/raid1/www/Hosts/bankrupt/TCR_Public/080809.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, Aug. 9, 2008, Vol. 12, No. 189
Headlines
AMPEX CORP: Reports $1,883,000 Net Loss in May 25 to June 28
ASARCO LLC: Earns $24,416,000 in Month Ended June 30, 2008
ATA AIRLINES: Delivers Operating Report for June 1 to 30, 2008
CHARYS HOLDING: Delivers Feb. 15 to March 31, 2008 Report
CHARYS HOLDING: Misses Filing of April 2008 Operating Report
CHARYS HOLDING: Delivers May 2008 Monthly Operating Report
FEDDERS CORP: Submits April 2008 Monthly Operating Report
FEDDERS CORP: Submits May 2008 Monthly Operating Report
FRONTIER AIRLINES: Posts $8,835,000 Net Loss in June 2008
KIMBALL HILL: Delivers June 2008 Monthly Operating Report
KIMBALL HILL: Amends Schedules of Assets and Liabilities
KIMBALL HILL: KH California Amends Schedules of Assets and Debts
KIMBALL HILL: KH Houston Amends Schedules of Assets & Liabilities
KIMBALL HILL: KH Nevada Amends Schedules of Assets and Liabilities
KIMBALL HILL: 11 Affiliates Amend Schedules of Assets and Debts
KIMBALL HILL: 14 Affiliates Amend Schedules of Assets and Debts
LINENS 'N THINGS: Files Operating Report for June 28, 2008
NETBANK INC: Delivers June 2008 Monthly Operating Report
PACIFIC LUMBER: Scotia Dev't Files June 2008 Operating Report
PACIFIC LUMBER: Scotia Pacific Files June 2008 Operating Report
PERFORMANCE TRANS: Liquidating Trustee Submits April 2008 Report
PERFORMANCE TRANS: Liquidating Trustee Submits May 2008 Report
PERFORMANCE TRANS: Liquidating Trustee Submits June 2008 Report
PRC LLC: Posts $8,655,000 Net Loss in Month Ended June 30, 2008
SHARPER IMAGE: Files June 30, 2008 Operating Report
TARPON INDUSTRIES: Files June 2008 Monthly Operating Report
TARPON INDUSTRIES: Eugene Welding Files June 2008 Report
TRICOM SA: Reports $20,647 Net Earnings in March 2008
TRICOM SA: Reports $795,816 Net Loss in April 2008
TRICOM SA: Reports $1,515,337 Net Loss in May 2008
TRICOM SA: Reports $2,337,457 Net Loss in June 2008
ZIFF DAVIS: Submits June 2008 Monthly Operating Report
*********
AMPEX CORP: Reports $1,883,000 Net Loss in May 25 to June 28
------------------------------------------------------------
Ampex Corp. and its debtor-affiliates filed their monthly
operating report for the period from May 25, 2008 through
June 28, 2008.
Consolidated balance sheet as of June 28, 2008, showed total
assets of $23,018,000, total liabilities of $133,941,000,
stockholders' deficit of $110,923,000.
Debtor-in-possession balance sheet as of June 28, 2008, showed
total assets of $18,100,000, total liabilities of $130,339,000,
stockholders' deficit of $112,239,000.
Total revenue for the period was $3,489,000 and net loss was
$1,883,000.
A full-text copy of the Debtors' May 25 to June 28, 2008 monthly
operating report is available for free at:
http://ResearchArchives.com/t/s?3087
About Ampex Corp.
Headquartered in Redwood City, California, Ampex Corp. --
http://www.ampex.com/-- (Nasdaq:AMPX) is a licensor of visual
information technology. The company has two business segments:
Recorders segment and Licensing segment. The Recorders segment
primarily includes the sale and service of data acquisition and
instrumentation recorders (which record data and images rather
than computer information), and to a lesser extent mass data
storage products. The Licensing segment involves the licensing
of intellectual property to manufacturers of consumer digital
video products through their corporate licensing division.
On March 30, 2008, Ampex Corp. and six affiliates filed for
protection under Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York (Case
Nos. 08-11094 through 08-11100). Matthew Allen Feldman, Esq.,
and Rachel C. Strickland, Esq., at Willkie Farr & Gallagher LLP,
represent the Debtors in their restructuring efforts. The
Debtors have also retained Conway Mackenzie & Dunleavy as their
financial advisors. In its schedules of assets and liabilities
filed with the Court, Ampex Corp. disclosed total assets of
$9,770,089 and total debts of $82,488,054.
The Debtors have nine foreign affiliates that are incorporated
in seven countries -- one each in the United Kingdom, Japan,
Belgium, Colombia and Brazil and two each in Germany and Mexico.
With the exception of the affiliates located in the U.K. and
Japan, none of the other foreign affiliates conduct meaningful
business activity. As of March 30, 2008, none of the foreign
affiliates have commenced insolvency proceedings.
On July 9, 2008, the Court confirmed the Debtors' first modified
third amended joint Chapter 11 plan of reorganization.
ASARCO LLC: Earns $24,416,000 in Month Ended June 30, 2008
----------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of June 30, 2008
ASSETS
Current Assets:
Cash $1,130,059,000
Restricted Cash 25,586,000
Accounts receivable, net 186,760,000
Inventory 303,462,000
Prepaid expenses 5,230,000
Other current assets 15,463,000
--------------
Total Current Assets 1,666,560,000
Net property, plant and equipment 503,001,000
Other Assets
Investments in subs 99,769,000
Advances to affiliates 605,000
Prepaid pension & retirement plan 0
Non-current deferred tax asset 40,951,000
Other 69,101,000
--------------
Total assets $2,379,987,000
==============
LIABILITIES
Postpetition liabilities:
Accounts payable $82,628,000
Accrued liabilities 670,134,000
Debtor-in-possession financing 0
--------------
Total postpetition liabilities 752,762,000
Prepetition liabilities:
Not subject to compromise - credit 3,516,000
Not subject to compromise - other 78,457,000
Advances from affiliates 24,736,000
Subject to compromise 1,719,092,000
--------------
Total prepetition liabilities 1,825,802,000
--------------
Total liabilities $2,578,564,000
==============
OWNERS' EQUITY (DEFICIT)
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive income (218,855,000)
Retained earnings: filing date (1,673,410,000)
--------------
Total prepetition owners' equity (1,279,363,000)
Retained earnings: post-filing date 1,080,787,000
--------------
Total owners' equity (net worth) (198,575,000)
Total liabilities and owners' equity $2,379,987,000
==============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended June 30, 2008
Sales $150,127,000
Cost of products and services 80,118,000
--------------
Gross profit 70,009,000
Operating expenses:
Selling and general & admin expenses 3,973,000
Depreciation & amortization 3,030,000
Accretion expense 103,000
--------------
Operating income 62,904,000
Interest expense 2,000
Interest income (3,209,000)
Reorganization expenses 14,300,000
Other miscellaneous (income) expenses (9,139,000)
--------------
Income (loss) before taxes 60,949,000
Income taxes 24,416,000
--------------
Net income (loss) $24,416,000
==============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended June 30, 2008
Receipts $164,608,000
Disbursements:
Inventory material 17,419,000
Operating disbursements 69,774,000
Capital expenditures 2,572,000
--------------
Total disbursements 89,766,000
Operating cash flow 74,842,000
Reorganization disbursements 7,655,000
--------------
Net cash flow 67,187,000
Net payments to secured Lenders 0
--------------
Net change in cash 67,187,000
Beginning cash balance 1,088,458,000
--------------
Ending cash balances $1,155,645,000
==============
About ASARCO LLC
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The
Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts. Lehman
Brothers Inc. provides the ASARCO with financial advisory services
And investment banking services. Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee. When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and $1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since April 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006. (Bankr. S.D. Tex. Case No. 06-20774
to 06-20776).
The Debtors submitted to the Court a joint plan of reorganization
and disclosure statement on July 31, 2008. (ASARCO Bankruptcy
News, Issue No. 78; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
ATA AIRLINES: Delivers Operating Report for June 1 to 30, 2008
--------------------------------------------------------------
ATA Airlines, Inc., Chief Restructuring Officer Steve Turoff
filed with the Court the airlines' monthly operating report for
the period June 1 to 30, 2008.
For the month of June, Mr. Turoff disclosed, ATA Airlines had
$1,007,061 in cash loss and $2,072,117 in total payables.
The total professional fee incurred by or on behalf of ATA
Airlines during the reporting period is $802,571, of which
$794,448 was incurred related to bankruptcy.
ATA Airlines, Inc.
Receipts and Disbursements
Month Ended June 30, 2008
RECEIPTS
Military -
Charter -
Scheduled Service -
Asset Sales--Inventory -
Asset Sales--Ground Equipment $408,530
Asset Sales--Rotables -
Return of Deposits/Prepaids 685,760
Cash Collateral/LOCs 82,832
Interest 15,746
Miscellaneous 738,686
------------
Total $1,931,555
============
DISBURSEMENTS:
Base Payroll Inc. All Taxes 610,750
Stay Bonus 109,807
Benefits 55,976
Employee Expense Payments 4,273
Facilities 105,079
Utilities/Communications 138,120
Contract Labor 20,737
Professionals 1,024,116
US Trustee -
Aircraft Ferry Cost 13,461
Engine Changes/Certificate Mx 19,276
Insurance--D&O/Misc. -
Health Insurance Run-off Reserve -
Cobra Reserve 900,000
Security -
Shipping/Cargo 94,474
Returned Checks (204,885)
Miscellaneous 47,432
------------
Total $2,938,616
============
Beginning Balance 23,732,707
Receipts 1,931,555
Disbursements (2,938,616)
------------
Ending Balance $22,725,645
============
About ATA Airlines
Headquartered in Indianapolis, Indiana, ATA Airlines, Inc., is a
diversified passenger airline operating in two principal business
lines -- a low cost carrier providing scheduled passenger service
that leverages a code share agreement with Southwest Airlines; and
a charter operator that focused primarily on providing charter
service to the U.S. government and military. ATA is a wholly
owned subsidiary of New ATA Acquisition, Inc. -- a wholly owned
subsidiary of New ATA Investment, Inc., which in turn, is a wholly
owned subsidiary of Global Aero Logistics Inc. ATA Acquisition
also owns another holding company subsidiary, World Air Holdings,
Inc., which it acquired through merger on August 14, 2007. World
Air Holdings owns and operates two other airlines, North American
Airlines and World Airways.
ATA Airlines and its affiliates filed for chapter 11 protection on
Oct. 26, 2004 (Bankr. S.D. Ind. Case Nos. 04-19866, 04-19868
through 04-19874). The Honorable Basil H. Lorch III confirmed the
Debtors' plan of reorganization on Jan. 31, 2006. The Debtors'
emerged from bankruptcy on Feb. 28, 2006.
Global Aero Logistics acquired certain of ATA's operations after
its first bankruptcy. The remaining ATA affiliates that were not
substantively consolidated in the company's first bankruptcy case
were sold or otherwise liquidated.
ATA Airlines filed for Chapter 22 on April 2, 2008 (Bankr. S.D.
Ind. Case No. 08-03675), citing the unexpected cancellation of a
key contract for ATA's military charter business, which made it
impossible for ATA to obtain additional capital to sustain its
operations or restructure the business. ATA discontinued all
operations subsequent to the bankruptcy filing. ATA's Chapter 22
bankruptcy petition lists assets and liabilities each in the range
of $100 million to $500 million.
The Debtor is represented in its Chapter 22 case by Haynes and
Boone, LLP, and Baker & Daniels, LLP, as bankruptcy counsel.
The United States Trustee for Region 10 appointed five members to
the Official Committee of Unsecured Creditors. Otterbourg,
Steindler, Houston & Rosen, P.C., serves as bankruptcy counsel to
the Committee. FTI Consulting, Inc., acts as the panel's
financial advisors. The Court gave ATA Airlines Inc. until
Feb. 26, 2009, to file its Chapter 11 plan and April 27, 2009, to
solicit acceptances of that plan.
