/raid1/www/Hosts/bankrupt/TCR_Public/080823.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, August 23, 2008, Vol. 12, No. 201
Headlines
AMERICAN HOME: AHM Corp. Files Operating Report for May 2008
AMERICAN HOME: AHMAI Files Operating Report for May 2008
AMERICAN HOME: AHMIC Files Operating Report for May 2008
AMERICAN HOME: AHMSI Reports Operating Report for May 2008
BHM TECHNOLOGIES: Files June 2008 Monthly Operating Report
BHM TECHNOLOGIES: Brown Co. Files Assets and Debts Schedules
BHM TECHNOLOGIES: Brown Corp. Files Assets and Debts Schedules
BHM TECHNOLOGIES: Brown Realty Files Assets and Debts Schedules
BLUE WATER: Reports $3,530,815 Net Loss in June 2008
DELTA FINANCIAL: Files Monthly Operating Report for June 2008
FORTUNOFF: Delivers Operating Report for Month Ended June 2008
HOMEBANC CORP: Reports $4,822,000 Net Loss in May 2008
HOMEBANC CORP: Reports $9,475,000 Net Loss in June 2008
LINENS N THINGS: Bloomington Files Assets and Debts Schedules
LINENS N THINGS: Citadel LNT Files Assets and Debts Schedules
LINENS N THINGS: LNT Leasing II Files Assets and Debts Schedules
LINENS N THINGS: LNT Leasing III Files Assets and Debts Schedules
LINENS N THINGS: LNT Virginia Files Assets and Debts Schedules
LINENS N THINGS: Vendor Finance Files Assets and Debts Schedules
NEUMANN HOMES: Delivers June 30 Monthly Operating Report
QUEBECOR WORLD: Submits Report for Month Ended February 2, 2008
QUEBECOR WORLD: Submits Report for Month Ended March 1, 2008
QUEBECOR WORLD: Submits Report for Month Ended March 29, 2008
QUEBECOR WORLD: Submits Report for Month Ended May 3, 2008
QUBECOR WORLD: Submits Report for Month Ended May 31, 2008
QUEBECOR WORLD: Submits Report for Month Ended June 28, 2008
SEA CONTAINERS: Files June 2008 Monthly Operating Report
STEVE & BARRY'S: Files July 2008 Monthly Operating Report
*********
AMERICAN HOME: AHM Corp. Files Operating Report for May 2008
------------------------------------------------------------
American Home Mortgage Corp.
Statement of Financial Condition
As of May 31, 2008
Assets:
Cash and cash equivalents $29,536,320
Restricted cash 4,789,987
Securities purchased under agreements (147)
Accounts receivable 29,352,604
Intercompany receivable 687,979,870
Mortgage loans 531,077,628
Derivative assets 743,601
Mortgage servicing rights 11,312,465
Other real estate, net 44,526,862
Premises and equipment, net 20,305,721
Investment in subsidiaries 74,146,538
Other assets 3,100,223
------------
Total Assets $1,436,871,672
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $496,903,072
Derivative liabilities 10,481,560
Accrued expenses & other liabilities 110,431,479
Intercompany payable 1,542,372,426
Notes payable 894,329
Income taxes payable 1,816,454
------------
Total Liabilities 2,162,899,320
Stockholders' Equity
Additional paid-in capital 153,195,272
Retained earnings (879,222,920)
Other comprehensive loss -
------------
Total Stockholders' Equity (726,027,648)
------------
Total Liabilities & Stockholders' Equity $1,436,871,672
============
American Home Mortgage Corp.
Statement of Income
Month Ended May 31, 2008
Net Interest Income:
Interest income $3,784,208
Interest expense (100,807)
------------
Net interest income 3,683,401
Provision for loan losses -
------------
Net interest income after provision 3,683,401
for loan losses
Non-Interest Income:
Gain (loss) on mortgage loans (10,897,445)
Loan servicing fees 50,863
Changes in fair value of MSR -
Income (loss) from subsidiaries 700,935
Other non-interest (loss) income 36,924
------------
Non-interest income (10,108,723)
Expenses
Salaries, commissions & benefits, net 1,475,247
Occupancy and equipment 413,641
Data processing and communications 62,223
Office supplies and expenses 16,919
Marketing and promotion -
Travel and entertainment 1,990
Professional fees 4,027,814
Other real estate operating expense (2,289)
Other 995,422
------------
Total expenses 6,990,967
Income (Loss) before income taxes (13,416,289)
Income taxes -
------------
Net loss ($13,416,289)
============
American Home Mortgage Corp.
Schedule of Cash Receipts and Disbursements
Month Ended May 31, 2008
Cash - Beginning of Month, 05/01/2008 $55,458,623
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances -
Administrative -
Net payroll -
Other -
Transfers (from DIP accounts) -
------------
Total Receipts 0
Disbursements:
Net payroll 5,185
Payroll taxes -
Sales, use & other taxes -
Loans and advances 13,825,384
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative 743,087
Selling -
Other 2,375,140
Transfers (from DIP accounts) 4,183,518
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 21,132,313
------------
Net Cash Flow (21,132,313)
------------
Cash - End of Month - 05/31/08 $34,326,310
============
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a
mortgage real estate investment trust engaged in the business of
investing in mortgage-backed securities and mortgage loans
resulting from the securitization of residential mortgage loans
originated and serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel. The Creditors Committee also retained Hennigan,
Bennett & Dorman LLP, as special conflicts counsel, nunc pro tunc
to March 3, 2008. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.
(American Home Bankruptcy News, Issue No. 43; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMAI Files Operating Report for May 2008
--------------------------------------------------------
American Home Mortgage Acceptance, Inc.
Statement of Financial Condition
As of May 31, 2008
Assets:
Cash and cash equivalents $618,809
Restricted cash -
Accounts receivable 1,631,278
Intercompany receivable 517,059,825
Mortgage loans 121,867,845
Mortgage servicing rights (8,999)
Other real estate, net 4,349,126
Investment in subsidiaries (25,678,674)
Other assets -
------------
Total Assets $619,839,210
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $140,005,153
Accrued expenses & other liabilities 1,188,866
Intercompany payable 661,626,733
------------
Total Liabilities 802,820,752
Stockholders' Equity
Additional paid-in capital 40,298,920
Retained earnings (223,280,462)
Other comprehensive loss -
------------
Total Stockholders' Equity (182,981,542)
------------
Total Liabilities & Stockholders' Equity $619,839,210
============
American Home Mortgage Acceptance, Inc.
Statement of Income
Month Ended May 31, 2008
Net Interest Income:
Interest income $651,747
Interest expense -
------------
Net interest income 651,747
Provision for loan losses -
------------
Net interest income after provision 651,747
for loan losses
Non-Interest Income:
Gain (Loss) on mortgage loans (222,434)
Gain on securities & derivatives -
Loan servicing fees -
Changes in fair value of MSR -
Income (Loss) from subsidiaries (5,373)
------------
Non-interest income (227,807)
Expenses
Salaries, commissions & benefits, net 245,946
Office supplies and expenses -
Marketing and promotion -
Professional fees -
Other real estate operating (income) expense -
Other -
------------
Total expenses 245,946
(Loss) Income before income taxes 177,994
Income taxes -
------------
Net income $177,994
============
American Home Mortgage Acceptance, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended May 31, 2008
Cash - Beginning of Month, 05/01/2008 $1,328,045
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances 1,147,528
Administrative -
Net payroll -
Other -
Transfers (from DIP accounts) -
------------
Total Receipts 1,147,528
Disbursements:
Net payroll -
Payroll taxes -
Sales, use & other taxes -
Loans and advances -
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative -
Selling -
Other 214,890
Transfers (from DIP accounts) 1,641,873
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 1,856,763
------------
Net Cash Flow (709,236)
------------
Cash - End of Month - 05/31/08 $618,809
============
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a
mortgage real estate investment trust engaged in the business of
investing in mortgage-backed securities and mortgage loans
resulting from the securitization of residential mortgage loans
originated and serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel. The Creditors Committee also retained Hennigan,
Bennett & Dorman LLP, as special conflicts counsel, nunc pro tunc
to March 3, 2008. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.
(American Home Bankruptcy News, Issue No. 43; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMIC Files Operating Report for May 2008
--------------------------------------------------------
American Home Mortgage Investment Corp.
Statement of Financial Condition
As of May 31, 2008
Assets:
Cash and cash equivalents $12,443,068
Restricted cash 150,799,967
Accounts receivable 3,700,171
Intercompany receivable 1,325,016,724
Securities 1,175,887,048
Derivative assets 5
Investment in subsidiaries (920,868,232)
Other assets -
------------
Total Assets $1,746,978,751
============
Liabilities and Stockholders' Equity
Liabilities:
Reverse repurchase agreements $4,749,270
Junior subordinated note 180,416,000
Derivative liabilities 53,817,031
Accrued expenses & other liabilities 1,265,815,984
Intercompany payable 584,693,541
------------
Total Liabilities 2,089,491,826
Stockholders' Equity
Preferred stock - Series A 50,856,875
Preferred stock - Series B 83,183,125
Common Stock 543,074
Additional paid-in capital 1,057,864,155
Retained earnings (1,534,960,304)
Other comprehensive loss -
------------
Total Stockholders' Equity (342,513,075)
------------
Total Liabilities & Stockholders' Equity $1,746,978,751
============
American Home Mortgage Investment Corp.
Statement of Income
Month Ended May 31, 2008
Net Interest Income:
Interest income $3,163,378
Interest expense -
------------
Net interest income 3,163,378
Provision for loan losses -
------------
Net interest income after provision 3,163,378
for loan losses
Non-Interest Income:
Loss on mortgage loans 13
Loss on securities and derivatives 586,832
Gain (loss) from subsidiaries (15,676,439)
Other non-interest income -
------------
Non-interest income (15,089,594)
Other
Data processing and communications 2,968
Professional fees 17,017
Other expenses -
------------
Total expenses 19,985
Loss before income taxes (11,946,201)
Income taxes -
------------
Net loss ($11,946,201)
============
American Home Mortgage Investment Corp.
