/raid1/www/Hosts/bankrupt/TCR_Public/080830.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. 207
Headlines
ACCEPTANCE INSURANCE: Earns $1,309,162 in July 2008
AEGIS MORTGAGE: Files Operating Report for June 2008
AMERICAN HOME: AHM Corp. Files June 2008 Operating Report
AMERICAN HOME: AHMIC Files June 2008 Operating Report
AMERICAN HOME: AHMHI Files May 2008 Operating Report
AMERICAN HOME: AHMHI Files June 2008 Operating Report
AMERICAN HOME: AHMSI Files June 2008 Operating Report
AMERICAN HOME: AHMV Files May 2008 Operating Report
AMERICAN HOME: Great Oak Files May 2008 Operating Report
AMERICAN HOME: Homegate Files May 2008 Operating Report
ASARCO LLC: Files July 2008 Monthly Operating Report
BLUE WATER: Reports $3,666,416 Net Loss in July 2008
BOMBAY COMPANY: Submits April 2008 Monthly Operating Report
BOMBAY COMPANY: Submits May 2008 Monthly Operating Report
BOMBAY COMPANY: Submits June 2008 Monthly Operating Report
BOSCOV'S INC: Files Initial Monthly Operating Report
DURA AUTOMOTIVE: Files June 2008 Operating Report
FRONTIER AIRLINES: Files Schedules of Assets and Liabilities
FRONTIER AIRLINES: Parent Co. Files Schedules of Assets and Debts
HOMEBANC CORP: Reports $9,997,000 Net Loss in July 2008
LANDSOURCE COMMUNITIES: Files June 2008 Monthly Operating Report
LINENS N THINGS: LNT Merchandising Files Assets, Debts Schedules
NETBANK INC: Delivers June 2008 Monthly Operating Report
NETBANK INC: Delivers July 2008 Monthly Operating Report
NEW CENTURY: Reports $2,675,781 Net Loss in Month Ended June 20
NEWPOWER HOLDINGS: Files Operating Report for Month Ended June 30
PLASTECH ENGINEERED: Files February 2008 Monthly Operating Report
PLASTECH ENGINEERED: Decorating Systems Files February 2008 MOR
PLASTECH ENGINEERED: Exterior Files Feb. 2008 Operating Report
PLASTECH ENGINEERED: Frenchtown Files Feb. 2008 Operating Report
PLASTECH ENGINEERED: LDM Files Feb. 2008 Monthly Operating Report
PLASTECH ENGINEERED: LDM Mexico & Canada File February 2008 MOR
PLASTECH ENGINEERED: MBS Polymet Files Feb. 2008 Operating Report
PROGRESSIVE MOLDED: Unit Files Schedules of Assets & Liabilities
PROGRESSIVE MOLDED: THL-PMPL Files Schedules of Assets and Debts
PROPEX INC: Submits June 2008 Monthly Operating Report
REUNION INDUSTRIES: Earns $36,000 in Month Ended May 31, 2008
S & A RESTAURANT: Files Schedules of Assets and Debts
WELLMAN INC: Submits June 2008 Operating Report
WELLMAN INC: Submits July 2008 Operating Report
*********
ACCEPTANCE INSURANCE: Earns $1,309,162 in July 2008
---------------------------------------------------
Acceptance Insurance Companies, Inc. posted $23,882,515 in total
assets, $138,188,841 in total liabilities, and $114,306,326
stockholders' deficit as of July 31, 2008.
The Debtor generated $1,628 in revenue and earned $1,309,162,
including $1,385,704 equity in operating earnings in AIC.
A full-text copy of the Debtor's July 2008 monthly operating
report is available for free at:
http://ResearchArchives.com/t/s?3179
About Acceptance Insurance
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.
The company filed for chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates --
Acceptance Insurance Services, Inc. and American Agrisurance, Inc.
-- each filed chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on Jan. 7, 2005. John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts. Lawyers at McGrath North Mullin & Kratz PC LLO.
represent the the Official Committee of Unsecured Creditors in
Acceptance Insurance's case.
AEGIS MORTGAGE: Files Operating Report for June 2008
----------------------------------------------------
Aegis Mortgage Corporation, et al.
Consolidated Balance Sheet
As of June 30, 2008
Unrestricted Cash & Equivalents $32,018,806
Restricted Cash and Equivalents 209,62,287
--------------
Total Cash and Cash Equivalents 52,981,093
Prime loans (5,659)
Nonconforming Loans -
Loan Premium (Discount), net 2,204,485
Repurchased Loans -
Loan Loss Reserve -
--------------
Mortgage Loans Held for Sale 2,198,826
ABS Nonconforming 3,009,913,667
ABS Loan Premium (Discount), net (17,625,956)
ABS Loan Loss Reserve (197,567,842)
--------------
Mortgage Loans Held for Investment 2,794,719,870
Accrued Interest - Loans Held for Sale -
Accrued Int. - Loans Held for Investment 19,572,705
--------------
Accrued Interest Receivable 19,572,705
Mortgage Servicing Rights -
Property and Equipment, net 238,309
Deferred Income Taxes 77,310,076
Goodwill -
Prepaid Rent and Deposits 813,299
Derivative Assets (10,047,506)
Receivable for Advances 23,189,839
Servicer Related 298,752
Other Assets 638,645,913
Intercompany Receivable 0
--------------
TOTAL ASSETS $3,599,921,175
==============
Liabilities & Shareholder's Equity
N/P Warehouse - Prime 540,186,233
N/P Warehouse - Nonconforming 25,222,476
N/P Warehouse - Other 11,886,801
N/P Warehouse - Repurchased 11,933,754
--------------
Warehouse and Repurchase Facilities 589,229,263
Bonds Payable 2,971,762,314
NAS IO Bonds Payable 1,070,667
NIM Bonds Payable 52,989,614
Bond Premium (Discount), net (21,021,627)
--------------
Bond Financing on Mortgage 3,004,800,968
Loans Held for Investment
Subordinated Debt 177,156,872
Accrued Interest Payable 11,344,485
Accounts Payable and
Accrued Expenses 75,192,456
Notes Payable-Other -
--------------
Total Liabilities 3,857,724,044
Common Stock 97,386
Preferred Stock 104,000
Other Comprehensive Income -
Paid in Capital 56,850,415
NR Related to Common Stock 5,890,925
Distributions 6,500
Treasury Stock -
Dividends (52,000)
Retained Earnings (61,414,176)
Current Net Income Prepetition (154,178,153)
Current Net Income (93,325,915)
--------------
Total Equity (257,802,868)
--------------
TOTAL LIABILITIES & EQUITY $3,599,921,175
==============
Aegis Mortgage Corporation, et al.
Consolidated Income Statement
June 1 to 30, 2008
Loans Held for Sale
Interest Income $81,278
Interest Expense -
Servicing Expense (961)
--------------
Net Interest Income 80,317
Loans Held for Investment
Interest Income 22,227,740
Interest Expense (15,917,968)
Servicing Expense (1,312,218)
--------------
Net Interest Income 4,997,554
Gains on Sale 2,553
Premiums Paid -
Loan Points -
Loan Origination Fees -
Broker Fees Received -
--------------
Production Income 2,553
Servicing and Prepayment Income 47,813
Late Charges -
--------------
Total Servicing Fees 47,813
Other Income (Loss) 1,842,940
--------------
Total Revenue 6,971,176
Salaries 351,436
Bonuses -
Commissions -
Employee Benefits 1,644
Payroll Taxes 16,991
Meetings & Travel (1,606)
Meals & Entertainment 459
--------------
Total Personnel Expenses 368,924
Rent 45,806
Telephone 4,418
Office Supplies (361)
Shipping & Postage (1,403)
Equipment 24,169
--------------
Total Office Expenses
72,628
Professional Expense (112,518)
Marketing (1,140)
Loan Related Expenses 5,868
Banking -
Other Taxes/Licenses/Fees 10,378
Other Expenses 129,050
--------------
Total Other Expenses 31,638
Direct Operating Expense 473,190
Direct Operating Income (Loss) 6,497,986
Loan Loss Provision 26,500,053
Deferred SFAS 91 Expenses -
Sub Debt Expense -
Depreciation Expense -
Amortization -
Direct Allocation to Subs -
Allocation Between Subs -
--------------
Indirect Operating Expense 26,500,053
--------------
Total Expenses 26,973,243
Income (Loss) Before Taxes (20,002,066)
Federal and State Income Taxes 80,117
--------------
Net Income (Loss) ($20,082,183)
==============
Aegis Mortgage Corporation, et al.
Receipts and Disbursements
June 1 to 30, 2008
Cash Beginning of Month 32,984,218
RECEIPTS:
Cash Sales 0
Accounts Receivable 16,588
Loans and Advances 0
Sale of Assets 0
Other--Interest on Cash Account 47,492
Transfers (from DIP Accounts) 0
Reclass cash to restricted 0
--------------
Total Receipts 64,081
DISBURSEMENTS:
Net Payroll (252,975)
Payroll Taxes (115,608)
Sales, Use & Other Taxes (4,603)
Inventory Purchases 0
Secured/Rental/Leases (21,790)
Insurance--Health Benefits (8,392)
Administrative (460,801)
Selling 0
Other NSF's 0
Owner Draw 0
Transfers to DIP Accounts 0
Professional Fees (166,821)
U.S. Trustee Quarterly Fees 0
Court Costs 0
--------------
Total Disbursements (1,030,993)
--------------
Net Cash Flow (966,912)
--------------
Cash-End of Month $32,017,306
==============
The cash entry in the balance sheet is $32,018,806. However,
deducted by cash in "ABS" of $1,500, total cash would be
$32,017,306.
About Aegis Mortgage
Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage
loan
products to brokers through its subsidiaries. The company
together with 10 affiliates filed for chapter 11 protection on
Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119). Curtis A. Hehn,
Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy
P. Cairns, Esq., at Pachulski, Stang, Ziehl, & Jones, L.L.P.,
serve as counsel to the Debtors. The Official Committee of
Unsecured Creditors is represented by Landis Rath & Cobb LLP. In
schedules filed with the Court, Aegis disclosed total assets of
$138,265,342 and total debts of $4,125,470.
The Debtors exclusive period to file a plan expired on Aug. 7,
2008. (Aegis Bankruptcy News, Issue No. 24; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHM Corp. Files June 2008 Operating Report
---------------------------------------------------------
American Home Mortgage Corp.
Statement of Financial Condition
As of June 30, 2008
Assets:
Cash and cash equivalents $40,184,314
Restricted cash 5,473,518
Securities purchased under agreements -
Accounts receivable 29,523,842
Intercompany receivable 687,287,293
Mortgage loans 516,306,700
Derivative assets 743,601
Mortgage servicing rights 11,312,465
Other real estate, net 33,194,323
Premises and equipment, net 20,280,721
Investment in subsidiaries 73,951,871
Other assets 3,097,387
------------
Total Assets $1,421,356,035
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $490,255,800
Derivative liabilities 10,481,560
Accrued expenses & other liabilities 109,007,554
Intercompany payable 1,546,366,871
Notes payable 890,619
Income taxes payable 1,876,522
------------
Total Liabilities 2,158,878,926
Stockholders' Equity
Additional paid-in capital 153,195,272
Retained earnings (890,718,163)
Other comprehensive loss -
------------
Total Stockholders' Equity (737,522,891)
------------
Total Liabilities & Stockholders' Equity $1,421,356,035
============
American Home Mortgage Corp.
Statement of Income
Month Ended June 30, 2008
Net Interest Income:
Interest income $3,465,195
Interest expense (5,583)
------------
Net interest income 3,459,612
Provision for loan losses -
------------
Net interest income after provision 3,459,612
for loan losses
Non-Interest Income:
Gain (loss) on mortgage loans (715,101)
Loss (gain) on securities & derivatives -
Loan servicing fees 117,461
Changes in fair value of MSR -
Income (loss) from subsidiaries (194,665)
Other non-interest (loss) income 9,473
------------
Non-interest income (782,832)
Expenses
Salaries, commissions & benefits, net 557,736
Occupancy and equipment 429,295
Data processing and communications 21,445
Office supplies and expenses 26,019
Marketing and promotion 10,194
Travel and entertainment (18,362)
Professional fees 3,406,283
Other real estate operating expense 9,845,189
Other (105,776)
------------
Total expenses 14,172,023
Income (Loss) before income taxes (11,495,243)
Income taxes -
------------
Net loss ($11,495,243)
============
American Home Mortgage Corp.
Schedule of Cash Receipts and Disbursements
Month Ended June 30, 2008
Cash - Beginning of Month, 06/01/2008 $34,326,310
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances 13,471,291
Administrative -
Net payroll -
Other -
Transfers (from DIP accounts) -
------------
Total Receipts 13,471,291
Disbursements:
Net payroll 1,132
Payroll taxes -
Sales, use & other taxes -
Loans and advances -
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative 1,079,339
Selling -
Other -
Transfers (from DIP accounts) 1,059,297
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 2,139,769
------------
Net Cash Flow 11,331,522
------------
Cash - End of Month - 06/30/08 $45,657,832
============
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. 44; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMIC Files June 2008 Operating Report
-----------------------------------------------------
American Home Mortgage Investment Corp.
Statement of Financial Condition
As of June 30, 2008
Assets:
Cash and cash equivalents $8,876,300
Restricted cash 150,799,967
Accounts receivable 3,700,171
Intercompany receivable 1,329,275,035
Securities 1,151,147,752
Derivative assets 5
Investment in subsidiaries (932,436,665)
Other assets -
------------
Total Assets $1,711,362,565
============
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 1,237,404,359
Intercompany payable 585,275,186
------------
Total Liabilities 2,061,661,846
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 (1,542,746,510)
Other comprehensive loss -
------------
Total Stockholders' Equity (350,299,281)
------------
Total Liabilities & Stockholders' Equity $1,711,362,565
============
American Home Mortgage Investment Corp.
Statement of Income
Month Ended June 30, 2008
Net Interest Income:
Interest income $3,059,215
Interest expense -
------------
Net interest income 3,059,215
Provision for loan losses -
------------
Net interest income after provision 3,059,215
for loan losses
Non-Interest Income:
Loss on mortgage loans 13
Loss on securities and derivatives 723,013
Gain (loss) from subsidiaries (11,568,430)
Other non-interest income -
------------
Non-interest income (10,845,404)
Other
Data processing and communications -
Professional fees 17
Other expenses -
------------
Total expenses 17
Loss before income taxes (7,786,206)
Income taxes -
------------
Net loss ($7,786,206)
============
American Home Mortgage Investment Corp.
Schedule of Cash Receipts and Disbursements
Month Ended June 30, 2008
Cash - Beginning of Month, 06/01/2008 $163,243,035
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances -
Administrative -
Net payroll -
Other 340,032
Transfers (from DIP accounts) 986,089
------------
Total Receipts 1,326,122
Disbursements:
Net payroll 1,911,684
Payroll taxes -
Sales, use & other taxes -
Loans and advances 288,838
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative 2,692,368
Selling -
Other -
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 4,892,890
------------
Net Cash Flow (3,566,768)
------------
Cash - End of Month - 06/30/08 $159,676,267
============
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. 44; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMHI Files May 2008 Operating Report
----------------------------------------------------
American Home Mortgage Holdings, Inc.
Statement of Financial Condition
As of May 31, 2008
Assets:
Cash and cash equivalents $1,000
Accounts receivable 134,546
Intercompany receivable 133,113,519
Investment in subsidiaries (553,083,393)
Other assets -
------------
Total Assets ($419,834,328)
============
Liabilities and Stockholders' Equity
Liabilities:
Junior subordinated note $304,214,000
Accrued expenses & other liabilities 4,733,868
Intercompany payable 2
------------
Total Liabilities 308,947,870
Stockholders' Equity
Additional paid-in capital 94,597,810
Retained earnings (823,380,008)
Other comprehensive loss -
------------
Total Stockholders' Equity (728,782,198)
------------
Total Liabilities & Stockholders' Equity ($419,834,328)
============
American Home Mortgage Holdings, Inc.
Statement of Income
Month Ended May 31, 2008
Non-interest income:
Income (loss) from subsidiaries ($15,854,433)
Other non-interest income: -
------------
Non-interest income [loss] (15,854,433)
------------
Professional fees -
------------
Total Expenses 0
------------
Income (Loss) before income taxes (15,854,433)
Income taxes -
------------
Net loss ($15,854,433)
============
American Home Mortgage Holdings, Inc., also discloses that its
cash as of May 1, 2008, was $1,000. Since there was no cash
receipts and disbursements for May, AHM Holdings' cash at the end
of the month is still $1,000.
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. 44; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMHI Files June 2008 Operating Report
-----------------------------------------------------
American Home Mortgage Holdings, Inc.
Statement of Financial Condition
As of June 30, 2008
Assets:
Cash and cash equivalents $1,000
Accounts receivable 134,546
Intercompany receivable 133,113,341
Investment in subsidiaries (565,102,981)
Other assets -
------------
Total Assets ($431,854,094)
============
Liabilities and Stockholders' Equity
Liabilities:
Junior subordinated note $304,214,000
Accrued expenses & other liabilities 4,733,870
Intercompany payable -
------------
Total Liabilities 308,947,870
Stockholders' Equity
Additional paid-in capital 94,597,810
Retained earnings (835,399,774)
Other comprehensive loss -
------------
Total Stockholders' Equity (740,801,964)
------------
Total Liabilities & Stockholders' Equity ($431,854,094)
============
American Home Mortgage Holdings, Inc.
Statement of Income
Month Ended June 30, 2008
Non-interest income:
Income (loss) from subsidiaries ($12,000,258)
Other non-interest income: -
------------
Non-interest income (12,000,258)
------------
Professional fees -
Other 178
------------
Total Expenses 178
------------
Income (Loss) before income taxes (12,000,436)
Income taxes -
------------
Net loss ($12,000,436)
============
American Home Mortgage Holdings, Inc., also discloses that its
cash as of June 1, 2008, was $1,000. Since there was no cash
receipts and disbursements for June, AHM Holdings' cash at the
end of the month is still $1,000.
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. 44; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMSI Files June 2008 Operating Report
-----------------------------------------------------
American Home Mortgage Servicing, Inc.
