/raid1/www/Hosts/bankrupt/TCR_Public/080510.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 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)
===========
Hancock Fabrics, Inc., and Subsidiaries
Consolidated Statement of Cash Flow
For the Month Ended April 5, 2008
Cash flows from operating activities:
Net earnings ($1,931,000)
Adjustments to reconcile net
earnings to cash flows used in
operating activities
Depreciation and amortization 630,000
Amortization of deferred loan costs 60,000
LIFO charge (credit) 299,000
Reserve for store closings credits (1,000)
Reserve for obsolete inventory (64,000)
Reserve for sales returns and bad debts 0
Stepped rent accrual (3,000)
Loss (gain) on disposition of property and
equipment 0
Stock compensation expense 225,000
Reorganization expense, net 1,079,000
(Increase) decrease in assets
Receivables and prepaid expenses 198,000
Inventory at current cost (1,407,000)
Income tax refundable 0
Other non-current assets (716,000)
Increase (decrease) in liabilities
Accounts payable (2,352,000)
Accrued liabilities (325,000)
Income taxes payable 0
Postretirement benefits other than pensions (54,000)
Long-term pension and SERP liabilities 107,000
Reserve for store closings 0
Other liabilities (45,000)
---------
Net cash used in operating activities before
reorganization activities (4,300,000)
Net cash used for reorganization activities (478,000)
---------
Net cash used in operating activities (4,778,000)
---------
Cash flows from investing activities:
Additions to property and equipment (359,000)
Proceeds from the disposition of property and
equipment 20,000
-------
Net cash used in investing activities (339,000)
Cash flows from financing activities:
Net borrowings on DIP credit facility 5,228,000
Payments for capital leases (6,000)
Payments for loan costs 0
Purchase of treasury stock (33,000)
---------
Net cash provided by financing activities 5,189,000
---------
Decrease in cash and cash equivalents 72,000
Cash, beginning of period 2,358,000
---------
Cash, end of period $2,430,000
=========
About Hancock Fabrics
Headquartered in Baldwyn, Mississippi, Hancock Fabrics Inc.
(OTC: HKFIQ) -- http://www.hancockfabrics.com/-- is a specialty
retailer of a wide selection of fashion and home decorating
textiles, sewing accessories, needlecraft supplies and sewing
machines. Hancock Fabrics is one of the largest fabric retailers
in the United States, currently operating approximately 400 retail
stores in approximately 40 states. The company employs
approximately 7,500 people on a full-time and part-time basis.
Most of the company's employees work in its retail stores, or in
field management to support its retail stores.
The company and six of its debtor-affiliates filed for chapter 11
protection on March 21, 2007 (Bankr. D. Del. Lead Case No.
07-10353). Robert J. Dehney, Esq., at Morris, Nichols, Arsht &
Tunnell, represent the Debtors. As of Sept. 1, 2007, Hancock
Fabrics disclosed total assets of $159,673,000 and total
liabilities of 122,316,000. The Debtors' exclusive period to file
a Chapter 11 Plan expires on May 30, 2008. (Hancock Fabric
Bankruptcy News, Issue No. 31, Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).
MORTGAGE LENDERS: Files January 2008 Operating Report
-----------------------------------------------------
Mortgage Lenders Network USA, Inc.
Balance Sheet
As of January 31, 2008
Assets:
Cash and Cash Equivalents $10,020,545
Mortgage loans held for sale 0
Portfolio loans 0
Allowance for loan losses 0
Capitalized Mortgage Servicing rights, net 0
Retained interests in securitization,
at fair value 0
Land 3,187,970
Deferred Costs 0
Principal & Interest Advances 0
Interest in subsidiaries 0
Other Assets 6,045,011
------------
Total Assets $19,253,526
============
Liabilities:
Accounts Payable prepetition $14,473,514
Accounts Payable postpetition 75,547
Accrued Expenses - Payroll 981,314
Accrued Expenses - Other 15,508,495
Warehouse Borrowings 22,284,261
Convertible Debt 1,500,000
Servicing & Working Capital Advances 54,408,435
Capital Lease Liability 0
Other liabilities 31,209,991
------------
Total Liabilities 140,441,557
Stockholders' Equity:
Common Stock 625,000
Additional Paid-In Capital 1,829,770
Retained Earnings (123,642,802)
------------
Total Stockholders' Equity (121,188,032)
------------
Total Debts & Stockholders' Equity $19,253,526
============
Mortgage Lenders Network USA, Inc.
Income Statement
Month Ended January 31, 2008
Revenue
Gain on Sale - Subprime $0
Gain on Sale - SRP/MBS 0
Mortgage origination income 0
Net Warehouse interest income 0
Servicing income, net 0
Loss on investment in MLN Depository 0
Other Income 45,893
------------
Total Revenues $45,893
------------
Expenses
Salaries $0
Overtime/Temp Help 0
Bonus/Incentives 0
Benefits 0
Rent Expense 16,936
Telephone 739
Repairs & Maintenances 0
Office & Supplies Expense 53
Postage/Express Mail 1,290
Service Bureau 0
Consulting Fees 115,611
Insurance 0
Loan Loss/Foreclosure Exp. 0
Appraisal/Credit Expenses 0
Travel & Entertainment 1,407
Meetings/Seminars/Education 0
Membership Fes/Dues/Filings 0
Advertising - Other 0
Interest Expense - Other 0
Legal/Regulatory Expense 0
Miscellaneous Expenses 7,781
------------
Total Expenses Before Depreciation 143,818
Depreciation Expense 0
------------
Net Profit Before Reorganization Items (97,925)
Reorganization Items
Professional Fees 427,664
------------
Total Reorganization Items 427,664
Income Taxes 0
------------
Net Income (Loss) ($525,588)
============
Mortgage Lenders Network USA, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended January 31, 2008
Cash - Beginning of Month $1,245,181
Receipts:
Net Servicing Inflows 0
Warehouse and Loan Sale Inflows 0
Sale of Fixed Assets 0
Sale of Other Assets 0
Other Inflows 45,893
Transfers from Cash Collateral 0
------------
Total Receipts 45,893
Disbursements:
Net Payroll 122,812
Payroll Taxes 0
Medical Coverage Sub/ FSA Withholding 0
Operating Expenses 63,898
Rent 0
Utilities 0
Insurance 0
Administrative & Selling 0
Other 0
Professional Fees Escrow Account 406,859
Professional Fees Paid 0
U.S. Trustee Fees 10,000
DIP Fees 0
Transfers to Cash Collateral 0
------------
Total Disbursements 603,569
------------
Net Cash Flow (557,676)
------------
Cash - End of Month $687,505
============
About Mortgage Lenders Network
Middletown, Connecticut-based Mortgage Lenders Network USA Inc. --
http://www.mlnusa.com/-- is a privately held company offering a
full range of Alt-A/Non-Conforming and Conforming loan products
through its retail and wholesale channels. The company filed for
chapter 11 protection on Feb. 5, 2007 (Bankr. D. Del. Case No. 07-
10146). Pachulski Stang Ziehl & Jones LLP represents the Debtor.
Blank Rome LLP represents the Official Committee of Unsecured
Creditors. In the Debtor's schedules of assets and liabilities
filed with the Court, it disclosed total assets of $464,847,213
and total debts of $556,459,464.