Schedule of Cash Receipts and Disbursements
Month Ended May 31, 2008
Cash - Beginning of Month, 05/01/2008 $165,194,878
Receipts:
Cash sales -
Accounts receivable -
Sale of assets 114,826
Loans and advances 1,415,943
Administrative -
Net payroll -
Other -
Transfers (from DIP accounts) 5,894,175
------------
Total Receipts 7,424,944
Disbursements:
Net payroll 1,537,406
Payroll taxes -
Sales, use & other taxes -
Loans and advances -
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative 4,794,896
Selling -
Other 3,044,484
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 9,376,787
------------
Net Cash Flow (1,951,843)
------------
Cash - End of Month - 05/31/08 $163,243,035
============
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a
mortgage real estate investment trust engaged in the business of
investing in mortgage-backed securities and mortgage loans
resulting from the securitization of residential mortgage loans
originated and serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel. The Creditors Committee also retained Hennigan,
Bennett & Dorman LLP, as special conflicts counsel, nunc pro tunc
to March 3, 2008. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.
(American Home Bankruptcy News, Issue No. 43; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMSI Reports Operating Report for May 2008
----------------------------------------------------------
American Home Mortgage Servicing, Inc.
Statement of Financial Condition
As of May 31, 2008
Assets:
Cash and cash equivalents $2,955,386
Restricted cash 1,570
Securities purchased under agreements -
Accounts receivable & servicing advances 7,826,678
Intercompany receivable 214,763,212
Mortgage loans -
Premises and equipment, net -
Investment in subsidiaries 9,727,945
Other assets 750,799
------------
Total Assets $236,025,590
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit -
Accrued expenses & other liabilities $5,869,704
Intercompany payable 131,142,134
Income taxes payable 1,787,818
------------
Total Liabilities 138,799,656
Stockholders' Equity
Additional paid-in capital 37,000,200
Retained earnings 60,225,734
------------
Total Stockholders' Equity 97,225,934
------------
Total Liabilities & Stockholders' Equity $236,025,590
============
American Home Mortgage Servicing, Inc.
Statement of Income
Month Ended May 31, 2008
Net interest income:
Interest income -
Interest expense -
Provision for loan losses -
------------
Net interest income after losses 0
Non-Interest Income:
(Loss) Gain on mortgage loans -
Loan servicing fees -
Gain on sale of servicing platform ($4,071,283)
Other non-interest income (loss) -
------------
Non-interest income [loss] (4,071,283)
Expenses
Salaries, commissions & benefits, net 354
Occupancy and equipment -
Data processing and communications (92)
Office supplies and expenses -
Marketing and promotion -
Travel and entertainment -
Professional fees 32,500
Other real estate operating expense -
Other (1,023,231)
------------
Total expenses (990,469)
Income (Loss) before income taxes (3,080,814)
Income taxes -
------------
Net income [loss] ($3,080,814)
============
American Home Mortgage Servicing, Inc., discloses that its cash
as of May 1, 2008, was $2,417,308. Since it received $539,647
from loans and advances, AHM Servicing's cash at the end of May
increased to $2,956,955.
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a
mortgage real estate investment trust engaged in the business of
investing in mortgage-backed securities and mortgage loans
resulting from the securitization of residential mortgage loans
originated and serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel. The Creditors Committee also retained Hennigan,
Bennett & Dorman LLP, as special conflicts counsel, nunc pro tunc
to March 3, 2008. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.
(American Home Bankruptcy News, Issue No. 43; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BHM TECHNOLOGIES: Files June 2008 Monthly Operating Report
----------------------------------------------------------
BHM Technologies, Inc., filed its Operating Report with the United
States Bankruptcy Court for the Western District of Michigan for
the month ended June 28, 2008:
BHM TECHNOLOGIES
Unaudited BALANCE SHEET
June 28, 2008
ASSETS
Cash & Equivalents $13,886,000
Accounts Receivable 68,277,000
Tooling Accounts Receivable & Inventory 23,281,000
Inventory 24,229
Other Current Assets 11,132,000
----------
Total Current Assets 140,805,000
Plant, Property & Equipment 128,907,000
Less Accumulated Depreciation (33,774,000)
-----------
Net Plant, Property & Equipment 95,133,000
Other Assets 213,488,000
Less Accumulated Amortization (16,554,000)
-----------
Other Assets, Net 196,934,000
-----------
Total Assets $432,871,000
===========
LIABILITIES & SHAREHOLDERS' EQUITY
Trade Accounts Payable excluding Tooling $52,974,000
Tooling Accounts Payable 21,006,000
Accrued Liabilities 12,004,000
Bank Revolver 24,700,000
Current Portion - Long Term Debt 17,093,000
-----------
Total Current Liabilities 127,777,000
Long Term Debt 299,835,000
Other Long Term Liabilities 55,415,000
-----------
Total Long Term Liabilities 355,250,000
Shareholders' Equity (50,155,000)
-----------
Total Liabilities & Shareholders' Equity $432,871,000
===========
BHM TECHNOLOGIES
Unaudited Statement of Income
Period Ending June 28,2008
Sales $41,066,000
Material 21,704,000
-----------
Material margin 19,362,000
Hourly Labor 8,219,000
Overhead and Other 5,887,000
Depreciation 1,697,000
-----------
Total COS 37,508,000
-----------
Gross Profit 3,558,000
-----------
S, G & A Expenses 1,724,000
Amortization/Other 4,651,000
Other (Inc) Exp 12,000
-----------
EBIT (2,828,000)
Interest 439,000
Taxes (1,011,000)
-----------
Net Income ($2,256,000)
===-=======
BHM TECHNOLOGIES
Monthly Cash Statement
Cash Activity Analysis
Period Ending: June 28, 2008
A. Beginning Balance $19,236,020
B. Receipts 46,720,544
C. Balance Available (A+B) 65,956,564
-----------
D. Less Disbursements 51,766,377
-----------
E. Ending Balance $14,190,187
===========
Disbursements Per Debtor During Period
BHM Technologies Holdings, LLC -
BHM Technologies, LLC -
The Brown Company International, LLC -
The Brown Corporation of America $23,300,777
The Brown Company of Waverly, LLC 4,496,436
The Brown Company of Ionia, LLC 3,017,611
The Brown Corporation of Greenville, Inc. 1,063,681
The Brown Company of Moberly, LLC 3,609,907
The Brown Realty Company, LLC -
Heckethorn Holdings, Inc. -
Heckethorn Manufacturing Co., Inc. 3,221,390
Midwest Stamping & Manufacturing Co. 5,211,768
Midwest Stamping, Inc. -
Morton Welding Holdings, Inc. -
Morton Welding Co., Inc. 7,844,405
-----------
TOTAL $51,766,375
===========
Headquartered in Ionia, Michigan, BHM Technologies Holdings
Inc. -- http://www.browncorp.com/-- manufactures and sells
automobile parts including air bags and electrical systems. It
has manufacturing facilites in Mexico and operates under Brown
Corp.
BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413). Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq. of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for bankruptcy, it listed estimated assets and debts to be both
between US$100 million and US$500 million.
The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan. (BHM Technologies Bankruptcy News, Issue
No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
BHM TECHNOLOGIES: Brown Co. Files Assets and Debts Schedules
------------------------------------------------------------
The Brown Co. of Waverly filed its Schedules of Assets and
Liabilities to the United States Bankruptcy Court for the Western
District of Michigan:
A. Real Property
611 W. Second St., Waverly, OH $2,189,999
B. Personal Property
B.1 Cash on hand 0
B.2 Bank Accounts
Controlled Disbursement - Acct. No. 52296 72,318
Misc ckg - Acct. No. 813503 18,355
Payroll Checking - Account No. 121638 38,282
Petty cash checking - Account No. 1273000 1,696
Workers' Comp - Account No. 130315 6,844
ZBA - Account No. 1398693 0
B.3 Security Deposits
Other Assets Misc Deposits 1,810
B.13 Business Interests and stocks
http://bankrupt.com/misc/BHM_Subsidiaries.pdf
B.16 Accounts Receivable
Brown Corporation de Saltillo 24,172
Brown Corporation of America 21,675
Other AR - Waverly 312,581
Trade AR -- Waverly 6,845,510
B.18 Other Liquidated Debts
Franchise Tax owed by State of Ohio 62,684
B.25 Vehicles
Vehicle < 50% business use 18,136
Vehicle > 50% business use 13,325
B.28 Office equipment, furnishings and supplies
Furniture & Fixtures 30,523
Tech-Communications 144
Technical Other 47,370
Technical Computers 3,667
B.29 Machinery 8,535,240
http://bankrupt.com/misc/BHM_waverlypersonalproperty.pdf
B.30 Inventory
Inventory Finished Goods 465,561
Inventory Raw Materials 1,301,002
Inventory WIP 935,853
B.35 Other Personal Property
Other Assets Employee Advances 962
TOTAL SCHEDULED ASSETS $20,947,710
=========================================================
C. Property Claimed as Exempt None
D. Secured Claim
General Electric Capital Corporation, PA -
UCC Lienholder 0
General Electric Capital Corporation, NY -
UCC Lienholder 0
Lehman Commercial Paper, Inc. -
First Lien Deed of Trust 264,393,980
Pyper Tool & Engineering Inc. -
UCC Lienholder 0
Tennessee Rand Inc. -
UCC Lienholder 0
The Lincoln Electric Company -
UCC Lienholder 0
E. Unsecured Priority Claims Undetermined
http://bankrupt.com/misc/BHM_waverlyunsecuredclaims.pdf
F. Unsecured Non-priority Claims
SAC Domestic Investments, LP -
Second Lien Deed of Trust $72,112,539
Trade Claims 8,893,142
http://bankrupt.com/misc/BHM_waverlyunsecuredpriorityclaims.pdf
TOTAL SCHEDULED LIABILITIES $345,399,661
=========================================================
Headquartered in Ionia, Michigan, BHM Technologies Holdings
Inc. -- http://www.browncorp.com/-- manufactures and sells
automobile parts including air bags and electrical systems. It
has manufacturing facilites in Mexico and operates under Brown
Corp.
BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413). Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq. of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for bankruptcy, it listed estimated assets and debts to be both
between US$100 million and US$500 million.