Statement of Financial Condition
As of June 30, 2008
Assets:
Cash and cash equivalents $2,958,123
Restricted cash 1,570
Securities purchased under agreements -
Accounts receivable & servicing advances 10,420,390
Intercompany receivable 212,172,286
Mortgage loans -
Premises and equipment, net -
Investment in subsidiaries 9,727,945
Other assets 750,799
------------
Total Assets $236,031,113
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit -
Accrued expenses & other liabilities $6,103,393
Intercompany payable 131,142,134
Income taxes payable 1,787,818
------------
Total Liabilities 139,033,345
Stockholders' Equity
Additional paid-in capital 37,000,200
Retained earnings 59,997,568
------------
Total Stockholders' Equity 96,997,768
------------
Total Liabilities & Stockholders' Equity $236,031,113
============
American Home Mortgage Servicing, Inc.
Statement of Income
Month Ended June 30, 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 $8,998
Other non-interest income (loss) -
------------
Non-interest income 8,998
Expenses
Salaries, commissions & benefits, net -
Occupancy and equipment (2,469)
Data processing and communications -
Office supplies and expenses -
Marketing and promotion -
Travel and entertainment -
Professional fees 179,972
Other real estate operating expense -
Other 59,661
------------
Total expenses 237,164
Income (Loss) before income taxes (228,166)
Income taxes -
------------
Net income [loss] ($228,166)
============
American Home Mortgage Servicing, Inc., also discloses that its
cash as of June 1, 2008, was $2,956,955. Since it received
$2,738 from administration, AHM Servicing's cash at the end of
June increased to $2,959,693.
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. 44; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMV Files May 2008 Operating Report
---------------------------------------------------
American Home Mortgage Ventures, LLC
Statement of Financial Condition
As of May 31, 2008
Assets:
Cash and cash equivalents $613,049
Intercompany receivable -
Premises and equipment, net 2,200
Other assets -
------------
Total Assets $615,249
============
Liabilities and Stockholders' Equity
Liabilities:
Accrued expenses & other liabilities ($568)
Intercompany payable 157,332
------------
Total Liabilities 156,764
Stockholders' Equity
Additional paid-in capital 395,500
Retained earnings 62,985
Other comprehensive loss -
------------
Total Stockholders' Equity 458,485
------------
Total Liabilities & Stockholders' Equity $615,249
============
American Home Mortgage Ventures, LLC, also discloses that its
cash as of May 1, 2008, was $613,049. Since there was no cash
receipts and disbursements for May, AHM Ventures' cash at the
end of the month is still $613,049.
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. 44; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: Great Oak Files May 2008 Operating Report
--------------------------------------------------------
Great Oak Abstract Corp.
Statement of Financial Condition
As of May 31, 2008
Assets:
Cash and cash equivalents $380,941
Accounts receivable 36,615
Intercompany receivable 693,132
Premises and equipment, net 5,339
Other assets 104,800
------------
Total Assets $1,220,827
============
Liabilities and Stockholders' Equity
Liabilities:
Accrued expenses & other liabilities $76,743
------------
Total Liabilities 76,743
Stockholders' Equity
Additional paid-in capital 95,520
Retained earnings 1,048,564
Other comprehensive loss -
------------
Total Stockholders' Equity 1,144,084
------------
Total Liabilities & Stockholders' Equity $1,220,827
============
Great Oak Abstract Corp. reports that its cash at the start of
May was $287,809. Since there was no transaction for the whole
month, its cash is still $287,809 as of May 31, 2008.
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. 44; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: Homegate Files May 2008 Operating Report
-------------------------------------------------------
Homegate Settlement Services, Inc.
Statement of Financial Condition
As of May 31, 2008
Assets:
Cash and cash equivalents $209,659
Restricted cash -
Intercompany receivable -
Premises and equipment, net 233,715
Other assets -
------------
Total Assets $443,374
============
Liabilities and Stockholders' Equity
Liabilities:
Accrued expenses & other liabilities $2,552,889
Intercompany payable 9,031,007
Income taxes payable 100
------------
Total Liabilities 11,583,996
Stockholders' Equity
Additional paid-in capital 250,000
Retained earnings (11,390,622)
Other comprehensive loss -
------------
Total Stockholders' Equity (11,140,622)
------------
Total Liabilities & Stockholders' Equity $443,374
============
Homegate Settlement Services, Inc., also discloses that its cash
as of May 1, 2008, was $209,659. Since there was no transaction
for the whole month, Homegate Settlement's cash at the end of
May is still $209,659.
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. 44; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
ASARCO LLC: Files July 2008 Monthly Operating Report
----------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of July 31, 2008
ASSETS
Current Assets:
Cash $1,158,227,000
Restricted Cash 25,822,000
Accounts receivable, net 203,726,000
Inventory 298,524,000
Prepaid expenses 4,523,000
Other current assets 14,406,000
--------------
Total Current Assets 1,705,228,000
Net property, plant and equipment 507,611,000
Other Assets
Investments in subs 101,384,000
Advances to affiliates 675,000
Prepaid pension & retirement plan 0
Non-current deferred tax asset 40,949,000
Other 70,083,000
--------------
Total assets $2,425,930,000
==============
LIABILITIES
Postpetition liabilities:
Accounts payable $81,095,000
Accrued liabilities 689,049,000
Debtor-in-possession financing 0
--------------
Total postpetition liabilities 770,144,000
Prepetition liabilities:
Not subject to compromise - credit 3,277,000
Not subject to compromise - other 86,483,000
Advances from affiliates 24,663,000
Subject to compromise 1,780,387,000
--------------
Total prepetition liabilities 1,894,809,000
--------------
Total liabilities $2,664,954,000
==============
OWNERS' EQUITY (DEFICIT)
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive income (219,691,000)
Retained earnings: filing date (1,746,895,000)
--------------
Total prepetition owners' equity (1,353,684,000)
Retained earnings: post-filing date 1,114,661,000
--------------
Total owners' equity (net worth) (239,024,000)
Total liabilities and owners' equity $2,425,930,000
==============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended July 31, 2008
Sales $164,418,000
Cost of products and services 101,193,000
--------------
Gross profit 63,225,000
Operating expenses:
Selling and general & admin expenses 3,280,000
Depreciation & amortization 2,933,000
Accretion expense 103,000
--------------
Operating income 56,908,000
Interest expense 67,000
Interest income (1,363,000)
Reorganization expenses 10,810,000
Other miscellaneous (income) expenses (8,365,000)
--------------
Income (loss) before taxes 55,759,000
Income taxes 21,886,000
--------------
Net income (loss) $33,873,000
==============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended July 31, 2008
Receipts $169,523,000
Disbursements:
Inventory material 30,777,000
Operating disbursements 102,351,000
Capital expenditures 5,266,000
--------------
Total disbursements 138,394,000
Operating cash flow 31,129,000
Reorganization disbursements 2,725,000
--------------
Net cash flow 28,404,000
Net payments to secured Lenders 0
--------------
Net change in cash 28,404,000
Beginning cash balance 1,155,645,000
--------------
Ending cash balances $1,184,049,000
==============
About ASARCO LLC
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The
Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts. Lehman
Brothers Inc. provides the ASARCO with financial advisory services
And investment banking services. Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee. When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and $1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since April 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006. (Bankr. S.D. Tex. Case No. 06-20774
to 06-20776).
The Debtors submitted to the Court a joint plan of reorganization
and disclosure statement on July 31, 2008. (ASARCO Bankruptcy
News, Issue No. 80; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BLUE WATER: Reports $3,666,416 Net Loss in July 2008
----------------------------------------------------
Blue Water Automotive Systems, Inc.
Unaudited Balance Sheet
As of July 27, 2008
ASSETS:
Cash $1,278,559
Inventory 10,187,840
Accounts Receivable 48,549,875
Insider Receivables -
Land and Buildings -
Furniture, Fixtures & Equipment 37,967,799
Accumulated Depreciation (12,402,494)
Other: Current Assets 4,236,538
Other: Long Term Assets 61,251
------------
TOTAL ASSETS $89,879,368
============
LIABILITIES:
Postpetition Liabilities:
Accounts Payable $5,369,782
Rent and Lease Payable -
Wages and Salaries 498,193
Taxes Payable 1,406,310
Other: -
------------
Total Postpetition Liabilities 7,274,285
Secured Liabilities:
Subject to Postpetition Collateral or DIP Order -
All Other Secured Liabilities 53,955,321
------------
Total Secured Liabilities 53,955,321
Prepetition Liabilities:
Taxes and Other Priority Liabilities 2,174,588
Unsecured Liabilities: 45,177,625
Other: -
------------
Total Prepetition Liabilities 47,352,213
EQUITY:
Owners Capital 20,827,488
Retained Earnings - Prepetition (24,221,702)
Retained Earnings - Postpetition (15,308,237)
Total Equity: (18,702,451)
------------
TOTAL LIABILITIES AND EQUITY $89,879,368
============
Blue Water Automotive Systems, Inc.
Unaudited Operating Statement
Month Ended July 27, 2008
Total Revenue/Sales $18,479,861
Cost of Sales 17,597,063
------------
Gross Profit 882,798
Expenses:
Officer compensation 27,715
Salary Expenses other Employees 576,645
Employee Benefits & Pensions 119,061
Payroll Taxes 43,416
Other Taxes 87,580
Rent and Lease Expense 135,178
Interest Expense 301,237
Insurance 7,842
Automobile and Truck Expense 41,782
Utilities (gas, electric, phone) (24,217)
Depreciation 25,857
Travel and Entertainment (4,428)
Repairs and Maintenance 6,346
Advertising -
Supplies, Office Expense, etc 79,550
Other Specify: Legal 33,928
Other Specify: Misc 350,469
------------
Total Expenses 1,807,961
------------
Net Operating Profit (Loss) (925,163)
Add: Non-Operating Income
Interest Income -
Other Income (10,759)
Less: Non Operating Expenses
Professional Fees -
Other 2,730,494
------------
NET INCOME/(LOSS) ($3,666,416)
============
Blue Water Automotive Properties L.L.C.
Unaudited Balance Sheet
As of July 27, 2008
ASSETS:
Cash $223,173
Inventory -
Accounts Receivable -
Insider Receivables -
Land and Buildings -
Furniture, Fixtures & Equipment 27,459,897
Accumulated Depreciation none
Other: Current Assets (3,349,450)
Other: Long Term Assets 464,250
------------
TOTAL ASSETS $24,979,870
============
LIABILITIES:
Postpetition Liabilities:
Accounts Payable -
Rent and Lease Payable -
Wages and Salaries -
Taxes Payable -
Other: 322,927
------------
Total Postpetition Liabilities 322,927
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: 12,169,098
------------
Total Prepetition Liabilities 12,169,098
EQUITY:
Owners Capital -
Retained Earnings - Prepetition (1,678,107)
Retained Earnings - Postpetition (740,484)
Total Equity: (2,418,591)
------------
TOTAL LIABILITIES AND EQUITY $24,797,870
============
Blue Water Automotive Properties L.L.C.
Unaudited Operating Statement
Month Ended July 27, 2008
Total Revenue/Sales $0
Cost of Sales 104,696
------------
Gross Profit (104,696)
Expenses:
Officer compensation -
Salary Expenses other Employees -
Employee Benefits & Pensions -
Payroll Taxes -
Other Taxes -
Rent and Lease Expense -
Interest Expense 6,058
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 6,058
------------
Net Operating Profit (Loss) (110,754)
Add: Non-Operating Income
Interest Income -
Other Income (102,553)
Less: Non Operating Expenses
Professional Fees -
Other -
------------
NET INCOME/(LOSS) ($213,307)
============
Blue Water Plastics Mexico Ltd.
Unaudited Balance Sheet
As of July 27, 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: -
------------
Total Prepetition Liabilities -
EQUITY:
Owners Capital 2,100,000
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 July 27, 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. 28, Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
BOMBAY COMPANY: Submits April 2008 Monthly Operating Report
-----------------------------------------------------------
The Bombay Company Inc. reported total assets of $34,100,177,
total liabilities of $32,250,006, and total equity of $1,850,171
as of April 2008.
The Debtor generated zero revenues and posted $234,532 net loss
for April 2008.
A full-text copy of the Debtor's April 2008 monthly operating
report is available for free at:
http://ResearchArchives.com/t/s?3178
About Bombay Company
Based in Fort Worth, Texas, The Bombay Company Inc., (OTC
Bulletin Board: BBAO) -- http://www.bombaycompany.com/-- designs,
sources and markets a unique line of home accessories, wall decor
and furniture through 384 retail outlets and the Internet in the
U.S. and internationally, including Cayman Islands.
The company and five of its debtor-affiliates filed for Chapter 11
protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No.
07-44084). Robert D. Albergotti, Esq., John D. Penn, Esq., Ian T.
Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone, LLP,
represent the Debtors.
The Bombay Furniture Company of Canada Inc. - La Compagnie de
Mobilier Bombay Du Canada Inc., sough protection from its
creditors from the Ontario Superior Court of Justice on Sept. 20,
2007.
The U.S. Trustee for Region 6 appointed seven creditors to serve
on an Official Committee of Unsecured Creditors. Attorneys at
Cooley, Godward, Kronish LLP act as counsel to the Unsecured
Creditors Committee.
The Court confirmed the Debtor's amended chapter 11 plan on
Aug. 20, 2008.
BOMBAY COMPANY: Submits May 2008 Monthly Operating Report
---------------------------------------------------------
The Bombay Company Inc. reported total assets of $33,014,790,
total liabilities of $31,571,855, and total equity of
$31,571,855 as of May 2008.
The Debtor generated zero revenues and incurred $407,236 net loss
for the month of May 2008.
A full-text copy of the Debtor's April 2008 monthly operating
report is available for free at:
http://ResearchArchives.com/t/s?3178
About Bombay Company
Based in Fort Worth, Texas, The Bombay Company Inc., (OTC
Bulletin Board: BBAO) -- http://www.bombaycompany.com/-- designs,
sources and markets a unique line of home accessories, wall decor
and furniture through 384 retail outlets and the Internet in the
U.S. and internationally, including Cayman Islands.
The company and five of its debtor-affiliates filed for Chapter 11
protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No.
07-44084). Robert D. Albergotti, Esq., John D. Penn, Esq., Ian T.
Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone, LLP,
represent the Debtors.
The Bombay Furniture Company of Canada Inc. - La Compagnie de
Mobilier Bombay Du Canada Inc., sough protection from its
creditors from the Ontario Superior Court of Justice on Sept. 20,
2007.
The U.S. Trustee for Region 6 appointed seven creditors to serve
on an Official Committee of Unsecured Creditors. Attorneys at
Cooley, Godward, Kronish LLP act as counsel to the Unsecured
Creditors Committee.
The Court confirmed the Debtor's amended chapter 11 plan on
Aug. 20, 2008.
BOMBAY COMPANY: Submits June 2008 Monthly Operating Report
----------------------------------------------------------
The Bombay Company Inc. reported total assets of $31,313,266,
total liabilities of $29,766,291, and total equity of $1,546,975
as of June 2008.
The Debtor generated zero revenues and earned $104,040 for the
June 2008.
A full-text copy of the Debtor's April 2008 monthly operating
report is available for free at:
http://ResearchArchives.com/t/s?3178
About Bombay Company
Based in Fort Worth, Texas, The Bombay Company Inc., (OTC
Bulletin Board: BBAO) -- http://www.bombaycompany.com/-- designs,
sources and markets a unique line of home accessories, wall decor
and furniture through 384 retail outlets and the Internet in the
U.S. and internationally, including Cayman Islands.
The company and five of its debtor-affiliates filed for Chapter 11
protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No.
07-44084). Robert D. Albergotti, Esq., John D. Penn, Esq., Ian T.
Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone, LLP,
represent the Debtors.
The Bombay Furniture Company of Canada Inc. - La Compagnie de
Mobilier Bombay Du Canada Inc., sough protection from its
creditors from the Ontario Superior Court of Justice on Sept. 20,
2007.
The U.S. Trustee for Region 6 appointed seven creditors to serve
on an Official Committee of Unsecured Creditors. Attorneys at
Cooley, Godward, Kronish LLP act as counsel to the Unsecured
Creditors Committee.
The Court confirmed the Debtor's amended chapter 11 plan on
Aug. 20, 2008.
BOSCOV'S INC: Files Initial Monthly Operating Report
----------------------------------------------------
Boscov's Inc., and its seven debtor affiliates file with the U.S.
Bankruptcy Court for the District of Delaware a 12-Month projected
cash flows commencing August 2008 and ending July 2009:
Boscov's, Inc.
Projected Statement of Cash Flows
For the Months August to December 2008
(Amounts in $000's)
August September October November
------ --------- ------- --------
Cash flows from Operations:
Net income (loss) ($15,624) ($5,501) $3,130 $244
Deprn. and amortization 2,141 2,148 2,157 2,162
Changes deferred taxes 0 0 0 0
Changes in assets & debts:
Bankruptcy deposits (500) 0 0 0
Accounts receivable (250) 629 (1,493) (3,390)
Inventory 24,891 (18,379)(38,731) 5,135
Prepaid and other
current assets 2,129 3,145 (3,126) 14,007
Accounts payable 65,626 3,454 4,553 2,396
Unpaid prepetition rents 4,604 500 500 0
Accrued expenses and
other current liabilities (70,713) (2,891) 2,430 (93)
------ --------- ------- --------
Cash provided by (used in)
operating activities 12,305 (16,895)(30,580) 20,461
------ --------- ------- --------
Cash Flows from Investing:
Capital expenditures (1,413) (645) (785) (386)
Change in investments
and other assets 71 71 71 71
------ --------- ------- --------
Cash provided by (used in)
investing activities (1,342) (574) (714) (315)
------ --------- ------- --------
Cash Flows from Financing:
Borrowing (repayment)
on DIP Loan 111,298 18,014 31,639 (21,633)
Borrowing (repayment)
on revolver (121,916) 0 0 0
Borrowing (repayment)
on Back Bay/Bear Stern 0 0 0 0
Borrowing (repayment)
on term loans (19) (19) (19) (19)
Changes in other
long-term liabilities (326) (526) (326) 6
Capital activity 0 0 0 0
------ --------- ------- --------
Cash provided by (used in)
financing activities (10,963) 17,469 31,294 (21,646)
Net cash provided (used) 0 0 0 (1,500)
Cash, beginning 8,000 8,000 8,000 8,000
------ --------- ------- --------
Cash, ending $8,000 $8,000 $8,000 $6,500
====== ========= ======= ========
Boscov's, Inc.