The Debtor has sought extension of its exclusive period to file a
plan of reorganization through and including April 22, 2008. A
hearing on the request has been scheduled for March 25.
(Mortgage Lenders Bankruptcy News, Issue No. 30; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or 215/945-
7000).
MORTGAGE LENDERS: Files February 2008 Operating Report
------------------------------------------------------
Mortgage Lenders Network USA, Inc.
Balance Sheet
As of February 29, 2008
Assets:
Cash and Cash Equivalents $9,698,571
Mortgage loans held for sale 0
Portfolio loans 0
Allowance for loan losses 0
Capitalized Mortgage Servicing rights, net 0
Retained interests in securitization,
at fair value 0
Land 3,187,970
Deferred Costs 0
Principal & Interest Advances 0
Interest in subsidiaries 0
Other Assets 6,045,011
------------
Total Assets $18,931,552
============
Liabilities:
Accounts Payable prepetition $14,473,514
Accounts Payable postpetition 75,547
Accrued Expenses - Payroll 981,314
Accrued Expenses - Other 15,508,495
Warehouse Borrowings 22,284,261
Convertible Debt 1,500,000
Servicing & Working Capital Advances 54,408,435
Capital Lease Liability 0
Other liabilities 31,209,991
------------
Total Liabilities 140,441,557
Stockholders' Equity:
Common Stock 625,000
Additional Paid-In Capital 1,829,770
Retained Earnings (123,964,776)
------------
Total Stockholders' Equity (121,510,006)
------------
Total Debts & Stockholders' Equity $18,931,552
============
Mortgage Lenders Network USA, Inc.
Income Statement
Month Ended February 29, 2008
Revenue
Gain on Sale - Subprime $0
Gain on Sale - SRP/MBS 0
Mortgage origination income 0
Net Warehouse interest income 0
Servicing income, net 0
Loss on investment in MLN Depository 0
Other Income 22,509
------------
Total Revenues $22,509
------------
Expenses
Salaries $0
Overtime/Temp Help 0
Bonus/Incentives 0
Benefits 0
Rent Expense 4,815
Telephone 625
Repairs & Maintenances 0
Office & Supplies Expense 52
Postage/Express Mail 1,216
Service Bureau 0
Consulting Fees 77,066
Insurance 0
Loan Loss/Foreclosure Exp. 0
Appraisal/Credit Expenses 0
Travel & Entertainment 0
Meetings/Seminars/Education 0
Membership Fes/Dues/Filings 0
Advertising - Other 0
Interest Expense - Other 0
Legal/Regulatory Expense 0
Miscellaneous Expenses 5,559
------------
Total Expenses Before Depreciation 89,333
Depreciation Expense 0
------------
Net Profit Before Reorganization Items (66,824)
Reorganization Items
Professional Fees 255,150
------------
Total Reorganization Items 255,150
Income Taxes 0
------------
Net Income (Loss) ($321,974)
============
Mortgage Lenders Network USA, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended February 29, 2008
Cash - Beginning of Month $1,245,181
Receipts:
Net Servicing Inflows 16,633
Warehouse and Loan Sale Inflows 0
Sale of Fixed Assets 0
Sale of Other Assets 0
Other Inflows 4,597
Transfers from Cash Collateral 0
------------
Total Receipts 21,230
Disbursements:
Net Payroll 77,296
Payroll Taxes 0
Medical Coverage Sub/ FSA Withholding 0
Operating Expenses 31,380
Rent 0
Utilities 0
Insurance 0
Administrative & Selling 0
Other 0
Professional Fees Escrow Account 234,527
Professional Fees Paid 0
U.S. Trustee Fees 0
DIP Fees 0
Transfers to Cash Collateral 0
------------
Total Disbursements 343,203
------------
Net Cash Flow (321,973)
------------
Cash - End of Month $923,208
============
About Mortgage Lenders Network
Middletown, Connecticut-based Mortgage Lenders Network USA Inc. --
http://www.mlnusa.com/-- is a privately held company offering a
full range of Alt-A/Non-Conforming and Conforming loan products
through its retail and wholesale channels. The company filed for
chapter 11 protection on Feb. 5, 2007 (Bankr. D. Del. Case No. 07-
10146). Pachulski Stang Ziehl & Jones LLP represents the Debtor.
Blank Rome LLP represents the Official Committee of Unsecured
Creditors. In the Debtor's schedules of assets and liabilities
filed with the Court, it disclosed total assets of $464,847,213
and total debts of $556,459,464.
The Debtor has sought extension of its exclusive period to file a
plan of reorganization through and including April 22, 2008. A
hearing on the request has been scheduled for March 25.
(Mortgage Lenders Bankruptcy News, Issue No. 30; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or 215/945-
7000).
PRC LLC: Reports $7,015,000 Net Loss for Month Ended March 31
-------------------------------------------------------------
PRC, LLC, et al.
Balance Sheet
As of March 31, 2008
ASSETS
Current Assets:
Cash and cash equivalents $18,838,000
Restricted cash 2,028,000
Short-term investments 0
Accounts receivable -- customers 67,071,000
Accounts receivable -- intercompany 0
Total inventories 0
Prepaid & other current assets 4,687,000
------------
Total current assets 92,624,000
------------
Total investments & other assets 9,958,000
Goodwill & other intangible assets 187,823,000
Property, plant and equipment, net 43,927,000
-------------
Total Assets $334,332,000
============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities Not Subject to Compromise:
Senior Credit Facility $0
DIP Credit Agreement 0
Long-term debt classified as current 0
Accrued interest payable 0
Accounts payable -- trade 17,682,000
Accounts payable -- intercompany 0
Other payables and accrued liabilities 9,426,000
Deferred income taxes 0
Pension and other liabilities 0
------------
Total liabilities not subject to compromise 27,108,000
------------
Liabilities Subject to Compromise:
Senior Notes 180,850,000
Revolver 5,500,000
Deferred financing fees 0
Accrued interest payable on Senior Notes 1,594,000
Accounts payable 34,116,000
Other payables and accrued liabilities 13,431,000
Pension and other liabilities 0
------------
Total liabilities subject to compromise 235,491,000
------------
Total Liabilities 262,599,000
------------
Stockholders' Equity
Equity of subsidiaries
Common stock/initial capitalization $127,169,000
Capital Surplus/Treasury Stock/APIC 11,355,000
Retained earnings(deficit) (69,594,000)
Minimum pension liability adjustment 0
Other adjustments (580,000)
Unearned compensation 3,383,000
------------
Total Stockholders' Equity 71,733,000
------------
Total Liabilities & Stockholders' Equity $334,332,000
============
PRC, LLC, et al.
