/raid1/www/Hosts/bankrupt/TCR_Public/080913.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, September 13, 2008, Vol. 12, No. 219
Headlines
AMERICAN HOME: Great Oak's June 2008 Monthly Operating Report
AMERICAN HOME: AHMAI'S June 2008 Monthly Operating Report
AMERICAN HOME: AMHV's June 2008 Monthly Operating Report
AMERICAN HOME: Homegate's June 2008 Monthly Operating Report
ASARCO LLC: Amends Schedule F of Schedules of Assets & Debts
BHM TECH: Files Operating Report for Month Ended July 26, 2008
BHM TECH: Heckethorn Holdings Inc.'s Schedules of Assets & Debts
BHM TECH: Midwest Stamping Inc.'s Schedules of Assets & Debts
BHM TECH: Morton Welding Files Schedules of Assets and Debts
BUFFETS HOLDINGS: Buffets Inc.'s Schedules of Assets & Liabilities
BUFFETS HOLDINGS: Fire's Schedules of Assets & Liabilities
BUFFETS HOLDINGS: Hometown's Schedules of Assets & Liabilities
BUFFETS HOLDINGS: OCB's Schedules of Assets & Liabilities
BUFFETS HOLDINGS: Ryan's Schedules of Assets & Liabilities
FEDERAL-MOGUL: Federal-Mogul Global's April 2008 Operating Report
FEDERAL-MOGUL: Federal-Mogul Global's May 2008 Operating Report
FEDERAL-MOGUL: Federal-Mogul Global's June 2008 Operating Report
FEDERAL-MOGUL: Federal-Mogul Global's July 2008 Operating Report
FORTUNOFF: Files July 2008 Monthly Operating Report
FRONTIER AIRLINES: Lynx Files Schedules of Assets and Liabilities
GREEKTOWN CASINO: Holdings LLC's June 2008 Operating Report
GREEKTOWN CASINO: Holdings LLC's July 2008 Operating Report
INTERSTATE BAKERIES: Monthly Operating Report Ended July 26, 2008
LANDSOURCE COMMUNITIES: Files Assets and Debts Schedules
LANDSOURCE COMMUNITIES: Newhall Land Files Schedules
LANDSOURCE COMMUNITIES: LandSource Holding Files Schedules
LANDSOURCE COMMUNITIES: Lennar Washington Files Schedules
LANDSOURCE COMMUNITIES: Lennar Mare Files Schedules
LEVITT & SONS: Files Operating Report for July 2008
MERVYN'S LLC: Submits Initial Monthly Operating Report
PROGRESSIVE MOLDED: Submits Schedules of Assets and Debts
PROGRESSIVE MOLDED: Progressive Marketing Submits Schedules
PROPEX INC: Amends Schedules of Assets and Liabilities
PROPEX INC: Reflects Porous Materials Trade Claim in Schedules
PROPEX INC: Posts $16.1 Million Net Loss in Month Ended August 3
S & A RESTAURANT: Amends Schedules of Assets and Liabilities
SEA CONTAINERS: Submits July 2008 Monthly Operating Report
SEMGROUP LP: Files Initial Monthly Operating Report
TOUSA INC: Delivers July 2008 Monthly Operating Report
TOUSA INC: Beacon Hill Files Schedules of Assets and Debts
TROPICANA ENTERTAINMENT: Files July 2008 Monthly Operating Report
VERTIS HOLDINGS: Submits July 2008 Monthly Operating Report
VERTIS HOLDINGS: ACG Holdings' July 2008 Monthly Operating Report
WICKES HOLDINGS: Files June 2008 Monthly Operating Report
*********
AMERICAN HOME: Great Oak's June 2008 Monthly Operating Report
-------------------------------------------------------------
Great Oak Abstract Corp.
Statement of Financial Condition
As of June 30, 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
June was $287,809. Since there was no transaction for the whole
month, its cash is still $287,809 as of June 30, 2008.
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. 45; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMAI'S June 2008 Monthly Operating Report
---------------------------------------------------------
American Home Mortgage Acceptance, Inc.
Statement of Financial Condition
As of June 30, 2008
Assets:
Cash and cash equivalents $255,315
Restricted cash -
Accounts receivable 720,845
Intercompany receivable 517,059,825
Mortgage loans 120,030,529
Mortgage servicing rights -
Other real estate, net 4,305,817
Investment in subsidiaries (25,682,868)
Other assets -
------------
Total Assets $616,689,463
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $140,005,153
Accrued expenses & other liabilities 1,100,879
Intercompany payable 658,132,967
------------
Total Liabilities 799,238,999
Stockholders' Equity
Additional paid-in capital 40,298,920
Retained earnings (222,848,456)
Other comprehensive loss -
------------
Total Stockholders' Equity (182,549,536)
------------
Total Liabilities & Stockholders' Equity $616,689,463
============
American Home Mortgage Acceptance, Inc.
Statement of Income
Month Ended June 30, 2008
Net Interest Income:
Interest income $595,729
Interest expense -
------------
Net interest income 595,729
Provision for loan losses -
------------
Net interest income after provision 595,729
for loan losses
Non-Interest Income:
Gain (Loss) on mortgage loans (53,665)
Gain on securities & derivatives -
Loan servicing fees -
Changes in fair value of MSR -
Income [Loss] from subsidiaries (4,194)
------------
Non-interest income (57,859)
Expenses
Salaries, commissions & benefits, net 97,489
Office supplies and expenses -
Marketing and promotion -
Professional fees 500
Other real estate operating (income) expense 7,875
Other -
------------
Total expenses 105,864
(Loss) Income before income taxes 432,006
Income taxes -
------------
Net income $432,006
============
American Home Mortgage Acceptance, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended June 30, 2008
Cash - Beginning of Month, 06/01/2008 $618,809
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances 436,516
Administrative -
Net payroll -
Other -
Transfers (from DIP accounts) -
------------
Total Receipts 436,516
Disbursements:
Net payroll -
Payroll taxes -
Sales, use & other taxes -
Loans and advances -
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative -
Selling -
Other 800,008
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 800,008
------------
Net Cash Flow (363,492)
------------
Cash - End of Month - 06/30/08 $255,317
============
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. 45; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AMHV's June 2008 Monthly Operating Report
--------------------------------------------------------
American Home Mortgage Ventures, LLC
Statement of Financial Condition
As of June 30, 2008
Assets:
Cash and cash equivalents $613,049
Intercompany receivable -
Premises and equipment, net 2,200
Other assets 568
------------
Total Assets $615,817
============
Liabilities and Stockholders' Equity
Liabilities:
Accrued expenses & other liabilities -
Intercompany payable 157,332
------------
Total Liabilities 157,332
Stockholders' Equity
Additional paid-in capital 395,500
Retained earnings 62,985
Other comprehensive loss -
------------
Total Stockholders' Equity 458,485
------------
Total Liabilities & Stockholders' Equity $615,817
============
American Home Mortgage Ventures, LLC, also discloses that its
cash as of June 1, 2008, was $613,049. Since there were no cash
receipts and disbursements for June, AHM Ventures' cash at the
end of the month is still $613,049.
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. 45; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: Homegate's June 2008 Monthly Operating Report
------------------------------------------------------------
Homegate Settlement Services, Inc.
Statement of Financial Condition
As of June 30, 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 9,031,932
Income taxes payable 100
------------
Total Liabilities 11,584,921
Stockholders' Equity
Additional paid-in capital 250,000
Retained earnings (11,391,547)
Other comprehensive loss -
------------
Total Stockholders' Equity (11,141,547)
------------
Total Liabilities & Stockholders' Equity $443,374
============
Homegate Settlement Services, Inc.
Statement of Income
Month Ended June 30, 2008
Non-interest income:
Tax service income (fees) -
------------
Non-interest income -
------------
Professional fees -
Other 925
------------
Total Expenses 925
------------
Income (Loss) before income taxes (925)
Income taxes -
------------
Net loss ($925)
============
Homegate Settlement Services, Inc., also discloses that its cash
as of June 1, 2008, was $209,659. Since Homegate Settlement had
no transaction for the whole month, its cash at the end of June
is still $209,659.
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. 45; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
ASARCO LLC: Amends Schedule F of Schedules of Assets & Debts
-------------------------------------------------------------
ASARCO LLC further amends Schedule F of its Schedules of Assets
and Liabilities to include additional potential holders of
asbestos-related claims, a list of which is available for free
at http://bankrupt.com/misc/asarco_asbestosclaimants.pdf
The Additional Claimants have until November 2, 2008, to file
Asbestos-Related Claims.
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. Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors. Former judge Robert C. Pate
has been appointed as the future claims representative. 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).
Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008. (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).
The Debtors submitted to the Court a joint plan of reorganization
and disclosure statement on July 31, 2008. The plan incorporates
the sale of substantially all of the Debtors' assets to Sterlite
Industries, Ltd., for $2,600,000,000.
Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted a reorganization plan to retain its equity interest
in ASARCO LLC, by offering full payment to ASARCO's creditors in
connection with ASARCO's Chapter 11 case. AMC would provide up to
$2.7 billion in cash as well as a $440 million guarantee to assure
payment of all allowed creditor claims, including payment of
liabilities relating to asbestos and environmental claims. AMC's
plan is premised on the estimation of the approximate allowed
amount of the claims against ASARCO.
Asarco Inc. and AMC are represented by Luc A. Despins, Esq., at
Milbank, Tweed, Hadley & McCloy LLP, in New York.
(ASARCO Bankruptcy News Issue No. 83; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
BHM TECH: Files Operating Report for Month Ended July 26, 2008
--------------------------------------------------------------
BHM TECHNOLOGIES
Unaudited BALANCE SHEET
July 26, 2008
ASSETS
Cash & Equivalents $14,073,000
Accounts Receivable 55,431,000
Tooling Accounts Receivable & Inventory 24,149,000
Inventory 25,080,000
Other Current Assets 13,680,000
------------
Total Current Assets 132,413,000
Plant, Property & Equipment 129,500,000
Less Accumulated Depreciation (35,004,000)
------------
Net Plant, Property & Equipment 94,496,000
Other Assets 178,664,000
Less Accumulated Amortization (17,308,000)
------------
Other Assets, Net 161,356,000
Total Assets $388,265,000
============
LIABILITIES & SHAREHOLDERS' EQUITY
Trade Accounts Payable excluding Tooling $50,525,000
Tooling Accounts Payable 20,253,000
Accrued Liabilities 9,202,000
Bank Revolver 24,700,000
Current Portion Long Term Debt 17,093,000
------------
Total Current Liabilities 121,773,000
Long Term Debt 299,835,000
Other Long Term Liabilities 51,038,000
------------
Total Long Term Liabilities 350,873,000
Shareholders' Equity (84,381,000)
------------
Total Liabilities & Shareholders' Equity $388,265,000
============
BHM TECHNOLOGIES
Unaudited Statement of Income
Period Ending July 26, 2008
Sales $20,095,000
Material 10,290,000
------------
Material margin 9,805,000
Hourly Labor 5,331,000
Overhead and Other 4,726,000
Depreciation 1,432,000
------------
Total COS 21,779,000
------------
Gross Profit (1,683,000)
------------
S, G & A Expenses 1,660,000
Amortization/Other 3,287,000
Other (Inc) Exp 129,000
EBIT 0,000
Interest 129,000
Taxes (2,008,000)
------------
Net Income ($4,880,000)
============
BHM TECHNOLOGIES
Monthly Cash Statement
Cash Activity Analysis
Period Ending July 26, 2008
A. Beginning Balance $14,190,187
B. Receipts 28,404,015
C. Balance Available (A+B) 42,594,202
-----------
D. Less Disbursements 28,314,443
E. Ending Balance 14,279,759
===========
Disbursements by Debtor during the period:
BHM Technologies Holdings, LLC 0
BHM Technologies, LLC 0
The Brown Company International, LLC 0
The Brown Corporation of America $3,040,740
The Brown Company of Waverly, LLC 3,128,514
The Brown Company of Ionia, LLC 2,251,035
The Brown Corporation of Greenville, Inc. 570,177
The Brown Company of Moberly, LLC 4,461,583
The Brown Realty Company, LLC 0
Heckethorn Holdings, Inc. 0
Heckethorn Manufacturing Co., Inc. 3,419,471
Midwest Stamping & Manufacturing Co. 0
Midwest Stamping, Inc. 4,453,879
Morton Welding Holdings, Inc. 0
Morton Welding Co., Inc. 6,989,044
-----------
TOTAL $28,314,443
===========
Headquartered in Ionia, Michigan, BHM Technologies Holdings
Inc. -- http://www.browncorp.com/-- manufactures and sells
automobile parts including air bags and electrical systems. It
has manufacturing facilites in Mexico and operates under Brown
Corp.
BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413). Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq. of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts. The Debtors total
scheduled asset is $0 and its total scheduled liabilities is
$336,506,519.
The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.
(BHM Technologies Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
BHM TECH: Heckethorn Holdings Inc.'s Schedules of Assets & Debts
----------------------------------------------------------------
Heckethorn Holdings Inc., debtor-affiliate of BHM Technologies
Holdings Inc., filed its schedules of assets and debts, disclosing:
A. Real Property $0
B. Personal Property
B.13 Business Interests and stocks
http://bankrupt.com/misc/BHM_Subsidiaries.pdf
TOTAL SCHEDULED ASSETS $0
=========================================================
C. Property Claimed as Exempt None
D. Secured Claim
Lehman Commercial Paper, Inc. -
First Lien Deed of Trust $264,393,980
E. Unsecured Priority Claims
Internal Revenue Service -
Federal Income Tax 0
F. Unsecured Non-priority Claims
SAC Domestic Investments, LP -
Second Lien Deed of Trust 72,112,539
TOTAL SCHEDULED LIABILITIES $336,506,519
=========================================================
Headquartered in Ionia, Michigan, BHM Technologies Holdings
Inc. -- http://www.browncorp.com/-- manufactures and sells
automobile parts including air bags and electrical systems. It
has manufacturing facilites in Mexico and operates under Brown
Corp.
BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413). Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq. of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts. The Debtors total
scheduled asset is $0 and its total scheduled liabilities is
$336,506,519.
The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.
(BHM Technologies Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
BHM TECH: Midwest Stamping Inc.'s Schedules of Assets & Debts
-------------------------------------------------------------
Midwest Stamping Inc., debtor-affiliate of BHM Technologies
Holdings Inc., filed its schedules of assets and debts, disclosing:
A. Real Property
Property, OH $2,587,250
Property, SC 1,907,500
B. Personal Property
B.1 Cash on hand 1,108
B.2 Bank Accounts
Controlled Disbursement -
Account No. 708129838 14,007
Payroll checking -
Account No. 708116223 0
ZBA -
Account No. 708116181 0
B.3 Security Deposits
1 Month Lease Deposit -
Building (April '99) 6,433
1 Month Lease Deposit -
Floor Scrubber (April '05) 1,703
B.13 Business Interests and stocks
http://bankrupt.com/misc/BHM_Subsidiaries.pdf
B.16 Accounts Receivable 16,288,710
B.18 Other Liquidated Debts
Franchise Tax owed by State of Ohio 78,000
Franchise Tax owed by State of South Carolina 569
B.22 Patents
Automobile Door Striker Assembly - US Undetermined
Automobile Door Striker Assembly - Canada Undetermined
Automobile Door Striker Assembly - Spain Undetermined
B.23 Licenses, franchises and other intangibles
Technical Assistance Agreement Undetermined
B.25 Vehicles
Semi Truck - Edgerton 1,812
Semi Truck - Sumter 5,750
Vehicle < 50% business use 10,395
Vehicle > 50% business use 8,129
Vehicle > 50% business use 9,896
Vehicle > 50% business use 27,844
B.28 Office equipment, furnishings and supplies
Furniture & Fixtures - Sumter 8,471
Furniture & Fixtures - Maumee Corp 2,880
Tech-Communications - Edgerton 6,653
Tech-Communications - Maumee Corp 5,756
Technical Other - Edgerton 7,544
Technical Other - Sumter 137
Technical Computers - Edgerton 600
Technical Computers - Maumee Corp 6,625
Technical Software - Edgerton 5,315
Technical Software - Sumter 2,773
Technical Software - Maumee Corp 31,359
B.29 Machinery
12,787,791
See http://researcharchives.com/t/s?31d6
B.30 Inventory
Inventory Finished Goods 2,409,294
Inventory Raw Materials 1,921,923
Inventory WIP 1,439,171
B.35 Other Personal Property
Employee Advances 12,525
Misc Deposits 8,136
PPD - D210/258 Tooling 173,433
Prepaid Insurance - Liability 1,492
TOTAL SCHEDULED ASSETS $39,780,985
=========================================================
C. Property Claimed as Exempt None
D. Secured Claim Undetermined
See http://researcharchives.com/t/s?31d7
E. Unsecured Priority Claims Undetermined
See http://researcharchives.com/t/s?31d8
F. Unsecured Non-priority Claims
SAC Domestic Investments, LP -
Second Lien Deed of Trust $72,112,539
Trade Claims 12,350,978
See http://researcharchives.com/t/s?31d9
TOTAL SCHEDULED LIABILITIES $84,463,517
=========================================================
Headquartered in Ionia, Michigan, BHM Technologies Holdings
Inc. -- http://www.browncorp.com/-- manufactures and sells
automobile parts including air bags and electrical systems. It
has manufacturing facilites in Mexico and operates under Brown
Corp.
BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413). Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq. of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts. The Debtors total
scheduled asset is $0 and its total scheduled liabilities is
$336,506,519.
The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.
(BHM Technologies Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
BHM TECH: Morton Welding Files Schedules of Assets and Debts
------------------------------------------------------------
Morton Welding Holdings, debtor-affiliate of BHM Technologies
Holdings Inc., filed its schedules of assets and debts,
disclosing:
A. Real Property $0
B. Personal Property
B.13 Business Interests and stocks
http://bankrupt.com/misc/BHM_Subsidiaries.pdf
TOTAL SCHEDULED ASSETS $0
=========================================================
C. Property Claimed as Exempt None
D. Secured Claim
Lehman Commercial Paper, Inc. -
First Lien Deed of Trust $264,393,980
E. Unsecured Priority Claims
Internal Revenue Service -
Federal Income Tax Undetermined
F. Unsecured Non-priority Claims
SAC Domestic Investments, LP -
Second Lien Deed of Trust 72,112,539
TOTAL SCHEDULED LIABILITIES $336,506,519
=========================================================
Headquartered in Ionia, Michigan, BHM Technologies Holdings
Inc. -- http://www.browncorp.com/-- manufactures and sells
automobile parts including air bags and electrical systems. It
has manufacturing facilites in Mexico and operates under Brown
Corp.
BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413). Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq. of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts. The Debtors total
scheduled asset is $0 and its total scheduled liabilities is
$336,506,519.
The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.
(BHM Technologies Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
BUFFETS HOLDINGS: Buffets Inc.'s Schedules of Assets & Liabilities
------------------------------------------------------------------
Buffets, Inc. supplements its list of creditors holding unsecured
non-priority claims -- Schedule F.
Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor, LLP
in Wilmington, Delaware, states that six parties which were
omitted from Buffet, Inc.'s Schedule F are now being scheduled as
potential holders of claims against the Debtor. A full-text copy
of Buffets, Inc.'s amended Schedule F is available for free at:
http://bankrupt.com/misc/BuffetsInc_SAL_amdschedF.pdf
Ms. Morgan points out that pursuant to Rule 1009-2 of the Local
Rules of the U.S. Bankruptcy Court for the District of Delaware,
the Potential Creditors had until August 24, 2008, to file a
claim.
About Buffets Holdings
Headquartered in Eagan, Minnesota, Buffets Holdings Inc. --
http://www.buffet.com/-- is the parent company of Buffets,
Inc.,
which operates 626 restaurants in 39 states, comprised of 615
steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse
restaurants, and franchises sixteen steak-buffet restaurants in
six states. The restaurants are principally operated under the
Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain
brands. Buffets, Inc. employs approximately 37,000 team members
and serves approximately 200 million customers annually.