Projected Statement of Cash Flows
For the Months Ended December 2008 to March 2009
(Amounts in $000's)
December January February March
-------- ------- -------- -----
Cash flows from Operations:
Net income (loss) $13,090 ($5,767) ($9,652) $1,668
Deprn. and amortization 2,165 2,170 2,285 2,297
Changes deferred taxes 0 0 0 0
Changes in assets
and liabilities:
Bankruptcy deposits 0 0 0 0
Accounts receivable 7,260 108 (2,872) (72)
Inventory 83,491 (6,314) (3,445) (3,977)
Prepaid and other
current assets (4,293) 766 2,638 (1,045)
Accounts payable 6,716 (2,706) (1,852) (6,477)
Unpaid prepetition rents 0 0 0 0
Accrued expenses and
other current liabilities 13,554 (1,854) (10,232) 175
-------- ------- -------- -----
Cash provided by (used in)
operating activities 121,983 (13,597) (23,131) (7,431)
-------- ------- -------- -----
Cash Flows from Investing:
Capital expenditures (217) (776) (921) (1,265)
Change in investments
and other assets 71 71 71 71
-------- ------- -------- -----
Cash provided by (used in)
investing activities (146) (705) (850) (1,194)
-------- ------- -------- -----
Cash Flows from Financing:
Borrowing (repayment)
on DIP Loan (121,964) 15,933 24,601 9,017
Borrowing (repayment)
on revolver 0 0 0 0
Borrowing (repayment)
on Back Bay/Bear Stern 0 0 0 0
Borrowing (repayment)
on term loans (19) (19) (19) (19)
Changes in other
long-term liabilities 146 (1,612) (601) (372)
Capital activity 0 0 0 0
-------- ------- -------- -----
Cash provided by (used in)
financing activities (121,837) 14,302 23,981 8,625
Net cash provided (used) 0 0 0 0
Cash, beginning 6,500 6,500 6,500 6,500
-------- ------- -------- -----
Ending Cash Balance $6,500 $6,500 $6,500 $6,500
======== ======= ======== ======
Boscov's, Inc.
Projected Statement of Cash Flows
For the Months Ended April to July 2009
(Amounts in $000's)
April May June July
----- ------ ------ ------
Cash flows from Operations:
Net income (loss) $3,221 ($3,319) ($3,040) $146
Deprn. and amortization 2,212 2,233 2,245 2,261
Changes deferred taxes 0 0 0 0
Changes in assets
and liabilities:
Bankruptcy deposits 0 0 0 0
Accounts receivable (222) (92) (601) 1,409
Inventory (7,757) 8,379 (1,415) (21,966)
Prepaid and other
current assets (1,356) 1,737 (1,379) (3,067)
Accounts payable 2,231 (502) 291 (652)
Unpaid prepetition rents 0 0 0 0
Accrued expenses and
other current liabilities 2,177 (2,034) (2,065) (1,279)
-------- -------- -------- -------
Cash provided by (used in)
operating activities 506 6,402 (5,963) (23,148)
-------- -------- -------- -------
Cash Flows from Investing:
Capital expenditures (1,515) (2,118) (1,441) (6,001)
Change in investments
and other assets 71 71 71 71
-------- -------- -------- -------
Cash provided by (used in)
investing activities (1,444) (2,047) (1,370) (5,930)
-------- -------- -------- -------
Cash Flows from Financing:
Borrowing (repayment)
on DIP Loan (719) (1,258) 7,097 30,202
Borrowing (repayment)
on revolver 0 0 0 0
Borrowing (repayment)
on Back Bay/Bear Stern 0 0 0 0
Borrowing (repayment)
on term loans (19) (19) (19) (19)
Changes in other
long-term liabilities 1,676 (3,078) 254 (1,105)
Capital activity 0 0 0 0
-------- -------- -------- -------
Cash provided by (used in)
financing activities 938 (4,355) 7,333 29,078
Net cash provided (used) 0 0 0 0
Cash, beginning 6,500 6,500 6,500 6,500
-------- -------- -------- -------
Cash, ending $6,500 $6,500 $6,500 $6,500
======== ======== ======== =======
The Debtors also disclosed that they paid an aggregate of
$2,248,000 for retainers from July to August 1, 2008:
Professional Amount Date Paid
------------ -------- ---------
Bank of America $100,000 08/01/08
Cooley, Godward, Kronish LLP 25,000 07/25/08
Jones Day 500,000 07/16/08
Jones Day 750,000 07/30/08
Klehr, Harrison, Harvey 103,000 07/30/08
KPMG LLP 100,000 07/30/08
Kurtzman, Carson Consultants 75,000 07/16/08
Lehman Brothers 250,000 07/16/08
MWW 50,000 07/31/08
Richards, Layton, Finger 75,000 07/22/08
Richards, Layton, Finger 120,000 07/30/08
Versa Capital Fund II LP
Equity Acct 100,000 08/01/08
The Debtors also filed Certificates of Insurance, copies of which
are available for free at:
http://bankrupt.com/misc/InsuranceCertificates_Boscovs.pdf
About Boscov's Inc.
Headquartered in Reading, Pennsylvania, Boscov's Inc. --
http://www.boscovs.com-- is America's largest family-owned
independent department store, with 49 stores in Pennsylvania, New
York, New Jersey, Maryland, Delaware and Virginia.
Boscov's Inc. and its debtor-affiliates filed for Chapter 11
protection on Aug. 4, 2008 (Bankr. D. Del. Case No.: 08-11637)
Daniel J. DeFranceschi, Esq. at Richards Layton & Finger and L.
Katherine Good, Esq. at Richards, Layton & Finger, P.A. represent
the Debtors in their restructuring efforts. The Debtors'
financial advisor is Capstone Advisory Group and their investment
banker is Lehman Brothers Inc. The Debtors disclosed estimated
assets of $500 million to $1 billion and estimated debts of
$100 million to $500 million.
(Boscov's Bankruptcy News, Issue No. 5; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
DURA AUTOMOTIVE: Files June 2008 Operating Report
-------------------------------------------------
DURA Automotive Systems, Inc., and Subsidiaries
Condensed Combined Debtors-in-Possession Balance Sheet
As of June 29, 2008
(In thousands of dollars)
ASSETS
Current assets:
Cash and cash equivalents $7,057
Accounts receivable, net
Trade 96,098
Other 9,893
Non-Debtor subsidiaries 30,093
Inventories 46,779
Other current assets 37,851
----------
Total current assets 227,771
----------
Property, plant and equipment, net 97,759
Notes receivable from Non-Debtors subsidiaries 86,040
Investment in Non-Debtors subsidiaries 790,647
Other noncurrent assets 9,165
----------
Total Assets $1,211,382
==========
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current Liabilities not Subject to Compromise:
Debtors-in-possession financing -
Accounts payable $35,364
Accounts payable to non-debtors subsidiaries 10,296
Accrued liabilities 73,710
----------
Total Current Liabilities Not Subject 119,370
to compromise ----------
Long-term Liabilities:
Long-term Debt 90,525
Notes Payable to Non-Debtors subsidiaries 29,813
Other noncurrent liabilities 43,775
Liabilities Subject to Compromise 1,309,417
----------
Total Liabilities 1,592,900
Stockholders' Investment (381,518)
----------
Total Liabilities and Stockholders' Investment $1,211,382
==========
DURA Automotive Systems, Inc., and Subsidiaries
Condensed Combined Debtors-in-Possession
Statement of Operations
For the Five Weeks Ended June 29, 2008
Unaudited
(In thousands of dollars)
Total sales $67,475
Cost of sales 60,312
----------
Gross (loss) profit 7,163
Selling, general and administrative expenses 5,997
Facility consolidation, asset impairment
and other charges 2,093
Amortization expense -
----------
Operating (loss) income (927)
Interest expense, net 4,606
----------
Income (loss) before reorganization items and (5,533)
income taxes
Reorganization items 9,528
----------
Loss before income taxes (15,061)
Provision for income taxes 797
Loss from continuing operations (15,858)
Loss from discontinued operations (13)
----------
Net Income (Loss) ($15,845)
==========
DURA Automotive Systems, Inc., and Subsidiaries
Condensed Combined Debtors-in-Possession
Statements of Cash Flows
For the Five Weeks Ended June 29, 2008
(Unaudited)
(In thousands of dollars)
Operating Activities:
Net Income (loss) ($15,845)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation, amortization & asset impairment 1,220
Amortization of deferred financing fees 1,007
Facility consolidation and other charges(credits) 2,093
(Gain)/Loss on sale of assets 237
Reorganization items 9,528
Changes in other operating items:
Accounts receivable (7,078)
Inventories 6,189
Other current assets (12,658)
Noncurrent assets 199
Accounts payable 3,062
Accrued liabilities (15,904)
Noncurrent liabilities (1,138)
Current intercompany transactions 145,161
----------
Net cash provided by operating activities 116,073
Investing Activities:
Purchases of property, plant & equipment (320)
Proceeds from sales of assets 2,082
----------
Net cash (used in) provided by
investing activities 1,762
Financing Activities:
DIP Revolver net repayments (52,936)
DIP term repayments (147,592)
Exit Financing - Revolver Credit Facility, net 23,525
Exit Financing - Second Lien Credit
Facility borrowings 67,000
Debt issuance costs (5,139)
----------
Net cash provided by (used in)financing activities (115,142)
Net change in cash & cash equivalents from 2,693
continuing operations
Cash Flows from discontinued operations -
Cash & Cash Equivalents, beginning balance 4,364
----------
Cash & Cash Equivalents, ending balance $7,057
==========
About DURA
Rochester Hills, Michigan-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural
door modules and exterior trim systems for the global automotive
industry. The company is also a supplier of similar products to
the recreation vehicle and specialty vehicle industries. DURA
sells its automotive products to North American, Japanese and
European original equipment manufacturers and other automotive
suppliers.
The company has three locations in Asia -- China, Japan and Korea.
It has locations in Europe and Latin-America, particularly in
Mexico, Germany and the United Kingdom.
The Debtors filed for chapter 11 petition on Oct. 30, 2006,
(Bankr. D. Del. Case No. 06-11202). Marc Kieselstein, P.C., Esq.,
Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., at
Kirkland & Ellis LLP are lead counsels for the Debtors' bankruptcy
proceedings. Daniel J. DeFranseschi, Esq., and Jason M. Madron,
Esq., at Richards Layton & Finger, P.A. Attorneys are the Debtors'
co-counsels. Baker & McKenzie acts as the Debtors' special
counsel. Togut, Segal & Segal LLP is the Debtors' conflicts
counsel. Miller Buckfire & Co., LLC is the Debtors' investment
banker. Glass & Associates Inc., gives financial advice to the
Debtor. Kurtzman Carson Consultants LLC handles the notice,
claims and balloting for the Debtors and Brunswick Group LLC acts
as their Corporate Communications Consultants for the Debtors.
As of Jan. 31, 2008, the Debtor had $1,503,682,000 in total
assets and $1,623,632,000 in total liabilities.
On April 3, 2008, the Court approved the Debtors' revised
Disclosure Statement explaining their revised Chapter 11 plan of
reorganization. On June 27, 2008, the Debtors emerged from
Chapter 11 bankruptcy protection.
(Dura Automotive Bankruptcy News, Issue No. 61; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
FRONTIER AIRLINES: Files Schedules of Assets and Liabilities
------------------------------------------------------------
Frontier Airlines Inc. submitted to the U.S. Bankruptcy Court for
the Southern District of New York its schedules of assets and
liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand
Petty cash - Administration Office 11,500
Petty cash - Reservations Center 275
Cash at Registers - Airport Ticket Offices 13,698
Cash at Registers - Foreign Airport Offices 300
B.2 Bank Accounts
American Express 18,440,610
Bank of America, N.A. 130,358
Bear Sterns 52,152,071
CIBC 231,635
Colorado Business Bank 48,488,263
Guaranty Bank 59,774
RBC Dain 8,500,743
Santander 51,782
Sovereign 56,785,339
US Bank 48,310
Wells Fargo 64,474
Wings Financial 34,708
Others 142,556
B.3 Security Deposits
Pre-delivery Payments - AVSA 13,985,293
Aircraft Security Deposit - GECAS 13,349,600
Aircraft Security Deposit - GECAS 195,333
Aircraft Security Deposit - ILFC 2,250,000
Aircraft Security Deposit - MacQuarie 633,587
Aircraft Security Deposit - RBS 113,670
Aircraft Security Deposit - RBS 1,377,203
Aircraft Security Deposit - SALE 594,510
Building Security Deposit - Continental 112,500
Fuel Security Deposit - Aircraft Service 194,737
Fuel Security Deposit - Allied Fueling 156,443
Fuel Security Deposit - ASIG 113,058
Pre-delivery Payments - Live TV 424,274
Others 671,585
B.4 Household goods 0
B.5 Book, artwork and collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and other equipment 0
B.9 Insurance Policies 0
B.10 Annuities 0
B.11 Interests in Education IRA 0
B.12 Interests in IRA, ERISA, Keogh, et al. 0
B.13 Stock and Interests 0
B.14 Interests in partnerships & joint venture 0
B.15 Government and corporate bonds 0
B.16 Accounts Receivable
AP Debit Balances 479,048
Maintenance Reserve Receivable 1,787,161
Net Trade Receivables 55,370,631
B.17 Alimony 0
B.18 Other Liquidated Debts Owing Debtor 0
B.19 Equitable or future interests 0
B.20 Contingent and non-contingent interests 0
B.21 Other Contingent and Unliquidated Claims 0
B.22 Patents Unknown
B.23 Licenses, franchises & other intangibles 0
B.24 Customer lists or other compilations 0
B.25 Vehicles
Ground Service Equipment 11,965,776
Motorized Vehicles & Equipment 1,504,312
B.26 Boats, motors and accessories 0
B.27 Aircraft and accessories
Owned Operating Airframes 678,776,372
Owned Operating Engines 2,369,685
Leasehold Improvements on Airframes 9,468,308
Rotables 33,475,904
Other 8,724,165
Construction In Progress 7,299,141
B.28 Office Equipment
Communication Equipment 600,492
Furniture, Fixtures & Office Equipment 912,495
Computer Equipment 11,152,636
B.29 Machinery, equipment and supplies in business
Maintenance Tools & Equipment 825,855
Station and Other Equipment 555,352
Building Leasehold Improvements 1,871,263
B.30 Inventory
Aircraft Inventory 5,867,403
Merchandise 254,558
Fuel 7,201,589
Station Uniforms 902,683
Headsets 312,127
Catering 115,730
Assets Held for Sale 1,262,905
Supplies 334,406
B.31 Animals
B.32 Crops
B.33 Farming equipment and implements
B.34 Farm supplies, chemicals and feed
B.35 Other Personal Property
Other Prepaid Expenses 24,200,180
Retainer Fee - Davis, Polk & Wardwell 510,741
Retainer Fee - Kekst And Company 165,000
Retainer Fee - Watson Wyatt 60,000
Retainer Fee - Faegre & Benson LLP 314,568
Prepaid Fuel - various 6,306,034
Other Unknown
TOTAL SCHEDULED ASSETS $1,094,274,709
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Airport Revenue Fund 3,366,625
WestLB AG 1,553,580
Colorado Business Bank-DTC 2,845,000
WestLB AG 4,500,000
WestLB AG 3,000,000
WestLB AG 3,000,000
Colorado Business Bank-DTC 1,235,990
WestLB Capital Markets 3,000,000
Airbus Financial Services 3,379,087
Avion Capital Limited 3,020,323
Avion Capital Limited 4,483,899
Calyon 17,939,420
Calyon 17,606,991
DVB Bank AG 13,471,170
DVB Bank AG 21,822,968
DVB Bank AG 32,000,000
Erste Bank Der 15,784,634
Hamburgische Landesbank-Girozentrale 18,296,384
Hamburgische Landesbank-Girozentrale 19,522,523
Helaba Irish Bank 21,516,757
Helaba Irish Bank 13,591,457
PK Airfinance SA 15,488,750
PK Airfinance SA 15,841,915
Prudential Capital Group 18,551,427
Q Aviation LLC, as manager 19,989,427
Q Aviation LLC, as manager 21,200,242
Q Aviation LLC, as manager 21,268,380
Q Aviation LLC, as manager 21,498,167
The Royal Bank of Scotland PLC 24,486,642
Valentine Finance Limited 17,193,964
Valentine Finance Limited 18,551,427
WestLB Capital Markets 32,000,000
Others 3,839,593
E. Creditors Holding Unsecured Priority Claims
Bernalillo County Treasurer 66,094
Metropolitan Trustee 164,955
Nevada Department of Taxation 33,242
OMA Omaha Airport Authority 54,210
Spokane County Treasurer 26,736
Treasurer City & County of Denver 2,408,887
Others 3,915
F. Creditors Holding Unsecured Non-priority Claims
Airport Terminal Services Inc. 152,203
B E Aerospace Inc. 2,357,511
BT Ins Inc. 119,035
Civil Aviation Training Solutions 186,609
Clear Channel 122,500
Curtis 1000, Inc. 291,194
Dell Marketing LP 117,864
Deloitte Consulting LLP 108,748
DFW Dallas-Fort Worth International Airport 344,409
Empire Aero Center 286,703
Fedex Express 123,475
Fineline Signs Graphics Print 113,908
First Coast Aerospace Inc. 105,698
First Coast Aerospace Inc. 261,406
G and K Services Lug LLC 148,443
Galileo International 1,180,110
GE Engine Services Inc. 1,105,483
Ghafari Associates LLC 102,012
Goodrich Aerospace 544,870
Google Inc. 185,223
Honeywell - Chicago 153,026
Interturbine Logistic GMBH 126,869
King County Treasury 243,256
Liebherr 397,245
Marathon Petroleum Company LLC 173,991
McKinley Air Inc. 116,766
MCO Orlando International Airport 147,221
MDW Midway Airport 136,752
Michael Lewis Co. 137,680
Michelin North America Inc. 176,267
Microsoft Licensing GP 334,663
Million Air Salt Lake City 288,789
NCR Self Service LLC 124,731
PDX Portland International Airport 100,995
Pepsi Center 400,000
PHL Philadelphia International Airport 106,107
Primeflight Aviation Services 123,211
QWest 384,441
Republic Airline Inc. 291,012
SABRE Inc. 697,558
SEA Seattle Tacoma International Airport 139,367
Servisair USA Inc. 1,514,878
Skytanking USA Inc. 214,330
Thales Avionics Inc. 422,711
TLD America 128,728
Total Petrochemicals Inc. 3,083,757
Trax USA Corporation 345,346
TUG Technologies Corp. 121,027
Vedder Price PC 151,500
Willis Global Aviation 188,518
World Fuel Services Inc. 3,766,365
Frontier Airlines Holdings, Inc. 49,784,710
Lynx Aviation Inc. 1,364,753
Fidelity and Deposit Company of Maryland 100,000
Fidelity and Deposit Company of Maryland 143,697
Fidelity and Deposit Company of Maryland 128,707
Fidelity and Deposit Company of Maryland 100,000
Fidelity and Deposit Company of Maryland 325,946
Fidelity and Deposit Company of Maryland 528,000
Fidelity and Deposit Company of Maryland 105,501
Fidelity and Deposit Company of Maryland 132,000
Travelers Casualty and Surety Company 500,000
Others 12,986,695
TOTAL SCHEDULED LIABILITIES $546,499,301
=========================================================
About Frontier Airlines Inc.