Statement of Operations
For the Period From Mar. 1 to Mar. 31, 2008
Total sales $33,748,000
------------
Cost of sales -- Direct 24,775,000
Cost of sales -- Indirect 6,299,000
------------
Gross profit 2,674,000
------------
Selling and administrative expenses
Selling and advertising expense 208,000
Warehousing and shipping 83,000
Division administrative expense 0
MIS expense 145,000
Corporate administrative expense 1,724,000
------------
Total Selling and administrative expense 2,160,000
------------
Restructuring and impairment charge 0
Goodwill impairment charge 0
Depreciation and amortization expense 3,227,000
------------
Loss from Operations (2,713,000)
------------
Interest expense
Interest expense -- outside 870,000
Capitalized interest expense 0
Interest expense -- intercompany 0
Interest income (151,000)
Interest income -- intercompany 0
-------------
Net interest expense 719,000
-------------
Other expense:
Miscellaneous 0
Royalties -- intercompany 0
Transaction gain/loss 613,000
------------
Total other expense 613,000
------------
Other income:
Royalties -- intercompany 0
Dividends 0
Sale of assets 0
Miscellaneous 0
-------------
Total other income 0
-------------
Net other expense 613,000
-------------
Loss before reorganization expenses and
income taxes(benefits) and extraordinary items (4,045,000)
--------------
Reorganization expenses 2,850,000
Income taxes(benefits) 120,000
-------------
Loss before extraordinary item (7,015,000)
Extraordinary items 0
-------------
Net loss ($7,015,000)
=============
PRC, LLC, et al.
Statement of Cash Flows
For the Period From Mar. 1 to Mar. 31, 2008
Cash flows from Operations:
Net income(loss) ($7,015,000)
Non-cash items
Depreciation and amortization expense 3,227,000
Provision for bad debts 943,000
Loss on sale of fixed assets 614,000
Changes in Assets and Liabilities
Decrease/(increase) -- accounts receivable
(customers) (614,000)
Decrease/(increase) -- receivable (intercompany) 0
Decrease/(increase) -- inventories 0
Decrease/(increase) -- other current assets 122,000
Decrease/(increase) -- other noncurrent assets (481,000)
Increase/(decrease) -- accounts payable (trade) 2,974,000
Increase/(decrease) -- accounts payable
(intercompany) 0
Increase/(decrease) -- accrued liabilities 2,025,000
Increase/(decrease) -- accrued interest payable 0
Increase/(decrease) -- pension and other
liabilities 0
Increase/(decrease) -- deferred federal
income tax 0
-------------
Total Cash Flows from Operations 1,795,000
-------------
Cash Flows from Investing:
Decrease/(increase) -- short term investments 0
Capital expenditures (312,000)
Transfers 0
Net proceeds from sale of assets 1,989,000
------------
Total Cash Flows from Investing 1,677,000
------------
Cash Flows from Financing:
Payment on LT debt (24,000)
Increase/(decrease) -- DIP credit agreement (900,000)
-------------
Total Cash Flows from Financing ($924,000)
-------------
Beginning Cash Balance 16,290,000
Change in Cash 2,548,000
-------------
Ending Cash Balance $18,838,000
=============
About PRC LLC
Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of
customer
management solutions. PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.
PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.
Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.
PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry. Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.
The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts. The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and
turnaround advisor. Additionally, Evercore Group LLC provides
investment and financial counsel to the Debtors.
The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.
The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008. (PRC LLC Bankruptcy News,
Issue No. 11; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SHARPER IMAGE: Files Schedules of Assets and Liabilities
--------------------------------------------------------
A. Real Property
Distribution Center $1,968,153
B. Personal Property
B.1 Cash on hand
Petty Cash
- Accounting Admin 950
Creative Amin 500
Executive 800
Little rock Warehouse 2,000
Merchandising 600
Ontario Warehouse 1,000
Registers at Stores 186,500
B.2 Financial Accounts
Wells Fargo 1,238,538
Others (565,276)
B.3 Security Deposits
Southern California Edison 51,900
Entergy 6,653
APS 4,655
Connecticut Light & Power 4,000
Orlando Utilities Commission 1,950
Progress Energy 1,400
Others 10,445
B.4 Household Goods and Furnishings 0
B.5 Books, pictures and other art objects N/A
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms sports and other hobby equipment 0
B.9 Interests in insurance policies
John Hancock Variable Life Insurance Company 6,722,584
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interest in pension, profit sharing plan 0
B.13 Stock & Interests
100% Interest in Sharper Image
(Hong Kong) Limited Unknown
682 Shares of Eddie Bauer Holdings, Inc 4,624
B.14 Investments in subsidiaries & others 0
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable
Debit Balances on AP 5,555,493
A/R Wholesale 3,261,956
Skymall 1,287,368
A/R Corporate Marketing 1,166,094
FNMS 728,834
ADS 705,425
AIG Warrantyguard 485,390
Amex 287,168
UPS 225,000
American List Rental 186,269
EPP 153,849
Store 398 150,000
World Financial Network National Bank 84,000
Discover 76,804
Mechsource 38,135
Paypal 27,915
Norelco 25,860
John Spotts 5,000
Howard Roberts 2,400
Richard Jungman 1,844
Mark Carver 1,100
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor
Internal Revenue Service 275,669
Texas Comptroller of Public Accounts
Sales Tax Division 172,055
State of California-Board of Equalization 58,020
B.19 Other equitable interests 0
B.20 Investment in deferred compensation 0
B.21 Derivative asset 0
B.22 Intellectual property Unknown
B.23 Licenses & franchises Unknown
B.24 Borrower & applicant list Unknown
B.25 Vehicles & accessories 0
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies 38,893,283
See: http://bankrupt.com/misc/SI_Sched28.pdf
B.29 Machinery, supplies, equipment, supplies 0
B.30 Inventory
Store/DC No. 8 -- Main ONT 13,484,298
Store/DC No. 3 -- Misc. (CSI:G) 12,337,631
Store/DC No. 4 -- Return to Vendor LR 3,770,013
Store/DC No. 7 -- Main RMI 3,380,334
Store/DC No. 222 -- Honolulu 492,669
Store/DC No. 226 -- New York 411,559
Store/DC No. 356 -- Woodbury Outlet 365,827
Store/DC No. 271 -- Dadeland 324,125
Store/DC No. 231 -- Troy 315,114
Store/DC No. 224 -- Beverly Hills 309,366
Store/DC No. 352 -- Garden State Plaza 307,106
Store/DC No. 321 -- King of Prussia 296,759
Store/DC No. 300 -- Maui 292,355
Store/DC No. 282 -- San Diego 290,441
Store/DC No. 308 -- Garen City 288,169
Store/DC No. 261 -- Tysons Galleria 280,863
Store/DC No. 234 -- Short Hills 279,918
Store/DC No. 316 -- Aventura 277,418
Store/DC No. 295 -- White Plains 267,905
Store/DC No. 284 -- Santa Clara 265,981
Store/DC No. 223 -- Dallas 265,512
Store/DC No. 274 -- Las Vegas 264,766
Store/DC No. 283 -- Chicago Watertower 261,851
Store/DC No. 12 -- Return to Vendore MOS 256,680
Store/DC No. 263 -- Boca Raton 256,012