The company and all of its subsidiaries filed Chapter 11
protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to
08-10158). Joseph M. Barry, Esq., M. Blake Cleary, Esq., and
Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP,
represent the Debtors in their restructuring efforts. The Debtors
selected Epiq Bankruptcy Solutions LLC as claims and balloting
agent. The U.S Trustee for Region 3 appointed seven creditors to
serve on an Official Committee of Unsecured Creditors. The
Committee selected Otterbourg Steindler Houston & Rosen PC and
Pachulski Stang Ziehl Young &Jones as counsels. The Debtors'
balance sheet as of Sept. 19, 2007, showed total assets of
$963,538,000 and total liabilities of $1,156,262,000.
As reported in the Troubled Company Reporter on Feb. 26, 2008,
the Court granted on February 22, 2008, final approval of the
Debtors' debtor-in-possession credit facility, consisting of $85
million of new funding and $200 million carried over from the
company's prepetition credit facility. (Buffets Holdings
Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BUFFETS HOLDINGS: Fire's Schedules of Assets & Liabilities
----------------------------------------------------------
Fire Mountain Restaurants, LLC amends its Schedules of Assets and
Liabilities to supplement its (i) list of creditors holding
unsecured priority claims -- Schedule E, and (ii) list of
creditors holding unsecured non-priority claims -- Schedule F.
A. Schedule E
Potential Creditors Claim Amount
-------------------- ------------
Dana Collins Disputed, Unliquidated
Jason Williams Disputed, Unliquidated
B. Schedule F
Potential Creditors Claim Amount
-------------------- ------------
Cynthia Schagene Disputed, Unliquidated
Juanetta Mitchell Disputed, Unliquidated
Pamela D. Murphy Disputed, Unliquidated
Sharon E. Jaye Disputed, Unliquidated
Yohone Hendrix Disputed, Unliquidated
Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor, LLP
in Wilmington, Delaware, informs the Court that Schedules E and F
are amended to reflect the parties which were omitted from Fire
Mountain's Schedules and are now being scheduled as potential
holders of claims against Fire Mountain.
Ms. Morgan explains pursuant to Rule 1009-2 of the Local Rules of
the U.S. Bankruptcy Court for the District of Delaware, the
parties listed in Schedule F had until August 24, 2008, to file a
claim.
About Buffets Holdings
Headquartered in Eagan, Minnesota, Buffets Holdings Inc. --
http://www.buffet.com/-- is the parent company of Buffets,
Inc.,
which operates 626 restaurants in 39 states, comprised of 615
steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse
restaurants, and franchises sixteen steak-buffet restaurants in
six states. The restaurants are principally operated under the
Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain
brands. Buffets, Inc. employs approximately 37,000 team members
and serves approximately 200 million customers annually.
The company and all of its subsidiaries filed Chapter 11
protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to
08-10158). Joseph M. Barry, Esq., M. Blake Cleary, Esq., and
Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP,
represent the Debtors in their restructuring efforts. The Debtors
selected Epiq Bankruptcy Solutions LLC as claims and balloting
agent. The U.S Trustee for Region 3 appointed seven creditors to
serve on an Official Committee of Unsecured Creditors. The
Committee selected Otterbourg Steindler Houston & Rosen PC and
Pachulski Stang Ziehl Young &Jones as counsels. The Debtors'
balance sheet as of Sept. 19, 2007, showed total assets of
$963,538,000 and total liabilities of $1,156,262,000.
As reported in the Troubled Company Reporter on Feb. 26, 2008,
the Court granted on February 22, 2008, final approval of the
Debtors' debtor-in-possession credit facility, consisting of $85
million of new funding and $200 million carried over from the
company's prepetition credit facility. (Buffets Holdings
Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BUFFETS HOLDINGS: Hometown's Schedules of Assets & Liabilities
--------------------------------------------------------------
Hometown Buffet, Inc. supplements its list of creditors holding
unsecured non-priority claims -- Schedule F.
Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor, LLP
in Wilmington, Delaware, states that four parties which were
omitted from Buffet Hometown's Schedule F are now being scheduled
as potential holders of claims against the Debtor:
Potential Creditors Claim Amount
------------------- ------------
Nicolette Washington Disputed, Unliquidated
Stephanie Lynn Mitchell Disputed, Unliquidated
Tracy Jackson Disputed, Unliquidated
Ernesto Rodriguez Disputed, Unliquidated
Ms. Morgan points out that pursuant to Rule 1009-2 of the Local
Rules of the U.S. Bankruptcy Court for the District of Delaware,
the Potential Creditors had until August 24, 2008, to file a
claim.
About Buffets Holdings
Headquartered in Eagan, Minnesota, Buffets Holdings Inc. --
http://www.buffet.com/-- is the parent company of Buffets,
Inc.,
which operates 626 restaurants in 39 states, comprised of 615
steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse
restaurants, and franchises sixteen steak-buffet restaurants in
six states. The restaurants are principally operated under the
Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain
brands. Buffets, Inc. employs approximately 37,000 team members
and serves approximately 200 million customers annually.
The company and all of its subsidiaries filed Chapter 11
protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to
08-10158). Joseph M. Barry, Esq., M. Blake Cleary, Esq., and
Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP,
represent the Debtors in their restructuring efforts. The Debtors
selected Epiq Bankruptcy Solutions LLC as claims and balloting
agent. The U.S Trustee for Region 3 appointed seven creditors to
serve on an Official Committee of Unsecured Creditors. The
Committee selected Otterbourg Steindler Houston & Rosen PC and
Pachulski Stang Ziehl Young &Jones as counsels. The Debtors'
balance sheet as of Sept. 19, 2007, showed total assets of
$963,538,000 and total liabilities of $1,156,262,000.
As reported in the Troubled Company Reporter on Feb. 26, 2008,
the Court granted on February 22, 2008, final approval of the
Debtors' debtor-in-possession credit facility, consisting of $85
million of new funding and $200 million carried over from the
company's prepetition credit facility. (Buffets Holdings
Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BUFFETS HOLDINGS: OCB's Schedules of Assets & Liabilities
---------------------------------------------------------
OCB Restaurants, Co. amends its Schedules of Assets and
Liabilities to supplement its (i) list of creditors holding
unsecured priority claims -- Schedule E, and (ii) list of
creditors holding unsecured non-priority claims -- Schedule F.
A. Schedule E
Potential Creditors Claim Amount
-------------------- ------------
Cathi Gilly Disputed, Unliquidated
Jason Williams Disputed, Unliquidated
B. Schedule F
Potential Creditors Claim Amount
-------------------- ------------
Carol Blacknall Disputed, Unliquidated
Jorge Luna Disputed, Unliquidated
Audelia Hernandez Disputed, Unliquidated
Marie Isabelle Valle Disputed, Unliquidated
Mattie Willingham Disputed, Unliquidated
Maria Arteaga Disputed, Unliquidated
New Jersey Dep't. of Labor Disputed, Unliquidated
Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor, LLP
in Wilmington, Delaware, informs the Court that Schedules E and F
are amended to reflect the parties which were omitted from Fire
Mountain's Schedules and are now being scheduled as potential
holders of claims against Fire Mountain.
Ms. Morgan explains pursuant to Rule 1009-2 of the Local Rules of
the U.S. Bankruptcy Court for the District of Delaware, the
parties listed in Schedule F had until August 24, 2008, to file a
claim.
About Buffets Holdings
Headquartered in Eagan, Minnesota, Buffets Holdings Inc. --
http://www.buffet.com/-- is the parent company of Buffets,
Inc.,
which operates 626 restaurants in 39 states, comprised of 615
steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse
restaurants, and franchises sixteen steak-buffet restaurants in
six states. The restaurants are principally operated under the
Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain
brands. Buffets, Inc. employs approximately 37,000 team members
and serves approximately 200 million customers annually.
The company and all of its subsidiaries filed Chapter 11
protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to
08-10158). Joseph M. Barry, Esq., M. Blake Cleary, Esq., and
Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP,
represent the Debtors in their restructuring efforts. The Debtors
selected Epiq Bankruptcy Solutions LLC as claims and balloting
agent. The U.S Trustee for Region 3 appointed seven creditors to
serve on an Official Committee of Unsecured Creditors. The
Committee selected Otterbourg Steindler Houston & Rosen PC and
Pachulski Stang Ziehl Young &Jones as counsels. The Debtors'
balance sheet as of Sept. 19, 2007, showed total assets of
$963,538,000 and total liabilities of $1,156,262,000.
As reported in the Troubled Company Reporter on Feb. 26, 2008,
the Court granted on February 22, 2008, final approval of the
Debtors' debtor-in-possession credit facility, consisting of $85
million of new funding and $200 million carried over from the
company's prepetition credit facility. (Buffets Holdings
Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BUFFETS HOLDINGS: Ryan's Schedules of Assets & Liabilities
----------------------------------------------------------
Ryan's Restaurant Group, Inc. amends its Schedules of Assets and
Liabilities to add the Texas Department of Licensing and
Regulation to its Schedule F -- creditors holding unsecured non-
priority claims.
Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor, LLP
in Wilmington, Delaware, informs the Court that the Department is
now being scheduled as a potential holder of claims against
Ryan's.
Ms. Morgan states that pursuant to Rule 1009-2 of the Local Rules
of the U.S. Bankruptcy Court for the District of Delaware, the
Department had until August 24, 2008, to file a claim.
About Buffets Holdings
Headquartered in Eagan, Minnesota, Buffets Holdings Inc. --
http://www.buffet.com/-- is the parent company of Buffets,
Inc.,
which operates 626 restaurants in 39 states, comprised of 615
steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse
restaurants, and franchises sixteen steak-buffet restaurants in
six states. The restaurants are principally operated under the
Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain
brands. Buffets, Inc. employs approximately 37,000 team members
and serves approximately 200 million customers annually.
The company and all of its subsidiaries filed Chapter 11
protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to
08-10158). Joseph M. Barry, Esq., M. Blake Cleary, Esq., and
Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP,
represent the Debtors in their restructuring efforts. The Debtors
selected Epiq Bankruptcy Solutions LLC as claims and balloting
agent. The U.S Trustee for Region 3 appointed seven creditors to
serve on an Official Committee of Unsecured Creditors. The
Committee selected Otterbourg Steindler Houston & Rosen PC and
Pachulski Stang Ziehl Young &Jones as counsels. The Debtors'
balance sheet as of Sept. 19, 2007, showed total assets of
$963,538,000 and total liabilities of $1,156,262,000.
As reported in the Troubled Company Reporter on Feb. 26, 2008,
the Court granted on February 22, 2008, final approval of the
Debtors' debtor-in-possession credit facility, consisting of $85
million of new funding and $200 million carried over from the
company's prepetition credit facility. (Buffets Holdings
Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
FEDERAL-MOGUL: Federal-Mogul Global's April 2008 Operating Report
-----------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of April 30, 2008
(In millions)
Assets
Cash and equivalents $504.8
Accounts receivable 659.6
Inventories 4,69.7
Deferred taxes 236.5
Prepaid expenses and other current assets 62.0
--------
Total current assets 1932.6
Summary of Unpaid Postpetition Debits 40.0
Intercompany Loans Receivable (Payable) 9.7
--------
Intercompany Balances 49.7
Property, plant and equipment 699.0
Goodwill -
Other intangible assets 0.9
Insurance recoverable -
Other non-current assets 370.1
--------
Total Assets $3,052.2
========
Liabilities and Shareholders' Equity
Short-term debt -
Accounts payable $237.9
Accrued compensation 56.8
Restructuring and rationalization reserves 6.6
Current portion of asbestos liability -
Interest payable 10.6
Other accrued liabilities 242.3
--------
Total current liabilities 554.1
Long-term debt 2,797.0
Post-employment benefits 570.0
Other accrued liabilities 767.1
Liabilities subject to compromise (0.1)
Shareholders' equity:
Preferred stock 1,023.2
Common stock 120.5
Additional paid-in capital 7,933.7
Accumulated deficit (10,953.1)
Accumulated other comprehensive income 240.0
Other -
--------
Total Shareholders' Equity (1,635.8)
--------
Total Liabilities and Shareholders' Equity $3,052.2
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended April 30, 2008
(In millions)
Net sales $275.8
Cost of products sold 224.6
--------
Gross margin 51.3
Selling, general & administrative expenses (37.6)
Amortization 0.4
Reorganization items (2.0)
Fresh Start Accounting expense 2,869.6
Interest income (expense), net (12.4)
Other income (expense), net (153.8)
--------
Earnings before Income Taxes 2,715.4
Income Tax (Expense) Benefit (0.3)
--------
Earnings before cumulative effect of change
in accounting principle 2,715.1
Cumulative effect of change in acctg. principle -
--------
Net Earnings (loss) $2,715.1
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the Month Ended April 30, 2008
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) $2,715.1
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 10.3
Adjustment of assets held for sale and
other long-lived assets to fair value -
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. principle -
Change in post-employment benefits (1.3)
Decrease (increase) in accounts receivable (35.9)
Decrease (increase) in inventories 2.2
Increase (decrease) in accounts payable (200.8)
Change in other assets & other liabilities 177.0
Change in restructuring charge (0.3)
Refunds (payments) against asbestos liability (573.9)
--------
Net Cash Provided From Operating Activities 2,092.4
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (8.7)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
--------
Net Cash Provided From (Used By) Investing Activities (8.7)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (2,086.4)
Sale of accounts receivable under securitization -
Dividends -
Other (0.8)
--------
Net Cash Provided From Financing Activities (2,087.2)
Increase (Decrease) in Cash and Equivalents (3.4)
Cash and equivalents at beginning of period 508.2
--------
Cash and equivalents at end of period $504.8
========
Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's foremost
original equipment manufacturers of automotive, light commercial,
heavy-duty, agricultural, marine, rail, off-road and industrial
vehicles, as well as the worldwide aftermarket. Founded in
Detroit in 1899, the company is headquartered in Southfield,
Michigan, and employs 45,000 people in 35 countries. Aside from
the U.S., Federal-Mogul also has operations in other locations
which includes, among others, Mexico, Malaysia, Australia, China,
India, Japan, Korea, and Thailand.
The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $10.15 billion in assets and $8.86 billion in liabilities.
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at
Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer,
Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.
On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003. They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan. On July 28, 2004, the
District Court approved the Disclosure Statement. The estimation
hearing began on June 14, 2005. The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007. The Fourth Amended Plan was confirmed by the Bankruptcy
Court on Nov. 8, 2007, and affirmed by the District Court on
November 14. Federal-Mogul emerged from chapter 11 on Dec. 27,
2007.
(Federal-Mogul Bankruptcy News, Issue No. 171; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
FEDERAL-MOGUL: Federal-Mogul Global's May 2008 Operating Report
---------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of May 31, 2008
(In millions)
Assets
Cash and equivalents $508.3
Accounts receivable 694.1
Inventories 455.7
Deferred taxes 234.3
Prepaid expenses and other current assets 65.7
--------
Total current assets 1,958.0
Summary of Unpaid Postpetition Debits 47.2
Intercompany Loans Receivable (Payable) 6.5
--------
Intercompany Balances 53.8
Property, plant and equipment 694.3
Goodwill -
Other intangible assets 0.7
Insurance recoverable -
Other non-current assets 421.6
--------
Total Assets $3,128.4
========
Liabilities and Shareholders' Equity
Short-term debt -
Accounts payable $278.1
Accrued compensation 49.2
Restructuring and rationalization reserves 6.4
Current portion of asbestos liability -
Interest payable 6.9
Other accrued liabilities 256.7
--------
Total current liabilities 597.4
Long-term debt 2,798.9
Post-employment benefits 569.9
Other accrued liabilities 805.5
Liabilities subject to compromise (0.1)
Shareholders' equity:
Preferred stock 1023.2
Common stock 120.5
Additional paid-in capital 7,933.9
Accumulated deficit (10,964.1)
Accumulated other comprehensive income 243.6
Other -
--------
Total Shareholders' Equity (1,643.0)
--------
Total Liabilities and Shareholders' Equity $3,128.4
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended May 31, 2008
(In millions)
Net sales $287.0
Cost of products sold 231.3
--------
Gross margin 55.7
Selling, general & administrative expenses (41.8)
Amortization 0.2
Reorganization items (0.6)
Interest income (expense), net (13.1)
Other income (expense), net 7.4
--------
Earnings before Income Taxes 7.7
Income Tax (Expense) Benefit (0.8)
--------
Earnings before cumulative effect of change
in accounting principle 6.9
Cumulative effect of change in acctg. principle -
--------
Net Earnings (loss) $6.9
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the Month Ended May 31, 2008
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) $6.9
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 10.5
Adjustment of assets held for sale and
other long-lived assets to fair value -
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. principle -
Change in post-employment benefits (0.1)
Decrease (increase) in accounts receivable (34.2)
Decrease (increase) in inventories 14.1
Increase (decrease) in accounts payable 39.9
Change in other assets & other liabilities (28.4)
Change in restructuring charge (0.2)
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From Operating Activities 8.5
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (7.4)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
--------
Net Cash Provided From (Used By) Investing Activities (7.4)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt 1.9
Sale of accounts receivable under securitization -
Dividends -
Other 0.3
--------
Net Cash Provided From Financing Activities 2.2
Increase (Decrease) in Cash and Equivalents 3.4
Cash and equivalents at beginning of period 504.8
--------
Cash and equivalents at end of period $508.3
========
Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's foremost
original equipment manufacturers of automotive, light commercial,
heavy-duty, agricultural, marine, rail, off-road and industrial
vehicles, as well as the worldwide aftermarket. Founded in
Detroit in 1899, the company is headquartered in Southfield,
Michigan, and employs 45,000 people in 35 countries. Aside from
the U.S., Federal-Mogul also has operations in other locations
which includes, among others, Mexico, Malaysia, Australia, China,
India, Japan, Korea, and Thailand.
The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $10.15 billion in assets and $8.86 billion in liabilities.
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at
Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer,
Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.
On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003. They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan. On July 28, 2004, the
District Court approved the Disclosure Statement. The estimation
hearing began on June 14, 2005. The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007. The Fourth Amended Plan was confirmed by the Bankruptcy
Court on Nov. 8, 2007, and affirmed by the District Court on
November 14. Federal-Mogul emerged from chapter 11 on Dec. 27,
2007.
(Federal-Mogul Bankruptcy News, Issue No. 171; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
FEDERAL-MOGUL: Federal-Mogul Global's June 2008 Operating Report
----------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of June 30, 2008
(In millions)
Assets
Cash and equivalents $595.3
Accounts receivable 702.2
Inventories 451.0
Deferred taxes 232.3
Prepaid expenses and other current assets 68.2
--------
Total current assets 2,049.1
Summary of Unpaid Postpetition Debits 37.8
Intercompany Loans Receivable (Payable) (46.2)
--------
Intercompany Balances (8.4)
Property, plant and equipment 694.7
Goodwill -
Other intangible assets -
Insurance recoverable -
Other non-current assets 423.1
--------
Total Assets $3,158.4
========
Liabilities and Shareholders' Equity
Short-term debt -
Accounts payable $282.2
Accrued compensation 53.5
Restructuring and rationalization reserves 5.7
Current portion of asbestos liability -
Interest payable 8.5
Other accrued liabilities 264.9
--------
Total current liabilities 614.8
Long-term debt 2,793.3
Post-employment benefits 571.4
Other accrued liabilities 801.5
Liabilities subject to compromise -
Shareholders' equity:
Preferred stock 1,023.2
Common stock 120.5
Additional paid-in capital 7934.4
Accumulated deficit (10,957.6)
Accumulated other comprehensive income 257.1
Other -
--------
Total Shareholders' Equity (1,622.4)
--------
Total Liabilities and Shareholders' Equity $3,158.4
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended June 30, 2008
(In millions)
Net sales $265.9
Cost of products sold 218.8
--------
Gross margin 47.1
Selling, general & administrative expenses (36.9)
Amortization -
Reorganization items (0.9)
Fresh Start Accounting expense 2.0
Interest income (expense), net (12.6)
Other income (expense), net 13.5
--------
Earnings before Income Taxes 12.3
Income Tax (Expense) Benefit (1.1)
--------
Earnings before cumulative effect of change
in accounting principle 11.2
Cumulative effect of change in acctg. principle -
--------
Net Earnings (loss) $11.2
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the Month Ended June 30, 2008
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) $11.2
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 10.8
Adjustment of assets held for sale and
other long-lived assets to fair value -
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. principle -
Change in post-employment benefits 1.4
Decrease (increase) in accounts receivable (7.4)
Decrease (increase) in inventories 5
Increase (decrease) in accounts payable 3.4
Change in other assets & other liabilities 76.9
Change in restructuring charge (0.7)
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From Operating Activities 100.6
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (9.2)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
--------
Net Cash Provided From (Used By) Investing Activities (9.2)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (5.6)
Sale of accounts receivable under securitization -
Dividends -
Other 1.2
--------
Net Cash Provided From Financing Activities (4.4)
Increase (Decrease) in Cash and Equivalents 87.0
Cash and equivalents at beginning of period 508.3
--------
Cash and equivalents at end of period $595.3
========
Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's foremost
original equipment manufacturers of automotive, light commercial,
heavy-duty, agricultural, marine, rail, off-road and industrial
vehicles, as well as the worldwide aftermarket. Founded in
Detroit in 1899, the company is headquartered in Southfield,
Michigan, and employs 45,000 people in 35 countries. Aside from
the U.S., Federal-Mogul also has operations in other locations
which includes, among others, Mexico, Malaysia, Australia, China,
India, Japan, Korea, and Thailand.