Headquartered in Denver, Colorado, Frontier Airlines Inc. --
http://www.frontierairlines.com/-- provide air transportation
for passengers and freight. They operate jet service carriers
linking their Denver, Colorado hub to 46 cities coast-to-coast,
8 cities in Mexico, and 1 city in Canada, well as provide
service from other non-hub cities, including service from 10
non-hub cities to Mexico. As of May 18, 2007 they operated 59
jets, including 49 Airbus A319s and 10 Airbus A318s.
The Debtor and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008, (Bankr. S.D. N.Y. Case No.: 08-
11297 thru 08-11299.) Hugh R. McCullough, Esq., at Davis Polk &
Wardwell, represents the Debtors in their restructuring efforts.
Togul, Segal & Segal LLP is the Debtors' Conflicts Counsel, Faegre
& Benson LLP is the Debtors' Special Counsel, and Kekst and
Company is the Debtors' Communications Advisors. At Dec. 31,
2007, Frontier Airlines Holdings Inc. and its subsidiaries'
total assets was $1,126,748,000 and total debts was
$933,176,000.
(Frontier Airlines Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
FRONTIER AIRLINES: Parent Co. Files Schedules of Assets and Debts
-----------------------------------------------------------------
Frontier Airlines Holdings Inc. and its subsidiaries submitted to
the U.S. Bankruptcy Court for the Southern District of New York
its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 0
B.2 Bank Accounts
Bear Sterns, New York 8,432,067
B.3 Security Deposit 0
B.4 Household goods 0
B.5 Book, artwork and collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and other equipment 0
B.9 Insurance Policies 0
Life Insurance Policies Unknown
HR Related Insurance Policies Unknown
Other Unknown
B.10 Annuities 0
B.11 Interests in Education IRA 0
B.12 Interests in IRA, ERISA, Keogh, et al. 0
B.13 Stock and Interests 0
B.14 Interests in partnerships & joint venture 0
B.15 Government and corporate bonds 0
B.16 Accounts Receivable
Net, other receivables -- Interest receivable 25,631
Net, intercompany receivables
Lynx Aviation Receivable 39,674,762
Net, intercompany receivables
Frontier Airlines, Inc. 49,784,710
B.17 Alimony 0
B.18 Other Liquidated Debts Owing Debtor 0
B.19 Equitable or future interests 0
B.20 Contingent and non-contingent interests 0
B.21 Other Contingent and Unliquidated Claims 0
B.22 Patents 0
B.23 Licenses, franchises & other intangibles 0
B.24 Customer lists or other compilations 0
B.25 Vehicles 0
B.26 Boats, motors and accessories 0
B.27 Aircraft and accessories 0
B.28 Office Equipment 0
B.29 Machinery, equipment and supplies in business 0
B.30 Inventory 0
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment and implements 0
B.34 Farm supplies, chemicals and feed 0
B.35 Other Personal Property 0
TOTAL SCHEDULED ASSETS $97,917,170
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims 0
E. Creditors Holding Unsecured Priority Claims
Alaska Department of Revenue Unknown
Arizona Department of Revenue Unknown
Colorado Department of Revenue Unknown
Comptroller of Public Accounts Unknown
Department of the Treasury, Odgen, Utah Unknown
Franchise Tax Board Unknown
Idaho State Tax Commission Unknown
Kansas Corporate Tax, Kansas Dept. of Revenue Unknown
Missouri Dept. of Revenue Unknown
Montana Dept. of Revenue Unknown
F. Creditors Holding Unsecured Non-priority Claims
US Bank National Association 92,000,000
TOTAL SCHEDULED LIABILITIES $92,000,000
==========================================================
About Frontier Airlines Inc.
Headquartered in Denver, Colorado, Frontier Airlines Inc. --
http://www.frontierairlines.com/-- provide air transportation
for passengers and freight. They operate jet service carriers
linking their Denver, Colorado hub to 46 cities coast-to-coast,
8 cities in Mexico, and 1 city in Canada, well as provide
service from other non-hub cities, including service from 10
non-hub cities to Mexico. As of May 18, 2007 they operated 59
jets, including 49 Airbus A319s and 10 Airbus A318s.
The Debtor and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008, (Bankr. S.D. N.Y. Case No.: 08-
11297 thru 08-11299.) Hugh R. McCullough, Esq., at Davis Polk &
Wardwell, represents the Debtors in their restructuring efforts.
Togul, Segal & Segal LLP is the Debtors' Conflicts Counsel, Faegre
& Benson LLP is the Debtors' Special Counsel, and Kekst and
Company is the Debtors' Communications Advisors. At Dec. 31,
2007, Frontier Airlines Holdings Inc. and its subsidiaries'
total assets was $1,126,748,000 and total debts was
$933,176,000.
(Frontier Airlines Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
HOMEBANC CORP: Reports $9,997,000 Net Loss in July 2008
-------------------------------------------------------
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Balance Sheet
As of July 31, 2008
ASSETS
Cash $2,840,000
Restricted cash 0
Mortgage loans held for sale, net 1,548,000
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 $16,850,000
===============
LIABILITIES & EQUITY
Warehouse lines of credit $0
Repurchase agreements 0
Loan funding payable 1,478,000
Accrued interest payable 0
Accrued expenses 5,787,000
Other accounts payable 0
Accounts payable to affiliates 0
Collaterized debt obligations 0
Junior subordinated debentures representing
obligations for trust preferred securities 175,260,000
---------------
Total liabilities 182,525,000
Minority interest 64,000
Shareholders Equity:
Preferred stock 47,992,000
Common stock 571,000
Additional paid-in capital 278,865,000
Accumulated deficit (475,263,000)
Treasury stock (17,904,000)
Accumulated other comprehensive (loss) income 0
---------------
Total shareholder's equity (165,739,000)
---------------
TOTAL LIABILITIES & EQUITY $16,850,000
===============
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Statement of Operations
For 7 Months Ended July 31, 2008
REVENUES
MBS interest income $994,000
Other miscellaneous income 729,000
---------------
Total revenues 1,723,000
EXPENSES
Professionals 4,388,000
Insurance 575,000
Contract personnel 308,000
Data facility 0
Compensation and benefits 312,000
Financial systems 122,000
Record storage 62,000
Medical insurance run-off payments 202,000
Loan sales expense 174,000
U.S. trustee fees 54,000
Office rental 47,000
Other misc. operating expenses 5,475,000
---------------
Total expenses 11,719,000
---------------
Income tax expense 0
---------------
Net loss ($9,997,000)
===============
HomeBanc Mortgage Corporation and Subsidiaries
Consolidated Statement of Cash Flows
For the 7 Months Ended July 31, 2008
OPERATING ACTIVITIES
Net loss ($9,997,000)
Adjustments to reconcile net loss to net cash
(used in) provided by operating activities:
(Increase) decrease in mortgage loans held for
sale, net 3,863,000
Decrease (interest) in other assets 1,398,000
Increase in other liabilities 187,000
---------------
Net cash (used in) provided by operating (4,549,000)
activities
INVESTING ACTIVITIES
Net cash provided by (used in) investing
activities 0
FINANCING ACTIVITIES
Net cash (used in) provided by financing
activities 0
---------------
Net increase (decrease) in cash (4,549,000)
Cash and cash equivalents at beginning of period 7,389,000
---------------
Cash and cash equivalents at end of period $2,840,000
===============
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. 30; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
LANDSOURCE COMMUNITIES: Files June 2008 Monthly Operating Report
----------------------------------------------------------------
LandSource Communities Development, LLC
Consolidated Balance Sheet
As of June 30, 2008
Assets
Cash $8,078,655
Receivables 42,059,588
Inventories 1,347,341,184
Operating Properties, net 86,434,339
Investment in unconsolidated entities 2254590
Other assets 47805606
--------------
Total Assets $1,533,973,962
==============
Liabilities and Members' Capital
Liabilities:
Prepetition
Debt - principal 1,215,523,955
Debt - Accrued interest 28,674,406
Interest rate swap termination payment due 28,230,000
Accounts Payable 32,410,898
Payables to affiliates 61,373,880
Refundable deposits owed affiliate 26,469,916
Tenant deposits 463,797
Other 3,614,459
--------------
Sub-total 1,396,761,311
Postpetition
Accounts Payable 250,006
Property tax accrual 1,332,288
Payables to affiliates 11,305,413
--------------
Sub-total 12,887,707
Other
Development accruals 35,477,936
Accrued Employee Related Benefits 7,465,073
Non-qualified Pension Plan Accruals 5,954,648
Reserves - school fees, energy remediation 15,115,558
Non-refundable deposits 30,900,799
Deferred Revenue 93,226,228
Golf Course/other deposits 7,974,544
Other 3,421,701
--------------
Sub-total 199,536,488
--------------
Total Liabilities 1,609,185,506
--------------
Members' Capital (55,211,544)
--------------
Total Liabilities and Members' Capital $1,553,973,962
==============
LandSource Communities Development, LLC
Consolidated Statements of Operations
Month Ended June 30, 2008
Statistical Information
Homesites sold to related parties $0
Homesites sold to third parties 0
Acreage sold to related parties 0
Acreage sold to third parties 0
Homes sold to third parties 0
Land Sale Operations
Sales related parties (9,309)
Sales to third parties 13,036
--------------
Total Land Sale Revenue 3,727
--------------
Cost of sales to related parties 86,872
Cost of sales to third parties 0
--------------
Total Cost of Land Sales 86,872
--------------
Gross Margin on Land Sales Operations (83,145)
Home Sale Operations
Sales 0
Cost of sales 0
--------------
Gross Margin on Home Sale Operations 0
--------------
Operating Cost and Expenses
Field, selling, general & administrative 5,929,934
Management fees to related parties 1,598,311
--------------
Total Operating Costs and Expenses 7,528,245
--------------
Other Operations, net
Equity in earnings of unconsolidated entities (22,371)
Rental operations 494,159
Valencia Water Company 0
Club operations (92,466)
Interest income 162,881
Interest expense (9,320,301)
Loss on debt restructuring 0
Loss on interest rate swap termination (25,392,563)
Miscellaneous 205,350
--------------
Total Other Operations, net (33,965,311)
--------------
Net Earnings (Loss) ($41,576,701)
==============
LandSource Communities Development, LLC
Consolidated Schedule of Cash Receipts and Disbursements
Month Ended June 30, 2008
Net Operating Cash Flow
Operating Cash Flows
Housing revenue $0
Commercial Revenue 1,168,027
Other 29,573
Option deposits 27,708
Less: Closing Costs 0
--------------
Total Operating Inflows 1,225,308
Operating Cash Outflows
Master improvements & CFDs (3,188,490)
Property tax 0
General & Administrative (490,762)
Other (24,137)
Management fees 0
--------------
Total Operating Outflows (3,703,389)
--------------
Total Net Operating Cash Flow (2,478,081)
Net Cash Flow
Bankruptcy Disbursements
Bankruptcy Payments 0
Utility Deposits 0
Mechanic's liens/Other 0
--------------
Total Bankruptcy Payments 0
DIP Interest and Fees
DIP Facility interest 0
Undrawn fee 0
DIP Facility fees (856,150)
--------------
Total DIP Interest and Fees (856,150)
Restructuring professionals (754,782)
Total Bankruptcy Disbursements (1,610,932)
Total Net Cash Flow (4,089,013)
Cash Balance
Beginning Cash Balance at June 9, 2008 (Bank) 12,396,734
Net cash flow (4,089,014)
Change in outstanding checks 3,213,359
--------------
Cash balance before change in DIP Facility 11,521,079
DIP borrowings/ Repayments 0
--------------
Ending Cash Balance (Bank) 11,521,079
Memo: Outstanding Checks
Beginning Balance 0
Checks issued 3,492,471
Checks (voided) or reissued 0
Checks cleared (279,111)
--------------
Ending Outstanding Checks Balance 3,213,360
Calculated Ending Cash Balance (Book) 8,307,719
Outstanding checks to liabilities
(book overdraft) (229,065)
--------------
Ending Cash Balance (Book) $8,078,654
==============
Disbursements Per Debtor
The Newhall Land and Farming Company $3,427,297
Lennar Mare Island, LLC 40,930
Stevenson Ranch Venture, LLC 98
LandSource Holding Company, LLC 1,627,437
LandSource Communities Development, LLC 18,333
LNR-Lennar Washington Square, LLC 200,226
--------------
Total Disbursement $5,314,321
==============
Schedule of Professional Fees and Expenses Paid
Professional Amount Received
------------- ---------------
Cadwalader, Wickersham & Taft, LLP $434,913
FTI Consulting, Inc. 161,311
Sidley Austin LLP 85,621
Winston & Strawn, LLP 42,530
Young Conaway Stargatt & Taylor, LLP 30,407
---------
$754,782
=========
About LandSource Communities
LandSource Communities Development LLC, which operates in Arizona,
California, Florida, New Jersey, Nevada and Texas, is involved in
the planning and development of master planned communities and
transforming undeveloped land into ready-to-build home sites and
commercial properties. With the exception of one development
project in Marina del Rey, California, LandSource does not build
homes or commercial properties.
LandSource and 20 of its affiliates filed for chapter 11
bankruptcy protection before the U.S. Bankruptcy Court for the
District of Delaware on June 8, 2008 (Lead Case No. 08-11111).
The Debtors are represented by Marcia Goldstein, Esq., at Weil
Gotshal & Manges in New York, and Mark D. Collins, Esq., at
Richards Layton & Finger in Wilmington, Delaware. Lazard Freres &
Co. acts as the Debtors' financial advisors, and Kurtzmann Carson
Consultants serves as the Debtors' notice and claims agent.
According to the Troubled Company Reporter on May 22, 2008,
LandSource sought help from its lender consortium to restructure
$1.24 billion of its debt. LandSource engaged a 100-bank lender
group led by Barclays Capital Inc., which syndicates LandSource's
debt. LandSource had received a default notice on that debt from
the lender group after it was not able to timely meet its payments
during mid-April. However, LandSource failed to reach an
agreement with its lenders on a plan to modify and restructure its
debt, forcing it to seek protection from creditors.
The Debtors' exclusive plan filing period expires on Oct. 6, 2008.
(LandSource Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
LINENS N THINGS: LNT Merchandising Files Assets, Debts Schedules
----------------------------------------------------------------
LNT Merchandising 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
Damage Markout Receivable $16,251,529
B.18 Other Liquidated Debts Owing Debtor
Vendor debit balances 12,942,208
Prepayments to merchandise vendors 11,987,376
Credits due for vendor returns 286,346
B.21 Other Contingent and Unliquidated Claims
Vendor chargebacks 1,145,330
B.22 Patents, copyrights, and others
Trademarks Unknown
B.23 Licenses, franchises & other intangibles
Credit card customer relationships Unknown
TOTAL SCHEDULED ASSETS $42,612,789
==========================================================
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
Yankee Candle Company 4,314,186
Aeolus Down L/C 4,181,433
AMCOR, Inc. 3,667,051
Brentwood Originals 3,234,278
Regal Home Collections, Inc. 3,160,665
Oxo International, Ltd. 2,635,212
Groupe SEB USA 2,632,886
N.I. Teijin Shoji (USA), Inc. 2,026,427
Kitchen Aid Portable Appliances 1,773,498
Wallace International 1,979,981
M. Block & Sons, Inc. 1,963,059
Meyer Corp. U.S. 1,910,735
Maples Industries Inc. 1,782,618
Wythe-Will Distribution LLC 1,696,055
Croscill Inc. 1,660,756
Ontel Products Corporation 1,633,372
Pacific Coast Feather Company 1,498,859
Loftex USA LLC - Import 1,434,581
American Fiber Ind. 1,369,796
MSA Products, Inc. - Import 1,359,500
Royal Linens 1,326,926
Nassau Candy Distributors, Inc. 1,296,582
India Ink 1,282,836
United Parcel Service, Inc. 1,251,120
The Weston Gallery L/C 1,232,100
Divatex Home Fashions Inc./Import 1,209,209
Suncast Corporation 1,172,941
Richloom Home Fashions - Import 1,147,243
Homestead International Group 1,131,015
CHF Industries, Inc., Import 1,122,836
Welspun USA Inc. - Import 1,110,094
Interdesign, Inc. 1,100,369
S Lichtenberg & Co., Inc. 1,085,172
Liz Claiborne Div. of American Pacific 1,052,772
BEME International LLC 1,013,221
Bissell, Inc. 1,006,237
Others 72,788,888
TOTAL SCHEDULED LIABILITIES $185,030,705
==========================================================
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., and Jason M. Madron, Esq., at Richards, Layton &
Finger, P.A., provide Linens 'n Things with bankruptcy counsel.
The Debtors' special corporate counsel are Holland N. O'Neil, Esq.,
Ronald M. Gaswirth, Esq., Stephen A. McCaretin, Esq., Randall G.
Ray, Esq., and Michael S. Haynes, Esq., at Morgan, Lewis & Bockius,
LLP. The Debtors' restructuring management services provider is
Conway Del Genio Gries & Co., LLC. The Debtors' CRO and Interim
CEO is Michael F. Gries, co-founder of Conways Del Genio Gries &
Co., LLC. The Debtors' claims agent is Kurtzman Carson Consultants,
LLC. The Debtors' consultants are Asset Disposition Advisors, LLC,
and Protivit, Inc. The Debtors' investment bankers are Financo,
Inc., and Genuity Capital Markets.
(Bankruptcy News About Linens 'n Things; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
NETBANK INC: Delivers June 2008 Monthly Operating Report
--------------------------------------------------------
NetBank, Inc. filed its operating report for the period June 1,
2008, through June 30, 2008. Funds at the beginning of the period
were $6,996,194 and funds at the end of the period were $6,785,245.
A full-text copy of the Debtor's June 2008 monthly operating report
is available for free at:
http://ResearchArchives.com/t/s?3080
About NetBank
Headquartered in Jacksonville, Florida, NetBank, Inc. --
http://www.netbank.com/-- is a financial holding company of
Netbank, the United States' oldest Internet bank serving retail
and business customers in all 50 states. NetBank, Inc. does
retail banking, mortgage banking, business finance, and provides
ATM and merchant processing services.