Store/DC No. 236 -- Houston 255,243
Store/DC No. 337 -- Rockefeller Center 253,099
Store/DC No. 330 -- Post Street 248,133
Store/DC No. 230 -- San Antonio 247,313
Store/DC No. 289 -- Orakbrook Center 244,580
Store/DC No. 401 -- Dallas Northpark 244,123
Store/DC No. 233 -- Newport Beach 240,819
Store/DC No. 386 -- Pleasanton 240,812
Store/DC No. 340 -- Lakeside 240,619
Store/DC No. 228 -- Redondo Beach 238,793
Store/DC No. 363 -- Millenia 237,757
Store/DC No. 373 -- Menlo Park Mall 236,838
Store/DC No. 332 -- Washington Square 232,418
Store/DC No. 320 -- Florida Mall 230,050
Store/DC No. 403 -- Smith Haven 226,213
Store/DC No. 247 -- Santa Ana 221,204
Store/DC No. 262 -- Ft. Lauderdale 220,660
Store/DC No. 390 -- Braintree 220,001
Store/DC No. 420 -- Highland Village 219,844
Store/DC No. 253 -- Novi 219,778
Store/DC No. 407 -- Alpharetta 217,687
Store/DC No. 256 -- Bridgewater 216,403
Store/DC No. 241 -- Miami 214,851
Store/DC No. 349 -- Bellevue Square 214,300
Store/DC No. 290 -- Glendale 211,548
Store/DC No. 348 -- Chandler 210,663
Store/DC No. 336 -- Manhasset 210,305
Store/DC No. 438 -- Jacksonville 208,616
Store/DC No. 376 -- Crossroads 208,307
Store/DC No. 419 -- Rancho Cucamonga 206,808
Store/DC No. 398 -- Destin 206,585
Store/DC No. 400 -- Galleria at Sunset 205,535
Store/DC No. 405 -- Rockaway Townsquare 204,342
Store/DC No. 417 -- Victor 204,196
Store/DC No. 335 -- Scottsdale 203,526
Store/DC No. 397 -- Green Valley Ranch 203,454
Store/DC No. 431 -- Annapolis 203,304
Store/DC No. 303 -- Milpitas 202,766
Store/DC No. 379 -- Colorado Springs 201,641
Store/DC No. 318 -- Mall of America 201,457
Store/DC No. 377 -- Riverside 201,452
Store/DC No. 434 -- South Side Works 200,292
Store/DC No. 423 -- Barton Creek 200,034
Store/DC No. 285 -- Sawgrass Mills 199,026
Store/DC No. 338 -- Walt Whitman 198,666
Store/DC No. 219 -- New York 196,768
Store/DC No. 360 -- Marlton 193,236
Store/DC No. 359 -- Montgomery Mall 192,835
Store/DC No. 264 -- Palm Beach 191,509
Store/DC No. 255 -- Burlington 189,810
Store/DC No. 319 -- Danbury Fair 189,786
Store/DC No. 393 -- Miromar Outlets 189,256
Store/DC No. 411 -- Fort Wayne 187,330
Store/DC No. 443 -- Natick Mall 185,996
Store/DC No. 371 -- South Park 185,599
Store/DC No. 440 -- Durham 184,937
Store/DC No. 402 -- West Cobb 184,344
Store/DC No. 406 -- Des Moines 184,265
Store/DC No. 418 -- Algonquin Commons 183,116
Store/DC No. 374 -- Prudentail Center 179,159
Store/DC No. 449 -- Phipps Plaza 178,819
Store/DC No. 344 -- International Plaza 177,282
Store/DC No. 395 -- Edgewater 177,191
Store/DC No. 384 -- Stoney point 176,300
Store/DC No. 439 -- Wilmington 176,110
Store/DC No. 387 -- Norfolk 173,951
Store/DC No. 424 -- Philadelphia 173,639
Store/DC No. 322 -- Palisades Center 173,621
Store/DC No. 370 -- Avon 173,439
Store/DC No. 365 -- Dulles Town Center 172,880
Store/DC No. 242 -- Georgetown 172,688
Store/DC No. 429 -- Huntersville 172,165
Store/DC No. 437 -- Wellington Green 171,932
Store/DC No. 251 -- Bethesda 171,448
Store/DC No. 232 -- Stamford 170,953
Store/DC No. 327 -- Mall of Georgia 170,950
Store/DC No. 404 -- Perimeter Mall 167,232
Store/DC No. 326 -- Providence Place 167,499
Store/DC No. 442 -- Village at Sandhill 166,179
Store/DC No. 389 -- Birmingham 165,487
Store/DC No. 323 -- Towson Town Center 164,544
Store/DC No. 441 -- Savannah 163,652
Store/DC No. 426 -- Spanish Fort 161,606
Store/DC No. 310 -- Naples 161,383
Store/DC No. 448 -- Chesterfield Mall 159,560
Store/DC No. 325 -- Citrus Park Town Center 156,996
Store/DC No. 306 -- Raleigh 149,905
Others 13,573,526
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment & implements 0
B.34 Farm supplies, chemicals & feed 0
B.35 Other personal property
Leasehold Improvements 29,500,000
Prepaid Insurances 1,083,005
Kronos Contract Prepayment 250,000
Prepaid Parts 199,168
Prepaid Development Cost 174,891
Finders Fee for Licensing Deal 124,556
Other Prepaid Fees - Not Yet Amortized 59,858
Prepaid Postage Meters 59,858
Sentient Jet Deposit 47,806
Chubb Insurance Deposit 25,000
Postage Deposit - Returns Warehouse 3,000
TOTAL SCHEDULED ASSETS $165,199,665
=========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Wells Fargo Retail Finance LLC 43,508,233
John Hancock Life Insurance Policy 6,000,000
E. Creditors Holding Unsecured Priority Claims 5,398,834
See: http://bankrupt.com/misc/SI_SchedE.pdf
F. Creditors Holding Unsecured Non-priority Claims
United Parcel Service 6,980,476
Quebecor World USA Inc. 3,740,500
National Electronics Warranty Corp. 2,071,914
Tom Tom Inc. 2,027,970
Novus Print Media Inc. 1,817,114
Garmin International Inc. 1,678,677
Skymall Inc. 892,075
Thelen Reid Brown Raysman 859,648
Google Inc. 826,163
Magellan Navigation Inc. 682,555
Human Touch LLC 656,989
Ion Audio 638,597
eperformax Centers Inc. 616,746
XPEDX 593,158
Ugobe Inc. 582,560
Linkshare Corp. 578,895
CCL Product Ltd. 528,653
Aliph 518,106
Franklin Electronic Publishers 488,177
Next Chapter Inc. 471,250
Griffin Technology 430,881
Tao Music Inc. 385,033
Sonicwarp Ltd 335,260
Segerdahl Graphics Inc. 328,210
Kai USA 327,390
Skadden Arps Slate Meagher & Flom LLP 322,869
Paradysz Matera Company 294,065
Roadway Express Inc. 288,676
Ultreo Inc. 286,400
Bella Bella Inc. 285,348
Panasonic Co. of America 283,311
Aroa Marketing Inc. 267,913
ADS Alliance Data Systems 263,871
Bibby Financial Services Inc. 252,333
Sportline Inc. 239,348
Purehitech 238,710
AOL LLC 228,955
IN2 Products 224,751
Pyramat 219,325
Archose Inc. 211,245
Rio Suite Hotel & Casino 209,635
Helicor Inc. 208,740
Behringer Use Inc. 203,434
Sequiam Corp. 200,525
Futai Leighton 191,365
STL Electronics Ltd 187,249
Meade Instruments Corp. 186,403
Carta Mundi Inc. 178,500
Energy Technology Labs 177,942
American List Counsel Inc. 166,608
The Connection Data Listing 162,395
Millard Group Inc. 162,069
Digital Business Processing 161,842
Oliso Inc. 160,663
Edwin McAuley Electronics Ltd 158,309
General Instrument Corp. 156,928
Tekserve Pos LLC 152,144
Workforcelogic 151,446
Prodyne 151,439
Mechsource 148,408
I Robot 144,033
Eton Ref Grundig 142,051
Style Science 141,809
Yellow Freight System Inc. 139,157
Norelco Sonicare 137,624
Commercial Technology Systems Ltd 136,456
Gifts Com 135,367
Sun Luen Electrical Mfg Co. 134,539
Datavantage Corp. 129,487
Lowndes Drosdick Doster 125,394
Celestron International 123,085
Dyna Flex 119,586
The Graphic Source 118,345
Emissive Energy Corp. 115,973
Emjoi Inc. Mobit Inc. 115,452
Hill & Knowlton Samcor 115,200
Fedex Freight West 115,100
Verilux Inc. 114,613
Epiladyusa Inc. 112,360
Estes Cox Corp. 112,268
Electrolux Home Care Products 105,772
Pilot Air Freight 104,609
Royal Appliance Manufacturing 103,737
Nanda Home LLC 102,003
Sigma Supply Inc. 101,191
Herbal Concepts 101,105
Other 9,247,983
TOTAL SCHEDULED LIABILITIES $103,741,527
=========================================================
Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer. It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet. The company has operations in
Australia, Brazil and Mexico. In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.