The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $10.15 billion in assets and $8.86 billion in liabilities.
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at
Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer,
Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.
On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003. They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan. On July 28, 2004, the
District Court approved the Disclosure Statement. The estimation
hearing began on June 14, 2005. The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007. The Fourth Amended Plan was confirmed by the Bankruptcy
Court on Nov. 8, 2007, and affirmed by the District Court on
November 14. Federal-Mogul emerged from chapter 11 on Dec. 27,
2007.
(Federal-Mogul Bankruptcy News, Issue No. 171; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
FEDERAL-MOGUL: Federal-Mogul Global's July 2008 Operating Report
----------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of July 31, 2008
(In millions)
Assets
Cash and equivalents $581.0
Accounts receivable 622.1
Inventories 466.9
Deferred taxes 229.6
Prepaid expenses and other current assets 44.5
--------
Total current assets 1,944.1
Summary of Unpaid Postpetition Debits 51.3
Intercompany Loans Receivable (Payable) (47.9)
--------
Intercompany Balances 3.5
Property, plant and equipment 670.7
Goodwill -
Other intangible assets -
Insurance recoverable -
Other non-current assets 448.4
--------
Total Assets $3,066.6
========
Liabilities and Shareholders' Equity
Short-term debt $29.6
Accounts payable 270.5
Accrued compensation 54.0
Restructuring and rationalization reserves 5.2
Current portion of asbestos liability -
Interest payable 7.7
Other accrued liabilities 247.6
--------
Total current liabilities 614.6
Long-term debt 2,765.6
Post-employment benefits 569.8
Other accrued liabilities 801.6
Liabilities subject to compromise -
Shareholders' equity:
Preferred stock 1,023.2
Common stock 120.5
Additional paid-in capital 7,934.0
Accumulated deficit (10,999.4)
Accumulated other comprehensive income 236.8
Other -
--------
Total Shareholders' Equity (1,684.9)
--------
Total Liabilities and Shareholders' Equity $3,066.6
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended July 31, 2008
(In millions)
Net sales $232.0
Cost of products sold 197.3
--------
Gross margin 34.7
Selling, general & administrative expenses (38.4)
Amortization -
Reorganization items (0.6)
Fresh Start Accounting expense (28.4)
Interest income (expense), net (12.8)
Other income (expense), net 3.8
--------
Earnings before Income Taxes (41.6)
Income Tax (Expense) Benefit 0.1
--------
Earnings before cumulative effect of change
in accounting principle (41.4)
Cumulative effect of change in acctg. principle -
--------
Net Earnings (loss) ($41.4)
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the Month Ended July 31, 2008
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) ($41.4)
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 5.4
Adjustment of assets held for sale and
other long-lived assets to fair value 0.1
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. principle -
Change in post-employment benefits (1.5)
Decrease (increase) in accounts receivable 79.6
Decrease (increase) in inventories (16.1)
Increase (decrease) in accounts payable (11.2)
Change in other assets & other liabilities (19.3)
Change in restructuring charge (0.5)
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From Operating Activities (4.9)
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (10.5)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
--------
Net Cash Provided From (Used By) Investing Activities (10.5)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt 2.0
Sale of accounts receivable under securitization -
Dividends -
Other (0.8)
--------
Net Cash Provided From Financing Activities 1.2
Increase (Decrease) in Cash and Equivalents (14.3)
Cash and equivalents at beginning of period 595.3
--------
Cash and equivalents at end of period $581.0
========
Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's foremost
original equipment manufacturers of automotive, light commercial,
heavy-duty, agricultural, marine, rail, off-road and industrial
vehicles, as well as the worldwide aftermarket. Founded in
Detroit in 1899, the company is headquartered in Southfield,
Michigan, and employs 45,000 people in 35 countries. Aside from
the U.S., Federal-Mogul also has operations in other locations
which includes, among others, Mexico, Malaysia, Australia, China,
India, Japan, Korea, and Thailand.
The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $10.15 billion in assets and $8.86 billion in liabilities.
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at
Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer,
Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.
On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003. They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan. On July 28, 2004, the
District Court approved the Disclosure Statement. The estimation
hearing began on June 14, 2005. The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007. The Fourth Amended Plan was confirmed by the Bankruptcy
Court on Nov. 8, 2007, and affirmed by the District Court on
November 14. Federal-Mogul emerged from chapter 11 on Dec. 27,
2007.
(Federal-Mogul Bankruptcy News, Issue No. 171; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
FORTUNOFF: Files July 2008 Monthly Operating Report
---------------------------------------------------
Source Financing Corp./Fortunoff
Balance Sheet
As of
July 31, Petition Date
2008 or Scheduled
------------- -------------
ASSETS
Current assets:
Unrestricted cash & equivalents $3,632,693 $1,384,000
Restricted Cash & Cash equivalents 874,220 -
Accounts receivable 957,930 3,111,000
Inventories - 95,568,000
Prepaid expenses - 3,612,000
Profesional Retainers 255,267 -
Other current assets - 6,332,000
------------ ------------
Total current assets 5,720,110 110,007,000
Property & Equipment:
Real property & improvements - 0
Machinery & equipment - 5,915,000
Furniture, fixtures, & office equip. - 20,582,000
Leashehold improvements - 28,251,000
Vehicles - 0
Less: Accumulated depreciation - (18,292,000)
------------ ------------
Total Property & Equipment 36,456,000
Other Assets:
Amounts due from insiders 0
Other assets -- utility deposit 86,179,000
------------
Total other assets 86,179,000
------------ ------------
Total Assets $5,720,110 $232,642,000
============ ============
LIABILITIES & OWNER EQUITY
Liabilities Subject to Compromise
(Postpetition):
Accounts Payable $84,351 -
Taxes Payable - -
Wages Payable - -
Notes Payable - -
Rent/Leases - Building Equipment 67,765 -
Secured Debt - -
Professional Fees 1,011,815 -
Amounts Due to Insider - -
Other Postpetition Liabilities 365,378 -
------------ ------------
Total Postpetition Liabilities 1,529,309 -
Liabilities Subject to Compromise
(Prepetition):
Secured debt (Term D Loan) 19,708,000 $88,565,000
Priority debt (20-day claims) 9,023,482 9,023,482
Unsecured debt 98,171,687 183,346,518
------------ ------------
Total Prepetition Liabilities 126,903,169 280,935,000
------------ ------------
Total Liabilities $128,432,478 280,935,000
Owners' Equity:
Capital stock 77,412,000
Retained earnings, prepetition - (125,705,000)
Retained earnings, postpetition - -
------------ ------------
Net Owners' Equity - (48,293,000)
------------ ------------
Total Liabilities & Owners Equity - $232,642,000
============ ============
Source Financing Corp./Fortunoff
Statement of Operations
For the month ended July 31, 2008
Revenues:
Gross Revenues, net -
Cost of Goods Sold:
Beginning inventory -
Purchases -
Less: Ending inventory -
------------
Cost of goods sold -
------------
Gross profit -
Operating Expenses:
Advertising -
Bad debts -
Employee benefits programs -
Officer/insider compensation -
Insurance -
Office expense -
Repairs & maintenance -
Rent & lease expense -
Salaries/commissions/fees -
Supplies (8,787)
Taxes - payroll -
Taxes - real estate -
Taxes - other -
Travel & entertainment -
Others 6,892
------------
Total operating expenses before depreciation (1,895)
Depreciation/depletion/amortization -
------------
Net profit before other income & expenses 1,895
Other Income & Expenses:
Other income 1,332
Interest expense -
------------
Net profit before reorganization items 3,227
Reorganization Items:
Professional fees 32,992
U.S. Trustee quarterly fees 3,250
------------
Total reorganization expenses 36,242
------------
Net profit (loss) ($33,015)
============
Source Financing Corp./Fortunoff
Schedule of Cash Receipts & Disbursement
For the month ended July 31, 2008
Cash - beginning of month $3,585,338
Receipts:
Cash sales -
Accounts Receivable, prepetition 51,685
Accounts Receivable, postpetition -
Loans & advances -
Others 1,332
------------
Total receipts 53,017
Disbursements:
Net payroll -
Payroll taxes & 401k contributions -
Sales, use, & other taxes -
Inventory purchases -
Insurance -
Others 5,662
Professional fees -
------------
Total disbursements 5,662
------------
Net cash flow 47,355
------------
Cash - end of month $3,632,693
============
Fortunoff Fine Jewelry and Silverware, L.L.C., and its
affiliates, sold substantially all of their assets, including
their "Fortunoff" and "The Source" trademarks, on March 7, 2008,
to NRDC Equity Partners LLC's H Acquisition LLC, now known as
Fortunoff Holdings LLC.
New York-based Fortunoff Fine Jewelry and Silverware LLC --
http://www.fortunoff.com/-- started out as a family-owned
business founded by Max and Clara Fortunoff in 1922, until it
merged with M. Fortunoff of Westbury, L.L.C. and Source Financing
Corporation in 2004. Fortunoff offers customers fine jewelry and
watches, antique jewelry and silver, everything for the table,
fine gifts, home furnishings including bedroom and bath, fireplace
furnishings, housewares, and seasonal shops including outdoor
furniture shop in summer and enchanting Christmas Store in the
winter. It opened some 20 satellite stores in the New Jersey,
Long Island, Connecticut and Pennsylvania markets featuring
outdoor furniture and grills during the Spring/Summer season and
indoor furniture (and in some locations Christmas trees and decor)
in the Fall/Winter season.
Fortunoff and its two affiliates filed for chapter 11 petition on
Feb. 4, 2008 (Bankr. S.D.N.Y. Case Nos. 08-10353 through 08-10355)
in order to effectuate a sale to NRDC Equity Partners LLC, --
http://www.nrdcequity.com/-- a private equity firm that bought
Lord & Taylor from Federated Department Stores.
Due to the U.S. Trustee's objection, Fortunoff backed out of
its request to employ Skadden Arps Meagher & Flom LLC, as
bankruptcy counsel. Fortunoff hired Togut Segal & Segal LLP,
as their general bankruptcy counsel instead, but Skadden Arps will
continue to serve the Debtors as special counsel in connection
with the sale the Debtors' assets. Logan & Company, Inc., serves
as the Debtors' claims, noticing, and balloting agent. FTI
Consulting Inc. are the Debtors' proposed crisis manager.
An Official Committee of Unsecured Creditors has been appointed in
this case. Effective March 6, 2008, Morrison & Foerster LLP is
counsel to the Creditors Committee in substitution of Otterbourg
Steidler Houston & Rosen PC. Mahoney Cohen & Company, CPA, P.C.,
serves as financial advisor to the Creditors' Committee.
In their schedules, Fortunoff Fine Jewelry listed $5,052,315 total
assets and $136,626,948 total liabilities; Source Financing Corp.
listed $154,680,100 total assets and $176,961,631 total
liabilities; and M. Fortunoff of Westbury LLC listed $6,300,955
total assets and $119,985,788 total liabilities. The Debtors'
exclusive period to file a plan of reorganization ended June 3,
2008. (Fortunoff Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
FRONTIER AIRLINES: Lynx Files Schedules of Assets and Liabilities
-----------------------------------------------------------------
Lynx Aviation Inc., a subsidiary of Frontier Airlines Inc. filed
with the United States 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
Various Airport Ticket Offices 200
B.2 Bank Accounts
Colorado Business Bank 4,241,210
B.3 Security Deposit
Aircraft - Bombardier 250,000
Aircraft - Wells Fargo Trust 3,716,434
Aircraft - Wilmington Trust 918,436
Building Lease - Orix Prime 37,453
Business Registration - Colorado Revenue Dept. 50
EFIS Supplement 8,278
Workmans Comp 20,000
B.16 Accounts Receivable
Net, vendor receivables 558,589
Net, other receivables 55,668
Net, intercompany receivables 1,364,753
B.25 Vehicles
Motorized vehicles and equipment 6,192
B.26 Boats, motors and accessories 0
B.27 Aircraft and accessories
Owned Operating Airframes 91,080,007
Rotables - Bombardier Q400 7,685,580
Other flight equipment 92,646
B.28 Office Equipment
Communication Equipment 26,152
Furniture, Fixtures and Office Equipment 174,243
Computer Equipment 854,918
B.29 Machinery, equipment and supplies in business
Maintenance Tools & Equipment 56,445
Miscellaneous Ground Equipment 413,842
Leasehold Improvements 130,266
B.30 Inventory
Various Aircraft Inventory 437,696
B.35 Other Personal Property
Other Prepaid Expenses 137,350
TOTAL SCHEDULED ASSETS $112,266,410
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Export Development Canada-AC#N502LX S/N#4168 15,661,607
Export Development Canada-AC#N507LX S/N#4181 16,151,718
Export Development Canada-AC#N508LX S/N#4182 16,151,718
Export Development Canada-AC#N509LX S/N#4184 19,194,367
Export Development Canada-AC#N510LX S/N#4186 16,194,367
E. Creditors Holding Unsecured Priority Claims
Robert Dennard 15
Thomas Philipp 98
Others Unknown
F. Creditors Holding Unsecured Non-priority Claims
Frontier Airlines Holdings, Inc. 39,674,762
Others 1,218,124
TOTAL SCHEDULED LIABILITIES $121,246,779
=========================================================
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.
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.) Benjamin S. Kaminetzky, Esq., and Hugh R.
McCullough, Esq., at Davis Polk & Wardwell, represent 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.
(Frontier Airlines Bankruptcy News, Issue No. 21; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
GREEKTOWN CASINO: Holdings LLC's June 2008 Operating Report
-----------------------------------------------------------
Greektown Holdings, LLC
Balance Sheet
As of June 30, 2008
ASSETS
Cash $0
Inventory 0
Accounts receivable 0
Insider Receivables 2,892,586
Property and Equipment
Land and buildings 0
Furniture, fixtures and equipment 0
Other Assets
Financing Fees 3,120,701
Notes receivables from affiliates 359,420,143
Investments in affiliate 125,253,617
--------------
Total Assets $490,687,047
==============
LIABILITIES AND STOCKHOLDER'S EQUITY
Postpetition liabilities:
Accounts payable $0
Rent and lease payable 0
Wages and salaries 0
Taxes payable 0
Other 800,000
--------------
Total postpetition liabilities 800,000
Secured liabilities subject to postpetition
collateral or financing order 45,454,379
All other secured liabilities 313,965,764
--------------
Total secured liabilities 359,420,143
Prepetition liabilities:
Taxes and other priority liabilities 0
Unsecured liabilities 208,621,098
Discount on bonds (1,636,807)
--------------
Total prepetition liabilities 206,984,291
Kewadin equity (99,399,127)
Monroe equity (87,697,011)
Owner's capital 488,947
Retained earnings prepetition 116,601,907
Retained earnings postpetition (6,512,103)
--------------
Total stockholders' equity (76,517,388)
--------------
Total liabilities 567,204,434
--------------
Total Liabilities & Shareholders' Deficit $490,687,046
==============
Greektown Holdings, LLC
Income Statement
For the month ended June 30, 2008
Total revenue/sales $0
Cost of sales 0
--------------
Gross profit 0
Operating Expenses
Interest expense 1,507,292
Accounting fees - credit (210,471)
--------------
Total expenses 1,296,821
Net operating profit/(loss) 0
Add: Non-operating income 0
Interest income 0
Other income 0
Less: Non-operating expenses 73,912
Professional fees 0
Other 0
--------------
Net Income(Loss) ($1,370,013)
==============
Greektown Holdings, LLC
Cash Flow Statement
For the month ended June 30, 2008
Cash - beginning of month $0
Receipts 0
Balance available 0
--------------
Less disbursements 0
--------------
Cash - end of month $0
==============
Greektown Casino LLC
Balance Sheet
As of June 30, 2008
ASSETS
Cash $31,865,447
Inventory 404,442
Accounts receivable 5,465,317
Insider Receivables 0
Property and Equipment
Land and buildings 416,829,908
Furniture, fixtures and equipment 79,353,624
Accumulated Depreciation (131,685,624)
Other 15,260,228
Other 146,034,979
--------------
Total Assets $563,527,969
==============
LIABILITIES AND STOCKHOLDER'S EQUITY
Postpetition liabilities:
Accounts payable 14,272,724
Rent and lease payable 0
Wages and salaries 1,422,791
Taxes payable 86,829
Other 522,842
--------------
Total postpetition liabilities 16,305,187
Secured liabilities subject to postpetition
collateral or financing order 45,454,379
All other secured liabilities 313,965,764
--------------
Total secured liabilities 359,420,143
Prepetition liabilities:
Taxes and other priority liabilities 4,415,304
Unsecured liabilities 56,617,552
Other 1,516,166
--------------
Total prepetition liabilities 62,549,022
Equity: 47,646,979
Owner's capital 0
Retained earnings prepetition 82,744,007
Retained earnings postpetition (5,137,369)
--------------
Total stockholders' equity 125,253,617
--------------
Total liabilities 438,274,352
--------------
Total Liabilities & Shareholders' Deficit $563,527,969
==============
Greektown Casino LLC
Income Statement
For the month ended June 30, 2008
Total revenue/sales $25,371,421
Cost of sales 2,175,567
--------------
Gross profit 23,195,854
Operating Expenses
Officer compensation 85,562
Salary expenses, other employees 4,660,844
Employees benefits & pensions 1,989,968
Payroll taxes 540,081
Other taxes 360,480
Rent and lease expense 0
Interest expense 4,744,444
Insurance 183,614
Automobile & truck expense 0
Utilities 222,343
Depreciation 468,520
Travel and entertainment 14,593
Repairs and maintenance 1,463,847
Advertising 699,707
Supplies, office expense, etc. 39,493
Gaming taxes 6,698,740
G&A expenses 1,411,820
F&B expenses 837,674
MGCB Fee 871,696
Parking/other 98,262
--------------
Total expenses 25,391,688
Net operating profit/(loss) (2,195,834)
Add: Non-operating income 0
Interest income 34,061
Other income 0
Less: Non-operating expenses 0
Professional fees 2,059,045
Other 916,550
--------------
Net Income(Loss) ($5,137,369)
==============
Greektown Casino LLC
Cash Statement
For the month ended June 30, 2008
Cash - beginning of month ($1,271,329)
Receipts 216,028,033
Balance available 214,756,704
--------------
Less disbursements 194,518,002
--------------
Cash - end of month $20,238,700
==============
Based in Detroit, Michigan, Greektown Holdings, LLC and its
affiliates -- http://www.greektowncasino.com/-- operate world-
class casino gaming facilities located in Detroit's historic
Greektown district featuring more than 75,000 square feet of
casino gaming space with more than 2,400 slot machines, over 70
tables games, a 12,500-square foot salon dedicated to high limit
gaming and the largest live poker room in the metropolitan Detroit
gaming market.
