/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/090207.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, February 7, 2009, Vol. 13, No. 37 Headlines ATA AIRLINES: Files Monthly Operating Report for December 2008 BUFFETS HOLDINGS: Files Monthly Operating Report -- Ended Dec. 17 CADENCE INNOVATION: Files Operating Report for December 2008 FRONTIER AIRLINES: Files Operating Report for December 2008 HAWAIIAN TELCOM: Files Monthly Operating Report -- Dec. 2008 INTERSTATE BAKERIES: Monthly Operating Report -- Ended December 13 LEVITT & SONS: Files Monthly Operating Report -- November 2008 LEVITT & SONS: Files Monthly Operating Report -- December 2008 LINENS 'N THINGS: Files Operating Report -- Ending Nov. 22, 2008 MERVYN'S LLC: Files Monthly Operating Report -- Ended Nov. 1, 2008 MERVYN'S LLC: Files Monthly Operating Report -- Ended November 29 NORTEL NETWORKS: Files Initial Monthly Operating Report PILGRIM'S PRIDE: Files Monthly Operating Report -- Ended Dec. 27 PM LIQUIDATING: Files Initial Monthly Operating Report PM LIQUIDATING CORP: Posts $2,191,793 Net Loss in August 2008 PM LIQUIDATING: Earns $12,548,876 in September 2008 PM LIQUIDATING: Posts $321,733 Net loss in October 2008 REFCO INC: Refco LLC's Monthly Operating Report -- November 2008 REFCO INC: Refco LLC's Monthly Operating Report -- December 2008 REUNION INDUSTRIES: Posts $1,229,000 Net Loss in December 2008 TOUSA INC: Files Monthly Operating Report -- December 2008 TRICOM SA: Debtors' Monthly Operating Report -- December 2008 ********* ATA AIRLINES: Files Monthly Operating Report for December 2008 -------------------------------------------------------------- ATA Airlines' Chief Restructuring Officer Steve Turoff filed with the U.S. Bankruptcy Court for the Southern District of Indiana the company's operating report for the period Dec. 1 to 31, 2008. Mr. Turoff disclosed that ATA Airlines had ($1,475,496) in cash profit and $15,466 in total payables for December. The total professional fee incurred by or on behalf of ATA Airlines for services related to its bankruptcy case during the month is $854,625. ATA Airlines, Inc. Receipts and Disbursements Month Ended December 31, 2008 RECEIPTS Military - Charter - Scheduled Service - US Bank - Amex - Discover - Diner's Club - Other Scheduled Service - Asset Sales -- Inventory 25,254 Asset Sales -- Ground Equipment - Asset Sales -- Rotables - Return of Deposits/Prepaids - Cash Collateral/LOCs 158,807 Interest 8,883 Miscellaneous 222,870 ------------ Total $415,814 ============ DISBURSEMENTS Base Payroll Inc. All Taxes $366,046 Stay Bonus - Benefits 6,987 Employee Expense Payments 4,083 Facilities 14,225 Utilities/Communications 18,885 Contract Labor 34,221 Professionals 1,383,404 U.S. Trustee - Aircraft Ferry Cost 31,120 Engine Changes/Certificate Mx 4,500 Insurance--D&O/Misc. ? Health Insurance Run-off Reserve - Cobra Reserve - Security - Shipping/Cargo 1,194 Returned Checks - Miscellaneous 26,646 ------------ Total $1,891,310 Beginning Balance $46,280,175 Receipts 415,814 Disbursements (1,891,310) ------------ Ending Balance $44,804,679 ============ About ATA Airlines Headquartered in Indianapolis, Indiana, ATA Airlines, Inc., was a diversified passenger airline operating in two principal business lines -- a low cost carrier providing scheduled passenger service that leverages a code share agreement with Southwest Airlines; and a charter operator that focused primarily on providing charter service to the U.S. government and military. ATA is a wholly owned subsidiary of New ATA Acquisition, Inc. -- a wholly owned subsidiary of New ATA Investment, Inc., which in turn, is a wholly owned subsidiary of Global Aero Logistics Inc. ATA Acquisition also owns another holding company subsidiary, World Air Holdings, Inc., which it acquired through merger on August 14, 2007. World Air Holdings owns and operates two other airlines, North American Airlines and World Airways. ATA Airlines and its affiliates filed for Chapter 11 protection on Oct. 26, 2004 (Bankr. S.D. Ind. Case Nos. 04-19866, 04-19868 through 04-19874). The Honorable Basil H. Lorch III confirmed the Debtors' plan of reorganization on Jan. 31, 2006. The Debtors' emerged from bankruptcy on Feb. 28, 2006. Global Aero Logistics acquired certain of ATA's operations after its first bankruptcy. The remaining ATA affiliates that were not substantively consolidated in the company's first bankruptcy case were sold or otherwise liquidated. ATA Airlines filed for Chapter 22 on April 2, 2008 (Bankr. S.D. Ind. Case No. 08-03675), citing the unexpected cancellation of a key contract for ATA's military charter business, which made it impossible for ATA to obtain additional capital to sustain its operations or restructure the business. ATA discontinued all operations subsequent to the bankruptcy filing. ATA's Chapter 22 bankruptcy petition lists assets and liabilities each in the range of $100 million to $500 million. The Debtor is represented in its Chapter 22 case by Haynes and Boone, LLP, and Baker & Daniels, LLP, as bankruptcy counsel. The United States Trustee for Region 10 appointed five members to the Official Committee of Unsecured Creditors. Otterbourg, Steindler, Houston & Rosen, P.C., serves as bankruptcy counsel to the Committee. FTI Consulting, Inc., acts as the panel's financial advisors. The Court gave ATA Airlines Inc. until Feb. 26, 2009, to file its Chapter 11 plan and April 27, 2009, to solicit acceptances of that plan. ATA Airlines submitted to the Court its Chapter 11 Plan of Reorganization and accompanying Disclosure Statement on Dec. 12, 2008, two weeks after it completed the sale of its key assets to Southwest Airlines Inc. Bankruptcy Creditors' Service, Inc., publishes ATA Airlines Bankruptcy News. The newsletter tracks the chapter 11 case of ATA Airlines, Inc. (http://bankrupt.com/newsstand/or 215/945-7000) BUFFETS HOLDINGS: Files Monthly Operating Report -- Ended Dec. 17 ----------------------------------------------------------------- Buffets Holdings, Inc. Balance Sheet As of December 17, 2008 ASSETS Current Assets: Cash on Hand - drawer $1,374,587 Total depository account 4,736,428 Temporary cash investments 1,000,000 Cash 18,873,819 -------------- Total cash & cash equivalents 25,984,834 Receivables-landlord 78,797 Credit card receivables 1,573,337 Intercompany - Total rebates receivable 4,241,321 Accounts receivable 2,546,904 Due to/From affiliate 0 -------------- Total Receivables 8,440,359 Inventory 29,363,176 -------------- Total Inventories 29,363,176 Restricted cash 2,099,806 Employee advances 10,610 Escrow deposits - short term 897,076 Deposits - prefunded LC - current 22,612,190 Prepaid car leases 51,872 Prepaid Insurance 896,261 Prepaid rent 3,434,476 Prepaid other 2,396,194 Prepaid advertising 6,484,908 Prepaid rent, escrow 355,270 Notes receivable - short term 13,104 -------------- Total prepaid expenses & other assets 37,151,962 Deferred income taxes - current 13,651,000 Deferred tax valuation allowance - current (13,651,000) -------------- Total current assets 103,040,138 Cabinet division inventory 4,433,744 Corporate inventory 569,583 Proceeds of sale clearing account (1,200) CIP - non system 440,040 Land 9,298,836 Building 5,586,674 Accumulated depreciation - building (914,499) Leasehold improvement 159,255,066 Accumulated amortization (96,065,629) Equipment 221,679,496 Accumulated depreciation - equipment (139,920,412) Automobile 315,330 Accumulated depreciation - auto (134,322) Assets to be sold - PP&E 16,364,294 Accumulated depreciation - assets to be sold (93,632) -------------- Total property, plant & equipment, net 180,713,370 Goodwill 116,639,959 Acquisition costs 18,133,818 -------------- Total goodwill 134,773,776 Deferred income taxes - non-current 95,451,879 Deferred tax valuation allowance - non-current (95,451,879) Liquor licenses 343,681 Leasehold interest 1,439,790 Recipes 2,053,208 Trademark 56,600,000 -------------- Total other intangible assets 60,436,680 Prepaid rent deposits 1,743,996 Deposits 3,597,167 Deposits - other long term 42,865 Insurance loss deposits 353,520 Investments in subsidiaries 31,045 Total debt issuance costs (17,098,802) Notes receivable from subsidiaries 0 Total notes receivable - long term 6,336 Split Dollar Life Ins. Receivable 2,169,580 -------------- Total other non-current assets 30,117,956 -------------- Total assets $509,081,919 ============== LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities: Accounts payable - prepetition $24,475,709 Accounts payable - postpetition 35,242,922 COD Clearing (6,942) Misc. accruals - restaurant level 8,970,878 Misc accruals - WIS (1,000) Misc. accruals - corp level 4,682,653 -------------- Total accounts payable 73,364,220 Accrued 401(k) 954,238 Accrued payroll 11,505,427 Accrued bonus 925,089 Accrued payroll taxes 3,763,986 Accrued vacation 7,452,787 -------------- Total accrued compensation 24,601,526 Accrued insurance - auto 16,000 Workers' compensation payable 22,842,238 Accrued insurance - general liability 15,903,193 Accrued health, dental, life 3,052,768 Accrued insurance - other 204,771 -------------- Total accrued insurance 42,018,971 Accrued percentage rent 1,687,060 Accrued interest - short term 25,026,547 Accrued property taxes 10,216,979 Accrued postage 3,425 Accrued advertising 4,480,794 Accrued liabilities - other 11,082,156 Deferred income - current 48,378 Gift certificates/cards 5,488,405 Cash receipts suspense 169,200 Lease rejection claims reserve 54,943,300 Sales/use tax payable 10,555,769 Accrued restaurant closing costs 2,190,602 -------------- Total accrued liabilities 202,235,835 Income taxes payable (3,986,334) Estimated income taxes 676,119 -------------- Total income taxes payable (3,310,215) Current maturities of long-term debt 5,300,000 Short term borrowings 56,300,000 Short term borrowings - DIP 72,851,177 Short term borrowings - vendor LC draws 6,258,450 -------------- Total current liabilities 417,891,044 Notes payable to parent Senior debt - bank 518,728,000 Senior debt - public 300,000,000 -------------- Total long-term debt 818,728,000 Accrued rent 45,565,575 Deferred Income tax 22,793,000 Income tax payable - non-current 21,774,000 Long term sublease deposits 33,905 Post retirement benefits payable 18,249 Total deferred income 5,642,065 -------------- Total other long-term liabilities 5,694,219 Total non-current liabilities 914,544,794 -------------- Total liabilities 1,332,445,838 -------------- Shareholders' Equity: Capital Stock 63,358 Additional paid in capital 835,631 Contributed capital 0 Interco contributions (distributions) 0 Dividends paid (interco) 0 Dividends received (interco) 0 Accum other comprehensive income 0 Dividends paid to shareholders (101,164,801) Retained earnings (630,165,639) Level 8 profit/loss (92,932,467) -------------- Retained earnings (824,262,907) Total shareholders' equity (823,363,919) -------------- Total liabilities & Stockholders' equity $509,081,919 ============== Buffets Holdings, Inc. Income Statement For the month ended December 17, 2008 Total sales $ 99,353,543 Total food cost 35,418,720 Total labor 30,459,600 Operating costs 13,163,731 Occupancy costs 12,545,563 -------------- Total DIR & O/C 25,709,293 -------------- Total restaurant costs 91,587,613 -------------- Restaurant profit (level 4) 7,765,930 Total SG&A Expense 9,898,315 Closed restaurant costs 0 Impairment Cost 146,522 -------------- Earnings from operations (2,299,222) Other income (expense) Franchise income 47,724 Interest income 145 Interest expense (6,626,837) Other income (expense) 11,204 Loss related to refinancing 0 Reorganization Costs (8,359,452) Net Worth Tax (253,276) Intercompany 0 -------------- Total other income (expense) (17,309,350) -------------- Earnings before tax (19,608,730) Income Taxes 118,700 -------------- Net earnings (loss) ($19,727,430) ============== Buffets Holdings, Inc. Schedule of Cash Receipts & Disbursements For the month ended December 17, 2008 Cash Receipts (inc. Sales tax): Cash receipts $63,513,000 Credit card 42,217,000 -------------- 105,730,000 Receipts (Gift card usage) 1,268,000 Rebates, other 491,000 --------------- Total cash receipts 107,489,000 Operating Disbursements: A/P Check 6,807,000 EFT 53,433,000 Change in trade terms (3,801,000) Payroll 31,009,000 Rent (Cash occupancy) 8,061,000 Sales tax 8,068,000 Other operating 0 -------------- Total operating disbursements 103,577,000 -------------- Net operating cash flows 3,912,000 Non-operating Disbursements (Receipts): Income tax 0 Total CapEx 2,241,000 Professional fees, inc. holdbacks 1,451,000 Closed restaurant costs 0 Deposits (Utility) 0 Other (20,000) Cash (Proceeds) from asset sales 0 -------------- Total non-operating disbursements 3,672,000 Financing Payments: Interest expense 859,000 Interest (income) (17,000) DIP Fees/other 2,386,000 Principal payments 7,099,000 --------------- Total financing disbursements 10,327,000 --------------- Total net disbursements 117,576,000 Net cash receipts (disbursements) ($10,087,000) ============== 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. Bankruptcy Creditors' Service, Inc., publishes Buffets Holdings Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Buffets Holdings Inc. and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) CADENCE INNOVATION: Files Operating Report for December 2008 ------------------------------------------------------------ Cadence Innovation LLC Unaudited Balance Sheet As of December 31, 2008 (in thousands) ASSETS: Cash $3,522 Accounts Receivable, Net 16,740 Manufacturing Inventories, Net 3,590 Tooling Inventories, Net - IC Receivable/Payable (52,996) Prepaid Expenses and Other Current Assets 2,376 Professional Retainers 1,440 Assets Held for sale 26,845 ------------ Total Current Assets 1,517 Property, Plant and Equipment Capital Leases 1,809 Land - Building and Improvements - Machinery & Equipment - Office & Transportation Equipment - Construction-in-Progress - ------------ Total Property, Plant & Equipment 1,809 Accumulated Depreciation (467) ------------- Net Property, Plant & Equipment 1,341 ------------- Loans to Insiders - Intangible Assets, Net - Other Non-Current Assets 3,587 ------------- TOTAL ASSETS $6,445 ============= LIABILITIES: Postpetition Liabilities: Accounts Payable ($12,032) Accrued Accounts Payable 15,353 Accrued Wages 991 Accrued Taxes - Payroll 365 Accrued Fringe Benefits 2,303 Accrued Taxes - Property and Sales and Use 60 Accrued Interest 68 Accrued Severance - Other Accrued Expenses 2,196 Amounts Due to Insiders - ------------- Total Postpetition Liabilities 9,304 Prepetition Liabilities: Secured Debt 10,508 Priority Debt - Unsecured Debt 101,600 ------------- Total Prepetition Liabilities 112,108 EQUITY: Owners Capital 302,123 Retained Earnings - Prepetition (340,500) Retained Earnings - Postpetition (76,590) ------------- TOTAL LIABILITIES AND EQUITY $6,445 ============= Cadence Innovation LLC Unaudited Operating Statement Month Ended December 31, 2008 (in thousands) Total Revenue/Sales $20,285 Cost of Sales 27,977 ------------- Gross Profit (7,692) Expenses: Advertising - Auto and Truck Expense - Bad Debts - Contributions - Employee Benefit Programs 526 Insider Compensation 140 Insurance 71 Management Bonuses - Office Expenses 1 Pension and Profit Sharing Plans - Professional Fees - non-bankruptcy 41 Repairs and Maintenance 21 Rent and Lease Expense 1,408 Salaries/Commissions/Fees 744 Supplies 10 Taxes - Payroll 238 Taxes - Real Estate (269) Taxes - Other - Travel and Entertainment 43 Utilities 79 Other (157) ------------- Total Expenses 2,895 Depreciation 627 ------------- Net Profit (Loss) (11,213) Other Income 993 Interest Expense 762 Gain/Loss from discontinued operations 13 Intercompany transfers - ------------- Net Profit (Loss) before reorganization items (12,961) Reorganization items Professional Items 2,320 Trustee Fees 10 Interest earned on accumulated cash - ------------- Total Reorganization Expenses 59,483 Income Taxes - ------------- NET INCOME (LOSS) ($72,465) ============= Cadence Innovation LLC Schedule of Cash Receipts and Disbursements For the month ended December 31, 2008 (in thousands) Cash - Beginning of Month $677 Receipts: Cash Sales - Accounts Receivable 26,224 Loans and Advances (1,151) Sale of Assets - Other - ------------- Total Receipts 25,073 ------------- Disbursements: Net Payroll 5,933 Contract Labor 931 Payroll Taxes 1,568 Sales, Use and other Taxes 20 Inventory Purchases 8,920 Capital Expenditures - Machinery & Equipment 163 Employee Expenses 60 Insurance 30 Rent and Leases 520 Purchased Services 548 Utilities 686 Tooling 470 Other 84 Operating and Maintenance Supplies 146 Owner Draw - Legal and Professional Fees 2,029 Bank Charges 96 Board of Director fees - U.S. Trustee quarterly fees - Court costs 22 ------------- Total Disbursements 22,228 ------------- Net Cash Flow 2,845 ------------- Cash - End of Month $3,522 ============= New Venture Real Estate Holdings LLC Unaudited Balance