/raid1/www/Hosts/bankrupt/TCR_Public/080726.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, July 26, 2008, Vol. 12, No. 177
Headlines
DUNMORE HOMES: Incurs $97,678 Net Loss in Month Ended May 31, 2008
GREEKTOWN CASINO: Contract Builders Files Assets & Debts Schedule
GREEKTOWN CASINO: Holdings II Files Assets & Debts Schedule
GREEKTOWN CASINO: June 2008 Revenues Total $23 Million, Says MGCB
GREEKTOWN CASINO: Realty Equity Files Assets & Debts Schedule
GREEKTOWN CASINO: Trappers GC Files Assets & Debts Schedule
HANCOCK FABRICS: Posts $2,100,000 Net Loss in Month Ended July 5
INTERSTATE BAKERIES: Posts $4,753,907 Net Loss in May 2008
LEVITZ FURNITURE: Posts $671,000 Net Loss in June 2 - 30, 2008
LINENS N THINGS: Posts $31,052,533 Net Loss in Month Ended May 24
LINENS N THINGS: Files Schedules of Assets and Debts
LINENS N THINGS: Holding Co. Files Schedules of Assets and Debts
LINENS N THINGS: LNT Center Files Schedules of Assets and Debts
NEUMANN HOMES: Delivers May 2008 Monthly Operating Report
NEW CENTURY: Earns $776,111 in Month Ended May 31, 2008
QUEBECOR WORLD: Incurs $92,300,000 Loss in Month Ended March 29
QUEBECOR WORLD: Incurs $6,200,000 Net Loss in Month Ended May 3
QUEBECOR WORLD: Incurs $7,500,000 Net Loss in Month Ended May 31
QUEBECOR WORLD: Files Schedules of Assets and Debts
QUEBECOR WORLD: Printing (USA) Files Schedules of Assets and Debts
QUEBECOR WORLD: Printing Holding Files Schedules of Assets & Debts
REFCO LLC: Case Trustee Files May 2008 Monthly Operating Report
TOUSA INC: Reports $28,725,224 Net Loss in June 2008
TROPICANA ENT: Delivers Schedules of Assets and Debts
TROPICANA ENT: Aztar Delivers Schedules of Assets and Debts
TROPICANA ENT: Enterprises Delivers Schedules of Assets and Debts
TROPICANA ENT: Express Delivers Schedules of Assets and Debts
TROPICANA ENT: Nine Units Deliver Schedules of Assets and Debts
TROPICANA ENT: 21 Units Delivers Schedules of Assets and Debts
TWEETER HOME: Earns $495,044 in Month Ended April 30, 2008
TWEETER HOME: Posts $216,290 Net Loss in Month Ended May 31, 2008
*********
DUNMORE HOMES: Incurs $97,678 Net Loss in Month Ended May 31, 2008
------------------------------------------------------------------
Dunmore Home, Inc.
Balance Sheet
As of May 31, 2008
ASSETS
Current Assets:
Cash and cash equivalents - unrestricted $2,376,432
Cash and cash equivalents - restricted 350,000
Accounts receivable, net 583,455
-----------
Total current assets 3,309,887
Property and Equipment:
Real property 0
Machinery & equipment 0
Furniture & fixtures 0
Office equipment 0
Leasehold improvements 0
Vehicles 0
-----------
Total Property and Equipment 0
Other Assets:
Loans to shareholders 11,507,992
Deferred compensation funds 0
Other various 833,188
Investment in subs 6,438,263
-----------
Total Other Assets 18,779,443
-----------
Total Assets $22,089,330
===========
LIABILITIES & SHAREHOLDERS' DEFICIT
Postpetition Liabilities:
Salaries & wages $46,929
Accounts payable (trade) 12,461
Accrued professional fees 603,712
Current portion of long-term debt 0
-----------
Total postpetition liabilities 663,102
Prepetition Liabilities:
Secured claims 0
Priority unsecured claims 213,938
General unsecured claims 27,244,489
-----------
Total prepetition liabilities 27,458,427
Total liabilities $28,121,529
-----------
Shareholders' deficit:
Retained earnings ($1,147,744)
Capital stock 25,000
Additional paid-in capital 0
Cumulative profit (4,909,455)
-----------
Total deficit ($6,032,199)
-----------
Total liabilities and shareholders' deficit $22,089,330
===========
Dunmore Home, Inc.
Statement of Operations
For the month ended May 31, 2008
Revenues:
Rental/Leases $0
Interest 48,769
Other Income 22,810
-----------
Total revenues 71,579
Expenses:
Administrative 18,730
Interest 0
Compensation to owners/officers 86,414
Salaries 9,816
Insurance (5,625)
Depreciation 0
Employer Payroll Taxes 4,958
Other Expenses 0
Legal & Loan Fees JMP paid by Mr. Dunmore 0
-----------
Total expenses 114,293
-----------
Earnings before reorganization & income tax (42,714)
Reorganization items:
Professional fees (54,964)
Loss from sale of equipment 0
-----------
Total reorganization items (54,964)
-----------
Loss before income tax & discontinued operations (97,678)
-----------
Income tax benefit -
Loss before discontinued operations -
-----------
Discontinued operations:
Loss from discontinued operations -
-----------
Net loss ($97,678)
===========
Dunmore Home, Inc.
Statement of Cash Receipts & Disbursements
For the month ended May 31, 2008
Cash Receipts:
Cash from sale $0
Rent/leases collected 0
Other cash receipts 36,537
-----------
Total cash receipts 36,537
Cash disbursements:
Administrative 6,347
Salaries 48,767
Commissions/Royalties 18,000
Salaries/Commissions (less employee withholding) 9,816
Employer payroll taxes 4,958
Consulting fees 0
Other 0
Warranty work 0
Legal & professional fees 537,363
-----------
Total cash disbursements 625,251
Net decrease in cash (588,714)
Cash balance, beginning of period 2,963,154
-----------
Cash balance, end of period $2,374,440
===========
About Dunmore Homes
Based in Granite Bay, California, Dunmore Homes Inc. is a
privately-owned homebuilder. The company filed for Chapter 11
protection on Nov. 8, 2007 (Bankr. S.D.N.Y. Case No. 07-13533).
Maria A. Bove, Esq., and Debra I. Grassgreen, Esq., at Pachulski
Stang Ziehl & Jones LLP, represent the Debtor in its restructuring
efforts. The Official Committee of Unsecured Creditors has
selected Morrison & Foerster LLP as its counsel in this bankruptcy
proceeding.
In January 2008, the U.S. Bankruptcy Court for the Southern
District of New York ordered the transfer of Debtor's Chapter 11
case to the U.S. Bankruptcy Court for the Eastern District of
California, Sacramento Division. The Debtor filed its plan of
liquidation and an accompanying disclosure statement on March 21,
2008.
The Debtor disclosed $20,743,147 in total assets and $250,252,312
in total debts in its schedules of assets and liabilities filed
with the Court.
(Dunmore Bankruptcy News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
GREEKTOWN CASINO: Contract Builders Files Assets & Debts Schedule
-----------------------------------------------------------------
Contract Builders Corp., a debtor-affiliate of Greektown Casino
Inc., delivered to the U.S. Bankruptcy Court for the Eastern
District of Michigan its schedule of assets and liabilities,
disclosing:
A. Real Property
Parking Lot at 400 E. Lafayette $3,279,386
B. Personal Property
B.1 Cash on hand 0
B.2 Financial Accounts 0
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 or profit sharing plans 0
B.13 Stock & Interests 0
B.14 Interests in partnerships or joint ventures 0
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable
due from Greektown Casino 120,000
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor 0
B.19 Other equitable interests 0
B.20 Contingent and noncontingent interests 0
B.21 Contingent and unliquidated claims 0
B.22 Intellectual property 0
B.23 Licenses & franchises 0
B.24 Lists containing personally identifiable
information 0
B.25 Vehicles & accessories 0
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies 0
B.29 Machinery, supplies, equipment, supplies 0
B.30 Inventory 0
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
TOTAL SCHEDULED ASSETS $3,399,386
=========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Merrill Lynch Capital Corporation $264,572,021
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Nonpriority Claims 0
TOTAL SCHEDULED LIABILITIES $264,572,021
=========================================================
About Greektown Casino
Based in Detroit, Michigan, Greektown Holdings, LLC and its
affiliates -- http://www.greektowncasino.com/-- operate world-
class casino gaming facilities located in Detroit's historic
Greektown district featuring over 75,000 square feet of casino
gaming space with more than 2,400 slot machines, over 70 tables
games, a 12,500-square foot salon dedicated to high limit gaming
and the largest live poker room in the metropolitan Detroit gaming
market.
Greektown Casino employs approximately 1,971 employees, and
estimates that it attracts over 15,800 patrons each day, many of
whom make regular visits to its casino complex and related
properties. In 2007, Greektown Casino achieved a 25.6% market
share of the metropolitan Detroit gaming market. Greektown Casino
has also been rated as the "Best Casino in Michigan" and "Best
Casino in Detroit" numerous times in annual readers' polls in
Detroit's two largest newspapers.
The company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan
D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts. Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel. The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC serves as the Debtors' claims, noticing, and
balloting agent.
When the Debtor filed for protection from its creditors, it listed
consolidated estimated assets and debts of $100 million to $500
million. (Greektown Casino Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
GREEKTOWN CASINO: Holdings II Files Assets & Debts Schedule
-----------------------------------------------------------
Greektown Holdings II Inc., a debtor-affiliate of Greektown Casino
Inc., delivered to the U.S. Bankruptcy Court for the Eastern
District of Michigan its schedule of assets and liabilities
disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 0
B.2 Financial Accounts 0
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 or profit sharing plans 0
B.13 Stock & Interests 0
B.14 Interests in partnerships or joint ventures 0
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable 0
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor 0
B.19 Other equitable interests 0
B.20 Contingent and noncontingent interests 0
B.21 Contingent and unliquidated claims 0
B.22 Intellectual property 0
B.23 Licenses & franchises 0
B.24 Lists containing personally identifiable
information 0
B.25 Vehicles & accessories 0
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies 0
B.29 Machinery, supplies, equipment, supplies 0
B.30 Inventory 0
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
TOTAL SCHEDULED ASSETS $0
=========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Merrill Lynch Capital Corporation $264,572,021
Merrill Lynch Capital Corporation 2,108,079
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims 0
TOTAL SCHEDULED LIABILITIES $266,680,100
=========================================================
About Greektown Casino
Based in Detroit, Michigan, Greektown Holdings, LLC and its
affiliates -- http://www.greektowncasino.com/-- operate world-
class casino gaming facilities located in Detroit's historic
Greektown district featuring over 75,000 square feet of casino
gaming space with more than 2,400 slot machines, over 70 tables
games, a 12,500-square foot salon dedicated to high limit gaming
and the largest live poker room in the metropolitan Detroit gaming
market.
Greektown Casino employs approximately 1,971 employees, and
estimates that it attracts over 15,800 patrons each day, many of
whom make regular visits to its casino complex and related
properties. In 2007, Greektown Casino achieved a 25.6% market
share of the metropolitan Detroit gaming market. Greektown Casino
has also been rated as the "Best Casino in Michigan" and "Best
Casino in Detroit" numerous times in annual readers' polls in
Detroit's two largest newspapers.
The company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan
D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts. Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel. The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC serves as the Debtors' claims, noticing, and
balloting agent.
When the Debtor filed for protection from its creditors, it listed
consolidated estimated assets and debts of $100 million to $500
million. (Greektown Casino Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
GREEKTOWN CASINO: June 2008 Revenues Total $23 Million, Says MGCB
-----------------------------------------------------------------
The Michigan Gaming Control Board stated in its Web site that
Greektown Casino's aggregated revenues for June 2008 is
$23,227,140, about 18.47% down in comparison revenues for the
same period a year ago.
The Gaming Board also summarized Greektown Casino's revenue for
the past six months:
Greektown Casino Greektown Casino
Total Adjusted Revenue State Wagering Tax
---------------------- ------------------
January 2008 $27,534,937.58 $3,331,727.45
February 2008 $26,999,351.20 $3,266,921.50
March 2008 $32,230,050.35 $3,899,836.09
April 2008 $28,572,470.64 $3,457,268.95
May 2008 $28,131,129.20 $3,403,866.63
June 2008 $23,227,140.19 $2,810,483.96
The company filed for bankruptcy protection May 29, 2008.
Greektown spokesman Roger Martin said customers might have
assumed that Greektown Casino closed for business after it filed
for bankruptcy, according to Free Press. "The fact is we have
remained open for business as usual, winners are getting paid
without delay, and we urge people to come on down because the
action and fun continue," Free Press quoted Mr. Martin as saying.
The Gaming Board also released the June 2008 revenues of two
other Detroit casinos -- MGM Grand Detroit and MotorCity Casino.
The Board notes that MGM Grand Detroit earned about $48 million
in June 2008, a increase of roughly $10 million from its revenues
for the same period last year. MotorCity Casino has $38 million
in revenues in June 2008, a 10% decrease from its revenues for
the same period a year ago.
The Board adds that gaming taxes for the three Detroit casinos
were $9.8 million in comparison to $13.23 million for the same
period last year. The decrease in Michigan's gaming tax revenue
is due to the tax rollback approved for MGM Grand and MotorCity
casinos.
A summary of Detroit Casino's revenues for June 2008 and
corresponding gaming taxes, as posted in the MGCB Web site, is
available for free at http://ResearchArchives.com/t/s?2fb5
About Greektown Casino
Based in Detroit, Michigan, Greektown Holdings, LLC and its
affiliates -- http://www.greektowncasino.com/-- operate world-
class casino gaming facilities located in Detroit's historic
Greektown district featuring over 75,000 square feet of casino
gaming space with more than 2,400 slot machines, over 70 tables
games, a 12,500-square foot salon dedicated to high limit gaming
and the largest live poker room in the metropolitan Detroit gaming
market.
Greektown Casino employs approximately 1,971 employees, and
estimates that it attracts over 15,800 patrons each day, many of
whom make regular visits to its casino complex and related
properties. In 2007, Greektown Casino achieved a 25.6% market
share of the metropolitan Detroit gaming market. Greektown Casino
has also been rated as the "Best Casino in Michigan" and "Best
Casino in Detroit" numerous times in annual readers' polls in
Detroit's two largest newspapers.