The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan. (BHM Technologies Bankruptcy News, Issue
No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
BHM TECHNOLOGIES: Brown Corp. Files Assets and Debts Schedules
--------------------------------------------------------------
The Brown Corp. of Greenville filed its Schedules of Assets and
Liabilities to the United States Bankruptcy Court for the Western
District of Michigan:
A. Real Property
1927 N Theobald, Greenville, MS $6,155
B. Personal Property
B.1 Cash on hand 0
B.2 Bank Accounts
Controlled Disbursement -
Account No. 762886 11,220
Payroll Checking -
Account No. 7006699714 5,021
Petty cash checking -
Account No. 4700140608 1,377
ZBA - Account No. 363712864 0
B.3 Security Deposits
Utility deposit from 2003 20,000
B.13 Business Interests and stocks
http://bankrupt.com/misc/BHM_Subsidiaries.pdf
B.16 Accounts Receivable
Brown Company of Moberly 280
Brown Company of Waverly 22,171
Brown Corporation de Saltillo 159
Brown Corporation of America 27,178
Other A/R - Greenville 37,958
Trade A/R - Greenville 2,688,484
B.18 Other Liquidated Debts
State Business Tax owed by State of Michigan 20,329
B.28 Office equipment, furnishings and supplies
Furniture & Fixtures 2,610
Tech-Communications 5,286
Technical Other 54,375
B.29 Machinery 3,034,918
http://bankrupt.com/misc/BHM_greenvillepersonalproperty.pdf
B.30 Inventory
Inventory Finished Goods 43,483
Inventory Raw Materials 219,554
Inventory WIP 190,036
B.35 Other Personal Property
PPD Insurance - Comm Pkg 1,534
PPD Medical - Excess WC 1,677
TOTAL SCHEDULED ASSETS $6,393,805
=========================================================
C. Property Claimed as Exempt None
D. Secured Claim $0
E. Unsecured Priority Claims
Potential Employee Claims Undetermined
http://bankrupt.com/misc/BHM_greenvilleunsecuredclaims.pdf
F. Unsecured Non-priority Claims
SAC Domestic Investments, LP -
Second Lien Deed of Trust $72,112,539
Trade Claims 1,962,534
http://bankrupt.com/misc/BHM_greenvilleunsecuredpriorityclaims.pdf
TOTAL SCHEDULED LIABILITIES $74,075,073
=========================================================
The Brown Corporation of Greenville, Inc., disclosed in its
Schedules of Assets and Liabilities that total secured claims is
zero. But an exhibit referring to Schedule D provides these
information:
Claimants Claim Amount
--------- ------------
General Electric Capital Corp. $0
General Electric Capital Corp. 0
General Electric Capital Corp. 0
Internal Revenue Service 0
JPMorgan Chase Bank, N.A. as Agent 0
Lehman Commercial Paper Inc.
First Lien Deed of Trust $264,393,980
Pyper Tool & Engineering 0
The Lincoln Electric Company 0
Toyota Motors Corp. 0
See http://bankrupt.com/misc/BHM_greenvillesecuredclaims.pdf
Headquartered in Ionia, Michigan, BHM Technologies Holdings
Inc. -- http://www.browncorp.com/-- manufactures and sells
automobile parts including air bags and electrical systems. It
has manufacturing facilites in Mexico and operates under Brown
Corp.
BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413). Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq. of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for bankruptcy, it listed estimated assets and debts to be both
between US$100 million and US$500 million.
The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan. (BHM Technologies Bankruptcy News, Issue
No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
BHM TECHNOLOGIES: Brown Realty Files Assets and Debts Schedules
---------------------------------------------------------------
The Brown Realty Co., LLC, filed its Schedules of Assets and
Liabilities to the United States Bankruptcy Court for the Western
District of Michigan.:
A. Real Property
401 S. Steele St., Ionia, MI $1,770,500
B. Personal Property
B.1 Cash on hand 0
B.2 Bank Accounts
Misc ckg - Account No. 7506879 14,916
B.13 Business Interests and stocks
http://bankrupt.com/misc/BHM_Subsidiaries.pdf
TOTAL SCHEDULED ASSETS $1,785,416
=========================================================
C. Property Claimed as Exempt None
D. Secured Claim
Hull Lift Truck Inc -
UCC Lienholder $0
ING US Capital LLC -
UCC Lienholder 0
Lehman Commercial Paper, Inc. -
First Lien Deed of Trust 264,393,980
Prolift Industrial Equipment Co LLC Toyota -
UCC Lienholder 0
The Lincoln Electric Company, OH -
UCC Lienholder 0
The Lincoln Electric Company, OH -
UCC Lienholder 0
E. Unsecured Priority Claims
Internal Revenue Service -
Federal Income Tax Undetermined
F. Unsecured Non-priority Claims
SAC Domestic Investments, LP -
Second Lien Deed of Trust 72,112,539
TOTAL SCHEDULED LIABILITIES $336,506,519
=========================================================
Headquartered in Ionia, Michigan, BHM Technologies Holdings
Inc. -- http://www.browncorp.com/-- manufactures and sells
automobile parts including air bags and electrical systems. It
has manufacturing facilites in Mexico and operates under Brown
Corp.
BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413). Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq. of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for bankruptcy, it listed estimated assets and debts to be both
between US$100 million and US$500 million.
The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan. (BHM Technologies Bankruptcy News, Issue
No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
BLUE WATER: Reports $3,530,815 Net Loss in June 2008
----------------------------------------------------
Blue Water Automotive Systems, Inc.
Unaudited Balance Sheet
As of June 29, 2008
ASSETS:
Cash $1,505,039
Inventory 9,895,071
Accounts Receivable 46,747,994
Insider Receivables -
Land and Buildings
Furniture, Fixtures & Equipment 38,305,492
Accumulated Depreciation (12,051,087)
Other: Current Assets 8,801,103
Other: Long Term Assets 61,251
------------
TOTAL ASSETS $93,264,863
============
LIABILITIES:
Postpetition Liabilities:
Accounts Payable $5,071,531
Rent and Lease Payable -
Wages and Salaries 530,844
Taxes Payable 1,222,894
Other: -
------------
Total Postpetition Liabilities 6,825,269
Secured Liabilities:
Subject to Postpetition Collateral or DIP Order -
All Other Secured Liabilities 50,932,861
------------
Total Secured Liabilities 50,932,861
Prepetition Liabilities:
Taxes and Other Priority Liabilities 2,174,588
Unsecured Liabilities: 48,368,180
Other: -
------------
Total Prepetition Liabilities 50,542,768
EQUITY:
Owners Capital 20,827,488
Retained Earnings - Prepetition (24,221,702)
Retained Earnings - Postpetition (11,641,821)
Total Equity: (15,036,035)
------------
TOTAL LIABILITIES AND EQUITY $93,264,863
============
Blue Water Automotive Systems, Inc.
Unaudited Operating Statement
Month Ended June 29, 2008
Total Revenue/Sales $27,946,359
Cost of Sales 25,732,043
------------
Gross Profit 2,214,316
Expenses:
Officer compensation 40,385
Salary Expenses other Employees 729,474
Employee Benefits & Pensions 159,521
Payroll Taxes 55,794
Other Taxes 87,194
Rent and Lease Expense 134,615
Interest Expense 282,750
Insurance 7,842
Automobile and Truck Expense 49,901
Utilities (gas, electric, phone) 3,898
Depreciation 25,857
Travel and Entertainment 49,299
Repairs and Maintenance 35,852
Advertising -
Supplies, Office Expense, etc 169,814
Other Specify: Legal 30,000
Other Specify: Misc 113,000
------------
Total Expenses 1,975,196
------------
Net Operating Profit (Loss) 239,120
Add: Non-Operating Income
Interest Income -
Other Income -
Less: Non Operating Expenses
Professional Fees -
Other 3,769,935
------------
NET INCOME/(LOSS) ($3,530,815)
============
Blue Water Automotive Properties L.L.C
Unaudited Balance Sheet
As of June 29, 2008
ASSETS:
Cash $223,173
Inventory -
Accounts Receivable -
Insider Receivables -
Land and Buildings 27,459,896
Furniture, Fixtures & Equipment -
Accumulated Depreciation (3,244,755)
Other: Current Assets 464,250
Other: Long Term Assets -
------------
TOTAL ASSETS $24,902,564
============
LIABILITIES:
Postpetition Liabilities:
Accounts Payable -
Rent and Lease Payable -
Wages and Salaries -
Taxes Payable -
Other: 437,489
------------
Total Postpetition Liabilities 437,489
Secured Liabilities:
Subject to Postpetition Collateral or DIP Order -
All Other Secured Liabilities 14,724,436
------------
Total Secured Liabilities 14,724,436
Prepetition Liabilities:
Taxes and Other Priority Liabilities -
Unsecured Liabilities: -
Other: 11,945,925
------------
Total Prepetition Liabilities 11,945,925
EQUITY:
Owners Capital -
Retained Earnings - Prepetition (1,678,107)
Retained Earnings - Postpetition (527,179)
Total Equity: (2,205,286)
------------
TOTAL LIABILITIES AND EQUITY $24,902,564
============
Blue Water Automotive Systems, Inc.
Unaudited Operating Statement
Month Ended June 29, 2008
Total Revenue/Sales $0
Cost of Sales 104,695
------------
Gross Profit (104,695)
Expenses:
Officer compensation -
Salary Expenses other Employees -
Employee Benefits & Pensions -
Payroll Taxes -
Other Taxes -
Rent and Lease Expense -
Interest Expense 105,313
Insurance -
Automobile and Truck Expense -
Utilities (gas, electric, phone) -
Depreciation -
Travel and Entertainment -
Repairs and Maintenance -
Advertising -
Supplies, Office Expense, etc -
Other Specify: Legal -
Other Specify: Misc -
------------
Total Expenses 105,313
------------
Net Operating Profit (Loss) (210,008)
Add: Non-Operating Income
Interest Income -
Other Income 133,718
Less: Non Operating Expenses
Professional Fees -
Other -
------------
NET INCOME/(LOSS) ($76,290)
============
Blue Water Plastics Mexico Ltd.
Unaudited Balance Sheet
As of June 29, 2008
ASSETS:
Cash -
Inventory -
Accounts Receivable ($25)
Insider Receivables -
Land and Buildings -
Furniture, Fixtures & Equipment -
Accumulated Depreciation -
Other: Current Assets 1,640,857
Other: Long Term Assets -
------------
TOTAL ASSETS $1,640,832
============
LIABILITIES:
Postpetition Liabilities:
Accounts Payable -
Rent and Lease Payable -
Wages and Salaries -
Taxes Payable -
Other: -
------------
Total Postpetition Liabilities -
Secured Liabilities:
Subject to Postpetition Collateral or DIP Order -
All Other Secured Liabilities -
------------
Total Secured Liabilities -
Prepetition Liabilities:
Taxes and Other Priority Liabilities -
Unsecured Liabilities: -
Other: 11,945,925
------------
Total Prepetition Liabilities 11,945,925
EQUITY:
Owners Capital 2,110,000
Retained Earnings - Prepetition (469,168)
Retained Earnings - Postpetition -
Total Equity: 1,640,832
------------
TOTAL LIABILITIES AND EQUITY $1,640,832
============
Blue Water Plastics Mexico, Ltd., B.W.A.S. Mexico, L.L.C. and
B.W.A.S.Holdings, Inc., all posted $0 in revenues, assets and
liabilities for the month ended June 29, 2008.