The company filed for chapter 11 protection on Sept. 28, 2007
(Bankr. M.D. Fla. Case No. 07-04295). Alan M. Weiss, Esq., at
Holland & Knight LLP, represents the Debtor. The U.S. Trustee for
Region 21 appointed six creditors to serve on an Official
Committee of Unsecured Creditors of the Debtor's case. Rogers
Towers, Esq. at Kilpatrick Stockton LLP, represents the Committee
in this case. Rogers Towers P.A. serves as co-counsel to the
Committee.
NETBANK INC: Delivers July 2008 Monthly Operating Report
--------------------------------------------------------
NetBank, Inc. filed its operating report for the period July 1,
2008, through July 31, 2008. Funds at the beginning of the period
were $6,785,245 and cash at the end of the period were $6,758,700.
A full-text copy of the Debtor's July 2008 monthly operating report
is available for free at:
http://ResearchArchives.com/t/s?317b
About NetBank
Headquartered in Jacksonville, Florida, NetBank, Inc. --
http://www.netbank.com/-- is a financial holding company of
Netbank, the United States' oldest Internet bank serving retail
and business customers in all 50 states. NetBank, Inc. does
retail banking, mortgage banking, business finance, and provides
ATM and merchant processing services.
The company filed for chapter 11 protection on Sept. 28, 2007
(Bankr. M.D. Fla. Case No. 07-04295). Alan M. Weiss, Esq., at
Holland & Knight LLP, represents the Debtor. The U.S. Trustee for
Region 21 appointed six creditors to serve on an Official
Committee of Unsecured Creditors of the Debtor's case. Rogers
Towers, Esq. at Kilpatrick Stockton LLP, represents the Committee
in this case. Rogers Towers P.A. serves as co-counsel to the
Committee.
NEW CENTURY: Reports $2,675,781 Net Loss in Month Ended June 20
---------------------------------------------------------------
New Century Financial Corp. and Affiliates
Consolidated Balance Sheet
As of June 30, 2008
Assets
Current Assets:
Unrestricted Cash and Equivalents $88,086,260
Restricted Cash and Equivalents 10,285,477
Accounts Receivable, Net 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 238,221
Professional Retainers 0
Other Current Assets 2,196,076
--------------
Total Current Assets 100,806,034
--------------
Property and Equipment 2,023,885
Other Assets 148,394,022
--------------
Total Assets $251,223,941
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition):
Accounts Payable $0
Professional Fees 1,522,830
--------------
Total Postpetition Liabilities 1,522,830
Liabilities Subject to Compromise (Prepetition):
Secured Debt 402,427
Priority Debt 11,323,226
Unsecured Debt 1,120,969,730
--------------
Total Prepetition Liabilities 1,132,695,383
--------------
Total Liabilities 1,134,218,213
--------------
Owner Equity:
Capital Stock 4,530,047
Additional Paid-in Capital 2,170,845,310
Partners' Capital Account 0
Owners' Equity Account 0
Retained Earnings – Prepetition (1,083,442,468)
Retained Earnings – Postpetition (1,974,927,160)
Adjustments to Owner Equity 0
Postpetition Contributions 0
--------------
Net Owner Equity (882,994,271)
--------------
Total Liabilities and Owners' Equity $251,223,942
==============
New Century Financial Corp. and Affiliates
Consolidated Statement of Operations
Month Ended June 30, 2008
Revenues $17,322
Cost of Goods Sold 0
Operating Expenses:
Employee Benefits Programs 11,559
Insurance 225,000
Office Expense 48,251
Rent and Lease Expense 37,685
Salaries, Commissions, & Fees 258,163
Travel and Entertainment 1,669
Other 594,826
Depreciation, Depletion & Amortization 100,088
--------------
Net Profit (Loss) before Other Income & Expenses (1,259,919)
--------------
Reorganization Items
Professional Fees 1,522,830
Interest Earned for Accumulated Cash (106,968)
Income Taxes 0
--------------
Net Profit (Loss) ($2,675,781)
==============
New Century Financial Corp. and Affiliates
Consolidated Statement of Operations
Month Ended June 30, 2008
Cash, Beginning of month $101,506,261
Total Receipts 3,363,899
Total Disbursements (6,498,424)
--------------
Net Cash Flow (3,134,525)
--------------
Cash, End of month $98,371,736
==============
About New Century Financial
Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation. The company offers
a broad range of mortgage products designed to meet the needs of
all borrowers.
The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416). Suzzanne Uhland, Esq., Austin K. Barron, Esq., and
Ana Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors. The
Official Committee of Unsecured Creditors selected Hahn & Hessen
as its bankruptcy counsel and Blank Rome LLP as its co-counsel.
When the Debtors filed for bankruptcy, they listed total assets
of $36,276,815 and total debts of $102,503,950.
The Court confirmed the Debtors' second amended joint chapter 11
plan on July 15, 2008. (New Century Bankruptcy News, Issue No.
46; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
NEWPOWER HOLDINGS: Files Operating Report for Month Ended June 30
-----------------------------------------------------------------
NewPower Holdings, Inc. submitted its monthly operating report for
the period May 31, 2008 to June 30, 2008. The Debtor had opening
cash balance of $1,162 and ending cash balance of $1,144.
A full-text copy of the Debtor's June 2008 monthly operating report
is available for free at:
http://ResearchArchives.com/t/s?3176
NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP, represent the Debtors. When the Debtors filed for
chapter 11 protection, they reported $231,837,000 in assets and
$87,936,000 in debts.
On Aug. 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC
Holdings, Inc., a wholly owned subsidiary. That Plan became
effective on Oct. 9, 2003, with respect to the company and TNPC.
On Feb. 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003, with respect to New Power. The New Power Company
is a wholly owned subsidiary of the company.
PLASTECH ENGINEERED: Files February 2008 Monthly Operating Report
-----------------------------------------------------------------
Plastech Engineered Products, Inc.
Balance Sheet
As of February 29, 2008
ASSETS
Cash $16,098,365
Inventory 11,021,498
Accounts receivable (50,076,730)
Insider receivables 10,917,500
Land & buildings 29,918,635
Furniture, fixtures & equipment 75,379,973
Accumulated depreciation (82,055,680)
Unbilled tooling (net) 7,807,452
Prepaid expenses 1,717,341
Investment in Trimquest 4,635,203
Transaction costs 0
Goodwill 0
Intangible assets (net) 0
Deposits & other assets 24,500,621
-------------
Total Assets $49,864,178
=============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Accounts payable - trade $6,514,595
Accounts payable - tooling 691,039
Wages & salaries 8,564,318
Taxes payable 499,180
Accrued interest 2,829,913
Accrued liabilities 5,057,977
Intercompany liabilities 11,234,011
-------------
Total postpetition liabilities 35,391,033
-------------
Secured liabilities:
Subject to postpetition collateral or
DIP Revolver
23,619,876
All other secured liabilities 0
-------------
Total secured liabilities 23,619,876
-------------
Prepetition liabilities:
Unsecured liabilities - trade 35,964,673
Unsecured liabilities - tooling 21,408,925
Priority liabilities - wages & salaries 0
Priority liabilities - taxes (4,156,827)
Priority liabilities - debt 431,173,120
Priority liabilities - interest 279,126
Unsecured liabilities - accrued 16,896,752
Intercompany liabilities (295,256,063)
-------------
Total prepetition liabilities 206,309,706
-------------
Total Liabilities $265,320,615
-------------
Equity:
Owner's capital 1,396,030
Other comprehensive income (loss) (3,083,108)
Retained earnings (deficit) - prepetition (206,202,344)
Retained earnings (deficit) - postpetition (7,567,015)
-------------
Total Equity (215,456,437)
-------------
Total Liabilities & Equity $49,864,178
=============
Plastech Engineered Products, Inc.
Statement of Operations
For the Month Ended February 2008
Total sales $6,065,713
Cost of sales 6,765,690
------------
Gross profit (699,977)
-------------
Expenses:
Officers Compensation 591,893
Salary expenses - other employees 3,648,290
Employee benefits & pensions 144,316
Payroll taxes 388,444
Other taxes 499,767
Rent and lease expense 462,752
Interest expense 3,176,923
Insurance 15,174
Automobile & truck expense 61,469
Utilities 172,732
Depreciation 191,127
Travel & entertainment 175,187
Repairs & maintenance 168,647
Advertising 0
Supplies, office expenses 24,051
Director fees 0
Contributions 0
Outside services (725,204)
Design recoveries (329,228)
Commissions 29,217
Tooling (220,122)
-------------
Total expenses 8,475,435
-------------
Net operating profit (loss) (9,175,412)
-------------
Non-operating Income:
Interest income 58,808
Other income 1,982,657
Other income (Trimquest) 621,795
Non-operating Expenses:
Professional fees 1,054,864
Other expenses 0
Other (translation) 0
-------------
Net income (loss) ($7,567,016)
=============
Plastech's Cash Statement as of Feb. 24, 2008 is available for free:
http://researcharchives.com/t/s?314a
The company reports approximately $174,000,000 in accounts
receivable, and some $6,500,000 in accounts payable as of
February 29, 2008, a copy of which is available for free at:
http://researcharchives.com/t/s?314c
The company disclosed postpetition taxes payable of $1,299,748 as
of February 29, 2008, details of which is available for free:
http://researcharchives.com/t/s?314d
Plastech reported $881,108 in consolidated insider compensation
and payments for the month, details of which can be accessed for
free at:
http://researcharchives.com/t/s?314e
About Plastech Engineered
Based in Dearborn, Michigan, Plastech Engineered Products, Inc. --
http://www.plastecheng.com/-- is a full-service automotive
supplier of interior, exterior and underhood components. It
designs and manufactures blow-molded and injection-molded plastic
products primarily for the automotive industry. Plastech's
products include automotive interior trim, underhood components,
bumper and other exterior components, and cockpit modules.
Plastech's major customers are General Motors, Ford Motor Company,
and Toyota, as well as Johnson Controls, Inc.
Plastech is a privately held company and is the largest family-
owned company in the state of Michigan. The company is certified
as a Minority Business Enterprise by the state of Michigan.
Plastech maintains more than 35 manufacturing facilities in the
midwestern and southern United States. The company's products are
sold through an in-house sales force.
The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts. The Debtors
chose Jones Day as their special corporate and litigation counsel.
Lazard Freres & Co. LLC serves as the Debtors' investment bankers,
while Conway, MacKenzie & Dunleavy provide financial advisory
services. The Debtors also employed Donlin, Recano & Company as
their claims and noticing agent.
Joel D. Applebaum, Esq., at Clark Hill PLC, represents the
Official Committee of Unsecured Creditors.
As of Dec. 31, 2006, the company's books and records
reflected assets totaling $729,000,000 and total liabilities of
$695,000,000. (Plastech Bankruptcy News, Issue No. 31; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
* * *
As reported in the Troubled Company Reporter on Aug. 11, 2008,
the Debtors have until Sept. 28, 2008, to file a Chapter 11 plan
of reorganization.
PLASTECH ENGINEERED: Decorating Systems Files February 2008 MOR
---------------------------------------------------------------
Plastech Decorating Systems, Inc.
Balance Sheet
As of February 29, 2008
ASSETS
Cash $1,000
Inventory 2,440,219
Accounts receivable 6,815,331
Insider receivables 0
Land & buildings 5,885,408
Furniture, fixtures & equipment 19,050,489
Accumulated depreciation (14,222,050)
Unbilled tooling (net) 0
Prepaid expenses 0
Investment in Trimquest 0
Transaction costs 0
Goodwill 0
Intangible assets (net) 0
Deposits & other assets 1,749,484
-------------
Total Assets $21,719,881
=============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Accounts payable - trade $0
Accounts payable - tooling 0
Wages & salaries 46,734
Taxes payable 27,525
Accrued interest 0
Accrued liabilities 619,430
Intercompany liabilities 799,482
-------------
Total postpetition liabilities 1,493,171
-------------
Secured liabilities:
Subject to postpetition collateral or
DIP Revolver 0
All other secured liabilities 0
-------------
Total secured liabilities 0
-------------
Prepetition liabilities:
Unsecured liabilities - trade 0
Unsecured liabilities - tooling 0
Priority liabilities - wages & salaries 0
Priority liabilities - taxes 368,027
Priority liabilities - debt 0
Priority liabilities - interest 0
Unsecured liabilities - accrued 760,528
Intercompany liabilities 18,998,621
-------------
Total prepetition liabilities 20,127,176
-------------
Total Liabilities 21,620,347
=============
Equity
Owner's capital 0
Other comprehensive income 0
Retained earnings (deficit) - prepetition (201,848)
Retained earnings (deficit) - postpetition 301,382
-------------
Total Equity 99,534
-------------
Total Liabilities & Equity $21,719,881
=============
Plastech Decorating Systems, Inc.
Statement of Operations
For the Month Ended February 2008
Total sales $2,784,515
Cost of sales 2,483,133
-------------
Gross profit 301,382
-------------
Expenses
Officers Compensation 0
Salary expenses -- other employees 0
Employee benefits & pensions 0
Payroll taxes 0
Other taxes 0
Rent and lease expense 0
Interest expense 0
Insurance 0
Automobile & truck expense 0
Utilities 0
Depreciation 0
Travel & entertainment 0
Repairs & maintenance 0
Advertising 0
Supplies, office expenses 0
Director fees 0
Contributions 0
Outside services 0
Design recoveries 0
Commissions 0
Tooling 0
-------------
Total expenses 0
Net operating profit 301,382
-------------
Non-operating Income:
Interest income 0
Other income 0
Other income (Trimquest) 0
Non-operating Expenses:
Professional fees 0
Other expenses 0
Other (translation) 0
-------------
Net income $301,382
=============
About Plastech Engineered
Based in Dearborn, Michigan, Plastech Engineered Products, Inc. --
http://www.plastecheng.com/-- is a full-service automotive
supplier of interior, exterior and underhood components. It
designs and manufactures blow-molded and injection-molded plastic
products primarily for the automotive industry. Plastech's
products include automotive interior trim, underhood components,
bumper and other exterior components, and cockpit modules.
Plastech's major customers are General Motors, Ford Motor Company,
and Toyota, as well as Johnson Controls, Inc.
Plastech is a privately held company and is the largest family-
owned company in the state of Michigan. The company is certified
as a Minority Business Enterprise by the state of Michigan.
Plastech maintains more than 35 manufacturing facilities in the
midwestern and southern United States. The company's products are
sold through an in-house sales force.
The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts. The Debtors
chose Jones Day as their special corporate and litigation counsel.
Lazard Freres & Co. LLC serves as the Debtors' investment bankers,
while Conway, MacKenzie & Dunleavy provide financial advisory
services. The Debtors also employed Donlin, Recano & Company as
their claims and noticing agent.
Joel D. Applebaum, Esq., at Clark Hill PLC, represents the
Official Committee of Unsecured Creditors.
As of Dec. 31, 2006, the company's books and records
reflected assets totaling $729,000,000 and total liabilities of
$695,000,000. (Plastech Bankruptcy News, Issue No. 31; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
* * *
As reported in the Troubled Company Reporter on Aug. 11, 2008,
the Debtors have until Sept. 28, 2008, to file a Chapter 11 plan
of reorganization.
PLASTECH ENGINEERED: Exterior Files Feb. 2008 Operating Report
--------------------------------------------------------------
Plastech Exterior Systems, Inc.
Balance Sheet
As of February 29, 2008
ASSETS
Cash $12,405
Inventory 16,484,083
Accounts receivable 32,866,265
Insider receivables 0
Land & buildings 19,166,823
Furniture, fixtures & equipment 95,828,868
Accumulated depreciation (85,725,411)
Unbilled tooling (net) 0
Prepaid expenses 0
Investment in Trimquest 0
Transaction costs 0
Goodwill 0
Intangible assets (net) 0
Deposits & other assets 2,761,966
-------------
Total Assets $81,394,998
============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Accounts payable - trade 3,214
Accounts payable - tooling 0
Wages & salaries 235,989
Taxes payable 92,781
Accrued interest 0
Accrued liabilities 4,552,256
Intercompany liabilities 1,807,063
------------
Total postpetition liabilities 6,691,303
-------------
Secured liabilities:
Subject to postpetition collateral or 0
DIP Revolver 0
All other secured liabilities 0
-------------
Total secured liabilities 0
-------------
Prepetition liabilities:
Unsecured liabilities - trade 18,636
Unsecured liabilities - tooling 0
Priority liabilities - wages & salaries 0
Priority liabilities - taxes 598,328
Priority liabilities - debt 0
Priority liabilities - interest 0
Unsecured liabilities - accrued 8,206,221
Intercompany liabilities 66,238,383
-------------
Total prepetition liabilities 75,061,568
-------------
Total Liabilities 81,752,871
=============
Equity:
Owner's capital 0
Other comprehensive income 0
Retained earnings (deficit) - prepetition (1,399,828)
Retained earnings (deficit) - postpetition 1,041,955
-------------
Total Equity (357,873)
-------------
Total Liabilities & Equity $81,394,998
============
Plastech Exterior Systems, Inc.
Statement of Operations
For the Month Ended February 2008
Total sales $12,710,622
Cost of sales 11,668,862
------------
Gross profit 1,041,760
-------------
Expenses:
Officers Compensation 0
Salary expenses - other employees 0
Employee benefits & pensions 0
Payroll taxes 0
Other taxes 0
Rent and lease expense 0
Interest expense 0
Insurance 0
Automobile & truck expense 0
Utilities 0
Depreciation 0
Travel & entertainment 0
Repairs & maintenance 0
Advertising 0
Supplies, office expenses 0
Director fees 0
Contributions 0
Outside services 0
Design recoveries 0
Commissions 0
Tooling 0
-------------
Total expenses 0
Net operating profit 1,041,760
-------------
Non-operating Income:
Interest income 0
Other income 195
Other income (Trimquest) 0
Non-operating Expenses:
Professional fees 0
Other expenses 0
Other (translation) 0
-------------
Net income $1,041,955
=============
About Plastech Engineered
Based in Dearborn, Michigan, Plastech Engineered Products, Inc. --
http://www.plastecheng.com/-- is a full-service automotive
supplier of interior, exterior and underhood components. It
designs and manufactures blow-molded and injection-molded plastic
products primarily for the automotive industry. Plastech's
products include automotive interior trim, underhood components,
bumper and other exterior components, and cockpit modules.
Plastech's major customers are General Motors, Ford Motor Company,
and Toyota, as well as Johnson Controls, Inc.
Plastech is a privately held company and is the largest family-
owned company in the state of Michigan. The company is certified
as a Minority Business Enterprise by the state of Michigan.
