/raid1/www/Hosts/bankrupt/TCR_Public/090124.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, January 24, 2009, Vol. 13, No. 23
Headlines
CATHOLIC CHURCH: Fairbanks' Monthly Operating Report for November
CIRCUIT CITY: Files Monthly Operating Report for November 2008
GREEKTOWN HOLDINGS: Files Monthly Operating Report for November
TRICOM SA: Debtors' Monthly Operating Report -- November 2008
WORLDSPACE INC: Files Monthly Operating Report for November 2008
*********
CATHOLIC CHURCH: Fairbanks' Monthly Operating Report for November
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Catholic Bishop of Northern Alaska
Statement of Financial Position
As of November 30, 2008
CBNA Held for
ASSETS Total Others
----- --------
Cash and cash equivalents $234,198 $102,379
Investments:
Valuables in safe 168 -
Trust account @ market 752,765 -
457 Plan assets @ market - 116,342
Endowment Fund @ market - 14,391,438
Endowment Fund - earnings @ market (2,712,782) -
Limited partnerships 261,324 -
Accounts receivable, net of allowance:
Tuition, fees and others 996,261 -
For parishes and school 54,825 -
Other 8,733 -
Notes and other receivables 345,608 -
Grants pledged 62,500 -
Fixed assets, net at cost:
Land and building 7,780,155 -
Aircraft 340,726 -
Equipment - -
Other assets 162,979 -
---------- ----------
Total Assets $8,287,467 $14,610,160
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable/accrued liabilities $714,891 -
Notes payable 216,966 -
D.I.P. Loan 300,000 -
Benefits payable 61,316 -
Deferred revenue 1,058,439 -
Annuities payable 215,684 -
Other liabilities 20,000 -
Payroll-related liabilities:
Payroll taxes 56,322 -
General vacation accrual account 16,339 -
Accrued leave 251,357 -
Insurance:
Long term disability 427 -
Insurance deposits payables 140,630 -
Insurance reserves expense 40,562 -
Indemnity insurance reserves 78 -
Medical/Dental payroll deduction 300,498 -
CBNA building loan - -
---------- ----------
Total Liabilities 3,393,515 -
---------- ----------
Total net assets 4,893,952 14,610,160
---------- ----------
Total Liabilities and Net Assets $8,287,467 $14,610,160
========== ==========
Catholic Bishop of Northern Alaska
Statement of Activities
For the month ending November 30, 2008
CBNA Held for
Total Others
Support and revenue: ----- --------
Parish assessments $33,121 -
Tuition, net of tuition assistance 195,586 -
Curricular income 7,428 -
Donations 302,361 -
Investment income (345,120) ($57,119)
Other income 17,287 2,550
Temporarily restricted gifts 115,083 -
---------- ----------
Total support and revenue 325,748 (54,569)
Expenses:
Operating expenses 76,863 -
Supplies 17,563 -
Repair & Maintenance 26,831 -
Utilities 58,405 -
Insurance 39,599 -
Staff Expenses:
Salaries & Wages 381,515 -
Payroll Taxes 23,980 -
Employee Benefits 90,517 -
Curricular Expenses 22,717 -
Recruiting, advertising and PRs - -
Travel Expenses 37,043 -
Student related expenses - -
Contributions 100 -
Professional and technical fees 4,992 -
Investment services 9,016 $1,208
Subsidies 66,614 -
Rental/Lease Expense 29,502 -
Assessments 1,252 -
Fund Raising Expense 6,295 -
Radio Programming Expense 3,378 -
Radio Technical Dept. Expenses 1,277 -
Miscellaneous Expense 13,006 -
---------- ----------
Total General 910,472 1,208
Funds released from restricted funds - -
Net change in designated funds - -
---------- ----------
Total Expenses 910,472 1,208
---------- ----------
Increase (decrease) in net assets (584,723) (55,777)
---------- ----------
Re-organization costs 53,128 -
Increase (decrease) in net assets ---------- ----------
after Re-org costs (637,852) (55,777)
Net assets:
Beginning of month 5,531,805 14,665,938
---------- ----------
End of month $4,893,952 $14,610,160
========== ==========
Catholic Bishop of Northern Alaska
Cash Receipts and Disbursements
For the month ending November 30, 2008
CBNA Held for
Total Others
----- --------
Beginning balance - February 2008 $485,237 $77,681
Total receipts - prior gen.