Sheet As of December 31, 2008 (in thousands) Cash Accounts Receivable, Net - Manufacturing Inventories, Net - Tooling Inventories, Net - I/C Receivable/Payable - Prepaid Expenses and other current assets $40,768 Professional Retainers - Assets held for Sale - ------------- Total current assets 40,768 ------------- Property, Plant & Equipment Capital Leases - Land - Building and Improvements - Machinery & Equipment - Office & Transportation Equipment - Construction-in-Progress - ------------- Total Property, Plant and Equipment - Accumulated Depreciation - ------------- Net Property, Plant and Equipment - ------------- Loans to Insiders - Intangible Assets, Net - Other Non-current Assets - ------------- TOTAL ASSETS $40,768 ============= LIABILITIES: Postpetition Liabilities: Accounts Payable - Accrued Accounts Payable - Accrued Wages - Accrued Taxes-Payroll - Accrued Fringe Benefits - Accrued Taxes-Property - Accrued Severance - Amounts due to Insiders - ------------- Total Postpetition Liabilities - Prepetition Liabilities: Secured Debt - Priority Debt - Unsecured Debt - ------------- Total Prepetition Liabilities - ------------- EQUITY: Owners Capital - Retained Earnings - Prepetition 40,768 Retained Earnings - Postpetition - ------------- TOTAL LIABILITIES AND EQUITY $40,768 ============= Headquartered in Troy, Michigan, Cadence Innovation LLC -- http://www.cadenceinnovation.com/-- manufactures and sells auto parts to its customers GM and Chrysler. The company has at least 4,200 employees in the United States and Europe, including Hungary and Czech Republic. The company and its debtor-affiliate, New Venture Real Estate Holdings, LLC, filed for Chapter 11 reorganization on Aug. 26, 2008 (Bankr. D. Del. Lead Case No. 08- 11973). Norman L. Pernick, Esq. and Patrick J. Reilley, Esq., at Cole, Schotz, Meisel, Forman & Leonard, represent the Debtors as counsel. When the Debtors filed for protection from their creditors, they listed assets of between $10 million and $50 million, and debts of between $100 million and $500 million. (Cadence Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) FRONTIER AIRLINES: Files Operating Report for December 2008 ----------------------------------------------------------- Frontier Airlines Holdings, Inc., filed on January 28, 2009, its Monthly Operating Report for December 2008. The airline reported a consolidated operating profit of $18.9 million and a net profit of $18.7 million for the month. Excluding special items, the Company reported an operating profit of $18.3 million and a net profit of $17.0 million. The Company, excluding special items, reported an operating margin of 16.8 percent and a total net margin of 15.5 percent for the month. Special items for the month included: * Non-cash mark-to-market gains on fuel hedge contracts of $0.6 million. * Net gain of $1.4 million in reorganization expense, due to the sale of two A319 aircraft sold in the month for a book gain of $4.1 million, which was offset by other reorganization expenses of $2.7 million. * Loss on early extinguishment of debt of $0.3 million. When combining the Operating Reports for each of the months comprising the December quarter, the Company reported a consolidated operating profit of $5.6 million and a net profit of $1.1 million. Excluding special items, the Company reported an operating profit of $14.4 million and a net profit of $7.7 million for the quarter. Special items for the quarter included: * Non-cash mark-to-market losses on fuel hedge contracts of $8.7 million. * Charges of $0.4 million on early extinguishment of debt. * Gain of $2.7 million in reorganization activities, including $8.1 million on the sale of four A319 aircraft and expenses of $5.4 million. Frontier's cash position increased to $69.1 million for the period ending December 2008. The Company realized net proceeds of $25.5 million from the sale of two aircraft, which was offset by a decrease in working capital due to the traditionally low booking period at the end of the year. "These outstanding results are a testament to the sacrifices and hard work put forth by all of our employees," said Frontier President and CEO Sean Menke. "We have worked extremely hard throughout our restructuring to achieve these results that are bucking industry trends. "Despite significant competitive pressure and a rapidly changing macro-economic environment, we have been able to reduce our operating expenses, increase revenues and maintain our high quality of service," Mr. Senke added. Financial and restructuring highlights during the quarter: * For the quarter, mainline unit costs excluding fuel, decreased 4.2 percent to 6.20 cents, despite a 16.0 percent reduction in mainline capacity, an 8.0 percent reduction in stage length and an average fleet utilization decrease of 7.2 percent. * For the quarter year-over-year, mainline passenger unit revenue increased by 7.2 percent, and total mainline unit revenue increased by 10.2 percent. * Load factor for the quarter improved 3.9 points versus the prior year period. * Negotiated and secured long-term concessionary agreements with all represented labor groups. * Successfully launched AirFairs, an innovative, customer- friendly fare structure that lets customers choose from one of three fare levels that best meets their specific travel needs. * Sold four A319 aircraft, adding significant liquidity to the Company. * Among the Industry leaders in key DOT performance metrics. The Denver Post noted that Frontier's soaring to record earnings in December 2008, and posting of a narrow profit for the quarter "boosted the carrier's hopes for emerging from bankruptcy protection." "For the first time in five years, we've actually recorded a profit for the December quarter," Mr. Menke told the Denver Post, noting that the record is "really big in light of what a number of companies, especially airlines, have been reporting." A full-text of Frontier's Monthly Operating Report is available for free at: http://ResearchArchives.com/t/s?38f6 FRONTIER AIRLINES HOLDINGS, INC., ET AL. Unaudited Condensed Consolidated Balance Sheet As of December 31, 2008 ASSETS CURRENT ASSETS: Cash and cash equivalents $69,055,000 Short-term investments - Restricted investments 114,683,000 Receivables, net of allowance 36,322,000 Security and other deposits - Prepaid expenses and other assets 18,539,000 Inventories, net of allowance 12,631,000 Assets held for sale 743,000 -------------- Total current assets 251,973,000 Property and other equipment, net 612,798,000 Security and other deposits 40,938,000 Aircraft pre-delivery payments 5,133,000 Restricted investments 2,987,000 Deferred loan expenses and other assets 5,430,000 -------------- Total Assets $919,259,000 ============== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities not subject to compromise: CURRENT LIABILITIES: Accounts payable $42,479,000 Air traffic liability 133,005,000 Other accrued expenses 49,610,000 Income tax payable 988,000 Deferred revenue & other current liabilities 28,828,000 DIP financing 30,000,000 PDP financing - -------------- Total current liabilities not subject to compromise 284,910,000 Deferred revenue and other liabilities 20,761,000 Other long-term debt -- postpetition 3,000,000 -------------- Total liabilities not subject to compromise 308,671,000 Liabilities subject to compromise 543,529,000 -------------- Total Liabilities 852,200,000 STOCKHOLDERS' EQUITY Preferred stock - Common stock 37,000 Additional paid-in capital 196,879,000 Unearned ESOP shares - Other comprehensive loss - Accumulated deficit (129,857,000) -------------- Total Stockholders' Equity 67,059,000 -------------- Total Liabilities and Stockholders' Equity $919,259,000 ============== FRONTIER AIRLINES HOLDINGS, INC., ET AL Unaudited Condensed Consolidated Statement of Operations Month Ended December 31, 2008 Revenues: Passenger $100,897,000 Cargo 300,000 Other 7,987,000 -------------- Total revenues 109,184,000 Operating expenses: Flight operations 13,175,000 Aircraft fuel 27,175,000 Aircraft lease 9,549,000 Aircraft and traffic servicing 17,227,000 Maintenance 6,905,000 Promotion and sales 6,964,000 General and administrative 6,202,000 Operating expenses -- regional partner - Loss (gain) on sales of assets, net (1,000) Employee separation and other charges - Depreciation 3,053,000 -------------- Total operating expenses 90,249,000 -------------- Operating income (loss) 18,935,000 Non-operating income (expense): Interest income 252,000 Interest expense (2,667,000) Loss from early extinguishment of debt (303,000) Other, net 1,189,000 -------------- Total non-operating expense, net (1,529,000) Income before reorganization items & income tax 17,406,000 (Gains)/Losses on reorganization items (1,387,000) Income tax expense (benefit) 119,000 -------------- Net Income (Loss) $18,674,000 ============== FRONTIER AIRLINES HOLDINGS, INC., ET AL. Unaudited Condensed Consolidated Statement of Cash Flow Month Ended December 31, 2008 Cash flows from operating activities: Net income $18,674,000 Adjustments to reconcile net loss to net cash used in operating activities: ESOP and stock option compensation expense 353,000 Depreciation and amortization 3,396,000 Assets beyond economic repair 82,000 Mark to market losses on derivative contracts 2,923,000 Proceeds received for settled derivative contracts (3,559,000) Loss (Gain) on disposal of equipment and other assets, net (1,000) Loss on early extinguishment of debt 303,000 Unrealized loss on short-term investments (1,320,000) Changes in operating assets and liabilities: Restricted investments (1,837,000) Receivables 3,372,000 Security and other deposits 1,316,000 Prepaid expenses and other assets 4,348,000 Inventories 622,000 Other assets - Accounts payable 3,663,000 Air traffic liability (34,043,000) Other accrued expenses (1,694,000) Deferred revenue and other liabilities (1,498,000) Reorganization items (1,387,000) -------------- Net cash used in operating activities (6,287,000) Cash flows from reorganization activities Net cash used in reorganization activities (3,428,000) Total net cash used in operating activities (9,715,000) Cash flows from investing activities: Aircraft purchase deposits made (1,636,000) Aircraft purchase deposits returned - Sale of short-term investment 5,060,000 Proceeds from the sale of property and equipment and assets held for sale 1,000 Capital expenditures (726,000) Proceeds from the sale of aircraft -- reorganization activity 55,000,000 -------------- Net cash provided by investing activities 57,699,000 Cash flows from financing activities: Proceeds from DIP financing (postpetition) - Extinguishment of long-term borrowings - Principal payments on long-term borrowings (2,837,000) Extinguishment of long-term borrowings -- reorganization activity (29,489,000) Principal payments on short-term borrowing - Payment of financing fees (17,000) -------------- Net cash used in financing activities (32,343,000) Increase in cash and cash equivalents 15,641,000 Cash and cash equivalents at beginning of period 53,414,000 -------------- Cash and cash equivalents at end of period $69,055,000 ============== About Frontier Airlines Inc. Headquartered in Denver, Colorado, Frontier Airlines Inc. -- http://www.frontierairlines.com/-- provides air transportation for passengers and freight. It operates jet service carriers linking Denver, Colorado hub to 46 cities coast-to-coast, 8 cities in Mexico, and 1 city in Canada, as well as provide service from other non-hub cities, including service from 10 non-hub cities to Mexico. Frontier Airlines 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. Bankruptcy Creditors' Service, Inc., publishes Frontier Airlines Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Frontier Airlines Inc. and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) HAWAIIAN TELCOM: Files Monthly Operating Report -- Dec. 2008 ------------------------------------------------------------ Hawaiian TelCom Communications, Inc. Balance Sheet As of December 31, 2008 Cash and cash equivalents $76,241,860 Accounts receivable - Materials and supplies - Prepaid expenses 50,000 Other current assets - Property and equipment - Investment in subsidiaries 1,066,356,148 Deferred charges and other assets 4,830,925 Intangible assets - -------------- Total assets $1,147,478,933 ============== Current portion of long-term debt 1,074,500,000 Accounts payable - Payroll and related benefits payable - Accrued other taxes 1 Accrued interest 30,005,616 Advance billings - Other current liabilities 15,334,812 Long-term debt - Employee benefit obligations - Other liabilities - -------------- 1,119,840,429 -------------- Equity (293,435,888) Intercompany receivable (102,072,089) Intercompany payable 423,146,481 -------------- Net owner interest 27,638,504 -------------- Total liabilities and partners' capital $1,147,478,933 ============== Hawaiian TelCom Communications, Inc. Income Statement For the Month Ended December 31, 2008 Operating revenues $0 Operating expenses: Cost of goods sold (202,703) Salaries and wages - Pension and other benefits - Employee related expenses 8,333 Contracted services - Restructuring expenses - Rents - Materials - Advertising - Gross receipts and other taxes - Uncollectibles - All other 1,108 Depreciation and amortization - -------------- Total operating expenses (193,262) -------------- Operating income (loss) (193,262) -------------- Other income (expense): Interest expense 4,082,598 Loss on early extinguishment of debt - Gain (loss) on interest rate swap 8,482,247 Other income and expense, net - -------------- Total other (income) expenses 12,564,845 -------------- Income (loss) from continuing operations before reorganization items and provision for income taxes (12,371,583) Reorganization items 7,740,600 -------------- Income (loss) from continuing operations before provision for income taxes (20,112,183) Provision (benefit) for income taxes - -------------- Net income (loss) ($20,112,183) ============== Hawaiian TelCom Communications, Inc. Cash Receipts and Disbursements For the Month Ended December 31, 2008 November 2008 ending book balance $68,236,702 Prepetition checks outstanding reclass 0 -------------- December 2008 beginning book balance 68,236,702 Receipts Receipts from operations 5,157 Net change in deposits in transit 0 Other 0 -------------- Total receipts 5,157 -------------- Disbursements AP & Payroll disbursements Check 0 EFT 0 Wire (9,055,034) -------------- Total AP & Payroll disbursements (9,055,034) -------------- Bank debts Bank fees (40) Other 0 -------------- Total bank debts (40) -------------- Total disbursements (9,055,074) -------------- Other transfers (8,000,000) -------------- ZBA credits 9,055,073 ZBA debits 0 -------------- Total ZBAs 9,055,073 -------------- Adjustments 0 -------------- December 2008 ending book balance 76,241,859 Cash on hand and other adjustments 0 -------------- Cash per balance sheet $76,241,859 ============== Other Hawaiian Telcom Affiliates Seven affiliates of Hawaiian Telcom Communications also delivered separate individual monthly operating reports to the Court. The Hawaiian Telcom affiliates reported these assets and liabilities as of December 31, 2008: Debtor Affiliate Total Assets Total Debts ---------------- -------------- ------------ Hawaiian Telcom, Inc. $1,186,157,593 $176,319,694 Hawaiian Telcom Services Company Inc. $66,243,407 $9,686,405 Hawaiian Telcom Holdco, Inc. $27,638,504 $0 Hawaiian Telcom IP Service Delivery Research LLC $0 $7,366 Hawaiian Telcom IP Video Research, LLC $0 $3,549 Hawaiian Telcom IP Service Delivery Investment LLC $0 $0 Hawaiian Telcom IP Video Investment, LLC $0 $0 The Debtor affiliates listed their net income or loss for the period from December 1 to 31, 2008: Company Net Income(Loss) ------------- ---------------- Hawaiian Telcom, Inc. $10,245,072 Hawaiian Telcom Services Company, Inc. ($17,218,124) Hawaiian Telcom Holdco, Inc. $0 Hawaiian Telcom IP Service Delivery Research LLC ($40,123) Hawaiian Telcom IP Video Research, LLC ($19,266) Hawaiian Telcom IP Service Delivery Investment LLC $0 Hawaiian Telcom IP Video Investment, LLC $0 The Debtor affiliates also reported their cash receipts and disbursements for the period from December 1 to 31, 2008: Company Receipts Disbursements Cash Flow ------------- ----------- ------------- --------- Hawaiian Telcom, Inc. $40,689,791 $18,108,105 $12,671,898 Hawaiian Telcom Servs. Company, Inc. $385,725 $1,206,720 ($820,995) Hawaiian Telcom Holdco, Inc. $0 $0 $0 Hawaiian Telcom IP Service Delivery Research LLC $0 $0 $0 Hawaiian Telcom IP Video Research, LLC $0 $0 $0 Hawaiian Telcom IP Service Delivery Investment LLC $0 $0 $0 Hawaiian Telcom IP Video Investment, LLC $0 $0 $0 Based in Honolulu, Hawaii, Hawaiian Telecom Communications, Inc. -- http://www.hawaiiantel.com/-- operates a telecommunications company, which offers an array of telecommunications products and services including local and long distance service, high-speed