcy Court for the Northern District of
Texas its monthly operating report for January 2008.
Its January 2008 balance sheet shows total assets of $3,910,498,
total liabilities of $27,088,121, and total stockholders' deficit
of $23,177,623.
For the month, revenue was $31,385 and net profit was $2,675,831.
Cash at the beginning of the month was $68,445 and cash at the end
of the month was $23,495.
A full-text copy of Kitty Hawk Cargo Inc.'s January 2008 report is
available for free at http://ResearchArchives.com/t/s?2b69
About Kitty Hawk
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel.
KITTY HAWK: Kitty Hawk Cargo Files February 2008 Report
-------------------------------------------------------
Kitty Hawk Cargo Inc., a debtor-affiliate of Kitty Hawk Inc.,
filed with the U.S. Bankruptcy Court for the Northern District of
Texas its monthly operating report for February 2008.
Its February 2008 balance sheet shows total assets of $165,320,
total liabilities of $23,516,405, and total stockholders' deficit
of $23,351,085.
For the month, revenue was $43 and net loss was $173,462.
Cash at the beginning of the month was $23,495 and cash at the end
of the month was $2,452.
A full-text copy of Kitty Hawk Cargo Inc.'s February 2008 report
is available for free at http://ResearchArchives.com/t/s?2b69
About Kitty Hawk
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel.
KITTY HAWK: Kitty Hawk Cargo Files March 2008 Report
----------------------------------------------------
Kitty Hawk Cargo Inc., a debtor-affiliate of Kitty Hawk Inc.,
filed with the U.S. Bankruptcy Court for the Northern District of
Texas its monthly operating report for March 2008.
Its March 2008 balance sheet shows total assets of $106,458, total
liabilities of $23,606,944, total stockholders' deficit of
$23,500,486.
For the month, revenue was a negative $14,601 and net loss was
$149,401.
Cash at the beginning of the month was $2,452 and cash at the end
of the month was $37,931.
A full-text copy of Kitty Hawk Cargo Inc.'s March 2008 report is
available for free at http://ResearchArchives.com/t/s?2b69
About Kitty Hawk
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel.
KITTY HAWK: Kitty Hawk Ground Files January 2008 Report
-------------------------------------------------------
Kitty Hawk Ground Inc., a debtor-affiliate of Kitty Hawk Inc.,
filed with the U.S. Bankruptcy Court for the Northern District of
Texas its monthly operating report for January 2008.
Its January 2008 balance sheet shows total assets of $3,768,047,
total liabilities of $27,161,786 and total stockholders' deficit
of $23,393,739.
Revenue for the month was a negative $2,029, and net loss for the
month was $756,833.
Cash at the beginning of the month was $68,770, and cash at the
end of the month was $123,003.
A full-text copy of Kitty Hawk Ground Inc.'s January 2008 report
is available for free at http://ResearchArchives.com/t/s?2b67
About Kitty Hawk
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel.
KITTY HAWK: Kitty Hawk Ground Files February 2008 Report
--------------------------------------------------------
Kitty Hawk Ground Inc., a debtor-affiliate of Kitty Hawk Inc.,
filed with the U.S. Bankruptcy Court for the Northern District of
Texas its monthly operating report for February 2008.
Its February 2008 balance sheet shows total assets of $2,450,630,
total liabilities of $26,688,560, and total stockholders' deficit
of $24,237,930.
Net revenue for the month was a negative $7,194 and net loss for
the month was $844,191.
Cash at the beginning of the month was $123,003 and cash at the
end of the month was $2,562.
A full-text copy of Kitty Hawk Ground Inc.'s February 2008 report
is available for free at http://ResearchArchives.com/t/s?2b67
About Kitty Hawk
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel.
KITTY HAWK: Kitty Hawk Ground Files March 2008 Report
-----------------------------------------------------
KH Ground Inc., a debtor-affiliate of Kitty Hawk Inc., filed with
the U.S. Bankruptcy Court for the Northern District of Texas its
monthly operating report for March 2008.
Its March 2008 balance sheet shows total assets of $2,088,390,
total liabilities of $26,452,372, and total stockholders' deficit
of $24,363,982.