The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322). Steven K. Kortanek, Esq. at
Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts. An Official Committee of
UnsecuredCreditors has been appointed in the case. (Sharper Image
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TRICOM SA: Files Schedules of Assets and Liabilities
----------------------------------------------------
A. Real Property
Santo Domingo -
Ldv Central Office Construction $2,366,469
Tricom Duarte Office Construction 1,231,879
(Alfa Romeo) Cell Site Terrain Adquisition 1,125,995
San Vicente Customer Service Office Const. 974,364
3,00945 Construction Of Tricom Main Warehose 841,118
Svpterrain Adquisition & Construction 781,619
Tricom Duartetricom Duarte Facility 542,264
Romulo Betancourt Sto. Adquisition At Bolivar 502,397
1,016.26 Construction Of Tricom Main Warehouse 280,373
Santiago -
Celda Altos De V. Cell Site Const. 206,799
Pedro Brand Wireless Cell Site Km-28 Cell
Site Construction 154,876
Others 7,278,506
A list of Tricom, S.A.'s real properties is available for
free at http://bankrupt.com/misc/TricomRealProperties
B. Personal Property
B.1 Cash on Hand 21,344
B.2 Financial Accounts 13,406,429
B.3 Security Deposits
License of Operations 2,386,692
Electricity Deposit 249,086
Real Estate Deposit 142,114
Carriers Deposit 22,650
Others Deposit 134,896
Telephone Deposit 2,308
B.4 Household Goods and Furnishings 0
B.5 Books, pictures & other art objects 7,195
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms, sports & other hobby equipment 0
B.9 Interests in insurance policies Unknown
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interest in pension, profit sharing plan 0
B.13 Stock & Interests
100% Stake in Tricom, USA 3,000,000
100% Stake in Tricom Centroamerica, SA 25,613,018
0.000020% Stake in TCN Dominicana, SA 0
99.99% Stake in GFN Communications, SA 0
100% Stake in Call Tel Corporation 0
100% Stake in Tricom Latinoamerica, SA 0
***Tricom S.A. owns 100% of Tricom Centroamerica S.A.
which is the owner of 4,328,594 out of 4,328,600 of
the common shares -- or 99.99986% -- of TCN
Dominicana S.A. Tricom S.A. directly holds a
0.000020% interest in TCN Dominicana S.A.
B.14 Interests in partnerships, joint ventures 0
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable
Customers 13,224,567
Carriers 6,458,000
Officers & Employees 69,951
Intercompany Receivable, Net 51,225,337
Other 1,315,210
Allowance for doubtful accounts (1,546,857)
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor
Prepaid Taxes 6,330,410
ITBIS Paid in Advance 589,942
Certificates of Deposit &
Estimated Accrued Interests 6,957,000
B.19 Other equitable interests 0
B.20 Investment in deferred compensation 0
B.21 Derivative asset 0
B.22 Intellectual property Unknown
See http://bankrupt.com/misc/TricomIntellectualProperty
B.23 Licenses, franchises and others Unknown
B.24 Customer list Unknown
B.25 Vehicles & accessories
Pick-ups 1,915,501
Trucks 170,786
Automobiles 147,622
Motorcycles 35,078
vehicles/Accessories 1,087
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies
Data Processing Equipment 3,028,706
Office Equipment 415,946
Furniture 210,805
Fixed Assets in Construction 684,917
B.29 Machinery, fixtures, equipment
Local Access Line Product Asset 124,384,173
Cellular Product Assets 27,265,833
International Product Assets 8,079,206
Building Improvement 5,468,485
Calling Call Product Assets 2,729,734
Internet Product Assets 2,262,975
Tools and Work Equipment 757,740
Administrative Office Building Equipment 747,913
Test Equipment 517,847
Leased Property Improvements 449,836
Administrative Office- Other Properties 44,889
Promotional Equipment 4,156
Library 43
Paging Product Assets 20
Fixed Asset-Work in Process 15,846,674
Fixed Asset to be installed 5,030,970
B.30 Inventory
Equipment, Accessories, Materials 8,096,301
Commercial Offices 368,005
Warehouse Inventory 491,569
Alternate Channels 155,081
Contractors 206,729
Corporate Sales 131,713
Workshops 78,902
Installations 207,666
Reclassification to Fixed Assets (8,421,431)
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment & implements 0
B.34 Farm supplies, chemicals & feed 0
B.35 Other personal property
Prepaid Insurance 322,213
Prepaid Services 27,650
Restructuring Legal Retainers 164,000
TOTAL SCHEDULED ASSETS $347,925,285
========================================================
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
Credit Suisse Int'l. (Banco BHD) 9,880,349
Credit Suisse International
(Banco Popular Puerto Rico) 3,000,000
Credit Suisse International (Citibank) 9,809,524
Credit Suisse Int'l. (Financial Card) 2,839,909
Banco Dominicano del Progreso 2,114,692
GECC of Puerto Rico, GE Credit Corp. of Tenn. 4,569,427
E. Creditors Holding Unsecured Priority Claims
Employee Claims 307,523
Tax Claims
Direccion General de Impuestos Internos 5,560,695
Indotel (Dominican Institute of
Telecommunication) 5,716,747
F. Creditors Holding Unsecured Nonpriority Claims
Financial Claims 619,660,026
Trade Claims 7,502,314
Other Claims 124,533,139
Litigation Claims 178,219,583
Intercompany Payable
Tricom USA, Inc. 2,110,464
Tricom Latinamerica, SA 5,857,798
TCN Dominicana, SA 1,048,074
See http://bankrupt.com/misc/TricomUnsecuredNonpriorityClaims
TOTAL SCHEDULED LIABILITIES $977,169,570
========================================================
Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima. Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic. Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.