Plastech maintains more than 35 manufacturing facilities in the
midwestern and southern United States. The company's products are
sold through an in-house sales force.
The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts. The Debtors
chose Jones Day as their special corporate and litigation counsel.
Lazard Freres & Co. LLC serves as the Debtors' investment bankers,
while Conway, MacKenzie & Dunleavy provide financial advisory
services. The Debtors also employed Donlin, Recano & Company as
their claims and noticing agent.
Joel D. Applebaum, Esq., at Clark Hill PLC, represents the
Official Committee of Unsecured Creditors.
As of Dec. 31, 2006, the company's books and records
reflected assets totaling $729,000,000 and total liabilities of
$695,000,000. (Plastech Bankruptcy News, Issue No. 31; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
* * *
As reported in the Troubled Company Reporter on Aug. 11, 2008,
the Debtors have until Sept. 28, 2008, to file a Chapter 11 plan
of reorganization.
PLASTECH ENGINEERED: Frenchtown Files Feb. 2008 Operating Report
----------------------------------------------------------------
Plastech Frenchtown, Inc.
Balance Sheet
As of February 29, 2008
ASSETS
Cash $2,000
Inventory 4,731,774
Accounts receivable 20,029,881
Insider receivables 0
Land & buildings 905,657
Furniture, fixtures & equipment 17,400,984
Accumulated depreciation (7,297,433)
Unbilled tooling (net) 0
Prepaid expenses 8,955
Investment in Trimquest 0
Transaction costs 0
Goodwill 0
Intangible assets (net) 0
Deposits & other assets 1,229,719
-------------
Total Assets $37,011,537
=============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Accounts payable - trade $0
Accounts payable - tooling 0
Wages & salaries 98,919
Taxes payable 0
Accrued interest 0
Accrued liabilities 2,740,663
Intercompany liabilities 1,700,047
-------------
Total postpetition liabilities 4,539,629
-------------
Secured liabilities:
Subject to postpetition collateral or 0
DIP Revolver 0
All other secured liabilities 0
-------------
Total secured liabilities 0
-------------
Prepetition liabilities:
Unsecured liabilities - trade 0
Unsecured liabilities - tooling 0
Priority liabilities - wages & salaries 0
Priority liabilities - taxes 0
Priority liabilities - debt 0
Priority liabilities - interest 0
Unsecured liabilities - accrued 4,581,569
Intercompany liabilities 25,932,119
-------------
Total prepetition liabilities 30,513,688
-------------
Total Liabilities 35,053,317
-------------
Equity:
Owner's capital 0
Other comprehensive income 0
Retained earnings - prepetition 1,142,518
Retained earnings - postpetition 815,702
-------------
Total Equity 1,958,220
-------------
Total Liabilities & Equity $37,011,537
=============
Plastech Frenchtown, Inc.
Statement of Operations
For the Month Ended February 2008
Total sales $8,187,679
Cost of sales 7,371,977
-------------
Gross profit 815,702
-------------
Expenses:
Officers Compensation 0
Salary expenses -- other employees 0
Employee benefits & pensions 0
Payroll taxes 0
Other taxes 0
Rent and lease expense 0
Interest expense 0
Insurance 0
Automobile & truck expense 0
Utilities 0
Depreciation 0
Travel & entertainment 0
Repairs & maintenance 0
Advertising 0
Supplies, office expenses 0
Director fees 0
Contributions 0
Outside services 0
Design recoveries 0
Commissions 0
Tooling 0
-------------
Total expenses 0
Net operating profit 815,702
-------------
Non-operating Income:
Interest income 0
Other income 0
Other income (Trimquest) 0
Non-operating Expenses:
Professional fees 0
Other expenses 0
Other (translation) 0
-------------
Net income $815,702
=============
About Plastech Engineered
Based in Dearborn, Michigan, Plastech Engineered Products, Inc. --
http://www.plastecheng.com/-- is a full-service automotive
supplier of interior, exterior and underhood components. It
designs and manufactures blow-molded and injection-molded plastic
products primarily for the automotive industry. Plastech's
products include automotive interior trim, underhood components,
bumper and other exterior components, and cockpit modules.
Plastech's major customers are General Motors, Ford Motor Company,
and Toyota, as well as Johnson Controls, Inc.
Plastech is a privately held company and is the largest family-
owned company in the state of Michigan. The company is certified
as a Minority Business Enterprise by the state of Michigan.
Plastech maintains more than 35 manufacturing facilities in the
midwestern and southern United States. The company's products are
sold through an in-house sales force.
The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts. The Debtors
chose Jones Day as their special corporate and litigation counsel.
Lazard Freres & Co. LLC serves as the Debtors' investment bankers,
while Conway, MacKenzie & Dunleavy provide financial advisory
services. The Debtors also employed Donlin, Recano & Company as
their claims and noticing agent.
Joel D. Applebaum, Esq., at Clark Hill PLC, represents the
Official Committee of Unsecured Creditors.
As of Dec. 31, 2006, the company's books and records
reflected assets totaling $729,000,000 and total liabilities of
$695,000,000. (Plastech Bankruptcy News, Issue No. 31; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
* * *
As reported in the Troubled Company Reporter on Aug. 11, 2008,
the Debtors have until Sept. 28, 2008, to file a Chapter 11 plan
of reorganization.
PLASTECH ENGINEERED: LDM Files Feb. 2008 Monthly Operating Report
-----------------------------------------------------------------
LDM Technologies, Inc.
Balance Sheet
As of February 29, 2008
ASSETS
Cash $19,000
Inventory 18,769,758
Accounts receivable 67,461,943
Insider receivables 730
Land & buildings 36,508,020
Furniture, fixtures & equipment 133,808,684
Accumulated depreciation (117,884,373)
Unbilled tooling (net) 0
Prepaid expenses 245,084
Investment in Trimquest 0
Transaction costs 0
Goodwill 0
Intangible assets (net) 0
Deposits & other assets 4,348,519
-------------
Total Assets $143,277,365
=============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Accounts payable - trade 0
Accounts payable - tooling 0
Wages & salaries 334,042
Taxes payable 45,143
Accrued interest 0
Accrued liabilities 9,797,313
Intercompany liabilities 505,921
-------------
Total postpetition liabilities 10,682,419
-------------
Secured liabilities:
Subject to postpetition collateral or 0
DIP Revolver 0
All other secured liabilities 0
-------------
Total secured liabilities 0
-------------
Prepetition liabilities:
Unsecured liabilities - trade 0
Unsecured liabilities - tooling 0
Priority liabilities - wages & salaries 0
Priority liabilities - taxes 472,412
Priority liabilities - debt 0
Priority liabilities - interest 0
Unsecured liabilities - accrued 10,712,666
Intercompany liabilities 113,913,587
-------------
Total prepetition liabilities 125,098,665
-------------
Total Liabilities 135,781,084
=============
Equity:
Owner's capital 0
Other comprehensive income 0
Retained earnings - prepetition 4,039,301
Retained earnings - postpetition 3,456,980
-------------
Total Equity 7,496,281
-------------
Total Liabilities & Equity $143,277,365
=============
LDM Technologies, Inc.
Statement of Operations
For the Month Ended February 2008
Total sales $24,117,909
Cost of sales 20,660,928
-------------
Gross profit 3,456,981
-------------
Expenses:
Officers Compensation 0
Salary expenses - other employees 0
Employee benefits & pensions 0
Payroll taxes 0
Other taxes 0
Rent and lease expense 0
Interest expense 0
Insurance 0
Automobile & truck expense 0
Utilities 0
Depreciation 0
Travel & entertainment 0
Repairs & maintenance 0
Advertising 0
Supplies, office expenses 0
Director fees 0
Contributions 0
Outside services 0
Design recoveries 0
Commissions 0
Tooling 0
-------------
Total expenses 0
Net operating profit 3,456,981
-------------
Non-operating Income:
Interest income 0
Other income 0
Other income (Trimquest) 0
Non-operating Expenses:
Professional fees 0
Other expenses 0
Other (translation) 0
------------
Net income $3,456,981
============
About Plastech Engineered
Based in Dearborn, Michigan, Plastech Engineered Products, Inc. --
http://www.plastecheng.com/-- is a full-service automotive
supplier of interior, exterior and underhood components. It
designs and manufactures blow-molded and injection-molded plastic
products primarily for the automotive industry. Plastech's
products include automotive interior trim, underhood components,
bumper and other exterior components, and cockpit modules.
Plastech's major customers are General Motors, Ford Motor Company,
and Toyota, as well as Johnson Controls, Inc.
Plastech is a privately held company and is the largest family-
owned company in the state of Michigan. The company is certified
as a Minority Business Enterprise by the state of Michigan.
Plastech maintains more than 35 manufacturing facilities in the
midwestern and southern United States. The company's products are
sold through an in-house sales force.
The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts. The Debtors
chose Jones Day as their special corporate and litigation counsel.
Lazard Freres & Co. LLC serves as the Debtors' investment bankers,
while Conway, MacKenzie & Dunleavy provide financial advisory
services. The Debtors also employed Donlin, Recano & Company as
their claims and noticing agent.
Joel D. Applebaum, Esq., at Clark Hill PLC, represents the
Official Committee of Unsecured Creditors.
As of Dec. 31, 2006, the company's books and records
reflected assets totaling $729,000,000 and total liabilities of
$695,000,000. (Plastech Bankruptcy News, Issue No. 31; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
* * *
As reported in the Troubled Company Reporter on Aug. 11, 2008,
the Debtors have until Sept. 28, 2008, to file a Chapter 11 plan
of reorganization.
PLASTECH ENGINEERED: LDM Mexico & Canada File February 2008 MOR
---------------------------------------------------------------
LDM Holding Mexico, Inc., and LDM Holding Canada, affiliates of
Plastech Engineered products Inc., declared they have no assets
and liabilities in their Feb. 24, 2008 operating report. They
also disclosed that they had no revenues during the month ended
February 24.
In their monthly cash statements, LDM Mexico and Canada said the
Debtors made made total disbursements totaling $108,899,063 from
various accounts. They made payments totaling $881,108 to
insiders, including compensation totaling $815,811.
About Plastech Engineered
Based in Dearborn, Michigan, Plastech Engineered Products, Inc. --
http://www.plastecheng.com/-- is a full-service automotive
supplier of interior, exterior and underhood components. It
designs and manufactures blow-molded and injection-molded plastic
products primarily for the automotive industry. Plastech's
products include automotive interior trim, underhood components,
bumper and other exterior components, and cockpit modules.
Plastech's major customers are General Motors, Ford Motor Company,
and Toyota, as well as Johnson Controls, Inc.
Plastech is a privately held company and is the largest family-
owned company in the state of Michigan. The company is certified
as a Minority Business Enterprise by the state of Michigan.
Plastech maintains more than 35 manufacturing facilities in the
midwestern and southern United States. The company's products are
sold through an in-house sales force.
The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts. The Debtors
chose Jones Day as their special corporate and litigation counsel.
Lazard Freres & Co. LLC serves as the Debtors' investment bankers,
while Conway, MacKenzie & Dunleavy provide financial advisory
services. The Debtors also employed Donlin, Recano & Company as
their claims and noticing agent.
Joel D. Applebaum, Esq., at Clark Hill PLC, represents the
Official Committee of Unsecured Creditors.
As of Dec. 31, 2006, the company's books and records
reflected assets totaling $729,000,000 and total liabilities of
$695,000,000. (Plastech Bankruptcy News, Issue No. 31; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
* * *
As reported in the Troubled Company Reporter on Aug. 11, 2008,
the Debtors have until Sept. 28, 2008, to file a Chapter 11 plan
of reorganization.
PLASTECH ENGINEERED: MBS Polymet Files Feb. 2008 Operating Report
-----------------------------------------------------------------
MBS Polymet, Inc.
Balance Sheet
As of February 29, 2008
ASSETS
Cash $1,000
Inventory 957,531
Accounts receivable 2,581,005
Insider receivables 0
Land & buildings 1,205,694
Furniture, fixtures & equipment 9,142,036
Accumulated depreciation (7,544,620)
Unbilled tooling (net) 0
Prepaid expenses 0
Investment in Trimquest 0
Transaction costs 0
Goodwill 0
Intangible assets (net) 0
Deposits & other assets 5,875
-------------
Total Assets $6,348,521
-------------
LIABILITIES AND EQUITY
Postpetition Liabilities:
Accounts payable - trade 0
Accounts payable - tooling 0
Wages & salaries 22,893
Taxes payable 9,150
Accrued interest 0
Accrued liabilities 129,223
Intercompany liabilities (208,231)
-------------
Total postpetition liabilities (46,965)
--------------
Secured liabilities:
Subject to postpetition collateral or
DIP Revolver 0
All other secured liabilities 0
-------------
Total secured liabilities 0
-------------
Prepetition liabilities:
Unsecured liabilities - trade 0
Unsecured liabilities - tooling 0
Priority liabilities - wages & salaries 0
Priority liabilities - taxes 63,141
Priority liabilities - debt 0
Priority liabilities - interest 0
Unsecured liabilities - accrued 758,968
Intercompany liabilities 5,231,629
-------------
Total prepetition liabilities 6,053,738
-------------
Total Liabilities 6,006,773
=============
Equity
Owner's capital 0
Other comprehensive income 0
Retained earnings - prepetition 34,092
Retained earnings - postpetition 307,656
-------------
Total Equity 341,748
-------------
Total Liabilities & Equity $6,348,521
=============
MBS Polymet, Inc.
Statement of Operations
For the Month Ended February 29, 2008
Total sales $1,351,457
Cost of sales 1,043,800
------------
Gross profit 307,657
-------------
Expenses:
Officers Compensation 0
Salary expenses -- other employees 0
Employee benefits & pensions 0
Payroll taxes 0
Other taxes 0
Rent and lease expense 0
Interest expense 0
Insurance 0
Automobile & truck expense 0
Utilities 0
Depreciation 0
Travel & entertainment 0
Repairs & maintenance 0
Advertising 0
Supplies, office expenses 0
Director fees 0
Contributions 0
Outside services 0
Design recoveries 0
Commissions 0
Tooling 0
-------------
Total expenses 0
Net operating profit 307,657
-------------
Non-operating Income:
Interest income 0
Other income 0
Other income (Trimquest) 0
Non-operating Expenses: 0
Professional fees 0
Other expenses 0
Other (translation) 0
-------------
Net income $307,657
==============
About Plastech Engineered
Based in Dearborn, Michigan, Plastech Engineered Products, Inc. --
http://www.plastecheng.com/-- is a full-service automotive
supplier of interior, exterior and underhood components. It
designs and manufactures blow-molded and injection-molded plastic
products primarily for the automotive industry. Plastech's
products include automotive interior trim, underhood components,
bumper and other exterior components, and cockpit modules.
Plastech's major customers are General Motors, Ford Motor Company,
and Toyota, as well as Johnson Controls, Inc.
Plastech is a privately held company and is the largest family-
owned company in the state of Michigan. The company is certified
as a Minority Business Enterprise by the state of Michigan.
Plastech maintains more than 35 manufacturing facilities in the
midwestern and southern United States. The company's products are
sold through an in-house sales force.
The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts. The Debtors
chose Jones Day as their special corporate and litigation counsel.
Lazard Freres & Co. LLC serves as the Debtors' investment bankers,
while Conway, MacKenzie & Dunleavy provide financial advisory
services. The Debtors also employed Donlin, Recano & Company as
their claims and noticing agent.
Joel D. Applebaum, Esq., at Clark Hill PLC, represents the
Official Committee of Unsecured Creditors.
As of Dec. 31, 2006, the company's books and records
reflected assets totaling $729,000,000 and total liabilities of
$695,000,000. (Plastech Bankruptcy News, Issue No. 31; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
* * *
As reported in the Troubled Company Reporter on Aug. 11, 2008,
the Debtors have until Sept. 28, 2008, to file a Chapter 11 plan
of reorganization.
PROGRESSIVE MOLDED: Unit Files Schedules of Assets & Liabilities
----------------------------------------------------------------
Progressive Moulded Products, Ltd. delivered its schedules of
assets and liabilities, disclosing:
A. Real Property None
B. Personal Property
B.1 Cash on hand
Petty Cash CAD Non Division Specific $10,529
Petty Cash USD Non Division Specific 993
B.2 Bank Accounts
Canadian Imperial Bank of Commerce
USD Business Account 2,605,044
CAD Business Account (1,947,853)
B.3 Security Deposits None
B.4 Household goods None
B.5 Collectibles None
B.6 Wearing apparel None
B.7 Furs and Jewelry None
B.8 Firearms and other equipment None
B.9 Interests in Insurance Policies None
B.10 Annuities None
B.11 Interests in an education IRA None
B.12 Interests in IRA, ERISA or other Pension Plans None
B.13 Business Interests and stocks None
B.14 Interests in partnerships None
B.15 Government and Corporate Bonds None
B.16 Accounts Receivable
Android Industries 2,223,676
Chrysler Canada Ltd. 10,990,821
Chrysler Corporation 2,634,591
Chrysler Corporation 4,586,711
Ford Motor Company 1,974,708
Ford Motor Company 2,689,638
Ford Motor Company 14,916,975
Ford of Canada 1,224,323
General Motors Corporation 6,611,045
General Motors Corporation 9,400,441
General Motors of Canada 2,398,859
Inteva Products, LLC 3,279,793
Trimquest 1,836,535
Others 7,392,839
B.17 Alimony None
B.18 Other Liquidated Debts None
B.19 Equitable or Future Interests None
B.20 Interests in estate of a debt benefit plan None
B.21 Other Contingent & Unliquidated claims None
B.22 Patents and other intellectual property 280,000
B.23 Licenses, franchises, and other intangibles None
B.24 Customer lists or other compilations None
B.25 Vehicles 21,760
B.26 Boats, motors, and accessories None
B.27 Aircraft and accessories None
B.28 Office equipment, furnishings and supplies
Computer Equipment-20VV 109,911
Computer Equipment-21GR 76,244
Computer Equipment-AE-SS 563,207
Computer Equipment-CORP 1,258,550
Office Equipment-125VB 109,311
Others 874,882
B.29 Machinery
Plant & Equipment-125VB 2,729,909
Plant & Equipment-20VV 5,850,526
Plant & Equipment-21GR 6,633,223
Plant & Equipment-61RG 5,783,197
Plant & Equipment-9010B 1,836,835
Plant & Equipment-9024A 7,283,775
Plant & Equipment-9040A 5,238,237
Others 6,236,860
B.30 Inventory
Raw Material - 125VB 1,754,930
Raw Material - 20VV 1,224,749
Raw Material - 21GR 2,124,369
Raw Material - 9020B 1,058,309
Raw Material - 9024A 2,027,002
Raw Material - 9030A 1,221,081
Raw Material - 61RG 725,618
Raw Material - 9040B 491,670
Raw Material - 9040A 3,114,832
Others 5,376,200
B.31 Animals None
B.32 Crops None
B.33 Farming Equipments and implements None
B.34 Farm supplies, chemicals, and feed None
B.35 Other Personal Property None
TOTAL SCHEDULED ASSETS $136,834,855
==========================================================
C. Property Claimed as Exempt None
D. Secured Claim
CIT Financial Ltd $1,540,030
HSBC 716,036
JPMorgan ChaseBank, Agent 24,900,000
JPMorgan ChaseBank, Agent 20,400,000
JPMorgan ChaseBank, Agent 11,951,712
JPMorgan ChaseBank, Agent 219,686,952
Relational Capital Lease 5,988,829
Wells Fargo Bank, Agent 31,571,083
E. Unsecured Priority Claims
Employee Vacation Pay 2,677,993
Employee Wages 1,614,030
GST Payable 615,539
Statutory Payroll Taxes 138,324
F. Unsecured Non-priority Claims
GS Mezzanine Partners III Offshore Fund,L.P. 38,655,637
JPMorgan Chase Bank 35,200,000
MG Stratum Fund III, L.P. 20,052,455
GS Mezzanine Partners III Onshore Fund,L.P. 115,737,726
Others 58,021,906
TOTAL SCHEDULED LIABILITIES $589,468,250
==========================================================
About Progressive Molded
Ontario, Canada-based Progressive Molded Products Inc. -- designs
and manufactures component parts for General Motors Corp., Ford
Motor Company and Chrysler, LLC. Its interior automotive
subsystems are used for the "Big Three" automakers' top-selling
platforms, including lightweight trucks, SUVs, mini-vans, cross-
over vehicles, and passenger cars.
