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 10, 2008, Vol. 12, No. 111
Headlines
AEGIS MORTGAGE: Posts $17,544,257 Net Loss in March 2008
BOMBAY CO: Files February 2008 Operating Report
BUFFETS HOLDINGS: Posts $110MM Net Loss for Month Ended April 2
CHARYS HOLDING: Incurs $4,433,309 Net Loss in March 2008
HANCOCK FABRICS: Posts $1,931,000 Net Loss in Month Ended April 5
MORTGAGE LENDERS: Files January 2008 Operating Report
MORTGAGE LENDERS: Files February 2008 Operating Report
PRC LLC: Reports $7,015,000 Net Loss for Month Ended March 31
SHARPER IMAGE: Files Schedules of Assets and Liabilities
TRICOM SA: Files Schedules of Assets and Liabilities
TRICOM SA: TCN Dominicana Files Schedules of Assets & Debts
TRICOM SA: US Unit Files Schedules of Assets and Liabilities
WELLMAN INC: Fiber Industries Files Schedules of Assets & Debts
WELLMAN INC: Mississippi Unit Files Schedules of Assets & Debts
WELLMAN INC: Nine Affiliates File Schedules of Assets & Debts
*********
AEGIS MORTGAGE: Posts $17,544,257 Net Loss in March 2008
--------------------------------------------------------
Aegis Mortgage Corporation, et al.
Consolidated Balance Sheet
As of March 31, 2008
Unrestricted Cash & Equivalents $26,741,794
Restricted Cash and Equivalents 20,570,908
--------------
Total Cash and Cash Equivalents 47,312,702
Prime loans (5,659)
Nonconforming Loans -
Loan Premium (Discount), net 2,204,485
Repurchased Loans 65,004
Loan Loss Reserve -
--------------
Mortgage Loans Held for Sale 2,263,830
ABS Nonconforming 3,233,019,186
ABS Loan Premium (Discount), net (18,625,511)
ABS Loan Loss Reserve (191,045,611)
--------------
Mortgage Loans Held for Investment 3,023,348,064
Accrued Interest - Loans Held for Sale -
Accrued Int. - Loans Held for Investment 22,229,426
--------------
Accrued Interest Receivable 22,229,426
Mortgage Servicing Rights -
Property and Equipment, net 258,059
Deferred Income Taxes 77,399,241
Goodwill -
Prepaid Rent and Deposits 991,216
Derivative Assets (23,568,104)
Receivable for Advances 38,956,564
Servicer Related 298,752
Other Assets 630,589,840
Intercompany Receivable (0)
--------------
TOTAL ASSETS $3,820,079,591
==============
Liabilities & Shareholder's Equity
N/P Warehouse - Prime $540,186,233
N/P Warehouse - Nonconforming 25,222,476
N/P Warehouse - Other 17,941,991
N/P Warehouse - Repurchased 11,933,754
--------------
Warehouse and Repurchase Facilities 595,284,453
Bonds Payable 3,143,141,397
NAS IO Bonds Payable 544,200
NIM Bonds Payable 52,989,614
Bond Premium (Discount), net (21,819,859)
--------------
Bond Financing on Mortgage 3,174,855,352
Loans Held for Investment
Subordinated Debt 177,156,872
Accrued Interest Payable 6,496,310
Accounts Payable and
Accrued Expenses 76,642,457
Notes Payable-Other -
--------------
Total Liabilities 4,030,435,443
Common Stock 97,386
Preferred Stock 104,000
Other Comprehensive Income -
Paid in Capital 56,850,415
NR Related to Common Stock (5,890,925)
Distributions 6,500
Treasury Stock -
Dividends (45,500)
Retained Earnings (215,592,329)
Current Net Income Prepetition -
Current Net Income (45,885,399)
--------------
Total Equity (210,355,852)
--------------
TOTAL LIABILITIES & EQUITY $3,820,079,593
==============
Aegis Mortgage Corporation, et al.