(ATA Airlines Bankruptcy News, Issue No. 88; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
CHARYS HOLDING: Delivers Feb. 15 to March 31, 2008 Report
---------------------------------------------------------
Charys Holding Co., Inc., filed its monthly operating report for
the period Feb. 15, 2008, through March 31, 2008:
Cash at the beginning of the month $347
Total receipts 559,997
Total Disbursements 383,362
Cash at the end of the month $176,982
A full-text copy of the Debtor's monthly operating report is
available for free at http://ResearchArchives.com/t/s?3082
About Charys Holding
Headquartered in Atlanta, Georgia, Charys Holding Co., Inc., --
http://www.charys.com/-- provides remediation & reconstruction
and wireless communications & data infrastructure. The company
and its Crochet & Borel Services, Inc. subsidiary filed for
Chapter 11 protection on Feb. 14, 2008 (Bankr. Del. Case No.08-
10289). Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble
Heath, Esq., at Richards, Layton & Finger, P.A., represent the
Debtors in their restructuring efforts. No Official Committee of
Unsecured Creditors has been appointed in these cases to date.
The Debtors' schedules show total assets of $818,880 and total
liabilities of $286,416,560.
CHARYS HOLDING: Misses Filing of April 2008 Operating Report
------------------------------------------------------------
Charys Holding Co., Inc. did not file with the U.S. Securities and
Exchange Commission its monthly operating report for the period
April 1, 2008, through April 30, 2008.
About Charys Holding
Headquartered in Atlanta, Georgia, Charys Holding Co., Inc., --
http://www.charys.com/-- provides remediation & reconstruction
and wireless communications & data infrastructure. The company
and its Crochet & Borel Services, Inc. subsidiary filed for
Chapter 11 protection on Feb. 14, 2008 (Bankr. Del. Case No.08-
10289). Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble
Heath, Esq., at Richards, Layton & Finger, P.A., represent the
Debtors in their restructuring efforts. No Official Committee of
Unsecured Creditors has been appointed in these cases to date.
The Debtors' schedules show total assets of $818,880 and total
liabilities of $286,416,560.
CHARYS HOLDING: Delivers May 2008 Monthly Operating Report
----------------------------------------------------------
Charys Holding Co., Inc. filed its monthly operating report for
May 2008:
Cash at the beginning of the month $80,522
Total receipts 265,000
Total Disbursements 341,642
Cash at the end of the month $3,880
A full-text copy of the Chary's May 2008 schedule of cash
receipts and disbursements is available for free at:
http://ResearchArchives.com/t/s?3084
For the period May 1 to May 31, 2008, Charys generated $1,300,000
in gross revenues and net profit of $215,921.
A full-text copy of the Chary's May 2008 statement of operations
is available for free at:
http://ResearchArchives.com/t/s?3085
As of May 31, 2008, Chary's had total assets of $231,696,891,
total liabilities of $375,979,855, and stockholders' deficit of
$144,282,964.
A full-text copy of the Chary's May 2008 balance sheet is
available for free at http://ResearchArchives.com/t/s?3086
About Charys Holding
Headquartered in Atlanta, Georgia, Charys Holding Co., Inc., --
http://www.charys.com/-- provides remediation & reconstruction
and wireless communications & data infrastructure. The company
and its Crochet & Borel Services, Inc. subsidiary filed for
Chapter 11 protection on Feb. 14, 2008 (Bankr. Del. Case No.08-
10289). Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble
Heath, Esq., at Richards, Layton & Finger, P.A., represent the
Debtors in their restructuring efforts. No Official Committee of
Unsecured Creditors has been appointed in these cases to date.
The Debtors' schedules show total assets of $818,880 and total
liabilities of $286,416,560.
FEDDERS CORP: Submits April 2008 Monthly Operating Report
---------------------------------------------------------
Fedders Corporation and its affiliates filed their monthly
operating report for April 2008. Net sales for the month were
$2,631,000 and net loss for the month was $5,994,000.
As of April 30, 2008, Fedders entities posted total assets of
$104,100,000, total liabilities of $320,862,000, and stockholders'
deficit of $216,762,000.
A full-text copy of the companies' April 2008 monthly operating
report is available for free at:
http://ResearchArchives.com/t/s?2ed0
About Fedders Corporation
Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers. The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.
The company and several affiliates filed for Chapter 11 protection
on Aug. 22, 2007, (Bankr. D. Del. Lead Case No. 07-11182). The
law firm of Cole, Schotz, Meisel, Forman & Leonard P.A.; and
Norman L. Pernick, Esq., Irving E. Walker, Esq., and Adam H.
Isenberg, Esq., at Saul Ewing LLP, represent the Debtors in their
restructuring efforts. The Debtors have selected Logan & Company
Inc. as claims and noticing agent. The Official Committee of
Unsecured Creditors is represented by Brown Rudnick Berlack
Israels LLP. When the Debtors filed for protection from its
creditors, it listed total assets of $186,300,000 and total debts
of $322,000,000.
Fedders Corporation and its debtor-affiliates have filed a joint
plan of liquidation. The disclosure statement explaining that
plan was approved by the Court on June 6, 2008. Plan confirmation
hearing is slated for Aug. 21, 2008.
FEDDERS CORP: Submits May 2008 Monthly Operating Report
-------------------------------------------------------
Fedders Corporation and its affiliates filed their monthly
operating report for May 2008. Net sales for the month were
$2,857,000 and net loss for the month was $5,197,000.
As of May 31, 2008, Fedders entities posted total assets of
$94,626,000, total liabilities of $316,374,000, and stockholders'
deficit of $221,748,000.
A full-text copy of the companies' May 2008 monthly operating
report is available for free at:
http://ResearchArchives.com/t/s?3081
About Fedders Corporation
Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers. The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.
The company and several affiliates filed for Chapter 11 protection
on Aug. 22, 2007, (Bankr. D. Del. Lead Case No. 07-11182). The
law firm of Cole, Schotz, Meisel, Forman & Leonard P.A.; and
Norman L. Pernick, Esq., Irving E. Walker, Esq., and Adam H.
Isenberg, Esq., at Saul Ewing LLP, represent the Debtors in their
restructuring efforts. The Debtors have selected Logan & Company
Inc. as claims and noticing agent. The Official Committee of
Unsecured Creditors is represented by Brown Rudnick Berlack
Israels LLP. When the Debtors filed for protection from its
creditors, it listed total assets of $186,300,000 and total debts
of $322,000,000.
Fedders Corporation and its debtor-affiliates have filed a joint
plan of liquidation. The disclosure statement explaining that
plan was approved by the Court on June 6, 2008. Plan
confirmation hearing is slated for Aug. 21, 2008.
FRONTIER AIRLINES: Posts $8,835,000 Net Loss in June 2008
---------------------------------------------------------
FRONTIER AIRLINES HOLDINGS INC., ET AL.
Unaudited Consolidated Balance Sheet
As of June 30, 2008
ASSETS
CURRENT
ASSETS:
Cash and cash equivalents $59,314,000
Short-term investments 7,480,000
Restricted investments 115,503,000
Receivables, net of an allowance for
doubtful accounts 60,690,000
Security and other deposits -
Prepaid expenses and other assets 29,279,000
Inventories, net of allowance 18,883,000
Assets held for sale 959,000
--------------
Total current assets 292,108,000
Property and other equipment, net 811,547,000
Security and other deposits 25,499,000
Aircraft pre-delivery payments 13,985,000
Restricted investments 2,845,000
Deferred loan expenses and other assets 15,511,000
--------------
Total Assets $1,161,495,000
==============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Liabilities not subject to compromise:
CURRENT LIABILITIES:
Accounts payable $40,722,000
Air traffic liability 236,904,000
Other accrued expenses 58,872,000
Deferred revenue
and other current liabilities 18,352,000
PDP financing 3,139,000
--------------
Total current liabilities
not subject to compromise 357,989,000
Deferred revenue and other liabilities 23,462,000
--------------
Total liabilities not subject to compromise 381,451,000
Liabilities subject to compromise 684,802,000
--------------
Total Liabilities 1,066,253,000
STOCKHOLDERS' DEFICIT:
Preferred stock -
Common stock 37,000
Additional paid-in capital 196,232,000
Unearned ESOP shares (411,000)
Other comprehensive loss -
Accumulated deficit (100,616,000)
--------------
Total Stockholders' Equity 95,242,000
--------------
Total Liabilities and Stockholders' Equity $1,161,495,000
==============
FRONTIER AIRLINES HOLDINGS, INC., ET AL
Unaudited Consolidated Statement of Operations
Month Ended June 30, 2008
Revenues:
Passenger $127,999,000
Cargo 589,000
Other 3,481,000
--------------
Total revenues 132,069,000
Operating expenses:
Flight operations 14,314,000
Aircraft fuel 65,969,000
Aircraft lease 9,862,000
Aircraft and traffic servicing 15,538,000
Maintenance 9,375,000
Promotion and sales 10,166,000
General and administrative 2,476,000
Operating expenses -- regional partner 2,864,000
Loss (gain) on sales of assets, net 373,000
Employee separation and other charges 570,000
Depreciation 3,717,000
--------------
Total operating expenses 135,224,000
--------------
Operating loss (3,155,000)
Non-operating income (expense):
Interest income 374,000
Interest expense (1,393,000)
Loss from early extinguishment of debt -
Other, net (1,294,000)
--------------
Total non-operating expense, net (2,313,000)
Loss before reorganization items & income taxes (5,468,000)
Reorganization items 3,367,000
Income taxes -
--------------
Net Loss ($8,835,000)
==============
FRONTIER AIRLINES HOLDINGS, INC., ET AL.
Unaudited Consolidated Statement of Cash Flow
Month Ended June 30, 2008
Cash flows from operating activities:
Net Loss ($8,835,000)
Adjustments to reconcile net loss to net cash in
operating activities:
ESOP and stock option compensation expense 211,000
Depreciation and amortization 3,784,000
Assets beyond economic repair 176,000
Mark to market losses on derivative contracts -
(Loss) Gain on disposal of equipment
and other assets, net 373,000
Loss on early extinguishment of debt -
Unrealized loss on short-term investments 1,320,000
Changes in operating assets and liabilities:
Restricted investments (15,023,000)
Receivables 8,865,000
Security and other deposits (177,000)
Prepaid expenses and other assets 3,265,000
Inventories 1,070,000
Other assets (584,000)
Accounts payable (23,654,000)
Air traffic liability (9,914,000)
Other accrued expenses (2,937,000)
Deferred revenue and other liabilities (245,000)
--------------
Net cash used in operating activities (42,305,000)
Cash flows from investing activities:
Proceeds from the sale of property
and assets held for sale 101,000
Capital expenditures (599,000)
--------------
Net cash used in investing activities (498,000)
Cash flows from financing activities:
Extinguishment of long-term borrowings -
Principal payments on long-term borrowings (7,858,000)
Payment of financing fees (83,000)
--------------
Net cash used in financing activities (7,941,000)
Decrease in cash and cash equivalents (50,744,000)
Cash and cash equivalents at beginning of period 110,058,000
--------------
Cash and cash equivalents at end of period $59,314,000
==============
About Frontier Airlines Inc.
Headquartered in Denver, Colorado, Frontier Airlines Inc. --
http://www.frontierairlines.com/-- provide air transportation
for passengers and freight. They operate jet service carriers
linking their Denver, Colorado hub to 46 cities coast-to-coast,
8 cities in Mexico, and 1 city in Canada, well as provide
service from other non-hub cities, including service from 10
non-hub cities to Mexico. As of May 18, 2007 they operated 59
jets, including 49 Airbus A319s and 10 Airbus A318s.
The Debtor and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008, (Bankr. S.D. N.Y. Case No.: 08-
11297 thru 08-11299.) Hugh R. McCullough, Esq., at Davis Polk &
Wardwell, represents the Debtors in their restructuring efforts.
Togul, Segal & Segal LLP is the Debtors' Conflicts Counsel, Faegre
& Benson LLP is the Debtors' Special Counsel, and Kekst and
Company is the Debtors' Communications Advisors. At Dec. 31,
2007, Frontier Airlines Holdings Inc. and its subsidiaries'
total assets was $1,126,748,000 and total debts was
$933,176,000.
(Frontier Airlines Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
KIMBALL HILL: Delivers June 2008 Monthly Operating Report
---------------------------------------------------------
Kimball Hill, Inc.