account reports 9,323,481 1,080,016
Less total disbursements 9,493,640 965,784
---------- ----------
Beginning balance - October 31, 2008 315,078 191,913
Receipts during current period:
Transfers between internal accounts 82,895 -
Funds received by CBNA from KNOM 53,610 -
Funds received from Catholic Schools 40,305 -
Funds received from CBNA - donations 22,690 -
Funds collected from others 128,264 128,264
Custodial funds 23,563 23,563
Accounts receivable 159,435 -
Restricted funds and endowment gifts 115,340 -
Donations 299,754 -
Grants 2,000 -
Interest & dividends 366 -
Gains (Losses) security sales 58 -
Proceeds fromt the sale of stock 1,021 -
Payment refund/return 3,147 -
Programs 68 -
Weather service income 300 -
Co-curricular income 9,604 -
Other income/fees 6,416 -
Miscellaneous 578 -
Loan proceeds 300,000 -
---------- ----------
Total receipts this period 1,249,420 151,828
---------- ----------
Balance 1,564,498 343,742
Less total disbursements:
Transfers between internal accounts 82,895 -
Transfers from KNOM to CBNA 53,610 -
Transfers from Cath. Schools to CBNA 33,579 -
Transfers from CBNA to Cath. Schools 50,353 -
Funds disbursed for others 110,274 110,274
Custodial funds 55,391 55,391
Co-curricular expense 22,130 -
Curricular expense 7,289 -
Programming - News service 2,850 -
Mission & program support 485 -
Wages & salaries 346,052 -
Employee benefits 38,080 -
Staff development 3,593 -
Furniture, fixtures & equipments 318 -
Building & grounds 746 -
Supplies: maintenance/repairs 1,950 -
Supplies: office 9,559 -
Maintenance/repairs 13,096 -
Rent 1,678 -
Fundraising 6,673 -
Telephone/Internet 4,367 -
Utilities 31,516 -
Dues/Fees 524 -
Refunds 715 -
Travel 37,529 -
Printing and copying 8,219 -
Postage 39,741 -
Services & insurance 70,928 -
Education expenses 1,520 -
Taxes 44,426 -
Bank fees and charges 2,193 -
Interest expense 1,038 -
Music licence fee 73 -
List rental and copy leases 15,094 -
Restricted 10,000 -
Annuities 1,068 -
Professional fees 6,648 -
U.S. Trustees fees 10,400 -
Miscellaneous 2,662 -
Advertising 2,362 -
Supplies: food 4,900 -
Mass stipends 675 -
Subsidies 76,427 -
Supplies: religious 734 -
Conference production expenses 15,100 -
---------- ----------
Total disbursements this period 1,229,471 165,665
---------- ----------
Ending balance - November 30, 2008 $335,026 $178,076
========== ==========
About Diocese of Fairbanks
The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka
The Diocese of Fairbanks, aka CBNA -- http://www.cbna.info/--
filed for chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska
Case No. 08-00110). Susan G. Boswell, Esq., at Quarles & Brady
LLP represents the Debtor in its restructuring efforts. Michael
R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's
local counsel and Cook, Schuhmann & Groseclose Inc. as its special
counsel. Judge Donald MacDonald, IV, of the United States
Bankruptcy Court for the District of Alaska presides over
Fairbanks' Chapter 11 case. The Debtor's schedules show total
assets of $13,316,864 and total liabilities of $1,838,719.
The church's plans to file its bankruptcy plan and disclosure
statement on July 15, 2008. Its exclusive plan filing period
expires on Jan. 15, 2009. (Catholic Church Bankruptcy News, Issue
No. 135; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CIRCUIT CITY: Files Monthly Operating Report for November 2008
--------------------------------------------------------------
Circuit City Stores, Inc., et al.
