/raid1/www/Hosts/bankrupt/TCR_Public/080628.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, June 28, 2008, Vol. 12, No. 153
Headlines
AMERICAN LAFRANCE: Submits Report for Month Ended May 2, 2008
AMERICAN LAFRANCE: Submits Report for Month Ended May 31, 2008
FEDDERS CORP: Posts Net Loss of $5,994,000 in April 2008
FEDERAL-MOGUL: Posts $315.6 Million March 2008 Earnings
KIMBALL HILL: Nevada Unit Files Schedules of Assets and Debts
KIMBALL HILL: California Unit Files Schedules of Assets and Debts
KIMBALL HILL: 11 Affiliates File Schedules of Assets and Debts
KIMBALL HILL: Submits Report for Period April 24 to May 31
LEVITZ FURNITURE: Has $1,095,000 Net Loss in May 5 - June 1, 2008
PLASTECH ENGINEERED: Amends Schedule of Assets and Liabilities
WELLMAN INC: Incurs $1,100,000 Net Loss in May 2008
ZIFF DAVIS: Delivers May 2008 Monthly Operating Report
*********
AMERICAN LAFRANCE: Submits Report for Month Ended May 2, 2008
-------------------------------------------------------------
American LaFrance, LLC
Unaudited Balance Sheet
As of May 2, 2008
Petty Cash $7,000
Cash 28,565,322
--------------
Total Cash 28,572,322
--------------
Accounts Receivable
Trade 18,348,182
Other 1,552,301
Reserves (619,386)
--------------
Net Accounts Receivable 19,281,097
--------------
Prepaids 23,567,347
Inventory 70,287,187
Property, Plant and Equipment at cost 29,389,438
Accumulated Depreciation (6,183,477)
--------------
Total Assets $164,913,914
==============
Accounts Payable Trade
Postpetition (2,677,851)
Prepetition (61,883,668)
Other (10,935,357)
Accruals (30,328,564)
Notes Payable
2003 Notes Payable - Short Term (4,892,000)
23010 Preferred Stock - Short Term (1,305,044)
23020 Notes Payable - Short Term 847,443
23030 Note Payable - Patriarch DIP (33,200,000)
--------------
Total Cash (38,549,601)
--------------
Long Term Debt (142,083,932)
--------------
Total Liabilities ($286,458,973)
==============
Retained Earnings
27000 Negative Goodwill ($150)
29300 Retained Earnings 86,108,422
--------------
Total Retained Earnings 86,108,272
--------------
Total Equity 86,108,272
--------------
Total Profit $35,436,636
==============
American LaFrance, LLC
Cash Receipts and Disbursements
From April 5 to May 2, 2008
Beginning Cash Book Balance $4,958,550
(excluding Restricted Cash)
Receipts:
Accounts Receivable 2,439,033
Borrowing Under DIP Facility 13,200,033
--------------
Total Receipts 15,639,066
--------------
Disbursements:
Admin 261,929
Out-bound freight 83,672
Taxes 1,702
Employee Expense 19,101
Equipment Rental 152,389
Insurance 313,702
Marketing 41,037
Occupancy 340,619
Payroll 2,491,290
Employee Benefits & Contractors 1,011,707
Audit/Tax 18,565
Supplies 362,448
Travel 800
Utilities 146,032
Inventory & Material 6,653,495
Utility Deposits -
PPMG 216,703
DIP Interest -
A -- Professional Fee Escrow 860,000
B -- Payments on Prepetition Debt 2,236,412
--------------
Total Disbursements 15,211,603
--------------
Net Cash Flow 427,430
--------------
Ending Cash Book Balance $5,385,980
==============
About American LaFrance
Headquartered in Summerville, South Carolina, American LaFrance
LLC -- http://www.americanlafrance.com/-- is one of the
oldest fire apparatus manufacturers and one of the top six
suppliers of emergency vehicles in North America. The company
filed for Chapter 11 protection on Jan. 28, 2008 (Bankr. D. Del.
Case No. 08-10178). Ian T. Peck, Esq., and Abigail W. Ottmers,
Esq., at Haynes and Boone LLP, are the Debtor's proposed Lead
Counsel. Christopher A. Ward, Esq., at Klehr, Harrison, Harvey,
Branzburg & Ellers LLP, are the Debtor's proposed local counsel.
Pepper Hamilton, LLP is the proposed counsel of the Official
Committee of Unsecured Creditors. In its schedules of assets and
debts filed Feb. 4, 2008, the Debtor disclosed $188,990,680 in
total assets and $89,065,038 in total debts.