Summary of Cash Receipts and Disbursements
For the Period from June 1 to 30, 2008
Beginning Cash Balance $84,701,355
Receipts from operations
Accounts receivable receipts 32,290,717
Notes receivable receipts 0
Accts. Receivable collection for non-debtors 2,747,945
Other receipts
Interest income 73,793
Proceeds from sale of fixed assets 0
Oil exploration revenue 229,851
Income tax refunds 0
Customer deposits 380,764
Customer deposits for non-debtors 5,000
Miscellaneous receipts 266,353
-------------
Total Receipts $35,994,423
-------------
Disbursements
Payroll
Officers 436,556
Others 2,107,483
Total Payroll -------------
2,544,040
Taxes
Federal income tax 553,633
FICA withholdings 238,083
Employee's withholdings 0
Employer's FICA 238,084
Federal unemployment taxes 492
State income tax 50,705
State employee withholdings 0
All other state taxes 2,285
State unemployment taxes 2,741
-------------
Total Taxes 1,086,023
Necessary expenses
Homebuilding costs 15,613,847
Debt and interest payments 1,341,711
General and administrative costs 2,469,177
Permits 869,401
Land and land Development 3,667,293
Medical health claims 398,450
Customer deposit refunds 63,038
401K funding 190,869
Texas sales taxes 118,028
Professional fees 983,499
Warranty costs 298,908
Flex spending reimbursements 8,084
-------------
Total Necessary Expenses 26,022,305
Total Disbursements 29,652,367
-------------
Net receipts for the period 6,342,056
Ending Cash Balance $91,043,411
=============
About Kimball Hill
Based in Rolling Meadow, Illinois, Kimball Hill Inc. --
http://www.kimballhillhomes.com/-- is one of the largest
privately-owned homebuilders and one of the 30 largest
homebuilders in the United States, as measured by home deliveries
and revenues. The company designs, builds and markets single-
family detached, single-family attached and multi-family homes.
The company currently operate within 12 markets, including, among
others, Chicago, Dallas, Ft. Worth, Houston, Las Vegas, Sacramento
and Tampa, in five regions: Florida, the Midwest, Nevada, the
Pacific Coast and Texas.
Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11
protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08-
10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents
the Debtors in their restructuring efforts. The Debtors'
consolidated financial condition as of Dec. 31, 2007 reflected
total assets of $795,473,000 and total debts $631,867,000.
The Debtors have until Aug. 21, 2008, to exclusively file a
bankruptcy plan. (Kimball Hill Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
KIMBALL HILL: Amends Schedules of Assets and Liabilities
--------------------------------------------------------
Bradley R. Grining, vice president and controller of Kimball
Hill Inc., discloses that certain creditors have been added to
the company's schedules of unsecured non-priority claims, a full-
text copy of which is available for free at:
http://researcharchives.com/t/s?3041
Mr. Grining adds that Kimball Hill's Schedule B has been revised
to read as personal property inventory, rather than real property
inventory. The revision is consistent with the Debtor's
treatment of its inventory, consisting of land held for resale,
for accounting and tax purposes. Certain of Kimball Hill's
security deposits with certain public utilities and other parties
have not been listed in the Schedules, the company notes.
About Kimball Hill
Based in Rolling Meadow, Illinois, Kimball Hill Inc. --
http://www.kimballhillhomes.com/-- is one of the largest
privately-owned homebuilders and one of the 30 largest
homebuilders in the United States, as measured by home deliveries
and revenues. The company designs, builds and markets single-
family detached, single-family attached and multi-family homes.
The company currently operate within 12 markets, including, among
others, Chicago, Dallas, Ft. Worth, Houston, Las Vegas, Sacramento
and Tampa, in five regions: Florida, the Midwest, Nevada, the
Pacific Coast and Texas.
Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11
protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08-
10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents
the Debtors in their restructuring efforts. The Debtors'
consolidated financial condition as of Dec. 31, 2007 reflected
total assets of $795,473,000 and total debts $631,867,000.
The Debtors have until Aug. 21, 2008, to exclusively file a
bankruptcy plan. (Kimball Hill Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
KIMBALL HILL: KH California Amends Schedules of Assets and Debts
----------------------------------------------------------------
Bradley R. Grining, vice president and controller of Kimball
Hill Inc., relates that Kimball Hill Homes California, Inc.,
have quantified certain previously undetermined secured claims in
its Schedules of Assets and Liabilities, increasing the reported
claims by $10,756,547. The additional secured claims are:
Claimant Claim Amount
-------- ------------
B&D, Inc. $260,000
Creative Touch Interiors 10,000,000
Premier Landscapes 70,000
Prosiding, Inc. 5,695
Valley Landscaping 420,852
About Kimball Hill
Based in Rolling Meadow, Illinois, Kimball Hill Inc. --
http://www.kimballhillhomes.com/-- is one of the largest
privately-owned homebuilders and one of the 30 largest
homebuilders in the United States, as measured by home deliveries
and revenues. The company designs, builds and markets single-
family detached, single-family attached and multi-family homes.
The company currently operate within 12 markets, including, among
others, Chicago, Dallas, Ft. Worth, Houston, Las Vegas, Sacramento
and Tampa, in five regions: Florida, the Midwest, Nevada, the
Pacific Coast and Texas.
Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11
protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08-
10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents
the Debtors in their restructuring efforts. The Debtors'
consolidated financial condition as of Dec. 31, 2007 reflected
total assets of $795,473,000 and total debts $631,867,000.
The Debtors have until Aug. 21, 2008, to exclusively file a
bankruptcy plan. (Kimball Hill Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
KIMBALL HILL: KH Houston Amends Schedules of Assets & Liabilities
-----------------------------------------------------------------
Bradley R. Grining, vice president and corporate controller of
Kimball Hill Inc., relates that Kimball Hill Homes Houston, L.P.,
has revised Schedule F of its Schedules to reflect total
unsecured non-priority claims, aggregating $232,863,550. The
revised amount includes a $126,000 claim by MA Sedona Lakes, LP,
pertaining to an agreement to purchase a real property located in
Houston, Texas.
About Kimball Hill
Based in Rolling Meadow, Illinois, Kimball Hill Inc. --
http://www.kimballhillhomes.com/-- is one of the largest
privately-owned homebuilders and one of the 30 largest
homebuilders in the United States, as measured by home deliveries
and revenues. The company designs, builds and markets single-
family detached, single-family attached and multi-family homes.
The company currently operate within 12 markets, including, among
others, Chicago, Dallas, Ft. Worth, Houston, Las Vegas, Sacramento
and Tampa, in five regions: Florida, the Midwest, Nevada, the
Pacific Coast and Texas.
Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11
protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08-
10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents
the Debtors in their restructuring efforts. The Debtors'
consolidated financial condition as of Dec. 31, 2007 reflected
total assets of $795,473,000 and total debts $631,867,000.
The Debtors have until Aug. 21, 2008, to exclusively file a
bankruptcy plan. (Kimball Hill Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
KIMBALL HILL: KH Nevada Amends Schedules of Assets and Liabilities
------------------------------------------------------------------
The Schedules of Assets and Liabilities of Kimball Hill Nevada,
Inc., reflect additional unsecured non-priority claims in
unquantified amounts that includes claims by Chicago Title, among
others.
A full-text copy of Kimball Hill Nevada's revised Schedule is
available for free at:
http://researcharchives.com/t/s?305b
About Kimball Hill
Based in Rolling Meadow, Illinois, Kimball Hill Inc. --
http://www.kimballhillhomes.com/-- is one of the largest
privately-owned homebuilders and one of the 30 largest
homebuilders in the United States, as measured by home deliveries
and revenues. The company designs, builds and markets single-
family detached, single-family attached and multi-family homes.
The company currently operate within 12 markets, including, among
others, Chicago, Dallas, Ft. Worth, Houston, Las Vegas, Sacramento
and Tampa, in five regions: Florida, the Midwest, Nevada, the
Pacific Coast and Texas.
Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11
protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08-
10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents
the Debtors in their restructuring efforts. The Debtors'
consolidated financial condition as of Dec. 31, 2007 reflected
total assets of $795,473,000 and total debts $631,867,000.
The Debtors have until Aug. 21, 2008, to exclusively file a
bankruptcy plan. (Kimball Hill Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
KIMBALL HILL: 11 Affiliates Amend Schedules of Assets and Debts
---------------------------------------------------------------
Eleven debtor-affiliates of Kimball Hill Inc. amend their
Schedules of Assets and Liabilities to disclose a revision to
Kimball Hill's Global Notes attached to each of the debtor-
affiliates' Schedules. The 11 debtor affiliates are:
* Kimball Hill Urban Centers, L.L.C.,
* Kimball Hill Homes Texas Investments, L.L.C.,
* Kimball Hill Stateway, Inc.,
* Kimball Hill Homes Texas Operations, L.L.C.,
* Kimball Hill Urban Centers Special Purposes, LLC,
* Kimball Hill Homes Ohio, Inc.
* Kimball Hill Urban Centers Chicago Two, L.L.C.,
* Kimball Hill Homes Wisconsin, Inc.,
* KH Financial Holding Company,
* Kimball Hill Texas Investment Company, L.L.C., and
* Kimball Hill Homes Realty Florida, Inc.
Parent Kimball Hill's revised Global Notes to its Schedules of
Assets and Liabilities and Statement of Financial Affairs
indicate that Schedule B, which includes inventory of land assets
held for resale by the Debtor, should be captioned as "Personal
Property Inventory" rather than "Real Property Inventory" as was
initially reported. Parent Kimball Hill and its debtor
affiliates report their financial statements on a consolidated
basis.
About Kimball Hill
Based in Rolling Meadow, Illinois, Kimball Hill Inc. --
http://www.kimballhillhomes.com/-- is one of the largest
privately-owned homebuilders and one of the 30 largest
homebuilders in the United States, as measured by home deliveries
and revenues. The company designs, builds and markets single-
family detached, single-family attached and multi-family homes.
The company currently operate within 12 markets, including, among
others, Chicago, Dallas, Ft. Worth, Houston, Las Vegas, Sacramento
and Tampa, in five regions: Florida, the Midwest, Nevada, the
Pacific Coast and Texas.
Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11
protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08-
10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents
the Debtors in their restructuring efforts. The Debtors'
consolidated financial condition as of Dec. 31, 2007 reflected
total assets of $795,473,000 and total debts $631,867,000.
The Debtors have until Aug. 21, 2008, to exclusively file a
bankruptcy plan. (Kimball Hill Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
KIMBALL HILL: 14 Affiliates Amend Schedules of Assets and Debts
---------------------------------------------------------------
A total of 14 debtor-affiliates of Kimball Hill Inc. amend their
Schedules of Assets and Liabilities to reflect certain changes to
Kimball Hill, Inc.'s Global Notes:
* Kimball Hill Homes Dallas, L.P.,
* Kimball Hill Homes Florida, Inc.,
* Kimball Hill Homes Austin, L.P.,
* KHH Texas Trading Company, L.P.,
* 18th and Peoria, LLC,
* Kimball Hill Homes San Antonio, L.P.,
* Kimball Hill Homes Washington, Inc.,
* Kimball Hill Homes Texas, Inc.,
* National Credit and Guaranty Corp.,
* Kimball Hill Far East Detroit, LLC,
* Kimball Hill Urban Centers Chicago One L.L.C.,
* The Hamilton Place Partnership,
* KH Ingham Park South, LLC, and
* Kimball Hill Homes Oregon, Inc.
Moreover, the Schedules of certain of the debtor affiliates
indicate changes in total liabilities reported:
Debtor Debts, as revised
------ -----------------
Kimball Hill Homes Dallas, L.P. $580,642,726
Kimball Hill Homes Florida, Inc. 599,206,464
Kimball Hill Homes Austin, L.P. 549,065,554
Kimball Hill Homes San Antonio, L.P. 545,472,682
National Credit and Guaranty Corp. 530,374,667
About Kimball Hill
Based in Rolling Meadow, Illinois, Kimball Hill Inc. --
http://www.kimballhillhomes.com/-- is one of the largest
privately-owned homebuilders and one of the 30 largest
homebuilders in the United States, as measured by home deliveries
and revenues. The company designs, builds and markets single-
family detached, single-family attached and multi-family homes.
The company currently operate within 12 markets, including, among
others, Chicago, Dallas, Ft. Worth, Houston, Las Vegas, Sacramento
and Tampa, in five regions: Florida, the Midwest, Nevada, the
Pacific Coast and Texas.
Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11
protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08-
10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents
the Debtors in their restructuring efforts. The Debtors'
consolidated financial condition as of Dec. 31, 2007 reflected
total assets of $795,473,000 and total debts $631,867,000.