Balance Sheet
As of November 30, 2008
ASSETS
CURRENT ASSETS
Cash and cash equivalents $69,340,000
Short-term investments 888,000
Accounts receivable, net 592,334,000
Merchandise inventory 1,329,296,000
Deferred income taxes, net 24,311,000
Income tax receivable 86,846,000
Prepaid expenses & other current assets 244,309,000
Intercompany receivables and
investments in subsidiaries 524,285,000
-------------
TOTAL CURRENT ASSETS 2,871,609,000
Property and equipment 2,280,659,000
Accumulated depreciation (1,693,998,000)
Net property and equipment -------------
586,661,000
Other intangible assets, net 183,000
Other assets 137,667,000
-------------
TOTAL ASSETS $3,596,120,000
=============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Merchandise payable $95,132,000
Expenses payable 112,412,000
Accrued expenses and other
current liabilities 214,270,000
Accrued compensation 40,702,000
Intercompany payables 10,000,000
Accrued income taxes 1,968,000
Short-term debt 826,491,000
-------------
TOTAL CURRENT LIABILITIES 1,300,975,000
Accrued straight-line rent 150,037,000
Deferred rent credits 161,936,000
Deferred income taxes, net 23,252,000
Other liabilities 35,184,000
-------------
LIABILITIES NOT SUBJECT TO COMPROMISE 1,671,384,000
LIABILITIES SUBJECT TO COMPROMISE 1,229,655,000
-------------
TOTAL LIABILITIES 2,901,039,000
STOCKHOLDERS' EQUITY
Common stock 435,662,000
Additional paid-in capital 304,382,000
Retained deficit (74,691,000)
Accumulated other comprehensive income 29,728,000
-------------
TOTAL STOCKHOLDERS' EQUITY 695,081,000
-------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $3,596,120,000
=============
Circuit City Stores, Inc., et al.
Income Statement
For the month ending November 30, 2008
Net sales $700,242,000
Cost of sales, buying and warehousing 616,129,000
-------------
Gross profit 84,113,000
Selling, general and admin. expenses 170,820,000
Asset impairment charges 314,527,000
-------------
Operating loss (401,234,000)
Interest income 20,000
Interest expense 18,628,000
-------------
Loss before reorg. items & income taxes (419,842,000)
Reorganization items, net 5,497,000
Income tax benefit (564,000)
-------------
Net loss ($413,781,000)
=============
Circuit City Stores, Inc., et al.
Cash Receipts and Disbursements
For the month ending November 30, 2008
Operating Activities:
Net loss ($413,781,000)
Adjustments to reconcile net loss to
net cash used in operating activities:
Net gain from reorganization items (5,497,000)
Depreciation expense 8,828,000
Amortization expense 2,000
Asset impairment charges 314,527,000
Stock-based compensation expense (8,949,000)
Gain on dispositions of property & equipment -
Provision for deferred income taxes 6,836,000
Other (24,000)
-------------
315,723,000
Changes in operating assets and liabilities:
Accounts receivable, net (297,020,000)
Merchandise inventory 265,779,000
Prepaid inventory (116,209,000)
Prepaid expenses & other current assets 12,601,000
Other assets (5,215,000)
Merchandise payable 27,792,000
Expenses payable 57,090,000
Accrued expenses, liabilities & income taxes 151,638,000
Intercompany receivables (2,472,000)
Other long-term liabilities (42,919) (42,919,000)
-------------
51,065,000
-------------
Net cash used in operating activities (46,993,000)
before reorganization items
Cash effect of reorg. Items, professional fees (665,000)
-------------
Net cash used in operating activities (47,658,000)
-------------
Investing Activities:
Purchases of property and equipment (86,000)
-------------
Net cash used in investing activities (86,000)
Financing Activities:
Proceeds from DIP borrowings 830,350,000
Principal payments on DIP borrowings (734,450,000)
Principal payments on other
short-term borrowings (198,000)
Proceeds from long-term debt 401,000
Principal payments on long-term debt (938,000)
Change in overdraft balances 587,000
-------------
Net cash provided by financing activities 95,752,000
before reorganization items
Cash effect of reorganization items,
debt issuance costs (26,682,000)
-------------
Net cash provided by financing activities 69,070,000
-------------
Increase in cash and cash equivalents 21,326,000
Cash and cash equivalents at beginning of period 48,014,000
-------------
Cash and cash equivalents at end of period $69,340,000
=============
About Circuit City
Headquartered in Richmond, Virginia, Circuit City Stores Inc.
(NYSE: CC) -- http://www.circuitcity.com/-- is a specialty
retailer of consumer electronics, home office products,
entertainment software and related services. The company has two
segments -- domestic and international.