Net revenue for the month was a negative $26,914 and net loss for
the month was $126,052.
Cash at the beginning of the month was $2,562 and cash at the end
of the month was $53,024.
A full-text copy of Kitty Hawk Ground Inc.'s March 2008 report is
available for free at http://ResearchArchives.com/t/s?2b67
About Kitty Hawk
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel.
LEVITZ FURNITURE: Earns $331,000 in Month Ended April 6, 2008
-------------------------------------------------------------
PLVTZ, Inc.
Balance Sheet
As of April 6, 2008
ASSETS
Current Assets
Cash $375,000
Accounts receivable, net 376,000
------------
Total current assets 751,000
Other assets 4,275,000
------------
TOTAL ASSETS $5,026,000
============
Liabilities and Shareholders' Equity
Liabilities Not Subject to Compromise
Current Liabilities:
Accounts payable trade $5,585,000
Accrued expenses 927,000
Customer Deposits 1,080,000
------------
Total current liabilities 7,592,000
Liabilities Subject to Compromise
Term loan B 20,715,000
Trade and other miscellaneous claims 45,496,000
Customer Deposit 1,558,000
------------
Total 67,769,000
------------
TOTAL LIABILITIES 75,361,000
============
Shareholder's (deficit):
Preferred stock 47,000,000
Class A Common stock 139,030,000
Class B Common stock 10,000,000
Retained (deficit) (266,365,000)
------------
Shareholder's deficit (70,335,000)
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $5,026,000
============
PLVTZ, Inc.
Statement of Operations
For the period March 3 to April 6, 2008
Selling, operating and administrative expenses $2,194,000
Reorganization costs (2,525,000)
------------
Net Income $331,000
============
PLVTZ, Inc.
Statement of Cash Flows
For the period March 3 to April 6, 2008
Cash flows used in operating activities:
Cash received from customers $2,178,000
Cash received from sales agent 1,954,000
Cash paid to suppliers and employees (9,665,000)
------------
Net cash used in operating activities (5,533,000)
============
Net decrease in cash and cash equivalents (5,533,000)
Cash and cash equivalents at beginning of month 5,158,000
------------
Cash and cash equivalents at end of month $375,000
============
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. 39; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
MOVIE GALLERY: Earns $5,656,000 for the Month of March 2008
-----------------------------------------------------------
Movie Gallery, Inc.
Unaudited Consolidated Balance Sheet
(Excluding International Operations)
As Of March 9, 2008
ASSETS
Current Assets
Cash & Cash Equivalents $66,732,000
Merchandise Inventory 151,271,000
Prepaid Expenses 35,083,000
Store Supplies and Other 15,538,000
---------------
Total Current Assets 268,624,000
Rental inventory, net 219,515,000
Property, furnishings and equipment, net 94,094,000
Other intangibles, net 20,205,000
Deferred income tax asset, net 1,153,000
Deposits and other assets 26,743,000
Investment in subsidiaries 22,868,000
---------------
Total Assets 653,202,000
===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Current maturities of long-term obligations 867,220,000
Accounts payable 37,443,000
Intercompany payable (9,426,000)
Accrued liabilities 58,313,000
Accrued payroll 22,041,000
Accrued interest 13,111,000
Deferred revenue 38,794,000
---------------
Total Current Liabilities 1,027,496,000
Other Accrued Liabilities 17,220,000
---------------
Total Liabilities Not Subject to Compromise 1,044,716,000
Liabilities Subject to Compromise
Accounts payable 35,337,000
Accrued liabilities 17,244,000
Accrued utilities 4,337,000
Accrued interest 16,410,000
Long-term obligations 314,311,000
Lease liability on closed stores 70,588,000
---------------
Total Liabilities Subject to Compromise 458,227,000
---------------
Total Liabilities 1,502,943,000
Stockholders' Deficit
Preferred stock, $0.10 par value; 2000 shares
authorized, no shares or issues outstanding 0
Common stock, $0.001 par value; 65,000 shares
authorized, 32,282 shares issued
and outstanding 32,000
Additional paid-in capital 200,069,000
Accumulated deficit (1,057,214,000)
Accumulated other comprehensive income 7,372,000
---------------
Total Stockholders' Deficit (849,741,000)
---------------
Total Liabilities and Stockholders' Deficit $653,202,000
===============
Movie Gallery, Inc.