(American LaFrance Bankruptcy News, Issue No. 17; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
AMERICAN LAFRANCE: Submits Report for Month Ended May 31, 2008
--------------------------------------------------------------
American LaFrance, LLC
Unaudited Balance Sheet
Month Ended May 31, 2008
Assets
Cash $2,401,901
Restricted Cash 24,851,830
Bankruptcy Restricted Cash 3,318,544
---------------
Total Cash 30,572,275
---------------
Accounts Receivable
Trade 18,701,296
Reserves (619,386)
---------------
Net Accounts Receivable 18,081,910
---------------
Account Receivable Other 59,509
Prepaids 26,600,576
Inventory
Stores 49,129,919
Finished Goods (3,963,716)
Demo Truck (Net) 5,542,018
Work in Progress 28,207,052
---------------
Total Inventory 78,915,273
---------------
Property, Plant and Equipment at cost 29,464,461
---------------
Accumulated Depreciation (6,558,323)
---------------
TOTAL ASSETS $177,176,182
===============
Liabilities
Accounts Payable Trade - Postpetition $1,607,596
Accounts Payable Trade Prepetition 52,687,860
Accounts Payable Trade - Other (1,431,526)
Freightliner Accounts Payable Postpetition 9,799,354
---------------
Total Accounts Payable Trade 62,663,284
---------------
Other Accounts Payable 1,243,348
Customer Deposits 10,449,888
Accrued Interest 8,761,476
Accrued Employee Costs 13,384,564
Accrued Other 12,171,443
Penalty Reserve- Fire 3,466,100
Backlog Reserve- Fire 1,800,115
Backlog Reserve- Condor 2,058,956
---------------
Total Penalty and Backlog Reserve 7,325,170
---------------
Reserves - Other 257,472
Warranty - Basic 5,778,757
Warranty - Extended (348,342)
Warranty - Policy 357,944
Def Income Ext Warranty 1,771,672
---------------
Total Warranty 7,560,031
---------------
Accrued Litigation - Freightliner 2,200,000
Notes Payable
Notes Payable - Short Term 4,892,000
Preferred Stock - Short Term 1,305,044
Notes Payable - Other (847,443)
Short Term Liabilities 5,349,601
Notes Payable - Long Term (266,754)
Other Long-term Payables 9,064,760
Restructuring Costs 0
Note Payable - Patriarch DIP 47,000,000
Note Payable - Patriarch 122,364,219
---------------
Total Patriarch Debt 169,364,219
---------------
Total Liabilities $309,528,502
---------------
Equity
Negative Goodwill 0
Unrealized Gain/Loss on Investment 0
Retained Earnings/(Loss) (93,227,713)
Current Year Income/(Loss) (39,124,607)
---------------
Total Equity (132,352,320)
---------------
TOTAL LIABILITIES AND EQUITY $177,176,182
===============
American LaFrance, LLC
Cash Receipts and Disbursements
For the Period from May 1 to May 31, 2008
Beginning Cash Book Balance $5,385,980
(excluding Restricted Cash)
Receipts:
Accounts Receivable 8,410,879
Borrowing Under DIP Facility 8,800,000
---------------
Total Receipts 17,210,879
---------------
Disbursements:
Admin 136,588
Out-bound freight 100,803
Taxes -
Warranty 40,000
Employee Expense 7,756
Equipment Rental 137,085
Insurance 313,702
Marketing 5,116
Occupancy 300,625
Payroll 2,714,882
Employee Benefits & Contractors 1,023,367
Audit/Tax 88,612
Supplies 256,749
Travel -
Utilities 163,324
Inventory & Material 4,841,231
Utility Deposits -
PPMG -
DIP Interest 243,731
A -- Professional Fee Escrow 860,000
B -- Payments on Prepetition Debt 8,410,879
---------------
Total Disbursements 19,644,450
---------------
Net Cash Flow (2,433,571)
---------------
Ending Cash Book Balance $2,952,409
===============
About American LaFrance
Headquartered in Summerville, South Carolina, American LaFrance
LLC -- http://www.americanlafrance.com/-- is one of the
oldest fire apparatus manufacturers and one of the top six
suppliers of emergency vehicles in North America. The company
filed for Chapter 11 protection on Jan. 28, 2008 (Bankr. D. Del.
Case No. 08-10178). Ian T. Peck, Esq., and Abigail W. Ottmers,
Esq., at Haynes and Boone LLP, are the Debtor's proposed Lead
Counsel. Christopher A. Ward, Esq., at Klehr, Harrison, Harvey,
Branzburg & Ellers LLP, are the Debtor's proposed local counsel.
Pepper Hamilton, LLP is the proposed counsel of the Official
Committee of Unsecured Creditors. In its schedules of assets and
debts filed Feb. 4, 2008, the Debtor disclosed $188,990,680 in
total assets and $89,065,038 in total debts.
(American LaFrance Bankruptcy News, Issue No. 17; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
FEDDERS CORP: Posts Net Loss of $5,994,000 in April 2008
--------------------------------------------------------
Fedders Corporation and its debtor-affiliates filed their monthly
operating report for the period ending April 30, 2008.
For April 2008, the Debtors generated $2,798,000 in total gross
sales and incurred a net loss of $5,994,000.
As of April 30, 2008, the Debtors had total assets of $104,000,100,
total liabilities of $320,862,000, and total stockholders' deficit
of $216,762,000.
A full-text copy of the Debtors' April 2008 monthly report is
available for free at http://ResearchArchives.com/t/s?2ed0
About Fedders Corporation
Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.
The company and several affiliates filed for Chapter 11
protection on Aug. 22, 2007, (Bankr. D. Del. Lead Case No. 07-
11182). The law firm of Cole, Schotz, Meisel, Forman & Leonard
P.A.; and Norman L. Pernick, Esq., Irving E. Walker, Esq., and
Adam H. Isenberg, Esq., at Saul Ewing LLP, represent the Debtors
in their restructuring efforts. The Debtors have selected Logan
& Company Inc. as claims and noticing agent. The Official
Committee of Unsecured Creditors is represented by Brown Rudnick
Berlack Israels LLP. When the Debtors filed for protection from
its creditors, it listed total assets of $186,300,000 and total
debts of $322,000,000.
The Debtors' non-North American subsidiaries, which include
operations in China, India, the Philippines, Germany, and the
United Kingdom, were not included in the filing.
The Debtors has filed their chapter 11 plan of liquidation and
disclosure statement. The Court fixed July 8, 2008, as the date
for the disclosure statement hearing.