The Debtors have until Aug. 21, 2008, to exclusively file a
bankruptcy plan. (Kimball Hill Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
LINENS 'N THINGS: Files Operating Report for June 28, 2008
----------------------------------------------------------
Linens 'N Things and its debtor-affiliates submitted to the
United States Bankruptcy Court for the District of Delaware its
operating report for the month ended June 28, 2008:
Linens Holding Co., et al.
Balance Sheet
As of June 28, 2008
Assets
Current Assets
Cash $29,234,466
Accounts receivable, net 38,019,033
Inventory 547,974,178
Prepaid expenses 39,502,100
-------------
Total Current Assets 654,729,777
Property & Equipment
Building 5,010,000
Furniture & fixtures 272,972,004
Hardware 13,611,010
Leasehold improvements 179,132,427
Land 1,030,400
Software 8,689,658
Less: accumulated depreciation (205,858,028)
-------------
Total Property & Equipment 274,587,471
Other Assets
Identifiable intangible 135,179,986
Goodwill 253,159,671
Other non-current assets 38,828,054
-------------
Total other assets 427,167,711
-------------
Total Assets $1,356,484,959
=============
Liabilities and Shareholders' Equity
Liabilities not subject to compromise
Current liabilities
Merchandise accounts payable $8,577,561
Merchandise accruals, refunds & allowances 57,213,512
Due to customers 1,551,592
Salaries and wages 7,417,659
Taxes, non-franchise and income tax 13,217,958
Workers compensation 136,651
Current retirement plans 72,350
Rent -
General liability claims 133,217
Accrued auto claims & uninsured losses 17,694
Other accrued liabilities 61,831,341
-------------
Total Current Liabilities 150,169,535
Long Term Liabilities
Long-term borrowings 175,410,355
Non-current deferred income -
Other liabilities 984,578
-------------
Total long term liabilities 176,394,933
-------------
Total liabilities not subject to compromise 326,564,468
Liabilities subject to compromise
L/T senior secured note 668,914,007
Unsecured claims 352,512,084
Priority claims 27,604,901
Other accruals and reserves -
-------------
Total Liabilities Subject to Compromise 1,049,030,992
-------------
Total Liabilities 1,375,595,460
Shareholders' Equity
Common stock 130,130
Additional paid-in capital 600,966,833
Retained earnings - prepetition (536,191,697)
Retained earnings - postpetition (87,101,951)
Currency gain/loss 3,086,184
-------------
Net shareholders' equity (19,110,501)
-------------
Total Liabilities and Shareholders' Equity $1,356,484,959
=============
Linens Holding Co., et al
Income Statement
For the month ending June 28, 2008
Gross revenues $138,221,282
Rebates and returns 2,304,652
Cost of goods sold (68,158,032)
-------------
Initial Mark On (IMO) 72,367,902
Markdowns 14,495,056
Gross allowances (1,646,405)
Deferred allowances (8,036,175)
-------------
Total markdowns - net 4,812,476
-------------
Merchant margin 67,555,426
Supply chain expenses (6,517,004)
Buying, product development, shrink (4,136,017)
-------------
Gross profit 56,902,405
Store payroll expense (18,703,759)
Other store selling expenses (5,315,622)
-------------
Total selling expense (24,019,381)
-------------
Margin after selling expenses 32,883,024
Occupancy (33,499,276)
Sales promotions (1,344,202)
Other store expenses (1,792,384)
Store closing expense -
Supervisory/Other (1,152,177)
-------------
Total store expenses (37,788,039)
-------------
Store contribution (4,905,015)
Administrative salaries (2,641,587)
Other administrative expenses (4,908,162)
Other income/(expense) (10,955,725)
Interest (2,242,945)
Taxes (676,051)
-------------
Total General & Administrative (21,424,470)
-------------
Net Earnings [Loss] (26,329,485)
-------------
Reorganization Items (29,719,957)
-------------
Net Earnings [Loss] after reorg. items ($56,049,442)
=============
Linens Holding Co., et al.
Schedule of Cash Receipts and Disbursements
For the month ending June 28, 2008
Cash Receipts:
Sales receipts $170,895,000
Other receipts, i.e. tenant allow. 2,059,000
Store closure proceeds 110,546,000
-------------
Total receipts 283,500,000
Cash Disbursements:
Trade payments:
A/P - Merchandise 67,288,000
Rollover A/P - Prepaid -
A/P - LC's & Trade Card 8,768,000
A/P - LAPP -
-------------
Total trade payments 76,056,000
Operating Expenses:
Payroll, payroll taxes & benefits 31,957,000
Rent checks and wires 20,549,000
Marketing 3,004,000
Capital expenditures -
Freight 6,928,000
Sales tax payable 10,673,000
Other (Import duties, misc. CC fees) 15,862,000
Administrative & selling expenses -
-------------
Total operating expenses 88,973,000
Non-Operating Expenses:
DIP & revolver interest & fees -
Other Interest Expense / (Income) 4,000
-------------
Total non-pperating expenses 4,000
-------------
Net operating cash flow 118,466,000
Bankruptcy Expenses:
DIP fees & expenses -
Deposits for utilities 1,485,000
Professional fees 1,289,000
-------------
Total Bankruptcy Expenses 2,774,000
-------------
Net Cash Flows 115,692,000
-------------
Draw / (Paydown) of DIP Facility (126,004,000)
-------------
Net Change in Cash ($10,312,000)
=============
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, these Linens entities filed chapter 11 petition
(Bankr. D. Del.): 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. 14; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
NETBANK INC: Delivers June 2008 Monthly Operating Report
--------------------------------------------------------
NetBank Inc. filed its monthly operating report for the period
June 1, 2008, through June 30, 2008, disclosing:
Funds at the beginning of period $6,996,194
Total receipts 68,610
Total funds for operations 7,064,805
Total disbursements 279,559
Ending balance $6,785,245
A full-text copy of the Debtor's June 2008 monthly operating
report is available for free at:
http://ResearchArchives.com/t/s?3080
About NetBank
Headquartered in Jacksonville, Florida, NetBank Inc. --
http://www.netbank.com/-- is a financial holding company of
Netbank, the United States' oldest Internet bank serving retail
and business customers in all 50 states. NetBank Inc. does retail
banking, mortgage banking, business finance, and providing ATM and
merchant processing services.
The company filed for chapter 11 protection on Sept. 28, 2007
(Bankr. M.D. Fla. Case No. 07-04295). Alan M. Weiss, Esq., at
Holland & Knight LLP. The U.S. Trustee for Region 21 appointed
six creditors to serve on an Official Committee of Unsecured
Creditors of the Debtor's case. Rogers Towers and Kilpatrick
Stockton LLP represent the Committee in this case. As of
Sept. 25, 2007, the Debtor listed total assets at $87,213,942
and total debts at $42,245,857.
PACIFIC LUMBER: Scotia Dev't Files June 2008 Operating Report
-------------------------------------------------------------
Scotia Development LLC, et al.
Consolidated Balance Sheet
As of June 30, 2008
ASSETS
Current Assets
Cash $1,040,292
Accounts receivable, net 4,918,957
Inventory: lower cost or market 7,771,169
Prepaid expenses 5,511,487
Prepaid Restructuring 100,000
Investments 0
Other 79,960
------------
Total Current Assets 19,421,865
Property, Plant & Equipment 185,418,906
Less: Accumulated Depreciation (121,325,470)
------------
Net book value of property & plant 64,093,436
Other Assets
Notes Receivable 551,959
Deferred Financing Costs 3,226,208
Long-term Investments 3,416,823
Restricted Cash 2,592,844
Restricted Cash -- L.C. Collateralization 10,862,851
Deferred Tax Assets 13,313,381
------------
TOTAL ASSETS $117,479,367
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $918,793
Tax payable
Federal payroll taxes 44,614
State payroll taxes 5,576
Ad valorem taxes 0
Other taxes 1,301,157
------------
Total taxes payable 1,351,348
Secured debt postpetition 75,000,000
Accrued interest payable 6,734,915
Accrued professional fees 10,623,678
Other accrued liabilities
Trade Accruals 3,588,219
Compensation and benefits 2,046,185
Other accrued 1,096,596
Due to (from) affiliate/parent 11,174,729
------------
Total Postpetition Liabilities 112,534,462
Prepetition Liabilities
Notes payable - Secured 80,832,888
Priority debt 3,160,656
Federal income tax (17,006)
FICA/ Withholding 0
Unsecured debt 2,256,234
Other 27,627,242
Due to Affiliate/Parent 41,661,505
------------
Total Prepetition Liabilities 155,521,519
------------
Total Liabilities 268,055,981
Owner's Equity (Deficit)
Equity in Affiliates 581,535,576
Common Stock 1,001
Additional Paid-in Capital 275,546,288
Retained Earnings: Filing Date (792,985,229)
Retained Earnings: Post Filing Date (214,674,250)
------------
Total Owner's Equity (150,576,614)
------------
TOTAL LIABILITIES & OWNERS EQUITY $117,479,367
============
Scotia Development LLC, et al.
Statement of Income
For the Period Ended June 30, 2008
Revenues $7,071,066
Total cost of revenues 7,958,967
------------
Gross Profit (887,901)
Operating Expenses
Selling & Marketing 94,935
General & Administrative 288,972
Insiders Compensation 102,530
Professional Fees 0
Idle Facilities 55,391
Environmental 20,037
------------
Total Operating Expenses 561,865
------------
Income before interest, depreciation, tax (1,449,767)
Interest Expense 1,419,803
Depreciation 713,058
Other (Income) Expenses (2,764,501)
Restructuring
Professional Fees 2,743,624
Other 27,575
Amortization of Deferred Financing Costs 387,997
Equity Loss (Earnings) in Subsidiary 5,661,655
Total Interest, Depreciation & Other Items 8,189,212
------------
Net Income Before Taxes (9,638,979)
Federal Income Tax 0
------------
Net Income (Loss) ($9,638,979)
============
Scotia Development LLC, et al.
Cash Receipts and Disbursements
For the Month Ended June 30, 2008
Receipts
Cash Sales $18,318
Collection of Accounts Receivable 7,562,051
Loans & Advances 0
Sale of Assets 0
Other 3,040
------------
Total Receipts 7,583,409
Disbursements
Net payroll 916,314
Payroll taxes paid 343,779
Sales, use & other taxes paid 21,416
Secured/rentals/leases 74,001
Utilities & telephone 56,213
Insurance 492,101
Cost of goods sold 5,973,784
Vehicle expenses 27,998
Travel & entertainment 42,167
Repairs, maintenance & supplies 535,150
Administrative & selling 167,233
Other 0
------------
Total Disbursements from operations 8,650,156
Professional fees 143,749
U.S. Trustee fees 0
Other reorganization expenses 0
------------
Total Disbursements 8,793,905
------------
Net Cash Flow (1,210,497)
------------
Cash, at the beginning of the month 2,250,789
------------
Cash, at the end of the month $1,040,292
============
About Pacific Lumber
Based in Oakland, California, The Pacific Lumber Company --
http://www.palco.com/-- and its subsidiaries operate in several
principal areas of the forest products industry, including the
growing and harvesting of redwood and Douglas-fir timber, the
milling of logs into lumber and the manufacture of lumber into a
variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel. Kyung S. Lee, Esq., Esq., at Diamond
McCarthy LLP is Scotia Pacific's co-counsel, replacing Porter &
Hedges LLP. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335.
The Debtors filed their Joint Plan of Reorganization on Sept. 30,
2007, which was amended on Dec. 20, 2007. Four other parties-in-
interest have filed competing plans for the Debtors -- The Bank of
New York Trust Company, N.A., as Indenture Trustee for the Timber
Notes; the Official Committee of Unsecured Creditors; Marathon
Structured Finance Fund L.P, the Debtors' DIP Lender and Agent
under the DIP Credit Facility; and the Heartlands Commission,
which represents the tribal members of the Bear River Band of
Rohnerville Rancheria and PALCO employees.
On July 8, 2008, the Court confirmed the Modified First Amended
Joint Plan of Reorganization With Technical Modifications for the
Debtors proposed by Marathon Structured Finance Fund L.P.,
Mendocino Redwood Company, LLC, and the Official Committee of
Unsecured Creditors.
The Debtors emerged from bankruptcy protection on July 30, 2008.