Consolidated Income Statement
March 1 to 31, 2008
Loans Held for Sale
Interest Income ($3,180)
Interest Expense -
Servicing Expense (791)
--------------
Net Interest Income (3,971)
Loans Held for Investment
Interest Income 23,900,121
Interest Expense (11,883,028)
Servicing Expense (1,398,427)
--------------
Net Interest Income 10,618,667
Gains on Sale (49,502)
Premiums Paid 1,087
Loan Points -
Loan Origination Fees 500
Broker Fees Received -
--------------
Production Income (47,915)
Servicing and Prepayment Income 65,767
Late Charges -
--------------
Total Servicing Fees 65,767
Other Income (Loss) (9,795,214)
--------------
Total Revenue 837,333
Salaries 197,452
Bonuses -
Commissions -
Employee Benefits -
Payroll Taxes 18,987
Meetings & Travel -
Meals & Entertainment 23
--------------
Total Personnel Expenses 216,462
Rent (914,935)
Telephone 14,224
Office Supplies 190
Shipping & Postage 3,131
Equipment 669,425
--------------
Total Office Expenses (227,965)
Professional expense 340,929
Marketing (7,500)
Loan Related Expenses 48,985
Banking -
Other Taxes/Licenses/Fees 10,916
Other Expenses 128,396
--------------
Total Other Expenses 521,727
Direct Operating Expense 510,224
Direct Operating Income 327,109
Loan Loss Provision 17,833,997
Deferred SFAS 91 Expenses -
Sub Debt Expense -
Depreciation Expense 37,369
Amortization -
Direct Allocation to Subs -
Allocation Between Subs -
--------------
Indirect Operating Expense 17,871,367
--------------
Total Expenses 18,381,591
Income (Loss) Before Taxes (17,544,257)
Federal and State Income Taxes -
--------------
Net Income (Loss) ($17,544,257)
==============
Aegis Mortgage Corporation, et al.
Receipts and Disbursements
Month Ended March 31, 2008
Balance at Beginning of Period $27,308,502
RECEIPTS:
Cash Sales 0
Accounts Receivable 760,103
Loans and Advances 0
Sale of Assets 0
Other NSF Checks 1,985
Transfers (from DIP Accounts) 0
Reclass cash to restricted (356,260)
--------------
Total Receipts 405,827
DISBURSEMENTS:
Net Payroll (147,203)
Payroll Taxes (65,522)
Sales, Use & Other Taxes (9,809)
Inventory Purchases 0
Secured/Rental/Leases (14,798)
Insurance--Health Benefits (1,575)
Administrative (273,330)
Selling 0
Other NSF's 0
Owner Draw 0
Transfers to DIP Accounts 0
Professional Fees (461,798)
U.S. Trustee Quarterly Fees 0
Court Costs 0
--------------
Total Disbursements ($974,035)
--------------
Net Cash Flow (568,208)
--------------
Cash-End of Month $26,740,294
==============
Cash per balance sheet totaled $26,741,794. However, deducted by
cash in "ABS" of $1,500, total cash would be $26,740,294.
Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage loan
products to brokers through its subsidiaries. The company
together with 10 affiliates filed for chapter 11 protection on
Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119). Curtis A. Hehn,
Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy
P. Cairns, Esq., at Pachulski, Stang, Ziehl, & Jones, L.L.P.,
serve as counsel to the Debtors. The Official Committee of
Unsecured Creditors is represented by Landis Rath & Cobb LLP. In
schedules filed with the Court, Aegis disclosed total assets of
$138,265,342 and total debts of $4,125,470. (Aegis Bankruptcy
News, Issue No. 21; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BOMBAY CO: Files February 2008 Operating Report
-----------------------------------------------
For the month of February 2008, The Bombay Co., Inc. and its
debtor-affiliates generated zero net revenue and net profit of
$1,040,603.
Cash at the beginning of the month was $4,195,490. Total cash
receipts for the month were $5,315,913. Total disbursements for
the month were $2,353,505 and cash at the end of the month of
$5,483,737.
The Debtors' balance sheet for the month showed total assets of
$36,355,057, total postpetition liabilities of $5,825,405, total
prepetition liabilities of $34,032,484, and total equity of
$36,355,057.
A full-text copy of the company's February 2008 monthly operating
report is available for free at:
http://researcharchives.com/t/s?2bb5
Based in Fort Worth, Texas, The Bombay Co., Inc., (OTC Bulletin
Board: BBAO)-- http://www.bombaycompany.com/-- designs, sources
and markets a unique line of home accessories, wall decor and
furniture through 384 retail outlets and the Internet in the U.S.
and internationally, including Cayman Islands.