Greektown Casino employs approximately 1,971 employees, and
estimates that it attracts over 15,800 patrons each day, many of
whom make regular visits to its casino complex and related
properties. In 2007, Greektown Casino achieved a 25.6% market
share of the metropolitan Detroit gaming market. Greektown Casino
has also been rated as the "Best Casino in Michigan" and "Best
Casino in Detroit" numerous times in annual readers' polls in
Detroit's two largest newspapers.
The company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan
D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts. Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel. The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC serves as the Debtors' claims, noticing, and
balloting agent.
When the Debtor filed for protection from its creditors, it listed
consolidated estimated assets and debts of $100 million to $500
million. (Greektown Casino Bankruptcy News, Issue No. 11;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
GREEKTOWN CASINO: Holdings LLC's July 2008 Operating Report
-----------------------------------------------------------
Greektown Holdings, LLC
Balance Sheet
As of July 31, 2008
ASSETS
Cash $0
Inventory 0
Accounts receivable 0
Insider Receivables 2,892,586
Property and Equipment
Land and buildings 0
Furniture, fixtures and equipment 0
Other Assets
Financing Fees 0
Notes receivables from affiliates 356,528,756
Investments in affiliate 127,202,770
--------------
Total Assets $486,624,112
==============
LIABILITIES AND STOCKHOLDER'S EQUITY
Postpetition liabilities:
Accounts payable -
Rent and lease payable -
Wages and salaries -
Taxes payable -
Other 800,000
--------------
Total postpetition liabilities 800,000
Secured liabilities subject to postpetition
collateral or financing order 42,562,992
All other secured liabilities 313,965,764
--------------
Total secured liabilities 356,528,756
Prepetition liabilities:
Taxes and other priority liabilities 0
Unsecured liabilities 210,278,390
Discount on bonds 0
--------------
Total prepetition liabilities 210,278,390
Kewadin equity (99,399,127)
Monroe equity (87,697,011)
Owner's capital 488,947
Retained earnings prepetition 116,601,907
Retained earnings postpetition (6,512,103)
--------------
Total stockholders' equity (80,983,034)
Total liabilities 567,607,146
--------------
Total Liabilities & Shareholders' Deficit $486,624,112
==============
Greektown Holdings, LLC
Income Statement
For the month ended July 31, 2008
Total revenue/sales $0
Cost of sales 0
--------------
Gross profit 0
Operating Expenses
Interest expense 1,657,292
Accounting fees - credit 0
--------------
Total expenses 1,657,292
Net operating profit/(loss) 0
Add: Non-operating income 0
Interest income 0
Other income 0
Less: Non-operating expenses 4,757,508
Professional fees 0
Other 0
--------------
Net Income(Loss) ($6,414,799)
==============
Greektown Holdings, LLC
Cash Flow Statement
For the month ended July 31, 2008
Cash - beginning of month $0
Receipts 0
Balance available 0
--------------
Less disbursements 0
--------------
Cash - end of month $0
==============
Greektown Casino LLC
Balance Sheet
As of July 31, 2008
ASSETS
Cash $18,302,928
Inventory 404,442
Accounts receivable 5,295,977
Insider Receivables 0
Property and Equipment
Land and buildings 429,580,779
Furniture, fixtures and equipment 81,189,313
Accumulated Depreciation (132,118,708)
Other 13,881,859
Other 146,412,302
--------------
Total Assets $562,948,892
==============
LIABILITIES AND STOCKHOLDER'S EQUITY
Postpetition liabilities:
Accounts payable $37,391,375
Rent and lease payable 0
Wages and salaries 1,906,185
Taxes payable 286,655
Other 273,337
--------------
Total postpetition liabilities 39,857,552
Secured liabilities subject to postpetition
collateral or financing order 42,562,992
All other secured liabilities 313,965,764
--------------
Total secured liabilities 356,528,756
Prepetition liabilities:
Taxes and other priority liabilities 4,001,199
Unsecured liabilities 33,319,608
Other 2,039,008
--------------
Total prepetition liabilities 39,359,815
Equity: 47,646,859
Owner's capital 0
Retained earnings prepetition 82,744,007
Retained earnings postpetition (3,188,097)
--------------
Total stockholders' equity 127,202,769
--------------
Total liabilities 435,746,123
--------------
Total Liabilities & Shareholders' Deficit $562,948,892
==============
Greektown Casino LLC
Income Statement
For the month ended July 31, 2008
Total revenue/sales $25,133,407
Cost of sales 2,133,822
--------------
Gross profit 22,999,585
Operating Expenses
Officer compensation 82,374
Salary expenses, other employees 4,235,324
Employees benefits & pensions 2,085,206
Payroll taxes 539,268
Other taxes 513,396
Rent and lease expense (22,928)
Interest expense 2,014,496
Insurance 187,133
Automobile & truck expense 0
Utilities 270,262
Depreciation 432,662
Travel and entertainment 4,637
Repairs and maintenance 31,401
Advertising 504,924
Supplies, office expense, etc. 11,688
Gaming taxes 6,704,375
G&A expenses 2,783,905
F&B expenses 548,815
MGCB Fee 818,866
Parking/other 27,773,085
--------------
Total expenses 21,773,085
Net operating profit/(loss) 1,226,500
Add: Non-operating income 0
Interest income 20,170
Other income 0
Less: Non-operating expenses 0
Professional fees 917,362
Other 131,236
--------------
Net Income(Loss) $198,072
==============
Greektown Casino LLC
Cash Flow Statement
For the month ended July 31, 2008
Cash - beginning of month $20,238,700
Receipts 33,407,363
Balance available 53,646,063
--------------
Less disbursements 48,007,359
--------------
Cash - end of month $5,638,704
==============
Based in Detroit, Michigan, Greektown Holdings, LLC and its
affiliates -- http://www.greektowncasino.com/-- operate world-
class casino gaming facilities located in Detroit's historic
Greektown district featuring more than 75,000 square feet of
casino gaming space with more than 2,400 slot machines, over 70
tables games, a 12,500-square foot salon dedicated to high limit
gaming and the largest live poker room in the metropolitan Detroit
gaming market.
Greektown Casino employs approximately 1,971 employees, and
estimates that it attracts over 15,800 patrons each day, many of
whom make regular visits to its casino complex and related
properties. In 2007, Greektown Casino achieved a 25.6% market
share of the metropolitan Detroit gaming market. Greektown Casino
has also been rated as the "Best Casino in Michigan" and "Best
Casino in Detroit" numerous times in annual readers' polls in
Detroit's two largest newspapers.
The company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan
D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts. Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel. The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC serves as the Debtors' claims, noticing, and
balloting agent.
When the Debtor filed for protection from its creditors, it listed
consolidated estimated assets and debts of $100 million to $500
million. (Greektown Casino Bankruptcy News, Issue No. 11;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
INTERSTATE BAKERIES: Monthly Operating Report Ended July 26, 2008
-----------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended July 26, 2008
REVENUE
Gross Income $218,883,863
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 67,173,632
Direct & Indirect Labor 35,966,455
Overhead & Production Administration 11,661,385
-------------
Total Cost of Goods Sold 114,801,472
-------------
Gross Profit 104,082,391
-------------
OPERATING EXPENSES
Owner-Draws/Salaries 0
Selling & Delivery Employee Salaries 47,924,023
Advertising and Marketing 2,146,558
Insurance (Property, Casualty, & Medical) 11,812,078
Payroll Taxes 4,273,703
Lease and Rent 2,834,861
Telephone and Utilities 1,094,829
Corporate Expense (Including Salaries) 7,070,800
Other Expenses 30,764,466
-------------
Total Operating Expenses 107,921,318
-------------
EBITDA (3,838,927)
Restructuring & Reorganization Charges (1,820,581)
Depreciation and Amortization 4,646,988
Abandonment 167,758
Property & Equipment Impairment 0
Other (Income)/Expense 2,787
Gain/Loss Sale of Property 0
Interest Expense 4,515,662
-------------
Operating Income (Loss) (11,351,541)
Income Tax Expense (Benefit) (26,819)
-------------
NET Income (Loss) ($11,324,722)
=============
CURRENT ASSETS
Accounts Receivable at end of period $133,967,183
Increase (Dec.) in Accounts Receivable 77,728
Inventory at end of period 61,138,867
Increase (Decrease) in Inventory for period (3,374,334)
Cash at end of period 20,983,417
Increase (Decrease) in Cash for period 884,252
Restricted Cash 21,064,873
Increase (Dec.) in Restricted Cash for period 13,052
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise 4,417,153
Increase (Decrease) in Liabilities
Subject to Compromise (14,544)
Taxes payable:
Federal Payroll Taxes 4,170,082
State/Local Payroll Taxes 1,146,128
State Sales Taxes 857,559
Real Estate and Personal Property Taxes 7,751,391
Other 2,961,481
-------------
Total Taxes Payable $16,886,641
=============
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh-baked
bread and sweet goods, under various national brand names,
including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and
Drake's(R). Currently, IBC employs more than 25,000 people and
operates 45 bakeries, as well as approximately 800 distribution
centers and approximately 800 bakery outlets throughout the
country.
The company and eight of its subsidiaries and affiliates filed for
chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors
in their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6% senior subordinated convertible notes due Aug. 15, 2014) in
total debts. The Debtors' filed their Chapter 11 Plan and
Disclosure Statement on Nov. 5, 2007. Their exclusive period to
file a chapter 11 plan expired on November 8. On Jan. 25, 2008,
the Debtors filed their First Amended Plan and Disclosure
Statement. On Jan. 30, 2008, the Debtors received Court approval
of the First Amended Disclosure Statement.
IBC confirmed that it has not received any qualifying alternative
proposals for funding its plan of reorganization in accordance
with the Court-approved alternative proposal procedures. As a
result, no auction was held on Jan. 22, 2008, as would have been
required under those procedures. The deadline for submission of
alternative proposals was Jan. 15, 2008. A new plan filing
deadline was set for June 30, 2008; no plan was filed as of that
date.
(Interstate Bakeries Bankruptcy News, Issue No. 107; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
LANDSOURCE COMMUNITIES: Files Assets and Debts Schedules
--------------------------------------------------------
LandSource Communities Development LLC submitted its schedules
of assets and liabilities, disclosing:
A. Real Property None
B. Personal Property
B.1 Cash on hand None
B.2 Checking, savings, other financial accounts
Bank of America $6,374,491
JP Morgan Chase 104,956
JP Morgan Chase 0
B.3 Security deposits None
B.4 Household goods and furnishings None
B.5 Books, pictures, other art objects None
B.6 Wearing apparel None
B.7 Furs and jewelry None
B.8 Hobby equipments None
B.9 Interest in insurance policies None
B.10 Annuities None
B.11 Interest in an Education IRA None
B.12 Interest in pension or profit sharing plans None
B.13 Stock and interest in businesses None
B.14 Interest in partnerships
100% ownership of LandSource
Holding Company, LLC Undetermined
B.15 Government and corporate bonds None
B.16 Accounts Receivable None
B.17 Alimony None
B.18 Other Liquidated Debts None
B.19 Equitable or future interests None
B.20 Other Contingent & Unliquidated Claims None
B.21 Intellectual Property
Lennar Homes of California, Inc. Unknown
LNR NWHL Holdings, Inc. Unknown
LNR Land Partners Sub, LLC Unknown
B.22 Patents None
B.23 General intangibles None
B.24 Customer lists None
B.25 Vehicles None
B.26 Accessories None
B.27 Aircraft and accessories None
B.28 Office equipment, furnishings and supplies None
B.29 Machinery None
B.30 Inventory None
B.31 Animals None
B.32 Crops None
B.33 Farming equipments None
B.34 Farm supplies None
B.35 Other Personal Property None
TOTAL SCHEDULED ASSETS $6,479,447
========================================================
C. Property Claimed as Exempt None
D. Secured Claims
Barclays Bank 1,034,812,745
Bank of New York $249,877,767
E. Unsecured Priority Claims
State of California Franchise Tax Board 56
F. Unsecured Non-priority Claims
Lennar Homes of CA 12,833,978
LNR Property Corporation 5,367,650
MWHP 447,767
Newhall Land & Farming 199,975
Gary H. Hunt Group 6,667
Bellinger & Dewolf, LLP 5,518
State of Delaware 600
Clifford Change 470
AT&T Mobility 93
Bank of America Undetermined
TOTAL SCHEDULED LIABILITIES $1,303,553,285
========================================================
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. 12;
http://bankrupt.com/newsstand/or 215/945-7000).
LANDSOURCE COMMUNITIES: Newhall Land Files Schedules
----------------------------------------------------
The Newhall Land and Farming Company (A California Limited
Partnership), debtor-affiliate of LandSource Communities
Development LLC, submitted its schedules of assets and
liabilities, disclosing:
A. Real Property
Newhall Ranch, Homestead $218,780,433
Newhall Ranch, Potrero Valley 144,098,230
Newhall Ranch, Mission Village 104,371,389
Newhall Ranch, Landmark Village 83,588,762
Valencia, Entrada 70,458,539
Valencia, RiverVillage 47,355,886
Valencia, West Hills A 43,923,206
Valencia, Villa Metro 17,408,989
Newhall Orchard 16,662,867
Valencia Commerce Center 16,328,571
PM 13331 (Old Road) 6,544,806
Infrastructure, net - unallocated 6,510,711
Dry Land Grazing 5,333,818
Valencia, Castaic Mesa 4,449,246
Valencia, Castaic Acreage 2,095,428
Old Home Finding Center- Old Info Center 1,157,610
Valencia, Wiley 142,870
Valencia, Camino Viejo 471,301
Castaic Teardrop 238,117
Irrigation Pipeline 168,073
Wells 135,856
Transit Center 93,552
Surface Irrigation Pipe 66,068
Orange Trees 26,304
Lemon Trees 24,672
Well Pumps & Motors 11,582
Edison Easements 0
B. Personal Property
B.1 Cash on hand
Petty cash 1,529
B.2 Checking, savings, other financial accounts
Bank of America 1,642,574
Wells Fargo Advantage Funds 198,161
Citibank 9,645
Wells Fargo Bank 4
JP Morgan Chase 0
B.3 Security deposits
LA Dept. of Public Works 3,500,000
Southern California Edison 116,500
Federal Express 600
B.4 Household goods and furnishings None
B.5 Books, pictures, other art objects None
B.6 Wearing apparel None
B.7 Furs and jewelry None
B.8 Hobby equipments None
B.9 Interest in insurance policies
Allied World Assurance 0
Axis Surplus Insurance 0
Essex Insurance Co. 0
Federal Insurance Co. 0
Hartford Casualty Insurance 0
Insurance Co of State of PA 0
Landmark American Insurance 0
Lantana Insurance Ltd 0
Lloyds of London 0
National Union Fire Insurance 0
Praetorian Insurance 0
San Felipe Indemnity Co Ltd 0
Travelers Indemnity Co. 0
B.10 Annuities None
B.11 Interest in an Education IRA None
B.12 Interest in pension or profit sharing plans None
B.13 Stock and interest in businesses
100% Stake in:
California Land Company Unknown
The Newhall Land and Farming Company Unknown
Valencia Realty Company Unknown
Valencia Water Company Unknown
Valencia Corporation Unknown
B.14 Interest in partnerships
Tournament Players Club at Valencia, LLC 2,400,289
B.15 Government and corporate bonds None
B.16 Accounts Receivable
Tournament Players Club at Valencia, LLC 1,955,281
Lennar Homes of California (Urban Regional) 1,093,368
Valencia Commerce Center Assoc. 619,761
California Dept of Transportation 163,472
Lennar Homes of California (LA Ventura
Homebuild Division) 309,506
Stevenson Ranch Venture, LLC 55,309
LA County Department of Public Works 40,300
Lennar Homes of California (Southern
CA Urban Division) 23,697
Lennar Communities, Inc. (LA Land
Division) 20,812
SCV Automobile Dealer's Association 20,413
Ashdon Development 11,335
Boskovich Farms 15,068
Saticoy 9,281
BBB Industries 6,660
Lennar Homes of California (Bay Area
Division) 6,231
Lennar Corporation 2,037
Chiquita Canyon Landfill 5,032
Taylor & Borruel I, LLC 3,008
Lennar Corporation (Los Angeles Benefits) 2,846
USA Ag Supplies 1,019
Deardorff-Jackson 1,712
Valley Crest 998
Lennar Homes of California (Bakersfield
Homebuild Division) 519
Valley Sod Farms 421
Lennar Homes of California (Northern
Urban Division) 389
Underwood Ranches 172
Francisco Moreno 11
B.17 Alimony None
B.18 Other Liquidated Debts
Sterling Gateway, L.P. 412,930
County of Los Angeles 54,702
Cal Fran Engineering 2,390
OCB Reprographics 885
United Imaging Inc 107
B.19 Equitable or future interests None
B.20 Other Contingent & Unliquidated Claims None
B.21 Intellectual Property
County of Los Angeles - Property
Tax Refund Unknown
Landmark Insurance - Settlement
for 2007 fire damag Unknown
Landmark Insurance - Settlement
for 2005 fire damag Unknown
B.22 Patents
See http://ResearchArchives.com/t/s?31cf Unknown
B.23 General intangibles
California Contractors License # 878388 Unknown
B.24 Customer lists None
B.25 Vehicles
Ford F150, 4WD 18,564
Ford Ranger, 4WD 15,497
Ford Ranger, 4WD 14,761
Ford Ranger, 4WD 14,619
Ford Ranger, 2WD 12,344
Ford Ranger, Ext 11,049
Ford F150, 2WD 9,065
Ford Ranger, 4WD 5,744
Ford Explorer 3,684
Ford F250 2,807
Ford 150 2,524
Big Tex Trailer 0
Chevrolet Suburban 0
Chevrolet Tahoe 0
Ford Explorer 0
Ford Explorer XL 0
Ford 150 4x4 0
Ford F450 0
Ford Ranger 0
Ford Ranger 4x4 0
Ford Ranger XL 4 0
Ford Water Truck 0
GMC Dump Truck 0
Hillsboro Gooseneck Flatbed Trailer 0
International Flat Bed Truck 0
Miller FB Trailer 0
Office Trailer 0
Ramik Hose Trailer 0