About Blue Water Automotive
Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry. The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies. They are supported
by full-service design, program management, manufacturing and
tooling capabilities. With more than 1,400 employees, Blue Water
operates eight manufacturing and product development facilities
and has annual revenues of approximately US$200 million. The
company's headquarters and technology center is located in
Marysville, Mich. The company has operations in Mexico.
In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction. In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded components
and assemblies. KPS then set about reorganizing the company. The
company implemented a program to improve operating performance and
address its liquidity issues. During 2007, the company replaced
senior management, closed two facilities, and reduced overhead
spending by one third.
Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case No.
08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at Foley
& Lardner, LLP, serve as the Debtors' bankruptcy counsel.
Administar Services Group LLC acts as the Debtors' claims,
notice, and balloting agent. Blue Water's bankruptcy petition
lists assets and liabilities each in the range of $100 million to
$500 million.
The Debtors filed their Liquidation Plan on May 9, 2008. The Plan
contemplates a sale of substantially all of the Debtors' assets
and equity interests, except for a piece of real property located
at Yankee Road, in St. Clair, Michigan. The Plan has been
confirmed by the Court.
(Blue Water Automotive Bankruptcy News, Issue No. 25, Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
DELTA FINANCIAL: Files Monthly Operating Report for June 2008
-------------------------------------------------------------
Delta Financial Corp. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of June 30, 2008
Assets
Cash and cash equivalents $6,732,712
Mortgage loans held for sale, net 0
Mortgage loans held for investment, net of
discount and deferred fees 0
Less: allowance for loan losses 0
----------
Mortgage loans held for investment, net 0
Trustee receivable 0
Accrued interest receivable 0
Excess cash flow certificates 0
Equipment, net 0
Accounts receivable 10,587,157
Prepaid and other assets 5,732,230
Deferred tax asset
-----------
Total Assets $23,052,098
===========
Liabilities and Stockholder's Equity
Liabilities:
Bank payable $0
Warehouse financing 0
Financing on mortgage loans
held for investment, net 0
Other borrowings 0
Accrued interest payable 0
Accounts payable and other liabilities 11,550,371
Long term liabilities 5,274,031
Deferred tax liability
-----------
Total Liabilities 16,824,402
Stockholders' Equity:
Preferred stock - REIT
Common stock 254,792
Additional paid-in capital 158,301,751
Retained earnings (accumulated deficit) (151,010,693)
Accumulated other comprehensive income (loss)
Treasury stock, at cost (1,318,154)
-----------
Total stockholders' equity 6,227,696
-----------
Total liabilities and stockholders' equity $23,052,098
===========
Delta Financial Corp. and Subsidiaries
Unaudited Consolidated Statements of Operations
Consolidated Statements of Operations
For the Six Months Ended June 30, 2008
Interest income $146,249
Interest expense (1,246,870)
-----------
Net interest income (1,100,621)
Provision for loan loss 0
-----------
Net interest income after provision for loan loss (1,100,621)
Non-interest income
Net gain on sale of mortgage loans (190,829)
Other income 42,882,369
-----------
Total non-interest income 42,691,540
Non-interest expense
Payroll and related costs 1,984,893
General and administrative 5,419,824
(Gain) loss on derivative instruments 0
-----------
Total non-interest expense 7,404,718
Income (loss) before income tax expense (benefit) 34,186,202
Provision for income tax expense (benefit) 0
-----------
Net income (loss) $34,186,202
===========
Since January 2008, the Debtors have made payments to these
retained professionals:
Professional Role Fees Expenses
------------ ---- ---- --------
AlixPartners, LLP Claims Agent $110,098 $42,075
to Debtors
Morrison & Foerster General Bankruptcy 662,922 19,853
Counsel to Debtors
FTI Consulting Financial Advisors 163,886 1,645
to Debtors
Pepper Hamilton LLP Delaware Counsel 87,795 14,668
to Debtors
Weiser LLP Financial Advisor 52,548 40
to Committee
Landis Rath & Cobb LLP Delaware Counsel 22,906 1,771
to Committee
Epiq Systems Claims Agent 102 8
Crowell & Moring O.C. Professional 195 0
CT Corporation O.C. Professional 10,368 0
Pentalpha Group LLC O.C. Professional 36,869 1,132
Goldstein Jones LLP O.C. Professional 1,725 121
Jenner & Block LLP O.C. Professional 94,497 5,158
EmphaSys Tech., Inc. O.C. Professional 15,500 0
---------- --------
Total $1,259,410 $86,470
About Delta Financial
Founded in 1982, Delta Financial Corporation (NASDAQ: DFC) --
http://www.deltafinancial.com/-- is a Woodbury, New York-based
specialty consumer finance company that originates, securitizes
and sells non-conforming mortgage loans.
The company filed a chapter 11 petition on December 17, 2007
(Bankr. D. Del. Lead Case No. 07-11880). On the same day, three
affiliates filed separate chapter 11 petitions -- Delta Funding
Corp., Renaissance Mortgage Acceptance Corp., and Renaissance
R.E.I.T. Investment Corp. -- (Bankr. D. Del. Case Nos. 07-11881 to
07-11883). The Debtors' petition listed D.B. Structured Products
Inc. as their largest unsecured creditor holding a $19,500,000
claim.
The Debtors selected Morrison & Foerster LLP as their general
bankruptcy counsel and David B. Stratton, Esq. and James C.
Carignan, Esq. at Pepper Hamilton LLP as their counsel. The
Debtors hired AlixPartners LLP as their claims agent. The
Official Committee of Unsecured Creditors retained Landis Rath &
Cobb LLP as its Delaware counsel.
The Debtors have asked for further extension to their exclusive
plan filing period through July 25, 2008, and solicit and obtain
acceptances of that plan, through Sept. 26, 2008. (Delta
Financial Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
FORTUNOFF: Delivers Operating Report for Month Ended June 2008
--------------------------------------------------------------
Source Financing Corp./Fortunoff
Balance Sheet
As of
June 30, Petition Date
2008 or Scheduled
------------- -------------
ASSETS
Current assets:
Unrestricted cash & equivalents $3,585,338 $1,384,000
Restricted Cash & Cash equivalents 990,867 -
Accounts receivable 1,009,615 3,111,000
Inventories - 95,568,000
Prepaid expenses - 3,612,000
Profesional Retainers 255,267 -
Other current assets - 6,332,000
------------ ------------
Total current assets 5,841,087 110,007,000
Property & Equipment:
Real property & improvements - 0
Machinery & equipment - 5,915,000
Furniture, fixtures, & office equip. - 20,582,000
Leashehold improvements - 28,251,000
Vehicles - 0
Less: Accumulated depreciation - (18,292,000)
------------ ------------
Total Property & Equipment 36,456,000
Other Assets:
Amounts due from insiders 0
Other assets -- utility deposit 86,179,000
------------
Total other assets 86,179,000
------------ ------------
Total Assets $5,841,087 $232,642,000
============ ============
LIABILITIES & OWNER EQUITY
Liabilities Subject to Compromise
(Postpetition):
Accounts Payable $84,351 -
Taxes Payable - -
Wages Payable - -
Notes Payable - -
Rent/Leases - Building Equipment 67,765 -
Secured Debt - -
Professional Fees 975,573 -
Amounts Due to Insider - -
Other Postpetition Liabilities 489,582 -
------------ ------------
Total Postpetition Liabilities 1,617,271 -
Liabilities Subject to Compromise
(Prepetition):
Secured debt (Term D Loan) 19,708,000 $88,565,000
Priority debt (20-day claims) 9,023,482 9,023,482
Unsecured debt 98,171,687 183,346,518
------------ ------------
Total Prepetition Liabilities 126,903,169 280,935,000
------------ ------------
Total Liabilities $128,520,440 280,935,000
Owners' Equity:
Capital stock 77,412,000
Retained earnings, prepetition - (125,705,000)
Retained earnings, postpetition - -
------------ ------------
Net Owners' Equity - (48,293,000)
------------ ------------
Total Liabilities & Owners Equity - $232,642,000
============ ============
Source Financing Corp./Fortunoff
Statement of Operations
For the month ended June 30, 2008
Revenues:
Gross Revenues, net -
Cost of Goods Sold:
Beginning inventory -
Purchases -
Less: Ending inventory -
------------
Cost of goods sold -
------------
Gross profit -
Operating Expenses:
Advertising -
Bad debts -
Employee benefits programs -
Officer/insider compensation -
Insurance -
Office expense -
Repairs & maintenance -
Rent & lease expense -
Salaries/commissions/fees -
Supplies -
Taxes - payroll -
Taxes - real estate -
Taxes - other -
Travel & entertainment -
Others 6,929
------------
Total operating expenses before depreciation 6,929
Depreciation/depletion/amortization -
------------
Net profit before other income & expenses (6,929)
Other Income & Expenses:
Other income 7,463
Interest expense -
------------
Net profit before reorganization items 534
Reorganization Items:
Professional fees 84,239
U.S. Trustee quarterly fees -
------------
Total reorganization expenses 84,239
------------
Net profit (loss) ($83,705)
============
Source Financing Corp./Fortunoff
Schedule of Cash Receipts & Disbursement
For the month ended June 30, 2008
Cash - beginning of month $3,583,964
Receipts:
Cash sales -
Accounts Receivable, prepetition -
Accounts Receivable, postpetition -
Loans & advances -
Others 7,463
------------
Total receipts 7,463
Disbursements:
Net payroll -
Payroll taxes & 401k contributions -
Sales, use, & other taxes -
Inventory purchases -
Insurance -
Others 6,089
Professional fees -
------------
Total disbursements 6,089
------------
Net cash flow 1,374
------------
Cash - end of month $3,585,338
============
Fortunoff Fine Jewelry and Silverware, L.L.C., and its
affiliates, sold substantially all of their assets, including
their "Fortunoff" and "The Source" trademarks, on March 7, 2008,
to NRDC Equity Partners LLC's H Acquisition LLC, now known as
Fortunoff Holdings LLC.
About Fortunoff
New York-based Fortunoff Fine Jewelry and Silverware LLC --
http://www.fortunoff.com/-- is a family owned business since
1922 founded by by Max and Clara Fortunoff. Fortunoff offers
customers fine jewelry and watches, antique jewelry and silver,
everything for the table, fine gifts, home furnishings including
bedroom and bath, fireplace furnishings, housewares, and seasonal
shops including outdoor furniture shop in summer and enchanting
Christmas Store in the winter. It opened some 20 satellite
stores in the New Jersey, Long Island, Connecticut and
Pennsylvania markets featuring outdoor furniture and grills
during the Spring/Summer season and indoor furniture (and in some
locations Christmas trees and decor) in the Fall/Winter season.