The Debtors' exclusive plan filing period expired on Feb. 29,
2008. (Scotia/Pacific Lumber Bankruptcy News, Issue No. 66;
http://bankrupt.com/newsstand/or 215/945-7000).
PACIFIC LUMBER: Scotia Pacific Files June 2008 Operating Report
---------------------------------------------------------------
Scotia Pacific Company LLC
Consolidated Balance Sheet
As of June 30, 2008
ASSETS
Current Assets
Cash $4,393,790
Accounts receivable, net 11,613,928
Inventory: lower cost or market 1,022,018
Prepaid expenses 6,699,286
Prepaid Restructuring 514,671
Investments 26,763,175
Other 227,226
------------
Total Current Assets $51,234,094
Property, Plant & Equipment $603,739,966
Less: Accumulated Depreciation (363,160,682)
------------
Net book value of property & plant 240,579,284
Other Assets
Capitalized Expenses 9,063,284
------------
TOTAL ASSETS $300,876,664
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $246,181
Tax payable
Federal payroll taxes 0
State payroll taxes 0
Ad valorem taxes 35,000
Other taxes 254,261
------------
Total taxes payable 289,261
Secured debt postpetition 0
Accrued interest payable 77,968,519
Accrued professional fees 11,951,120
Other accrued liabilities
Unsecured Debt 2,836,423
Payroll 671,465
Other 366,472
------------
Total Postpetition Liabilities $94,329,441
Prepetition Liabilities
Notes payable - Secured 767,452,028
Priority debt 79,064
Federal income tax 0
FICA/ Withholding 0
Unsecured debt 3,357,954
Other 0
------------
Total Prepetition Liabilities 770,889,046
------------
Total Liabilities 865,218,487
Owner's Equity (Deficit)
Preffered Stock 0
Common Stock 20,384,905
Additional Paid-in Capital 179,838,186
Retained Earnings: Filing Date (662,058,832)
Retained Earnings: Post Filing Date (102,506,082)
------------
Total Owner's Equity (564,341,823)
------------
TOTAL LIABILITIES & OWNERS EQUITY $300,876,664
============
Scotia Pacific Company LLC
Statement of Income
For the Period Ended June 30, 2008
Revenues $4,441,162
Total cost of revenues 1,250,297
Gross Profit 3,190,864
Operating Expenses
Selling & Marketing 0
General & Administrative 250,148
Insiders Compensation 0
Professional Fees 0
Idle Facilities 0
Environmental 0
------------
Total Operating Expenses 250,148
------------
Income before interest, depreciation, tax 2,940,716
Interest Expense 4,794,702
Depreciation 664,253
Other (Income) Expenses (7,917)
Amortization of Deferred Financing Costs 0
Restructuring
Professional Fees 2,783,179
Other 368,155
Equity Loss (Earnings) in Subsidiary 0
Total Interest, Depreciation & Other Items 8,602,372
------------
Net Income Before Taxes (5,661,655)
Federal Income Tax 0
------------
Net Income (Loss) ($5,661,655)
============
Scotia Pacific Company LLC
Cash Receipts and Disbursements
For the Month Ended June 30, 2008
Receipts
Cash Sales $0
Collection of Accounts Receivable 0
Loans & Advances 0
Sale of Assets 0
Interest Income 1,382
Log Sales to Palco less Reimbursable 4,850,747
Other 489,935
------------
Total Receipts 5,342,064
Disbursements
Net payroll 300,873
Payroll taxes paid 97,476
Sales, use & other taxes paid 929
Secured/rentals/leases 20,306
Utilities & telephone 305
Insurance 227,400
Cost of goods sold 791,178
Vehicle expenses 1,693
Travel & entertainment 0
Repairs, maintenance & supplies 0
Administrative & selling 558,791
Decking, logging & hauling 953,814
Other 0
------------
Total Disbursements from operations 2,952,765
Professional fees 2,873,862
U.S. Trustee fees 0
Interest 168,703
Other reorganization expenses 0
------------
Total Disbursements 5,995,332
------------
Net Cash Flow (653,268)
------------
Cash, at the beginning of the month 5,047,057
------------
Cash, at the end of the month $4,393,789
============
About Pacific Lumber
Based in Oakland, California, The Pacific Lumber Company --
http://www.palco.com/-- and its subsidiaries operate in several
principal areas of the forest products industry, including the
growing and harvesting of redwood and Douglas-fir timber, the
milling of logs into lumber and the manufacture of lumber into a
variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel. Kyung S. Lee, Esq., Esq., at Diamond
McCarthy LLP is Scotia Pacific's co-counsel, replacing Porter &
Hedges LLP. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335.
The Debtors filed their Joint Plan of Reorganization on Sept. 30,
2007, which was amended on Dec. 20, 2007. Four other parties-in-
interest have filed competing plans for the Debtors -- The Bank of
New York Trust Company, N.A., as Indenture Trustee for the Timber
Notes; the Official Committee of Unsecured Creditors; Marathon
Structured Finance Fund L.P, the Debtors' DIP Lender and Agent
under the DIP Credit Facility; and the Heartlands Commission,
which represents the tribal members of the Bear River Band of
Rohnerville Rancheria and PALCO employees.
On July 8, 2008, the Court confirmed the Modified First Amended
Joint Plan of Reorganization With Technical Modifications for
the Debtors proposed by Marathon Structured Finance Fund L.P.,
Mendocino Redwood Company, LLC, and the Official Committee of
Unsecured Creditors.
The Debtors emerged from bankruptcy protection on July 30, 2008.
The Debtors' exclusive plan filing period expired on Feb. 29,
2008. (Scotia/Pacific Lumber Bankruptcy News, Issue No. 66;
http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: Liquidating Trustee Submits April 2008 Report
----------------------------------------------------------------
Clear Thinking Group, LLC, the liquidating trustee appointed
under PTS I's confirmed plan of reorganization, delivered to
the Court an operating report for the PTS Liquidating Trust from
April 1 to 30, 2008.
The Liquidating Trustee reports the Trust made $30,753 in net
disbursements during the reporting period. The Trust's operating
account had an ending balance of $62,012 from a $92,765 balance
at the start of the month.
The Trust's money market account had an ending balance of
$100,510 from a $100,266 balance at the start of the month.
The Liquidating Trustee is represented in the cases by David
Neier, Esq., at Arent Fox, LLP, in New York, New York.
About Performance Transportation
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The U.S. Bankruptcy Court for the Western District of New
York confirmed the Debtors' plan on Dec. 21, 2006, and that plan
became effective on Jan. 29, 2007. Garry M. Graber, Esq. of
Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their restructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos 07-04746
through 07-04760). Tobias S. Keller, Esq., at Jones Day,
represents the Debtors. Garry M. Graber, Esq., at Hodgson, Russ
LLP, serve as the Debtors' local counsel. The Debtors' claims
and balloting agent is Kutzman Carson Consultants LLC.
On July 14, 2008, the Court converted the Debtor's second chapter
11 case to a chapter 7 liquidation proceeding. The Court named
Mark S. Wallach as chapter 7 trustee. (Performance Bankruptcy
News, Issue No. 52; Bankruptcy Creditors' Services Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: Liquidating Trustee Submits May 2008 Report
--------------------------------------------------------------
Clear Thinking Group, LLC, the liquidating trustee appointed
under PTS I's confirmed plan of reorganization, presented to the
Court the PTS Liquidating Trust's operating report for the period
May 1 to 31, 2008.
The Liquidating Trustee reports the Trust had a $10,065 monthly
net of disbursements during the reporting period. The Trustee
also reports that the Trust's operating account had an ending
bank balance of $51,946 from a balance of $62,012 at the
beginning of the reporting period. The Trust's money market
account had an ending balance of $100,762 from a $100,510 balance
at the start of the month.
About Performance Transportation
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The U.S. Bankruptcy Court for the Western District of New
York confirmed the Debtors' plan on Dec. 21, 2006, and that plan
became effective on Jan. 29, 2007. Garry M. Graber, Esq. of
Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their restructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos 07-04746
through 07-04760). Tobias S. Keller, Esq., at Jones Day,
represents the Debtors. Garry M. Graber, Esq., at Hodgson, Russ
LLP, serve as the Debtors' local counsel. The Debtors' claims
and balloting agent is Kutzman Carson Consultants LLC.
On July 14, 2008, the Court converted the Debtor's second chapter
11 case to a chapter 7 liquidation proceeding. The Court named
Mark S. Wallach as chapter 7 trustee. (Performance Bankruptcy
News, Issue No. 52; Bankruptcy Creditors' Services Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: Liquidating Trustee Submits June 2008 Report
---------------------------------------------------------------
Clear Thinking Group, LLC, the trustee appointed to oversee the
liquidation of PTS I's estate pursuant to their confirmed plan of
reorganization, filed with the Court an operating report for the
PTS Liquidating Trust for the month ended June 1 to 30, 2008.
The Liquidating Trustee reports the Trust incurred $26,092 in net
disbursements during the reporting period. The Trust's operating
account had an ending bank balance of $51,946 from a balance of
the same amount at the beginning of the reporting period. The
Trust's money market account had an ending balance of $70,945
from a $100,762 balance at the start of the month.
About Performance Transportation
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The U.S. Bankruptcy Court for the Western District of New
York confirmed the Debtors' plan on Dec. 21, 2006, and that plan
became effective on Jan. 29, 2007. Garry M. Graber, Esq. of
Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their restructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos 07-04746
through 07-04760). Tobias S. Keller, Esq., at Jones Day,
represents the Debtors. Garry M. Graber, Esq., at Hodgson, Russ
LLP, serve as the Debtors' local counsel. The Debtors' claims
and balloting agent is Kutzman Carson Consultants LLC.
On July 14, 2008, the Court converted the Debtor's second chapter
11 case to a chapter 7 liquidation proceeding. The Court named
Mark S. Wallach as chapter 7 trustee. (Performance Bankruptcy
News, Issue No. 52; Bankruptcy Creditors' Services Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).
PRC LLC: Posts $8,655,000 Net Loss in Month Ended June 30, 2008
---------------------------------------------------------------
PRC, LLC, et al.
Balance Sheet
As of June 30, 2008
ASSETS
Current Assets:
Cash and cash equivalents $31,078,000
Restricted cash 2,035,000
Short-term investments 0
Accounts receivable -- customers 52,654,000
Accounts receivable -- intercompany 0
Total inventories 0
Prepaid & other current assets 3,488,000
------------
Total current assets 89,255,000
------------
Total investments & other assets 11,134,000
Goodwill & other intangible assets 183,086,000
Property, plant and equipment, net 34,702,000
------------
Total Assets $318,177,000
============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities Not Subject to Compromise:
Senior Credit Facility $15,000,000
DIP Credit Agreement 0
Long-term debt classified as current 0
Accrued interest payable 0
Accounts payable -- trade 13,688,000
Accounts payable -- intercompany 0
Other payables and accrued liabilities 11,863,000
Deferred income taxes 0
Pension and other liabilities 0
------------
Total liabilities not subject to compromise 40,551,000
------------
Liabilities Subject to Compromise:
Senior Notes 180,850,000
Revolver 5,500,000
Deferred financing fees 0
Accrued interest payable on Senior Notes 1,982,000
Accounts payable 29,132,000
Other payables and accrued liabilities 7,451,000
Pension and other liabilities 0
------------
Total liabilities subject to compromise 224,915,000
------------
Total Liabilities 265,466,000
------------
Stockholders' Equity
Equity of subsidiaries 0
Common stock/initial capitalization 127,169,000
Capital Surplus/Treasury Stock/APIC 11,355,000
Retained earnings(deficit) (88,616,000)
Minimum pension liability adjustment 0
Other adjustments (580,000)
Unearned compensation 3,383,000
------------
Total Stockholders' Equity 52,711,000
------------
Total Liabilities & Stockholders' Equity $318,177,000
============
PRC, LLC, et al.