The company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan
D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts. Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel. The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC serves as the Debtors' claims, noticing, and
balloting agent.
When the Debtor filed for protection from its creditors, it listed
consolidated estimated assets and debts of $100 million to $500
million. (Greektown Casino Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
GREEKTOWN CASINO: Realty Equity Files Assets & Debts Schedule
-------------------------------------------------------------
Realty Equity Company, Inc., a debtor-affiliate of Greektown
Casino Inc., delivered to the U.S. Bankruptcy Court for the
Eastern District of Michigan its schedule of assets and
liabilities, disclosing:
A. Real Property
Parking Lot at 422 East Lafayette,
Detroit, Michigan $2,350,602
B. Personal Property
B.1 Cash on hand 0
B.2 Financial Accounts 0
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 or profit sharing plans 0
B.13 Stock & Interests 0
B.14 Interests in partnerships or joint ventures 0
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable 0
Greektown Casino, LLC 144,000
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor 0
B.19 Other equitable interests 0
B.20 Contingent and noncontingent interests 0
B.21 Contingent and unliquidated claims 0
B.22 Intellectual property 0
B.23 Licenses & franchises 0
B.24 Lists containing personally identifiable
information 0
B.25 Vehicles & accessories 0
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies 0
B.29 Machinery, supplies, equipment, supplies 0
B.30 Inventory 0
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
Miscellaneous 5,965
TOTAL SCHEDULED ASSETS $2,500,567
=========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Merrill Lynch Capital Corporation $264,572,021
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Nonpriority Claims 0
TOTAL SCHEDULED LIABILITIES $264,572,021
=========================================================
About Greektown Casino
Based in Detroit, Michigan, Greektown Holdings, LLC and its
affiliates -- http://www.greektowncasino.com/-- operate world-
class casino gaming facilities located in Detroit's historic
Greektown district featuring over 75,000 square feet of casino
gaming space with more than 2,400 slot machines, over 70 tables
games, a 12,500-square foot salon dedicated to high limit gaming
and the largest live poker room in the metropolitan Detroit gaming
market.
Greektown Casino employs approximately 1,971 employees, and
estimates that it attracts over 15,800 patrons each day, many of
whom make regular visits to its casino complex and related
properties. In 2007, Greektown Casino achieved a 25.6% market
share of the metropolitan Detroit gaming market. Greektown Casino
has also been rated as the "Best Casino in Michigan" and "Best
Casino in Detroit" numerous times in annual readers' polls in
Detroit's two largest newspapers.
The company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan
D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts. Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel. The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC serves as the Debtors' claims, noticing, and
balloting agent.
When the Debtor filed for protection from its creditors, it listed
consolidated estimated assets and debts of $100 million to $500
million. (Greektown Casino Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
GREEKTOWN CASINO: Trappers GC Files Assets & Debts Schedule
-----------------------------------------------------------
Trappers GC Partners LLC, a debtor-affiliate of Greektown Casino
Inc., delivered to the U.S. Bankruptcy Court for the Eastern
District of Michigan its schedule of assets and liabilities,
disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 0
B.2 Financial Accounts 0
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 or profit sharing plans 0
B.13 Stock & Interests 0
B.14 Interests in partnerships or joint ventures 0
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable 0
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor 0
B.19 Other equitable interests 0
B.20 Contingent and noncontingent interests 0
B.21 Contingent and unliquidated claims 0
B.22 Intellectual property 0
B.23 Licenses & franchises 0
B.24 Lists containing personally identifiable
information 0
B.25 Vehicles & accessories 0
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies 0
B.29 Machinery, supplies, equipment, supplies 0
B.30 Inventory 0
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
TOTAL SCHEDULED ASSETS $0
=========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Merrill Lynch Capital Corporation $264,572,021
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims 0
TOTAL SCHEDULED LIABILITIES $264,572,021
=========================================================
About Greektown Casino
Based in Detroit, Michigan, Greektown Holdings, LLC and its
affiliates -- http://www.greektowncasino.com/-- operate world-
class casino gaming facilities located in Detroit's historic
Greektown district featuring over 75,000 square feet of casino
gaming space with more than 2,400 slot machines, over 70 tables
games, a 12,500-square foot salon dedicated to high limit gaming
and the largest live poker room in the metropolitan Detroit gaming
market.
Greektown Casino employs approximately 1,971 employees, and
estimates that it attracts over 15,800 patrons each day, many of
whom make regular visits to its casino complex and related
properties. In 2007, Greektown Casino achieved a 25.6% market
share of the metropolitan Detroit gaming market. Greektown Casino
has also been rated as the "Best Casino in Michigan" and "Best
Casino in Detroit" numerous times in annual readers' polls in
Detroit's two largest newspapers.
The company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan
D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts. Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel. The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC serves as the Debtors' claims, noticing, and
balloting agent.
When the Debtor filed for protection from its creditors, it listed
consolidated estimated assets and debts of $100 million to $500
million. (Greektown Casino Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
HANCOCK FABRICS: Posts $2,100,000 Net Loss in Month Ended July 5
----------------------------------------------------------------
Hancock Fabrics, Inc. and Subsidiaries
Consolidated Balance Sheet
As of July 5, 2008
ASSETS
Current assets:
Cash and cash equivalents $4,055,000
Receivables, less allowance for
doubtful accounts 4,364,000
Inventories 80,175,000
Income taxes refundable 8,118,000
Prepaid expenses 2,646,000
------------
Total current assets 99,358,000
Property and equipment 45,168,000
Other assets 10,966,000
------------
Total Assets $155,492,000
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities not subject to compromise:
Accounts payable $16,656,000
Credit facility; DIP financing 47,272,000
Accrued liabilities 14,148,000
Postretirement benefits other than pensions 524,000
Pension and SERP liabilities 484,000
Other liabilities 2,960,000
Liabilities subject to compromise:
Accounts payable 26,868,000
Accrued liabilities 5,260,000
Income taxes payable 1,500,000
Capital lease obligations 3,334,000
Postretirement benefits other than pensions 8,414,000
Pension and SERP liabilities 5,007,000
Other liabilities 6,261,000
------------
Total Liabilities 138,688,000
Total Shareholders' Equity 16,804,000
------------
Total liabilities and shareholders' equity $155,492,000
============
Hancock Fabrics, Inc., and Subsidiaries
Consolidated Statement of Operations
For the Month Ended July 5, 2008
Sales $24,048,000
Cost of goods sold 14,192,000
-----------
Gross profit 9,856,000
Selling, general & admin. expense 10,204,000
Depreciation and amortization 427,000
-----------
Operating income (loss) (775,000)
Reorganization expenses 941,000
Interest expense, net 384,000
-----------
Earnings (loss) before income taxes (2,100,000)
Income taxes 0
-----------
Net earnings (loss) ($2,100,000)
===========
Hancock Fabrics, Inc., and Subsidiaries
Consolidated Statement of Cash Flow
For the Month Ended July 5, 2008
Cash flows from operating activities:
Net earnings ($2,100,000)
Adjustments to reconcile net
earnings to cash flows used in
operating activities:
Depreciation and amortization 608,000
Amortization of deferred loan costs 3,000
LIFO charge (credit) 250,000
Reserve for store closings credits (1,077,000)
Loss (gain) on disposition of property and
equipment (1,000)
Stock compensation expense (29,000)
Reorganization expense, net 941,000
(Increase) decrease in assets:
Receivables and prepaid expenses (310,000)
Inventory at current cost (92,000)
Other non-current assets 24,000
Increase (decrease) in liabilities:
Accounts payable (2,085,000)
Accrued liabilities 1,904,000
Postretirement benefits other than pensions (31,000)
Long-term pension and SERP liabilities 89,000
Other liabilities (125,000)
---------
Net cash used in operating activities before
reorganization activities (2,031,000)
Net cash used for reorganization activities (1,145,000)
---------
Net cash used in operating activities (3,176,000)
---------
Cash flows from investing activities:
Additions to property and equipment (1,266,000)
Proceeds from the disposition of property and
equipment 23,000
---------
Net cash used in investing activities (1,243,000)
Cash flows from financing activities:
Net borrowings on DIP credit facility 6,155,000
Payments for capital leases (6,000)
Purchase of treasury stock (22,000)
---------
Net cash provided by financing activities 6,127,000
---------
Decrease in cash and cash equivalents 1,708,000
Cash, beginning of period 2,347,000
---------
Cash, end of period $4,055,000
==========
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. The U.S. Trustee for Region 3
appointed five creditors to serve on an Official Committee of
Unsecured Creditors.
The Court confirmed the Debtors' joint consolidated plan of
reorganization on July 22, 2008. (Hancock Fabric Bankruptcy News,
Issue No. 38, Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).
INTERSTATE BAKERIES: Posts $4,753,907 Net Loss in May 2008
----------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended May 31, 2008
REVENUE
Gross Income $222,831,209
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 70,531,136
Direct & Indirect Labor 33,637,436
Overhead & Production Administration 11,601,484
------------
Total Cost of Goods Sold 115,770,056
------------
Gross Profit 107,061,153
------------
OPERATING EXPENSES
Owner-Draws/Salaries 0
Selling & Delivery Employee Salaries 49,557,343
Advertising and Marketing (1,036,453)
Insurance (Property, Casualty, & Medical) 6,464,857
Payroll Taxes 4,303,733
Lease and Rent 2,809,683
Telephone and Utilities 1,021,595
Corporate Expense (Including Salaries) 6,621,022
Other Expenses 28,057,259
------------
Total Operating Expenses 97,799,039
------------
EBITDA 9,262,114
Restructuring & Reorganization Charges (3,481,945)
Depreciation and Amortization 5,365,102
Abandonment 638,691
Property & Equipment Impairment 208,029
Other(Income)/Expense (53,209)
Gain/Loss Sale of Property 0
Interest Expense 4,511,263
------------
Operating Income (Loss) 2,074,183
Income Tax Expense (Benefit) (2,679,724)
------------
NET Income (Loss) $4,753,907
============
CURRENT ASSETS
Accounts Receivable at end of period $136,627,158
Increase (Dec.) in Accounts Receivable (2,850,874)
Inventory at end of period 61,837,237
Increase (Decrease) in Inventory for period 181,057
Cash at end of period 25,071,694
Increase (Decrease) in Cash for period 4,675,009
Restricted Cash 21,051,821
Increase (Dec.) in Restricted Cash for period 34,154
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise (14,211,677)
Increase (Decrease) in Liabilities
Subject to Compromise 1,925,896
Taxes payable:
Federal Payroll Taxes 4,157,730
State/Local Payroll Taxes 1,199,739
State Sales Taxes 830,423
Real Estate and Personal Property Taxes 6,698,515
Other 2,844,213
------------
Total Taxes Payable $15,730,620
============
About Interstate Bakeries
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh-baked
bread and sweet goods, under various national brand names,
including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and
Drake's(R). Currently, IBC employs more than 25,000 people and
operates 45 bakeries, as well as approximately 800 distribution
centers and approximately 800 bakery outlets throughout the
country.
The company and eight of its subsidiaries and affiliates filed for
chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No.
04 45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors
in their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6% senior subordinated convertible notes due Aug. 15, 2014) in
total debts. The Debtors' filed their Chapter 11 Plan and
Disclosure Statement on Nov. 5, 2007. Their exclusive period to
file a chapter 11 plan expired on November 8. On Jan. 25, 2008,
the Debtors filed their First Amended Plan and Disclosure
Statement. On Jan. 30, 2008, the Debtors received Court approval
of the First Amended Disclosure Statement.
IBC confirmed that it has not received any qualifying alternative
proposals for funding its plan of reorganization in accordance
with the Court-approved alternative proposal procedures. As a
result, no auction was held on Jan. 22, 2008, as would have been
required under those procedures. The deadline for submission of
alternative proposals was Jan. 15, 2008. A new plan filing
deadline was set for June 30, 2008; no plan was filed as of that
date.
(Interstate Bakeries Bankruptcy News, Issue No. 103; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
LEVITZ FURNITURE: Posts $671,000 Net Loss in June 2 - 30, 2008
--------------------------------------------------------------
PLVTZ, Inc.
Balance Sheet
As of June 30, 2008
ASSETS
Current Assets
Cash $217,000
Accounts receivable, net 614,000
------------
Total current assets 831,000
Other assets 3,966,000
------------
TOTAL ASSETS $4,797,000
============
Liabilities and Shareholders' Equity
Liabilities Not Subject to Compromise
Current Liabilities:
Accounts payable trade $4,022,000
Accrued expenses 846,000
Customer Deposits 945,000
------------
Total current liabilities 5,813,000
Liabilities Subject to Compromise
Term loan B 20,715,000
Trade and other miscellaneous claims 44,859,000
Customer Deposit 2,398,000
------------
Total $67,972,000
TOTAL LIABILITIES 73,785,000
------------
Shareholder's (deficit):
Preferred stock 47,000,000
Class A Common stock 139,030,000
Class B Common stock 10,000,000
Retained (deficit) (265,018,000)
------------
Shareholder's deficit (68,988,000)
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $4,797,000
============
PLVTZ, Inc.
Statement of Operations
For the period June 2 to 30, 2008
Selling, operating and administrative Expenses $671,000
Reorganization costs 0
------------
Net Loss $671,000
============
PLVTZ, Inc.
Statement of Cash Flows
For the period June 2 to 30, 2008
Cash flows used in operating activities:
Cash received/adjustment $617,000
Cash received from Sales Agent -
Cash paid to suppliers and employees (1,092,000)
------------
Net cash used in operating activities (475,000)
------------
Net decrease in cash and cash equivalents (475,000)
Cash and cash equivalents at beginning of month 691,000
------------
Cash and cash equivalents at end of month $216,000
============
PLVTZ' monthly operating report states that the company has
$813,000 in total current assets. Actual computation, however,
shows that the total current assets is $831,000.