Fortunoff and two affiliates, M. Fortunoff of Westbury LLC and
Source Financing Corp., filed for chapter 11 petition on Feb. 4,
2008 (Bankr. S.D.N.Y. Case Nos. 08-10353 through 08-10355) in
order to effectuate a sale to NRDC Equity Partners LLC, --
http://www.nrdcequity.com/-- a private equity firm that
bought Lord & Taylor from Federated Department Stores.
Due to the U.S. Trustee's objection, Fortunoff is backing out of
its request to employ Skadden Arps Meagher & Flom LLC, as
bankruptcy counsel. Fortunoff is hiring Togut Segal & Segal LLP,
as their general bankruptcy counsel, but Skadden Arps will
continue to serve the Debtors as special counsel in connection
with the sale the Debtors' assets. Logan & Company, Inc., serves
as the Debtors' claims, noticing, and balloting agent. FTI
Consulting Inc. are the Debtors' proposed crisis manager.
An Official Committee of Unsecured Creditors has been appointed in
this case. Effective March 6, 2008, Morrison & Foerster LLP is
counsel to the Creditors Committee in substitution of Otterbourg
Steidler Houston & Rosen PC. Mahoney Cohen & Company, CPA, P.C.,
serves as financial advisor to the Creditors' Committee.
In their schedules, Fortunoff Fine Jewelry listed $5,052,315 total
assets and $136,626,948 total liabilities; Source Financing Corp.
listed $154,680,100 total assets and $176,961,631 total
liabilities; and M. Fortunoff of Westbury LLC listed $6,300,955
total assets and $119,985,788 total liabilities. The Debtors'
exclusive period to file a plan of reorganization ended June 3,
2008. (Fortunoff Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
HOMEBANC CORP: Reports $4,822,000 Net Loss in May 2008
------------------------------------------------------
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Balance Sheet
As of May 31, 2008
ASSETS
Cash $6,028,000
Restricted cash 0
Mortgage loans held for sale, net 3,294,000
Mortgage loans held for investment, net 0
Mortgage servicing rights 0
Receivable from custodian 0
Trading securities 500,000
Securities available for sale 0
Securities held to maturity 0
Accrued interest receivable 0
Premises and equipment, net 0
Goodwill, net 0
Deferred tax asset, net 0
Accounts receivable from affiliates 0
Investment in subsidiaries 0
Other Assets 11,961,000
---------------
TOTAL ASSETS $21,783,000
===============
LIABILITIES & EQUITY
Warehouse lines of credit $0
Repurchase agreements 0
Loan funding payable 1,478,000
Accrued interest payable 0
Accrued expenses 5,545,000
Other accounts payable 0
Accounts payable to affiliates 0
Collaterized debt obligations 0
Junior subordinated debentures representing 175,260,000
obligations for trust preferred securities
---------------
Total liabilities 182,283,000
Minority interest 64,000
Shareholders Equity:
Preferred stock 47,992,000
Common stock 571,000
Additional paid-in capital 278,865,000
Accumulated deficit (470,088,000)
Treasury stock (17,904,000)
Accumulated other comprehensive (loss) income 0
---------------
Total shareholder's equity (160,564,000)
---------------
TOTAL LIABILITIES & EQUITY $21,783,000
===============
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Statement of Operations
For 5 Months Ended May 31, 2008
REVENUES
MBS interest income $710,000
Other miscellaneous income 384,000
---------------
Total revenues 1,094,000
EXPENSES
Professionals 3,193,000
Insurance 575,000
Contract personnel 200,000
Data facility 0
Compensation and benefits 312,000
Financial systems 122,000
Record storage 56,000
Medical insurance run-off payments 196,000
Loan sales expense 117,000
U.S. trustee fees 47,000
Office rental 31,000
Other misc. operating expenses 1,067,000
---------------
Total expenses 5,916,000
---------------
Income tax expense 0
---------------
Net Income (Loss) ($4,822,000)
===============
HomeBanc Mortgage Corporation and Subsidiaries
Consolidated Statement of Cash Flows
For the 5 Months Ended May 31, 2008
OPERATING ACTIVITIES
Net loss ($4,822,000)
Adjustments to reconcile net loss to net cash
(used in) provided by operating activities:
(Increase) decrease in mortgage loans held for 2,117,000
sale, net
Decrease (interest) in other assets 1,399,000
Decrease in other liabilities (55,000)
---------------
Net cash (used in) provided by operating (1,361,000)
activities
INVESTING ACTIVITIES
Net cash provided by (used in) investing 0
activities
FINANCING ACTIVITIES
Net cash (used in) provided by financing 0
activities
---------------
Net increase (decrease) in cash (1,361,000)
Cash and cash equivalents at beginning of period 7,389,000
---------------
Cash and cash equivalents at end of period $6,028,000
===============
About HomeBanc
Headquartered in Atlanta, Georgia, HomeBanc Mortgage Corporation
-- http://www.homebanc.com/-- is a mortgage banking company
focused on originating primarily prime purchase money residential
mortgage loans in the Southeast United States.
HomeBanc Mortgage together with five affiliates filed for chapter
11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079
through 07-11084). Joel A. Waite, Esq., at Young, Conaway,
Stargatt & Taylor was selected by the Debtors to represent them in
these cases. The Official Committee of Unsecured Creditors
selected the firm Otterbourg, Steindler, Houston and Rosen, P.C.
as its counsel. The Debtors' financial condition as of June 30,
2007, showed total assets of $5,100,000,000 and total liabilities
of $4,900,000,000. The Debtors' exclusive period to file a plan
ends on April 7, 2008.
(HomeBanc Bankruptcy News, Issue No. 28; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
HOMEBANC CORP: Reports $9,475,000 Net Loss in June 2008
-------------------------------------------------------
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Balance Sheet
As of June 30, 2008
ASSETS
Cash $3,108,000
Restricted cash 0
Mortgage loans held for sale, net 1,560,000
Mortgage loans held for investment, net 0
Mortgage servicing rights 0
Receivable from custodian 0
Trading securities 500,000
Securities available for sale 0
Securities held to maturity 0
Accrued interest receivable 0
Premises and equipment, net 0
Goodwill, net 0
Deferred tax asset, net 0
Accounts receivable from affiliates 0
Investment in subsidiaries 0
Other Assets 11,962,000
---------------
TOTAL ASSETS $17,130,000
===============
LIABILITIES & EQUITY
Warehouse lines of credit $0
Repurchase agreements 0
Loan funding payable 1,478,000
Accrued interest payable 0
Accrued expenses 5,545,000
Other accounts payable 0
Accounts payable to affiliates 0
Collaterized debt obligations 0
Junior subordinated debentures representing 175,260,000
obligations for trust preferred securities
---------------
Total liabilities 182,283,000
Minority interest 64,000
Shareholders Equity:
Preferred stock 47,992,000
Common stock 571,000
Additional paid-in capital 278,865,000
Accumulated deficit (474,741,000)
Treasury stock (17,904,000)
Accumulated other comprehensive (loss) income 0
---------------
Total shareholder's equity (165,217,000)
---------------
TOTAL LIABILITIES & EQUITY $17,130,000
===============
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Statement of Operations
For 6 Months Ended June 30, 2008
REVENUES
MBS interest income $805,000
Other miscellaneous income 390,000
---------------
Total revenues 1,195,000
EXPENSES
Professionals 3,458,000
Insurance 575,000
Contract personnel 263,000
Data facility 0
Compensation and benefits 312,000
Financial systems 122,000
Record storage 59,000
Medical insurance run-off payments 202,000
Loan sales expense 146,000
U.S. trustee fees 47,000
Office rental 47,000
Other misc. operating expenses 5,441,000
---------------
Total expenses 10,670,000
---------------
Income tax expense 0
---------------
Net Income (Loss) ($9,475,000)
===============
HomeBanc Mortgage Corporation and Subsidiaries
Consolidated Statement of Cash Flows
For the 6 Months Ended June 30, 2008
OPERATING ACTIVITIES
Net loss ($9,475,000)
Adjustments to reconcile net loss to net cash
(used in) provided by operating activities:
(Increase) decrease in mortgage loans held for 3,851,000
sale, net
Decrease (interest) in other assets 1,398,000
Decrease in other liabilities (55,000)
---------------
Net cash (used in) provided by operating (4,281,000)
activities
INVESTING ACTIVITIES
Net cash provided by (used in) investing 0
activities
FINANCING ACTIVITIES
Net cash (used in) provided by financing 0
activities
---------------
Net increase (decrease) in cash (4,281,000)
Cash and cash equivalents at beginning of period 7,389,000
---------------
Cash and cash equivalents at end of period $3,108,000
===============
About HomeBanc
Headquartered in Atlanta, Georgia, HomeBanc Mortgage Corporation
-- http://www.homebanc.com/-- is a mortgage banking company
focused on originating primarily prime purchase money residential
mortgage loans in the Southeast United States.
HomeBanc Mortgage together with five affiliates filed for chapter
11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079
through 07-11084). Joel A. Waite, Esq., at Young, Conaway,
Stargatt & Taylor was selected by the Debtors to represent them in
these cases. The Official Committee of Unsecured Creditors
selected the firm Otterbourg, Steindler, Houston and Rosen, P.C.
as its counsel. The Debtors' financial condition as of June 30,
2007, showed total assets of $5,100,000,000 and total liabilities
of $4,900,000,000. The Debtors' exclusive period to file a plan
ends on April 7, 2008.