Unaudited Consolidated Statement of Operations
(Excluding International Operations)
For The Period Ended March 9, 2008
Revenue
Rentals $132,627,000
Product Sales 44,594,000
---------------
177,221,000
Cost of Sales
Cost of rental revenues 42,682,000
Cost of product sales 33,326,000
---------------
76,008,000
Gross Profit 101,213,000
Operating Costs and Expenses
Store operating expenses 73,161,000
General and administrative 10,431,000
Amortization of intangibles 257,000
---------------
83,849,000
---------------
Operating Income (Loss) 17,364,000
Interest Expense, net 7,973,000
Intercompany interest expense, net 0
---------------
Income (loss) before reorganization items
and income taxes 9,391,000
Reorganization items, net 3,738,000
---------------
Income (loss) before income taxes 5,653,000
Income taxes (3,000)
---------------
Net Income (Loss) $5,656,000
===============
Movie Gallery, Inc.
Unaudited Consolidated Statement of Cash Flows
(Excluding International Operations)
For The Period Ended March 9, 2008
Operating Activities
Net income (loss) $5,700,000
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Rental Inventory Amortization 31,183,000
Purchases of Rental Inventory (26,041,000)
Purchases of Rental Inventory-Base Stock (21,000)
Reorganization Items, net (540,000)
Depreciation and Intangibles Amortization 3,340,000
Loss on Closed Store Write-Offs 31,000
Amortization of Debt Issuance Cost 558,000
Changes in Operating Assets and Liabilities
Merchandise Inventory (8,668,000)
Other Current Assets 4,458,000
Deposits and Other Assets 214,000
Accounts Payable 423,000
Accrued Interest 1,785,000
Lease Liability on Closed Stores 2,197,000
Other Accrued Liabilities and Deferred Revenue (2,879,000)
---------------
Net Cash Provided by Operating Activities 11,740,000
Investing Activities
Purchases of Property, Furnishings and
Equipment, net (346,000)
---------------
Net Cash Used In Investing Activities (346,000)
Financing Activities
Change in Intercompany Receivable (308,000)
Long-term debt financing fees 0
Principal payments on DIP credit facility 0
---------------
Net Cash Used In Financing Activities (308,000)
Increase (Decrease) in Cash and Cash Equivalents 11,086,000
Cash and cash equivalents at beginning of period 55,646,000
---------------
Cash and cash equivalents at end of period $66,732,000
===============
About Movie Gallery
Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment specialty
retailer. The company owns and operates 4,600 retail stores that
rent and sell DVDs, videocassettes and video games.
The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849 to
07-33853). Anup Sathy, Esq., Marc J. Carmel, Esq., and Richard M.
Cieri, Esq., at Kirkland & Ellis LLP, represent the Debtors.
Michael A. Condyles, Esq., and Peter J. Barrett, Esq., at Kutak
Rock LLP, is the Debtors' local counsel. The Debtors' claims &
balloting agent is Kurtzman Carson Consultants LLC. When the
Debtors' filed for protection from their creditors, they listed
total assets of $891,993,000 and total liabilities of
$1,419,215,000.
The Official Committee of Unsecured Creditors has selected Robert
J. Feinstein, Esq., James I. Stang, Esq., Robert B. Orgel, Esq.,
and Brad Godshall, Esq., at Pachulski Stang Ziehl & Jones LLP, as
its lead counsel, and Brian F. Kenney, Esq., at Miles &
Stockbridge PC, as its local counsel.
The Debtors' spokeswoman Meaghan Repko said that the company does
not expect to exit bankruptcy protection before the second quarter
of 2008. The Court confirmed the Debtors' Second Amended Chapter
11 Plan of Reorganization on April 9, 2008. (Movie Gallery
Bankruptcy News Issue No. 26; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)
NETBANK INC: Delivers March 2008 Monthly Operating Report
---------------------------------------------------------
NetBank Inc. submitted its monthly operating report for the period
beginning March 1, 2008, through March 31, 2008.