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. 42; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
LINENS N THINGS: Posts $31,052,533 Net Loss in Month Ended May 24
-----------------------------------------------------------------
Linens Holding Co., et al
Balance Sheet
As of May 24, 2008
Assets
Current Assets
Cash $22,468,637
Accounts receivable, net 38,998,793
Inventory 664,036,507
Prepaid expenses 13,679,592
-------------
Total Current Assets 739,183,529
Property & Equipment
Building 5,010,000
Furniture & fixtures 292,277,603
Hardware 14,866,273
Leasehold improvements 207,249,536
Land 1,030,400
Software 8,911,489
Less: accumulated depreciation (219,787,173)
-------------
Total Property & Equipment 309,558,128
Other Assets
Identifiable intangible 137,767,544
Goodwill 253,159,671
Other non-current assets 39,707,699
-------------
Total other assets 430,634,914
-------------
Total Assets $1,479,376,571
=============
Liabilities and Shareholders' Equity
Liabilities not subject to compromise
Current liabilities
Merchandise accounts payable $19,016,209
Merchandise accruals, refunds & allowances (4,763,650)
Due to customers 35,524,793
Salaries and wages 7,969,677
Taxes, non-franchise and income tax 18,521,311
Workers compensation 386,762
Current retirement plans 97,250
Rent -
General liability claims 250,941
Accrued auto claims & uninsured losses 8,514
Other accrued liabilities 28,513,885
-------------
Total Current Liabilities 105,525,690
Long Term Liabilities
Long-term borrowings 300,135,273
Non-current deferred income -
Other liabilities 338,540
-------------
Total long term liabilities 300,473,813
-------------
Total liabilities not subject to compromise 405,999,503
Liabilities subject to compromise
L/T senior secured note 668,914,007
Unsecured claims 229,970,648
Priority claims (37,265)
Other accruals and reserves 137,218,318
-------------
Total Liabilities Subject to Compromise 1,036,065,708
-------------
Total Liabilities 1,442,065,211
Shareholders' Equity
Common stock 130,130
Additional paid-in capital 600,698,709
Retained earnings - prepetition (536,191,697)
Retained earnings - postpetition (31,052,514)
Currency gain/loss 3,726,732
-------------
Net shareholders' equity 37,311,360
-------------
Total Liabilities and Shareholders' Equity $1,479,376,571
=============
Linens Holding Co., et al
Balance Sheet
For the month ending May 24, 2008
Gross revenues $117,930,839
Rebates and returns (299,825)
Cost of goods sold (58,547,899)
-------------
Initial Mark On (IMO) 59,083,115
Markdowns 14,333,026
Gross allowances (2,072,823)
Deferred allowances (8,046,146)
-------------
Total markdowns - net 4,214,057
-------------
Merchant margin 54,869,058
Supply chain expenses (4,186,856)
Buying, product development, shrink (3,274,746)
-------------
Gross profit 47,407,456
Store payroll expense (14,478,085)
Other store selling expenses (4,103,858)
-------------
Total selling expense (18,581,943)
-------------
Margin after selling expenses 28,825,513
Occupancy (38,533,866)
Sales promotions (4,011,389)
Other store expenses (318,132)
Store closing expense -
Supervisory/Other (858,454)
-------------
Total store expenses (43,721,841)
-------------
Store contribution (14,896,328)
Administrative salaries (1,673,713)
Other administrative expenses (1,940,956)
Other income/(expense) 312,636
Interest (12,396,633)
Taxes (225,968)
-------------
Total General & Administrative (15,924,634)
-------------
Reorganization Items (231,571)
-------------
Net Earnings [Loss] ($31,052,533)
=============
Linens Holding Co., et al
Schedule of Cash Receipts and Disbursements
For the month ending May 24, 2008***
Cash Receipts:
Sales receipts $157,021
Other receipts, i.e. tenant allow. 2,123
Store closure proceeds -
-------------
Total receipts 159,145
Cash Disbursements:
Trade payments:
A/P - Merchandise 14,759
Rollover A/P - Prepaid -
A/P - LC's & Trade Card 6,596
A/P - LAPP -
-------------
Total trade payments 21,355
Operating Expenses:
Payroll, payroll taxes & benefits 32,478
Rent checks and wires 3,197
Marketing 3,475
Capital expenditures -
Freight 7,362
Sales tax payable 10,984
Other (Import duties, misc. CC fees) 10,812
Administrative & selling expenses -
-------------
Total operating expenses 68,308
Non-Operating Expenses:
DIP & revolver interest & fees 1,052
Other Interest Expense / (Income) -
-------------
Total non-pperating expenses 1,052
-------------
Net operating cash flow 68,429
Bankruptcy Expenses:
DIP fees & expenses 14,000
Deposits for utilities -
Professional fees 1,911
-------------
Total Bankruptcy Expenses 15,911
-------------
Net Cash Flows 52,518
-------------
Draw / (Paydown) of DIP Facility (62,979)
-------------
Net Change in Cash ($10,461)
=============
*** Includes the five-day period prior to the Petition Date,
i.e., the period April 27 to May 1, 2008.
About Linen N' Things
Clifton, New Jersey-based Linens 'n Things, Inc. --
http://www.lnt.com/-- is the second largest specialty retailer
of home textiles, housewares and home accessories in North America
operating 589 stores in 47 U.S. states and seven Canadian
provinces as of Dec. 29, 2007. The company is a destination
retailer, offering one of the broadest and deepest selections of
high quality brand-name as well as private label home furnishings
merchandise in the industry. Linens 'n Things has some 585
superstores (33,000 sq. ft. and larger), emphasizing low-priced,
brand-name merchandise, in more than 45 states and about seven
Canadian provinces. Brands include Braun, Krups, Calphalon,
Laura Ashley, Croscill, Waverly, and the company's own label.
Linens 'n Things was acquired by private equity firm Apollo
Management in 2006.
On May 2, 2008, Linens entities filed chapter 11 petition (Bankr.
D. Del.). The Debtors are Linens Holding Co. (08-10832), Linens
'n Things, Inc. (08-10833), Linens 'n Things Center, Inc.
(08-10834), Bloomington, MN., L.T., Inc. (08-10835), Vendor
Finance, LLC (08-10836), LNT, Inc. (08-10837), LNT Services, Inc.
(08-10838), LNT Leasing II, LLC (08-10839), LNT West, Inc.
(08-10840), LNT Virginia LLC (08-10841), LNT Merchandising Company
LLC (08-10842), LNT Leasing III, LLC (08-10843), and Citadel LNT,
LLC (08-10844). Judge Christopher S. Sontchi presides over the
case.
The Debtors' bankruptcy counsels are Mark D. Collins, Esq., John
H. Knight, Esq., Michael J. Merchant, Esq., and Jason M. Madron,
Esq., at Richards, Layton & Finger, P.A. The Debtor's special
corporate counsels are Holland N. O'Neil, Esq., Ronald M.
Gaswirth, Esq., Stephen A. McCartin, Esq., Randall G. Ray, Esq.,
and Michael S. Haynes, Esq., at Gardere Wynne Sewell LLP; and
Howard S. Beltzer, Esq., and Wendy S. Walker, Esq., at Morgan,
Lewis & Bockius LLP. The Debtors' restructuring management
services provider is Conway, Del Genio, Gries & Co., LLC. The
Debtors' CRO/Interim CEO is Michael F. Gries, co-founder of
Conway Del Genio Gries & Co., LLC. The Debtors' claims agent is
Kurtzman Carson Consultants LLC. The Debtors' consultants are
Asset Disposition Advisors, LLC, and Protiviti, Inc. Their
investment bankers are Financo, Inc. and Genuity Capital Markets.
The Official Committee of Unsecured Creditors is represented by
Cole, Schotz, Meisel, Forman & Leonard, P.A. Carl Marks Advisory
Group LLC serves as financial advisor to the Creditors' Committee.
A Noteholder Committee has been formed and is represented by
Kasowitz, Benson, Torres & Friedman LLP, and Pachulski Stang Ziehl
& Jones.
(Bankruptcy News About Linens 'n Things, Issue No. 13; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
LINENS N THINGS: Files Schedules of Assets and Debts
----------------------------------------------------
Linens 'N Things Inc. filed its schedules of assets and
liabilities, showing:
A - Real Property None
B - Personal Property
B.1 Cash on Hand
Clackamas $1,900
Rohnert Park 1,800
La Mesa 1,700
Pembroke Pines 1,600
B.2 Bank Accounts
Bank of the Cascades 628,366
Bank of America 130,410
Citizens Bank 106,944
Others 50,386
B.3 Security Deposits
City of Pembroke Pines 640
B.4 Household goods -
B.13 Stock and Interests
100% interest in LNT Center, Inc. Unknown
B.16 Accounts Receivable
Subtenants 76,048
VISA/Master Card 37,560
American Express 16,620
Others 24,947
B.18 Other Liquidated Debts Owing Debtor
Prepaid Director's Fees 60,714
Prepaid Supplies 18,780
B.20 Interests in estate death benefit plan
Interest in $4.1MM of insurance proceeds Unknown
B.23 Licenses, franchises & other intangibles
Gift card customer relationships Unknown
Favorable lease - La Mesa 65,394
Favorable lease - Clackamas 51,170
B.28 Office Equipment, furnishings & supplies
Hardware 33,907
Software 10,072
B.29 Equipment and Supplies for Business
Leasehold improvements 946,333
Furnishings and fixtures 910,487
B.30 Inventory
Fashion bedding 448,988
Sheets 447,353
Cookware 375,400
Kitchen electrics 339,427
Towels 307,385
Window 299,749
Electrics 265,576
Pillows and pads 202,369
Duvets 175,936
Furniture 170,546
Decorative bath 168,357
Cooking accessories 164,816
Storage and organization 151,986
Candles/Home fragrance 148,487
Alt bedding 143,378
Window - hardware 140,672
Tablelinens and placemats 127,284
Functional bath 125,621
Nate Berkus 114,126
Wall decor 113,457
Vacuums and irons 113,383
Throws, toss & furniture covers 112,199
Tabletop, dinner/serveware 105,316
Markdown at stores (599,102)
Others 1,066,380
TOTAL SCHEDULED ASSETS $8,404,867
==========================================================
C - Property Claimed -
D - Creditors Holding Secured Claims
GECC - interest $362,477,062
GECC - accrued interest 996,754
The Bank of New York Mellon 668,914,007
E - Creditors Holding Unsecured Priority Claims
Various employees - wages and salaries 67,010
Various employees - accrued vacation 36,837
Contribution to employee benefit plans 991
Taxes/Debts owed to Governmental units 216,773
F - Creditors Holding Unsecured Nonpriority Claims
Linens 'N Things Canada 47,786,196
Others 1,290,840
TOTAL SCHEDULED LIABILITIES $1,081,786,470
==========================================================
Linens 'N Things has secured a $700 million debtor-in-possession
financing from General Electric Capital Corp. The company plans
to be out of chapter 11 by the end of the year, on this timetable:
09/14/2008 DIP Facility Deadline for Filing a Chapter 11 Plan
10/14/2008 DIP Facility Deadline for Disclosure Statement
Approval
11/18/2008 DIP Facility Deadline for Soliciting Votes on Plan
11/28/2008 DIP Facility Deadline for Entry of a Confirmation
Order
About Linen N' Things
Clifton, New Jersey-based Linens 'n Things, Inc. --
http://www.lnt.com/-- is the second largest specialty retailer
of home textiles, housewares and home accessories in North America
operating 589 stores in 47 U.S. states and seven Canadian
provinces as of Dec. 29, 2007. The company is a destination
retailer, offering one of the broadest and deepest selections of
high quality brand-name as well as private label home furnishings
merchandise in the industry. Linens 'n Things has some 585
superstores (33,000 sq. ft. and larger), emphasizing low-priced,
brand-name merchandise, in more than 45 states and about seven
Canadian provinces. Brands include Braun, Krups, Calphalon,
Laura Ashley, Croscill, Waverly, and the company's own label.
Linens 'n Things was acquired by private equity firm Apollo
Management in 2006.
On May 2, 2008, Linens entities filed chapter 11 petition (Bankr.
D. Del.). The Debtors are Linens Holding Co. (08-10832), Linens
'n Things, Inc. (08-10833), Linens 'n Things Center, Inc.
(08-10834), Bloomington, MN., L.T., Inc. (08-10835), Vendor
Finance, LLC (08-10836), LNT, Inc. (08-10837), LNT Services, Inc.
(08-10838), LNT Leasing II, LLC (08-10839), LNT West, Inc.
(08-10840), LNT Virginia LLC (08-10841), LNT Merchandising Company
LLC (08-10842), LNT Leasing III, LLC (08-10843), and Citadel LNT,
LLC (08-10844). Judge Christopher S. Sontchi presides over the
case.
The Debtors' bankruptcy counsels are Mark D. Collins, Esq., John
H. Knight, Esq., Michael J. Merchant, Esq., and Jason M. Madron,
Esq., at Richards, Layton & Finger, P.A. The Debtor's special
corporate counsels are Holland N. O'Neil, Esq., Ronald M.
Gaswirth, Esq., Stephen A. McCartin, Esq., Randall G. Ray, Esq.,
and Michael S. Haynes, Esq., at Gardere Wynne Sewell LLP; and
Howard S. Beltzer, Esq., and Wendy S. Walker, Esq., at Morgan,
Lewis & Bockius LLP. The Debtors' restructuring management
services provider is Conway, Del Genio, Gries & Co., LLC. The
Debtors' CRO/Interim CEO is Michael F. Gries, co-founder of
Conway Del Genio Gries & Co., LLC. The Debtors' claims agent is
Kurtzman Carson Consultants LLC. The Debtors' consultants are
Asset Disposition Advisors, LLC, and Protiviti, Inc. Their
investment bankers are Financo, Inc. and Genuity Capital Markets.
The Official Committee of Unsecured Creditors is represented by
Cole, Schotz, Meisel, Forman & Leonard, P.A. Carl Marks Advisory
Group LLC serves as financial advisor to the Creditors' Committee.
A Noteholder Committee has been formed and is represented by
Kasowitz, Benson, Torres & Friedman LLP, and Pachulski Stang Ziehl
& Jones.