FEDERAL-MOGUL: Earns $315.6 Million in Month Ended March 31
-----------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of March 31, 2008
(In millions)
Assets
Cash and equivalents $508.2
Accounts receivable 624.7
Inventories 472.3
Deferred taxes 289.0
Prepaid expenses and other current assets 57.2
--------
Total current assets 1,951.4
Summary of Unpaid Postpetition Debits 58.1
Intercompany Loans Receivable (Payable) 18.0
--------
Intercompany Balances 76.1
Property, plant and equipment 701.2
Goodwill -
Other intangible assets 1.1
Insurance recoverable -
Other non-current assets 1,122.2
--------
Total Assets $3,852.0
========
Liabilities and Shareholders' Equity
Short-term debt -
Accounts payable $241.1
Accrued compensation 54.7
Restructuring and rationalization reserves 6.9
Current portion of asbestos liability -
Interest payable 13.0
Other accrued liabilities 981.4
--------
Total current liabilities 1,297.2
Long-term debt 2,795.2
Post-employment benefits 571.3
Other accrued liabilities 609.2
Liabilities subject to compromise 2,828.8
Shareholders' equity:
Preferred stock 1,023.2
Common stock 120.5
Additional paid-in capital 7,934.4
Accumulated deficit (13,546.5)
Accumulated other comprehensive income 218.9
Other -
--------
Total Shareholders' Equity (4,249.5)
--------
Total Liabilities and Shareholders' Equity $3,852.0
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended March 31, 2008
(In millions)
Net sales $270.1
Cost of products sold 216.4
--------
Gross margin 53.7
Selling, general & administrative expenses (39.8)
Amortization (0.2)
Reorganization items (1.7)
Fresh Accounting Expense 93.7
Interest income (expense), net (16.9)
Other income (expense), net 226.0
--------
Earnings before Income Taxes 314.7
Income Tax (Expense) Benefit 0.9
--------
Earnings before cumulative effect of change
in accounting principle 315.6
Cumulative effect of change in acctg. principle -
--------
Net Earnings (loss) $315.6
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the Month Ended March 31, 2008
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) $315.6
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 11.0
Adjustment of assets held for sale and
other long-lived assets to fair value -
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. principle -
Change in post-employment benefits (0.2)
Decrease (increase) in accounts receivable (34.2)
Decrease (increase) in inventories (0.6)
Increase (decrease) in accounts payable (5.3)
Change in other assets & other liabilities (321.9)
Change in restructuring charge -
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From Operating Activities (35.6)
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (6.7)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
--------
Net Cash Provided From (Used By) Investing Activities (6.7)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (1.8)
Sale of accounts receivable under securitization -
Dividends -
Other 0.1
--------
Net Cash Provided From Financing Activities (1.7)
Increase (Decrease) in Cash and Equivalents (44.0)
Cash and equivalents at beginning of period 552.1
--------
Cash and equivalents at end of period $508.2
========
About Federal-Mogul
Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's foremost
original equipment manufacturers of automotive, light commercial,
heavy-duty, agricultural, marine, rail, off-road and industrial
vehicles, as well as the worldwide aftermarket. Founded in
Detroit in 1899, the company is headquartered in Southfield,
Michigan, and employs 45,000 people in 35 countries. Aside from
the U.S., Federal-Mogul also has operations in other locations
which includes, among others, Mexico, Malaysia, Australia, China,
India, Japan, Korea, and Thailand.
The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $10.15 billion in assets and $8.86 billion in liabilities.
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at
Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer,
Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.
On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003. They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan. On July 28, 2004, the
District Court approved the Disclosure Statement. The estimation
hearing began on June 14, 2005. The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007. The Fourth Amended Plan was confirmed by the Bankruptcy
Court on Nov. 8, 2007, and affirmed by the District Court on
November 14. Federal-Mogul emerged from chapter 11 on Dec. 27,
2007. (Federal-Mogul Bankruptcy News, Issue No. 169; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
* * *
As reported in the Troubled Company Reporter on Jan. 10, 2008,
Moody's Investors Service confirmed the ratings of the reorganized
Federal-Mogul Corporation -- Corporate Family Rating, Ba3;
Probability of Default Rating, Ba3; and senior secured bank credit
facilities, Ba2. The outlook is stable. The financing for the
company's emergence from Chapter 11 bankruptcy protection has been
funded in line with the structure originally rated by Moody's in a
press release dated Nov. 28, 2007.
As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on Dec. 27,
2007. The outlook is stable.
KIMBALL HILL: Nevada Unit Files Schedules of Assets and Debts
-------------------------------------------------------------
Kimball Hill Homes Nevada Inc., debtor-affiliate of Kimball Hill
Inc., submitted its schedule of assets and liabilities,
disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 0
B.2 Financial Accounts
Bank of America 192,000
B.3 Security Deposits 0
B.4 Household Goods and Furnishings 0
B.5 Books, pictures and other art objects 0
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 0
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interest in pension, profit sharing plan 0
B.13 Stock & Interests
Kyle Acquisition Group, LLC 0
Wynndam 1,027,593
South Edge, LLC 0
B.14 Investments in subsidiaries & others 0
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable
Settlement Proceeds 286,595
Advanced Commissions (66,605)
Miscellaneous Receivables (29,910)
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor 0
B.19 Other equitable interests 0
B.20 Investment in deferred compensation 0
B.21 Derivative asset 0
B.22 Intellectual property 0
B.23 Licenses & franchises 0
B.24 Borrower & applicant list 0
B.25 Vehicles & accessories 0
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies (17)
B.29 Machinery, supplies, equipment, supplies 0
B.30 Inventory
Southedge - Village 23 (POD 16) 30,771,874
Teramina-Avellino 34,967,677
Teramina-Capella 14,097,446
Highland Hills South 10,770,436
San Gabrial 126W 8,945,616
Southedge Towncenter 7,518,168
131B 6,842,724
Cliffs Edge Brighton 6,438,026
Cliffs Edge Kensington 6,595,898
Cliffs Edge Windimere 5,379,089
Pyrenees 131A 3,374,742
Highland Hills East 972,085