Ramik Hose Trailer 0
Texas Bragg Utility Trailer 0
Trailer, Construction 0
Utility Trailer 0
Western World 7x18 Rancher Trailer 0
B.26 Accessories None
B.27 Aircraft and accessories None
B.28 Office equipment, furnishings and supplies
Computer Hardware & Software 308,256
Telephone System 81,484
Office Supplies On Hand 61,000
Mailing System 8,187
Office Equipment-Misc 0
Office Furniture 0
B.29 Machinery None
B.30 Inventory None
B.31 Animals None
Cattle, 150 head 3,428
B.32 Crops
Citrus Trees (273 acres) 203,273
Livestock range 78,383
Alfalfa Crop (82 acres) 63,247
Irrigated pastures (259 acres) 50,495
Dryland Crops (1,140 acres) 43,529
Fallow (411 acres) 32,895
B.33 Farming equipments
Fence 594,568
Caterpillar Backhoe Loader 416 61,665
John Deere Tractor 5,525 37,616
John Deere Tractor Grain Drill 27,291
John Deere Tractor 5,205 19,788
Caterpillar Tractor 65E Challenger 19,543
FLX II Grass Drill Plow 11,470
Manure Spreader 3106SD 8,664
Caterpillar Booster Pump C4.4 8,204
Caterpillar Booster Pump C4.4 8,204
Caterpillar Booster Pump C4.4 8,204
New Holland Tractor 0
NH Baler BB900 0
Randell RW Spreader 0
Rhino Rotary Mower 408
B.34 Farm supplies None
B.35 Other Personal Property
Newhall Ranch Water Rights 13,324,752
Approved Credits in Valencia Bridge &
Thoroughfare District 5,393,518
Unapproved Credits in Valencia Bridge &
Thoroughfare District 4,527,433
Prepaid Insurance 1,161,003
Approved Credits in Bouquet Bridge &
Residential Fire Fees 1,311,541
Thoroughfare District 1,044,951
Prepaid Expenses - Western Golf 300,000
Approved Credits in Transit District 195,000
Prepaid Benefits 127,639
Prepaid Permit/Plan Check Fees 81,964
Prepaid Bond Premiums 53,231
Prepaid Maintenance Contracts &
Subscriptions 45,256
Prepaid So. Cal. Edison Prop License Fee 22,317
Prepaid Rent 18,483
Prepaid Postage 14,490
Prepaid Vehicle Maintenance Service 4,011
Mineral Rights Unknown
TOTAL SCHEDULED ASSETS $832,631,914
========================================================
C. Property Claimed as Exempt None
D. Secured Claims
Barclays Bank - First Lien Debt $1,034,812,747
Bank of New York - Second Lien Debt 249,877,767
Altfillisch Contractors Inc 2,189,864
Canawill, Inc 1,466,138
Hunsaker and Associates 1,039,050
Ward Corporation 1,374,496
John Burgeson Contractors Inc 1,317,668
Park West Landscape, Inc 1,245,033
Psomas 1,007,374
RC Becker and Son, Inc 1,235,495
Sam Hill & Sons, Inc 989,081
Oakridge Landscape Inc 871,904
R&R Pipeline 629,476
Golden State Fence Company 543,395
Pacific Advanced Civil Engineering Inc 471,946
American Heritage Landscape LP 393,908
Independent Construction Co. 378,298
CA Rasmussen Inc 272,790
The Jasper Companies, Inc 242,047
Golden Eagle Construction Corporation 202,922
E Rosen Construction Inc 193,850
Nature-Gro Corporation 152,844
URS Corporation 137,005
Holliday Rock Co Inc 120,008
Valley Crest Tree Company 112,522
T&D Electric 102,559
ENGEO Incorporated 75,786
S&S Seeds 74,913
Crown Door Inc 69,070
Royal Capital Trading 61,073
Olsen Custom Building 52,290
Samrod Corporation 41,925
Service Rock Products 37,411
Southwest V-Ditch Inc. 32,770
W.D. Young & Sons 31,465
R&R Palacios Construction 31,232
Wright Sawing & Breaking 27,915
Craneveyor Corp. 23,511
State Ready Mix, Inc. 22,101
Carpet Clearance Warehouse 17,988
Ruane Heating & Air Conditioning Company 14,180
Champion Crane Rental, Inc 13,818
Boething Treeland Farms, Inc 12,585
Eschrich General Engineering In 11,600
Thomas Partitions & Specialties, Inc. 11,377
Rain for Rent 39 (Santa Paula) 11,051
Davis Wholesale Electric 9,991
Sierra Cascade Construction Inc 6,319
Sunbelt Rentals Company 5,907
Brothers Nursery Inc 4,690
Angelus Block Co. Inc 4,187
Star Inspection Services Inc 3,975
Grimes Rock, Inc 3,346
Valley Base Materials 2,453
Sunny Slope Trees 2,057
Pacific Coast Nursery 2,845
Newman and Sons 1,777
E. Unsecured Priority Claims
Employee # 1135 154,758
Employee # 1077 114,483
Employee # 1085 106,735
Redacted 100,000
Employee # 1230 96,566
Employee # 1066 90,448
Employee # 1142 81,688
Employee # 1102 79,409
Employee # 1224 78,825
Employee # 1164 76,737
Employee # 1106 76,562
Employee # 1115 75,412
Employee # 1146 56,448
Employee # 1073 54,068
Employee # 1072 52,954
Employee # 1067 49,555
Employee # 1075 47,244
Employee # 1165 46,586
Employee # 1083 40,154
Employee # 1384 40,084
Employee # 1024 36,689
Employee # 1091 34,580
Employee # 1144 33,332
Employee # 1120 31,317
Employee # 1392 25,471
Employee # 1006 25,873
Employee # 1055 25,789
Employee # 1010 25,593
Employee # 1022 24,582
Employee # 1030 22,710
Employee # 1393 22,070
Employee # 1435 21,517
Employee # 1429 21,385
Employee # 1149 18,847
Employee # 1027 17,657
Employee # 1033 16,282
Employee # 1220 15,315
Employee # 103678 14,312
Employee # 1047 13,980
Employee # 1453 11,869
Employee # 1436 12,510
Employee # 1252 10,965
Employee # 1052 10,762
Employee # 1162 9,742
Employee # 1218 9,400
Employee # 1095 Undetermined
Employee # 1107 Undetermined
Employee # 1099 Undetermined
Employee # 162400 Undetermined
Employee # 1246 Undetermined
Redacted Undetermined
F. Unsecured Non-priority Claims
Altfillisch Contractors Inc 2,094,158
Oakridge Landscape, Inc 1,138,967
Sam Hill & Sons Inc 961,250
Hunsaker & Associates 913,927
Psomas & Associates 897,646
RC Cecker & Son, Inc 772,731
CH2M Hill, Inc 710,063
City of Santa Clarita 750,000
R&R Pipeline, Inc 648,899
RT Frankian & Associates 588,078
John Burgeson Contractors, Inc 522,380
Park West Landscape Inc 498,025
Dudek & Associates Inc 481,151
Pacific Advanced Civil Engineering 443,188
Granite Construction 405,187
Allan E. Seward Engineering Geology, Inc 396,979
Lennar Homes of California (Urban Regional) 386,299
Independent Construction Company 378,298
American Heritage Landscape LP 376,034
Oberg Contracting Corp 354,757
CF Engineering 320,204
HRP Studio 278,381
New Turf Construction Inc 249,782
CA Rasmussen Inc 240,997
Golden Eagle Construction 196,834
The Jasper Companies Inc 194,947
Ward Corporation 191,215
The Collaborative west, Inc 188,666
LNR CPI Valencia Town Center Office LLC 183,467
E. Rosen Construction Inc 179,782
County Sanitation Districts of Los
Angeles County 173,627
Downey Brand LLP 171,654
Los Angeles County Sanitation 170,657
Bakersfield Well & Pump Company 163,835
CSI Electrical Contractors Inc 163,044
Lennar Homes of California (Southern CA
Urban Division) 158,999
Nature-Gro 137,842
URS Corp 137,005
Valley Crest Tree Company 131,517
T&D Electric 118,862
Philip Williams & Associates, Ltd 115,553
The Masonry Group Calif Central Inc 110,465
Impact Sciences Inc 108,505
DMJM & Harris Inc 105,882
Camarillo Engineering 105,106
William Hezmalhalch Architects, Inc 99,573
Santa Clarita Concrete 91,221
Golden State Fence Co 87,964
Alliance Land Planning & Engineering, Inc 87,212
Gatzke, Dillon & Balance 86,536
RM Construction 85,587
Environ International Corporation 84,437
HPS Mechanical 83,647
Barbour 80,000
Steiny & Company 77,302
Berco Oil Company 75,151
Goodwin Procter LLP 77,123
Dexter Wilson Engineering 71,968
RMC Inc 67,913
Metropointe Engineers Inc 65,198
Leighton And Associates, Inc 64,121
Engeo Incorporated 60,442
Sierra Cascade Construction Inc 57,342
Nossaman, Gunther, Knox & Elliott, LLP 56,851
Continental Grading Company 54,824
Colombo Construction Company 54,616
Classic Iron Craft 54,352
Edwards General Engineering Inc 53,618
Paul, Hastings, Janofsky & Walker LLP 51,919
Fence Factory 51,642
Austin Foust Associates, Inc 51,588
Hanes & Associates Inc 50,900
Western Farm service, Inc 49,886
Geosyntec Consultants 49,703
Sikand Engineering Associates 49,405
Southern California Edison 48,241
Entrix, Inc 46,635
Willdan 44,140
Valencia Water Company 41,527
AT&T 41,479
Golden West K-9 Inc 39,586
Total Site Maintenance 39,536
Caterpillar Financial Services 37,746
Sheppard Mullin Richter & Hampton LLP 37,323
Trademark Concrete Systems Inc 35,990
The Planning Center 35,929
T.Y. Lin International 34,131
Evans & Sons Inc 33,889
Weston Mason Marketing 33,872
Blackwell Construction Inc 33,753
Valleycrest Landscape Development Inc 33,104
Loeb & Loeb 32,667
R&R Palacios construction Inc 31,232
HRP Landesign 31,176
The MWW Group 30,300
Orrick, Herrington & Sutcliffe, LLP 30,146
Flsmidth Rahco Inc 29,500
Pinnacle Land Surveying 29,092
Pacific Coast Civil Inc 28,179
Reh Contracting Company Inc 26,664
Architects Orange 25,952
PKF Consulting Inc 24,726
Laer Pearce and Associates 24,337
David George & Associates Inc 23,929
Poliquin kellogg Design Group 23,846
Los Angeles Times 22,868
BJ Palmer & Associates 21,352
Nickel Family, LLC 21,980
Homebuyers Guide 21,705
B&W Pipeline, Inc 20,800
Gsi Water Solutions Inc 19,648
Zimmerman Group Inc 19,380
Richard Johnson & Associates 18,690
Irell & Manella LLLP 18,424
Newhall School District 17,824
Tom Hoch Interior Designs Inc 17,817
Henkels & Mccoy, Inc 16,500
Heritage Landscape, Inc 16,462
Gibbs And Associates 16,333
Deloitte & Touche LLP 15,500
Sterndahl Enterprises, Inc 15,228
Cox, Castle & Nicholson 14,361
Britz Fertilizers, Inc 12,839
CBS Outdoor 12,588
Compliance Biology 12,686
Penfield & Smith 12,240
Gausman & Moore Association Inc 11,960
Hydro-Scape Products, Inc 11,920
Flotek, Inc 11,652
Nadel Architects LLP 11,442
Government Relations Inc 11,333
Bloom Biological Inc 10,223
Old road Venture, LLC 11,208
Nordman, Cormany, Hair & Compton 11,038
Steve Kennedy 10,850
Schwartz Oil Company Inc 10,720
National Community Renaissance of California 10,533
National Plant Services Inc 10,350
Reliable Graphics 10,039
Provost & Pritchard 10,117
Andy Gump, Inc 9,882
Los ANgeles County Dept. of Public Works 9,110
Frma Design, Inc 9,024
Seacon Construction 8,754
Aquatic Consulting Services, Inc 7,312
Brownstein Hyatt Farber Schreck LLP 7,133
Clean Touch Janitorial Inc 6,741
Docusource 6,423
Hanley Wood Market Intelligence 5,843
Lennar Homes of California (LA
Ventura Division) 5,726
Santa Clarita Water Division 5,629
Abtech Pacific 5,350
Bright & Brown 5,267
SC Real Estate Partners 5,013
Prime Publications Inc 5,100
Parker Properties Inc 5,000
Hasley Canyon Business Center LLC 5,000
Quinn Company 4,977
James Gartner & Associates 4,834
R&t Cooper Electric, Inc 4,453
Homes & Land 4,650
Alliance Wasatch I, LLC 4,533
Bank of America 4,507
CTG Energetics Inc 4,500
The Signal 4,471
Anacapa Geoservices 4,469
Pump Services Company, LLP 4,286
National Broadcasting Company 4,250
Traffic Operations 4,236
Santa Clarita Real State Partners 4,167
Buss-Shelger Associates 4,000
Trugreen Landcare 3,944
Harrington, Foxx, Dubrow & Canter 3,745
The Ferguson Group 3,721
Southern California Gas Company 3,572
US Bancorp Office Equipment 3,519
Verizon Wireless 3,747
Stay Green Inc 3,387
Sun Community Newspapers 3,335
Corporate Carrots, Inc. 3,307
Stuewe And Sons Inc 3,299
K & S Air Conditioning 3,191
Boyle Engineering Corp 3,183
Al Furman & Sons Towing and Repair 3,170
New Cingular Wireless 3,000
Sprint Cextel 3,000
Classic Cartage Trucking Corp/Tri-R Trucking 2,800
Ebensteiner Company 2,758
Wespac Management Group, Inc 2,700
California Strategies 2,667
Michael D Wokal General Contractor 2,592
Bridge SC LLC 2,559
Intelenet Communications 2,527
Kennedy Enterprises 2,500
Sage Staffing 2,333
R.A. Atmore & Sons, Inc 2,268
Telepacific Communications 2,238
Who's Calling, Inc 2,177
Mike's Tire Man Inc 2,140
Otto & Sons Inc 2,078
Others 223,941
TOTAL SCHEDULED LIABILITIES $1,326,191,227
========================================================
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. 12;
http://bankrupt.com/newsstand/or 215/945-7000).
LANDSOURCE COMMUNITIES: LandSource Holding Files Schedules
----------------------------------------------------------
LandSource Holding Company LLC, debtor-affiliate of LandSource
Communities Development LLC, submitted its schedules of assets
and liabilities, disclosing:
A. Real Property
Blackstone Village #4&6, El Dorado Hills $42,239,899
Blackstone Village #1, El Dorado Hills, CA 27,177,810
Blackstone Village #18, El Dorado Hills 15,343,853
Harveston - Emery - Danbury, Riverside, CA 15,118,220
Blackstone Village #7, El Dorado Hills 14,863,599
Greenbriar Falls, Monmouth, NJ 14,968,448
Copper Canyon - Group 1, Layton, NV 14,463,452
Greenbriar @ Cape May, Cape May, NJ 13,229,278
Palm Ranch - Group 1, Tulare, CA 12,546,923
Sun City / Sunshine Village, Tampa, FL 12,162,740
Coachella, Riverside, CA 12,000,001
Westlake Village Greens, Sacramento, CA 11,928,694
Palm Springs Classic, Riverside, CA 11,849,645
Blackstone Village #5a, El Dorado Hills 11,422,984
Harveston 1 - Barrington, Riverside, CA 8,260,001
Mariposa, Contra Cosa, CA 8,000,000
Briggs @ Jefferson, Riverside, CA 7,801,550
Damonte 5 - Village 4, Washoe, NV 5,991,202
Lakes B the Bay, Miam-Dade County, FL 5,813,520
The Gables & Meriwether, Orange, CA 5,416,426
Damonte 5 - Village 5, Washoe, NV 5,010,928
Damonte 5 - Village 1, Washoe, NV 3,958,998
Damonte 5 - Village 2, Washoe, NV 3,911,894
Kings Ridge Golf Course, Clermont, FL 3,849,056
Damonte 5 - Village 3, Washoe, NV 3,553,421
Rio Del Oro, Yuba, CA 3,060,870
Pioneer Meadows Village #2, Washoe, NV 2,852,195
Mc Sweeny, Riverside, CA 2,755,000
Lincoln Crossings 6C, Placer, CA 2,329,412
Terravista 112, Maricopa, AZ 1,913,932
Indian Palms 45's, Riverside, CA 1,193,081
Indian Palms 50's, Riverside, CA 775,268
Tamaron, Pinal, AZ 701,549
Terravista 1, Maricopa, AZ 739,999
Blackstone Village #3, El Dorado Hills
[written in doc. as 16,111.392 ]
B. Personal Property
B.1 Cash on hand
Petty Cash 100
B.2 Checking, savings, other financial accounts
Bank Atlantic 331,745
Executive National Bank 167,616
Bank of America 21,353
B.14 Interest in partnerships
100% Stake in:
LandSource Communities Development Sub, LLC Unknown
Lennar Bressi Ranch Venture, LLC Unknown
Lennar Mare Island, LLC Unknown
LNR-Lennar Washington Square, LLC Unknown
NWHL GP LLC Unknown
Southwest Communities Development, LLC Unknown
99% Stake in:
Lennar Land Partners II Unknown
The Newhall Land and Farming Company
(A California Ltd. Partnership) Unknown
B.15 Government and corporate bonds None
B.16 Accounts Receivable None
Kings Ridge Community Association 24,901
Florida Sales Tax Overpayment 3,738
Golf Pac 2,074
Golf Zoo 406
Tee Times
51
B.17 Alimony None
B.18 Other Liquidated Debts
Purchase Money Promissory Note 20,102,500
Interest Receivable on Promissory Note 378,982
B.19 Equitable or future interests None
B.20 Other Contingent & Unliquidated Claims None
B.21 Intellectual Property
North American Title Company Unknown
Kings Ridge Community Association Unknown
B.29 Machinery
Equipment and Furniture 50,196
TOTAL SCHEDULED ASSETS $328,287,509
========================================================
C. Property Claimed as Exempt None
D. Secured Claims
Barclays Bank - First Lien Debt $1,034,812,747
Bank of New York - Second Lien Debt 249,877,767
Lakes by the Bay South Communities 2,414,305
Paul McDonnell Riverside County Unliquidated
E. Unsecured Priority Claims
Paul McDonnell Riverside County 663,439
Doug Belden, Tax Collector 147,383
Bob McKee, Lake County Tax Collector 49,686
Lake County Tax Collector 31,838
Maricopa County Treasurer 12,615
Miami-Dade County Tax Collector 6,080
Florida Department of Revenue 3,277
LLP Clerk of the Circuit Court 62
Secretary of State Nevada 53
F. Unsecured Non-priority Claims
Lennar Homes of CA 50,288,321
Lennar Homes, LLC 1,001,458
ICON Constructors, INC. 482,372
W. Jackson & Sons Construction Co. 445,988
Downrite Engineering Corporation 340,785
LLP W. Jackson & Sons Construction 283,609
Bennett Grassing & Hay Farms 46,337
Breedlove, Dennis & Associates 30,987
Kings Ridge Community Assoc., Inc. 25,597
Ford Engineers, Inc. 22,877
LLP Kearney Construction 18,237
Blackstone Master Association 15,700
LLP Heidt & Associates 12,500
The CIT Group 9,136
Lincoln Crossing Community Association 7,130
Heidt & Associates, Inc. 7,702
Dixie Landscape Co. 5,263
Baywinds Community Association 5,225
Duane Morris 5,044
Customer Application Services, Inc. 4,500
DFD of Miller Rd Improvement 4,170
Lesco Credit Services 3,836
Tamaron Homeowners Association 3,835
Turf Management 3,741
The Orlando Sentinel 3,264
RC Dunn Oil Company 2,838
Kearney Construction 2,323
RBS Asset Finance 2,111
WescoTurf Supply, Inc. 2,068
Proplus Golf Services, Inc. 2,032
LLP Hillsborough Co. 1,975
Sumter Electric Cooperative 1,845
NFL Greenbriar Landscaping 1,805
Environmend 1,511
Developers Resource Group 1,312
Lennar Homes Clermont Division 1,089
Home Depot Credit Services 1,258
NFL Lennar Land Partners 1,064
AT&T Advertising & Publishing 912
Harrells Fertilizer 883
Paradigm Engineering 880
Aim Window Cleaning & Janitorial Svc 830
City of Clermont 558
Bercow radell & Fernandez, P.A. 550
G&K Services 472
SPRINT 465
Miami - Dade D.E.R.M 462
Lake County Automotive, Inc. 342
Booth, Ern, Straughan & Hiott 300
Smith Aerial 227
Precision Small Engine Co, Inc 194
Club Prophet Systems 187
Waste Management of Florida 130
Ford, Armenteros & Manucy, Inc 123
Armchem International, Corp 104
Florida Irrigation Supply, Inc. 114
Office Depot 120
Winzer Corporation 131
Kings Ridge Clubhouse 100
Polk, Donald Undetermined
Randall, Howard Undetermined
Santee, Donald Undetermined
State of Florida Dept. of Transportation Undetermined
Tampa Palms North Owners Association Undetermined
Tirell, Maynard Undetermined
Briarwood Capital LLC Undetermined
Campbell, William Undetermined
Floyd, Marquette Undetermined
Fowler, Robert Undetermined
Gerling America Insurance Co Undetermined
Gordon, Roy Undetermined
Holzman, Seymour Undetermined
Joseph Padron Undetermined
Others 1,280
TOTAL SCHEDULED LIABILITIES $1,341,129,464
========================================================
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. 12;
http://bankrupt.com/newsstand/or 215/945-7000).