Funds at the beginning of the period were $6,265,363, total
receipts for the period were $6,276,536, total disbursements for
the period were $213,705 and ending balance was $6,062,831.
A full-text copy of the Debtor's March 2008 report is available
for free at http://ResearchArchives.com/t/s?2b64
About NetBank
Headquartered in Jacksonville, Florida, NetBank Inc. --
http://www.netbank.com/-- is a financial holding company of
Netbank, the United States' oldest Internet bank serving retail
and business customers in all 50 states. NetBank Inc. does retail
banking, mortgage banking, business finance, and providing ATM and
merchant processing services.
The company filed for Chapter 11 protection on Sept. 28, 2007
(Bankr. M.D. Fla. Case No. 07-04295). Alan M. Weiss, Esq., at
Holland & Knight LLP. The U.S. Trustee for Region 21 appointed
six creditors to serve on an Official Committee of Unsecured
Creditors of the Debtor's case. Rogers Towers and Kilpatrick
Stockton LLP represent the Committee in this case. As of
Sept. 25, 2007, the Debtor listed total assets at $87,213,942
and total debts at $42,245,857.
The Debtor asked the Court to exclusively file its reorganization
plan until May 5, 2008.
PACIFIC LUMBER: Scotia Dev't Files March 2008 Operating Report
--------------------------------------------------------------
Scotia Development LLC, debtor-affiliate of The Pacific Lumber
Company, filed its monthly operating report for the period ended
March 31, 2008, disclosing:
Scotia Development LLC, et al.
Consolidated Balance Sheet
As of March 31, 2008
ASSETS
Current Assets
Cash $2,342,745
Accounts receivable, net 5,857,780
Inventory: lower cost or market 13,763,926
Prepaid expenses 5,275,428
Prepaid Restructuring 200,000
Investments 0
Other 264,316
------------
Total Current Assets 27,704,194
Property, Plant & Equipment 186,891,739
Less: Accumulated Depreciation (120,683,388)
------------
Net book value of property & plant 66,208,351
Other Assets
Notes Receivable 594,738
Deferred Financing Costs 4,390,198
Long-term Investments 3,447,356
Restricted Cash 2,592,844
Restricted Cash -- L.C. Collateralization 10,862,851
Deferred Tax Assets 13,313,381
------------
TOTAL ASSETS $129,113,914
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $1,335,769
Tax Payable
Federal payroll taxes 116,955
State payroll taxes 130,206
Ad valorem taxes 267,921
Other taxes 1,311,773
------------
Total taxes payable 1,826,854
Secured debt postpetition 75,000,000
Accrued interest payable 3,249,516
Accrued professional fees 3,300,494
Other accrued liabilities
Trade Accruals 460,886
Compensation and benefits 1,614,912
Other accrued 2,428,631
Due to (from) affiliate/parent 7,586,652
------------
Total Postpetition Liabilities 96,803,714
Prepetition Liabilities
Notes payable - Secured 84,277,251
Priority debt 3,444,754
Federal income tax (17,006)
FICA/ Withholding 0
Unsecured debt 3,016,106
Other 27,804,898
Due to Affiliate/Parent 41,661,505
------------
Total Prepetition Liabilities 160,187,508
------------
Total Liabilities 256,991,222
Owner's Equity (Deficit)
Equity in Affiliates 556,855,433
Common Stock 1,001
Additional Paid-in Capital 275,546,288
Retained Earnings: Filing Date (792,985,229)
Retained Earnings: Post Filing Date (167,294,801)
------------
Total Owner's Equity (127,877,308)
------------
TOTAL LIABILITIES & OWNERS EQUITY $129,113,914
============
Scotia Development LLC, et al.