The company and five of its debtor-affiliates filed for Chapter 11
protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No. 07-
44084). Robert D. Albergotti, Esq., John D. Penn, Esq., Ian T.
Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone, LLP,
represent the Debtors. Attorneys at Cooley, Godward, Kronish LLP
act as counsel for the Official Committee of Unsecured Creditors.
Forshey & Prostok LLP is the Committee's local counsel.
As of May 5, 2007, the Debtors listed total assets of
US$239,400,000 and total debts of US$173,400,000.
BUFFETS HOLDINGS: Posts $110MM Net Loss for Month Ended April 2
---------------------------------------------------------------
Buffets Holdings, Inc.
Balance Sheet
As of April 2, 2008
ASSETS
Current Assets:
Cash on Hand - drawer $1,401,699
Total depository account 5,474,978
Temporary investments 14,995,224
Cash 12,627,499
--------------
Total cash & cash equivalents 34,499,400
Receivables-landlord 17,143
Credit card receivables 1,585,753
Intercompany 0
Total rebates receivable 5,876,657
Accounts receivable 639,328
Due to/From affiliate (312,368)
--------------
Total Receivables 7,806,514
Inventory 30,767,846
Total Inventories 30,767,846
Restricted cash 3,556,448
Employee advances 27,345
Escrow deposits - short term 773,548
Deposits - prefunded LC - current 3,735,853
Prepaid car leases 144,603
Prepaid Insurance 1,855,453
Prepaid rent 6,767,044
Prepaid other 3,057,539
Prepaid advertising 2,928,064
Prepaid rent escrow 779,535
Notes receivable - short term 11,413
--------------
Total prepaid expenses & other assets 20,080,396
Assets held for sale 36,544,139
Deferred income taxes - current 14,370,000
Deferred tax valuation allowance - current (11,370,000)
--------------
Total deferred income taxes - current 3,000,000
Total current assets 136,254,741
Cabinet division inventory 5,629,549
Corporate inventory 727,589
Proceeds of sale clearing account (1,000)
Land 9,298,836
Building 6,518,252
Accumulated depreciation - building (744,990)
Leasehold improvement 155,855,859
Accumulated amortization (86,401,221)
Equipment 218,830,052
Accumulated depreciation - equipment (126,533,657)
Automobile 314,299
Accumulated depreciation - auto (155,594)
--------------
Total property, plant & equipment, net 183,337,973
Goodwill 493,465,577
Intellectual property 4,089,744
Acquisition costs 18,133,818
Total goodwill 515,689,138
Deferred income taxes - non-current 31,367,013
Deferred tax valuation allowance - non-current (31,367,013)
Liquor licenses 416,505
Leasehold interest 1,663,956
Recipes 2,213,248
Trademark 63,440,466
Total other intangible assets 67,734,175
Prepaid rent deposits 386,447
Deposits 6,250,235
Investments in subsidiaries 0
Interest rate swap (1,010,500)
Total debt issuance costs 39,270,584
Total accum. amortization debt issuance costs (7,860,513)
Notes receivable from subsidiaries 0
Total notes receivable - long term 15,434
--------------
Total other noncurrent assets 37,051,687
Total assets $940,067,714
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable - prepetition $39,082,126
Accounts payable - postpetition 26,275,192
Misc. accruals - restaurant level 9,088,210
Misc. accruals - corp level 4,683,761
--------------
Total accounts payable 79,129,290
Accrued 401(k) 547,095
Accrued payroll 13,095,375
Accrued bonus 2,845,999
Accrued payroll taxes 4,400,388
Accrued vacation 6,965,750
--------------
Total accrued compensation 27,854,607
Accrued insurance - auto 14,429
Accrued insurance - general liability 14,016,536
Accrued insurance - other 4,131,498
--------------
Total accrued insurance 18,162,462
Accrued percentage rent 2,352,525
Accrued interest - short term 21,734,345
Accrued property taxes 7,282,881
Accrued postage 17,607
Accrued advertising 564,594
Accrued liabilities - other 16,213,856
Deferred income - current 238,868
--------------
Total other accrued liabilities 48,404,677
Gift certificates/gift cards 5,449,703
Cash receipts suspense 578,531
Workers compensation payable 21,190,065
Lease rejection claims reserve 25,105,446
Sales/Use tax payable 9,017,130