(Bankruptcy News About Linens 'n Things, Issue No. 13; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
LINENS N THINGS: Holding Co. Files Schedules of Assets and Debts
----------------------------------------------------------------
Linens 'N Things Holding Co. filed its schedules of assets and
liabilities, showing:
A - Real Property None
B - Personal Property
B.13 Stock and Interests
100% interest in Linens 'n Things, Inc. Unknown
B.18 Other Liquidated Debts Owing Debtor
Federal Income Tax Refund $723,835
TOTAL SCHEDULED ASSETS $723,835
==========================================================
C - Property Claimed None
D - Creditors Holding Secured Claims None
E - Creditors Holding Unsecured Priority Claims None
F - Creditors Holding Unsecured Nonpriority Claims
General Product International Ltd. Unknown
John and Mary Long Unknown
Sunham Home Fashions Unknown
TOTAL SCHEDULED LIABILITIES -
==========================================================
Linens 'N Things has secured a $700 million debtor-in-possession
financing from General Electric Capital Corp. The company plans
to be out of chapter 11 by the end of the year, on this timetable:
09/14/2008 DIP Facility Deadline for Filing a Chapter 11 Plan
10/14/2008 DIP Facility Deadline for Disclosure Statement
Approval
11/18/2008 DIP Facility Deadline for Soliciting Votes on Plan
11/28/2008 DIP Facility Deadline for Entry of a Confirmation
Order
About Linen N' Things
Clifton, New Jersey-based Linens 'n Things, Inc. --
http://www.lnt.com/-- is the second largest specialty retailer
of home textiles, housewares and home accessories in North America
operating 589 stores in 47 U.S. states and seven Canadian
provinces as of Dec. 29, 2007. The company is a destination
retailer, offering one of the broadest and deepest selections of
high quality brand-name as well as private label home furnishings
merchandise in the industry. Linens 'n Things has some 585
superstores (33,000 sq. ft. and larger), emphasizing low-priced,
brand-name merchandise, in more than 45 states and about seven
Canadian provinces. Brands include Braun, Krups, Calphalon,
Laura Ashley, Croscill, Waverly, and the company's own label.
Linens 'n Things was acquired by private equity firm Apollo
Management in 2006.
On May 2, 2008, Linens entities filed chapter 11 petition (Bankr.
D. Del.). The Debtors are Linens Holding Co. (08-10832), Linens
'n Things, Inc. (08-10833), Linens 'n Things Center, Inc.
(08-10834), Bloomington, MN., L.T., Inc. (08-10835), Vendor
Finance, LLC (08-10836), LNT, Inc. (08-10837), LNT Services, Inc.
(08-10838), LNT Leasing II, LLC (08-10839), LNT West, Inc.
(08-10840), LNT Virginia LLC (08-10841), LNT Merchandising Company
LLC (08-10842), LNT Leasing III, LLC (08-10843), and Citadel LNT,
LLC (08-10844). Judge Christopher S. Sontchi presides over the
case.
The Debtors' bankruptcy counsels are Mark D. Collins, Esq., John
H. Knight, Esq., Michael J. Merchant, Esq., and Jason M. Madron,
Esq., at Richards, Layton & Finger, P.A. The Debtor's special
corporate counsels are Holland N. O'Neil, Esq., Ronald M.
Gaswirth, Esq., Stephen A. McCartin, Esq., Randall G. Ray, Esq.,
and Michael S. Haynes, Esq., at Gardere Wynne Sewell LLP; and
Howard S. Beltzer, Esq., and Wendy S. Walker, Esq., at Morgan,
Lewis & Bockius LLP. The Debtors' restructuring management
services provider is Conway, Del Genio, Gries & Co., LLC. The
Debtors' CRO/Interim CEO is Michael F. Gries, co-founder of
Conway Del Genio Gries & Co., LLC. The Debtors' claims agent is
Kurtzman Carson Consultants LLC. The Debtors' consultants are
Asset Disposition Advisors, LLC, and Protiviti, Inc. Their
investment bankers are Financo, Inc. and Genuity Capital Markets.
The Official Committee of Unsecured Creditors is represented by
Cole, Schotz, Meisel, Forman & Leonard, P.A. Carl Marks Advisory
Group LLC serves as financial advisor to the Creditors' Committee.
A Noteholder Committee has been formed and is represented by
Kasowitz, Benson, Torres & Friedman LLP, and Pachulski Stang Ziehl
& Jones.
(Bankruptcy News About Linens 'n Things, Issue No. 13; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
LINENS N THINGS: LNT Center Files Schedules of Assets and Debts
---------------------------------------------------------------
LNT Center, Inc., debtor-affiliate of Linens 'n Things, Inc.,
filed its schedules of assets and liabilities, showing:
A - Real Property
1.485 Acres of land in Newport News, VA $630,000
B - Personal Property
B.1 Cash on Hand 11,029
B.2 Bank Accounts
Bank of New York 15,548,000
Wachovia - corporate account 1,425,811
B.3 Security Deposits None
B.4 Household goods None
B.5 Book, artwork and collectibles None
B.6 Wearing apparel None
B.7 Furs and jewelry None
B.8 Firearms and other equipment None
B.9 Insurance Policies None
B.10 Annuities None
B.11 Interests in an education IRA None
B.12 Interests in pension plans 401(k) Plan None
B.13 Stock and Interests
100% interest in Bloomington MN, L.T. Unknown
100% interest in Vendor Finance LLC Unknown
100% interest in LNT Investment Canada I Unknown
100% interest in LNT Investment Canada II Unknown
B.14 Interests in partnerships/joint ventures None
B.15 Government and corporate bonds None
B.16 Accounts Receivable
Linens 'n Things Investment Canada I 26,534,638
Others 128,039
B.17 Alimony None
B.18 Other Liquidated Debts Owing Debtor
Total Prepaid Supplies & Bags 28,223
B.19 Equitable or future interests None
B.20 Interests in estate death benefit plan None
B.21 Other Contingent and Unliquidated Claims None
B.22 Patents, copyrights, and others None
B.23 Licenses, franchises & other intangibles
Gift card customer relationships Unknown
Favorable lease - Burbank 252,943
Favorable lease - Temecula 107,786
B.24 Customer lists or other compilations None
B.25 Vehicles None
B.26 Boats, motors and accessories None
B.27 Aircraft and accessories None
B.28 Office Equipment, furnishings & supplies
Hardware 55,263
Software 12,744
B.29 Equipment and Supplies for Business
Leasehold improvements 1,270,030
Furnishings and fixtures 1,432,147
B.30 Inventory
Fashion bedding 736,737
Sheets 774,634
Cookware 615,114
Kitchen electrics 514,786
Towels 436,652
Window 479,142
Electrics 423,934
Pillows and pads 310,097
Duvets 267,782
Furniture 213,433
Decorative bath 251,738
Cooking accessories 254,408
Storage and organization 220,883
Candles/Home fragrance 204,189
Alt bedding 197,154
Window - hardware 191,245
Tablelinens and placemats 206,042
Functional bath 199,090
Wall decor 149,033
Vacuums and irons 161,922
Throws, toss & furniture covers 150,942
Tabletop, dinner/serveware 142,801
Cleaning and laundry 150,986
Markdown at stores (821,276)
Others 1,434,516
B.31 Animals None
B.32 Crops None
B.33 Farming equipment and implements None
B.34 Farm supplies, chemicals, and feed None
B.35 Other Personal Property None
TOTAL SCHEDULED ASSETS $55,302,637
==========================================================
C - Property Claimed None
D - Creditors Holding Secured Claims
GECC - Revolving loan interest $362,477,062
GECC - Revolving loan accrued interest 996,754
The Bank of New York Mellon 668,914,007
E - Creditors Holding Unsecured Priority Claims
Roger Rodier - Severance pay 3,101
Various employees - wages and salaries 105,036
Various employees - accrued vacation 52,898
Contribution to employee benefit plans 1,552
Taxes/Debts owed to Governmental units 457,955
F - Creditors Holding Unsecured Nonpriority Claims
Linens 'N Things Canada 47,786,196
Others 837,748
TOTAL SCHEDULED LIABILITIES $1,081,632,309
==========================================================
Linens 'N Things has secured a $700 million debtor-in-possession
financing from General Electric Capital Corp. The company plans
to be out of chapter 11 by the end of the year, on this timetable:
09/14/2008 DIP Facility Deadline for Filing a Chapter 11 Plan
10/14/2008 DIP Facility Deadline for Disclosure Statement
Approval
11/18/2008 DIP Facility Deadline for Soliciting Votes on Plan
11/28/2008 DIP Facility Deadline for Entry of a Confirmation
Order
About Linen N' Things
Clifton, New Jersey-based Linens 'n Things, Inc. --
http://www.lnt.com/-- is the second largest specialty retailer
of home textiles, housewares and home accessories in North America
operating 589 stores in 47 U.S. states and seven Canadian
provinces as of Dec. 29, 2007. The company is a destination
retailer, offering one of the broadest and deepest selections of
high quality brand-name as well as private label home furnishings
merchandise in the industry. Linens 'n Things has some 585
superstores (33,000 sq. ft. and larger), emphasizing low-priced,
brand-name merchandise, in more than 45 states and about seven
Canadian provinces. Brands include Braun, Krups, Calphalon,
Laura Ashley, Croscill, Waverly, and the company's own label.
Linens 'n Things was acquired by private equity firm Apollo
Management in 2006.
On May 2, 2008, Linens entities filed chapter 11 petition (Bankr.
D. Del.). The Debtors are Linens Holding Co. (08-10832), Linens
'n Things, Inc. (08-10833), Linens 'n Things Center, Inc.
(08-10834), Bloomington, MN., L.T., Inc. (08-10835), Vendor
Finance, LLC (08-10836), LNT, Inc. (08-10837), LNT Services, Inc.
(08-10838), LNT Leasing II, LLC (08-10839), LNT West, Inc.
(08-10840), LNT Virginia LLC (08-10841), LNT Merchandising Company
LLC (08-10842), LNT Leasing III, LLC (08-10843), and Citadel LNT,
LLC (08-10844). Judge Christopher S. Sontchi presides over the
case.
The Debtors' bankruptcy counsels are Mark D. Collins, Esq., John
H. Knight, Esq., Michael J. Merchant, Esq., and Jason M. Madron,
Esq., at Richards, Layton & Finger, P.A. The Debtor's special
corporate counsels are Holland N. O'Neil, Esq., Ronald M.
Gaswirth, Esq., Stephen A. McCartin, Esq., Randall G. Ray, Esq.,
and Michael S. Haynes, Esq., at Gardere Wynne Sewell LLP; and
Howard S. Beltzer, Esq., and Wendy S. Walker, Esq., at Morgan,
Lewis & Bockius LLP. The Debtors' restructuring management
services provider is Conway, Del Genio, Gries & Co., LLC. The
Debtors' CRO/Interim CEO is Michael F. Gries, co-founder of
Conway Del Genio Gries & Co., LLC. The Debtors' claims agent is
Kurtzman Carson Consultants LLC. The Debtors' consultants are
Asset Disposition Advisors, LLC, and Protiviti, Inc. Their
investment bankers are Financo, Inc. and Genuity Capital Markets.
The Official Committee of Unsecured Creditors is represented by
Cole, Schotz, Meisel, Forman & Leonard, P.A. Carl Marks Advisory
Group LLC serves as financial advisor to the Creditors' Committee.
A Noteholder Committee has been formed and is represented by
Kasowitz, Benson, Torres & Friedman LLP, and Pachulski Stang Ziehl
& Jones.
(Bankruptcy News About Linens 'n Things, Issue No. 13; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
NEUMANN HOMES: Delivers May 2008 Monthly Operating Report
---------------------------------------------------------
Neumann Homes, Inc., et al.
Receipts and Disbursements
Month Ended May 31, 2008
Beginning Balance in All Accounts:
Neumann Citibank Operating Account
& old BofA Operating Account $244,130
Neumann Bank of America - old accounts -
Neumann Citibank - Customer Earnest
Money Account 15
Neumann Citibank - Funding/Dip Account 21,988
Neumann Citibank - Dip Funding
Professional Account -
Restricted - Neumann Homes Flex Spending 2,515
Restricted - Neumann Citibank - Glen at
Lakemoor EM Acct 1,222
Restricted - Neumann Citibank - Clublands
Antioch Clubhouse 156,166
Restricted - IndyMac Escrow Account -
NeuVillage 125,609
Restricted - Chicago Title Escrow Account -
Closed Homes 224,436
Restricted - Chicago Title Escrow Account -
Lender Funded 1,377,147
Restricted - Citibank - Worker Comp Escrow 9,774
Restricted - NHI KERP Account 108,921
Restricted - Land Title Guarantee Escrow 323,436
----------
$2,595,359
----------
Receipts:
Operations - Operating Account 212,508
Operations - Customer Earnest Money Acct-Ckg -
Operations - Customer Earnest Money Acct-MM -
Funding/Dip Account 450,000
Glen at Lakemoor EM account 1
Clublands Antioch Clubhouse account 229
Dip Funding - Professional Account -
Flex Spending
Restricted Escrow held by CTT-Lender Funding -
IndyMac Escrow for L/C-Leona's Neu Village -
Flex Spending -
Restricted Escrow held by CTT-(closings) -
NHI Worker Comp Escrow -
NHI KERP Account -
Other Receipts -
----------
$662,738
----------
Disbursements:
Net Payroll:
Officers (13,620)
Others (49,991)
----------
(63,611)
Taxes:
Federal Income Tax Withholding (14,367)
FICA/Medicare Withholdings EE (6,671)
Employer's FICA/Medicare ER (6,671)
Federal Unemployment Taxes ER (12)
State Income Tax Withholding (2,485)
Garnishments -
State Unemployment Taxes ER (432)
----------
(30,639)
Necessary expenses:
Rent or mortgage payment(s) (20,652)
Utilities & phones (1,685)
Insurance (1,325)
Merchandise/services bought for manufacture or sale
Other:
Payroll Services (477)
Benefit Related including flex spending (877)
Vehicle repairs & fuel
Title Commitments & related charges (1,555)
Postage, shipping, copying (207)
Earnest Money Refunds/Disbursements -
House Trades
Other - Transfer (2,515)
Supplies & Storage & Misc. (66)
Cleaning service
Transportation/travel/lodging
Consulting services (27,816)
US Trustee Fees
Legal - Professional Fees (373,642)
Professional tax service fees
Filing Fees, Extension Fees
Payroll tax adjustment from prior quarter (2,488)
----------
($433,306)
----------
Total Disbursements: ($527,556)
----------
Net Receipts (Disbursements) for the $135,182
Current period
----------
Ending Balance in All Accounts $2,730,541
==========
About Neumann Homes
Headquartered in Warrenville, Illinois, Neumann Homes Inc. --
http://www.neumannhomes.com/-- develops and builds residential
real estate throughout the Midwest and West US. The company is
active in the Chicago area, southeastern Wisconsin, Colorado, and
Michigan. The company have built more than 11,000 homes in some
150 residential communities. The company offer formal business
training to employees through classes, seminars, and computer-
based training.