Tolberts Mill Breckenridge 233,316
Windimere Unit II Small Lots SF 174,016
Southedge Village 31 (POD 54) 9,586
Caparola 8,552
Sierra Madre 126E 8,238
Terrasano 5,677
Southedge - Village 23 Townhome 5,100
Stonebridge 986
Kyle Canyon-Terrasano (POD 1) 39
Terramina Sellco (36,120,914)
Highland South II Magnolia Product (737,062)
Hartridge (2,950)
Inspiration (65)
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
Consolidating adjustment 43,651,701
Open account payable adjustments 1,309,754
Deferred project overhead 869,011
Leasehold improvements Beltway Center 523,324
To record adjustment to Capped IDC (290,501)
A/D leasehold improvements (120,806)
TOTAL SCHEDULED ASSETS $147,610,439
=========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Harris N.A., as Administrative Agent $318,316,046
RBC Centura Bank Undetermined
RFC Construction Funding Corp. Undetermined
Washington Mutual Bank, FA Undetermined
E. Creditors Holding Unsecured Priority Claims
Enterprise Inc. 4,850
Tao Chow 2,425
Kong Deng 2,425
Nowell Granados 2,425
Allen Lee 2,425
Fieman Li 2,425
Qiaohong Li 2,425
Darin Nakasone 2,425
Luis Papa 2,425
Amanda Ricketts 2,425
Paul Rochester 2,425
Nelson Sandefur 2,425
Tony Tam 2,425
Isaiah Darrough 1,500
F. Creditors Holding Unsecured Non-priority Claims
US Bank, as Indenture Trustee 210,584,588
Intercompany 94,821,452
Westcor Construction 827,068
Curtis Excavating 610,108
Cedco Inc. 497,842
TS Paiting & Drywall 475,744
Desert Plastering 310,345
Coronado Concrete 296,586
Mountains Edge Marketing Coop 165,450
Sunrise Mechanical, Inc. 158,524
Executive Plumbing 146,374
Southern Vegas Valley Contracting, LLC 142,352
Toro Concrete Inc. 136,682
Floor Design of Nevada, LLC 135,882
Avanti Door Group Inc. 127,426
T & F Marble & Granite Inc. 116,215
Roofing Company 109,143
Coast West Plumbing, Inc. 104,988
Adams Brothers Interiors of Nevada, Inc. 99,252
DRI Residential Nevada 98,526
Thomason Consulting Engineers 92,956
Interstate Plumbing & Aircond., Inc. 71,368
Unique-Scape & Design 70,435
M & M Electric, Inc. 69,312
K.W. Pipeline Inc. 68,746
Southwestern Pavers 66,836
GE Appliances 66,430
Houston Stafford Electric 66,237
Milgard Windows 62,583
Efficient Electric 60,196
Lunas Construction 59,779
Clark County Treasurer 59,009
Legacy Construction 52,579
Cabinetec, Inc. 50,151
Cabinets West Dist 47,125
Frehner Masonry, Inc. 42,990
Weil and Drage 42,343
Others 923,702
TOTAL SCHEDULED LIABILITIES $630,288,820
=========================================================
About Kimball Hill
Based in Rolling Meadow, Illinois, Kimball Hill Inc. --
http://www.kimballhillhomes.com/-- is one of the largest
privately-owned homebuilders and one of the 30 largest
homebuilders in the United States, as measured by home deliveries
and revenues. The company designs, builds and markets single-
family detached, single-family attached and multi-family homes.
The company currently operate within 12 markets, including, among
others, Chicago, Dallas, Ft. Worth, Houston, Las Vegas, Sacramento
and Tampa, in five regions: Florida, the Midwest, Nevada, the
Pacific Coast and Texas.
Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11
protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08-
10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents
the Debtors in their restructuring efforts. The Debtors'
consolidated financial condition as of Dec. 31, 2007 reflected
total assets of $795,473,000 and total debts $631,867,000. The
Debtors have until Aug. 21, 2008, to exclusively file their chapter
11 plan.
(Kimball Hill Bankruptcy News, Issue No. 7; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
KIMBALL HILL: California Unit Files Schedules of Assets and Debts
-----------------------------------------------------------------
Kimball Hill Homes California Inc., debtor-affiliate of Kimball
Hill Inc., submitted its schedule of assets and liabilities,
disclosing:
A. Real Property $0
B. Personal Property 0
B.1 Cash on hand 0
B.2 Bank Accounts 0
B.3 Security Deposits 0
B.4 Household goods 0
B.5 Collectibles 0
B.6 Wearing apparel 0
B.9 Interests in Insurance Policies 0
B.10 Annuities 0
B.11 Interests in educational IRA 0
B.12 Interests in IRA, ERISA or other Pension Plans 0
B.13 Business Interests and stocks 0
B.14 Interests in partnerships
Sunridge Park Limited Partnerships: 750,000
10% ownership
B.15 Government and Corporate Bonds -
B.16 Accounts Receivable -
Escrow Holdbacks 18,266
Advanced Commissions (22,250)
Miscellaneous Receivables 1,073,438
Intercompany Receivable 62,292,673
B.18 Other Liquidated Debts -
B.20 Other Contingent & Unliquidated Claims -
B.21 Intellectual Property -
B.22 Patents -
B.23 Licenses, Franchises and General Intangibles -
B.25 Vehicles -
B.26 Boats, motors, and accessories -
B.27 Aircraft and accessories -
B.28 Office equipment, furnishings and supplies
CDW Select 23,971
Opening entry - fully depreciated assets 12,548
Chris Glenn Invoice #941583 48
Lisa Foster Reimbursement 356
Less - depreciation (34,118)
B.29 Machinery
Chevrolet Ex Cargo - purchase for Q&A Dept. 21,801
Chevrolet Ex Cargo 1/2 - Warranty Van 23,387
Less Depreciation (41,512)
B.30 Inventory
Somerset 12,410,432
Creekside 4 4,214,142
Natomas 2,869,231
Willowood 1,883,685
Bellevue Ranch 2,209,982
Bing Cherry Estates HB 2,280,878
Cornerstone II 2,861,361
Tiburon Village 2,128,620
River Walk 3,461,746
Eight Mile Ranch 489,903
Meddings Property 305,806
Sotogrande Assemblage 77,509
Manteca 5,157
Reflections 703
Gerber Creek 68
Stonehedge 45
Westwood 0
Linden Shores 0
Stonebridge 0
Antelope Trails III (82,893)
Spanos Park East III (15,582)
Montauban (9,734)
Eagle Crest (7,837)
Meadowood (4,880)
Ranch (5,983)
NCAL Land (1,132)
Sonata (922)
Windmill Park (690)
Northgate (208)
Parkview 3&4-Executive (325)
Parkview 5&6 (130)
B.35 Other Personal Property
To record adjustment to Capped IDC (22,500)
Prepaid & Deferreds 63,714
Open Accounts Payable Adjustments 1,090,541
Deferred Project Overhead 715,500
Consolidating Adjustment 3,102,585
TOTAL SCHEDULED ASSETS $104,137,399
=======================================================
C. Property Claimed as Exempt $0
D. Secured Claim
B&D Inc. -
Creative Touch Interiors -
Harris N.A. Undetermined
Harris N.A. 318,316,046
E. Unsecured Priority Claims 42,800
See http://bankrupt.com/misc/Kimball_ScheduleE.pdf
F. Unsecured Non-priority Claims 214,545,737
See http://bankrupt.com/misc/Kimball_ScheduleF.pdf
TOTAL SCHEDULED LIABILITIES $532,904,583
=======================================================
About Kimball Hill
Based in Rolling Meadow, Illinois, Kimball Hill Inc. --
http://www.kimballhillhomes.com/-- is one of the largest
privately-owned homebuilders and one of the 30 largest
homebuilders in the United States, as measured by home deliveries
and revenues. The company designs, builds and markets single-
family detached, single-family attached and multi-family homes.