Accrued restaurant closing costs 293,890
--------------
Total accrued liabilities 156,056,512
Income taxes payable (931,081)
Estimated income taxes 466,000
--------------
Total income taxes payable (465,081)
Current maturities of long-term debt 5,300,000
Short term borrowings 56,300,000
Short term borrowings - DIP 30,000,000
Short term borrowings - vendor LC draws 962,170
--------------
Total current liabilities 327,282,890
Notes payable to parent 0
Senior debt - bank 518,728,000
Senior debt - public 300,000,000
--------------
Total long-term debt 818,728,000
Accrued rent 43,104,097
Deferred Income tax 26,687,308
Income tax payable - non-current 27,001,331
Long term sublease deposits 149,905
Post retirement benefits payable 1,247,077
Total deferred income 6,135,745
Total other long-term liabilities 7,532,727
Total non-current liabilities 923,053,463
Total liabilities 1,250,336,353
Shareholders' Equity:
Capital Stock 31,045
Additional paid in capital 81,601
Contributed capital 0
Interco contributions (distributions) 0
Dividends paid (interco) 0
Dividends received (interco) 0
Accum other comprehensive income 14,552
Dividends paid to shareholders (101,164,801)
Retained earnings (99,076,749)
Level 8 profit/loss (110,154,286)
--------------
Retained earnings (310,395,836)
Total shareholders' equity (310,268,639)
Total liabilities & Stockholders' equity $940,067,714
==============
Buffets Holdings, Inc.
Income Statement
For the period ending April 2, 2008
Total sales $1,207,564,201
Total food cost 422,022,714
Total labor 365,181,520
Operating costs 166,043,255
Occupancy costs 152,823,410
Total dir & O/C 318,866,665
--------------
Total restaurant costs 1,106,070,899
--------------
Restaurant profit (level 4) 101,493,301
Total G&A Expense 55,871,274
Marketing 28,180,668
--------------
Total SG&A Expense 84,051,943
Closed restaurant costs 3,572,790
Impairment costs 10,461,995
Loss on litigation settlement 130,826
Merger/integration costs 4,452,279
Reorganization costs 39,097,600
--------------
Earnings from operations (40,274,132)
Other income (expense)
Franchise income 634,952
Interest income 242,471
Interest expense (70,465,881)
Other income (expense) 113,413
Loss related to refinancing (1,670,528)
Intercompany 0
--------------
Total other income (expense) (71,145,572)
--------------
Earnings before tax (111,419,704)
Net worth tax 0
Income taxes (1,265,418)
--------------
Net earnings (loss) ($110,154,286)
==============
Buffets Holdings, Inc.
Schedule of Cash Receipts & Disbursements
For the period ended April 2, 2008
Cash Receipts (inc. Sales tax):
Cash receipts $73,229
Credit card 50,836
--------------
Receipts 124,065
(Gift card usage)
Rebates, other 1,142
--------------
Total cash receipts 125,207
Operating Disbursements:
A/P
Check 11,140
EFT 61,254
Change in trade terms 0
Payroll 35,889
Rent (Cash occupancy) 8,524
Sales tax 8,824
Other operating 2,476
--------------
Total operating disbursements 128,107
--------------
Net operating cash flows (2,900)
Non-operating Disbursements (Receipts):
Income tax (133)
Total CapEx 0
Professional fees, inc. holdbacks 1,654
Closed restaurant costs 0
Deposits (Utility) (354)
Other 0
Cash (Proceeds) from asset sales (1,383)
--------------
Total non-operating disbursements (216)
Financing Payments:
Interest expense 7,512
Interest (income) (35)
DIP Fees/other 564
Principal payments 0
--------------
Total financing disbursements 8,041
Total net disbursements 135,932
Net cash receipts (disbursements) ($10,725)
==============
Headquartered in Eagan, Minnesota, Buffets Holdings Inc. --
http://www.buffet.com/-- is the parent company of Buffets Inc.,
which operates 626 restaurants in 39 states, comprised of 615
steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse
restaurants, and franchises sixteen steak-buffet restaurants in
six states. The restaurants are principally operated under the
Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain
brands. Buffets, Inc. employs approximately 37,000 team members
and serves approximately 200 million customers annually.