The company filed for Chapter 11 protection on Nov. 1, 2007
(Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at
Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the
Debtors to represent them in these cases. The Official Committee
of Unsecured Creditors has selected Paul, Hastings, Janofsky &
Walker LLP, as its counsel in these bankruptcy proceeding. When
the Debtors filed for protection against its creditors, they
listed assets and debts of more than $100 million.
The Debtor's exclusive plan filing will expire on Dec. 31, 2008.
(Neumann Bankruptcy News, Issue No. 20; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)
NEW CENTURY: Earns $776,111 in Month Ended May 31, 2008
-------------------------------------------------------
New Century Financial Corp. and Affiliates
Consolidated Balance Sheet
As of May 31, 2008
Assets
Current Assets:
Unrestricted Cash and Equivalents $91,229,489
Restricted Cash and Equivalents 10,276,772
Accounts Receivable, Net 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 258,911
Professional Retainers 0
Other Current Assets 1,217,042
--------------
Total Current Assets 102,982,214
--------------
Property and Equipment 2,123,973
Other Assets 151,617,891
--------------
Total Assets $256,724,078
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition):
Accounts Payable $0
Professional Fees 22,479,708
--------------
Total Postpetition Liabilities 22,479,708
Liabilities Subject to Compromise (Prepetition):
Secured Debt 402,427
Priority Debt 11,323,226
Unsecured Debt 1,102,837,207
--------------
Total Prepetition Liabilities 1,114,562,860
--------------
Total Liabilities 1,137,042,568
--------------
Owner Equity:
Capital Stock 4,530,047
Additional Paid-in Capital 2,170,845,310
Partners' Capital Account 0
Owners' Equity Account 0
Retained Earnings – Prepetition (1,083,442,467)
Retained Earnings – Postpetition (1,972,251,380)
Adjustments to Owner Equity 0
Postpetition Contributions 0
--------------
Net Owner Equity (880,318,490)
--------------
Total Liabilities and Owners' Equity $256,724,078
==============
New Century Financial Corp. and Affiliates
Consolidated Statement of Operations
Month Ended May 31, 2008
Revenues $8,664
Cost of Goods Sold 0
Operating Expenses:
Employee Benefits Programs 350
Insurance (73,194)
Office Expense 3,202
Rent and Lease Expense 107,092
Salaries, Commissions, & Fees 394,681
Travel and Entertainment 36
Other (1,221,438)
Depreciation, Depletion & Amortization 100,088
--------------
Net Profit (Loss) before Other Income & Expenses 668,847
--------------
Reorganization Items
Professional Fees 0
Interest Earned for Accumulated Cash (107,264)
Income Taxes 0
--------------
Net Profit (Loss) $776,111
==============
New Century Financial Corp. and Affiliates
Consolidated Statement of Operations
Month Ended May 31, 2008
Cash, Beginning of Month $98,527,914
Total Receipts 7,496,114
Total Disbursements (4,517,767)
--------------
Net Cash Flow 2,978,347
--------------
Cash, End of Month $101,506,261
==============
About New Century Financial
Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation. The company offers
a broad range of mortgage products designed to meet the needs of
all borrowers.
The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416). Suzzanne Uhland, Esq., Austin K. Barron, Esq., and
Ana Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors. The
Official Committee of Unsecured Creditors selected Hahn & Hessen
as its bankruptcy counsel and Blank Rome LLP as its co-counsel.
When the Debtors filed for bankruptcy, they listed total assets
of $36,276,815 and total debts of $102,503,950.
The Court confirmed the Debtors' second amended joint chapter 11
plan on July 15, 2008. (New Century Bankruptcy News, Issue No.
44; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
QUEBECOR WORLD: Incurs $92,300,000 Loss in Month Ended March 29
---------------------------------------------------------------
Quebecor World (USA), Inc., et al.
Combined Balance Sheet
As of March 29, 2008
ASSETS
Current Assets
Cash and Cash equivalents $138,600,000
Trade and receivables 626,700,000
Inventories 149,100,000
Prepaid Expenses 37,500,000
--------------
Total current expenses 951,900,000
--------------
Property, plant and equipment 1,213,700,000
Goodwill 337,900,000
Other assets 176,800,000
--------------
TOTAL ASSETS $2,680,300,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities not subject to compromise:
Bank indebtedness $24,600,000
Trade payables and accrued liabilities 217,800,000
Payables to related parties 3,100,000
Income and other taxes payable 12,400,000
--------------
Total current liabilities 257,900,000
--------------
Other liabilities not subject to compromise:
Long-term debt 499,000,000
Other liabilities 138,400,000
Future income taxes 91,200,000
Liabilities subject compromise 2,804,800,000
Shareholders equity:
Capital stock 1,099,500,000
Contributed surplus 310,000,000
Retained earnings (2,521,100,000)
Accumulated other comprehensive loss 600,000
--------------
Total Equity 2,422,400,000
--------------
TOTAL LIABILITIES AND EQUITY $2,680,300,000
==============
Quebecor World (USA), Inc., et al.
Combined Statement of Operations
For the month ended March 29, 2008
Operating Revenues $228,400,000
Operating expenses:
Cost of sales 188,400,000
Selling, general and administrative 24,900,000
Depreciation and amortization 12,900,000
Restructuring and other charges 3,800,000
------------
Total operating expenses 230,000,000
------------
Operating income (1,600,000)
Financial expenses 39,800,000
Reorganization items 22,900,000
Income taxes 28,000,000
------------
Net loss and comprehensive loss ($92,300,000)
============
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of $5,554,900,000, total
liabilities of $3,964,800,000, preferred shares of $175,900,000,
and total shareholders' equity of $1,414,200,000.
The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case. The Debtors' CCAA stay
has been extended to July 25, 2008. (Quebecor World Bankruptcy
News, Issue No. 21; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
QUEBECOR WORLD: Incurs $6,200,000 Net Loss in Month Ended May 3
---------------------------------------------------------------
Quebecor World (USA), Inc., et al.
Combined Balance Sheet
As of May 3, 2008
ASSETS
Current Assets:
Cash and Cash equivalents $145,900,000
Trade and receivables 605,300,000
Inventories 145,500,000
Future income taxes and tax receivable 38,700,000
Prepaid Expenses 37,200,000
--------------
Total current expenses 972,600,000
--------------
Property, plant and equipment 1,209,100,000
Goodwill 336,400,000
Other assets 193,400,000
--------------
TOTAL ASSETS $2,711,500,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities not subject to compromise:
Bank indebtedness $32,800,000
Trade payables and accrued liabilities 204,600,000
Payables to related parties 3,200,000
Income and other taxes payable 15,400,000
--------------
Total current liabilities 256,000,000
--------------
Other liabilities not subject to compromise:
Long-term debt 498,900,000
Other liabilities 132,100,000
Future income taxes 126,500,000
Liabilities subject compromise 2,822,900,000
Shareholders equity:
Capital stock 1,099,500,000
Contributed surplus 310,000,000
Retained earnings 2,535,100,000
Accumulated other comprehensive loss 700,000
--------------
Total Equity 2,455,500,000
--------------
TOTAL LIABILITIES AND EQUITY $2,711,500,000
==============
Quebecor World (USA), Inc., et al.
Combined Statement of Operations
For the month ended May 3, 2008
Operating Revenues $294,500,000
Operating expenses:
Cost of sales 238,600,000
Selling, general and administrative 22,800,000
Depreciation and amortization 18,900,000
------------
Total operating expenses 280,300,000
------------
Operating income 14,200,000
Financial expenses 25,700,000
Reorganization items (4,800,000)
Income taxes (500,000)
------------
Net loss and comprehensive loss ($6,200,000)
============
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of $5,554,900,000, total
liabilities of $3,964,800,000, preferred shares of $175,900,000,
and total shareholders' equity of $1,414,200,000.
The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case. The Debtors' CCAA stay
has been extended to July 25, 2008. (Quebecor World Bankruptcy
News, Issue No. 21; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
QUEBECOR WORLD: Incurs $7,500,000 Net Loss in Month Ended May 31
----------------------------------------------------------------
Quebecor World (USA), Inc., et al.
Combined Balance Sheet
As of May 31, 2008
ASSETS
Current Assets
Cash and Cash equivalents $176,600,000
Trade and receivables 578,200,000
Inventories 145,500,000
Future income taxes and tax receivable 38,500,000
Prepaid Expenses 34,800,000
--------------
Total current expenses 973,600,000
--------------
Property, plant and equipment 1,197,400,000
Goodwill 336,400,000
Other assets 351,000,000
--------------
TOTAL ASSETS $2,858,400,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities not subject to compromise:
Bank indebtedness $10,800,000
Trade payables and accrued liabilities 207,900,000
Payables to related parties 3,200,000
Income and other taxes payable 16,400,000
--------------
Total current liabilities 238,300,000
--------------
Other liabilities not subject to compromise:
Long-term debt 499,200,000
Other liabilities 129,800,000
Future income taxes 125,000,000
Liabilities subject compromise 2,838,300,000
Shareholders equity:
Capital stock 1,099,600,000
Contributed surplus 470,000,000
Retained earnings (2,542,500,000)
Accumulated other comprehensive loss 700,000
--------------
Total Equity 2,620,100,000
--------------
TOTAL LIABILITIES AND EQUITY $2,858,400,000
==============
Quebecor World (USA), Inc., et al.
Combined Statement of Operations
For the month ended May 31, 2008
Operating Revenues $209,300,000
Operating expenses:
Cost of sales 176,600,000
Selling, general and administrative 5,700,000
Depreciation and amortization 14,200,000
------------
Total operating expenses 196,500,000
------------
Operating income 12,800,000
Financial expenses 17,300,000
Reorganization items 4,300,000
Income taxes (1,300,000)
------------
Net loss and comprehensive loss ($7,500,000)
============
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of $5,554,900,000, total
liabilities of $3,964,800,000, preferred shares of $175,900,000,
and total shareholders' equity of $1,414,200,000.