Internet, wireless services, and print directory and Internet directory services. The company and seven of its affiliates filed for Chapter 11 protection on Dec. 1, 2008 (Bankr. D. Del. Lead Case No. 08- 13086). As reported by the Troubled Company Reporter on December 30, 2008, Judge Peter Walsh of the U.S. Bankruptcy Court for the District of Delaware approved the transfer of the Chapter 11 cases to the U.S. Bankruptcy Court for the District of Hawaii before Judge Lloyd King (Bankr. D. Hawaii Lead Case No. 08-02005). Richard M. Cieri, Esq., Paul M. Basta, Esq., and Christopher J. Marcus, Esq., at Kirkland & Ellis LLP, represent the Debtors in their restructuring efforts. The Debtors proposed Lazard Freres & Co. LLC as investment banker; Zolfo Cooper Management LLC as business advisor; Deloitte & Touche LLP as independent auditors; and Kurztman Carson Consultants LLC as notice and claims agent. An official committee of unsecured creditors has been appointed in the case. The committee is represented by Christopher J. Muzzi, Esq., at Moseley Biehl Tsugawa Lau & Muzzi LLC, in Honolulu, Hawaii. When the Debtors filed for protection from their creditors, they listed total assets of $1,352,000,000 and total debts of $1,269,000,000 as of Sept. 30, 2008. Bankruptcy Creditors' Service, Inc., publishes Hawaiian Telcom Bankruptcy News. The newsletter tracks the chapter 11 proceeding undertaken by Hawaiian Telcom Communications, Inc. and seven of its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) INTERSTATE BAKERIES: Monthly Operating Report -- Ended December 13 ------------------------------------------------------------------ Interstate Bakeries Corporation Senior Vice President, Chief Financial Officer and Treasurer of J. Randall Vance disclosed in a filing with the Securities and Exchange Commission dated January 27, 2009, that the Company reported net sales of $201.8 million for the four week period ended December 13, 2008. The Company's net loss was $11.3 million. IBC reported cash of $19.3 million as of December 13, 2008. It had also borrowed $110.9 million under its $309.0 million debtor- in-possession credit facility, which is subject to a borrowing base formula based on its level of eligible accounts receivable, inventory, certain real property and reserves. The credit facility was also utilized to support the issuance of letters of credit primarily in support of the Company's insurance programs. As of December 13, 2008, there were $149.1 million of letters of credit outstanding under the DIP Credit Facility, which were partially collateralized by $21.1 million of restricted cash. The amount of the credit facility available for borrowing was $49.0 million. Interstate Bakeries Corporation and Subsidiaries Unaudited Consolidated Monthly Operating Report Four Weeks Ended December 13, 2008 REVENUE Gross Income $201,802,115 Less Cost of Goods Sold Ingredients, Packaging & Outside Purchasing 55,321,821 Direct & Indirect Labor 32,753,372 Overhead & Production Administration 9,562,299 ------------- Total Cost of Goods Sold 97,637,492 ------------- Gross Profit 104,164,623 ------------- OPERATING EXPENSES Owner-Draws/Salaries 0 Selling & Delivery Employee Salaries 45,709,954 Advertising and Marketing 3,672,892 Insurance (Property, Casualty, & Medical) 11,334,016 Payroll Taxes 4,060,052 Lease and Rent 3,263,121 Telephone and Utilities 1,342,584 Corporate Expense (Including Salaries) 7,191,700 Other Expenses 26,406,636 ------------- Total Operating Expenses 102,980,955 ------------- EBITDA 1,183,668 Restructuring & Reorganization Charges 3,319,572 Depreciation and Amortization 4,488,658 Abandonment 78,058 Property & Equipment Impairment 0 Other(Income)/Expense 26,510 Gain/Loss Sale of Property 0 Interest Expense 4,809,674 ------------- Operating Income (Loss) (11,538,804) Income Tax Expense (Benefit) (250,522) ------------- NET Income (Loss) ($11,288,282) ============= CURRENT ASSETS Accounts Receivable at end of period $126,693,844 Increase (Dec.) in Accounts Receivable (7,193,157) Inventory at end of period 57,378,911 Increase (Decrease) in Inventory for period (2,761,622) Cash at end of period 19,272,760 Increase (Decrease) in Cash for period (5,391,175) Restricted Cash 21,124,605 Increase (Dec.) in Restricted Cash for period 7,865 LIABILITIES Increase (Decrease) in Liabilities Not Subject to Compromise (10,577,952) Increase (Decrease) in Liabilities Subject to Compromise (111,873) Taxes payable: Federal Payroll Taxes 3,973,380 State/Local Payroll Taxes 4,429,405 State Sales Taxes 700,360 Real Estate and Personal Property Taxes 6,092,735 Other 2,632,054 ------------- Total Taxes Payable $17,827,934 ============= About Interstate Bakeries 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 first filed their Chapter 11 Plan and Disclosure Statement on Nov. 5, 2007. On Jan. 30, 2008, the Debtors received court approval of the disclosure statement explaining their first amended plan. IBC did not receive any qualifying alternative proposals for funding its plan in accordance with the court- approved alternative proposal procedures. The Debtors, on Oct. 4, 2008, filed another Plan, which contemplates IBC's emergence from Chapter 11 as a stand-alone company. The filing of the Plan was made in connection with the plan funding commitments, on Sept. 12, 2008, from an affiliate of Ripplewood Holdings L.L.C. and from Silver Point Finance, LLC, and Monarch Master Funding Ltd. On December 5, 2008, the Bankruptcy Court confirmed IBC's Amended New Joint Plan of Reorganization. The plan was filed October 31, 2008. The exit financings that form the basis for the Plan are reflected in corresponding debt and equity commitments. Bankruptcy Creditors' Service, Inc., publishes Interstate Bakeries Bankruptcy News. The newsletter tracks the chapter 11 proceedings undertaken by Interstate Bakeries Corporation and its eight affiliated debtors. (http://bankrupt.com/newsstand/or 215/945-7000) LEVITT & SONS: Files Monthly Operating Report -- November 2008 -------------------------------------------------------------- Levitt & Sons, LLC Monthly Financial Report for Business For the Period November 1 - 30, 2008 Cash, beginning of period $561,444 Receipts: Cash sales 0 Collection on postpetition A/R 0 Collection on prepetition A/R 0 Other receipts 10,551 -------------- Total receipts 10,551 Total cash available for operations 571,995 Disbursements: U.S. Trustee quarterly fees 0 Net payroll 0 Payroll taxes paid 0 Sales and use taxes 0 Other taxes 0 Rent 0 Other leases 0 Telephone 0 Utilities 335 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 263,658 -------------- Total cash disbursements 263,993 -------------- Ending Cash Balance $308,001 ============== About Levitt and Sons Headquartered 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. (Levitt and Sons Bankruptcy News; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000 ). LEVITT & SONS: Files Monthly Operating Report -- December 2008 -------------------------------------------------------------- Levitt & Sons, LLC Monthly Financial Report for Business For the Period December 1 - 31, 2008 Cash, beginning of period $308,001 Receipts: Cash sales 0 Collection on postpetition A/R 0 Collection on prepetition A/R 0 Other receipts 581,853 -------------- Total receipts 581,853 Total cash available for operations 889,855 Disbursements: U.S. Trustee quarterly fees 0 Net payroll 0 Payroll taxes paid 0 Sales and use taxes 0 Other taxes 0 Rent 0 Other leases 0 Telephone 0 Utilities 297 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 371,330 -------------- Total cash disbursements 371,627 -------------- Ending Cash Balance $518,227 ============== About Levitt and Sons Headquartered 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. (Levitt and Sons Bankruptcy News; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000 ). LINENS 'N THINGS: Files Operating Report -- Ending Nov. 22, 2008 ---------------------------------------------------------------- Linens Holding Co., et al. Balance Sheet As of November 22, 2008 Assets Current Assets Cash $81,542,712 Accounts receivable, net 75,126,714 Inventory - Inventory - liquidation sales 10,499,529 Prepaid expenses 11,779,964 ------------- Total Current Assets 178,948,919 Property & Equipment Building 5,010,000 Furniture & fixtures 101,015,249 Hardware 5,748,729 Leasehold improvements 2,228,988 Land 1,030,400 Software 7,176,757 Less: accumulated depreciation (55,078,977) ------------- Total Property & Equipment 