(HomeBanc Bankruptcy News, Issue No. 28; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
LINENS N THINGS: Bloomington Files Assets and Debts Schedules
-------------------------------------------------------------
Bloomington, MN. L.T., Inc., filed its Schedules of Assets and
Liabilities with the United States Bankruptcy Court for the
District of Delaware:
A Real Property None
B Personal Property None
TOTAL SCHEDULED ASSETS $0
==========================================================
C Property Claimed None
D Creditors Holding Secured Claims None
E Creditors Holding Unsecured Priority Claims None
F Creditors Holding Unsecured Nonpriority Claims
Linens 'n Things Canada $47,786,196
NJ Secretary of State 495
CSC Networks 213
TOTAL SCHEDULED LIABILITIES $47,786,904
==========================================================
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
Scott L. Hazan, Esq., and Glenn Rice, at Otterbourg Steindler
Houston & Rosen P.C., as lead counsel. Norman L. Pernick, Esq.,
at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Wilmington,
Delaware, serves as local co-counsel. 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)
LINENS N THINGS: Citadel LNT Files Assets and Debts Schedules
-------------------------------------------------------------
Citadel LNT, LLC filed its Schedules of Assets and Liabilities
with the United States Bankruptcy Court for the District of
Delaware:
A Real Property None
B Personal Property None
TOTAL SCHEDULED ASSETS $0
==========================================================
C Property Claimed None
D Creditors Holding Secured Claims None
E Creditors Holding Unsecured Priority Claims None
F Creditors Holding Unsecured Nonpriority Claims
Linens 'n Things Canada $47,786,196
CSC Networks 213
TOTAL SCHEDULED LIABILITIES $47,786,409
==========================================================
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
Scott L. Hazan, Esq., and Glenn Rice, at Otterbourg Steindler
Houston & Rosen P.C., as lead counsel. Norman L. Pernick, Esq.,
at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Wilmington,
Delaware, serves as local co-counsel. 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)
LINENS N THINGS: LNT Leasing II Files Assets and Debts Schedules
----------------------------------------------------------------
LNT Leasing II, LLC filed its Schedules of Assets and Liabilities
with the United States Bankruptcy Court for the District of
Delaware:
A Real Property None
B Personal Property
B.29 Equipment and Supplies for Business
Furnishings and fixtures $52,244,709
TOTAL SCHEDULED ASSETS $52,244,709
==========================================================
C Property Claimed None
D Creditors Holding Secured Claims None
E Creditors Holding Unsecured Priority Claims
Pennsylvania Department of Revenue Unknown
F Creditors Holding Unsecured Nonpriority Claims
Linens 'n Things Canada, Inc. 47,786,196
TOTAL SCHEDULED LIABILITIES $47,786,196
==========================================================
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
Scott L. Hazan, Esq., and Glenn Rice, at Otterbourg Steindler
Houston & Rosen P.C., as lead counsel. Norman L. Pernick, Esq.,
at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Wilmington,
Delaware, serves as local co-counsel. 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)
LINENS N THINGS: LNT Leasing III Files Assets and Debts Schedules
-----------------------------------------------------------------
LNT Leasing III filed its Schedules of Assets and Liabilities with
the United States Bankruptcy Court for the District of Delaware:
A Real Property None
B Personal Property
B.29 Equipment and Supplies for Business $33,689,815
See http://ResearchArchives.com/t/s?306f
TOTAL SCHEDULED ASSETS $33,689,815
==========================================================
C Property Claimed None
D Creditors Holding Secured Claims None
E Creditors Holding Unsecured Priority Claims None
F Creditors Holding Unsecured Nonpriority Claims
Linens 'n Things Canada $47,786,196
TOTAL SCHEDULED LIABILITIES $47,786,196
==========================================================
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
Scott L. Hazan, Esq., and Glenn Rice, at Otterbourg Steindler
Houston & Rosen P.C., as lead counsel. Norman L. Pernick, Esq.,
at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Wilmington,
Delaware, serves as local co-counsel. 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)
LINENS N THINGS: LNT Virginia Files Assets and Debts Schedules
--------------------------------------------------------------
LNT Virginia, Inc. filed its Schedules of Assets and Liabilities
with the United States Bankruptcy Court for the District of
Delaware:
A Real Property None
B Personal Property
B.16 Accounts Receivable
LNT on-line rewards $311,879
Incomm 305,674
American Express 143,758
Walgreen's 129,230
Great Lakes Script Center Inc. 108,000
Trilegiant Loyalty Solutions 77,478
Verture/Member Works/Adaptive Marketing 77,200
GiftCertificates.com 44,875
Velocity Fulfillment Services, Inc. 43,222
Others 261,191
B.18 Other Liquidated Debts Owing Debtor
Prepaid gift card supplies 1,940,240
TOTAL SCHEDULED ASSETS $3,442,747
==========================================================
C Property Claimed None
D Creditors Holding Secured Claims None
E Creditors Holding Unsecured Priority Claims None
F Creditors Holding Unsecured Nonpriority Claims
Stored Value Systems, Inc. $53,097,438
Linens 'N Things Canada 47,786,196
Others 90,420
TOTAL SCHEDULED LIABILITIES $100,974,054
==========================================================
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
Scott L. Hazan, Esq., and Glenn Rice, at Otterbourg Steindler
Houston & Rosen P.C., as lead counsel. Norman L. Pernick, Esq.,
at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Wilmington,
Delaware, serves as local co-counsel. 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)
LINENS N THINGS: Vendor Finance Files Assets and Debts Schedules
----------------------------------------------------------------
Vendor Finance, LLC filed its Schedules of Assets and Liabilities
with the United States Bankruptcy Court for the District of
Delaware:
A Real Property None
B Personal Property None
TOTAL SCHEDULED ASSETS $0
==========================================================
C Property Claimed None
D Creditors Holding Secured Claims None
E Creditors Holding Unsecured Priority Claims None
F Creditors Holding Unsecured Nonpriority Claims
Linens 'n Things Canada $47,786,196
CSC Networks 107
TOTAL SCHEDULED LIABILITIES $47,786,303
==========================================================
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
Scott L. Hazan, Esq., and Glenn Rice, at Otterbourg Steindler
Houston & Rosen P.C., as lead counsel. Norman L. Pernick, Esq.,
at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Wilmington,
Delaware, serves as local co-counsel. 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)
NEUMANN HOMES: Delivers June 30 Monthly Operating Report
--------------------------------------------------------
Neumann Homes, Inc., et al.
Receipts and Disbursements
Month Ended June 30, 2008
Beginning Balance in All Accounts:
Neumann Citibank Operating Account $228,253
Neumann Bank of America - old accounts (various) -
Neumann Citibank - Customer Earnest
Money Account 15
Neumann Citibank - Funding/Dip Account 175,332
Neumann Citibank - Dip Funding -
Professional Account -
Restricted - Neumann Citibank - Glen at
Lakemoor EM Account 1,223
Restricted - Neumann Citibank-Clublands
Antioch Clubhouse 156,395
Restricted - IndyMac Escrow Acct - NeuVillage 125,609
Restricted - Chicago Title Escrow Account -
Closed Homes 224,436
Restricted - Chicago Title Escrow Account -
Lender Funded 1,377,147
Restricted - Citibank - Worker Comp Escrow 9,774
Restricted - NHI KERP Account 108,921
Restricted - Land Title Guarantee Escrow 323,436
----------
$2,730,541
----------
Receipts:
Operations - Operating Account 158,783
Operations - Customer Earnest Money Acct-Ckg -
Operations - Customer Earnest Money Acct-MM -
Funding/Dip Account -
Glen at Lakemoor EM account 1
Clublands Antioch Clubhouse account 222
Dip Funding - Professional account -
Restricted Escrow held by CTT-Lender Funding -
IndyMac Escrow for L/C-Leona's Neu Village -
Restricted Escrow held by CTT-(closings) -
NHI Worker Comp Escrow -
NHI KERP Account -
Other Receipts -
----------
$159,006
----------
Disbursements:
Net Payroll:
Officers (3,778)
Others (44,063)
----------
(47,841)
Taxes:
Federal Income Tax Withholding (9,142)
FICA/Medicare Withholdings EE (4,875)
Employer's FICA/Medicare ER (4,875)
Federal Unemployment Taxes ER -
State Income Tax Withholding (1,795)
Garnishments -
State Unemployment Taxes ER (231)
----------
(20,918)
Necessary expenses:
Rent or mortgage payment(s) (13,239)
Utilities & phones (1,054)
Insurance (7,800)
Merchandise/services bought for manufacture or sale
Other:
Payroll Services (676)
Benefit Related including flex spending (5,511)
Miscellaneous 3
Title Commitments & related charges -
Postage, shipping, copying (6)
Worker Comp Claims (1,262)
House Trades (1,100)
Other - Transfer (2,180)
Supplies & Storage & Misc. (451)
Temporary Labor (156)
Transportation/travel/lodging (251)
Consulting services (19,810)
US Trustee Fees
Legal - Professional Fees (115,800)
Professional tax service fees (3,347)
Filing Fees, Extension Fees
Payroll tax adjustment (270)
----------
(172,909)
----------
Total Disbursements: (241,668)
----------
Net Receipts (Disbursements) for the (82,662)
Current period
----------
Ending Balance in All Accounts $2,647,879
==========
About Neumann Homes
Headquartered in Warrenville, Illinois, Neumann Homes Inc. --
http://www.neumannhomes.com/-- develops and builds residential
real estate throughout the Midwest and West US. The company is
active in the Chicago area, southeastern Wisconsin, Colorado, and
Michigan. The company have built more than 11,000 homes in some
150 residential communities. The company offer formal business
training to employees through classes, seminars, and computer-
based training.
The company filed for Chapter 11 protection on Nov. 1, 2007
(Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at
Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the
Debtors to represent them in these cases. The Official Committee
of Unsecured Creditors has selected Paul, Hastings, Janofsky &
Walker LLP, as its counsel in these bankruptcy proceeding. When
the Debtors filed for protection against its creditors, they
listed assets and debts of more than $100 million.
The Debtor's exclusive plan filing will expire on Dec. 31, 2008.
(Neumann Bankruptcy News, Issue No. 21; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)
QUEBECOR WORLD: Submits Report for Month Ended February 2, 2008
---------------------------------------------------------------
Quebecor World (USA), Inc., et al.
Combined Balance Sheet
As of February 2, 2008
ASSETS
Current Assets:
Cash and Cash equivalents $115,800,000
Trade and receivables 604,600,000
Inventories 168,200,000
Prepaid Expenses 15,300,000
--------------
Total current expenses 903,900,000
Property, plant and equipment 1,221,300,000
Goodwill 338,000,000
Other assets 177,500,000
--------------
TOTAL ASSETS $2,640,700,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Bank indebtedness $22,200,000
Trade payables and accrued liabilities 148,700,000
Payables to related parties 3,100,000
Income and other taxes payable 14,200,000
--------------
Total current liabilities 188,200,000
--------------
Other liabilities not subject to compromise:
Long-term debt 473,900,000
Other liabilities 137,900,000
Future income taxes 75,100,000
Liabilities subject compromise 2,768,200,000
Shareholders equity:
Capital stock 1,099,500,000
Contributed surplus 310,000,000
Deficit (2,412,700,000)
Accumulated other comprehensive loss 600,000
--------------
Total Deficit (1,002,600,000)
--------------
TOTAL LIABILITIES AND DEFICIT $2,640,700,000
==============
Quebecor World (USA), Inc., et al.