The company and all of its subsidiaries filed Chapter 11
protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to
08-10158). Joseph M. Barry, Esq., and Pauline K. Morgan, Esq., at
Young Conaway Stargatt & Taylor LLP, represent the Debtors in
their restructuring efforts. The Debtors selected Epiq Bankruptcy
Solutions LLC as claims and balloting agent. The U.S Trustee for
Region 3 appointed seven creditors to serve on an Official
Committee of Unsecured Creditors. The Committee selected
Otterbourg Steindler Houston & Rosen PC as counsel. The Debtors'
balance sheet as of Sept. 19, 2007, showed total assets of
$963,538,000 and total liabilities of $1,156,262,000.
As reported in the Troubled Company Reporter on Feb. 26, 2008,
the Court granted on February 22, 2008, final approval of the
Debtors' debtor-in-possession credit facility, consisting of
$85 million of new funding and $200 million carried over from the
company's prepetition credit facility. The Debtors have until
May 21, 2008, to file a plan. (Buffets Holdings Bankruptcy News,
Issue No. 14; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CHARYS HOLDING: Incurs $4,433,309 Net Loss in March 2008
--------------------------------------------------------
Charys Holding Co., Inc. and its debtor-affiliates filed their
monthly operating report for March 2008 with the United States
Bankruptcy Court for the District of Delaware on May 1, 2008.
The Debtors reported a net loss of $4,433,309 for the month ended
Mar. 31, 2008.
At Mar. 31, 2008, Charys Holding Co., Inc's and its debtor-
affiliates' balance sheet showed:
Total Current Assets $173,075,284
Total Assets $170,034,742
Total Liabilities $325,292,421
Total Shareholders' Deficit $155,257,679
A full-text copy of Charys Holding Co., Inc's and its debtor-
affiliates' March 2008 Monthly Operating Report is available at no
charge at:
http://researcharchives.com/t/s?2bb3
Headquartered in Atlanta, Georgia, Charys Holding Co., Inc.,--
http://www.charys.com/--provide remediation & reconstruction and
wireless communications & data infrastructure. The company and
its Crochet & Borel Services, Inc. subsidiary filed for Chapter 11
protection on Feb. 14, 2008 (Bankr. Del. Case No.08-10289). Chun
I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq.,
at Richards, Layton & Finger, P.A., represent the Debtors in their
restructuring efforts. No Official Committee of Unsecured
Creditors has been appointed in these cases to date. When the
Debtors filed for protection against their creditors, it listed
total assets of $245,000,000 and total debts of $255,000,000.
HANCOCK FABRICS: Posts $1,931,000 Net Loss in Month Ended April 5
-----------------------------------------------------------------
Hancock Fabrics, Inc. and Subsidiaries
Consolidated Balance Sheet
As of April 5, 2008
ASSETS
Current assets:
Cash and cash equivalents $2,430,000
Receivables, less allowance for
doubtful accounts 4,110,000
Inventories 77,469,000
Income taxes refundable 8,118,000
Prepaid expenses 1,359,000
------------
Total current assets 93,486,000
Property and equipment 43,101,000
Other assets 13,338,000
------------
Total Assets $149,925,000
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities not subject to compromise
Accounts payable $16,636,000
Credit facility; DIP financing 33,116,000
Accrued liabilities 11,779,000
Deferred tax liabilities 2,242,000
Postretirement benefits other than pensions 442,000
Pension and SERP liabilities 360,000
Other liabilities 3,086,000
Liabilities subject to compromise
Accounts payable 27,236,000
Accrued liabilities 7,432,000
Income taxes payable 1,500,000
Capital lease obligations 3,354,000
Postretirement benefits other than pensions 8,413,000
Pension and SERP liabilities 4,873,000
Other liabilities 6,471,000
------------
Total Liabilities 126,940,000
Total Shareholders' Equity 22,985,000
------------
Total liabilities and shareholders' equity $149,925,000
============
Hancock Fabrics, Inc., and Subsidiaries
Consolidated Statement of Operations
For the Month Ended April 5, 2008
Sales $24,016,000
Cost of goods sold 13,834,000
-----------
Gross profit 10,182,000
Selling, general & admin expense 10,256,000
Depreciation and amortization 390,000
-----------
Operating income (loss) (464,000)
Reorganization expenses 1,079,000
Interest expense, net 388,000
-----------
Earnings (loss) before income taxes (1,931,000)
Income taxes 0
-----------
Net earnings (loss) ($1,931,000)