Statement of Operations
For the Period From June 1 to 30, 2008
Total sales $26,538,000
-------------
Cost of sales -- Direct 17,926,000
Cost of sales -- Indirect 6,261,000
-------------
Gross profit 2,351,000
-------------
Selling and administrative expenses
Selling and advertising expense 53,000
Warehousing and shipping 62,000
Division administrative expense 0
MIS expense 141,000
Corporate administrative expense 1,765,000
-------------
Total Selling and administrative expense 2,021,000
-------------
Restructuring and impairment charge 0
Goodwill impairment charge 0
Depreciation and amortization expense 3,014,000
-------------
Loss from Operations (2,684,000)
-------------
Interest expense
Interest expense -- outside 1,061,000
Capitalized interest expense 0
Interest expense -- intercompany 0
Interest income 0
Interest income -- intercompany 0
-------------
Net interest expense 1,061,000
-------------
Other expense:
Miscellaneous 0
Royalties -- intercompany 0
Transaction gain/loss 2,842,000
-------------
Total other expense 2,842,000
-------------
Other income:
Royalties -- intercompany 0
Dividends 0
Sale of assets 0
Miscellaneous 0
-------------
Total other income 0
-------------
Net other expense 2,842,000
-------------
Loss before reorganization expenses and
income taxes(benefits) and extraordinary items (6,587,000)
-------------
Reorganization expenses 1,898,000
Income taxes(benefits) 170,000
-------------
Loss before extraordinary item (8,655,000)
Extraordinary items 0
-------------
Net loss ($8,655,000)
=============
PRC, LLC, et al.
Statement of Cash Flows
For the Period From June 1 to 30, 2008
Cash flows from Operations:
Net income(loss) ($8,655,000)
Non-cash items
Depreciation and amortization expense 3,332,000
Provision for bad debts 591,000
Loss on sale of fixed assets 2,841,000
Changes in Assets and Liabilities
Decrease/(increase) -- accounts receivable
(customers) 8,664,000
Decrease/(increase) -- receivable (intercompany) 0
Decrease/(increase) -- inventories 0
Decrease/(increase) -- other current assets (168,000)
Decrease/(increase) -- other noncurrent assets (1,579,000)
Increase/(decrease) -- accounts payable (trade) 2,843,000
Increase/(decrease) -- accounts payable
(intercompany) 0
Increase/(decrease) -- accrued liabilities (1,625,000)
Increase/(decrease) -- customer deposit (4,000)
Increase/(decrease) -- accrued interest payable 608,000
Increase/(decrease) -- pension and other
liabilities 0
Increase/(decrease) -- deferred federal
income tax 0
-------------
Total Cash Flows from Operations 6,848,000
-------------
Cash Flows from Investing:
Decrease/(increase) -- short term investments 0
Capital expenditures (196,000)
Transfers 0
Net proceeds from sale of assets 1,401,000
-------------
Total Cash Flows from Investing 1,205,000
-------------
Cash Flows from Financing:
Payment on LT debt 15,000,000
Increase/(decrease) -- DIP credit agreement (5,000,000)
-------------
Total Cash Flows from Financing 10,000,000
-------------
Beginning Cash Balance 13,025,000
Change in Cash 18,053,000
-------------
Ending Cash Balance $31,078,000
=============
About PRC LLC
Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC --
http://www.prcnet.com/-- is a leading provider of customer
management solutions. PRC markets its services to brand-focused,
Fortune 500 U.S. corporations and delivers these services through
a global network of call centers in the U.S., Philippines, India,
and the Dominican Republic.
PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of Access
Direct Telemarketing, Inc., each of which is a debtor and debtor-
in-possession in PRC's joint Chapter 11 cases.
Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.
PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry. Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.
The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts. The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring and
turnaround advisor. Additionally, Evercore Group LLC provides
investment and financial counsel to the Debtors.
The Debtors' consolidated financial condition as of Dec. 31, 2007
showed total assets of $354,000,000 and total debts of
$261,000,000.
The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008. The Court confirmed that Plan
mid-June 2008. (PRC LLC Bankruptcy News, Issue
No. 18; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SHARPER IMAGE: Files June 30, 2008 Operating Report
---------------------------------------------------
Sharper Image Corp.
Balance Sheet
As of June 30, 2008
ASSETS
Current assets:
Unrestricted Cash and Equivalents ($299,794)
Restricted Cash and Equivalents -
Trade Accounts Receivable, net 1,199,753
Other Accounts Receivable 3,318,616
Notes Receivable -
Inventories 7,679,710
Prepaid Expenses 7,203,601
Professional Retainers -
Deferred Income Taxes/Prepaid Income Taxes 17,304,554
------------
Total current assets 36,406,439
Property and Equipment:
Real Property and Improvements 2,926,573
Machinery and Equipment -
Furniture, Fixtures and Office Equipment -
Leasehold Improvements -
Vehicles -
Work In Progress 451,799
Less: Accumulated Depreciation (988,544)
------------
Total Property and Equipment 2,389,828
Other assets:
Loans to Insiders -
Other Assets 14,165,907
------------
Total Assets $52,962,174
============
LIABILITIES AND OWNER'S EQUITY
Liabilities not subject to Compromise (Post)
Accounts Payable ($2,737,678)
Taxes Payable (1,490,861)
Wages Payable (2,733,866)
Notes Payable -
Rent/Leases - Building/Equipment (453,392)
Secured Debt - Line of credit -
Other Reserves -
Liquidation (GOB Sales) Clearing Account (15,949,943)
Amounts Due to Insiders -
Other Postpetition Liabilities -
------------
Total Postpetition Liabilities (23,365,741)
Liabilities not subject to Compromise (Pre)
Secured Debt - Line of credit -
Secured Debt - Other (6,767,606)
Priority Debt -
Unsecured Debt (Accounts Payable) (45,286,327)
Expense Accruals and Other Liabilities (7,369,776)
Short Term Liabilities (3,554,215)
Deferred (GAAP) rent/landlord allowances etc (11,760,552)
Deferred Tax (Liability)/Asset 96,749,380
Deferred Revenue (Gift cards and Royalties) (35,696,181)
Sales Returns/Chargebacks Reserves (2,251,437)
------------
Total Prepetition Liabilities (15,936,715)
------------
Total Liabilities (39,302,455)
Owner's Equity
Capital Stock (152,132)
Additional Paid-In Capital (116,716,579)
Deferred Stock Compensation
and Stock Repurchase 180,069
Retained Earnings - Prepetition 63,247,322
Retained Earnings - Postpetition 39,781,601
------------
Net Owner's Equity (13,659,719)
------------
Total Liabilities and Owner's Equity ($52,962,174)
============
Sharper Image Corp.
Statement of Operations
For Month Ended June 30, 2008
Revenues:
Gross Revenues $219,704
Less: Returns and Allowances (41,050)
------------
Net Revenue 260,754
Cost of Goods Sold:
Beginning Inventory -
Add: Purchases -
Add: Cost of Labor -
Add: Other Costs (attach schedule) -
Less: Ending Inventory -
Cost of Goods Sold 108,423
------------
Gross Profit 152,331
Operating Expenses:
Advertising 138,294
Auto and Truck Expense -
Bad Debts 42,165
Contributions -
Employee Benefit Programs (199,744)
Insider Compensations -
Insurance 239,956
Management Fees/Bonuses 11,480
Office Expense -
Pension & Profit-Sharing Plans -
Repairs and Maintenance (17,837)
Rent and Lease Expense (57,191)
Salaries/Commissions/Fees 1,883,152
Supplies (100,184)
Taxes - Payroll 96,764
Taxes - Real Estate -
Taxes - Other 110,542
Travel and Entertainment 33,226
Utilities (75,336)
Other 899,734
------------
Total Operating Expense Before Depr. 3,005,021
Depreciation/Depletion/Amortization (38,747)
------------
Net Profit (Loss)
Before Other Income & Expenses (2,813,943)
Other Income and Expenses:
Licensing Income 15
Interest Expense (3,673)
Other Expense -
------------
Net Profit (Loss)
Before Reorganization Items (2,817,601)
Reorganization Items:
Professional Fees 1,302,179
US Trustee Quarterly Fees -
Interest Earned on Accm Case -
Gain (Loss) from sale of assets 34,490,593
Other Reorganization Expense (10,799,695)
------------
Total Reorganization Expenses 24,993,078
------------
Net Profit (Loss)
Before Income Taxes (Benefit) (27,810,679)
Income Taxes (Benefit) (10,679,301)
------------
Net Profit (Loss) ($17,131,378)
============
Sharper Image Corp.
Statement of Cash Flows
For Month Ended June 30, 2008
Opening Balance $15,870,610
Receipts
Cash Sales (from stores) 2,727,857
Credit Card Settlements 11,171,918
Other Settlements (401,557)
Accounts Receivable 688,215
Sale of Assets 30,011,741
Interest/Divided Income 3,635
Mail Order/License Deposits, Other Deposits 406,749
------------
Total Receipts 44,608,557
Transfers
Line of Credit Draw/Pay Down (35,450,375)
Transfers from stores to deposit a/c - sweep -
Transfers from concentration to refunds -
Transfers from concentration to payroll -
Other Inter-account transfers -
Transfers from Concentration to Disbursement -
------------
Total Transfers (35,450,375)
------------
Total Receipts & Transfers 9,158,183
Disbursements
Liquidator Reimbursements 10,627,102
Net Payroll 2,211,108
Payroll Taxes 896,711
401k 58,272
Employee Benefits 342,926
Sales, Use & Other Taxes 976,689
Inventory Purchases 68,950
Secured/Rental/Leases 5,040,166
Insurance 124,872
Administrative 1,097,474
Selling -
Bank/Credit Card Fees/Sales audit adjs 11,922
Refund checks issued (net of stop payments) 52,784
Other 94,802
Customs/Duties/Freight 987,751
Interest and LC fees -
Professional Fees 2,737,057
US Trustee Quarterly Fees -
Court Costs -
------------
Total Disbursements 25,328,587
------------
Net Cash Flow ($16,170,404)
============
About Sharper Image
Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer. It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet. The company has operations in
Australia, Brazil and Mexico. In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.
The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322). Steven K. Kortanek, Esq. at
Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts. An Official Committee of
UnsecuredCreditors has been appointed in the case. Whiteford
Taylor Preston LLC is the Committee's Delaware counsel
When the Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.
The Court extended the exclusive period during which the Debtor
may file a Plan through and including Sept. 16, 2008. Sharper
Image sought and obtained the Court's approval to change its name
to "TSIC, Inc." in relation to an an Asset Purchase Agreement by
the Debtor with Gordon Brothers Retail Partners, LLC, GB Brands,
LLC, Hilco Merchant Resources, LLC, and Hilco Consumer Capital,
LLC.
(Sharper Image Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
TARPON INDUSTRIES: Files June 2008 Monthly Operating Report
-----------------------------------------------------------
Tarpon Industries Inc. reported zero revenue and incurred a net
loss of 553,247 for the period June 1, 2008, through June 30,
2008.
As of June 30, 2008, the Debtor had total assets of $3,430,920,
total liabilities of $18,693,975, and stockholders' deficit of
$15,263,055.
A full-text copy of the Debtor's June 2008 monthly operating
report is available for free at:
http://ResearchArchives.com/t/s?3088
About Tarpon Industries
Based in Marysville, Michigan, Tarpon Industries Inc. --
http://www.tarponind.com/-- manufactures and sells engineered
steel storage rack systems and a variety of steel tubing products
in the United States and Canada through its subsidiary Eugene
Welding Co. The company's products include structural and roll-
formed steel selective racks, push-back racks, cantilevered racks,
archival storage systems and order picking systems. The company
markets its steel tubing products throughout the Unites States to
OEM automotive, boating, industrial equipment, construction,
agricultural, steel service centers, leisure and recreational
vehicle markets.
The company and its affiliate filed for Chapter 11 protection on
April 29, 2008 (Bankr. E.D. Mich. Case Nos. 08-50367 and 08-
50381). Jeffrey S. Grasl, Esq., and Stephen M. Gross, Esq., at
McDonald Hopkins LLC, represent the Debtors in their
restructuring efforts. The U.S. Trustee for Region 9 appointed
creditors to serve on an Official Committee of Unsecured
Creditors. Jean R. Roberston, Esq., at Calfee, Halter & Griswold,
LLP, represents the Committee. When the Debtors filed for
protection from their creditors, they listed estimated assets and
debts of $10 million to $50 million.