Combined Statement of Operations
For the month ended February 2, 2008
Operating Revenues $109,500,000
Operating expenses:
Cost of sales 90,800,000
Selling, general and administrative 10,700,000
Depreciation and amortization 7,100,000
------------
Total operating expenses 108,600,000
------------
Operating Income 900,000
Financial expenses 11,000,000
Reorganization items 0
Income taxes (3,700,000)
------------
Net loss and comprehensive loss ($6,400,000)
============
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of $3,412,100,000, total
liabilities of $4,326,500,000, preferred shares of $62,000,000,
and total shareholders' deficit of $976,400,000.
The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case. The Debtors' CCAA stay
has been extended to Sept. 30, 2008. (Quebecor World Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
QUEBECOR WORLD: Submits Report for Month Ended March 1, 2008
------------------------------------------------------------
Quebecor World (USA), Inc., et al.
Combined Balance Sheet
As of March 1, 2008
ASSETS
Current Assets:
Cash and Cash equivalents $177,900,000
Trade and receivables 606,600,000
Inventories 165,300,000
Prepaid Expenses 19,900,000
--------------
Total current expenses 969,700,000
Property, plant and equipment 1,209,400,000
Goodwill 338,000,000
Other assets 177,300,000
--------------
TOTAL ASSETS $2,694,400,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Bank indebtedness $27,200,000
Trade payables and accrued liabilities 192,000,000
Payables to related parties 3,200,000
Income and other taxes payable 13,200,000
--------------
Total current liabilities 235,600,000
--------------
Other liabilities not subject to compromise:
Long-term debt 475,300,000
Other liabilities 138,200,000
Future income taxes 69,900,000
Liabilities subject compromise 2,786,600,000
Shareholders equity:
Capital stock 1,099,500,000
Contributed surplus 310,000,000
Deficit (2,421,300,000)
Accumulated other comprehensive loss 600,000
--------------
Total Deficit (1,011,200,000)
--------------
TOTAL LIABILITIES AND DEFICIT $2,694,400,000
==============
Quebecor World (USA), Inc., et al.
Combined Statement of Operations
For the month ended March 1, 2008
Operating Revenues $246,600,000
Operating expenses:
Cost of sales 203,100,000
Selling, general and administrative 19,300,000
Depreciation and amortization 15,500,000
------------
Total operating expenses 237,900,000
------------
Operating income 8,700,000
Financial expenses 22,100,000
Reorganization items 0
Income taxes (4,900,000)
------------
Net loss and comprehensive loss ($8,500,000)
============
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of $3,412,100,000, total
liabilities of $4,326,500,000, preferred shares of $62,000,000,
and total shareholders' deficit of $976,400,000.
The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case. The Debtors' CCAA stay
has been extended to Sept. 30, 2008. (Quebecor World Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
QUEBECOR WORLD: Submits Report for Month Ended March 29, 2008
-------------------------------------------------------------
Quebecor World (USA), Inc., et al.
Combined Balance Sheet
As of March 29, 2008
ASSETS
Current Assets
Cash and Cash equivalents $138,600,000
Trade and receivables 626,700,000
Inventories 149,100,000
Prepaid Expenses 37,500,000
--------------
Total current expenses 951,900,000
--------------
Property, plant and equipment 1,213,700,000
Goodwill 337,900,000
Other assets 176,800,000
--------------
TOTAL ASSETS $2,680,300,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Bank indebtedness $24,600,000
Trade payables and accrued liabilities 217,800,000
Payables to related parties 3,100,000
Income and other taxes payable 12,400,000
--------------
Total current liabilities 257,900,000
--------------
Other liabilities not subject to compromise:
Long-term debt 499,000,000
Other liabilities 138,400,000
Future income taxes 91,200,000
Liabilities subject compromise 2,804,800,000
Shareholders equity:
Capital stock 1,099,500,000
Contributed surplus 310,000,000
Retained earnings (2,521,100,000)
Accumulated other comprehensive loss 600,000
--------------
Total Deficit (1,111,000,000)
--------------
TOTAL LIABILITIES AND DEFICIT $2,680,300,000
==============
Quebecor World (USA), Inc., et al.
Combined Statement of Operations
For the month ended March 29, 2008
Operating Revenues $228,400,000
Operating expenses:
Cost of sales 188,400,000
Selling, general and administrative 24,900,000
Depreciation and amortization 12,900,000
Restructuring and other charges 3,800,000
------------
Total operating expenses 230,000,000
------------
Operating income (1,600,000)
Financial expenses 39,800,000
Reorganization items 22,900,000
Income taxes 28,000,000
------------
Net loss and comprehensive loss ($92,300,000)
============
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of $3,412,100,000, total
liabilities of $4,326,500,000, preferred shares of $62,000,000,
and total shareholders' deficit of $976,400,000.
The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case. The Debtors' CCAA stay
has been extended to Sept. 30, 2008. (Quebecor World Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
QUEBECOR WORLD: Submits Report for Month Ended May 3, 2008
----------------------------------------------------------
Quebecor World (USA), Inc., et al.
Combined Balance Sheet
As of May 3, 2008
ASSETS
Current Assets:
Cash and Cash equivalents $145,900,000
Trade and receivables 605,300,000
Inventories 145,500,000
Future income taxes and tax receivable 38,700,000
Prepaid Expenses 37,200,000
--------------
Total current expenses 972,600,000
--------------
Property, plant and equipment 1,209,100,000
Goodwill 336,400,000
Other assets 193,400,000
--------------
TOTAL ASSETS $2,711,500,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Bank indebtedness $32,800,000
Trade payables and accrued liabilities 204,600,000
Payables to related parties 3,200,000
Income and other taxes payable 15,400,000
--------------
Total current liabilities 256,000,000
--------------
Other liabilities not subject to compromise:
Long-term debt 498,900,000
Other liabilities 132,100,000
Future income taxes 126,500,000
Liabilities subject compromise 2,822,900,000
Shareholders equity:
Capital stock 1,099,500,000
Contributed surplus 310,000,000
Retained earnings (2,535,100,000)
Accumulated other comprehensive loss 700,000
--------------
Total Deficit (1,124,900,000)
--------------
TOTAL LIABILITIES AND DEFICIT $2,711,500,000
==============
Quebecor World (USA), Inc., et al.
Combined Statement of Operations
For the month ended May 3, 2008
Operating Revenues $294,500,000
Operating expenses:
Cost of sales 238,600,000
Selling, general and administrative 22,800,000
Depreciation and amortization 18,900,000
-----------
Total operating expenses 280,300,000
-----------
Operating income 14,200,000
Financial expenses 25,700,000
Reorganization items (4,800,000)
Income taxes (500,000)
-----------
Net loss and comprehensive loss ($6,200,000)
===========
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of $3,412,100,000, total
liabilities of $4,326,500,000, preferred shares of $62,000,000,
and total shareholders' deficit of $976,400,000.
The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case. The Debtors' CCAA stay
has been extended to Sept. 30, 2008. (Quebecor World Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
QUBECOR WORLD: Submits Report for Month Ended May 31, 2008
----------------------------------------------------------
Quebecor World (USA), Inc., et al.
Combined Balance Sheet
As of May 31, 2008
ASSETS
Current Assets
Cash and Cash equivalents $176,600,000
Trade and receivables 578,200,000
Inventories 145,500,000
Future income taxes and tax receivable 38,500,000
Prepaid Expenses 34,800,000
--------------
Total current expenses 973,600,000
--------------
Property, plant and equipment 1,197,400,000
Goodwill 336,400,000
Other assets 351,000,000
--------------
TOTAL ASSETS $2,858,400,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Bank indebtedness $10,800,000
Trade payables and accrued liabilities 207,900,000
Payables to related parties 3,200,000
Income and other taxes payable 16,400,000
--------------
Total current liabilities 238,300,000
--------------
Other liabilities not subject to compromise:
Long-term debt 499,200,000
Other liabilities 129,800,000
Future income taxes 125,000,000
Liabilities subject compromise 2,838,300,000
Shareholders equity:
Capital stock 1,099,600,000
Contributed surplus 470,000,000
Retained earnings (2,542,500,000)
Accumulated other comprehensive loss 700,000
--------------
Total Deficit (972,200,000)
--------------
TOTAL LIABILITIES AND DEFICIT $2,858,400,000
==============
Quebecor World (USA), Inc., et al.
Combined Statement of Operations
For the month ended May 31, 2008
Operating Revenues $209,300,000
Operating expenses:
Cost of sales 176,600,000
Selling, general and administrative 5,700,000
Depreciation and amortization 14,200,000
-----------
Total operating expenses 196,500,000
-----------
Operating income 12,800,000
Financial expenses 17,300,000
Reorganization items 4,300,000
Income taxes (1,300,000)
-----------
Net loss and comprehensive loss ($7,500,000)
===========
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of $3,412,100,000, total
liabilities of $4,326,500,000, preferred shares of $62,000,000,
and total shareholders' deficit of $976,400,000.
The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case. The Debtors' CCAA stay
has been extended to Sept. 30, 2008. (Quebecor World Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
QUEBECOR WORLD: Submits Report for Month Ended June 28, 2008
------------------------------------------------------------
Quebecor World (USA), Inc., et al.
Combined Balance Sheet
As of June 28, 2008
ASSETS
Current Assets
Cash and Cash equivalents $154,700,000
Trade and receivables 560,100,000
Inventories 146,100,000
Future income taxes and tax receivable 18,700,000
Prepaid Expenses 50,500,000
--------------
Total current expenses 930,100,000
--------------
Property, plant and equipment 1,188,200,000
Goodwill 336,400,000
Restricted cash 30,300,000
Future income taxes 900,000
Other assets 280,300,000
--------------
TOTAL ASSETS $2,766,200,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Bank indebtedness $13,600,000
Trade payables and accrued liabilities 218,100,000
Payables to related parties 3,200,000
Income and other taxes payable 12,200,000
Current portion of long term debt 491,800,000
Liabilities subject to compromise:
Accounts payable and accrued
liabilities 220,500,000
Long term debt 1,644,100,000
Payables to related parties 901,100,000
Post-filing interest 87,400,000
--------------
Total current liabilities 3,592,000,000
--------------
Other liabilities not subject to compromise:
Long-term debt 7,400,000
Other liabilities 136,700,000
Future income taxes 124,500,000
Shareholders equity:
Capital stock 1,031,300,000
Contributed surplus 470,000,000
Retained earnings (2,596,600,000)
Accumulated other comprehensive loss 900,000
--------------
Total Deficit (1,094,400,000)
--------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $2,766,200,000
==============
Quebecor World (USA), Inc., et al.