Circuit City Stores, Inc. (NYSE: CC) together with 17 affiliates
filed a voluntary petition for reorganization relief under Chapter
11 of the Bankruptcy Code on November 10 (E.D. Virg. Lead Case
No.: 08-35653). InterTAN Canada, Ltd., which runs Circuit City's
Canadian operations, also sought protection under the Companies'
Creditors Arrangement Act in Canada.
Gregg M. Galardi, Esq., and Ian S. Fredericks, Esq., at Skadden,
Arps, Slate, Meagher & Flom, LLP, are the Debtors' general
restructuring counsel. Dion W. Hayes, Esq., and Douglas M. Foley,
Esq., at McGuireWoods LLP, are the Debtors' local counsel. The
Debtors also tapped Kirkland & Ellis LLP as special financing
counsel; Wilmer, Cutler, Pickering, Hale and Dorr, LLP, as special
securities counsel; and FTI Consulting, Inc., and Rotschild Inc.
as financial advisors. The Debtors' Canadian general
restructuring counsel is Osler, Hoskin & Harcourt LLP. Kurtzman
Carson Consultants LLC is the Debtors' claims and voting agent.
The Debtors disclosed total assets of $3,400,080,000 and debts of
$2,323,328,000 as of Aug. 31, 2008.
Bankruptcy Creditors' Service, Inc., publishes Circuit City
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
undertaken by Circuit City Stores Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
GREEKTOWN HOLDINGS: Files Monthly Operating Report for November
---------------------------------------------------------------
Greektown Holdings, LLC
Balance Sheet
As of November 30, 2008
Assets
Cash $0
Inventory
Accounts receivable
Insider Receivables 3,442,586
Property and Equipment
Land and buildings 0
Furniture, fixtures and equipment 0
Other Assets
Financing Fees 0
Notes receivables from affiliates 420,826,310
Investments in affiliate 123,928,283
--------------
Total Assets $548,197,179
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $0
Rent and lease payable 0
Wages and salaries 0
Taxes payable 0
Other 1,350,000
--------------
Total postpetition liabilities 1,350,000
Secured liabilities subject to postpetition
collateral or financing order 106,860,546
All other secured liabilities 313,965,764
--------------
Total secured liabilities 420,826,310
Prepetition liabilities:
Taxes and other priority liabilities 0
Unsecured liabilities 216,907,557
Discount on bonds 0
--------------
Total prepetition liabilities 216,907,557
Kewadin equity (99,399,607)
Monroe equity (87,697,011)
Owner's capital 488,947
Retained earnings prepetition 116,601,907
Retained earnings postpetition (20,880,923)
--------------
Total stockholders' equity (90,886,687)
Total liabilities 639,083,866
--------------
Total Liabilities & Shareholders' Deficit $548,197,179
==============
Greektown Holdings, LLC
Income Statement
For the month ended November 30, 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)
Add: Non-operating income 0
Interest income 0
Other income 0
Less: Non-operating expenses 0
--------------
Net Income (Loss) ($1,657,292)
==============
Greektown Holdings, LLC
Cash Flow Statement
For the month ended November 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 November 30, 2008
Assets
Cash $22,146,072
Inventory 421,341
Accounts receivable 5,331,601
Insider Receivables 0
Property and Equipment
Land and buildings 481,899,676
Furniture, fixtures and equipment 81,099,343
Accumulated depreciation (134,346,270)
Other 23,730,876
Other 144,171,594
--------------
Total Assets $624,454,232
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $33,766,468
Rent and lease payable 0
Wages and salaries 3,572,075
Taxes payable 424,739
Other 383,871
--------------
Total postpetition liabilities 38,147,154
Secured liabilities subject to postpetition
collateral or financing order 106,860,546
All other secured liabilities 313,965,764
--------------
Total secured liabilities 420,826,310
Prepetition liabilities:
Taxes and other priority liabilities 2,584,354
Unsecured liabilities 35,972,976
Other 2,995,156
--------------
Total prepetition liabilities 41,552,486
Equity 47,646,499
Owner's capital 0
Retained earnings prepetition 82,744,007
Retained earnings postpetition (6,462,224)