The company currently operate within 12 markets, including, among
others, Chicago, Dallas, Ft. Worth, Houston, Las Vegas, Sacramento
and Tampa, in five regions: Florida, the Midwest, Nevada, the
Pacific Coast and Texas.
Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11
protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08-
10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents
the Debtors in their restructuring efforts. The Debtors'
consolidated financial condition as of Dec. 31, 2007 reflected
total assets of $795,473,000 and total debts $631,867,000. The
Debtors have until Aug. 21, 2008, to exclusively file their chapter
11 plan.
(Kimball Hill Bankruptcy News, Issue No. 7; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
KIMBALL HILL: 11 Affiliates File Schedules of Assets and Debts
--------------------------------------------------------------
Kimball Hill Inc.'s 11 debtor-affiliates reported assets ranging
between $0 to $1,000,000:
Debtor Assets Debts
------ ------------ ------------
Kimball Hill Urban Centers, L.L.C. $943,154 $535,769,747
Kimball Hill Homes Texas 495,000 529,392,634
Investments, L.L.C.
Kimball Hill Stateway, Inc. 442,543 528,900,634
Kimball Hill Homes Texas 300,000 528,900,634
Operations, L.L.C.
Kimball Hill Urban Centers 168,596 529,055,488
Special Purposes, LLC
Kimball Hill Homes Ohio, Inc. 50,644 539,969,000
Kimball Hill Urban Centers 50,197 528,922,008
Chicago Two, L.L.C.
Kimball Hill Homes Wisconsin, Inc. 46,712 551,079,348
KH Financial Holding Company 1,000 528,900,634
Kimball Hill Texas Investment 1,000 528,900,634
Company, L.L.C.
Kimball Hill Homes Realty Florida, Inc. 0 528,906,592
About Kimball Hill
Based in Rolling Meadow, Illinois, Kimball Hill Inc. --
http://www.kimballhillhomes.com/-- is one of the largest
privately-owned homebuilders and one of the 30 largest
homebuilders in the United States, as measured by home deliveries
and revenues. The company designs, builds and markets single-
family detached, single-family attached and multi-family homes.
The company currently operate within 12 markets, including, among
others, Chicago, Dallas, Ft. Worth, Houston, Las Vegas, Sacramento
and Tampa, in five regions: Florida, the Midwest, Nevada, the
Pacific Coast and Texas.
Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11
protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08-
10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents
the Debtors in their restructuring efforts. The Debtors'
consolidated financial condition as of Dec. 31, 2007 reflected
total assets of $795,473,000 and total debts $631,867,000. The
Debtors have until Aug. 21, 2008, to exclusively file their chapter
11 plan.
(Kimball Hill Bankruptcy News, Issue No. 7; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
KIMBALL HILL: Submits Report for Period April 24 to May 31
----------------------------------------------------------
Kimball Hill Inc., delivered to the U.S. Bankruptcy Court for the
Northern District of Illinois its first Monthly Operating Report
postpetition, which includes a summary of their (i) accounts
payable, (ii) accounts receivable and (iii) cash receipts and
disbursements for the period from April 24 through May 31, 2008.
Kimball Hill, Inc.
Summary of Trade Receivables and Payables
For the Period from April 24 to May 31, 2008
Aged Trade Receivable Accounts Payable
--------------------- ----------------
Beginning Balance $2,199,562 $0
Add: Sales on account 35,178,428 10,565,330
Less: Collections 32,872,102 7,519,047
--------------------- ----------------
Ending Balance $4,505,887 $3,046,282
===================== ================
Kimball Hill, Inc.
Summary of Cash Receipts and Disbursement
For the Period From April 24 to May 31, 2008
Beginning Cash Balance $11,515,131
Receipts from operations
Accounts receivable receipts 32,872,103
Notes receivable receipts 929,181
Accts. Receivable collection
for non-debtors 790,600
Other receipts
Interest income 91,839
Proceeds from sale of fixed assets 196,398
Oil exploration revenue 339,458
Income tax refunds 51,851,594
Customer deposits 391,884
Customer deposits for non-debtors 24,000
Miscellaneous receipts 519,229
-------------
Total Receipts 88,006,286
-------------
Disbursements
Payroll
Officers 678,264
Others 2,554,668
Total Payroll -------------
3,232,931
Taxes
Federal income tax 663,557
FICA withholdings 301,734
Employee's withholdings 0
Employer's FICA 301,734
Federal unemployment taxes 433
State income tax 63,207
State employee withholdings 0
All other state taxes 2,764
State unemployment taxes 5,049
-------------
Total Taxes 1,338,479
Necessary expenses
Homebuilding costs 3,650,609
Debt and interest payments 1,562,073
General and administrative costs 1,271,427
Permits 866,885
Land and land Development 751,184
Vendor retainers and deposits 478,500
Medical health claims 453,447
Transfer to non-debtor bank accounts 324,864
Customer deposit refunds 287,345
401K funding 211,508
Texas sales taxes 143,184
Professional fees 137,663
Warranty costs 83,781
Flex spending reimbursements 26,183
------------
Total Necessary Expenses 10,248,652
------------
Total Disbursements 14,820,062
-------------
Net receipts for the period 73,186,224
-------------
Ending Cash Balance $84,701,355
=============
About Kimball Hill
Based in Rolling Meadow, Illinois, Kimball Hill Inc. --
http://www.kimballhillhomes.com/-- is one of the largest
privately-owned homebuilders and one of the 30 largest
homebuilders in the United States, as measured by home deliveries
and revenues. The company designs, builds and markets single-
family detached, single-family attached and multi-family homes.