67,131,146 Other Assets Identifiable intangible 123,518,294 Goodwill 253,159,671 Other non-current assets 3,521,801 ------------- Total other assets 380,199,766 ------------- Total Assets $626,279,831 ============= Liabilities and Shareholders' Equity Liabilities not subject to compromise Current liabilities Accounts payable, merchandise accruals refunds and allowances $9,492,126 Due to customers 3,314,395 Salaries and wages 6,686,260 Taxes, non-franchise and income tax 24,569,609 Workers compensation - Current retirement plans - Rent - General liability claims 815,020 Accrued auto claims & uninsured losses 22,305 Other accrued liabilities 30,357,414 ------------- Total Current Liabilities 75,257,130 Long Term Liabilities Long-term borrowings (106,591,518) Non-current deferred income - Other liabilities 4,427,105 ------------- Total long term liabilities (102,164,413) ------------- Total liabilities not subject to compromise (26,907,283) Liabilities subject to compromise L/T senior secured note 580,000,000 Unsecured claims 242,609,881 Priority claims 26,390,362 ------------- Total Liabilities Subject to Compromise 849,000,243 ------------- Total Liabilities 822,092,959 Shareholders' Equity Common stock 130,130 Additional paid-in capital 593,666,009 Retained earnings - prepetition (536,191,697) Retained earnings - postpetition (250,830,736) Currency gain/loss (2,586,834) ------------- Net shareholders' equity (195,813,128) ------------- Total Liabilities and Shareholders' Equity $626,279,831 ============= Linens Holding Co., et al. Income Statement For the month ending November 22, 2008 Gross revenues $0 Rebates and returns (46,118) Cost of goods sold - ------------- Initial Mark On (IMO) (46,118) Markdowns (14,377) Gross allowances 87,088 Deferred allowances - ------------- Total markdowns - net 72,711 ------------- Merchant margin (118,829) Supply chain expenses 1,457,536 Buying, product development, shrink (1,131,936) ------------- Gross profit 206,771 Store payroll expense (1,519,647) Other store selling expenses (1,513,764) ------------- Total selling expense (3,033,411) ------------- Margin after selling expenses (2,826,640) Occupancy (7,284,321) Sales promotions (1,393,559) Other store expenses 302,399 Supervisory/Other (1,161,363) ------------- Total store expenses (9,536,844) ------------- Store contribution (12,363,484) Administrative salaries (1,745,966) Other administrative expenses 10,272,074 Other income/(expense) 151,419 Interest 77,289 Taxes - ------------- Total General & Administrative 8,754,816 ------------- Net Earnings [Loss] (3,608,668) ------------- Reorganization Items (13,444,587) ------------- Net Earnings [Loss] After Reorg. Items ($17,053,255) ============= Linens Holding Co., et al. Schedule of Cash Receipts and Disbursements For the month ending November 22, 2008 Cash Receipts: Sales receipts $292,884,000 Other receipts, i.e. tenant allow. 53,664,000 Store closure proceeds - ------------- Total receipts 346,549,000 Cash Disbursements: Trade payments: A/P - Merchandise 30,165,000 Rollover A/P - Prepaid - A/P - LC's & Trade Card 11,729,000 A/P - LAPP - ------------- Total trade payments 41,895,000 Operating Expenses: Payroll, payroll taxes & benefits 21,906,000 Rent checks and wires 16,917,000 Marketing - Capital expenditures - Freight 3,327,000 Sales tax payable - SCS Expense/Savings - Other (Import duties, misc. CC fees) 27,255,000 Administrative & selling expenses 1,936,000 ------------- Total operating expenses 71,339,000 Non-Operating Expenses: DIP & revolver interest & fees - Other Interest Expense/(Income) - ------------- Total non-operating expenses 0 ------------- Net operating cash flow 233,315,000 Bankruptcy Expenses: DIP fees & expenses - Deposits for utilities - Professional & US Trustee fees 8,493,000 ------------- Total Bankruptcy Expenses 8,493,000 ------------- Net Cash Flows 224,822,000 ------------- Draw / (Paydown) of DIP Facility 0 ------------- Net Change in Cash $224,822,000 ============= About Linens 'n Things, Inc. Headquartered in Clifton, New Jersey, Linens 'n Things, Inc. -- http://www.lnt.com/-- is the second largest specialty retailer of home textiles, housewares and home accessories in North America. As of Sept. 30, 2008, Linens 'n Things operated 411 stores in 47 states and seven provinces across the United States and Canada. The company is a destination retailer, offering one of the broadest and deepest selections of high quality brand-name as well as private label home furnishings merchandise in the industry. Linens 'n Things has some 585 superstores (33,000 sq. ft. and larger), emphasizing low-priced, brand-name merchandise, in more than 45 states and about seven Canadian provinces. Brands include Braun, Krups, Calphalon, Laura Ashley, Croscill, Waverly, and the company's own label. Linens 'n Things was acquired by private equity firm Apollo Management in 2006. On May 2, 2008, these Linens entities filed chapter 11 petition (Bankr. D. Del.): Linens Holding Co. (08-10832), Linens 'n Things, Inc. (08-10833), Linens 'n Things Center, Inc. (08-10834), Bloomington, MN., L.T., Inc. (08-10835), Vendor Finance, LLC (08- 10836), LNT, Inc. (08-10837), LNT Services, Inc. (08-10838), LNT Leasing II, LLC (08-10839), LNT West, Inc. (08-10840), LNT Virginia LLC (08-10841), LNT Merchandising company LLC (08-10842), LNT Leasing III, LLC (08-10843), and Citadel LNT, LLC (08-10844). Judge Christopher S. Sontchi presides over the case. Mark D. Collins, Esq., John H. Knight, Esq., and Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., are Linens 'n Things' bankruptcy counsel. The Debtors' special corporate counsel are Holland N. O'Neil, Esq., Ronald M. Gaswirth, Esq., Stephen A. McCaretin, Esq., Randall G. Ray, Esq., and Michael S. Haynes, Esq., at Morgan, Lewis & Bockius, LLP. The Debtors' restructuring management services provider is Conway Del Genio Gries & Co., LLC. The Debtors' CRO and Interim CEO is Michael F. Gries, co-founder of Conways Del Genio Gries & Co., LLC. The Debtors' claims agent is Kurtzman Carson Consultants, LLC. The Debtors' consultants are Asset Disposition Advisors, LLC, and Protivit, Inc. The Debtors' investment bankers are Financo, Inc., and Genuity Capital Markets. (Bankruptcy News About Linens 'n Things; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). MERVYN'S LLC: Files Monthly Operating Report -- Ended Nov. 1, 2008 ------------------------------------------------------------------ Mervyn's LLC Balance Sheet As of November 1, 2008 ASSETS Current assets Cash $19,563,000 Accounts receivable, net 23,736,000 Merchandise inventory 283,598,000 Prepaid and other current assets 30,447,000 ------------ Total current assets 357,344,000 Long term assets Property & Equipment Property, plant and equipment 335,654,000 Less: Accumulated depreciation (120,980,000) ------------ Total Property & Equipment 214,674,000 Other assets 52,963,000 ------------ Total long term assets 267,637,000 ------------ Total assets $624,980,000 ============ Liabilities and Member's Equity Liabilities not subject to compromise Current liabilities Trade accounts payable $43,542,000 Other accounts payable 18,025,000 Current portion of LT debt 9,940,000 Accrued expenses and other current liabilities 112,923,000 Revolving line of credit 142,941,000 ------------ Total current liabilities 327,372,000 Long term liabilities Workers comp/general liability reserve 43,220,000 Deferred rent 6,970,000 Capital lease debt 17,880,000 Long term note payable 34,263,000 Other long term liabilities 473,000 ------------ Total long-term liabilities 102,806,000 Total liabilities not subject to compromise 430,178,000 Liabilities subject to compromise 264,836,000 ------------ Total liabilities 695,013,000 Member's Equity (70,033,000) ------------ Total liabilities and member's equity $624,980,000 ============ Mervyn's LLC Statement of Operations For Month Ended November 1, 2008 Sales $174,185,000 Cost of goods sold 78,607,000 ------------ Gross margin 95,579,000 Expenses: Store expenses 18,985,000 Distribution expenses 2,394,000 Variable selling expenses 1,761,000 ------------ Subtotal 23,140,000 Marketing expenses 6,351,000 IT expenses 1,370,000 Store building services 4,396,000 Rents and leases 14,630,000 CAM and property taxes 3,913,000 Workers comp, GL and Insurance 1,873,000 Benefits costs 1,232,000 General management 540,000 Merchandising 1,299,000 Merchandise planning 624,000 Headquarters services 248,000 Finance G&A 1,025,000 Employee expenses and