Statement of Income
For the Period Ended March 31, 2008
Revenues $130,633,137
Total cost of revenues 148,151,351
------------
Gross Profit (17,518,213)
Operating Expenses
Selling & Marketing 1,284,232
General & Administrative 3,767,671
Insiders Compensation 1,589,580
Idle Facilities 1,731,487
Environmental 430,982
------------
Total Operating Expenses 8,803,953
------------
Income before interest, depreciation, tax (26,322,166)
Interest Expense 22,229,308
Depreciation 11,870,832
Other (Income) Expenses 6,385,940
Amortization of Deferred Financing Costs 5,731,864
Restructuring
Professional Fees 15,678,095
Other 1,249,352
Equity Loss (Earnings) in Subsidiary 77,825,939
Total Interest, Depreciation & Other Items 140,971,329
------------
Net Income Before Taxes (167,293,495)
Federal Income Tax 1,306
------------
Net Income (Loss) ($167,294,801)
============
Scotia Development LLC, et al.
Cash Receipts and Disbursements
For the Month Ended March 31, 2008
Receipts
Cash Sales $1,216,730
Collection of Accounts Receivable 133,162,910
Loans & Advances 24,932,629
Sale of Assets 2,183,879
Other 8,691,358
------------
Total Receipts 170,187,505
Disbursements
Net payroll 14,994,246
Payroll taxes paid 5,895,323
Sales, use & other taxes paid 1,117,054
Secured/rentals/leases 2,686,988
Utilities & telephone 1,206,303
Insurance 11,004,842
Cost of goods sold 81,640,894
Vehicle expenses 1,286,892
Travel & entertainment 401,037
Repairs, maintenance & supplies 9,543,597
Administrative & selling 10,991,222
Interest 9,306,654
Other 2,888,629
------------
Total Disbursements from operations 152,963,681
Professional fees 12,607,563
U.S. Trustee fees 70,786
Other reorganization expenses 3,467,438
------------
Total Disbursements 169,109,467
------------
Net Cash Flow 1,078,038
------------
Cash, at the beginning of the month 1,264,707
------------
Cash, at the end of the month $2,342,745
============
About Pacific Lumber
Based in Oakland, California, The Pacific Lumber Company --
http://www.palco.com/-- and its subsidiaries operate in several
principal areas of the forest products industry, including the
growing and harvesting of redwood and Douglas-fir timber, the
milling of logs into lumber and the manufacture of lumber into a
variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel. Kyung S. Lee, Esq., Esq., at Diamond
McCarthy LLP is Scotia Pacific's co-counsel, replacing Porter &
Hedges LLP. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335.
The Debtors filed their Joint Plan of Reorganization on Sept. 30,
2007, which was amended on Dec. 20, 2007. Four other parties-in-
interest have filed competing plans for the Debtors -- The Bank of
New York Trust Company, N.A., as Indenture Trustee for the Timber
Notes; the Official Committee of Unsecured Creditors; Marathon
Structured Finance Fund L.P, the Debtors' DIP Lender and Agent
under the DIP Credit Facility; and the Heartlands Commission,
which represents the tribal members of the Bear River Band of
Rohnerville Rancheria and PALCO employees.
The Debtors' exclusive plan filing period expired on Feb. 29,
2008. (Scotia/Pacific Lumber Bankruptcy News, Issue No. 57;
http://bankrupt.com/newsstand/or 215/945-7000).