The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case. The Debtors' CCAA stay
has been extended to July 25, 2008. (Quebecor World Bankruptcy
News, Issue No. 21; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
QUEBECOR WORLD: Files Schedules of Assets and Debts
---------------------------------------------------
Quebecor World (USA), Inc. delivered its schedules of assets and
liabilities, disclosing:
A. Real Property
Stillwater, Oklahoma Building $6,473,780
Merced, California Building 6,446,657
Oberlin, Ohio Plant 2,491,315
Merced, California Land 1,320,445
Oberlin, Ohio Plant Land 385,176
Stillwater, Oklahoma Land 199,766
B. Personal Property
B.1 Cash on hand 11,426
B.2 Bank Accounts
Bank of America - QW(USA) Lockbox 9,505,075
Bank of America - QW(USA) Payroll 4,290,198
Bank of America - Quebecor World (USA) Inc. 3,677,128
Bank of America - QW(USA) Accounts Payable 3,056,525
Bank of America - QW Systems Inc. 170,380
Bank of America - QW(USA) Sales Taxes 165,674
Bank of America - Great West Health Account 163,133
Bank of America - Flexben Acclaris 90,150
Bank of America - QW Memphis Corp. 0
B.3 Security Deposits 0
B.9 Interests in Insurance Policies 0
B.12 Interests in IRA, ERISA or other Pension Plans 0
B.13 Business Interests and stocks
Matlet Group, LLC 4,000,000
BCK 140 Q Partnership Undetermined
Chemical Color Plate Corp. Undetermined
P.A. Investment Corporation Undetermined
Quebecor Printing Aviation Inc. Undetermined
Quebecor Printing Providence Inc. Undetermined
Quebecor World Acme Printing Company Inc. Undetermined
Quebecor World Arcata Corp. Undetermined
Quebecor World Atglen Inc. Undetermined
Quebecor World Atlanta Inc. Undetermined
Quebecor World Book Services LLC Undetermined
Quebecor World Buffalo Inc. Undetermined
Quebecor World DB Acquisition Corp. Undetermined
Quebecor World Capital Corp. Undetermined
Quebecor World Detroit Inc. Undetermined
Quebecor World Dubuque Inc. Undetermined
Quebecor World Eagle Inc. Undetermined
Quebecor World Eusey Press Inc. Undetermined
Quebecor World Federated Inc. Undetermined
Quebecor World Finance Inc. Undetermined
Quebecor World Finance Inc. Undetermined
Quebecor World Foreign Sales Corp. Undetermined
Quebecor World Great Western Pub Inc. Undetermined
Quebecor World Hazleton Inc. Undetermined
Quebecor World Infiniti Graphics Inc. Undetermined
Quebecor World Investments Inc. Undetermined
Quebecor World Johnson & Hardin Company Undetermined
Quebecor World Johnson & Hardin Ent. Inc. Undetermined
Quebecor World Krueger Acquisition Corp. Undetermined
Quebecor World Lanman Companies Inc. Undetermined
Quebecor World Lease GP Undetermined
Quebecor World Lincoln Inc. Undetermined
Quebecor World Logistics Inc. Undetermined
Quebecor World Loveland Inc. Undetermined
Quebecor World Magna Graphic Inc. Undetermined
Quebecor World Metroweb L.P. Undetermined
Quebecor World Nevada Inc. Undetermined
Quebecor World Northeast Graphics Undetermined
Quebecor World Olive Branch Undetermined
Quebecor World Pendell Inc. Undetermined
Quebecor World Printing (USA) Inc. Undetermined
Quebecor World Retail Printing Corp. Undetermined
Quebecor World San Jose Inc. Undetermined
Quebecor World Sayers Inc. Undetermined
Quebecor World Semline Inc. Undetermined
Quebecor World Services Inc. Undetermined
Quebecor World Systems Inc. Undetermined
Quebecor World Taconic Holdings Inc. Undetermined
Quebecor World Up/Graphics Inc. Undetermined
Quebecor World Warehousing Inc. Undetermined
Quebecor World Wessel Inc. Undetermined
QW Delaware Inc. Undetermined
QW Memphis Corp. Undetermined
Shea Communications Company Undetermined
The Webb Company Undetermined
WCP-D, Inc. Undetermined
WCX, LLC Undetermined
WCY, LLC Undetermined
B.14 Interests in partnerships 0
B.15 Government and Corporate Bonds
US Bank - Euro Dollar Time Deposit 20,006,264
B.16 Accounts Receivable 0
B.18 Other Liquidated Debts
Quebecor Printing Holding Company 447,587,000
Quebecor World Kingsport Inc. 170,848,000
Quebecor World Finance Inc. 114,857,000
Quebecor World Printing (USA) Inc. 224,382,000
Quebecor World Kri Inc. 96,850,000
Quebecor World Dallas Inc. 78,821,000
Nimrod Press Inc. 76,994,000
Quebecor World Lincoln Inc. 74,241,000
Quebecor World Retail Printing Corpo 65,348,000
Quebecor World Great Western Pub Inc 29,055,000
Quebecor World Atlanta Inc. 28,908,000
Quebecor World Fairfield Inc. 22,000,000
Quebecor World Packaging Graphics In 19,732,000
Quebecor World Metroweb LP 12,319,000
Quebecor World Waukee Inc. 6,484,000
Quebecor Printing Aviation Inc. 4,474,000
Quebecor World Lanman Companies Inc. 4,264,000
Quebecor World Sayers Inc. 3,877,000
Quebecor World Arcata Corp. 3,270,000
Quebecor World Memphis II Inc. 1,277,000
QW Impreandes Bogota S.A. 1,169,000
Quebecor World Inc. 1,021,000
Latin America Head Office 647,000
Quebecor World S.A. 380,000
QW Peru S.A. 100% 317,000
QW Queretaro S.A. 291,000
QW Capital ULC 114,000
Antartica Quebecor S.A. Chili 101,000
Connecticut (Unitary) 75,000
QW Recife LTDA 27,000
QW Mexico D.F. 10,000
Tenessee - Nashville TN, USA 8,805
QW Sao Paolo S.A. 4,000
Georgia - Atlanta GA, USA 3,990
Missouri -- Jefferson City MO, USA 1,000
Ohio - Brecksville OH, USA 1,000
B.20 Other Contingent & Unliquidated Claims 0
B.21 Intellectual Property 0
B.22 Patents Undetermined
B.25 Vehicles 0
B.27 Aircraft and accessories 0
B.28 Office equipment, furnishings and supplies
Computer & Equipment 1,980,941
Furnitures & Fixtures 294,391
B.29 Machinery
Machinery & Equipment 144,944,200
Leasehold Improvement 825,123
Structures 214,040
B.30 Inventory
Raw Materials 10,909,219
Work In Progress 9,955,155
Spare Parts 3,561,240
B.35 Other Personal Property
Prepaid WCB/CSST 3,066,000
Other Prepaid 1,754,400
Prepaid Insurance 1,586,000
Prepaid Rent & Leases 173,000
Prepaid Postage 22,000
TOTAL SCHEDULED ASSETS $1,714,180,457
========================================================
C. Property Claimed as Exempt
D. Secured Claim
Credit Agreement Claims
Societe Generale (Canada) $727,080,000
Royal Bank of Canada 39,048
Tax Liens
California Franchise Tax Board 150,500,000
OH Job and Family Services 68,023
Internal Revenue Service Undetermined
Merced County Tax Collector Undetermined
Oberlin City/Oberlin CSD Undetermined
Pitney Bowes Global Financial Undetermined
New York Office of Real Property Undetermined
UCC Financing Claims
IOS Capital 68,021
ABN Amro Bank, N.V. Undetermined
AIG Commercial Equipment Finance Undetermined
Axis Capital Undetermined
Axis Capital, Inc. Undetermined
Bank of America Leasing & Capital, LLC Undetermined
Cannon Financial Services, Inc. Undetermined
Cisco Systems Capital Corp. Undetermined
Computershare Trust Company of Canada Undetermined
Cuperting National Bank Undetermined
Day International Inc. Undetermined
Fleet Capital Corp. Undetermined
Flint Group North America Corp. Undetermined
Forsythe/McArthur Associates, Inc. Undetermined
Gatx Corp. Undetermined
General Electric Capital Undetermined
Great American Leasing Corp. Undetermined
Harold M. Pitman Company Undetermined
Hewlett-Packard Financial Services Undetermined
Hewlett-Packard Financial Services Undetermined
IBM Credit LLC Undetermined
Information Leasing Corp. Undetermined
Leaf Funding, Inc. Undetermined
Man Roland Inc. Undetermined
Marlin Leasing Corp. Undetermined
Merril Lynch Capital Undetermined
Micro Inks Capital Undetermined
National City Commercial Capital Undetermined
NMHG Financial Services Inc. Undetermined
NMHG Financial Services Inc. Undetermined
State Street Bank and Trust Undetermined
Sun Chemical Corporation Undetermined
TFS Capital Funding Undetermined
The Peltz Group, Inc. Undetermined
U.S. Bank National Association Undetermined
Mechanic's Lien
Rexel Norcal Valley, Inc. 1,822
Rexel (Summers Group, Inc.) Undetermined
Xerox Corporation Undetermined
Xerox Corporation
Undetermined
E. Unsecured Priority Claims 9,520,237
See http://ResearchArchives.com/t/s?2fb8
F. Unsecured Non-priority Claims 6,829,581,684
See http://ResearchArchives.com/t/s?2fb9
TOTAL SCHEDULED LIABILITIES $7,716,858,835
========================================================
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of $5,554,900,000, total
liabilities of $3,964,800,000, preferred shares of $175,900,000,
and total shareholders' equity of $1,414,200,000.
The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case. The Debtors' CCAA stay
has been extended to July 25, 2008. (Quebecor World Bankruptcy
News, Issue No. 21; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
QUEBECOR WORLD: Printing (USA) Files Schedules of Assets and Debts
------------------------------------------------------------------
Quebecor World Printing (USA) Corp. delivered its schedule of
assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 0
B.2 Bank Accounts 0
B.18 Other Liquidated Debts
QW Memphis Corp. 39,814,000
Quebecor World Systems Inc. 16,240,000
Quebecor World Kri Inc. 15,566,000
Quebecor World Atglen Inc. 15,085,000
Quebecor World Northeast Graphics Inc. 12,392,000
Quebecor World Fairfield Inc. 12,310,000
Quebecor World Rian Inc. 11,504,000
Quebecor World Johnson & Hardin Co. 6,463,000
Quebecor World Dubuque Inc. 6,140,000
Quebecor World Kingsport inc. 6,332,000
Quebecor World Kendell Inc. 5,482,000
Quebecor World New York Corp. 5,057,000
Quebecor World Dallas LP 4,085,000
Quebecor World Infinite Graphics Inc. 4,371,000
Quebecor World Olive Branch Inc. 3,831,000
Quebecor World Retail Printing Inc. 3,819,000
Quebecor World Pusey Press Inc. 3,615,000
Quebecor World Lincoln Inc. 3,438,000
Quebecor World Petty Printing Inc. 3,208,000
Quebecor World Logistics Inc. 3,165,000
Quebecor World San Jose Inc. 3,355,000
Quebecor World Century Graphics Corp. 2,611,000
Quebecor World Nevada Inc. 2,422,000
Quebecor World Layman Companies, Inc. 2,297,000
Quebecor World Mid-South 1,918,000
Quebecor World Littler Brothers Inc. 1,867,000
Quebecor World Hazleton Inc. 1,485,000
Quebecor World Great Western Pub Inc. 1,179,000
Quebecor World ACME Printing Company Inc 952,000
WCP-D, Inc. 914,000
Shea Communications Company 786,000
Quebecor World Packaging Graphics Inc. 731,000
Nimrod Press - North Haven CT, USA 469,000
Quebecor World Marna Graphic Inc. 417,000
Quebecor World Vessel Inc. 397,000
Quebecor World Inc. 280,000
Quebecor World Sayers Inc. 219,000
Quebecor World Up Graphic 127,000
Latin America Head Office 113,000
Quebecor World Detroit LP 104,000
QW Impregnates Bogota S.A. 102,000
Quebecor World Layman Lithospheric Inc. 66,000
QW Peru S.A. 100% 59,000
Quebecor World Eagle Inc. 58,000
QW Karl M. Harrow Company II Inc. 32,000
QW Mexico D.F. 21,000
Pennsylvania - Harrisburg PA, USA 10,177
Rhode Island 6,825
Georgia - Atlanta GA, USA 3,000
Quebecor World Memphis II Inc. 3,000
Michigan - Lansing MI, USA 2,793
Tennessee - Nashville TN, USA 2,000
Ohio - Columbus OH, USA 1,554
Quebecor World Orland L.C. 1,000
Maryland - Annapolis MD, USA 200
B.35 Other Personal Property 206,000
TOTAL SCHEDULED ASSETS $205,134,549
=======================================================
C. Property Claimed as Exempt
D. Secured Claim
Goss International Americas, Inc. Undetermined
Great America Leasing Corp. Undetermined
OH Dept. of Job and Family Services Undetermined
Simon & Schuster, Inc. Undetermined
US Bancorp Undetermined
Victory Receivables Corporation Undetermined
E. Unsecured Priority Claims 129,928
See http://ResearchArchives.com/t/s?2fca
F. Unsecured Non-priority Claims
Societe Generale (Canada) $150,000,000
Royal Bank of Canada 727,080,000
Quebecor World (USA) Inc. 224,382,000
Quebecor World (USA) Inc. 2,381,000
Quebecor World Waukee Inc. 631,000
Quebecor World Loveland Inc. 155,000
Quebecor World Mt. Morris II LLC 131,000
WCZ, LLC 265,000
J&V Courier Systems 23,938
Brian Freschi 15,248
Prudential Relocation Inc. 10,622
Exhibit By Design 6,392
National Geographic Society 6,039
Leader Express Inc. 4,600
Cumberland Services 4,140
Konica Business Machines USA 2,476
Thomas Direct 2,173
Others 527,535
TOTAL SCHEDULED LIABILITIES $1,105,758,091
=======================================================
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of $5,554,900,000, total
liabilities of $3,964,800,000, preferred shares of $175,900,000,
and total shareholders' equity of $1,414,200,000.
The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case. The Debtors' CCAA stay
has been extended to July 25, 2008. (Quebecor World Bankruptcy
News, Issue No. 21; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
QUEBECOR WORLD: Printing Holding Files Schedules of Assets & Debts
------------------------------------------------------------------
Quebecor Printing Holding Company delivered its schedules of assets
and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand
B.2 Bank Accounts
B.3 Security Deposits
B.20 Other Contingent & Unliquidated Claims
Tax Refunds
State of Colorado 5,126
State of Utah 1,200,000
State of Utah 6,265,480
State of Utah 7,000
State of Kentucky 30,000
State of Minnesota 18,600
State of New York 20,000
State of New York 72,755
State of New York 50,000
Intercompany Receivables
Quebecor World Capital Corporation 2,249,000
Quebecor World Dallas, LP 1,215,000
Quebecor World Eusey Press, Inc. 65,000
Quebecor World Hazleton, Inc. 1,361,000
Quebecor World Johnson & Hardin Ent. 321,000
Quebecor World Loveland, Inc. 2,338,000
Quebecor World Nevada, Inc. 1,203,000
Quebecor World New York Corp. 496,000
Quebecor World Real Estate, Inc. 69,000
Quebecor World Services, Inc. 1,347,000
Quebecor World Systems, Inc. 136,498,000
QW Karl M. Harrop Company II, Inc. 323,000
QW Memphis Corp. 6,310,000
TOTAL SCHEDULED ASSETS $161,463,961
=======================================================
C. Property Claimed as Exempt
D. Secured Claims
Royal Bank of Canada $727,080,000
Societe Generale (Canada) 150,500,000
E. Unsecured Priority Claims 261,218
See http://bankrupt.com/misc/printingholding_schedE.pdf
F. Unsecured Non-priority Claims
Intercompany Payable
Quebecor World (USA), Inc. 447,587,000
Quebecor World A Island EHF 251,889,000
Quebecor World Capital II, LLC 250,815,000
Others 102,000
See http://bankrupt.com/misc/printingholding_schedF.pdf
TOTAL SCHEDULED LIABILITIES $1,828,234,218
======================================================
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of $5,554,900,000, total
liabilities of $3,964,800,000, preferred shares of $175,900,000,
and total shareholders' equity of $1,414,200,000.
The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case. The Debtors' CCAA stay
has been extended to July 25, 2008. (Quebecor World Bankruptcy
News, Issue No. 21; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
REFCO LLC: Case Trustee Files May 2008 Monthly Operating Report
---------------------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation of
Refco, LLC's estate, filed with the Court a monthly statement of
cash receipts and disbursements for the period May 1 to 30, 2008.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
in its Chase Money Market account with JPMorgan Chase Bank, N.A.,
totaled $78,629,000 as of May 1.
During the Reporting Period, Refco LLC received $142,000, and
disbursed $11,000. The Debtor held $78,760,000 at the end of the
period.
Refco, LLC
Schedule of Cash Receipts and Disbursements
Through JPMorgan Money Market and Checking Accounts
May 1 through May 31, 2008
Beginning Balance, May 1, 2008 $78,629,000
RECEIPTS
Interest Income 118,000
Other Receivables 24,000
-----------
TOTAL RECEIPTS 142,000
TRANSFERS
Money Market Account to Checking Account -
-----------
TOTAL TRANSFERS -
DISBURSEMENTS
Payment on Account of Prepetition Claims 2,000
Other Disbursements 9,000
Reorganization Expenses -
-----------
TOTAL DISBURSEMENTS 11,000
-----------
Ending Balance, May 31, 2008 $78,760,000
===========
The Chapter 7 Trustee filed the Monthly Statement in lieu of
comprehensive financial statements.
A full-text copy of Refco LLC's May 2008 Monthly Statement is
available at no charge at:
http://bankrupt.com/misc/RefcoLLCMORMay08.pdf
About Refco
Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base. Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore. In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives. The company has operations in Bermuda.
The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.