LANDSOURCE COMMUNITIES: Lennar Washington Files Schedules
---------------------------------------------------------
LNR-Lennar Washington Square, LLC, debtor-affiliate of LandSource
Communities Development LLC, submitted its schedules of assets and
liabilities, disclosing:
A. Real Property
Washington Square Los Angeles, CA $79,687,732
B. Personal Property
B.2 Checking, savings, other financial accounts
Bank of America 31,421
B.3 Security deposits
The Gas Company 2,319
LA Dept. of Water Works & Power 1,380
B.35 Other Personal Property
Prepaid Insurance - Los Angeles, CA 810,806
Prepaid Property Taxes - Los Angeles, CA 27,952
Prepaid Property Taxes - Solano County, CA 27,952
TOTAL SCHEDULED ASSETS $80,589,562
========================================================
C. Property Claimed as Exempt None
D. Secured Claims
Barclays Bank - First Lien Debt $1,034,812,747
Bank of New York - Second Lien Debt 249,877,767
Dynamic Plumbing Commercial, Inc. Unliquidated
Helix Electronic, Inc. Unliquidated
Southern Sun Construction Co. Inc. Unliquidated
Williams Mechanical, Inc. Unliquidated
E. Unsecured Priority Claims None
F. Unsecured Non-priority Claims
Southern Sun Constructions Co. 1,006,107
Van Tilburg, Banvard & Soderbergh 98,151
Leighton and Associates 59,803
Hall & Forman, Inc. 47,247
The Lee Group, Inc. 34,285
The Westye Group 32,132
Lennar Urban Development Group 30,409
Los Angeles Times 28,520
Creative Design Consultants 22,927
Guard Systems, Inc. 21,888
Reliable Graphics 20,992
Carlin Environmental Consulting 16,146
Samuels, Green & Steel LLP 15,998
Christensen, Glaser, Fink, Jaco 15,972
Kovach Marketing 13,042
Lennar Urban Development Group 11,329
LA Dept. of Water and Power 11,250
R.T. Frankian & Associates 10,577
Daily Breeze 9,287
Gold Coast West, LLC 8,880
La Jolla Pacific of CA, Ltd. 7,983
Homebuyers Guide Real State 7,480
Temps Plus Inc. 7,462
Lennar Urban Development Group 5,393
Sign Image Inc. 5,132
Nucoast Graphic Services, Inc. 3,028
Glenn R. Johnson Scale Models 2,598
Platinum Publications 2,500
The Argonaut Inc. 2,485
Oasis Appliance Corporation 1,674
J&J Model Home Care 1,640
The Korea Times 1,608
ActiveQuest, Inc. 1,059
City of Los Angeles 1,000
Outdoor Dimensions 589
Netfinity, Inc. 850
The MLS/CLAW 825
Donald F. Dickerson Associates 690
Steve Wolf & Associates, Inc. 551
Robert Charles Lesser & Co 385
GE Capital 302
Others 839
PCL Construction Services Undetermined
John Martin & Associates Undetermined
TOTAL SCHEDULED LIABILITIES $1,286,261,529
========================================================
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. 12;
http://bankrupt.com/newsstand/or 215/945-7000).
LANDSOURCE COMMUNITIES: Lennar Mare Files Schedules
---------------------------------------------------
Lennar Mare Island, LLC, debtor-affiliate of LandSource Communities
Development LLC, submitted its schedules of assets and liabilities,
disclosing:
A. Real Property
Mare Island - Vallejo, Ca $65,498,492
Building Improvements - Vallejo, CA 2,209,607
Fixtures and Tenant
Improvements - Vallejo, CA 282,949
B. Personal Property
B.1 Cash on hand
Petty cash 500
B.2 Checking, savings, other financial accounts
California Bank & Trust 1,042,139
B.28 Office equipment, furnishings and supplies
Furniture & equipment 21,334
Rental equipment 19,632
B.35 Other Personal Property
Prepaid Insurance - Mare Island, CA 806,385
Prepaid Property Taxes - Solano County, CA 19,615
TOTAL SCHEDULED ASSETS $69,900,654
========================================================
C. Property Claimed as Exempt None
D. Secured Claims
Barclays Bank - First Lien Debt $1,034,812,747
Bank of New York - Second Lien Debt 249,877,767
Bay Cities Paving and Gravel Unliquidated
Bigham Taylor Roofing Unliquidated
CH2M Hill, Inc. Unliquidated
Chaudary & Associates, Inc. Unliquidated
D.A. Pope Inc. Unliquidated
Desilva Gates Construction Unliquidated
East Bay Construction Unliquidated
Engeo, Inc. Unliquidated
Ghilotti Construction Unliquidated
North Bay Construction Unliquidated
Pacific States Environmental Unliquidated
Park West Landscape, Inc. Unliquidated
Rainbow Waterproffing Unliquidated
Smith Dimension Construction Unliquidated
E. Unsecured Priority Claims None
F. Unsecured Non-priority Claims
City of Vallejo 552,315
Pacific States Environmental 366,655
North Bay Construction Inc 190,328
Lennar Communities NCU 174,461
East Bay Construction Company 152,578
Ghilotti Construction 152,430
Rainbow Waterproofing & Restoration 147,453
Morrison & Foerster, LLP 141,069
Desilva Gates Construction 124,540
Smith Denison Construction Co 120,164
Chaudhary & Associates, Inc. 97,025
Ware Malcomb 72,997
Bigham Taylor Roofing Corp 65,976
Esco Marine, Inc. 50,000
Island Energy 44,294
CB Richard Ellis, Inc. 42,548
Wine Central LLC 37,638
Universal Protection Service 37,563
CH2M Hill Constructors Dept 35,210
Alamillo Rebar, Inc. 33,766
Park West Landscaping, Inc. 29,609
Bill Neads 25,000
Western Dovetail 25,000
Carpenter Group 25,000
Cagwin & Dorward Landscape 23,404
Treadwell & Rollo 20,678
C. S. Marine Constructors, Inc. 19,200
Cooper Crane & Rigging 19,100
Storage Mobility of CA, LLC 17,500
Matrix HG Inc 16,954
Globalcrete LLC 15,600
Roofing Supply Group, Inc. 15,000
Kennedy-Wilson SF Corp 14,041
Keadjian Associates 13,500
Klamath Boat, LLC 11,618
J V Lucas Paving Inc. 10,750
BDE Architecture (Berge, detmer, Ennis) 10,417
Mark R. Nelson 10,000
Performance Contracting, Inc. 10,000
C. B. Richard Ellis, Inc. 10,000
Marjorie L. Brown 10,000
Cable Moore, Inc. 10,000
Syar Industry 10,000
North Bay Janitorial Services, Inc. 9,433
Steiny & Company 9,265
A Plus Tree Service 8,038
Granberg International, Inc. 8,200
Novo Construction 8,114
Battlebots, Inc. 8,000
Six Flags Marine World 7,500
Cox, Castle & Nicholson, LLP 7,390
EP Architectural Builders, Inc. 7,044
Orantes Architectural Metals. Inc 7,000
Arcmatic Automated Welding System 7,000
Expertees 7,000
Triton Truck Repair 6,800
C.R. Fireline, Inc. 6,725
Sonrise Consolidated, Inc. 6,276
Eldon T. Peterson 6,174
Tony Pennisi 6,000
Valley Floor Company 5,838
Nextel of California, Inc. 5,500
Hal Pierce Electric Company, Inc. 5,000
Timothy Rose Artist 5,000
McCovey's 5,000
Matteri Electric 4,959
Industrial Field Labor 4,681
Packaging Arts 4,500
Lucas Demolition, Inc 4,320
Pacific Bell Wireless 4,000
Red Barn Productions 4,000
Shining Star Children's House, Inc. 4,000
Home Depot 3,000
Magnolia Hospitality Group, Inc. 3,000
Newmeyer & Dillion, LLP 3,518
Paul Hastings Janofsky, & Walke 34,769
Vigilante Insurance Company et al Undetermined
Others 73,142
TOTAL SCHEDULED LIABILITIES $1,288,002,081
========================================================
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. 12;
http://bankrupt.com/newsstand/or 215/945-7000).
LEVITT & SONS: Files Operating Report for July 2008
---------------------------------------------------
Levitt & Sons, LLC
Monthly Financial Report for Business
For the Period July 1 - 31, 2008
Cash, beginning of period $1,778,905
Receipts:
Cash sales 0
Collection on postpetition A/R 0
Collection on prepetition A/R 0
Other receipts 5,996
--------------
Total receipts 5,996
Total cash available for operations 1,784,901
Disbursements:
U.S. Trustee quarterly fees 0
Net payroll 6,562
Payroll taxes paid 2,576
Sales and use taxes 0
Other taxes 0
Rent 0
Other leases 0
Telephone 0
Utilities 3,992
Travel & entertainment 0
Vehicle expenses 0
Office supplies 0
Advertising 0
Insurance 0
Purchases of fixed assets 0
Purchases of inventory 0
Manufacturing supplies 0
Repairs & maintenance 0
Payments to secured creditors 0
Other operating expenses 411,428
--------------
Total cash disbursements 424,559
--------------
Ending Cash Balance $1,360,342
==============
About Levitt and Sons
Based in Fort Lauderdale, Florida, Levitt and Sons LLC --
http://www.levittandsons.com/-- is the homebuilding subsidiary of
Levitt Corporation (NYSE:LEV). Levitt Corp. --
http://www.levittcorporation.com/-- together with its
subsidiaries, operates as a homebuilding and real estate
development company in the southeastern United States. The
company operates in two divisions, homebuilding and land. The
homebuilding division primarily develops single and multi-family
homes for adults and families in Florida, Georgia, Tennessee, and
South Carolina. The land division engages in the development of
master-planned communities in Florida and South Carolina.
Levitt and Sons LLC and 38 of its homebuilding affiliates filed
for Chapter 11 protection on Nov. 9, 2007 (Bankr. S.D. Fla. Lead
Case No. 07-19845). Paul Singerman, Esq. and Jordi Guso, Esq., at
Berger Singerman, P.A., represent the Debtors in their
restructuring efforts. The Debtors chose AP Services, LLC as
their crisis managers, and Kurtzman Carson Consultants, LLC as
their claims and noticing agent. Levitt Corp., the parent
company, is not included in the bankruptcy filing.
The Debtors have filed a Chapter 11 joint plan of liquidation.
(Levitt and Sons Bankruptcy News; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
MERVYN'S LLC: Submits Initial Monthly Operating Report
------------------------------------------------------
Mervyn's LLC and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware a 12-month
projected cash flow beginning August 2008 to July 2009:
Mervyn's LLC
Projected Statement of Cash Flows
For the Months August to November 2008
(In millions)
August September October November
------ --------- ------- --------
Net Income ($21) ($14) ($8) ($11)
Depreciation and Amortization (4) (5) (4) (4)
Shared-based Compensation 0 0 0 0
Loss(gain) on sale of assets 0 (8) (8) (10)
Change in Deferred Financing 1 1 1 1
Change in Assets/Liabilities:
Inventory (19) (44) (51) (64)
Accounts receivable 1 (3) 2 (7)
Accounts payable 2 30 19 60
Other current assets 1 (0) (1) (0)
Other A/P 2 12 4 (2)
Accrued liabilities 4 (2) (5) 5
Def Rent 2 1 1 1
Other, net (0) (2) (0) (0)
----- ----- ----- -----
Change in Assets/Liabilities 30 (9) (31) (5)
----- ----- ----- -----
Net Cash Flow from Operations 13 (25) (41) (1)
Capital Expenditures (6) (6) 1 (2)
Asset Sale Proceeds - 8 8 10
Notes Payable (0) (0) (0) (0)
Leasehold Interest Financing - - - -
DIP Financing fees/Costs - - - -
Capital Lease Obligations (1) (1) (1) (1)
----- ------ ----- -----
Net Cash Flow before Revolver 6 (24) (33) 8
Mervyn's LLC
Projected Statement of Cash Flows
For the Months December 2008 to March 2009
(In millions)
December January February March
-------- ------- -------- -----
Net Income ($49) ($36) ($16) ($12)
Depreciation and Amortization 6 4 4 6
Shared-based Compensation 0 0 0 0
Loss(gain) on sale of assets (0) (0) - -
Change in Deferred Financing 1 1 1 1
Change in Assets/Liabilities:
Inventory 163 5 (45) (1)
Accounts receivable 9 2 1 (2)
Accounts payable (83) (14) 45 (23)
Other current assets 2 0 1 0
Other A/P 10 (12) (11) 8
Accrued liabilities 29 (12) (24) (4)
Def Rent 1 1 2 2
Other, net (2) (0) (0) (0)
------ ------ ----- -----
Change in Assets/Liabilities 129 (30) (32) (19)
------ ------ ----- -----
Net Cash Flow from Operations 184 (61) (42) (24)
Capital Expenditures (1) 6 (2) (2)
Asset Sale Proceeds - - - -
Notes Payable (0) (0) (0) (0)
Leasehold Interest Financing - - - -
DIP Financing fees/Costs - - - -
Capital Lease Obligations (1) (1) (1) (1)
------ ------ ----- -----
Net Cash Flow before Revolver 182 (55) (45) (27)
Mervyn's LLC
Projected Statement of Cash Flows
For the Months April to July 2009
(In millions)
April May June July
----- --- ---- ----
Net Income ($15) ($12) ($8) ($17)
Depreciation and Amortization 5 5 6 5
Shared-based Compensation 0 0 0 0
Loss(gain) on sale of assets - - - -
Change in Deferred Financing 1 1 1 1
Change in Assets/Liabilities
Inventory 6 (0) 3 (23)
Accounts receivable (3) 1 (2) (0)
Accounts payable (16) 25 16 9
Other current assets 0 0 (0) (3)
Other A/P (0) 13 0 (24)
Accrued liabilities (5) 3 1 2
Def Rent 2 2 2 2
Other, net (0) (0) (0) (0)
------ ------ ------ ------
Change in Assets/Liabilities (17) 44 21 (37)
------ ------ ------ ------
Net Cash Flow from Operations (26) 37 19 (49)
Capital Expenditures (2) (2) (2) (2)
Asset Sale Proceeds - - - -
Notes Payable (0) (0) (0) (0)
Leasehold Interest Financing - - - -
DIP Financing fees/Costs - - - -
Capital Lease Obligations (1) (1) (1) (1)
------ ----- ----- -----
Net Cash Flow before revolver (29) 34 16 (52)
The Debtors also disclose that they paid an aggregate amount of
$831,500 for retainers:
Professionals Amount
------------- ------
Morgan, Lewis, Bockus $500,000
Richards Layton Finger 175,000
Kurtzman Carson Consultants 96,500
Joele Frank-Williamson 60,000
--------
Total $831,500
=========
The Debtors filed Certificates of Insurance, copies of which
are available for free at:
http://bankrupt.com/misc/Mervyns_Insurance_Certificates.pdf
A full-text copy of the Initial Monthly Operating Report is
available for free at:
http://bankrupt.com/misc/Mervyn%27sMOR.pdf
About Mervyn's LLC
Headquartered in the San Francisco Bay Area, Mervyn's LLC --
http://www.mervyns.com/-- provides a mix of top national brands
and exclusive private labels. Mervyns has 176 locations in seven
states. Mervyns stores have an average of 80,000 retail square
feet, smaller than most other mid-tier retailers and easier to
shop, and are located primarily in regional malls, community
shopping centers, and freestanding sites.
The company and its affiliates filed for Chapter 11 protection on
July 29, 2008, (Bankr. D. Del. Lead Case No.: 08-11586). Howard
S. Beltzer, Esq., and Wendy S. Walker, Esq., at Morgan Lewis &
Bockius LLP, and Mark D. Collins, Esq., Daniel J. DeFranceschi,
Esq., Christopher M. Samis, Esq. and L. Katherine Good, Esq., at
Richards Layton & Finger P.A., represent the Debtors in their
restructuring efforts. Kurtzman Carson Consultants LLC is the
Debtors' claims agent. The Debtors' financial advisor is Miller
Buckfire & Co. LLC. Mervyn's LLC has estimated assets of
$500,000,000 to $1,000,000,000 and estimated debts of $500,000,000
to $1,000,000,000 when it filed for bankruptcy.
PROGRESSIVE MOLDED: Submits Schedules of Assets and Debts
---------------------------------------------------------
Progressive Molded Products Inc. delivered its schedules of assets
and liabilities, disclosing:
A. Real Property None
B. Personal Property
B.1 Cash on hand
Petty Cash US$ $1,000
Petty Cash US$ 1,000
B.2 Bank Accounts
JPMorgan Chase Bank, N.A. 221,222
JPMorgan Chase Bank, N.A. 304,257
Nodaway Valley Bank 2,221
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
Acord Holdings LLC 7,842
Commonwealth Regal Industries 18,302
Delphi Automotive Systems 5,094
Delphi Mechatronic Sys. 9571 19,136
Delphi Safety & Interior Sys 3,661
Ford Motor Company 2,330,335
Ford Motor Company 177
General Motors Corporation 54,128
General Motors Corporation 8,343,987
GM Parts and Service GMSPO 26,152
Inteva Products, LLC 12,742
Inteva Products, LLC 24,076
Intier Automotive 37,176
Intier Automotive 3,315
Johnson Controls 86,398
Kostal Mexicana S.A. De C.V. 40,793
Saturn Service Parts 15,431
Serigraph Inc. 160,447
Toyoda Gosei North America 113,239
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 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
Computer Equipment-STJOS 83,688
Computer Equipment-TEXAS 63,602
Office Equipment-STJOS 22,558
Office Equipment-TEXAS 27,453
B.29 Machinery
Plant & Equipment-STJOS 2,640,374
Plant & Equipment-TEXAS 6,488,679
B.30 Inventory
Finished Goods - STJOS 216,887
Finished Goods - TEXAS 309,748
Quarantine - STJOS 51,009
Raw Material - STJOS 824,462
Raw Material - TEXAS 4,717,765
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 $27,278,357
========================================================
C. Property Claimed as Exempt None
D. Secured Claims
JPMorgan Chase Bank 24,900,000
JPMorgan Chase Bank 20,400,000
JPMorgan Chase Bank 11,951,712
JPMorgan Chase Bank 219,686,952
Wells Fargo Bank 31,571,083
E. Unsecured Priority Claims
Employee Vacation Pay 246,218
Employee Wages 126,847
Statutory Payroll Taxes 11,996
F. Unsecured Non-priority Claims
Edgestone Capital Mezzanine Fund II, L.P. 21,272,660
GS Mezzanine Partners III Offshore Fund L.P. 38,655,637
GS Mezzanine Partners III Onshore Fund L.P. 115,737,726
JPMorgan Chase Bank 35,200,000
MG Stratum Fund III, L.P. 20,052,455
Others 5,564,211
TOTAL SCHEDULED LIABILITIES $545,377,497
========================================================
Ontario, Canada-based Progressive Molded Products Inc. designs
and manufactures component parts for General Motors Corp., Ford
Motor Company and Chrysler, LLC. Its interior automotive
subsystems are used for the "Big Three" automakers' top-selling
platforms, including lightweight trucks, SUVs, mini-vans, cross-
over vehicles, and passenger cars.
The company and three of its affiliates filed for creditor
protection under Chapter 11 of the U.S. Bankruptcy Code before the
United States Bankruptcy Court for the District of Delaware on
June 20, 2008 (Lead Case No. 08-11253). Kelley A. Cornish, Esq.
and Brian S. Hermann, Esq. at Paul, Weiss, Rifkind Wharton &
Garrison LLP and Pauline K. Morgan, Esq., Joseph M. Barry, Esq.,
and Donald J. Bowman, Jr., Esq. at Young, Conaway, Stargatt &
Taylor represent the Debtors in their restructuring efforts.
The Progressive Molded Products entities also commenced parallel
restructuring proceedings under the Companies' Creditors
Arrangement Act before the Ontario Superior Court of Justice
(Commercial List) on June 20. Sheryl E. Seigel, Esq. and Alex A.