The company currently operate within 12 markets, including, among
others, Chicago, Dallas, Ft. Worth, Houston, Las Vegas, Sacramento
and Tampa, in five regions: Florida, the Midwest, Nevada, the
Pacific Coast and Texas.
Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11
protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08-
10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents
the Debtors in their restructuring efforts. The Debtors'
consolidated financial condition as of Dec. 31, 2007 reflected
total assets of $795,473,000 and total debts $631,867,000. The
Debtors have until Aug. 21, 2008, to exclusively file their chapter
11 plan.
(Kimball Hill Bankruptcy News, Issue No. 7; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
LEVITZ FURNITURE: Has $1,095,000 Net Loss in May 5 - June 1, 2008
-----------------------------------------------------------------
PLVTZ, Inc.
Balance Sheet
As of June 1, 2008
ASSETS
Current Assets
Cash $691,000
Accounts receivable, net 615,000
------------
Total current assets 1,306,000
Other assets 4,040,000
------------
TOTAL ASSETS $5,346,000
============
Liabilities and Shareholders' Equity
Liabilities Not Subject to Compromise
Current Liabilities:
Accounts payable trade $4,043,000
Accrued expenses 482,000
Customer Deposits 952,000
------------
Total current liabilities 5,477,000
Liabilities Subject to Compromise
Term loan B 20,715,000
Trade and other miscellaneous claims 45,073,000
Customer Deposit 2,398,000
------------
Total $68,186,000
TOTAL LIABILITIES 73,663,000
------------
Shareholder's (deficit):
Preferred stock 47,000,000
Class A Common stock 139,030,000
Class B Common stock 10,000,000
Retained (deficit) (264,347,000)
------------
Shareholder's deficit (68,317,000)
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $5,346,000
============
PLVTZ, Inc.
Statement of Operations
For the period May 5 to June 1, 2008
Selling, operating and administrative Expenses $384,000
Reorganization costs 711,000
------------
Net Loss $1,095,000
============
PLVTZ, Inc.
Statement of Cash Flows
For the period May 5 to June 1, 2008
Cash flows used in operating activities:
Cash received others $718,000
Cash received from Sales Agent 1,223,000
Cash paid to suppliers and employees (1,280,000)
------------
Net cash used in operating activities 661,000
------------
Net decrease in cash and cash equivalents 661,000
Cash and cash equivalents at beginning of month 30,000
------------
Cash and cash equivalents at end of month $691,000
============
About Levitz Furniture/PVLTZ
Based in New York City, Levitz Furniture Inc., nka PVLTZ Inc. --
http://www.levitz.com/-- is a specialty retailer of furniture,
bedding and home furnishings in the United States. It has 76
locations in major metropolitan areas, principally in the
Northeast and on the West Coast of the United States.
Levitz Furniture Inc. and 11 affiliates filed for chapter 11 on
Sept. 5, 1997. In December 2000, the Court confirmed the Debtors'
Plan and Levitz emerged from chapter 11 on February 2001. Levitz
Home Furnishings Inc. was created as the new holding company as a
result of the emergence.
Levitz Home Furnishings and 12 affiliates filed for chapter 11
protection on Oct. 11, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-
45189). In their second filing, the Debtors disclosed about
$245 million in total assets and $456 million in total debts.
Nicholas M. Miller, Esq., and Richard H. Engman, Esq., at Jones
Day represented the Debtors. Jeffrey L. Cohen, Esq., Jay R.
Indyke, Esq., and Cathy Hershcopf, Esq., at Cooley Godward Kronish
LLP served as counsel to the Official Committee of Unsecured
Creditors. During this period, the Debtors closed around 35
stores in the Northeast, California, Minnesota and Arizona.
PLVTZ Inc., a company created by Prentice Capital Management LP,
and Great American Group purchased substantially all the assets of
Levitz Home Furnishings in December 2005. Initially, Prentice
owned all of the equity interests in PLVTZ. On July 6, 2007,
PLVTZ was converted into a Delaware corporation, and Harbinger
Capital Partners Special Situations Fund, LP, Harbinger Capital
Partners Master Fund I, Ltd., and their affiliates became minority
shareholders. Great American's stake in the acquisition was in
running the going-out-of-business sales for some 27 Levitz units.
PLVTZ, dba Levitz Furniture, continued to face decline in
financial performance since December 2005. Liquidity issues and
the inability to obtain additional capital prompted PLVTZ to seek
protection under chapter 11 on Nov. 8, 2007 (Bankr. S.D.N.Y. Lead
Case No. 07-13532). Paul D. Leake, Esq., and Brad B. Erens, Esq.,
at Jones Day represents the Debtors in their restructuring
efforts. Kurtzman Carson Consultants LLC serves as the Debtors'
claims and noticing agent. The Debtor's schedules show total
assets of $123,842,190 and total liabilities of $76,421,661.
The Debtors' exclusive period to file a chapter 11 plan expired on
March 7, 2008. On March 28, 2008, the Court dismissed the chapter
11 cases of Levitz II (Levitz Home Furnishings Inc., and its
remaining six debtor-affiliates).
(Levitz Bankruptcy News, Issue No. 41; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
PLASTECH ENGINEERED: Amends Schedule of Assets and Liabilities
--------------------------------------------------------------
Plastech Engineered Products Inc. amended its Schedule F in its
Statement of Assets and Liabilities to reduce United Industries,
Inc.'s scheduled unsecured non priority claim from $267,170 to
$266,635.