The Court confirmed the Modified Joint Chapter 11 Plan of Refco
Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26,
2006. (Refco Bankruptcy News, Issue No. 86; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
TOUSA INC: Reports $28,725,224 Net Loss in June 2008
----------------------------------------------------
TOUSA, INC., and Subsidiaries
Consolidated Balance Sheet
As of June 30, 2008
ASSETS
Cash and Cash Equivalents:
Cash in bank $367,076,023
Cash equivalents (due from title company 10,769,852
from closings)
Inventory:
Deposits 66,549,651
Land 690,471,988
Residences completed and under construction 393,260,447
Inventory not owned 32,082,135
---------------
1,182,364,221
Property and equipment, net 19,410,859
Investments in unconsolidated joint ventures 12,796,665
Receivables from unconsolidated joint ventures 117,985
Accounts receivable 23,720,626
Other assets 85,046,850
Goodwill 11,975,000
---------------
1,713,278,081
Net Assets of Financial Services 21,144,675
---------------
Total Assets $1,734,422,756
===============
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts payable and other liabilities $358,764,166
Customer deposits 20,920,487
Obligations for inventory not owned 36,007,214
Notes payable 1,611,541,499
Bank borrowings 272,820,613
---------------
Total Liabilities 2,300,053,979
Stockholders' Equity:
Preferred stock 93,807,096
Common stock 596,042
Additional paid in capital 482,670,953
Retained earnings (1,142,705,314)
---------------
Total Stockholders' Equity (565,631,223)
---------------
Total liabilities and Stockholders' Equity $1,734,422,756
===============
TOUSA, INC., and Subsidiaries
Consolidated Statement of Operations
For the Period June 1 to 30, 2008
Revenues:
Home sales $92,595,466
Land sales 927,746
---------------
93,523,212
Cost of Sales:
Home sales 86,051,040
Land sales 665,009
---------------
86,716,049
---------------
Gross Profit 6,807,163
Total selling, general and admin expenses 21,500,130
Income (loss) from joint ventures, net 20,301
Interest expense, net 9,672,340
Other (income) expense, net (146,406)
---------------
Homebuilding pretax income (loss) (24,198,600)
Financial services pretax income (loss) (4,526,624)
Income (loss) before income taxes (28,725,224)
Provision (benefit) for income taxes 0
---------------
Net Income (Loss) ($28,725,224)
===============
TOUSA, INC. and Subsidiaries
Consolidated Schedule of Receipts and Disbursements
For the Period June 1 to 30, 2008
Funds at beginning of period $357,356,703
RECEIPTS
Cash sales 83,499,155
Accounts receivable 562,511
Other receipts 8,136,169
---------------
Total receipts 92,197,835
---------------
Total funds available for operations 449,554,538
DISBURSEMENTS
Advertising 1,242,827
Bank charges 2,132
Contract labor 38,964
Fixed asset payments 244,115
Insurance 1,575,661
Inventory payments 55,833,812
Leases 579,468
Manufacturing supplies 0
Office supplies 304,991
Payroll - net 8,790,909
Professional fees (accounting and legal) 5,502,575
Rent 438,444
Repairs & maintenance 401,366
Secured creditor payments 3,973,282
Taxes paid - payroll 42,210
Taxes paid - sales & use 717,246
Taxes paid - other 218,513
Telephone 377,591
Travel & entertainment 93,326
U.S. trustee quarterly fees 0
Utilities 159,108
Vehicle expenses 44,138
Other operating expenses 1,897,837
---------------
Total disbursements 82,478,515
---------------
Ending Balance $367,076,023
===============
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic
U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark
Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading
homebuilder in the United States, operating in various
metropolitan markets in 10 states located in four major geographic
regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA
designs, builds, and markets high-quality detached single-family
residences, town homes, and condominiums to a diverse group of
homebuyers, such as "first-time" homebuyers, "move-up" homebuyers,
homebuyers who are relocating to a new city or state, buyers of
second or vacation homes, active-adult homebuyers, and homebuyers
with grown children who want a smaller home. It also provides
financial services to its homebuyers and to others through its
subsidiaries, Preferred Home Mortgage Company and Universal Land
Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No. 08-10928).
The Debtors have selected M. Natasha Labovitz, Esq., Brian S.
Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta, Esq., at
Kirkland & Ellis LLP and Paul Steven Singerman, Esq., at Berger
Singerman to represent them in their restructuring efforts.
Lazard Freres & Co. LLC is the Debtors' investment banker and
financial advisor. Ernst & Young LLP is the Debtors' independent
auditor and tax services provider. Kurtzman Carson Consultants LLC
acts as the Debtors' Notice, Claims & Balloting Agent. The
Official Committee of Unsecured Creditors hired Patricia A.
Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff &
Sitterson, P.A., as its local counsel. TOUSA Inc.'s financial
condition as of Sept. 30, 2007, showed total assets of
$2,276,567,000 and total debts of $1,767,589,000. Its
consolidated balance sheet as of Feb. 29, 2008 showed total
assets of $1,961,669,000 and total liabilities of
$2,278,106,000.
TOUSA's Exclusive Plan Filing Period expires Oct. 25, 2008.
(TOUSA Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TROPICANA ENT: Delivers Schedules of Assets and Debts
-----------------------------------------------------
Tropicana Entertainment LLC filed its schedules of assets and
liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 0
B.2 Bank Accounts
Bank of America - A/N 1417 - concentration 2,037,133
B.3 Security Deposit
Kurtzman Carson Consultants 29,468
State of Nevada Gaming Control Board 50,000
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 -
B.14 Interests in partnerships & joint venture -
B.15 Government and corporate bonds 0
B.16 Accounts Receivable 0
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 Undetermined
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 0
B.29 Equipment and Supplies for Business 0
B.30 Inventory 0
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 14,986
TOTAL SCHEDULED ASSETS $2,131,587
=========================================================
C. Property Claimed as Exempt n/a
D. Creditors Holding Secured Claims
Credit Suisse Cayman Islands Branch $1,300,238,638
Credit Suisse Cayman Islands Branch 21,000,000
Credit Suisse International 26,184,326
RBS Greenwich Capital 26,973,826
E. Creditors Holding Unsecured Priority Claims Undetermined
F. Creditors Holding Unsecured Non-priority Claims
General unsecured claims 340,140
Long-term unsecured debt 9.625% senior 995,676,667
subordinated notes due 2014
Intercompany claims
Aztar Corporation 63,336,912
Aztar Indiana Gaming Company, LLC (558,641)
Catfish Queen Partnership In Commendam (580,736)
Centroplex Centre Convention Hotel, LLC 471,901
Columbia Properties Laughlin, LLC 16,395,732
Columbia Properties Tahoe, LLC 8,816,466
CP Baton Rouge Casino, LLC 26,957,131
Greenville Riverboat, LLC 1,119,680
Hotel Ramada of Nevada (3,112,311)
St. Louis Riverboat Entertainment, Inc. 1,195,066
Tahoe Horizon, LLC 3,410,720
Tropicana Casinos and Resorts, Inc. 5,264,597
Tropicana Express, Inc. (501,066)
Tropicana Las Vegas Resort & Casino, LLC (13,561,447)
Potential litigation claim 0
Other contingent and unliquidated
claims settlement 125,000,000
Related party claims
Adamar of New Jersey, Inc. 705,965
Belle of Orleans, LLC 75,249
Columbia Properties Vicksburg, LLC 2,269,037
Columbia Sussex Corporation 1,145,967
CP Laughlin Realty, LLC (18,173,716)
JMBS Casino LLC 1,328,972
Tropicana Pennsylvania, LLC (111,977)
TOTAL SCHEDULED LIABILITIES $2,591,307,098
=========================================================
About Tropicana Entertainment
Based in Crestview Hills, Kentucky, Tropicana Entertainment LLC --
http://www.tropicanacasinos.com/-- is an indirect subsidiary of
Tropicana Casinos and Resorts. The company is one of the largest
privately-held gaming entertainment providers in the United
States. Tropicana Entertainment owns eleven casino properties in
eight distinct gaming markets with premier properties in Las
Vegas, Nevada and Atlantic City, New Jersey.
Tropicana Entertainment LLC filed for Chapter 11 protection on
May 5, 2008, (Bankr. D. Del. Case No. 08-10856). Its debtor-
affiliates filed for separate Chapter 11 petitions but with no
case numbers assigned yet. Kirkland & Ellis LLP and Mark D.
Collins, Esq., at Richards Layton & Finger, represent the Debtors
in their restructuring efforts. Their financial advisor is Lazard
Ltd. Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor.
Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell
LLP represent the Official Committee of Unsecured Creditors in
this case. Capstone Advisory Group LLC is financial advisor to
the Creditors' Committee.
The Debtors' exclusive plan filing period expires on Sept. 2, 2008.
(Tropicana Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
TROPICANA ENT: Aztar Delivers Schedules of Assets and Debts
-----------------------------------------------------------
Aztar Indiana Gaming Company, LLC, debtor-affiliate of Tropicana
Entertainment LLC, filed its schedules of assets and liabilities,
disclosing:
A. Real Property
Buildings $58,058,185
Land 11,200,000
B. Personal Property
B.1 Cash on hand
Casino bankroll 4,177,837
Non-gaming 20,250
B.2 Bank Accounts
Integra Bank 1,960,301
B.3 Security Deposit 89,221
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 -
B.14 Interests in partnerships & joint venture -
B.15 Government and corporate bonds 0
B.16 Accounts Receivable 476,542
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 Undetermined
B.24 Customer lists or other compilations 0
B.25 Vehicles 0
B.26 Boats, motors and accessories 17,843,653
B.27 Aircraft and accessories 0
B.28 Office Equipment 4,216,483
B.29 Equipment and Supplies for Business
CIP - building 859,315
CIP 173,472
CIP - engineering 3,125
Gaming equipment 8,390,366
Land improvements 4,200,000
B.30 Inventory 391,232
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
Prepaid - GI insurance (Columbia Sussex) 74,812
Prepaid - lease expense 2,000,000
Prepaid - licenses 46,070
Prepaid - long-term lease expense 6,000,000
Prepaid - other 78,346
Prepaid - maintenance contracts 83,040
Prepaid - marketing 160,940
TOTAL SCHEDULED ASSETS $120,503,192
=========================================================
C. Property Claimed as Exempt n/a
D. Creditors Holding Secured Claims
Lodgenet Entertainment Corp. $0
Credit Suisse Cayman Islands Branch 1,300,238,638
Credit Suisse Cayman Islands Branch 21,000,000
Credit Suisse International 26,184,326
RBS Greenwich Capital 26,973,826
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims
General unsecured claims
IGT 173,071
HMR Enterprises, Inc. 122,547
Vectren Energy Delivery 110,903
Others 861,104
Long-term unsecured debt 9.625% senior 995,676,667
subordinated notes due 2014
Intercompany claims
Aztar Corporation (42,200,572)
Hotel Ramada of Nevada (1,688)
Tropicana Casinos and Resorts, Inc. 193,652
Tropicana Entertainment, LLC 558,641
Tropicana Express, Inc. (5,817)
Potential litigation claim 0
Other contingent and unliquidated claims - Undetermined
potential claim
Related party claims
Columbia Properties Evansville, LLC 8,960
Columbia Properties Indianapolis, L.P. 61,007
Columbia Properties Louisville, Ltd. 8,083
Columbia Properties Oklahoma City, LLC 16,223
Columbia Sussex Corporation 229,862
CW Hotels, L.P. 3,000
JMBS Casino LLC (815)
TOTAL SCHEDULED LIABILITIES $2,330,211,619
=========================================================
About Tropicana Entertainment
Based in Crestview Hills, Kentucky, Tropicana Entertainment LLC --
http://www.tropicanacasinos.com/-- is an indirect subsidiary of
Tropicana Casinos and Resorts. The company is one of the largest
privately-held gaming entertainment providers in the United
States. Tropicana Entertainment owns eleven casino properties in
eight distinct gaming markets with premier properties in Las
Vegas, Nevada and Atlantic City, New Jersey.
Tropicana Entertainment LLC filed for Chapter 11 protection on
May 5, 2008, (Bankr. D. Del. Case No. 08-10856). Its debtor-
affiliates filed for separate Chapter 11 petitions but with no
case numbers assigned yet. Kirkland & Ellis LLP and Mark D.
Collins, Esq., at Richards Layton & Finger, represent the Debtors
in their restructuring efforts. Their financial advisor is Lazard
Ltd. Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor.
Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell
LLP represent the Official Committee of Unsecured Creditors in
this case. Capstone Advisory Group LLC is financial advisor to
the Creditors' Committee.
The Debtors' exclusive plan filing period expires on Sept. 2, 2008.
(Tropicana Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
TROPICANA ENT: Enterprises Delivers Schedules of Assets and Debts
-----------------------------------------------------------------
Tropicana Enterprises filed its schedules of assets and liabilities,
disclosing:
A. Real Property
Buildings $87,711,330
Land 701,000,000
B. Personal Property
B.1 Cash on hand 0
B.2 Bank Accounts 0
B.3 Security Deposit - prepaid deposits 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 -
B.14 Interests in partnerships & joint venture -
B.15 Government and corporate bonds 0
B.16 Accounts Receivable 0
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 0
B.29 Equipment and Supplies for Business
Land improvements - Las Vegas 764,444
B.30 Inventory 0
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 0
TOTAL SCHEDULED ASSETS $789,475,774
=========================================================
C. Property Claimed as Exempt n/a
D. Creditors Holding Secured Claims
Credit Suisse Cayman Islands Branch $440,000,000
Credit Suisse International 2,749,156
First Interstate Bank of Nevada NA 0
Young Electric Sign Co 0
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims
Intercompany claims
Adamar of Nevada (44)
Aztar Corporation 6,547,321
Hotel Ramada of Nevada (21,845,640)
TOTAL SCHEDULED LIABILITIES $427,450,793
=========================================================
Tropicana Enterprises did not earn any income two years
immediately preceding the bankruptcy filing.
About Tropicana Entertainment
Based in Crestview Hills, Kentucky, Tropicana Entertainment LLC --
http://www.tropicanacasinos.com/-- is an indirect subsidiary of
Tropicana Casinos and Resorts. The company is one of the largest
privately-held gaming entertainment providers in the United
States. Tropicana Entertainment owns eleven casino properties in
eight distinct gaming markets with premier properties in Las
Vegas, Nevada and Atlantic City, New Jersey.
Tropicana Entertainment LLC filed for Chapter 11 protection on
May 5, 2008, (Bankr. D. Del. Case No. 08-10856). Its debtor-
affiliates filed for separate Chapter 11 petitions but with no
case numbers assigned yet. Kirkland & Ellis LLP and Mark D.