Ilchenko, Esq. at Lang Michener LLP are their solicitors. Alex F.
Morrison at Ernst & Young, Inc., has been appointed CCAA monitor
and Kevin J. Zych, Esq. at Bennett Jones LLP serves as his
solicitor.
PROGRESSIVE MOLDED: Progressive Marketing Submits Schedules
-----------------------------------------------------------
Progressive Marketing Inc., debtor-affiliate of Progressive Molded
Products Inc., delivered its schedules of assets and liabilities,
disclosing:
A. Real Property None
B. Personal Property
B.1 Cash on hand
Petty Cash US$ $200
B.2 Bank Accounts
JPMorgan Chase Bank, N.A. 78,297
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 None
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 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
Computer Equipment - PMI 0
Office Equipment - PMI 44,260
B.29 Machinery None
B.30 Inventory None
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 $122,757
========================================================
C. Property Claimed as Exempt None
D. Secured Claims
JPMorgan Chase Bank $24,900,000
JPMorgan Chase Bank 20,400,000
JPMorgan Chase Bank 11,951,712
JPMorgan Chase Bank 219,686,952
Wells Fargo Bank 31,571,083
E. Unsecured Priority Claims
Employee Vacation Pay 77,203
Employee Wages 54,013
Statutory Payroll Taxes 3,920
F. Unsecured Non-priority Claims
Edgestone Capital Mezzanine Fund II, L.P. 21,272,660
GS Mezzanine Partners III Offshore Fund, L.P. 38,655,637
GS Mezzanine Partners III Onshore Fund, L.P. 115,737,726
JPMorgan Chase Bank 35,200,000
MG Stratum Fund III, L.P. 20,052,455
Crain's Detroit Business 39
Federal Express 855
Forbes 30
Ikon Office Solutions 187
TOTAL SCHEDULED LIABILITIES $539,564,470
========================================================
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: Amends Schedules of Assets and Liabilities
------------------------------------------------------
Propex Inc. amended its Schedules of Assets and Liabilities
on August 12, 2008, changing the amount owed to Joseph F. Dana
relating to Deferred Compensation Plan to $0.
About Propex Inc.
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.
The Court extended the exclusive plan filing period of the Debtors
through Oct. 20, 2008, and their exclusive solicitation period
through Dec. 19, 2008.
As of June 29, 2008, the Debtors' balance sheet showed total
assets of $562,700,000, and total debts of $551,700,000.
PROPEX INC: Reflects Porous Materials Trade Claim in Schedules
--------------------------------------------------------------
Propex Inc. supplemented its Schedules of Assets and Liabilities
on July 30, 2008, to reflect a trade claim by Porous Materials,
Inc., for $1,550.
About Propex Inc.
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.
The Court extended the exclusive plan filing period of the Debtors
through Oct. 20, 2008, and their exclusive solicitation period
through Dec. 19, 2008.
As of June 29, 2008, the Debtors' balance sheet showed total
assets of $562,700,000, and total debts of $551,700,000.
(Propex Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
PROPEX INC: Posts $16.1 Million Net Loss in Month Ended August 3
----------------------------------------------------------------
Propex Inc.
Unaudited Condensed Consolidated Balance Sheet
As of August 3, 2008
ASSETS:
Current Assets:
Cash and cash equivalents $37,400,000
Restricted Cash 700,000
Accounts Receivable, net 101,500,000
Accounts Receivable claims-prepetition -
Inventories, net 124,000,000
Deferred income taxes 8,700,000
Prepaid expenses and other current assets 35,400,000
Assets held for sale 7,400,000
-----------
Total current assets 315,100,000
Other assets:
Goodwill -
Intangible assets, net 16,600,000
Deferred income taxes -
Investment in subsidiaries -
Intercompany notes receivable -
Other assets 9,000,000
-----------
Property, plant and equipment, net 211,900,000
-----------
Total assets $552,600,000
===========
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Prepetition
Accounts payable 7,900,000
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 300,000
Postpetition
Accounts payable 35,500,000
Accrued liabilities 24,100,000
Current portion of debt and accrued interest 36,200,000
Accrued pension obligations -
Restructuring and other similar costs 500,000
Other current liabilities 1,700,000
-----------
Total current liabilities 490,400,000
Non-current liabilities:
Prepetition
Accrued pension and other post-retirement
benefit liabilities 23,600,000
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 28,900,000
Other non-current liabilities 1,400,000
-----------
Total non-current liabilities 65,200,000
Total stockholder's equity
Common stock -
Paid-in capital 96,300,000
Accumulated other comprehensive income 29,400,000
Retained earnings - prior year (88,200,000)
Retained earnings - current year (40,500,000)
-----------
Total stockholder's equity (3,000,000)
-----------
Total liabilities and stockholder's equity $552,600,000
===========
Propex Inc.
Unaudited Condensed Consolidated Statements of Operations
For Month Ended August 3, 2008
Net revenue $64,600,000
Cost of sales 59,200,000
-----------
Gross profit 5,400,000
Operating expenses:
Selling, general and administrative 6,800,000
Other(income) expense, net (700,000)
Add Back depreciation and amortization 2,500,000
EBITDA 1,800,000
Depreciation & Amortization 2,500,000
Interest expense 2,400,000
Restructuring and similar costs 12,600,000
Non-cash pension and other expense 100,000
Other non-operating expense(income) -
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 (15,800,000)
Income tax provision (benefit) 300,000
-----------
Net income (loss) ($16,100,000)
===========
Propex Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
For Month Ended August 3, 2008
Cash flows from operating activities
Net income(loss) ($16,100,000)
Adjustments to reconcile, net income to net
cash provided by used in operating
activities:
Depreciation and amortization 2,500,000
Non-cash interest on debt -
Amortization of bank fees -
Net gain on dispositions of property
and equipment 10,800,000
Stock-based compensation -
Impairment of property, plant and equipment -
Impairment of goodwill -
Impairment of intangibles -
Pension and post-retirement benefit cost 300,000
Deferred income taxes -
Changes in operating assets and liabilities
Decrease(increase) in assets-prepetition -
Decrease(increase) in assets-post-petition 3,400,000
(Decrease) increase in liabilities-prepetition (100,000)
(Decrease) increase in liabilities-postpetition 5,000,000
-----------
Net cash provided (used) by operating activities 5,800,000
Cash flows from investing activities
Capital expenditures (400,000)
Proceeds from sale of property and equipment -
Acquisition of business(net of cash acquired) -
-----------
Net cash used in investing activities (400,000)
Cash flows from financing activities
Payments of long-term debt principal -
Proceeds from issuance of debt -
Debt issuance costs -
Dividends -
Net receipts from unconsolidated parent company -
Net payments of affiliate debt -
Net cash provided by (used in) financing activities -
Effect of changes in foreign exchange rates on
cash and cash equivalents 100,000
-----------
Change in cash and cash equivalents 5,500,000
-----------
Cash and cash equivalents-beginning period 31,900,000
-----------
Cash and cash equivalents- end period $37,400,000
===========
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.
The Court extended the exclusive plan filing period of the Debtors
through Oct. 20, 2008, and their exclusive solicitation period
through Dec. 19, 2008.
As of June 29, 2008, the Debtors' balance sheet showed total
assets of $562,700,000, and total debts of $551,700,000.
(Propex Bankruptcy News, Issue No. 16; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
S & A RESTAURANT: Amends Schedules of Assets and Liabilities
------------------------------------------------------------
J. Michael Sutherland, Esq., at Carrington, Coleman, Sloman &
Blumenthal, L.L.P., tells the U.S. Bankruptcy Court for the
Eastern District of Texas that the exhibit to B-22 in S & A
Restaurant Corp.'s schedules of assets and liabilities was
attested but inadvertently omitted. The Debtor owns these
trademarks:
Trademark Country
--------- -------
29° Tavern USA
29degree Tavern USA
Bennigan's (Block) USA
Bennigan's (DE) USA
Bennigan's Grill & Tavern (block) USA
Bennigan's Grill & Tavern (design) USA
Bennigan's Irish American Grill & Tavern (DE) USA
Bennigan's on the Go USA
Bennigan's Sport USA
Bennigan's Tavern Burgers USA
Bennigan's Tavern with Flip and Mug USA
Blarney Blast USA
Death by Chocolate USA
Death by Chocolate Martini USA
Emerald Isle Margarita USA
Kensington Canada
Kensington USA
Paddy O'Punch USA
Septemburger USA
Signature Herb Roasted Prime Rib USA
Skillet O'Beef Canada
Steak & Ale (block letter with ampersand) USA
Steak & Ale (Bull Design) Australia
Steak & Ale (with bull & mug design) USA
Steak & Ale Argentina
Steak & Ale Bahamas
Steak & Ale Bahrain
Steak & Ale Ecuador
Steak & Ale European Union
Steak & Ale Guatemala
Steak & Ale Honduras
Steak & Ale Kuwait
Steak & Ale Puerto Rico
Steak & Ale (DE) Venezuela
Steak & Ale (block letter) USA
Steak & Ale (DE w/bull) Jamaica
Steak & Ale (DE) Canada
Steak & Ale (DE) El Salvador
Steak & Ale (DE) European Union
Steak & Ale (DE) Germany
Steak & Ale (DE) Israel
Steak & Ale (DE) Lebanon
Steak & Ale (DE) Mexico
Steak & Ale (DE) New Zealand
Steak & Ale (design) USA
Steak & Ale (Fleur) Korea
Steak & Ale (steer design) USA
The Plano Tavern & Design USA
Time Crunch Lunch USA
What are you in the mood for USA
Your escape from the everyday USA
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. The Debtors
disclosed total scheduled assets of $2,302,057 and total scheduled
liabilities of $159,432,691.
Michelle H. Chow is the Debtors' Chapter 7 bankruptcy trustee.
The lead counsel for the trustee is Kane Russell Coleman & Logan
PC. Mark Ian Agee, Esq., of the law firm Mark Ian Agee, Attorney
at Law, is co-counsel.
SEA CONTAINERS: Submits July 2008 Monthly Operating Report
----------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of July 31, 2008
Assets
Current Assets
Cash and cash equivalents $22,659,180
Trade receivables, less allowances
for doubtful accounts 374,155
Due from related parties 353,300
Prepaid expenses and other current assets 362,937
------------
Total current assets 23,749,572
Fixed assets, net -
Long-term equipment sales receivable, net -
Investments in group companies 108,753,801
Intercompany receivables -
Investment in equity ownership interests 230,596,266
Other assets 2,737,066
------------
Total assets $365,836,705
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $13,064,799
Accrued expenses 89,926,686
Current portion of long-term debt 174,790,014
Current portion of senior notes 385,633,720
------------
Total current liabilities 663,415,219
Total shareholders' equity (297,578,514)
------------
Total liabilities and shareholders' equity $365,836,705
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended July 31, 2008
Revenue $2,452,133
Costs and expenses:
Operating income -
Selling, general and admin. expenses (1,424,952)
Professional fees (8,370,035)
Charges against intercompany accounts 711,245
Impairment of investment in subsidy Co. 1,155,587
Forgiveness of intercompany debt -
Depreciation and amortization -
------------
Total costs and expenses (7,928,155)
------------
Loss on sale of assets -
------------
Operating income (loss) (5,476,022)
Other income (expense)
Investment income 107,546
Foreign exchange gains or (losses) (1,527)
Interest expense, net (5,130,333)
------------
Loss before taxes (10,500,336)
Income tax expense (135,150)
------------
Loss after taxes ($10,635,486)
============
Sea Containers Services, Ltd.
Unaudited Balance Sheet
As of July 31, 2008
Assets
Current Assets
Cash and cash equivalents $70,268
Trade receivables 11,225
Due from related parties (GE SeaCo) 65,936
Prepaid expenses and other current assets 1,581,886
------------
Total current assets 1,729,315
Fixed assets, net 10,961
Investments 2,650,462
Intercompany receivables 15,341,418
Other assets -
------------
Total assets $19,732,156
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable 772,656
Accrued expenses 3,222,039
Current portion of long-term debt 1,498,581
------------
Total current liabilities 5,493,276
Total shareholders' equity 14,238,880
------------
Total liabilities and shareholders' equity $19,732,156
============
Sea Containers Services, Ltd.
Unaudited Statement of Operations
For the Month Ended July 31, 2008
Revenue $1,283,412
Costs and expenses:
Selling, general and admin. expenses (807,286)
Professional Fees (346,040)
Depreciation and amortization (1,925)
------------
Total costs and expenses (1,155,251)
------------
Gains on sale of assets 3,960
------------
Operating income (loss) 132,120
Other income (expense)
Interest income -
Foreign exchange gains (losses) (378)
Interest expense, net (14,292)
------------
Income (Loss) before taxes 117,449
Income tax credit -
------------
Net Income $117,449
============
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
In its schedules filed with the Court, Sea Containers disclosed
total assets of $62,400,718 and total liabilities of
$1,545,384,083. (Sea Containers Bankruptcy News, Issue No. 49;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SEMGROUP LP: Files Initial Monthly Operating Report
---------------------------------------------------
SemCrude, LP, and its debtor affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware an initial monthly
operating report disclosing their 16-week projection from Aug. 15
to Nov. 28, 2008, in lieu of a 12-month cash flow projection.
According to SemCrude's acting president and chief executive
officer Terrence Ronan, the 16-week projection is the best
available projection the Debtors have at this time.
A full-text copy of the 16-Week Projections is available for free
at http://bankrupt.com/misc/semgroup_16weekprojections.pdf
The Debtors also submitted copies of certificates of insurance,
full-text copies of which are available for free at:
http://bankrupt.com/misc/semgroup_insurancecert.pdf
Mr. Ronan told the Court that the certificates of insurance is in
SemGroup, LP's name as SemGroup is the insured party on behalf of
all the Debtors.
The Debtors disclose that they paid about $3,650,000 of retainers
to professionals before the Petition Date:
Payee Payment Date Amount
----- ------------ ------
AlixPartners 07/22/08 $1,000,000
Blackstone 07/21/08 1,150,000
Weil Gotshal & Manges 07/14/08 300,000
Weil Gotshal & Manges 07/21/08 800,000
Richards Layton & Finger 07/21/08 175,000
Sitrick & Company 07/21/08 175,000
Sitrick & Company 07/22/08 50,000
SemGroup L.P. -- http://www.semgrouplp.com/-- is a
midstream
service company providing the energy industry means to move
products from the wellhead to the wholesale marketplace. SemGroup
provides diversified services for end users and consumers of crude
oil, natural gas, natural gas liquids, refined products and
asphalt. Services include purchasing, selling, processing,
transporting, terminaling and storing energy. SemGroup serves
customers in the United States, Canada, Mexico, Wales, Switzerland
and Vietnam.
SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08-
11525). These represent the Debtors' restructuring efforts: John
H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq.
at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P.
Kessler, Esq. and Sherri L. Toub, Esq. at Weil, Gotshal & Manges
LLP; and Martin A. Sosland, Esq. and Sylvia A. Mayer, Esq. at Weil
Gotshal & Manges LLP. Kurtzman Carson Consultants L.L.C. is the
Debtors' claims agent. The Debtors' financial advisors are The
Blackstone Group L.P. and A.P. Services LLC.
Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye
Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter
Anderson & Corroon LLP, represent the Debtors' prepetition
lenders.
SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc.
The CCAA stay expires on Aug. 20, 2008.
SemGroup L.P.'s consolidated, unaudited financial conditions as of
June 30, 2007, showed $5,429,038,000 in total assets and
$5,033,214,000 in total debts. In their petition, they showed
more than $1,000,000,000 in estimated total assets and more than
$1,000,000,000 in total debts.
(SemGoup Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TOUSA INC: Delivers July 2008 Monthly Operating Report
------------------------------------------------------
TOUSA, INC., and Subsidiaries
Consolidated Balance Sheet
As of July 31, 2008
ASSETS
Cash and Cash Equivalents:
Cash in bank $377,076,343
Cash equivalents (due from title company 9,716,377
from closings)
Inventory:
Deposits 66,391,942
Land 686,165,182
Residences completed and under construction 381,943,118
Inventory not owned 25,974,695
---------------
1,160,474,937
Property and equipment, net 18,799,878
Investments in unconsolidated joint ventures 10,828,505
Receivables from unconsolidated joint ventures 1,085,232
Accounts receivable 20,875,403
Other assets 81,372,969
Goodwill 11,152,000
---------------
1,691,381,644
Net Assets of Financial Services 21,271,929
---------------
Total Assets $1,712,653,573
===============
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts payable and other liabilities $408,204,980
Customer deposits 20,013,045
Obligations for inventory not owned 31,978,247
Notes payable 1,616,085,648
Bank borrowings 275,419,866
---------------
Total Liabilities 2,351,701,786
Stockholders' Equity:
Preferred stock 94,949,061
Common stock 596,042
Additional paid in capital 481,815,975
Retained earnings (1,216,409,291)
---------------
Total Stockholders' Equity (639,048,213)
---------------
Total liabilities and Stockholders' Equity $1,712,653,573
===============
TOUSA, INC., and Subsidiaries
Consolidated Statement of Operations
For the Period July 1 to 31, 2008
Revenues:
Home sales $89,953,363
Land sales 250,000
---------------
90,203,363
Cost of Sales:
Home sales 82,076,933
Land sales 610,094
---------------
82,687,027
---------------
Gross Profit 7,516,336
Total selling, general and admin expenses 25,544,877
Income (loss) from joint ventures, net 2,228,158
Interest expense, net 10,449,531
Other (income) expense, net (686,111)
---------------
Homebuilding pretax income (loss) (25,563,803)
Financial services pretax income (loss) (208,744)
Income (loss) before income taxes (25,772,547)
Provision (benefit) for income taxes 0
---------------
Net Income (loss) ($25,772,547)
===============
TOUSA, INC. and Subsidiaries
Consolidated Schedule of Receipts and Disbursements
For the Period July 1 to 31, 2008
Funds at beginning of period $367,076,023
RECEIPTS
Cash sales 83,169,610
Accounts receivable 68,801
Other receipts 9,762,818
---------------
Total receipts 93,001,229
---------------
Total funds available for operations 460,077,252
DISBURSEMENTS
Advertising 1,401,591
Bank charges 3,638
Contract labor 30,600
Fixed asset payments 227,801
Insurance 966,153
Inventory payments 58,455,926
Leases 796,508
Manufacturing supplies 0
Office supplies 194,744
Payroll - net 8,740,510
Professional fees (accounting and legal) 6,973,541
Rent 565,658
Repairs & maintenance 489,492
Secured creditor payments 0
Taxes paid - payroll 35,857
Taxes paid - sales & use 654,699
Taxes paid - other 227,537
Telephone 193,401
Travel & entertainment 87,911
U.S. Trustee quarterly fees 158,694
Utilities 204,924
Vehicle expenses 39,122
Other operating expenses 2,552,602
---------------
Total disbursements 83,000,909
---------------
Ending Balance $377,076,343
===============
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic
U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark
Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading
homebuilder in the United States, operating in various
metropolitan markets in 10 states located in four major geographic
regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA
designs, builds, and markets high-quality detached single-family
residences, town homes, and condominiums to a diverse group of
homebuyers, such as "first-time" homebuyers, "move-up" homebuyers,
homebuyers who are relocating to a new city or state, buyers of
second or vacation homes, active-adult homebuyers, and homebuyers
with grown children who want a smaller home. It also provides
financial services to its homebuyers and to others through its
subsidiaries, Preferred Home Mortgage Company and Universal Land
Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No. 08-10928).
The Debtors have selected M. Natasha Labovitz, Esq., Brian S.
Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta, Esq., at
Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at Berger
Singerman, to represent them in their restructuring efforts.
Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst
& Young LLP is the Debtors' independent auditor and tax services
provider. Kurtzman Carson Consultants LLC acts as the Debtors'
Notice, Claims & Balloting Agent.
TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008,
(Bankr. S.D. Fla. Case No.: 08-20746). It listed assets between
$1 million and $10 million, and debts between $1 million and
$10 million.