Tricom's wireless network covers about 90% of the Dominican
Republic's population. Tricom's local service network is 100%
digital. The Company also owns interests in undersea fiber-
optic cable networks that connect and transmit
telecommunications signals between Central America, the
Caribbean, the United States and Europe.
Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications. A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.
Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.
Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720). Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors. When the Debtors'
filed for protection from their creditors, they listed total
assets of US$327,600,000 and total debts of US$764,600,000.
(Tricom Bankruptcy News, Issue No. 7; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)
TRICOM SA: TCN Dominicana Files Schedules of Assets & Debts
-----------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on hand 4,846
B.2 Bank Accounts 1,714,198
B.3 Security Deposit 15,593
B.5 Book, artwork and collectibles 514
B.9 Insurance Policies Unknown
B.13 Stock and Interests Undetermined
B.16 Accounts Receivable
Customers 3,146,102
Receivables from parent company 1,048,074
Officers and employees 7,166
Other 83,442
Allowance for doubtful accounts (383,629)
B.18 Other Liquidated Debts Owing Debtor 462,355
B.23 Licenses, franchises & other intangibles Unknown
B.25 Vehicles 431,455
B.28 Office Equipment 103,194
B.29 Equipment and Supplies for Business
Cable coaxial and digital network 17,211,472
Other equipment 3,262,504
TV cable boxes 981,521
Tools 368,924
TV equipment 84,089
Digital network blueprint 17,067
Power generator 13,989
Air conditioner 9,733
Cable modem 7,510
B.30 Inventory
Equipment, accessories & materials inventory 2,079,772
Instillation material equipment and other 380,271
materials
Reclassification to fixed assets (1,075,197)
B.35 Other Personal Property 24,981
TOTAL SCHEDULED ASSETS $29,999,945
========================================================
C. Property Claimed as Exempt
D. Creditors Holding Secured Claims $0
E. Creditors Holding Unsecured Priority Claims 799,734
F. Creditors Holding Unsecured Non-priority Claims
Financial claims
Ellis Portafolio, S.A. 4,245,155
Bancredito Panama, S.A. 10,578,130
Bank of New York, as indenture trustee 313,750,000
Trade claims 1,596,361
Other claims 4,276
Litigation claims 2,004,749
TOTAL SCHEDULED LIABILITIES $332,978,404
========================================================
Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima. Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic. Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.
Tricom's wireless network covers about 90% of the Dominican
Republic's population. Tricom's local service network is 100%
digital. The Company also owns interests in undersea fiber-
optic cable networks that connect and transmit
telecommunications signals between Central America, the
Caribbean, the United States and Europe.
Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications. A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.
Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.
Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720). Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors. When the Debtors'
filed for protection from their creditors, they listed total
assets of US$327,600,000 and total debts of US$764,600,000.
(Tricom Bankruptcy News, Issue No. 7; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)
TRICOM SA: US Unit Files Schedules of Assets and Liabilities
------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on Hand 1,000
B.2 Financial Accounts 1,300,007
B.3 Security Deposits
Co-location 1,700
Rented space 24,103
B.9 Interests in insurance policies Unknown
B.16 Accounts Receivable
Customers 564,141
Carriers 2,608,187
Receivables from Parent Company 2,110,464
Other 4,955
Allowance for Doubtful Account (226,449)
B.22 Intellectual property Unknown
B.23 Licenses, franchises and others Unknown
B.28 Office equipment, furnishings, supplies 6,695
B.29 Machinery, fixtures, equipment
Telephone Cable System 7,620,491
Communications Equipment 3,627,812
Telephone Plant - Other Properties 3,365
Telephone Equipment in Service 2,347
B.30 Inventory 34,438
B.35 Other personal property
Prepaid Insurance 200,000
Retainer 1,869,793
TOTAL SCHEDULED ASSETS $19,753,047
========================================================
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims None
E. Creditors Holding Unsecured Priority Claims
Employee Claims $19,393
F. Creditors Holding Unsecured Nonpriority Claims
Financial Claims
Citigroup 1,536,663
Bank of New York 313,750,000
General Electric Capital Corporation
of Puerto Rico, General Electric
Credit Corporation of Tennessee 4,569,428
Trade Claims 114,537
Litigation Claims
Morton P. Levine 488,079
Intercompany Payables, Net 51,225,337
TOTAL SCHEDULED LIABILITIES $371,703,436
========================================================
Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima. Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic. Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.
Tricom's wireless network covers about 90% of the Dominican
Republic's population. Tricom's local service network is 100%
digital. The Company also owns interests in undersea fiber-
optic cable networks that connect and transmit
telecommunications signals between Central America, the
Caribbean, the United States and Europe.
Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications. A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.
Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.
Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720). Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors. When the Debtors'
filed for protection from their creditors, they listed total
assets of US$327,600,000 and total debts of US$764,600,000.
(Tricom Bankruptcy News, Issue No. 7; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)
WELLMAN INC: Fiber Industries Files Schedules of Assets & Debts
---------------------------------------------------------------
A. Real Property
Main facility - Mclver Road, Darlington,
South Carolina $17,244,713
Sports tract - Off Mclver Road,
Darlington, South Carolina 115,500
B. Personal Property
B.1 Cash on hand 3,130
B.2 Bank Accounts 67,300
B.3 Security Deposit 0
B.4 Household goods 0
B.5 Book, artwork and collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
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 0
B.13 Stock and Interests
MED Resins, Inc., 100% Stake Undetermined
B.14 Interests in partnerships & joint venture 0
B.15 Government and corporate bonds
Industrial Development Bond issued by 0
County, SC, face value 259,000,000
Property offset related to Tax Increment
Limited Obligation Bond issued by
Hancock County, Mississippi 5,722,759
B.16 Accounts Receivable 119,367,791
B.17 Alimony 0
B.18 Other Liquidated Debts Owing Debtor 0
B.19 Equitable or future interests 0
B.20 Interests in estate death benefit plan 0
B.21 Other Contingent and Unliquidated Claims 0
B.22 Patents 0
B.23 Licenses, franchises & other intangibles 0
B.24 Customer lists or other compilations 0
B.25 Vehicles 0
B.26 Boats, motors and accessories 0
B.27 Aircraft and accessories 0