About Plastech Engineered
Based in Dearborn, Michigan, Plastech Engineered Products, Inc. --
http://www.plastecheng.com/-- is full-service automotive
supplier of interior, exterior and underhood components. It
designs and manufactures blow-molded and injection-molded plastic
products primarily for the automotive industry. Plastech's
products include automotive interior trim, underhood components,
bumper and other exterior components, and cockpit modules.
Plastech's major customers are General Motors, Ford Motor Company,
and Toyota, as well as Johnson Controls, Inc.
Plastech is a privately held company and is the largest family-
owned company in the state of Michigan. The company is certified
as a Minority Business Enterprise by the state of Michigan.
Plastech maintains more than 35 manufacturing facilities in the
midwestern and southern United States. The company's products are
sold through an in-house sales force.
The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts. The Debtors
chose Jones Day as their special corporate and litigation counsel.
Lazard Freres & Co. LLC serves as the Debtors' investment bankers,
while Conway, MacKenzie & Dunleavy provide financial advisory
services. The Debtors also employed Donlin, Recano & Company as
their claims and noticing agent.
Joel D. Applebaum, Esq., at Clark Hill PLC, represents the
Official Committee of Unsecured Creditors.
As of Dec. 31, 2006, the company's books and records
reflected assets totaling $729,000,000 and total liabilities of
$695,000,000. (Plastech Bankruptcy News, Issue No. 25; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
WELLMAN INC: Incurs $1,100,000 Net Loss in May 2008
---------------------------------------------------
Wellman, Inc.
Condensed Consolidated Balance Sheet
(Unaudited)
As of May 31, 2008
ASSETS
Current assets:
Cash and cash equivalents $13,000,000
Accounts receivable 157,000,000
Inventories 102,600,000
Prepaid expenses and other current assets 39,500,000
Current assets held for sale -
------------
Total current assets 312,100,000
Property, plant and equipment:
Land, buildings and improvements 90,400,000
Machinery and equipment 339,400,000
CIP 4,700,000
------------
434,500,000
Less accumulated depreciation 196,700,000
------------
Net property, plant and equipment 237,800,000
Other assets 11,300,000
Noncurrent assets held for sale -
------------
Total Assets $561,200,000
============
LIABILITIES & STOCKHOLDERS' DEFICIT
Liabilities Not Subject to Compromise
Current Liabilities:
Accounts payable - trade 11,700,000
Accrued liabilities 20,200,000
Debtor-in-possession credit agreement 174,100,000
Other debt -
Current liabilities associated with assets
held for sale -
------------
Total current liabilities 206,000,000
Liabilities subject to compromise 530,900,000
Long-term debt -
Deferred income taxes and other noncurrent
liabilities 37,200,000
Noncurrent liabilities associated w/ assets
held for sale -
------------
Total Liabilities 774,100,000
Stockholders' Deficit:
Common stock -
Preferred stock 185,700,000
Paid-in capital 248,400,000
Common stock warrants 4,900,000
Accumulated other comprehensive loss -
Accumulated deficit (602,400,000)
Less common stock in treasury (49,500,000)
------------
Total Stockholders Deficit (212,900,000)
------------
$561,200,000
============
Wellman, Inc.
Consolidated Statements of Operations
(Unaudited)
For the Month Ended May 31, 2008
Net Sales $94,500,000
Cost of Sales 89,900,000
------------
Gross Profit (Loss) 4,600,000
Selling, General and Administrative Expenses 2,200,000
Other (Income) Loss (100,000)
------------
Operating Income (Loss) 2,500,000
Interest Expense, Net 1,000,000
------------
Earnings (loss) from continuing operations
before reorganization items and income taxes 1,500,000
Reorganization Items, Net 2,600,000
------------
Earnings (loss) from continuing operations
before income taxes (1,100,000)
Income tax expense (benefit) 0
------------
Earnings (loss) from continuing operations (1,100,000)
Earnings (loss) from discontinued operations,
net of tax 0
------------
Net Earnings (Loss) ($1,100,000)
============
Wellman, Inc.
Simplified Statement of Cash Flows
(Unaudited)
For the Month Ended May 31, 2008
Cash flow from operating activities:
Net earnings (loss) ($1,100,000)
Adjustments to reconcile net earnings (loss) to
net cash used in operating activities:
Loss from discontinued operations, net of tax 0
Depreciation 1,400,000
Amortization 1,000,000
Amortization in interest expense 300,000
Deferred taxes on income 0
Reorganization Items 2,600,000
Payment of reorganization items (3,000,000)
Gain on sale of assets 0
Changes in assets and liabilities:
Accounts receivable (6,700,000)
Inventories (9,400,000)
Prepaid expenses and other current assets (10,800,000)
Other assets (200,000)
Accounts payable and accrued liabilities 7,000,000
Other liabilities 0
Other 0
------------
Net cash provided (used) by operating activities ($18,900,000)
Cash flows from investing activities:
Additions to property, plant and equipment (net) (300,000)
Proceeds from sale of assets 0
------------
Net cash used by investing activities (300,000)
Cash flows from financing activities:
Borrowings (repayments) of long-term debt 31,900,000
Dividends paid on common stock 0
Debt and equity issuance costs 0
------------
Net cash provided (used) by financing activities 31,900,000
Discontinued Operations:
Operating activities 0
Investing activities 0
Financing activities 0
------------
Net cash provided (used) by discontinued
operations 0
------------
Increase (decrease) in cash and cash 12,700,000
Cash and cash equivalents, beginning 300,000
------------
Cash and cash equivalents, end $13,000,000
============
According to Wellman, the $2,700,000 increase in gross profit --
from $1,900,000 in April to $4,600,000 in May -- was attributable
to an increase in the chemical-based segment ($2,900,000) reduced
by a decrease in the recycled-based segment ($200,000).