The company and three of its affiliates filed for creditor
protection under Chapter 11 of the U.S. Bankruptcy Code before the
United States Bankruptcy Court for the District of Delaware on
June 20, 2008 (Lead Case No. 08-11253). Kelley A. Cornish, Esq.
and Brian S. Hermann, Esq. at Paul, Weiss, Rifkind Wharton &
Garrison LLP and Pauline K. Morgan, Esq., Joseph M. Barry, Esq.,
and Donald J. Bowman, Jr., Esq. at Young, Conaway, Stargatt &
Taylor represent the Debtors in their restructuring efforts.
The Progressive Molded Products entities also commenced parallel
restructuring proceedings under the Companies' Creditors
Arrangement Act before the Ontario Superior Court of Justice
(Commercial List) on June 20. Sheryl E. Seigel, Esq. and Alex A.
Ilchenko, Esq. at Lang Michener LLP are their solicitors. Alex F.
Morrison at Ernst & Young, Inc., has been appointed CCAA monitor
and Kevin J. Zych, Esq. at Bennett Jones LLP serves as his
solicitor.
PROGRESSIVE MOLDED: THL-PMPL Files Schedules of Assets and Debts
----------------------------------------------------------------
THL-PMPL Holding Corp. delivered to the Court its schedules of
assets and liabilities, disclosing:
A. Real Property None
B. Personal Property
B.1 Cash on Hand None
B.2 Bank Accounts None
B.3 Security deposits None
B.4 Households goods None
B.5 Collectibles None
B.6 Wearing apparel None
B.7 Furs and jewelry None
B.8 Firearms and other equipment None
B.9 Interests in insurance policies None
B.10 Annuities None
B.11 Interests in an education IRA None
B.12 Interests in other pension plans None
B.13 Business interests and stocks
100% Ownership of Progressive
Moulded Products, Limited $332,541,344
B.14 Interests in partnerships/joint ventures None
B.15 Government and corporate bonds None
B.16 Accounts Receivable None
B.17 Alimony None
B.18 Other liquidated debts owed to Debtor None
B.19 Equitable or future interests None
B.20 Interests in estate debt benefit plan None
B.21 Other contingent and unliquidated claims None
B.22 Patents, copyrights, and others None
B.23 Licenses, franchises, and other intangibles None
B.24 Customer lists or other compilations None
B.25 Vehicles None
B.26 Boats, motors, and accessories None
B.27 Aircraft and accessories None
B.28 Office equipment, furnishings, and supplies None
B.29 Machinery, fixtures, and equipment None
B.30 Inventory None
B.31 Animals None
B.32 Crops None
B.33 Farming equipment and implements None
B.34 Farm supplies, chemicals, and feed None
B.35 Other personal property None
TOTAL SCHEDULED ASSETS $332,541,344
==========================================================
C. Priority Claimed as Exempt None
D. Secured Claims None
E. Unsecured Priority Claims None
F. Unsecured Non-priority claims
Progressive Moulded Products
re 2004 - 2006 legal fees $63,186
TOTAL SCHEDULED LIABILITIES $63,186
==========================================================
About Progressive Molded
Ontario, Canada-based Progressive Molded Products Inc. -- designs
and manufactures component parts for General Motors Corp., Ford
Motor Company and Chrysler, LLC. Its interior automotive
subsystems are used for the "Big Three" automakers' top-selling
platforms, including lightweight trucks, SUVs, mini-vans, cross-
over vehicles, and passenger cars.
The company and three of its affiliates filed for creditor
protection under Chapter 11 of the U.S. Bankruptcy Code before the
United States Bankruptcy Court for the District of Delaware on
June 20, 2008 (Lead Case No. 08-11253). Kelley A. Cornish, Esq.
and Brian S. Hermann, Esq. at Paul, Weiss, Rifkind Wharton &
Garrison LLP and Pauline K. Morgan, Esq., Joseph M. Barry, Esq.,
and Donald J. Bowman, Jr., Esq. at Young, Conaway, Stargatt &
Taylor represent the Debtors in their restructuring efforts.
The Progressive Molded Products entities also commenced parallel
restructuring proceedings under the Companies' Creditors
Arrangement Act before the Ontario Superior Court of Justice
(Commercial List) on June 20. Sheryl E. Seigel, Esq. and Alex A.
Ilchenko, Esq. at Lang Michener LLP are their solicitors. Alex F.
Morrison at Ernst & Young, Inc., has been appointed CCAA monitor
and Kevin J. Zych, Esq. at Bennett Jones LLP serves as his
solicitor.
PROPEX INC: Submits June 2008 Monthly Operating Report
------------------------------------------------------
Propex Inc.
Unaudited Condensed Consolidated Balance Sheet
As of June 29, 2008
ASSETS
Current Assets:
Cash and cash equivalents $31,900,000
Restricted Cash 700,000
Accounts receivable, net 106,900,000
Accounts receivable claims – prepetition -
Inventories, net 131,800,000
Deferred income taxes 8,700,000
Prepaid expenses and other current assets 27,500,000
Assets held for sale 7,400,000
-----------
Total current assets 314,900,000
Other assets:
Goodwill -
Intangible assets, net 17,100,000
Deferred income taxes -
Investment in subsidiaries -
Intercompany notes receivable -
Other assets 7,100,000
-----------
Property, plant and equipment, net 223,600,000
-----------
Total assets $562,700,000
===========
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Prepetition
Accounts payable $8,100,000
Accrued liabilities 1,300,000
Current portion of debt and accrued interest 382,200,000
Accrued pension obligations -
Restructuring and other similar costs 700,000
Other current liabilities 200,000
Postpetition
Accounts payable 32,700,000
Accrued liabilities 22,900,000
Current portion of debt and accrued interest 35,600,000
Accrued pension obligations -
Restructuring and other similar costs 500,000
Other current liabilities 1,700,000
-----------
Total current liabilities 485,900,000
Non-current liabilities:
Prepetition
Accrued pension and other postretirement
benefit liabilities 24,700,000
Other non-current liabilities -
Postpetition
Intercompany notes payable -
Debt, less current portion -
Deferred income taxes 11,300,000
Accrued pension and other postretirement
benefit liabilities 28,400,000
Other non-current liabilities 1,400,000
----------
Total non-current liabilities 65,800,000
Total stockholder's equity:
Common stock -
Paid In capital 96,300,000
Accumulated other comprehensive income 27,400,000
Retained earnings - prior year (88,300,000)
Retained earnings - current year (24,400,000)
-----------
Total stockholder's equity 11,000,000
-----------
Total liabilities and stockholder's equity $562,700,000
===========
Propex Inc.
Unaudited Condensed Consolidated Statements of Operations
For Month Ended June 29, 2008
Net revenue $56,700,000
Cost of sales 51,200,000
-----------
Gross profit 5,500,000
Operating expenses:
Selling, general and administrative 5,400,000
Other expense, net 200,000
Add Back Depreciation and amortization 2,200,000
EBITDA 2,100,000
Depreciation & Amortization 2,200,000
Interest expense 1,100,000
Restructuring and similar costs 500,000
Non-cash pension and other expense 100,000
Other non-operating expense(income)
Impairment of other intangibles -
Impairment of property, plant and equipment -
Pension curtailment(gain), net of settlement loss -
Debt forgiveness -
Other -
Equity(income) loss from sub-earnings -
Income (loss) before income taxes (1,800,000)
Income tax provision 700,000
------------
Net income (loss) ($2,500,000)
============
Propex Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
For Month Ended June 29, 2008
Cash Flows from Operating Activities:
Net income(loss) ($2,500,000)
Adjustments to reconcile, net income to net
cash provided by used in operating activities:
Depreciation and amortization 2,200,000
Non-cash interest on debt (700,000)
Amortization of bank fees -
Net gain on dispositions of property and equipment -
Stock-based compensation -
Impairment of property, plant and equipment -
Impairment of goodwill -
Impairment of intangibles -
Pension and post-retirement benefit cost 200,000
Deferred income taxes -
Changes in operating assets and liabilities
Decrease(increase) in assets-prepetition (100,000)
Decrease(increase) in assets-postpetition 1,700,000
(Decrease)increase in liabilities-prepetition (400,000)
(Decrease)increase in liabilities postpetition 4,400,000
-----------
Net cash provided by operating activities 4,800,000
Cash flows from investing activities
Capital expenditures (1,500,000)
Proceeds from sale of property and equipment -
Acquisition of business -
-----------
Net cash used in investing activities (1,500,000)
Cash flows from financing activities
Payments of long-term debt principal -
Proceeds from issuance of debt 300,000
Debt issuance costs -
Dividends -
Net receipts from unconsolidated parent company -
Net payments of affiliate debt -
-----------
Net cash provided by financing activities 300,000
Effect of changes in foreign exchange rates
on cash and cash equivalents 200,000
-----------
Change in cash and cash equivalent 3,800,000
Cash and cash equivalents - beginning period 28,100,000
-----------
Cash and cash equivalents - end period $31,900,000
===========
About Propex
Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber. It also produces
primary and secondary carpet backing. Propex operates in North
America, Europe, and Brazil.
The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249). The Debtors have selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them. The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.
As of Sept. 30, 2007, the Debtors' balance sheet showed total
assets of $585,700,000, and total debts of $527,400,000. The
Debtors' exclusive period to file a plan of reorganization will
expire on Aug. 21, 2008.
(Propex Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
REUNION INDUSTRIES: Earns $36,000 in Month Ended May 31, 2008
-------------------------------------------------------------
Reunion Industries, Inc. earned $36,000 and generated $1,719,000
in net sales for the month of May 2008.
As of May 31, 2008, the Debtor had $34,069,000 in total assets,
$18,911,000 in total liabilities, and $15,158,000 in stockholders'
equity.
A full-text copy of the Debtor's May 2008 monthly operating report
is available for free at http://ResearchArchives.com/t/s?3177
About Reunion Industries
Headquartered in Pittsburgh, Pennsylvania, Reunion Industries,
Inc. owns and operates industrial manufacturing operations that
design and manufacture engineered, high quality products for
specific customer requirements. These products include large
diameter seamless pressure vessels, manufactured by its CP
Industries division, and hydraulic and pneumatic cylinders,
manufactured by its Hanna Cylinders division. In addition,
the Debtor has a 65% interest in Shanghai Klemp Metal Products
Co., Ltd., a Chinese company located in Shanghai, China.
Shanghai Klemp manufactures metal bar grating.
Reunion Industries filed for chapter 11 protection on Nov. 26,
2007 (Bankr. D. Conn. Case No. 07-50727). Two Reunion Industries
stockholders, Charles E. Bradley, Sr. Family, L.P., and John Grier
Poole Family, L.P., filed separate chapter 11 petitions on the
same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726). Carol
A. Felicetta, Esq. at Reid and Riege, P.C.s represents the Debtors
in their restructuring efforts.
S & A RESTAURANT: Files Schedules of Assets and Debts
-----------------------------------------------------
S & A Restaurant Corp. and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the Eastern District of Texas, its schedules of
assets and liabilities, disclosing:
A. Real Property None
B. Personal Property
B.1 Cash on hand None
B.2 Bank Accounts
JP Morgan Chase Bank 656525235 1,455,188
JP Morgan Chase Bank 656525227 251,672
JP Morgan Chase Bank 649664208 200,125
Others 176,099
B.3 Security Deposits
Utility Deposit
Atmos Energy/781008 6,655
AEP/24421 Public Service Co. of OK 6,116
Tri-County Electric Cooperative/TX 3,200
City of Tulsa, OK 2,500
City of Wichita Falls, TX 2,200
TECO: People's Gas 2,050
Public Works Comm. City of Fayetteville 1,200
City of Petersburg, FL 1,165
Regional Water Authority, CT 300
City of Southlake, TX 50
B.4 Household goods None
B.5 Collectibles None
B.6 Wearing apparel None
B.7 Furs and jewelry None
B.8 Firearms and sports equipment None
B.9 Interests in Insurance Policies
ACE American Insurance Co. -
Workers' Compensation WLRC44471553 Unknown
ACE American Insurance Co. -
Workers' Compensation WCUC44471589 Unknown
ACE American Insurance Co. -
Workers' Compensation SCFC44471577 Unknown
ACE American Insurance Co. - Automobile Unknown
ACE American Insurance Co. - Gen. Liability Unknown
ACE American Insurance Co. - Liquor Liability Unknown
American Home Assurance Co. -
Kidnap & Ransom Unknown
Brickstreet Insurance - Workers' Compensation Unknown
BWC (Ohio) - Workers' Compensation Unknown
Illinois Union Ins. Co - Employers Excess
Indemnity - Texas Unknown
National Union Fire of PA - Crime Unknown
B.10 Annuities None
B.11 Interests in an education IRA as defined in
26 U.S.C. Section 530(b)(1) None
B.12 Interests in IRA, ERISA, Keogh, or other
Pension or profit-sharing plans None
B.13 Business Interests and stocks None
B.14 Interests in partnerships Undetermined
B.15 Government and Corporate Bonds None
B.16 Accounts Receivable None
B.17 Alimony, maintenance, support, and
property settlements debtor is entitled to None
B.18 Other Liquidated Debts None
B.19 Equitable or future interests, life estates,
and rights or powers exercisable for the
debtor's benefit None
B.20 Contingent and noncontingent interests in
estate of a decedent, death benefits plan,
life insurance policy, or trust None
B.21 Other contingent and unliquidated claims
Olaf Kolzig, et al., Undetermined
B.22 Patents, copyrights, and other
intellectual property Undetermined
B.23 Licenses, franchises, and other
general intangibles None
B.24 Customer lists or other compilations None
B.25 Vehicles None
B.26 Boats, motors and accessories None
B.27 Aircraft and accessories None
B.28 Office equipment, furnishings and supplies
POS-Great 31,944
Patronix Gift 14,040
P-8722 37 21,802
Furniture 71,916
HP Color Laserjet 3,068
Office Furniture 1,786
Laptop for Kim 1,704
Laptops-F.Malsch 1,603
Additional 1,388
Laptop DON 1,059
Laptop Doris 1,049
Laptop Sheryl 1,039
Laptop for Keith 1,036
Laptop-Barbara 1,032
Laptop Joe 1,029
Others 38,042
B.29 Machinery None
B.30 Inventory None
B.31 Animals None
B.32 Crops - growing or harvested None
B.33 Farming equipment and implements None
B.34 Farm supplies, chemicals, and feed None
B.35 Other Personal Property None
TOTAL SCHEDULED ASSETS $2,302,057
==========================================================
C. Property Claimed as Exempt None
D. Secured Claims
Secured Debt
Fortress $11,110,490
MBM (Contingent & Unliquidated) 2,500,000
MMCo 4,400,000
MMCO 3,602,000
Letters of Credit
JPMorgan Chase - New York Unliquidated
Mechanics Liens (Contingent, Unliqu. and Disputed)
Materna's Maintenance, Inc. 71,541
A to Z Heating & Cooling, Inc. 12,887
Dolan Mechanical - STK 4721 6,465
One Hour Heating and Air - Pondo 3962 6,250
REB Air Conditioning - Bennigan's 1055 5,903
REB Air Conditioning - Bennigan's 1063 5,800
Roto Rooter 1,604
E. Unsecured Priority Claims
Priority Tax Claims -
All Tax Liabilities Undetermined
Priority Claims - Customer Gift Cards Undetermined
F. Unsecured Non-priority Claims
Accounts Payable
MBM Corporation 3,414,939
Dallas Value Inc. 256,253
Blanks Printing & Imaging 214,363
Myspace.com 192,380
Time Warner Cable Media Sales 176,161
Prakticus Texas Inc. 171,531
Comcast of Florida/Illinois/Michigan, Inc. 168,929
Comcast Spotlight Inc. 144,998
REPCO Graphics 144,992
Nies Artcraft Inc. 127,723
Air International Business 119,181
AICCO Inc. 111,473
Spot Runner Inc. 101,641
Morven Industries Inc. 92,444
F.I.R.S.T. Service Corp. 88,509
National Glass & Gate Service 84,015
Sights on Service Inc. 83,408
CB Richard Ellis Inc. 78,000
NCL Graphic Specialities Inc. 76,341
McGladrey & Pullen LLP 75,000
Box Holdings, LLC 68,902
Donnelley Receivables Inc. 66,050
Granite Telecommunications LLC 65,688
Others 7,458,192
<http://bankrupt.com/misc/S&A_AccountsPayable.pdf>
Litigation Claims and Disputes
Michael S. Kaufman, former employee,
seeking $966,000 under
MRG Equity Growth Plan Undetermined
Nina Ashley, seeking P.I. Claim Undetermined
Patricia Upson, seeking P.I. Claim Undetermined
Prakticus, Texas, Inc., for claims
for unpaid clothing and
promotional items Undetermined
RHEC Associates, Ltd. Undetermined
RHEC Associates, Ltd. Undetermined
RUTH Moten Undetermined
Shelly Turner Undetermined
Other Unsecured Debt
Metromedia Company and Trust dated
as of May 30, 1984 76,956,455
Affliated Computer Services 1,905,750
Guarantors for real estate
S&A Fee Properties SPE 1, L.L.C.