--------------
Total stockholders' equity 123,928,282
Total liabilities 500,525,950
--------------
Total Liabilities & Shareholders' Deficit $624,454,232
==============
Greektown Casino LLC
Income Statement
For the month ended November 30, 2008
Total revenue/sales $23,459,421
Cost of sales 2,439,707
--------------
Gross profit 21,019,714
Operating Expenses
Officer compensation 32,789
Salary expenses, other employees 4,200,604
Employees benefits & pensions 1,931,517
Payroll taxes 482,777
Other taxes 513,396
Rent and lease expense 5,072
Interest expense 2,218,877
Insurance 138,902
Automobile & truck expense 0
Utilities 206,530
Depreciation 573,557
Travel and entertainment 3,421
Repairs and maintenance 54,866
Advertising 411,538
Supplies, office expense, etc. 26,370
Gaming taxes 6,211,938
G&A expenses 2,634,536
F&B expenses 608,315
MGCB Fee 836,162
Parking/other 27,224
Pre-opening expenses 181,386
--------------
Total expenses 21,299,776
Net operating profit/(loss) (280,062)
Add: Non-operating income:
Interest income 13,834
Other income 0
Less: Non-operating expenses 0
Professional fees 1,297,673
Other 200,000
--------------
Net Income/Loss ($1,763,901)
==============
Greektown Casino LLC
Cash Flow Statement
For the month ended November 30, 2008
Cash - beginning of month $3,028,274
Receipts 50,804,845
Balance available 53,833,119
--------------
Less disbursements 45,985,918
--------------
Cash - end of month $7,847,200
==============
Based in Detroit, Michigan, Greektown Holdings, LLC and its
affiliates -- http://www.greektowncasino.com/-- operates 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 as 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; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TRICOM SA: Debtors' Monthly Operating Report -- November 2008
-------------------------------------------------------------
Tricom S.A., et al.
Consolidated Balance Sheet
(Unaudited)
As of November 30, 2008
ASSETS
Current Assets:
Cash and Cash Equivalents $13,793,818
Accounts Receivable 24,599,658
Inventories, Net 2,509,269
Prepaid Expenses 6,379,365
Deferred Income Taxes 133,141
------------
Total current assets 47,415,251
Property and equipment, net 242,304,881
Pledged Securities 143,781
Intangible Assets 2,664,641
Other assets 4,590,607
------------
TOTAL ASSETS $297,119,161
============
LIABILITIES & SHAREHOLDERS' EQUITY
Liabilities Subject to Compromise (Prepetition)
Short Term Obligations (Bank Overdraft) 121,070
Accounts Payable
Long Term Debt 441,251,172
Other Liabilities 1,685,277
Interest Payable 277,909,435
Accrued Expenses 1,036,510
------------
722,003,463
Liabilities Not Subject To Compromise (Post-Petition)
Short Term Obligations (Bank Overdraft) -
Accounts Payable 20,368,301
Restructuring Related Items 4,688,796
Interest Payable 82,287
Accrued Expenses 10,476,521
Other Liabilities 625,571
Deferred Revenues 2,082,724
------------
38,324,200
------------
Total Current Liabilities 760,327,663
Reserve For Severance Indemnities 231,366
Deferred Income Tax 133,141
------------
Total Liabilities 760,692,170
Shareholder'S Equity:
Common Stock-Class A 24,951,270
Common Stock-Class B 12,595,095
Additional Invest Of Capital -
Additional Paid In Capital 275,496,988
Legal Reserve 2,189,281
Retained Earnings (Losses) (25,422,007)
Retained Earning (Loss) Prior Years (751,359,874)
Equity Adjustment From Foreign
Currency Translation (2,023,762)
------------
SHAREHOLDER'S EQUITY, NET (463,573,009)
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $297,119,161
============
Tricom S.A., et al.
Consolidated Statements of Operations
(Unaudited)
For the Month Ended November 30, 2008
Operating Revenues $17,113,288
Operating Costs and Administrative Expenses (17,871,197)
Restructuring Related Items (715,000)
------------
Operating Income (1,472,909)
Interest Expenses (348,758)
Interest Income 15,892
Foreign Currency Exchange 430,038
Other 69,662
------------
Total Other Income (Expenses) 166,834
------------
Net Earnings (Loss) Pre-Tax (1,306,075)
------------
Net Earnings (Loss) ($1,306,075)
===========
Tricom S.A., et al.