Collins, Esq., at Richards Layton & Finger, represent the Debtors
in their restructuring efforts. Their financial advisor is Lazard
Ltd. Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor.
Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell
LLP represent the Official Committee of Unsecured Creditors in
this case. Capstone Advisory Group LLC is financial advisor to
the Creditors' Committee.
The Debtors' exclusive plan filing period expires on Sept. 2, 2008.
(Tropicana Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
TROPICANA ENT: Express Delivers Schedules of Assets and Debts
-------------------------------------------------------------
Tropicana Express Inc. filed its schedules of assets and
liabilities, disclosing:
A. Real Property
Buildings $184,537,436
Land 9,000,000
B. Personal Property
B.1 Cash on hand
Casino bankroll 2,552,037
Keno bankroll 7,500
Poker bankroll 3,494
B.2 Bank Accounts 0
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 -
B.14 Interests in partnerships & joint venture -
B.15 Government and corporate bonds 0
B.16 Accounts Receivable 1,491,483
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 Undetermined
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
Furniture & equipment - Laughlin, Nevada 6,403,196
B.29 Equipment and Supplies for Business
CIP - base inventory 14,377
CIP - carpet - rooms 282,204
CIP - slot equipment 24,481
Gaming equipment 5,954,043
Land improvements 1,087,125
B.30 Inventory
Inventory (5,901)
Inventory - beverage 159,403
Inventory - food 198,853
Inventory - retail 234,126
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
Prepaid - gaming taxes 1,205,212
Prepaid - GI insurance (Columbia Sussex) 56,598
Prepaid - licenses 103,993
Prepaid - marketing 398,905
Prepaid - other 58,880
Prepaid - property insurance 0
Prepaid - real estate taxes 180,066
Prepaid - sales tax (9,872)
Prepaid - work. Comp-co ins 17,797
TOTAL SCHEDULED ASSETS $213,955,438
=========================================================
C. Property Claimed as Exempt n/a
D. Creditors Holding Secured Claims
Credit Suisse Cayman Islands Branch $1,300,238,638
Credit Suisse Cayman Islands Branch 21,000,000
Credit Suisse International 26,184,326
RBS Greenwich Capital 26,973,826
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims
General unsecured claims
US Foodservice - Las Vegas Div 226,878
CSG Direct Inc. 166,673
Mission Industries 152,078
Nevada Power Company 145,091
Clark County Water Reclamation 119,020
Core-Mark Int Inc. 115,955
Outwest Meat Company 112,395
Others 1,439,910
Long-term unsecured debt 9.625% senior 995,676,667
subordinated notes due 2014
Intercompany claims
Aztar Corporation (44,004,772)
Aztar Indiana Gaming Company, LLC 3,406
Catfish Queen Partnership In Commendam 194,683
Columbia Properties Laughlin, LLC (270,610)
Greenville Riverboat, LLC (3,578)
Hotel Ramada of Nevada (398,347)
Tropicana Casinos and Resorts, Inc. 162,612
Tropicana Entertainment, LLC 501,066
Potential litigation claim 0
Other contingent and unliquidated claims Undetermined
Related party claims
Belle of Orleans, LLC 212
Columbia Properties Vicksburg, LLC (158,390)
Columbia Sussex Corporation 933,400
JMBS Casino LLC (5,416)
TOTAL SCHEDULED LIABILITIES $2,329,505,724
=========================================================
About Tropicana Entertainment
Based in Crestview Hills, Kentucky, Tropicana Entertainment LLC --
http://www.tropicanacasinos.com/-- is an indirect subsidiary of
Tropicana Casinos and Resorts. The company is one of the largest
privately-held gaming entertainment providers in the United
States. Tropicana Entertainment owns eleven casino properties in
eight distinct gaming markets with premier properties in Las
Vegas, Nevada and Atlantic City, New Jersey.
Tropicana Entertainment LLC filed for Chapter 11 protection on
May 5, 2008, (Bankr. D. Del. Case No. 08-10856). Its debtor-
affiliates filed for separate Chapter 11 petitions but with no
case numbers assigned yet. Kirkland & Ellis LLP and Mark D.
Collins, Esq., at Richards Layton & Finger, represent the Debtors
in their restructuring efforts. Their financial advisor is Lazard
Ltd. Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor.
Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell
LLP represent the Official Committee of Unsecured Creditors in
this case. Capstone Advisory Group LLC is financial advisor to
the Creditors' Committee.
The Debtors' exclusive plan filing period expires on Sept. 2, 2008.
(Tropicana Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
TROPICANA ENT: Nine Units Deliver Schedules of Assets and Debts
---------------------------------------------------------------
Nine debtor-affiliates of Tropicana Entertainment, LLC, reported
assets ranging from $25,000,001 to $70,000,000:
Debtor Assets Debts
------ ------------ ------------
Columbia Properties Tahoe, LLC $70,748,341 $2,489,439,346
Hotel Ramada of Nevada 60,271,245 407,288,935
Catfish Queen Partnership In 40,515,250 2,372,209,060
Commendam
Tropicana Las Vegas Resort & 35,516,536 98,235,898
Casino, LLC
Columbia Properties Vicksburg, LLC 32,889,520 2,370,459,871
Jazz Enterprises Inc. 30,519,691 2,370,289,126
Aztar Corporation 29,674,239 2,917,204,454
Atlantic-Deauville, Inc. 27,031,976 2,369,691,926
Tropicana Development Company, LLC 26,971,132 469,737,716
About Tropicana Entertainment
Based in Crestview Hills, Kentucky, Tropicana Entertainment LLC --
http://www.tropicanacasinos.com/-- is an indirect subsidiary of
Tropicana Casinos and Resorts. The company is one of the largest
privately-held gaming entertainment providers in the United
States. Tropicana Entertainment owns eleven casino properties in
eight distinct gaming markets with premier properties in Las
Vegas, Nevada and Atlantic City, New Jersey.
Tropicana Entertainment LLC filed for Chapter 11 protection on
May 5, 2008, (Bankr. D. Del. Case No. 08-10856). Its debtor-
affiliates filed for separate Chapter 11 petitions but with no
case numbers assigned yet. Kirkland & Ellis LLP and Mark D.
Collins, Esq., at Richards Layton & Finger, represent the Debtors
in their restructuring efforts. Their financial advisor is Lazard
Ltd. Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor.
Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell
LLP represent the Official Committee of Unsecured Creditors in
this case. Capstone Advisory Group LLC is financial advisor to
the Creditors' Committee.
The Debtors' exclusive plan filing period expires on Sept. 2, 2008.
(Tropicana Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
TROPICANA ENT: 21 Units Delivers Schedules of Assets and Debts
--------------------------------------------------------------
A total of 21 debtor-affiliates of Tropicana Entertainment, LLC,
reported assets ranging between $0 to $25,000,000:
Debtor Assets Debts
------ ------------ ------------
JMBS Casino, LLC $24,941,312 $2,369,513,624
Centroplex Centre Convention Hotel 22,752,413 2,364,656,267
CP Laughlin Realty, LLC 20,164,601 2,379,322,173
Tahoe Horizon, LLC 19,840,387 2,494,399,565
Adamar Garage Corporation 16,779,902 2,385,332,156
Columbia Properties Laughlin, LLC 15,534,212 2,368,773,014
St. Louis Riverboat Entertainment Inc 3,087,195 2,368,891,494
Ramada New Jersey, Inc. 1,542,223 2,369,644,310
CP Baton Rouge Casino, LLC 1,395,422 2,350,542,390
Ramada New Jersey Holdings Corp. 0 2,370,072,268
Argosy of Louisiana, Inc. 0 2,370,073,457
Aztar Development Corporation 0 2,370,073,457
Aztar Indiana Gaming Corporation 0 2,370,073,457
Aztar Missouri Gaming Corporation 0 2,370,073,457
Aztar Riverboat Holding Company, LLC 0 2,370,073,457
Tropicana Finance Corporation 0 2,370,073,457
Adamar of Nevada 0 422,729,009
Tropicana Real Estate Company, LLC 0 442,749,156
Tropicana Entertainment Holdings, LLC 0 0
Tropicana Las Vegas Holdings, LLC 0 0
Tropicana Entertainment Intermediate 0 0
Holdings, LLC
About Tropicana Entertainment
Based in Crestview Hills, Kentucky, Tropicana Entertainment LLC --
http://www.tropicanacasinos.com/-- is an indirect subsidiary of
Tropicana Casinos and Resorts. The company is one of the largest
privately-held gaming entertainment providers in the United
States. Tropicana Entertainment owns eleven casino properties in
eight distinct gaming markets with premier properties in Las
Vegas, Nevada and Atlantic City, New Jersey.
Tropicana Entertainment LLC filed for Chapter 11 protection on
May 5, 2008, (Bankr. D. Del. Case No. 08-10856). Its debtor-
affiliates filed for separate Chapter 11 petitions but with no
case numbers assigned yet. Kirkland & Ellis LLP and Mark D.
Collins, Esq., at Richards Layton & Finger, represent the Debtors
in their restructuring efforts. Their financial advisor is Lazard
Ltd. Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor.
Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell
LLP represent the Official Committee of Unsecured Creditors in
this case. Capstone Advisory Group LLC is financial advisor to
the Creditors' Committee.
The Debtors' exclusive plan filing period expires on Sept. 2, 2008.
(Tropicana Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
TWEETER HOME: Earns $495,044 in Month Ended April 30, 2008
----------------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Balance Sheet
As of April 30, 2008
Assets
Current Assets:
Cash and Cash Equivalents $4,116,427
Accounts Receivable 8,045
Inventory 0
Deferred Tax Assets 0
Prepaid Expenses and Other Current Assets 381,424
--------------
Total Current Assets 4,505,896
Property and Equipment 0
Long-Term Investments 0
Intangible Assets, Net 0
Other Assets 0
Goodwill 0
--------------
Total Assets $4,505,896
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition):
Current Portion of Long-Term Debt $0
Escrow 581,500
Total Accounts Payable 2,732,065
--------------
Total Postpetition Liabilities 3,313,565
Liabilities Subject to Compromise (Prepetition):
Deferred Compensation 0
Accrued Expenses 0
Customer Deposits 0
Prepetition Accounts Payable 32,536,235
--------------
Total Prepetition Liabilities 32,536,235
Secured Bank Debt 0
Other Long-Term Liabilities:
Accrued Income Taxes 951,185
Long-Term Restructuring and Discontinued
Store Reserve 0
Rent-Related Accruals 0
--------------
Total Other Long-Term Liabilities 951,185
--------------
Total Liabilities 36,800,984
--------------
Total Stockholder's Equity (32,295,088)
--------------
Total Liabilities and Stockholder's Equity $4,505,897
==============
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Statement of Operations
For the Month Ended April 30, 2008
Revenue $0
Cost of Goods Sold 0
--------------
Gross Profit 0
--------------
Total Operating Expenses 0
Operating Income 0
Other Income (Expense) 495,044
Loss on Transaction 0
--------------
Earnings Before Tax 495,044
Taxes 0
--------------
Net Income $495,044
==============
Tweeter Home Entertainment Group, Inc., et al.
Schedule of Cash Receipts and Disbursements
For the Month Ended April 30, 2008
Cash, Beginning of Month $0
Total Receipts 0
Total Disbursements 0
--------------
Net Cash Flow 0
--------------
Cash, End of Month $0
==============
About Tweeter Home
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M.
Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represent the Debtors. Kurtzman Carson Consultants LLC acts as
the Debtors' claims and noticing agent.
Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy
Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott
L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq.,
at Otterbourg, Steindler, Houston & Rosen, P.C., represent the
Official Committee of Unsecured Creditors.
As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and
total debts of $190,417,285. The Debtors exclusive period to file
a plan of reorganization expired on June 5, 2008. (Tweeter
Bankruptcy News, Issue No. 22, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TWEETER HOME: Posts $216,290 Net Loss in Month Ended May 31, 2008
-----------------------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Balance Sheet
As of May 31, 2008
Assets
Current Assets:
Cash and Cash Equivalents $3,898,182
Accounts Receivable 0
Inventory 0
Deferred Tax Assets 0
Prepaid Expenses and Other Current Assets 381,425
--------------
Total Current Assets 4,279,607
Property and Equipment 0
Long-Term Investments 0
Intangible Assets, Net 0
Other Assets 0
Goodwill 0
--------------
Total Assets $4,279,607
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition):
Current Portion of Long-Term Debt $0
Escrow 581,500
Total Accounts Payable 2,722,065
--------------
Total Postpetition Liabilities 3,303,565
Liabilities Subject to Compromise (Prepetition):
Deferred Compensation 0
Accrued Expenses 0
Customer Deposits 0
Prepetition Accounts Payable 32,536,234
--------------
Total Prepetition Liabilities 32,536,234
Secured Bank Debt 0
Other Long-Term Liabilities:
Accrued Income Taxes 951,185
Long-Term Restructuring and Discontinued
Store Reserve 0
Rent-Related Accruals 0
--------------
Total Other Long-Term Liabilities 951,185
--------------
Total Liabilities 36,790,984
--------------
Total Stockholder's Equity (32,511,378)
--------------
Total Liabilities and Stockholder's Equity $4,279,607
==============
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Statement of Operations
For the Month Ended May 31, 2008
Revenue $0
Cost of Goods Sold 0
--------------
Gross Profit 0
--------------
Total Operating Expenses 0
Operating Income 0
Other Income (Expense) (216,290)
Loss on Transaction 0
--------------
Earnings Before Tax (216,290)
Taxes 0
--------------
Net Income ($216,290)
==============
Tweeter Home Entertainment Group, Inc., et al.
Schedule of Cash Receipts and Disbursements
For the Month Ended May 31, 2008
Cash, Beginning of Month $0
Total Receipts 0
Total Disbursements 0
--------------
Net Cash Flow 0
--------------
Cash, End of Month $0
==============
About Tweeter Home
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M.
Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represent the Debtors. Kurtzman Carson Consultants LLC acts as
the Debtors' claims and noticing agent.
Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy
Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott
L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq.,
at Otterbourg, Steindler, Houston & Rosen, P.C., represent the
Official Committee of Unsecured Creditors.
As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and
total debts of $190,417,285. The Debtors exclusive period to file
a plan of reorganization expired on June 5, 2008. (Tweeter
Bankruptcy News, Issue No. 22, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
*********
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