PACIFIC LUMBER: Scotia Pacific Files March 2008 Operating Report
----------------------------------------------------------------
Scotia Pacific Company LLC, debtor-affiliate of The Pacific Lumber
Company, filed its monthly operating report for the period ended
March 31, 2008, disclosing:
Scotia Pacific Company LLC
Consolidated Balance Sheet
As of March 31, 2008
4ASSETS
Current Assets
Cash $36,012,821
Accounts receivable, net 8,476,643
Inventory: lower cost or market 2,114,014
Prepaid expenses 5,887,563
Prepaid Restructuring 774,671
Investments 0
Other 784,084
------------
Total Current Assets 54,139,797
Property, Plant & Equipment 602,269,780
Less: Accumulated Depreciation (361,438,191)
------------
Net book value of property & plant 240,831,588
Other Assets
Capitalized Expenses 9,672,247
------------
TOTAL ASSETS $304,553,632
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable 157,920
Tax payable
Federal payroll taxes 14,039
State payroll taxes 28,140
Ad valorem taxes 205,000
Other taxes 222,158
------------
Total taxes payable 469,338
Secured debt postpetition 0
Accrued interest payable 64,513,169
Accrued professional fees 4,894,597
Other accrued liabilities
Unsecured Debt 2,497,543
Payroll 657,388
Other 231,792
------------
Total Postpetition Liabilities 73,421,747
Prepetition Liabilities
Notes payable - Secured 767,406,547
Priority debt 79,064
Federal income tax 0
FICA/ Withholding 0
Unsecured debt 3,357,954
Other 0
------------
Total Prepetition Liabilities 770,843,566
------------
Total Liabilities 844,265,313
Owner's Equity (Deficit)
Preferred Stock 0
Common Stock 20,384,905
Additional Paid-in Capital 179,838,186
Retained Earnings: Filing Date (662,058,832)
Retained Earnings: Post Filing Date (77,875,939)
------------
Total Owner's Equity (539,711,681)
------------
TOTAL LIABILITIES & OWNERS EQUITY $304,553,632
============
Scotia Pacific Company LLC
Statement of Income
For the Period Ended March 31, 2008
Revenues $1,975,646
Total cost of revenues 1,214,097
Gross Profit 761,549
Operating Expenses
Selling & Marketing 0
General & Administrative 193,216
Insiders Compensation 0
Professional Fees 0
Idle Facilities 0
Environmental 0
------------
Total Operating Expenses 193,216
------------
Income before interest, depreciation, tax 568,333
Interest Expense 4,906,812
Depreciation 552,212
Other (Income) Expenses (1,175)
Amortization of Deferred Financing Costs 0
Restructuring
Professional Fees 2,456,168
Other 36,987
Equity Loss (Earnings) in Subsidiary 0
Total Interest, Depreciation & Other Items 7,917,715
------------
Net Income Before Taxes (7,349,382)
Federal Income Tax 0
------------
Net Income (Loss) ($7,349,382)
============
Scotia Pacific Company LLC
Cash Receipts and Disbursements
For the Month Ended March 31, 2008
Receipts
Cash Sales $0
Collection of Accounts Receivable 0
Loans & Advances 0
Sale of Assets 0
Interest Income 133,637
Log Sales to Palco less Reimbursable 2,472,708
Other 249,204
------------
Total Receipts 2,855,549
Disbursements
Net payroll 296,702
Payroll taxes paid 79,138
Sales, use & other taxes paid 0
Secured/rentals/leases 27,277
Utilities & telephone 346
Insurance 25,932
Cost of goods sold 743,568
Vehicle expenses 749
Travel & entertainment 0
Repairs, maintenance & supplies 0
Administrative & selling 385,581
Decking, logging & hauling 1,577,846
Other 0
------------
Total Disbursements from operations 3,137,139
Professional fees 3,737,029
U.S. Trustee fees 0
Interest 185,030
Other reorganization expenses 0
------------
Total Disbursements 7,059,198
------------
Net Cash Flow (4,203,649)
------------
Cash, at the beginning of the month 40,216,470
------------
Cash, at the end of the month $36,012,821
============
About Pacific Lumber
Based in Oakland, California, The Pacific Lumber Company --
http://www.palco.com/-- and its subsidiaries operate in several
principal areas of the forest products industry, including the
growing and harvesting of redwood and Douglas-fir timber, the
milling of logs into lumber and the manufacture of lumber into a
variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel. Kyung S. Lee, Esq., Esq., at Diamond
McCarthy LLP is Scotia Pacific's co-counsel, replacing Porter &
Hedges LLP. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335.
The Debtors filed their Joint Plan of Reorganization on Sept. 30,
2007, which was amended on Dec. 20, 2007. Four other parties-in-
interest have filed competing plans for the Debtors -- The Bank of
New York Trust Company, N.A., as Indenture Trustee for the Timber
Notes; the Official Committee of Unsecured Creditors; Marathon
Structured Finance Fund L.P, the Debtors' DIP Lender and Agent
under the DIP Credit Facility; and the Heartlands Commission,
which represents the tribal members of the Bear River Band of
Rohnerville Rancheria and PALCO employees.
The Debtors' exclusive plan filing period expired on Feb. 29,
2008. (Scotia/Pacific Lumber Bankruptcy News, Issue No. 57;
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
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however, be complete or accurate. The Monday Bond Pricing table
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*********
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