Statement of Cash Flows
(Unaudited)
For the Month Ended November 30, 2008
Cash Flows Provided By Operating Activities:
Net Loss From Continuing Operations ($1,306,075)
Adjustments To Reconcile Net Earnings
(Loss) And Net Cash Provided By (Used In)
Operating Activities:
Depreciation 3,525,814
Allowance For Doubtful Accounts 602,321
Amortizations Issue Cost 18,077
Increase (Decrease) In:
Accounts Receivable 155,621
Inventories 209,597
Prepaid Expenses 1,033,225
Other Assets (2,612)
Accounts Payable (2,973,214)
Interest Payable (287,591)
Restructuring Related Payable 548,352
Accrued Expenses (2,317,550)
Other Liabilities 49,944
Capex Adjustment 119,358
-----------
Total Adjustment 681,342
Net Cash Used In Operating Activities (624,733)
Cash Flows From Investing Activities:
Acquisition Of Property And Equipment (876,633)
Pledged Securities (848)
-----------
Net Cash Used In Investing Activities (877,481)
Cash Flows From Financing Activities:
Bank Overdraft (106,407)
Borrowed Funds (Paid To) From Banks (168,654)
-----------
Net Cash Provided (Used) By Financing Activities (275,061)
Increase (Decrease) Of Cash And Cash Equivalents (1,777,275)
Cash And Cash Equivalents, Beginning 15,571,093
Cash And Cash Equivalents, End $13,793,818
===========
For the month ended November 30, 2008, the Debtors made total
disbursements of $15,288,157:
Tricom, S.A. $11,888,864
Tricom USA, Inc. $1,204,287
TCN Dominicana, S.A. $2,195,004
About Tricom S.A.
Tricom, S.A., was incorporated in the Dominican Republic on
Jan. 25, 1988, as a Sociedad Anonima. Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic. Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.
Tricom's wireless network covers about 90% of the Dominican
Republic's population. Tricom's local service network is 100%
digital. The company also owns interests in undersea fiber-
optic cable networks that connect and transmit telecommunications
signals between Central America, the Caribbean, the United States
and Europe.
Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications. A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.
Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.
Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720). Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors. When the Debtors'
filed for protection from their creditors, they listed total
assets of $327,600,000 and total debts of $764,600,000.
As of June 30, 2008, Tricom had $316,325,466 in assets and
$771,970,349 in liabilities.
(Tricom Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)
WORLDSPACE INC: Files Monthly Operating Report for November 2008
----------------------------------------------------------------
WorldSpace, Inc., AfriSpace, Inc., and WorldSpace Systems Corp.
filed with the U.S. Bankruptcy Court for the District of Delaware
a monthly operating report for the month ended Nov. 30, 2008.
The Debtors reported a consolidated net loss of $3,429,137 on
total revenue of $310,212 for the month of November, 2008.
Consolidated cumulative net loss from the date of filing to
Nov. 30, 2008, was $5,860,492 on total revenue of ($355,054).
At Nov. 30, 2008, the Debtors reported consolidated assets with a
book value of $695,764,682, consolidated liabilities of
$2,133,325,881, and stockholders' deficit of $1,437,561,200.
A full-text copy of the Debtors' monthly operating report for
November, 2008 is available for free at:
http://bankrupt.com/misc/WORLDSPACE_NovemberMOR.pdf
About WorldSpace
WorldSpace, Inc. (WSI) -- http://www.1worldspace.com/-- and its
debtor- and non-debtor affiliates provide satellite-based radio
and data broadcasting services to paying subscribers in ten
countries throughout Europe, India, the Middle East, and Africa.
The Debtors and their affiliates operate two geostationary
satellites, AfriStar and Asia Star, which are in orbit over Africa
and Asia. The Debtor and two of its affiliates filed for Chapter
11 bankruptcy protection on Oct. 17, 2008 (Bankr. D. Del., Case
No. 08-12412 - 08-12414). James E. O'Neill, Esq., Laura Davis
Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl
& Jones, LLP, represent the Debtors as counsel.
The U.S. Trustee for Region 3 appointed creditors to serve on an
Official Committee of Unsecured Creditors. Neil Raymond Lapinski,
Esq., and Rafael Xavier Zahralddin-Aravena, Esq., at Elliot
Greenleaf represent the Committee as counsel. When the Debtors
filed for bankruptcy, they listed total assets of $307,382,000 and
total debts of $2,122,904,000.
*********
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
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
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
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa,
Luke Caballos, Sheryl Joy P. Olano, Carlo Fernandez, Christopher
G. Patalinghug, and Peter A. Chapman, Editors.
Copyright 2009. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
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