In the chemical based segment, Current Raw Material Margin
increased by $2,500,000. This increase was more than offset by
the FIFO method of accounting for inventory, which resulted in
$5,000,000 of higher raw material costs from prior months being
charged against current month's selling prices.
In May, polyester staple fiber sales volumes were flat and PET
resins sales volumes increased by approximately 13,000,000
pounds. The remaining increase in gross profit was attributable
to the combined effect of reduced plant spending and favorable
developments associated with pending litigation--approximately
$5,200,000 combined total.
Gross profit for the recycled-based segment decreased, due
primarily to lower raw material margins mainly attributable to
increased raw material costs. SG&A costs decreased by $600,000
due to continued cost reduction activities and $100,000 of other
income was attributable to anti-dumping proceeds. As a result,
Wellman reported operating income of $2,500,000 in May compared
to an operating loss of $700,000 in April. Interest expense
increased slightly to $1,000,000 in May compared to $900,000 in
April. Interest expense was calculated only on the amount
borrowed under the company's Credit Agreement.
Reorganization costs, which consisted primarily of legal fees
related to the Chapter 11 filing, were $2,600,000 in May compared
to $3,100,000 in April. As a result, Wellman's net loss is
$1,100,000 for May 2008.
The balance sheet at May 31, 2008, reflected $174,100,000 in
borrowings under the Credit Agreement and $13,000,000 in cash and
cash equivalents. The total borrowed at May 31, net of cash on
hand, was $19,200,000 higher than April.
Accounts receivable, inventories and prepaid expenses increased
by $7,100,000, $9,400,000, and $9,500,000, respectively, due to
increased selling prices, higher raw material costs and a larger
quantity of raw material inventory in the chemical-based segment.
In addition accounts payable increased by $7,300,000.
About Wellman Inc.
Headquartered in Fort Mill, South Carolina, Wellman Inc. ([OTC]:
WMANQ.OB) -- 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.
The Debtors have until July 31, 2008, to exclusively file their
chapter 11 plan. (Wellman Bankruptcy News, Issue No. 15;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000)
ZIFF DAVIS: Delivers May 2008 Monthly Operating Report
------------------------------------------------------
Ziff Davis Media, Inc.
Summary of Cash Receipts & Disbursements
For the period ended May 2008
Beginning balance in all accounts $39,064,294
RECEIPTS:
Receipts from operations 4,069,707
Subtenant & TSA 690,683
Interest income 31,155
ZDE case 87,543
------------
Receipts Total 4,879,090
DISBURSEMENTS:
Payroll, taxes, & benefits
Payroll & payroll taxes 2,037,494
401k 142,367
UHC & Metlife 146,009
Flex spending -
Insurance benefit invoices 37,896
Necessary expenses
Rent NY & SF 1,284,630
Operating expenses 3,496,390
Financial restructuring 673,737
Restricted account disbursements 12,500,030
ZDE disbursements -
------------
Disbursements Total 20,318,555
Net Receipts (Disbursements) (15,439,465)
Ending Book Cash Balance 23,624,829
Ending Bank Balance at 5/31/08
Merrill Lynch - Main operating acct. 13,863,001
Bank of New York - Legacy operating acct. 1
Bank of New York - Overnight investment acct. 1,783,055
U.S. Bank - Subscriptions receivable acct. 38,173
Bank of New York - Advertising credit card 544,386
receivables acct.
Merrill Lynch - Payroll acct. 15,679
Merrill Lynch - Flex acct. -
Merrill Lynch - Refunds acct. 24
Merrill Lynch - Sweepstakes acct. 17,088
Merrill Lynch - Segregated acct. 8,150,478
JPMorgan Chase - Inactive 45,151
LaSalle Bank - Inactive -
U.S. Bank - Inactive 10,000
------------
Ending balance in all accounts 24,467,040
Outstanding checks (740,286)
Other reconciling items (101,925)
------------
Ending Book Balance at 4/30/08 $23,624,829
============
Ziff Davis Media Inc. submitted to the Court, on June 15, 2008,
its Summary of Cash Receipts & Disbursements for the month of
May, but did not include a report on its Balance Sheet and
Statement of Operations.
A full-text copy of Ziff Davis' Monthly Operating Report for the
month of April is available for free at:
http://bankrupt.com/misc/ZiffMayMOR.pdf
About Ziff Davis Media, Inc.
Headquartered in New York city, New York, Ziff Davis Media, Inc.
-- http://www.ziffdavis.com/-- and its affiliates are integrated
media companies serving the technology and videogame markets.
They are information services and marketing solutions providers of
technology media, including publications, Websites, conferences,
events, eSeminars, eNewsletters, custom publishing, list rentals,
research and market intelligence. Their US-based media properties
reach over 22 million people per month at work, home and play.
They operate in three segments: the Consumer Tech Group, which
includes PC Magazine and pcmag.com; the Enterprise Group, which
includes eWEEK and eweek.com, and the Game Group, which includes
Electronic Gaming Monthly and 1up.com.
The company and six debtor-affiliates filed for bankruptcy
protection on March 5, 2008 (Bankr. S.D.N.Y., Case No. 08-10768).
Carey D. Schreiber, Esq. at Winston & Strawn, LLP represents the
Debtors in their restructuring efforts. An Official Committee of
Unsecured Creditors have been appointed in the case. The Debtors'
schedules show total assets of $144,224,155 and total liabilities
of $441,406,545.
The Debtors delivered to the Court a joint chapter 11 plan of
reorganization on March 26, 2008. The Court amended the Debtor's
second amended plan on June 17, 2008. (Ziff Davis Bankruptcy
News, Issue No. 15, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstandor 215/945-7000)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Shimero R. Jainga, Ronald C. Sy, Joel Anthony G. Lopez,
Cecil R. Villacampa, Melanie C. Pador, Ludivino Q. Climaco, Jr.,
Loyda I. Nartatez, Tara Marie A. Martin, Philline P. Reluya,
Joseph Medel C. Martirez, Ma. Cristina I. Canson, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9474.
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