(Contingent and Unliquidated)
Miami/Kendall 2,277,802
Tallahassee Apalachee Bend 1,532,324
Chicago Calumet River Oak 1,464,802
Brandon Bennigan's 1,394,715
Bethlehem 1,373,690
Beaumont Calder 1,267,114
S&A Fee Properties SPE 2, L.L.C.
Chicago Ridgeland Bennigan's 1,745,145
Austin Lampasas 1,485,827
Fort Worth Arlington 1,475,314
Albuquerque 1,369,878
Springfield Baltimore Pike 1,317,620
Normal/Bloomington 1,254,542
Tyler Troup 1,117,872
Intercompany payable
S&A Fee Properties SPE 1, L.L.C. 1,139,154
Others 26,445,350
<http://bankrupt.com/misc/S&A_OtherSecuredDebts.pdf>
TOTAL SCHEDULED LIABILITIES $159,432,691
==========================================================
Motion to Extend Deadline to File Schedules
Certain of debtors in the bankruptcy cases of S & A Restaurant Corp.
and its debtor-affiliates, filed their schedules and statements
August 21. The Debtors sought extensions to August 18, then to
August 21, of the deadline.
J. Michael Sutherland, Esq., at Carrington, Coleman, Soleman &
Blumenthal, L.L.P., said that although every effort has been made
to complete the Schedules and Statements by the original deadline
AlixPartners LLP has had great difficulty accessing information
required to complete the Schedules and Statements. AlixPartners
was finalizing some or all of the Schedules and Statements while
the Debtors' officers are reviewing and approving them.
The first meeting of creditors of the Debtors is set August 29, 2008.
About S & A Restaurant
Based in Plano, Tex., S & A Restaurant Corp. --
http://www.metrogroup.com,http://www.steakandale.com,
http://www.steakandalerestaurants.com,http://www.bennigans.com/
-- and other affiliated entities operate the Bennigan's Grill &
Tavern, and the Steak & Ale restaurant chains under the Metromedia
Restaurant Group. Bennigan's Grill & Tavern is a chain of more
than 310 pub-themed restaurants offering sandwiches and burgers,
as well as ribs, steaks, and seafood. The Steak & Ale chain
offers a broader menu set in the atmosphere of an 18th century
English country inn. The Metromedia Restaurant Group, a unit of
closely held conglomerate Metromedia Company, is one of the
world's leading multi-concept table-service restaurant groups,
with more than 800 Bennigan's(R), Bennigan's SPORT(TM), Steak and
Ale(R), Ponderosa Steakhouse(R) and Bonanza(TM) Steakhouse
restaurants in the United States and abroad. MRG's annual U.S.
sales are estimated at $1,000,000,000.
S & A Restaurant and 38 of its affiliates filed Chapter 7 petition
under the U.S. Bankruptcy Code on July 29, 2008 (Bankr. E.D. Tex.
Case No. 08-41898). J. Michael Sutherland, Esq. at Carrington
Coleman Sloman & Blumenthal, is the Debtors counsel. Michelle H.
Chow was appointed Chapter 7 bankruptcy trustee in the case.
(Bennigan's and Steak & Ale Bankruptcy News, Issue No. 4;
Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
WELLMAN INC: Submits June 2008 Operating Report
-----------------------------------------------
Wellman, Inc.
Condensed Consolidated Balance Sheet
(Unaudited)
As of June 30, 2008
Current assets:
Cash and cash equivalents $2,600,000
Accounts receivable 151,000,000
Inventories 81,500,000
Prepaid expenses and other current assets 28,800,000
Current assets held for sale -
------------
Total current assets 263,900,000
Property, plant and equipment:
Land, buildings and improvements 90,400,000
Machinery and equipment 339,700,000
CIP 4,700,000
------------
434,800,000
Less accumulated depreciation 197,800,000
------------
Net property, plant and equipment 237,000,000
Other assets 11,500,000
Noncurrent assets held for sale -
------------
Total Assets $512,400,000
============
LIABILITIES & STOCKHOLDERS' DEFICIT
Liabilities Not Subject to Compromise
Current Liabilities:
Accounts payable - trade 1,200,000
Accrued liabilities 21,500,000
Debtor-in-possession credit agreement 138,600,000
Other debt -
Current liabilities associated with assets
held for sale -
------------
Total current liabilities 161,300,000
Liabilities subject to compromise 531,500,000
Long-term debt -
Deferred income taxes and other noncurrent
liabilities 37,700,000
Noncurrent liabilities associated w/ assets
held for sale -
------------
Total Liabilities 730,500,000
Stockholders' Deficit:
Common stock -
Preferred stock 185,700,000
Paid-in capital 248,300,000
Common stock warrants 4,900,000
Accumulated other comprehensive loss -
Accumulated deficit (607,500,000)
Less common stock in treasury (49,500,000)
------------
Total Stockholders Deficit (218,100,000)
------------
$512,400,000
============
Wellman, Inc.
Consolidated Statements of Operations
(Unaudited)
For the Month Ended June 30, 2008
Net Sales $101,500,000
Cost of Sales 101,000,000
------------
Gross Profit (Loss) 500,000
Selling, General and Administrative Expenses 2,200,000
Other (Income) Loss 0
------------
Operating Income (Loss) (1,700,000)
Interest Expense, Net 1,000,000
------------
Earnings (loss) from continuing operations
before reorganization items and income taxes (2,700,000)
Reorganization Items, Net 2,400,000
------------
Earnings (loss) from continuing operations
before income taxes (5,100,000)
Income tax expense (benefit) 0
------------
Earnings (loss) from continuing operations (5,100,000)
Earnings (loss) from discontinued operations,
net of tax 0
------------
Net Earnings (Loss) ($5,100,000)
============
Wellman, Inc.
Simplified Statement of Cash Flows
(Unaudited)
For the Month Ended June 30, 2008
Cash flow from operating activities:
Net earnings (loss) ($5,100,000)
Adjustments to reconcile net earnings (loss) to
net cash used in operating activities:
Loss from discontinued operations, net of tax 0
Depreciation 1,100,000
Amortization 1,400,000
Amortization in interest expense 400,000
Deferred taxes on income 0
Reorganization Items 2,400,000
Payment of reorganization items (2,700,000)
Gain on sale of assets 0
Changes in assets and liabilities:
Accounts receivable 6,000,000
Inventories 21,100,000
Prepaid expenses and other current assets 6,200,000
Other assets (400,000)
Accounts payable and accrued liabilities (5,000,000)
Other liabilities 600,000
Other 0
------------
Net cash provided (used) by operating activities $26,000,000
Cash flows from investing activities:
Additions to property, plant and equipment (net) (300,000)
Proceeds from sale of assets 0
------------
Net cash used by investing activities (300,000)
Cash flows from financing activities:
Borrowings (repayments) of long-term debt (35,500,000)
Dividends paid on common stock 0
Debt and equity issuance costs (600,000)
------------
Net cash provided (used) by financing activities (36,100,000)
Discontinued Operations:
Operating activities 0
Investing activities 0
Financing activities 0
------------
Net cash provided (used) by discontinued
operations 0
------------
Increase (decrease) in cash and cash (10,400,000)
Cash and cash equivalents, beginning 13,000,000
------------
Cash and cash equivalents, end $2,600,000
============
According to Wellman, the $4,100,000 decrease in gross profit --
from $4,600,000 in May to $500,000 in June -- was attributable to
a decrease in the chemical-based segment.
Current Raw Material Margin decreased by about $1,900,000 because
raw material costs increased more than the current selling
prices. This decrease was more than offset by the FIFO method of
accounting for inventory, which resulted in $3,600,000 of lower
raw material costs from prior months being charged against
current month's selling prices.
In June, chemical sales volumes increase by about 3,800,000
pounds. Additionally, May's gross profit was favorably impacted
by $6,000,000 due to developments associated with pending
litigation and favorable plant costs which did not impact
June's results. SG&A costs remained unchanged (about $2,200,000
in May and June). Other income decreased by $100,000 because
anti-dumping proceeds received in May were not recurring in June.
As a result, Wellman reported an operating loss of $1,700,000 in
June compared to operating income of $2,500,000 in May. Interest
expense was $1,000,000 in May and June. Interest expense was
calculated only on the amount borrowed under the Debtor-in-
Possession Credit Agreement.
Reorganization costs, which consisted primarily of legal fees
related to the Chapter 11 filing, were $2,400,000 in June
compared to $2,600,000 in May. As a result, Wellman's net loss
was $5,100,000 in June compared to $1,100,000 for May 2008.
The balance sheet at June 30, 2008, reflected $138,600,000 in
borrowings under the DIP Credit Agreement and $2,600,000 in cash
and cash equivalents. The total borrowed at June 30, net of cash
on hand, was $25,100,000 lower than in May.
Due to liquidity constraints, accounts receivable, inventories
and prepaid expenses decreased by $6,000,000, $21,100,000, and
$5,800,000, respectively. In addition, accounts payable and
accrued liabilities decreased by $4,300,000.
About Wellman
Headquartered in Fort Mill, South Carolina, Wellman Inc. ([OTC]:
WMANQ.OB) -- http://www.wellmaninc.com/-- manufactures and
markets packaging and engineering resins used in food and
beverage packaging, apparel, home furnishings and
automobiles. They manufacture resins and polyester staple fiber
a three major production facilities.
The company and its debtor-affiliates filed for Chapter 11
protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No.
08-10595). Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP,
in New York City, represents the Debtors. Lazard Freres & Co.,
LLC, acts as the Debtors' financial advisors and investment
bankers. Conway, Del Genio, Gries & Co., LLC, was also retained
as the Debtors' chief restructuring advisor.
The United States Trustee for Region 2 has appointed seven members
to the Official Committee of Unsecured Creditors. Mark R.
Somerstein, Esq., at Ropes & Gray LLP, serves as the Committee's
bankruptcy counsel. FTI Consulting, Inc., acts as the panel's
financial advisors.
Wellman Inc., in its bankruptcy petition, listed total assets
of $124,277,177 and total liabilities of $600,084,885, as of
Dec. 31, 2007, on a stand-alone basis. Debtor-affiliate ALG,
Inc., listed assets between $500 million and $1 billion on a
stand-alone basis at the time of the bankruptcy filing.
Debtor-affiliates Fiber Industries Inc., Prince Inc., and
Wellman of Mississippi Inc., listed assets between $100 million
and $500 million at the time of their bankruptcy filings.
On a consolidated basis, Wellman Inc., and its debtor-affiliates
listed $512,400,000 in total assets and $730,500,000 in
liabilities as of June 30, 2008.
Wellman filed a restructuring plan before the Bankruptcy Court on
June 25, 2008.
(Wellman Bankruptcy News, Issue No. 20; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
WELLMAN INC: Submits July 2008 Operating Report
-----------------------------------------------
Wellman, Inc.
Condensed Consolidated Balance Sheet
(Unaudited)
As of July 31, 2008
Current assets:
Cash and cash equivalents $1,400,000
Accounts receivable 130,100,000
Inventories 73,700,000
Prepaid expenses and other current assets 27,400,000
Current assets held for sale -
------------
Total current assets 232,600,000
Property, plant and equipment:
Land, buildings and improvements 90,400,000
Machinery and equipment 339,900,000
CIP 4,600,000
------------
434,900,000
Less accumulated depreciation 198,600,000
------------
Net property, plant and equipment 236,300,000
Other assets 11,600,000
Noncurrent assets held for sale -
------------
Total Assets $480,500,000
============
LIABILITIES & STOCKHOLDERS' DEFICIT
Liabilities Not Subject to Compromise
Current Liabilities:
Accounts payable — trade $500,000
Accrued liabilities 23,800,000
Debtor in possession credit agreement 116,900,000
Other debt -
Current liabilities associated with assets
held for sale -
------------
Total current liabilities 141,200,000
Liabilities subject to compromise 531,900,000
Long-term debt -
Deferred income taxes and other noncurrent
liabilities 37,800,000
Noncurrent liabilities associated with
assets held for sale -
------------
Total Liabilities 710,900,000
Stockholders' Deficit:
Common stock —
Preferred stock 185,700,000
Paid-in capital 248,500,000
Common stock warrants 4,900,000
Accumulated other comprehensive loss —
Accumulated deficit (620,000,000)
Less common stock in treasury (49,500,000)
------------
Total Stockholders Deficit (230,400,000)
------------
$480,500,000
============
Wellman, Inc.
Consolidated Statements of Operations
(Unaudited)
For the Month Ended July 31, 2008
Net Sales $86,200,000
Cost of Sales 91,200,000
------------
Gross Profit (Loss) (5,000,000)
Selling, General and Administrative Expenses 2,400,000
Other (Income) Loss 0
------------
Operating Income (Loss) (7,400,000)
Interest Expense, Net 1,200,000
------------
Earnings (Loss) from continuing operations
before reorganization items and income taxes (8,600,000)
Reorganization Items, Net 3,900,000
------------
Earnings (loss) from continuing operations
before income taxes (12,500,000)
Income tax expense (benefit) 0
------------
Earnings (loss) from continuing operations (12,500,000)
Earnings (loss) from discontinued operations,
net of tax 0
------------
Net Earnings (Loss) ($12,500,000)
============
Wellman, Inc.
Simplified Statement of Cash Flows
(Unaudited)
For the Month Ended July 31, 2008
Cash flow from operating activities:
Net earnings (loss) ($12,500,000)
Adjustments to reconcile net earnings (loss) to
net cash used in operating activities:
Loss from discontinued operations, net of tax 0
Depreciation 1,000,000
Amortization 1,400,000
Amortization in interest expense 600,000
Deferred taxes on income 0
Reorganization Items 3,900,000
Payment of reorganization items (2,000,000)
Gain on sale of assets 0
Changes in assets and liabilities:
Accounts receivable 20,900,000
Inventories 7,800,000
Prepaid expenses and other current assets (500,000)
Other assets (100,000)
Accounts payable and accrued liabilities 200,000
Other liabilities (0)
Other 0
------------
Net cash provided (used) by operating activities 20,700,000
Cash flows from investing activities:
Additions to property, plant and equipment (net) (200,000)
Proceeds from sale of assets 0
------------
Net cash used by investing activities (200,000)
Cash flows from financing activities:
Borrowings (Repayments) of long-term debt (21,700,000)
Dividends paid on common stock 0
Debt and equity issuance costs 0
------------
Net cash provided (used) by financing activities (21,700,000)
Discontinued Operations:
Operating activities 0
Investing activities 0
Financing activities 0
------------
Net cash provided (used) by discontinued
operations 0
Increase (decrease) in cash and cash (1,200,000)
Cash and cash equivalents, beginning 2,600,000
------------
Cash and cash equivalents, end $1,400,000
============
According to Wellman, the $5,500,000 decrease in gross profit --
from a profit of $500,000 in June to a loss of $5,000,000 in July
-- was primarily attributable to a decrease in the gross profit
of the chemical-based segment.
In July, the chemical-based segment's sales volumes decreased by
about 24,000,000 pounds due primarily to liquidity constraints.
Wellman recorded a lower of cost or market reserve of about
$3,000,000 in July due to raw material costs reaching the highest
levels of the year and then declining in early August. The
remaining decrease in gross profit in July is principally due to
unabsorbed costs resulting from lower production, including the
shutdowns of certain fiber lines. As a result, Wellman reported
an operating loss of $7,400,000 in July, compared to a $1,700,000
operating loss in June. Interest expense was $1,200,000 in July
and $1,000,000 in June. Interest expense was calculated only on
the amount borrowed under Wellman's DIP Credit Agreement.
Reorganization costs, which consisted primarily of legal fees
related to the Chapter 11 filing, increased to $3,900,000 in
July, compared to $2,400,000 in June. As a result, Wellman's net
loss was $12,500,000 in July, compared to $5,100,000 for June
2008.
Wellman's current assets decreased by about $31,000,000,
primarily as a result of lower accounts receivable and inventory,
all as a result of a plan to lower debt and maintain liquidity.
The balance sheet at July 31, 2008, reflected $116,900,000 in
borrowings under the DIP Facility. This is $21,700,000 lower
than the comparable net amount in June.
Net cash flows from operations were $20,700,000, which is lower
than the $26,000,000 provided by operations in June, as a result
of a higher net loss. This resulted in debt repayments of
$21,700,000 in July and $57,200,000 for June and July. Wellman
paid $2,000,000 and $2,700,000 in July and June, respectively,
for reorganization items.
About Wellman
Headquartered in Fort Mill, South Carolina, Wellman Inc. ([OTC]:
WMANQ.OB) -- http://www.wellmaninc.com/-- manufactures and
markets packaging and engineering resins used in food and
beverage packaging, apparel, home furnishings and
automobiles. They manufacture resins and polyester staple fiber
a three major production facilities.
The company and its debtor-affiliates filed for Chapter 11
protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No.
08-10595). Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP,
in New York City, represents the Debtors. Lazard Freres & Co.,
LLC, acts as the Debtors' financial advisors and investment
bankers. Conway, Del Genio, Gries & Co., LLC, was also retained
as the Debtors' chief restructuring advisor.
The United States Trustee for Region 2 has appointed seven members
to the Official Committee of Unsecured Creditors. Mark R.
Somerstein, Esq., at Ropes & Gray LLP, serves as the Committee's
bankruptcy counsel. FTI Consulting, Inc., acts as the panel's
financial advisors.
Wellman Inc., in its bankruptcy petition, listed total assets
of $124,277,177 and total liabilities of $600,084,885, as of
Dec. 31, 2007, on a stand-alone basis. Debtor-affiliate ALG,
Inc., listed assets between $500 million and $1 billion on a
stand-alone basis at the time of the bankruptcy filing.
Debtor-affiliates Fiber Industries Inc., Prince Inc., and
Wellman of Mississippi Inc., listed assets between $100 million
and $500 million at the time of their bankruptcy filings.
On a consolidated basis, Wellman Inc., and its debtor-affiliates
listed $512,400,000 in total assets and $730,500,000 in
liabilities as of June 30, 2008.
Wellman filed a restructuring plan before the Bankruptcy Court on
June 25, 2008.
(Wellman Bankruptcy News, Issue No. 21; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
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however, be complete or accurate. The Monday Bond Pricing table
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Monthly Operating Reports are summarized in every Saturday edition
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For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
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