B.28 Office Equipment
Fort Mill 1,339,605
Palmetto 38,067
B.29 Equipment and Supplies for Business
Fort Mill 280,406
Palmetto
H12 polymerization line 6,763,140
SSP3 polymerization process 3,435,599
SSP I-polymerization process 1,596,636
SSP II-polymerization process 1,586,401
Chip storage & transfer 1,215,559
Monomer III eng/construction/e 826,403
SSP3 702,182
H-10 polymer filter system 664,191
H12 polymer line-addn 510,718
SSP SE 4 esterification 473,307
Hatachi polymerizer for line 429,690
Reboiler & heat exchanger sys 387,237
Hatachi low polymerizer f or 379,293
SSP3-util distribution 373,365
SSP SE 4 secondary dowtherm 359,332
J9 2stage drawframe upgrade 328,276
H12 MON UPGR/PIA ESTER 318,487
Hatachi intermediate poly meri 316,078
H12-process control 297,255
Hatachi low polymerizer line 296,681
SSP3-adn sol, 10 stating proc 285,478
SSP3-addn solid stating 269,265
Hatachi intermediate poly meri 247,234
Hatachi inter polymerizer for C 242,694
Equalizer basin 242,330
SSP chip cutting/quenching sys 232,709
H12 polymerization ln-addn 227,792
SSP solid stated chip handling 217,602
Solid state chip hnd/shipping 189,370
SSP chip handling control syst 170,739
PIA feed system 165,613
H12 ADDN MON/P1A UPGR 148,627
SSP3-addn solid stating proc 148,498
Ph iii monomer outage 143,891
Cutter and quench system 143,572
PPI equipment & filters 132,552
Railcar load wash-ssp 132,387
Rail supr #2 unloading system 129,463
SSP3 process control 128,625
F area split storage 126,791
P3 preheater elutriator 126,026
SSP chip railcar loading conv 118,045
PIA slurry make-up 113,393
GWSO steam stripper 110,524
Monomer I 12/94 T/A 107,718
SSP precursor chip handling 107,472
Crystalizer mod. Add'l chip f 106,610
SSP h-10 additive system for I 104,411
SSP3 capital spares 103,948
Cutter and quench system 103,570
J12 spiral crimp 3mm denier 103,014
PE3 vessel agitator 102,822
Dow heater #6 101,937
Monomer III paste feed system 101,158
H12 CEG improvement 101,142
Others 14,864,070
B.30 Inventory
Raw material 5,682,274
WIP 2,326,841
Finished Goods 50,350,819
Stores 2,102,556
Additives 994,019
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
Construction in progress 5,414,649
Prepaid utilities 1,611,359
Prepaid RC leases 821,494
Prepaid legal and professional services 1,012,052
Misc prepaid assets 841,531
Prepaid insurance 1,009,166
PTA prepaid contract-C 16,230,439
TOTAL SCHEDULED ASSETS $274,037,393
=========================================================
C. Property Claimed as Exempt
D. Creditors Holding Secured Claims
Deutsche Bank Trust Company, as agent
Revolving Credit Agreement $225,000,000
The Bank of New York, agent
for First Lien Senior Credit Agreement 185,000,000
The Wilmington Trust Company, agent
for Second Priority Term Loan Agreement 265,000,000
E. Creditors Holding Unsecured Priority Claims 254,134
Darlington County Treasurer 201,545
Gaston County Tax Dept. 2,178
Lancaster County Treasurer 24,685
Macklenburg County Tax Collector 726
Michigan Single Business Tax Division 25,000
F. Creditors Holding Unsecured Non-priority Claims 0
TOTAL SCHEDULED LIABILITIES $675,254,134
=========================================================
Headquartered in Fort Mill, South Carolina, Wellman Inc. --
http://www.wellmaninc.com/-- manufactures and markets packaging
and engineering resins used in food and beverage packaging,
apparel, home furnishings and automobiles. They manufacture
resins and polyester staple fiber a three major production
facilities.
The company and its debtor-affiliates filed for Chapter 11
protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08-10595).
Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in New York
City, represents the Debtors.
Wellman Inc., in its bankruptcy petition, listed total assets
of $124,277,177 and total liabilities of $600,084,885, as of
Dec. 31, 2007, on a stand-alone basis. Debtor-affiliate ALG,
Inc., listed assets between $500 million and $1 billion on a
stand-alone basis at the time of the bankruptcy filing.
Debtor-affiliates Fiber Industries Inc., Prince Inc., and
Wellman of Mississippi Inc., listed assets between $100 million
and $500 million at the time of their bankruptcy filings.
On a consolidated basis, Wellman Inc., and its debtor-affiliates
listed $498,867,323 in assets and $684,221,655 in liabilities as
of Jan. 31, 2008.
(Wellman Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
WELLMAN INC: Mississippi Unit Files Schedules of Assets & Debts
---------------------------------------------------------------
A. Real Property
Main facility - Port and Harbor Drive
- fee Interest $28,689,053
B. Personal Property
B.13 Stock and Interests
100% Ownership in PTA Resources, LLC Undetermined
B.25 Vehicles 119,033
B.28 Office Equipment 130,062
B.29 Equipment and Supplies for Business
L1 fiber MPP system 20,242,320
H1 resin MPP system 14,727,184
H2 resin mPP system 13,978,673
P3 resin SSP system 10,530,469
P1 resin SSP system 6,932,938
P2 resin SSP system 6,870,537
L1 resin MPP system 5,096,668
H1 resin MPP system 3,700,254
L1 fiber MPP system 3,559,370
H2 resin MPP system 2,706,006
Pipe rack system phs3 2,498,935
Pipe rack system 2,325,390
Pipe rack system 2,259,293
L1/P3 chip handling 2,243,066
P3 resin SSP system 2,061,278
SSP chip storage system 1,976,666
SSP chip storage system 1,931,955
Amorphous chip storage 1,804,641
Amorphous chip storage 1,739,240
HTM boiler phase 3 1,556,877
HTM boiler 1,444,836
L1 process tie-ins 1,354,061
HTM boiler 1,288,850
L1 PTA unload system 1,230,929
Steam generating boilers phs3 1,115,381
Steam generating boilers 1,009,541
Steam generating boilers 980,846
Amorphous chip storage 973,052
TPA unload sys phase 3 578,442
TPA unload system 576,162
TPA unload system 559,786
Cooling water system phs3 474,612
Ecoclear blending CEFR R00084 477,273
GRU system phase 3 465,183
Cooling water system 445,059
GRU system 443,346
GRU system 430,745
Cooling water system 430,698
H1 resin MPP system Phs1 407,323
H2 resin MPP system 398,604
Utility control system phase 3 388,430
Utility process ctrl sys phs 3 364,152
Utility control system 359,171
Utility control system 354,318
HTM heater "A" repair 335,639
P3 electrical M&E 331,520
Utility control system 327,560
Utility control system 318,250
L1/P3 railroad modification 306,502
Chip air compressor 295,634
Chip air compressor 288,947
H1 resin MPP sys incentive 279,531
SSP chip storage sys incentive 270,581
SSP chip storage sys incentive 264,461
H2/P2 2007 turnaround 252,671
P2 resin SSP system 242,593
Fire & security system phs 3 227,372
L1 MPP system - SpecPurpose 224,926
H2 resin MPP sys incentive 224,925
Railroad track sys phs3 incent 223,394
PPI H1 make-up systems 222,553
Fire & security system 218,813
L1 fiber MPP system incentive 217,769
Quality control lab equipment 215,747
Fire & security system 212,594
P1 eluriator 210,673
Deionized water system 198,291
Post completion insurance cost 197,191
Quality control lab equipment 193,612
Deionized water system 192,655
Chilled water gen system phs3 192,251
Deionized water system phs3 190,414
Plant air gen system phs 3 188,956
Railroad track sys - incentive 186,311
EG barge sys phs 3 incentive 184,789
P3 resin SSP elevator 183,542
PPI H2 make-up systems 181,303
Chilled water gen system 174,911
Plant air generating system 174,024