The Official Committee of Unsecured Creditors hired Patricia A.
Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff &
Sitterson, P.A., as its local counsel.
TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets
of $1,734,422,756 and total liabilities of $2,300,053,979.
TOUSA's Exclusive Plan Filing Period expires Oct. 25, 2008.
(TOUSA Bankruptcy News, Issue No. 19; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TOUSA INC: Beacon Hill Files Schedules of Assets and Debts
----------------------------------------------------------
Beacon Hill at Mountain's Edge, LLC, debtor-affiliate of TOUSA Inc.,
delivered its schedules of assets and liabilities, disclosing:
A. Real Property $2,584,585
B. Personal Property
B.2 Bank accounts 20,180
B.4 Household goods 83,615
B.9 Insurance policies Unknown
TOTAL SCHEDULED ASSETS $2,688,380
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims 0
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims
Builder Homesite, Inc. 75
Burnham Painting and Drywall, Inc. 220
CabinTec 560
Equity Trust Company 747
GE Appliances 10,964
Mercury LDO 84
National Construction Rentals 57
Nevada Power 5,548
TOTAL SCHEDULED LIABILITIES $18,255
=========================================================
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic
U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark
Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading
homebuilder in the United States, operating in various
metropolitan markets in 10 states located in four major geographic
regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA
designs, builds, and markets high-quality detached single-family
residences, town homes, and condominiums to a diverse group of
homebuyers, such as "first-time" homebuyers, "move-up" homebuyers,
homebuyers who are relocating to a new city or state, buyers of
second or vacation homes, active-adult homebuyers, and homebuyers
with grown children who want a smaller home. It also provides
financial services to its homebuyers and to others through its
subsidiaries, Preferred Home Mortgage Company and Universal Land
Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No. 08-10928).
The Debtors have selected M. Natasha Labovitz, Esq., Brian S.
Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta, Esq., at
Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at Berger
Singerman, to represent them in their restructuring efforts.
Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst
& Young LLP is the Debtors' independent auditor and tax services
provider. Kurtzman Carson Consultants LLC acts as the Debtors'
Notice, Claims & Balloting Agent.
TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008,
(Bankr. S.D. Fla. Case No.: 08-20746). It listed assets between
$1 million and $10 million, and debts between $1 million and
$10 million.
The Official Committee of Unsecured Creditors hired Patricia A.
Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff &
Sitterson, P.A., as its local counsel.
TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets
of $1,734,422,756 and total liabilities of $2,300,053,979.
TOUSA's Exclusive Plan Filing Period expires Oct. 25, 2008.
(TOUSA Bankruptcy News, Issue No. 19; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TROPICANA ENTERTAINMENT: Files July 2008 Monthly Operating Report
-----------------------------------------------------------------
Tropicana Entertainment, LLC
Balance Sheet
As of July 31, 2008
ASSETS
Current Assets
Accounts receivable - trade $0
Cash & temporary cash investments 16,349,000
Deposits 2,015,000
Inventories 0
Other receivables 0
Prepaid expenses (36,229,000)
--------------
Total Current Assets (17,865,000)
Property and Equipment
Buildings 0
Construction in progress 0
Furniture & fixtures 114,000
Land 0
Riverboats, barges & ramps 0
Vehicles 0
--------------
Total Property and Equipment 114,000
Reserve for Depreciation
Boats, barges & ramp reserve for depreciation 0
Building reserve for depreciation 0
Furn. & fixtures reserve for depreciation 0
Gaming entertainment reserve for depreciation 0
Vehicle reserve for depreciation 0
--------------
Total Reserve for Depreciation 0
Other Assets
Investments 2,775,215,000
Other assets 33,919,000
--------------
Total Other Assets 2,809,134,000
--------------
TOTAL ASSETS $2,791,383,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts payable $11,958,000
Accrued other expenses 2,196,000
Accrued payroll (260,000)
Deferred income 0
Notes payable - Evansville 7,700,000
Payroll taxes payable 0
Sales tax payable 2,614,000
--------------
Total Current Liabilities 24,209,000
Long Term Debt Due Beyond One Year
DIP financing 20,000,000
--------------
Total Long Term Debt Due Beyond One Year 20,000,000
Other Liabilities
Deferred fed taxes 0
Deferred rent 0
Deferred state inc taxes 0
Intercompany 22,053,000
--------------
Total Other Liabilities 22,053,000
Total Liabilities not Subject to Compromise 66,262,000
Liabilities Subject to Compromise
Non-intercompany 897,023,000
Intercompany 1,593,703,000
--------------
Total Liabilities Subject to Compromise 2,490,726,000
--------------
Total Liabilities 2,556,988,000
Total Stockholders' Equity 234,395,000
--------------
Total Liabilities & Shareholders' Deficit $2,791,383,000
==============
Tropicana Entertainment, LLC
Income Statement
For the Month Ended July 31, 2008
Operating Revenues
Casino revenue $0
Rooms revenue 0
Food & beverage revenue 0
Other casino & hotel revenue - less int income 0
--------------
Opening Revenues 0
Less promotional allowances 0
--------------
Net Operating Revenues 0
Operating Expenses
Casino operating expenses 0
Rooms operating expenses 0
Food and beverage operating expenses 0
Other casino and hotel operating expenses 0
Utilities 0
Marketing, advertising and casino promotions 29,000
Repairs and maintenance 5,000
Insurance 8,000
Property and local taxes 0
Gaming tax and licenses 0
Administrative and general 1,064,000
Leased land and facilities 0
Depreciation and amortization 0
Loss on disposition of assets 0
Bad debt expense - loans 0
Impairment charge 0
Restructuring cost 0
Chapter 11 reorg. & other prof. Fees 5,785,000
--------------
Total Operating Expense 6,890,000
Income from Operations (6,890,000)
Other Income (Expense)
Interest expense (10,593,000)
Intercompany interest income / (expense) 493,000
Interest income 34,000
--------------
Total Other Income (Expense) (10,066,000)
Federal Income Tax 0
Income Before Minority Interest (16,956,000)
--------------
NET INCOME ($16,956,000)
==============
Based in Crestview Hills, Kentucky, Tropicana Entertainment LLC --
http://www.tropicanacasinos.com/-- is an indirect subsidiary of
Tropicana Casinos and Resorts. The company is one of the largest
privately-held gaming entertainment providers in the United
States. Tropicana Entertainment owns eleven casino properties in
eight distinct gaming markets with premier properties in Las
Vegas, Nevada and Atlantic City, New Jersey.
Tropicana Entertainment LLC filed for Chapter 11 protection on
May 5, 2008, (Bankr. D. Del. Case No. 08-10856). Its debtor-
affiliates filed for separate Chapter 11 petitions but with no
case numbers assigned yet. Kirkland & Ellis LLP and Mark D.
Collins, Esq., at Richards Layton & Finger, represent the Debtors
in their restructuring efforts. Their financial advisor is Lazard
Ltd. Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor.
Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell
LLP represent the Official Committee of Unsecured Creditors in
this case. Capstone Advisory Group LLC is financial advisor to
the Creditors' Committee.
The Court has extended the Debtors' exclusive period to file a
plan through and including January 12, 2009, and to solicit votes
on the plan through and including March 13, 2009.
(Tropicana Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
VERTIS HOLDINGS: Submits July 2008 Monthly Operating Report
-----------------------------------------------------------
Vertis Holdings, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of July 31, 2008
ASSETS
Current Assets:
Cash and cash equivalents $559,000
Accounts receivable, net 162,570,000
Inventories 46,878,000
Maintenance parts, net 20,614,000
Prepaid expenses and other current assets 41,738,000
---------------
Total Current Assets 272,359,000
Property, plant and equipment, net 308,409,000
Deferred financing costs, net 6,239,000
Other assets, net 20,163,000
---------------
Total assets $607,170,000
===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Accounts payable $88,232,000
Compensation and benefits payable 42,391,000
Accrued interest 51,986,000
Current portion of long-term debt 1,054,779,000
Other current liabilities 21,934,000
---------------
Total current liabilities 1,259,322,000
Long-term debt 541,619,000
Other long-term liabilities 26,175,000
---------------
Total liabilities 1,827,115,000
Stockholder's deficit:
Preferred stock -- authorized 1,000 shares
none issued -
Common stock -- authorized 19,000 shares;
$0.01 par value; issued and outstanding
12,437 and 12,492 shares 129,000
Contributed capital 384,730,000
Accumulated deficit (1,596,358,000)
Accumulated other comprehensive loss (8,446,000)
---------------
Total stockholder's deficit (1,219,945,000)
---------------
Total Liabilities and Stockholder's Deficit $607,170,000
===============
Vertis Holdings, Inc. and Subsidiaries
Unaudited Consolidated Statement of Operations
Month Ended July 31, 2008
Revenue $105,166,000
Operating expenses:
Costs of production 86,538,000
Selling, general and administrative 17,562,000
Restructuring charges 332,000
Depreciation and amortization of intangibles 4,503,000
---------------
Total operating expenses 108,936,000
---------------
Operating (loss) income (3,770,000)
Other expenses:
Interest expense, net 15,138,000
Other, net (329,000)
---------------
Total other expenses 14,810,000
---------------
Loss before income tax expense (18,580,000)
Income tax expense -
---------------
Net loss ($18,580,000)
===============
Vertis Holdings, Inc., and its subsidiaries did not disclose a
cash flow statement for the month of July 2008.
Vertis, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of July 31, 2008
ASSETS
Current Assets:
Cash and cash equivalents $559,000
Accounts receivable, net 162,570,000
Inventories 46,878,000
Maintenance parts, net 20,614,000
Prepaid expenses and other current assets 41,738,000
---------------
Total Current Assets 272,359,000
Property, plant and equipment, net 308,409,000
Deferred financing costs, net 5,720,000
Other assets, net 20,163,000
---------------
Total assets $606,650,000
===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Accounts payable $88,232,000
Compensation and benefits payable 42,391,000
Accrued interest 51,986,000
Current portion of long-term debt 1,054,779,000
Other current liabilities 19,838,000
---------------
Total current liabilities 1,257,226,000
Due to parent 5,200,000
Long-term deb 290,811,000
Other long-term liabilities 26,175,000
---------------
Total liabilities 1,579,412,000
Stockholder's deficit:
Preferred stock -- authorized 1,000 shares
none issued -
Common stock -- authorized 19,000 shares;
$0.01 par value; issued and outstanding
12,437 and 12,492 shares -
Contributed capital 409,689,000
Accumulated deficit (1,377,679,000)
Accumulated other comprehensive loss (4,722,000)
---------------
Total stockholder's deficit (sic) (972,762,000)
---------------
Total Liabilities and Stockholder's
Deficit(sic) $606,650,000
===============
Vertis Inc. and Subsidiaries
Unaudited Consolidated Statement of Operations
Month Ended July 31, 2008
Revenue $105,166,000
Operating expenses:
Costs of production 86,538,000
Selling, general and administrative 17,552,000
Restructuring charges 332,000
Depreciation and amortization of intangibles 4,503,000
---------------
Total operating expenses 108,925,000
---------------
Operating (loss) income (3,760,000)
Other expenses:
Interest expense, net 12,440,000
Other, net (329,000)
---------------
Total other expenses 12,111,000
---------------
Loss before income tax expense (15,871,000)
Income tax expense -
---------------
Net loss ($15,871,000)
===============
Barry C. Kohn, Vertis, Inc.'s chief financial officer, also
disclosed that for the period from July 16 to July 31, 2008,
these Debtor-entities made cash disbursements totaling
$55,168,220:
Debtor Entity Amount
------------- ------
Vertis, Inc. $53,992,331
Webcraft Chemicals 514,617
USA Direct LLC 661,272
About Vertis Holdings Inc.
Headquartered in Baltimore, Maryland, Vertis Holdings, Inc. --
http://www.vertisinc.com/-- is a provider of targeted print
advertising and direct marketing solutions to America's retail and
consumer services companies.
The company and its six affiliates filed for Chapter 11 protection
on July 15, 2008 (Bank.D.Del. Case No. 08-11460). Gary T.
Holtzer, Esq. and Stephen A. Youngman, Esq. at Weil, Gotshal &
Manges LLP represent as the Debtors lead counsels and Mark D.
Collins, Esq. and Michael Joseph Merchant, Esq. at Richards Layton
& Finger, P.A. represent as their Delaware local counsels. Lazard
Freres & Co. LLC is the company's financial advisors. When the
Debtors filed for protection from their creditors they listed
estimated assets between $500 million and $1 billion and estimated
debts of more than 1 billion.
VERTIS HOLDINGS: ACG Holdings' July 2008 Monthly Operating Report
-----------------------------------------------------------------
ACG Holdings, Inc.
Unaudited Consolidated Balance Sheet
As of July 31, 2008
ASSETS
Current Assets:
Cash and cash equivalents -
Accounts receivable, net $33,076,000
Unbilled accounts receivable 5,138,000
Other receivables 2,732,000
Inventories 9,430,000
Income tax receivable -
Deferred income taxes 535,000
Prepaid expenses and other current assets 4,786,000
------------
Total Current Assets 55,697,000
PROPERTY, PLANT AND EQUIPMENT
Land and land improvements 3,267,000
Building and improvements 31,414,000
Machinery and equipment 245,257,000
Furniture and fixtures 13,275,000
Assets under capital leases 8,176,000
Construction in progress 3,658,000
------------
Total property, plant and equipment 305,047,000
Less accumulated depreciation (234,125,000)
------------
Net Property, Plant and Equipment 70,922,000
Goodwill 66,548,000
Deferred debt issuance costs 5,198,000
Other assets 7,328,000
------------
Total Assets $205,693,000
============
LIABILITIES AND EQUITY
Current portion of long-term debt $411,644,000
Current obligations under capital leases 1,668,000
Accounts payable 27,006,000
Accrued expenses 15,497,000
Accrued interest payable 18,197,000
Income taxes payable 71,000
------------
Total current liabilities 474,083,000
LONG TERM DEBT
Revolving line of credit:
2005 Credit Facility -
FINCO Credit Facility -
------------
Total revolving line of credit -
Term loan -
DIP facility revolver 97,400,000
Bridge loan facility 19,265,000
10% senior secured notes 294,979,000
------------
Total debt 411,644,000
Less current portion of long term debt (411,644,000)
------------
Total long term debt -
Long term obligations under capital leases -
Other long-term liabilities 44,414,000
Deferred income taxes 6,152,000
------------
Total liabilities 524,649,000
Stockholder's deficit:
Common stock 2,000
Additional paid-in capital 2,038,000
Retained earnings (deficit) (309,342,000)
Unfunded pension liability (12,363,000)
Cumulative translation adjustment 709,000
------------
Total equity (318,956,000)
------------
Total Liabilities and Equity $205,693,000
============
ACG Holdings, Inc.
Unaudited Consolidated Statement of Income
Month Ended July 31, 2008
Sales $29,779,000
Cost of Sales 28,725,000
------------
Gross profit 1,054,000
Gross profit % 3.5%
Selling, general and admin. expenses 1,974,000
Restructuring Costs (Benefit):
Print -
Premedia -
------------
Operating Income (920,000)
Other Expense (Income):
Loss on early extinguishment of debt 7,035,000
Miscellaneous 2,145,000
------------
Total Other Expense 9,180,000
EBIT (10,100,000)
------------
Interest expense 4,950,000
Interest income (1,000)
------------
Net Interest Expense 4,949,000
------------
Loss before income taxes (15,049,000)
Income tax Expense (Benefit):
Current 21,000
Deferred 4,000
------------
Total Income Tax Expense 25,000
------------
Net Income (Loss) ($15,074,000)
============
Patrick W. Kellick, American Color Graphics, Inc.'s executive
vice president and chief financial officer, disclosed that as of
August 1, 2008, the Debtor made disbursements totalling
$10,778,000.
Additionally, Mr. Kellick reported that as of July 31, 2008,
American Color made 15 payments to various professionals,
totaling $1,566,542. A complete list of the fees and expenses
paid to the professionals is available for free at:
http://ResearchArchives.com/t/s?3200
Headquartered in Baltimore, Maryland, Vertis Holdings, Inc. --
http://www.vertisinc.com/-- is a provider of targeted print
advertising and direct marketing solutions to America's retail and
consumer services companies.
The company and its six affiliates filed for Chapter 11 protection
on July 15, 2008 (Bank.D.Del. Case No. 08-11460). Gary T.
Holtzer, Esq. and Stephen A. Youngman, Esq. at Weil, Gotshal &
Manges LLP represent as the Debtors lead counsels and Mark D.
Collins, Esq. and Michael Joseph Merchant, Esq. at Richards Layton
& Finger, P.A. represent as their Delaware local counsels. Lazard
Freres & Co. LLC is the company's financial advisors. When the
Debtors filed for protection from their creditors they listed
estimated assets between $500 million and $1 billion and estimated
debts of more than 1 billion.
WICKES HOLDINGS: Files June 2008 Monthly Operating Report
---------------------------------------------------------
Income Statement
Wickes Holdings, LLC and Wickes Furniture Company Inc.
Total Net Sales $ 637,525
Cost of Sales 707,715
------------
Gross Margin ($ 70,190)
Engineering Expenses $ 0
Selling Expenses 1,009,699
Administrative Expenses 1,136,728
------------
Total Operating Expenses $ 2,146,427
Operating Expenses (Loss) ($ 2,216,617)
Total Non-Operating $ 0
Reorganization Items $
0
------------
Net Income (Loss) Before Tax ($ 2,216,617)
Income Tax Provision $ 0
------------
Net Income (Loss) ($ 2,216,617)
------------
Balance Sheet
Wickes Holdings, LLC and Wickes Furniture Company Inc.
Assets
------
Cash $ 530,533
Accounts Receivable $ 2,399,651
Less: Reserves 0
------------
Net Receivables $ 2,399,651
Other $ 2,707,671
Notes Receivable 0
------------
Accounts Receivable Other $ 2,707,671
Net Inventory $ 0
Other Current Assets $ 975,567
Other Noncurrent Assets $ 0
Intangible Assets $ 0
Investments in Subsidiaries $ 0
Fixed Assets - Cost $ 6,200,000
Less: Accumulated Dep. 763,111
------------
Net Fixed Assets $ 5,436,889
------------
Total Assets $ 12,050,311
------------
Liabilities & Equity
--------------------
Secured Note Payable/Term Loan $ 60,063,462
Accounts Payable $ 60,157,898
IC-Accounts Payable $ 0
Accrued Compensation
and Benefits $ 389,304
Accured Taxes $ 1,947,069
Warranty $ 141,013
Other Debt - Current $ 3,091,673
Other Current Liabilities $ 4,362,736
Accrued Interest $ 204,548
Product Liability 0
Accounts Payable 0
Long Term Debt 0
------------
Liabilities Subject
to Compromise $ 204,548
Other Deferred Liabilities $ 0
------------
Total Liabilities $130,357,703
------------
Capital Stock $ 10,003
Preferred Stock $ 0
Additional PIC-C.S. $ 10,881,536
Retained Earnings ($129,198,931)
------------
Total Equity ($118,307,392)
------------
Total Liabilities & Equity $ 12,050,311
------------
Based in Wheeling, Ill., Wickes Holdings, LLC and Wickes Furniture
Company Inc. -- http://www.wickesfurniture.com/-- sell home
furnishings through more than 40 retail locations in five states.
The Debtors filed separate Chapter 11 petitions on Feb. 3, 2008
(Bankr. D. Del. Case Nos. 08-10212 and 08-10213, respectively).
Donald J. Detweiler, Esq., at Greenberg Traurig, L.L.P.,
represents the Debtors as counsel. When Wickes Furniture Company
Inc. filed for protection from its creditors, it listed assets of
between $10 million and $50 million, and debts of $50 million to
$100 million.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
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Each Tuesday edition of the TCR contains a list of companies with
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cases involving less than $1,000,000 in assets and liabilities
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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,
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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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Copyright 2008. All rights reserved. ISSN: 1520-9474.
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