TARPON INDUSTRIES: Eugene Welding Files June 2008 Report
--------------------------------------------------------
Eugene Welding Co., a debtor-affiliate of Tarpon Industries Inc.,
filed its June 2008 monthly operating report:
Beginning cash balance $569,215
Total receipts for the period 2,511,359
Total disbursements for the period 2,944,502
Ending cash balance 136,071
A full-text copy of the Debtor's June 2008 monthly operating
report is available for free at:
http://ResearchArchives.com/t/s?3089
About Tarpon Industries
Based in Marysville, Michigan, Tarpon Industries Inc. --
http://www.tarponind.com/-- manufactures and sells engineered
steel storage rack systems and a variety of steel tubing products
in the United States and Canada through its subsidiary Eugene
Welding Co. The company's products include structural and roll-
formed steel selective racks, push-back racks, cantilevered racks,
archival storage systems and order picking systems. The company
markets its steel tubing products throughout the Unites States to
OEM automotive, boating, industrial equipment, construction,
agricultural, steel service centers, leisure and recreational
vehicle markets.
The company and its affiliate filed for Chapter 11 protection on
April 29, 2008 (Bankr. E.D. Mich. Case Nos. 08-50367 and 08-
50381). Jeffrey S. Grasl, Esq., and Stephen M. Gross, Esq., at
McDonald Hopkins LLC, represent the Debtors in their
restructuring efforts. The U.S. Trustee for Region 9 appointed
creditors to serve on an Official Committee of Unsecured
Creditors. Jean R. Roberston, Esq., at Calfee, Halter & Griswold,
LLP, represents the Committee. When the Debtors filed for
protection from their creditors, they listed estimated assets and
debts of $10 million to $50 million.
TRICOM SA: Reports $20,647 Net Earnings in March 2008
-----------------------------------------------------
Tricom S.A., et al.
Consolidated Balance Sheet
(Unaudited)
As of March 31, 2008
ASSETS:
Current Assets:
Cash and Cash Equivalents $20,890,697
Accounts Receivable 23,480,254
Inventories, Net 3,028,819
Prepaid Expenses 8,376,365
Deferred Income Taxes 8,285
--------------
Total current assets 55,784,420
Property and equipment, net 249,349,012
Pledged Securities 140,130
Intangible Assets 2,664,641
Other assets 4,374,622
--------------
TOTAL ASSETS $312,312,825
==============
Liabilities and Stockholder's Equity
Liabilities Subject to Compromise (Prepetition)
Short term obligations $121,070
Accounts payable 9,680,048
Long Term Debt 443,846,001
Other liabilities 2,033,713
Interest Payable 278,773,847
Accrued expenses 12,918,506
--------------
747,373,185
Liabilities not Subject to Compromise (Postpetition)
Accounts payable 7,473,013
Interest Payable 383,721
Accrued expenses 5,716,703
Deferred Revenues 2,518,440
Other liabilities 65,868
--------------
16,157,745
Total current liabilities 763,530,930
Deferred income tax 8,534
--------------
TOTAL LIABILITIES $763,539,464
==============
Shareholder's equity:
Common stock-Class A 24,951,270
Common stock-Class B 12,595,095
Additional Paid in capital 275,496,988
Legal reserve 2,091,547
Retained earnings (Losses) (13,606,058)
Retained earning (Loss) Prior years (750,731,719)
Currency translation (2,023,762)
--------------
SHAREHOLDER'S EQUITY, NET ($451,226,639)
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $312,312,825
==============
Tricom S.A., et al.
Consolidated Statements of Operations
(Unaudited)
For the Month Ended March 31, 2008
Operating revenues $18,312,898
Operating costs & Administrative expenses (18,031,606)
Restructuring Related Items (55,000)
--------------
Operating income 226,292
Interest expenses (383,721)
Interest income 30,684
Foreign currency exchange 72,694
Other 74,698
--------------
Total other income (expenses) (205,645)
--------------
Net earnings( loss) Pre-Tax 20,647
Net earnings (Loss) $20,647
==============
Tricom S.A., et al.
Statement of Cash Flows
(Unaudited)
For the Month Ended March 31, 2008
Cash Flows from operating activities:
Cash received from customers $19,925,524
Cash Paid to suppliers and employees (14,075,398)
Restructuring Related Items (55,000)
Interest received on deposits 30,684
Interest Expense (383,721)
Other operating activities 147,392
--------------
Net cash provided by (used in)
operating activities 5,589,481
Cash flows from investing activities:
Acquisition of property and equipment (1,147,110)
Pledged Securities (195)
--------------
Net cash used in investing activities (1,147,305)
Cash Flows from financing activities:
Borrowed funds from banks (2,662)
Current portion of long term debt 60,977
Current portion of capital leases (2,853)
Long Term debt Obtained (80,211)
--------------
Net cash provided (used) by
financing activities (24,749)
--------------
Increase (Decrease) of cash and cash equivalents 4,417,427
Cash and cash equivalents at beginning
of the period 16,473,270
--------------
Cash and cash equivalents at end of the period $20,890,697
==============
Reconciliation between net earnings and net cash
provided by (used in) operating activities
Net earnings (Loss) 20,647
Adjustments to reconcile net earnings
(Loss) and net cash provided by (used in)
operating activities
Depreciation 3,687,889
Allowance for doubtful accounts 309,402
Amortizations issue cost 18,077
INCREASE IN:
Accounts receivable-Employees (77,488)
Accounts receivable-Customers 715,855
Earned Interest 197,033
Accounts payable-Carriers 161,202
Accounts payable-Suppliers 273,144
Accrued expenses (241,871)
Accounts payable-Other (286,912)
Other liabilities 139,453
DECREASE IN:
Accounts receivable-Carrier 128,479
Accounts receivable-Other 768,292
Inventories (391,195)
Prepaid expenses 56,733
Other Assets 110,741
--------------
TOTAL ADJUSTMENTS 5,568,834
Net cash used in operating activities 5,589,481
==============
The Debtors disclosed a total of $18,092,354 of disbursements
for the month ended March 31, 2008:
Tricom S.A. $15,848,676
Tricom USA Inc. 564,323
TCN Dominicana S.A. 1,679,355
About Tricom S.A.
Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima. Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic. Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.
Tricom's wireless network covers about 90% of the Dominican
Republic's population. Tricom's local service network is 100%
digital. The Company also owns interests in undersea fiber-
optic cable networks that connect and transmit
telecommunications signals between Central America, the
Caribbean, the United States and Europe.
Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications. A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.
Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.
Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720). Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors. When the Debtors'
filed for protection from their creditors, they listed total
assets of US$327,600,000 and total debts of US$764,600,000.
(Tricom Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)
TRICOM SA: Reports $795,816 Net Loss in April 2008
--------------------------------------------------
Tricom S.A., et al.
Consolidated Balance Sheet
(Unaudited)
As of April 30, 2008
ASSETS
Current Assets:
Cash and Cash Equivalents $23,085,536
Accounts Receivable 23,621,654
Inventories, Net 2,928,850
Prepaid Expenses 8,836,388
Deferred Income Taxes 8,285
--------------
Total current assets 58,480,713
Property and equipment, net 248,840,148
Pledged Securities 140,615
Intangible Assets 2,664,641
Other assets 4,544,830
--------------
TOTAL ASSETS $314,670,947
==============
Liabilities and Stockholder's Equity
Liabilities Subject to Compromise (Prepetition)
Short term obligations $121,070
Accounts payable 444,706
Long Term Debt 443,812,163
Other liabilities 2,001,370
Interest Payable 278,953,263
Accrued expenses 12,798,266
--------------
738,130,838
Liabilities not Subject to Compromise (Postpetition)
Accounts payable 19,150,035
Interest Payable 361,448
Accrued expenses 6,471,262
Other liabilities 75,777
Deferred Revenues 2,514,336
--------------
28,572,858
Total current liabilities 766,703,696
Deferred income tax 8,533
--------------
TOTAL LIABILITIES 766,712,229
==============
Shareholder's equity:
Common stock-Class A 24,951,270
Common stock-Class B 12,595,095
Additional Paid in capital 275,496,988
Legal reserve 2,043,242
Retained earnings (Losses) (14,401,874)
Retained earning (Loss) Prior years (750,702,241)
Currency translation (2,023,762)
--------------
SHAREHOLDER'S EQUITY, NET ($452,041,282)
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $314,670,947
==============
Tricom S.A., et al.
Consolidated Statements of Operations
(Unaudited)
For the Month Ended April 30, 2008
Operating revenues $17,801,549
Operating costs & Administrative expenses (17,541,500)
Restructuring Related Items (878,000)
--------------
Operating income (617,951)
Interest expenses (361,448)
Interest income 35,185
Foreign currency exchange 122,419
Other 25,979
--------------
Total other income (expenses) (177,865)
--------------
Net earnings (loss) Pre-Tax (795,816)
Net earnings (Loss) ($795,816)
==============
Tricom S.A., et al.
Statement of Cash Flows
(Unaudited)
For the Month Ended April 30, 2008
Cash Flows from operating activities:
Cash received from customers $17,374,692
Cash Paid to suppliers and employees (10,996,363)
Restructuring Related Items (878,000)
Interest received on deposits 35,185
Interest Expense (361,448)
Other operating activities 148,398
--------------
Net cash provided by (used in)
operating activities 5,322,464
Cash flows from investing activities:
Acquisition of property and equipment (3,093,301)
Pledged Securities (485)
--------------
Net cash used in investing activities (3,093,786)
Cash Flows from financing activities:
Borrowed funds from banks (3,641)
Current portion of long term debt 54,516
Current portion of capital leases (3,900)
Long Term debt Obtained (80,813)
--------------
Net cash provided (used) by
financing activities (33,838)
--------------
Increase (Decrease) of cash and cash equivalents 2,194,840
Cash and cash equivalents at beginning
of the period 20,890,697
Cash and cash equivalents at end of the period $23,085,537
==============
Reconciliation between net earnings and net cash
provided by (used in) operating activities
Net earnings (Loss) (795,816)
Adjustments to reconcile net earnings
(Loss) and net cash provided by (used in)
operating activities
Depreciation 3,684,117
Allowance for doubtful accounts 266,595
Amortizations issue cost 18,077
INCREASE IN:
Accounts receivable-Employees 18,862
Accounts receivable-Customers (538,431)
Prepaid expenses (9,490)
Earned Interest 157,143
Accounts payable-Carriers (89,545)
Accounts payable-Suppliers 2,556,471
Accrued expenses 615,492
Accounts payable-Other (25,246)
Other liabilities (26,538)
DECREASE IN:
Accounts receivable-Carrier 9,627
Accounts receivable-Other 101,947
Inventories 18,017
Prepaid expenses (450,533)
Other Assets (188,285)
--------------
TOTAL ADJUSTMENTS 6,137,260
Net cash used in operating activities $5,322,464
==============
For the month ended April 30, 2008, the Debtors disclose a total
of $19,275,524 of disbursements:
Tricom S.A. $17,330,619
Tricom USA Inc. 555,580
TCN Dominicana S.A. 1,389,325
About Tricom S.A.
Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima. Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic. Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.
Tricom's wireless network covers about 90% of the Dominican
Republic's population. Tricom's local service network is 100%
digital. The Company also owns interests in undersea fiber-
optic cable networks that connect and transmit
telecommunications signals between Central America, the
Caribbean, the United States and Europe.
Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications. A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.
Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.
Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720). Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors. When the Debtors'
filed for protection from their creditors, they listed total
assets of US$327,600,000 and total debts of US$764,600,000.
(Tricom Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)
TRICOM SA: Reports $1,515,337 Net Loss in May 2008
--------------------------------------------------
Tricom S.A., et al.
Consolidated Balance Sheet
(Unaudited)
As of May 31, 2008
ASSETS
Current Assets:
Cash and Cash Equivalents $25,388,214
Accounts Receivable 23,397,955
Inventories, Net 2,845,533
Prepaid Expenses 8,488,023
Deferred Income Taxes 8,285
--------------
Total current assets 60,128,010
Property and equipment, net 247,998,173
Pledged Securities 140,615
Intangible Assets 2,664,641
Other assets 4,626,306
--------------
TOTAL ASSETS $315,557,745
==============
Liabilities and Stockholder's Equity
Liabilities Subject to Compromise (Prepetition)
Short term obligations $121,070
Accounts payable -
Long Term Debt 443,812,163
Other liabilities 1,965,498
Interest Payable 279,195,813
Accrued expenses 12,090,896
--------------
737,185,440
Liabilities not Subject to Compromise (Postpetition)
Short term obligations 106,423
Accounts payable 20,313,542
Interest Payable 381,448
Accrued expenses 8,262,983
Other liabilities 110,749
Deferred Revenues 2,415,162
--------------
31,590,306
Total current liabilities 768,775,746
Deferred income tax 8,533
--------------
TOTAL LIABILITIES $768,784,279
Shareholder's equity:
Common stock-Class A 24,951,270
Common stock-Class B 12,595,095
Additional Paid in capital 275,496,988
Legal reserve 2,043,242
Retained earnings (Losses) (15,916,913)
Retained earning (Loss) Prior years (750,372,454)
Currency translation (2,023,762)
--------------
SHAREHOLDER'S EQUITY, NET ($453,226,534)
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $315,557,745
==============
Tricom S.A., et al.