other (323,000) Loss prevention 795,000 Human resources 1,209,000 Bonuses/LTIP 261,000 Legal 79,000 Visual merchandising 177,000 ------------ Total all other G&A 5,934,000 Start Up expenses 16,000 Other(income) & Expense 482,000 ------------ Total expenses(excl. interest/D&A) 63,337,000 Credit(income) (3,093,000) Restructuring expenses 2,413,000 Depreciation and amortization 12,009,000 Interest(Income)expense 10,248,000 ------------ Total expenses 84,914,000 ------------ Net loss $10,665,000 ============ Mervyn's LLC Schedule of Cash Receipts and Disbursements For Month Ended November 1, 2008 Beginning Balance-Wachovia $353,000 Receipts Bank total 63,239,000 Credit Card total 114,269,000 Non-sales Total 7,444,000 Interest - ------------ Total receipts 184,951,000 Disbursements Imports(Imports plus BA's paid) 32,309,000 Trade A/P 31,901,000 Expense payable 9,553,000 Total payroll 26,138,000 Marketing-wire 3,651,000 Sales tax 13,553,000 Tax & Member Distribution/Management Fees - Insurance premiums 342,000 Property Related(Rent,Tax, CAM) 163,000 Store Building Services 2,459,000 Interest Expenses 2,176,000 Other expense 34,131,000 ------------ Total disbursements 156,376,000 Net Cash flow 28,576,000 ------------ Ending Balance-Wachovia 6,115,000 Reconciliation to Cash per GL: Store cash vault 2,903,000 Bank of America Depository 7,299,000 JP Morgan Depository 570,000 US Bank Depository 424,000 Evergreen - Bank of America Coins & Currency 91,000 Wachovia Utility Deposit 1,082,000 Other 7,194,000 ------------ Total Cash per GL $19,563,000 ============ 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. Mervyn's has 176 locations in seven states. Mervyn's 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's balance sheet at Aug. 30, 2008, showed $665,493,000 in total assets and $717,160,000 in total liabilities resulting in a $51,667,000 total stockholders' deficit. (Mervyn's Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) MERVYN'S LLC: Files Monthly Operating Report -- Ended November 29 ----------------------------------------------------------------- Mervyn's LLC Balance Sheet As of November 29, 2008 ASSETS Current assets Cash $22,243,000 Accounts receivable, net 40,127,000 Merchandise inventory 165,974,000 Prepaid and other current assets 29,515,000 ------------ Total current assets 257,858,000 Long term assets Property & Equipment Property, plant and equipment 327,921,000 Less: Accumulated depreciation (125,113,000) ------------ Total Property & Equipment 202,808,000 Other assets 52,447,000 ------------ Total long term assets 255,255,000 ------------ Total assets $513,113,000 ============ Liabilities and Member's Equity Liabilities not subject to compromise Current liabilities Trade accounts payable 59,120,000 Other accounts payable 8,661,000 Current portion of LT debt 9,796,000 Accrued expenses and other current liabilities 109,984,000 Revolving line of credit (13,834,000) ------------ Total current liabilities 173,728,000 Long term liabilities Workers comp/general liability reserve 45,074,000 Deferred rent 8,403,000 Capital lease debt 17,707,000 Long term note payable 34,288,000 Other long term liabilities 461,000 ------------ Total long-term liabilities 105,933,000 Total liabilities not subject to compromise 279,661,000 Liabilities subject to compromise 261,429,000 ------------ Total liabilities 541,090,000 Member's Equity (27,977,000) ------------ Total liabilities and member's equity $513,113,000 ============ Mervyn's LLC Statement of Operations For Month Ended November 29, 2008 Sales $255,648,000 Cost of goods sold 138,099,000 ------------ Gross margin 117,549,000 Expenses: Store expenses 19,153,000 Distribution expenses 105,000 Variable selling expenses 3,418,000 ------------ Subtotal 22,677,000 Marketing expenses 2,512,000 IT expenses 1,369,000 Store building services 1,746,000 Rents and leases 12,323,000 CAM and property taxes 3,731,000 Workers comp, GL and Insurance 2,192,000 Benefits costs 1,191,000 General management 224,000 Merchandising 124,000 Merchandise planning 69,000 Headquarters services 229,000 Finance G&A 398,000 Employee expenses and other 2,020,000 Loss prevention 593,000 Human resources 491,000 Bonuses/LTIP 309,000 Legal 30,000 Visual merchandising 718,000 ------------ Total all other G&A 5,206,000 Start Up expenses 100,000 Other(income) & Expense 14,004,000 ------------ Total expenses(excl. interest/D&A) 67,050,000 Credit(income) (30,000) Restructuring expenses 2,614,000 Depreciation and amortization 4,140,000 Interest(Income)expense 1,719,000 ------------ Total expenses 75,493,000 ------------ Net loss $42,056,000 ============ Mervyn's LLC Schedule of Cash Receipts and Disbursements For Month Ended November 29, 2008 Beginning Balance-Wachovia $6,115,000 Receipts Bank total 70,629,000 Credit Card total 176,564,000 Non-sales Total 3,960,000 Interest - ------------ Total receipts 251,153,000 Disbursements Imports(Imports plus BA's paid) 7,965,000 Trade A/P - Expense payable 30,104,000 Total payroll 20,824,000 Marketing-wire - Sales tax 10,850,000 Tax & Member Distribution/Management Fees - Insurance premiums 342,000 Property Related(Rent,Tax, CAM) 2,136,000 Store Building Services 1,345,000 Interest Expenses - Other expense 26,726,000 ------------ Total disbursements 100,291,000 Net Cash flow 150,862,000 ------------ Ending Balance-Wachovia 319,000 Reconciliation to Cash per GL: Store cash vault 3,063,000 Bank of America Depository 14,095,000 JP Morgan Depository 1,363,000 US Bank Depository 1,030,000 Evergreen - Bank of America Coins & Currency - Wachovia Utility Deposit 1,082,000 Other 1,611,000 ------------ Total Cash per GL $22,243,000 ============ 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. Mervyn's has 176 locations in seven states. Mervyn's 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's balance sheet at Aug. 30, 2008, showed $665,493,000 in total assets and $717,160,000 in total liabilities resulting in a $51,667,000 total stockholders' deficit. (Mervyn's Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) NORTEL NETWORKS: Files Initial Monthly Operating Report ------------------------------------------------------- Nortel Networks Inc. and its debtor affiliates filed with the U.S. Bankruptcy Court an initial monthly operating report on January 29, 2009. The Initial Report incorporated a cash flow projection for the 12-week period from January 11 through March 31, 2009. For the 12-week period ending March 2009, the Debtors estimate: -- receipts to total $962.5 million, -- disbursements to aggregate $833.8 million, -- a net cash flow of $128.7 million, -- ending cash balance to total $702 million, and -- ending cash balance and available facility to total $502 million. A full-text copy of the 12-week cash flow projection is available for free at: http://bankrupt.com/misc/NortelCashFlowForecast.pdf The Initial Report also disclosed general operating accounts the Debtors maintained at Banc of America Securities LLC, Bank of America, Citibank, Deutsche Bank and Morgan Stanley. It also provided a schedule of retainers the Debtors paid to these professionals: Professionals Retainer ------------- ---------- Cleary Gottlieb Steen & Hamilton LLP $1,250,000 Morris Nichols Arsht & Tunnell LLP 300,000 Epiq Bankruptcy Solutions LLC 50,000 Headquartered in Ontario, Canada, Nortel Networks Corporation (NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next- generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel's technologies are designed to help eliminate today's barriers to efficiency, speed and performance by simplifying networks and connecting people to the information they need, when they need it. Nortel does business in more than 150 countries around the world. Nortel Networks Limited is the principal direct operating subsidiary of Nortel Networks Corporation. Nortel Networks Corp., Nortel Networks Inc. and other affiliated corporations in Canada sought insolvency protection under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice (Commercial List). Ernst & Young has been appointed to serve as monitor and foreign representative of the Canadian Nortel Group. The Monitor also sought recognition of the CCAA Proceedings in the Bankruptcy Court under Chapter 15 of the Bankruptcy Code. Nortel Networks Inc. and 14 affiliates filed separate Chapter 11 petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138). Judge Kevin Gross presides over the case. James L. Bromley, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as