PIA unloading system 173,138
PIA unloading system 173,138
Railroad track sys - incentive 172,052
EG barge sys - incentive 171,884
Chilled water gen system 169,940
Plan air generating system 169,078
PIA unloading system 168,062
PIA unloading system 168,062
Fire water sys phs 3 167,449
EG barge sys - incentive 166,998
Mpp additive catalyst sys phs 3 162,774
QC lab equipment phase 3 162,549
Glycol storage sys - incentive 162,046
P2 elutriator 156,226
Glycol storage sys - incentive 150,729
Fire water system 148,184
Glycol storage sys - incentive 146,445
Fire water system 143,972
Glycol transfer system phs3 140,571
H2/P2 2007 turnaround 137,980
Fire water sys phs3 incentive 136,359
Glycol transfer system 134,714
Glycol transfer system 130,885
Fire water sys - incentive 126,936
Fire water sys - incentive 123,328
Inert gas system phs 3 114,762
Inert gas system 106,185
H2 resin MPP system 105,504
MPP additive catalyst system 103,754
Inert gas system 103,167
135 ton alco locomotive 101,284
Others 2,369,452
B.30 Inventory
Raw material 9,365,906
WIP 2,276,209
Finished Goods 8,708,606
Stores 110,483
Additives 562,298
B.35 Other Personal Property
Prepaid rent 89,254
Prepaid maintenance contract 198,955
Construction in progress 468,774
Prepaid utilities 499,307
TOTAL SCHEDULED ASSETS $191,529,013
=========================================================
C. Property Claimed as Exempt
D. Creditors Holding Secured Claims
Deutsche Bank Trust Company, as agent
Revolving Credit Agreement $225,000,000
The Bank of New York, agent
for First Lien Senior Credit Agreement 185,000,000
The Wilmington Trust Company, agent
for Second Priority Term Loan Agreement 265,000,000
E. Creditors Holding Unsecured Priority Claims
Hancock county tax collector 151,740
Mississippi franchise tax 12,575
F. Creditors Holding Unsecured Non-priority Claims 0
TOTAL SCHEDULED LIABILITIES $675,164,315
=========================================================
Headquartered in Fort Mill, South Carolina, Wellman Inc. --
http://www.wellmaninc.com/-- manufactures and markets packaging
and engineering resins used in food and beverage packaging,
apparel, home furnishings and automobiles. They manufacture
resins and polyester staple fiber a three major production
facilities.
The company and its debtor-affiliates filed for Chapter 11
protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08-10595).
Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in New York
City, represents the Debtors.
Wellman Inc., in its bankruptcy petition, listed total assets
of $124,277,177 and total liabilities of $600,084,885, as of
Dec. 31, 2007, on a stand-alone basis. Debtor-affiliate ALG,
Inc., listed assets between $500 million and $1 billion on a
stand-alone basis at the time of the bankruptcy filing.
Debtor-affiliates Fiber Industries Inc., Prince Inc., and
Wellman of Mississippi Inc., listed assets between $100 million
and $500 million at the time of their bankruptcy filings.
On a consolidated basis, Wellman Inc., and its debtor-affiliates
listed $498,867,323 in assets and $684,221,655 in liabilities as
of Jan. 31, 2008.
(Wellman Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
WELLMAN INC: Nine Affiliates File Schedules of Assets & Debts
-------------------------------------------------------------
Nine other affiliates of Wellman, Inc., filed with the Court
their schedules of assets and liabilities, and statements of
financial affairs:
Assets Liabilities
------ -----------
Josdav Inc. $65,000 $675,000,000
Med Resins Inc. 21,500 675,000,290
Wellman Fibres Ltd. 20,376 675,000,000
Prince Inc. 5,122 675,000,000
ALG, Inc. 3,860 675,000,000
Carpet Recycling of
Georgia Inc. 571 675,001,452
MRF Inc. 0 675,000,000
PTA Resources LLC 0 675,000,000
Warehouse Associates Inc. 0 675,000,000
The $675,000,000 debt recorded by each Wellman Affiliate is on
account of the the total secured prepetition loans owed by the
Debtors to:
Lenders Claim Amount
------- ------------
Deutsche Bank Trust Company, as agent
for a Revolving Credit Agreement $225,000,000
The Bank of New York, agent
for a First Lien Senior Credit Agreement 185,000,000
The Wilmington Trust Company, agent
for a Second Priority Term Loan Agreement 265,000,000
The additional $1,452 owed by Carpet Recycling is an unsecured
priority claim by Fulton County Tax Commission on account of
property taxes.
Keith R. Phillips, chief financial officer of Wellman, Inc.,
informs the Court that the income generated by debtor-affiliates
from their business operations and other sources, is included in
the consolidated amounts reflected on Wellman, Inc.'s statements
of financial affairs.
Also reflected on Wellman Inc.'s statements of financial affairs
are the lawsuits and administrative proceedings to which the
debtor-affiliates were or are a party, as well as the payments
related to debt counseling and bankruptcy, Mr. Phillips says.
As regards the payment to creditors, Mr. Phillips informs the
Court that all payments are made by Wellman, Inc., since the
debtor-affiliates maintain a centralized cash management system.
Meanwhile, Mr. Phillips reveals that Warehouse Associates
transferred $600,000-worth of property to Hologenix LLC, and
Holofiber LLC, through the Hologenix Joint Venture Interest Sale
on September 24, 2007.
These parties hold, control or own 100% of the equity interests
in the Wellman Affiliates:
Owner Wellman Affiliate
----- ------------------
Wellman, Inc. Warehouse Associates and
Prince
Wellman UK Holdings, Ltd. Wellman Fibres
Fiber Industries Med Resins
Wellman of Mississippi, Inc. PTA Resources
Prince MRF, Carpet Recycling and ALG
Warehouse Associates Josdav
Headquartered in Fort Mill, South Carolina, Wellman Inc. --
http://www.wellmaninc.com/-- manufactures and markets packaging
and engineering resins used in food and beverage packaging,
apparel, home furnishings and automobiles. They manufacture
resins and polyester staple fiber a three major production
facilities.
The company and its debtor-affiliates filed for Chapter 11
protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08-10595).
Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in New York
City, represents the Debtors.
Wellman Inc., in its bankruptcy petition, listed total assets
of $124,277,177 and total liabilities of $600,084,885, as of
Dec. 31, 2007, on a stand-alone basis. Debtor-affiliate ALG,
Inc., listed assets between $500 million and $1 billion on a
stand-alone basis at the time of the bankruptcy filing.
Debtor-affiliates Fiber Industries Inc., Prince Inc., and
Wellman of Mississippi Inc., listed assets between $100 million
and $500 million at the time of their bankruptcy filings.
On a consolidated basis, Wellman Inc., and its debtor-affiliates
listed $498,867,323 in assets and $684,221,655 in liabilities as
of Jan. 31, 2008.
(Wellman Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
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Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Shimero R. Jainga, Ronald C. Sy, Joel Anthony G. Lopez,
Cecil R. Villacampa, Melanie C. Pador, Ludivino Q. Climaco, Jr.,
Loyda I. Nartatez, Tara Marie A. Martin, Philline P. Reluya,
Joseph Medel C. Martirez, Ma. Cristina I. Canson, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9474.
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