Consolidated Statements of Operations
(Unaudited)
For the Month Ended May 31, 2008
Operating revenues $18,549,185
Operating costs & Administrative expenses (18,772,272)
Restructuring Related Items (1,095,000)
--------------
Operating income (1,318,087)
Interest expenses (381,448)
Interest income 36,378
Foreign currency exchange 80,144
Other 67,676
--------------
Total other income (expenses) (197,250)
--------------
Net earnings (loss) Pre-Tax (1,515,337)
Net earnings (Loss) ($1,515,337)
==============
Tricom S.A., et al.
Statement of Cash Flows
(Unaudited)
For the Month Ended May 31, 2008
Cash Flows from operating activities:
Cash received from customers $17,454,247
Cash Paid to suppliers and employees (11,099,440)
Restructuring Related Items (1,095,000)
Cash received from related parties (2,875)
Interest received on deposits 36,378
Interest paid (381,448)
Other operating activities 147,820
--------------
Net cash provided by (used in)
operating activities 5,059,682
Cash flows from investing activities:
Acquisition of property and equipment (2,869,564)
Pledged Securities (101)
--------------
Net cash used in investing activities (2,869,665)
Cash Flows from financing activities:
Overdraft Obtained 106,423
Current portion of long term debt (319,661)
Current portion of capital leases (1)
Long Term debt Obtained 319,661
--------------
Net cash provided (used) by
financing activities 106,422
Adjustments 6,238
--------------
Increase (Decrease) of cash and cash equivalents 2,302,677
Cash and cash equivalents at
beginning of the period 23,085,537
Cash and cash equivalents at end of the period $25,388,214
==============
Reconciliation between net earnings and net cash
provided by (used in) operating activities
Net earnings (Loss) (1,515,337)
Adjustments to reconcile net earnings
(Loss) and net cash provided by (used in)
operating activities
Depreciation 3,676,483
Allowance for doubtful accounts 387,937
Amortizations issue cost 18,077
INCREASE IN:
Accounts receivable-Employees. (57,323)
Accounts receivable-Related parties. (2,875)
Accounts receivable-Customers (606,691)
Prepaid expenses 9,490
Earned Interest 262,550
Accounts payable-Carriers 796,867
Accounts payable-Suppliers 196,037
Accrued expenses 2,103,851
Accounts payable-Other (8,263)
Other liabilities (100,075)
DECREASE IN:
Accounts receivable-Carrier 261,998
Accounts receivable-Other (750,245)
Inventories 133,410
Prepaid expenses 353,344
Other Assets (99,553)
--------------
TOTAL ADJUSTMENTS 6,556,039
Net cash used in operating activities $5,059,682
==============
For the month ended May 31, 2008, the Debtors disclose a total of
$20,141,176 of disbursements:
Tricom S.A. $16,705,183
Tricom USA Inc. 1,181,226
TCN Dominicana S.A. 2,254,767
About Tricom S.A.
Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima. Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic. Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.
Tricom's wireless network covers about 90% of the Dominican
Republic's population. Tricom's local service network is 100%
digital. The Company also owns interests in undersea fiber-
optic cable networks that connect and transmit
telecommunications signals between Central America, the
Caribbean, the United States and Europe.
Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications. A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.
Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.
Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720). Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors. When the Debtors'
filed for protection from their creditors, they listed total
assets of US$327,600,000 and total debts of US$764,600,000.
(Tricom Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)
TRICOM SA: Reports $2,337,457 Net Loss in June 2008
---------------------------------------------------
Tricom S.A., et al.
Consolidated Balance Sheet
(Unaudited)
As of June 30, 2008
ASSETS
Current Assets:
Cash and Cash Equivalents $24,516,546
Accounts Receivable 24,175,577
Inventories, Net 2,614,375
Prepaid Expenses 9,754,659
Deferred Income Taxes 8,285
--------------
Total current assets 61,069,442
Property and equipment, net 247,986,131
Pledged Securities 141,092
Intangible Assets 2,664,641
Other assets 4,464,160
--------------
$316,325,466
==============
Liabilities and Stockholder's Equity
Liabilities Subject to Compromise (Prepetition)
Short term obligations $121,070
Accounts payable -
Long Term Debt 443,763,327
Other liabilities 1,836,806
Interest Payable 279,360,173
Accrued expenses 8,858,885
--------------
733,940,261
Liabilities not Subject to Compromise (Postpetition)
Accounts payable 26,459,206
Interest Payable 373,931
Accrued expenses 8,692,785
Other liabilities 110,749
Deferred Revenues 2,384,883
--------------
38,021,554
Total current liabilities 771,961,815
Deferred income tax 8,534
--------------
Total liabilities $771,970,349
Shareholder's equity:
Common stock-Class A 24,951,270
Common stock-Class B 12,595,095
Additional Paid in capital 275,496,988
Legal reserve 2,043,242
Retained earnings (Losses) (18,254,371)
Retained earning (Loss) Prior years (750,453,345)
Currency translation (2,023,762)
--------------
SHAREHOLDER'S EQUITY, NET ($455,644,883)
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $316,325,466
==============
Tricom S.A., et al.
Consolidated Statements of Operations
(Unaudited)
For the Month Ended June 30, 2008
Operating revenues $18,625,253
Operating costs & Administrative expenses (18,454,491)
Restructuring Related Items (2,373,000)
--------------
Operating income (2,202,238)
Interest expenses (373,931)
Interest income 39,162
Foreign currency exchange 161,822
Other 37,728
--------------
Total other income (expenses) (135,219)
--------------
Net earnings (loss) Pre-Tax (2,337,457)
Net earnings (Loss) ($2,337,457)
==============
Tricom S.A., et al.
Statement of Cash Flows
(Unaudited)
For the Month Ended June 30, 2008
Cash Flows from operating activities:
Cash received from customers $16,725,596
Cash Paid to suppliers and employees (11,466,835)
Restructuring Related Items (2,373,000)
Interest received on deposits 39,162
Interest paid (373,931)
Other operating activities 199,550
--------------
Net cash provided by (used in)
operating activities 2,750,542
Cash flows from investing activities:
Acquisition of property and equipment (3,466,473)
Pledged Securities (477)
--------------
Net cash used in investing activities (3,466,950)
Cash Flows from financing activities[1]:
Overdraft Obtained (106,423)
Borrowed funds from banks (5,255)
Current portion of long term debt (37,952)
Current portion of capital leases (5,629)
--------------
Net cash provided (used) by
financing activities (155,259)
--------------
Increase (Decrease) of cash and cash equivalents (871,667)
Cash and cash equivalents at
beginning of the period 25,388,214
Cash and cash equivalents at end of the period $24,516,547
==============
Reconciliation between net earnings and net cash
provided by (used in) operating activities
Net earnings (Loss) (2,337,457)
Adjustments to reconcile net earnings
(Loss) and net cash provided by (used in)
operating activities
Depreciation 3,518,676
Allowance for doubtful accounts 1,047,854
Amortizations issue cost 18,077
INCREASE IN:
Accounts receivable-Employees. 22,410
Accounts receivable-Customers (598,653)
Prepaid expenses (913,292)
Earned Interest 156,843
Accounts payable-Carriers 870,235
Accounts payable-Suppliers 5,298,291
Accrued expenses (2,750,306)
Accounts payable-Other (22,862)
Other liabilities (158,970)
DECREASE IN:
Accounts receivable-Carrier (1,251,851)
Accounts receivable-Other (49,153)
Inventories 190,997
Prepaid expenses (353,344)
Other Assets 63,047
--------------
TOTAL ADJUSTMENTS 5,087,999
Net cash used in operating activities $2,750,542
==============
For the month ended June 30, 2008, the Debtors disclose a total
of $21,093,521 of disbursements:
Tricom S.A. $18,090,012
Tricom USA Inc. 829,497
TCN Dominicana S.A. 2,174,012
About Tricom S.A.
Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima. Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic. Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.
Tricom's wireless network covers about 90% of the Dominican
Republic's population. Tricom's local service network is 100%
digital. The Company also owns interests in undersea fiber-
optic cable networks that connect and transmit
telecommunications signals between Central America, the
Caribbean, the United States and Europe.
Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications. A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.
Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.
Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720). Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors. When the Debtors'
filed for protection from their creditors, they listed total
assets of US$327,600,000 and total debts of US$764,600,000.
(Tricom Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)
ZIFF DAVIS: Submits June 2008 Monthly Operating Report
------------------------------------------------------
Ziff Davis Media, Inc.
Summary of Cash Receipts & Disbursements
For the period ended June 2008
Beginning balance in all accounts $23,624,829
RECEIPTS:
Receipts from operations 3,719,495
Subtenant & TSA 1,033,352
Interest income 23,960
ZDE case 32,973
------------
Receipts Total 4,809,782
DISBURSEMENTS:
Payroll, taxes, & benefits
Payroll & payroll taxes 1,900,610
401k 126,914
UHC & Metlife 110,016
Flex spending 20,000
Insurance benefit invoices 11,383
Necessary expenses
Rent NY & SF 1,302,040
Operating expenses 1,608,450
Financial restructuring 1,314,067
Restricted account disbursements -
ZDE disbursements -
------------
Disbursements Total 6,393,484
Net Receipts (Disbursements) (1,583,702)
Ending Book Cash Balance 22,041,127
Ending Bank Balance at 5/31/08
Merrill Lynch - Main operating acct. 13,494,600
Bank of New York - Legacy operating acct. 1
Bank of New York - Overnight investment acct. 427,437
U.S. Bank - Subscriptions receivable acct. 37,456
Bank of New York - Advertising credit card 144,425
receivables acct.
Merrill Lynch - Payroll acct. 41,870
Merrill Lynch - Flex acct. 9,407
Merrill Lynch - Refunds acct. 4,084
Merrill Lynch - Sweepstakes acct. 17,120
Merrill Lynch - Segregated acct. 8,165,471
JPMorgan Chase - Inactive 59,244
LaSalle Bank - Inactive -
U.S. Bank - Inactive 10,000
------------
Ending balance in all accounts 22,411,118
Outstanding checks (245,753)
Other reconciling items (124,238)
------------
Ending Book Balance at 4/30/08 $22,041,127
============
Ziff Davis Media Inc. submitted to the Court, on July 22, 2008,
its Summary of Cash Receipts & Disbursements for the month of
June, but did not include a report on its Balance Sheet and
Statement of Operations.
A full-text copy of Ziff Davis' Monthly Operating Report for the
month of June is available for free at:
http://bankrupt.com/misc/ZiffJune08MOR.pdf
About Ziff Davis Media, Inc.
Headquartered in New York city, New York, Ziff Davis Media, Inc.
-- http://www.ziffdavis.com/-- and its affiliates are integrated
media companies serving the technology and videogame markets.
They are information services and marketing solutions providers of
technology media, including publications, Websites, conferences,
events, eSeminars, eNewsletters, custom publishing, list rentals,
research and market intelligence. Their US-based media properties
reach over 22 million people per month at work, home and play.
They operate in three segments: the Consumer Tech Group, which
includes PC Magazine and pcmag.com; the Enterprise Group, which
includes eWEEK and eweek.com, and the Game Group, which includes
Electronic Gaming Monthly and 1up.com.
The company and six debtor-affiliates filed for bankruptcy
protection on March 5, 2008 (Bankr. S.D.N.Y., Case No. 08-10768).
Carey D. Schreiber, Esq. at Winston & Strawn, LLP represents the
Debtors in their restructuring efforts.
The Court confirmed the Debtors' Second Amended Plan of
Reorganization on June 17, 2008. The Debtors emerged from
bankruptcy protection on July 1, 2008. (Ziff Davis Bankruptcy
News, Issue No. 17, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstandor 215/945-7000)
*********
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