Combined Statement of Operations
For the month ended June 28, 2008
Operating revenues $211,100,000
Operating expenses:
Cost of sales 173,800,000
Selling, general and administrative 26,700,000
Depreciation and amortization 16,200,000
Restructuring charges 9,000,000
-------------
Total operating expenses 225,700,000
-------------
Operating income (14,600,000)
Financial expenses 32,000,000
Reorganization items (7,100,000)
Income taxes 15,000,000
------------
39,900,000
------------
Net loss and comprehensive loss ($54,500,000)
============
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of $3,412,100,000, total
liabilities of $4,326,500,000, preferred shares of $62,000,000,
and total shareholders' deficit of $976,400,000.
The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case. The Debtors' CCAA stay
has been extended to Sept. 30, 2008. (Quebecor World Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
SEA CONTAINERS: Files June 2008 Monthly Operating Report
--------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of June 30, 2008
Assets
Current Assets
Cash and cash equivalents $31,189,811
Trade receivables, less allowances
for doubtful accounts 266,461
Due from related parties 352,137
Prepaid expenses and other current assets 453,190
------------
Total current assets 32,261,599
Fixed assets, net -
Long-term equipment sales receivable, net -
Investments in group companies 108,753,801
Intercompany receivables -
Investment in equity ownership interests 228,279,582
Other assets 2,845,709
------------
Total assets $372,140,691
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $11,143,074
Accrued expenses 86,577,352
Current portion of long-term debt 175,151,304
Current portion of senior notes 385,605,492
------------
Total current liabilities 658,477,222
Total shareholders' equity (286,336,531)
------------
Total liabilities and shareholders' equity $372,140,691
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended June 30, 2008
Revenue $1,579,533
Costs and expenses:
Operating income -
Selling, general and admin. expenses (1,740,652)
Professional fees (3,256,551)
Charges against intercompany accounts 17,540,626
Impairment of investment in subsidy Co. (16,220,055)
Forgiveness of intercompany debt -
Depreciation and amortization -
------------
Total costs and expenses (3,676,632)
------------
Loss on sale of assets -
------------
Operating income (loss) (2,097,099)
Other income (expense)
Investment income 36,405
Foreign exchange gains or (losses) (112)
Interest expense, net (3,589,949)
------------
Loss before taxes (5,650,755)
Income tax expense (622,700)
------------
Loss after taxes ($6,273,455)
============
Sea Containers Services, Ltd.
Unaudited Balance Sheet
As of June 30, 2008
Assets
Current Assets
Cash and cash equivalents $25,950
Trade receivables 10,557
Due from related parties (GE SeaCo) 57,979
Prepaid expenses and other current assets 1,609,942
------------
Total current assets 1,704,427
Fixed assets, net 13,019
Investments 2,677,370
Intercompany receivables 28,124,571
Other assets -
------------
Total assets $32,519,386
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable 767,621
Accrued expenses 3,235,641
Current portion of long-term debt 1,513,795
------------
Total current liabilities 5,517,056
Total shareholders' equity 27,002,330
------------
Total liabilities and shareholders' equity $32,519,386
============
Sea Containers Services, Ltd.
Unaudited Statement of Operations
For the Month Ended June 30, 2008
Revenue $1,312,399
Costs and expenses:
Operating costs -
Selling, general and admin. expenses (700,699)
Professional Fees (520,616)
Other charges -
Depreciation and amortization (2,489)
------------
Total costs and expenses (1,223,804)
------------
Gains on sale of assets -
------------
Operating income (loss) 88,595
Other income (expense)
Interest income -
Foreign exchange gains (losses) -
Interest expense, net (16,615)
------------
Income (Loss) before taxes 71,980
Income tax credit -
------------
Net Income $71,980
============
About Sea Containers
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for Chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt
and Taylor, represent the Debtors in their restructuring
efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
In its schedules filed with the Court, Sea Containers disclosed
total assets of $62,400,718 and total liabilities of
$1,545,384,083.
The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008. (Sea Containers
Bankruptcy News, Issue No. 47; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
STEVE & BARRY'S: Files July 2008 Monthly Operating Report
---------------------------------------------------------
Steve & Barry's, LLC, and its debtor-affiliates filed their monthly
operating report with the United States Bankruptcy Court for the
Southern District of New York for the month ended July 31, 2008:
Steve & Barry's Manhattan LLC, et al.
Consolidated Balance Sheet
As of July 31, 2008
ASSETS
Current Assets:
Unrestricted cash and equivalents $12,463,000
Restricted cash and cash equivalents 0
Accounts receivable 0
Notes receivable 0
Inventories 307,519,000
Prepaid expenses 2,178,000
Professional retainers 0
Other current assets 7,144,000
--------------
Total Current Assets 329,304,000
Property & Equipment:
Real property and improvements 0
Machinery and equipment 0
Furniture, fixtures and office equipment 219,567,400
Leasehold improvements 146,794,400
Vehicles 195,000
Less: accumulated depreciation (92,153,000)
--------------
Total Property & Equipment 274,403,800
Other Assets:
Amounts due from insiders 0
Other assets 18,852,000
--------------
Total Other Assets 18,852,000
--------------
TOTAL ASSETS $622,559,800
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Liabilities Not Subject to Compromise:
(Postpetition)
Accounts payable $288,000
Taxes payable 2,501,000
Wages payable 1,479,000
Notes payable 0
Rent/leases - building/equipment 32,000
Secured debt/adequate protection payments 0
Professional fees 15,000
Amounts due to insiders 0
Other postpetition liabilities 1,207,000
--------------
Total Postpetition Liabilities 5,522,000
Liabilities Subject to Compromise: (Prepetition)
Secured debt/adequate protection payments 173,827,000
Priority debt 0
Unsecured debt 96,204,000
Other prepetition liabilities 332,039,000
--------------
Total Prepetition Liabilities 602,070,000
--------------
TOTAL LIABILITIES 607,592,000
Owners' Equity:
Capital stock 0
Additional paid-in capital 174,734,000
Partners' capital account 0
Owners' equity account 0
Retained earnings - prepetition (118,719,000)
Retained earnings - postpetition (41,047,200)
Adjustment to owner equity 0
Postpetition contributions 0
--------------
TOTAL LIABILITIES AND OWNERS' EQUITY $622,559,800
==============
Steve & Barry's Manhattan LLC, et al.
Consolidated Statement of Operations
For the Month Ended July 31, 2008
Net revenue $36,592,000
Cost of Goods Sold:
Beginning inventory 332,335,000
Add: purchases 1,252,000
Add: cost of labor 0
Add: other costs 0
Less: ending inventory (307,519,000)
Cost of goods sold 26,068,000
Gross Profit 10,524,000
Operating Expenses:
Advertising 242,000
Auto and truck expense 9,000
Bad debts 0
Contributions 0
Employee benefits programs 568,000
Officer/insider compensation 34,000
Insurance 487,000
Management fees/bonuses 0
Office expense 1,516,000
Pension & profit-sharing plans 0
Repairs and maintenance 132,000
Rent and least expense 3,856,000
Salaries/commissions/fees 10,332,000
Supplies 0
Taxes - payroll 529,000
Taxes - real estate 0
Taxes - other 0
Travel and entertainment 169,000
Utilities 1,929,000
Other 4,278,200
--------------
Total Operating Expenses Before Depreciation 24,081,200
Depreciation/depletion/amortization 4,335,000
Net Profit (Loss) Before Other Income & Expenses (17,892,200)
Other Income and Expenses:
Other income and expenses 0
Interest expense 955,000
Other expense 0
--------------
Net Profit (Loss) Before Reorganization Items (18,847,200)
Reorganization Items:
Professional fees 562,000
U.S. trustee quarterly fees 0
Interest earned on accumulated cash from 0
Chapter 11
Gain (Loss) from sale of equipment 0
Other reorganization expenses 0
--------------
Total Reorganization Expenses 562,000
Income taxes 21,638,000
--------------
Net Profit (Loss) ($41,047,200)
==============
Steve & Barry's Manhattan LLC, et al.
Schedule of Cash Receipts & Disbursement
For the Month Ended July 31, 2008
Cash - beginning of month ($20,180,911)
Receipts:
Cash sales 33,252,843
Accounts receivable - prepetition 0
Accounts receivable - postpetition 0
Loans and advances 6,693,791
Sale of assets 0
Other 32,697,019
Transfers 8,750,374
--------------
Total Receipts 81,394,027
Disbursements:
Net payroll 14,012,051
Payroll taxes (153,831)
Sales, use & other taxes 2,259,527
Inventory purchases 339,888
Secured/rental/leases 80,673
Insurance 78,290
Selling, general & administrative 5,804,418
Other 14,605,997
Owner draw 0
Transfers 15,191,662
Professional fees 352,475
U.S. trustee quarterly fees 0
Court costs 0
--------------
Total Disbursements 52,571,151
--------------
Net cash flow 28,822,875
--------------
Cash - End of Month $8,641,964
==============
Headquartered in Port Washington, New York, Steve and Barry LLC
-- http://www.steveandbarrys.com/-- is a national casual
apparel retailer that offers high quality merchandise at
low prices for men, women and children. Founded in 1985, the
company operates 276 anchor and junior anchor shopping center
and mall-based locations throughout the U.S. At STEVE & BARRY'S
(R) stores, shoppers will find brands they can't find anywhere
else, including the BITTEN(TM) collection, the first-ever
apparel line created by actress and global fashion icon Sarah
Jessica Parker, and the STARBURY(TM) collection of athletic and
lifestyle apparel and sneakers created with NBA (R) star Stephon
Marbury.
Steve & Barry's, LLC, and 63 affiliates filed separate voluntary
petitions under Chapter 11 on July 9, 2008 (Bankr. S.D. N.Y. Lead
Case No. 08-12579). Lori R. Fife, Esq., and Shai Waisman, Esq., at
Weil, Gotshal & Manges, LLP, represent the Debtors in their
restructuring efforts.
Diana G. Adams, United States Trustee for Region 2, has appointed
seven members to the Official Committee of Unsecured Creditors in
the Debtors' Chapter 11 cases.
When the Debtors filed for bankruptcy, it listed $693,492,000 in
total assets and $638,086,000 in total debts.
(Steve & Barry's Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
*********
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*********
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