general bankruptcy counsel; Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware counsel. The Chapter 11 Debtors' other professionals are Lazard Freres & Co. LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims and notice agent. The Chapter 15 case is Bankr. D. Del. Case No. 09-10164. Mary Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as Chapter 15 petitioner's counsel. Certain of Nortel's European subsidiaries have also made consequential filings for creditor protection. The Nortel Companies related in a press release that Nortel Networks UK Limited and certain subsidiaries of the Nortel group incorporated in the EMEA region have each obtained an administration order from the English High Court of Justice under the Insolvency Act 1986. The applications were made by the EMEA Subsidiaries under the provisions of the European Union's Council Regulation (EC) No. 1346/2000 on Insolvency Proceedings and on the basis that each EMEA Subsidiary's centre of main interests is in England. Under the terms of the orders, representatives of Ernst & Young LLP have been appointed as administrators of each of the EMEA Companies and will continue to manage the EMEA Companies and operate their businesses under the jurisdiction of the English Court and in accordance with the applicable provisions of the Insolvency Act. Several entities, particularly, Nortel Government Solutions Incorporated and Nortel Networks (CALA) Inc., have material operations and are not part of the bankruptcy proceedings. As of September 30, 2008, Nortel Networks Corp. reported consolidated assets of $11.6 billion and consolidated liabilities of $11.8 billion. The Nortel Companies' U.S. businesses are primarily conducted through Nortel Networks Inc., which is the parent of majority of the U.S. Nortel Companies. As of September 30, 2008, NNI had assets of about $9 billion and liabilities of $3.2 billion, which do not include NNI's guarantee of some or all of the Nortel Companies' about $4.2 billion of unsecured public debt. Bankruptcy Creditors' Service, Inc., publishes Nortel Networks Bankruptcy News. The newsletter tracks the chapter 11 proceeding and ancillary foreign proceedings undertaken by Nortel Networks Corp. and its various affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) PILGRIM'S PRIDE: Files Monthly Operating Report -- Ended Dec. 27 ---------------------------------------------------------------- Pilgrim's Pride Corporation Balance Sheet As of December 27, 2008 ASSETS Current Assets: Cash Unrestricted $9,968,580 Restricted 0 Accounts receivable - net 544,908,498 Inventory 720,310,775 Notes receivable 0 Prepaid expenses 13,214,358 -------------- Total current assets 1,288,402,210 Property, plant and equipment 606,315,887 Other assets 1,258,979,070 -------------- Total assets $3,153,697,167 ============== LIABILITIES Postpetition Liabilities: Accrued expenses $329,429,327 Taxes payable 7,380,077 Notes payable 0 Professional fees (accrued est) 0 Secured debt (accrued int) 5,276,621 Accounts payable 58,677,874 -------------- Total postpetition liabilities 400,754,899 Prepetition Liabilities: Secured debt 1,437,193,843 Priority debt 5,679,941 Unsecured debt 863,249,748 -------------- Total Prepetition Liabilities 2,306,123,531 -------------- Total Liabilities $2,706,878,430 ============== Equity: Prepetition owners' equity 531,687,077 Postpetition cumulative profit (loss) (884,868,340) Direct charges to equity 0 -------------- Total Equity $446,818,737 -------------- Total Liabilities & Owners' Equity $3,153,697,167 ============== Pilgrim's Pride Corporation Income Statement For the Month Ended December 27, 2008 Revenues: Gross Revenue $500,957,870 Less: Returns and discounts 8,805,473 --------------- Net Revenue 492,152,397 Cost of Goods Sold: Material 198,073,458 Direct labor 101,506,825 Other direct costs 103,369,309 -------------- Total cost of goods sold 402,949,592 Gross profit 89,202,805 Operating Expenses: Officer/insider compensation 628,906 General & administrative 8,283,269 Other 19,350,949 -------------- Total operating expenses 28,263,123 Income before non-operating income & expense 60,939,682 Other Income & Expenses: Financing expenses 10,214,661 Reorganization Expenses: Professional fees 0 U.S. Trustee fees 0 ------------- Total reorganization expenses 0 Income tax 0 ------------- Net Profit (Loss) $50,725,021 ============= Pilgrim's Pride Corporation Cash Receipts & Disbursements For the Month Ended December 27, 2008 Cash - Beginning of month $106,116,988 Cash sales 0 Total operating receipts 491,442,903 Non-Operating Receipts: Loans & advances 101,191,797 Others (PPC Mexico reimbursements) 9,514,967 --------------- Total operating receipts 110,706,764 Total receipts 602,149,667 Total Cash Available 708,266,655 Operating Disbursement: Customer programs 8,805,473 Growing and feeding 211,844,509 Contractors, repair and maintenance 3,115,723 Fleet and freight 31,230,013 General insurance 7,045,654 Leases/rentals 356,099 Meat/food 8,406,632 Packaging/ingredients 38,855,141 Gross payroll 101,898,810 Utilities 3,485,137 Other 19,661,464 Capital expenditure 5,313,533 --------------- Total Operating Disbursements 440,018,189 Reorganization Expenses: Professional fees 0 U.S. Trustee fees 0 Other reorganization 10,214,661 -------------- Total reorganization expenses 10,214,661 Total disbursement 450,232,850 Securitization line pay-down 228,587,797 -------------- Net cash flow (76,670,979) Changes in management obligations (6,180,948) Cash - End of Month $23,265,061 ============== About Pilgrim's Pride Corp. Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation (NYSE: PPC) -- http://www.pilgrimspride.com/-- produces, distributes and markets poultry processed products through retailers, foodservice distributors and restaurants in the U.S., Mexico and in Puerto Rico. In addition, the company owns 34 processing plants in the United States and 3 processing plants n Mexico. The processing plants are supported by 42 hatcheries, 31 feed mills and 12 rendering plants in the United States and 7 hatcheries, 4 feed mills and 2 rendering plants in Mexico. Moreover, the company owns 12 prepared food production facilities in the United States. The company employs about 40,000 people and has major operations in Texas, Alabama, Arkansas, Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania, Tennessee, Virginia, West Virginia, Mexico, and Puerto Rico, with other facilities in Arizona, Florida, Iowa, Mississippi and Utah. Pilgrim's Pride Corp. and six other affiliates filed Chapter 11 petitions on December 1, 2008 (Bankr. N.D. Tex. Lead Case No. 08-45664). The Debtors' operations in Mexico and certain operations in the United States were not included in the filing and continue to operate as usual outside of the Chapter 11 process. Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A. Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges LLP, as bankruptcy counsel. The Debtors have also tapped Baker & McKenzie LLP as special counsel. Lazard Freres & Co., LLC is the company's investment bankers and William K. Snyder of CRG Partners Group LLC as chief restructuring officer. The company's claims and noticing agent is Kurtzman Carson Consulting LLC. At Sept. 27, 2008, the company's balance sheet showed total assets of $3,298,709,000, total liabilities of $2,946,968,000 and stockholders' equity of $351,741,000. A nine-member committee of unsecured creditors has been appointed in the case. Bankruptcy Creditors' Service, Inc., publishes Pilgrim's Pride Bankruptcy News. The newsletter tracks the chapter 11 proceeding of Pilgrim's Pride Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) PM LIQUIDATING: Files Initial Monthly Operating Report ------------------------------------------------------ PM Liquidating Corp., f/k/a ProxyMed Inc., filed with the U.S. Bankruptcy Court for the District of Delaware on Jan. 9, 2009, reformatted versions of its initial monthly operating report for the period from July 23, 2008, through July 31, 2008, so that such monthly operating report was filed in the proper form required by the Court. For the period from July 23, 2008, to July 31, 2008, PM Liquidating Corp. reported net income of $1,470,987 on net revenue of $2,259,360. At July 31, 2008, the company reported total assets of $14,611,208, total liabilities of $26,934,129, and stockholders' deficit of $12,322,921. A full-text copy of the company's initial monthly operating report is available for free at: http://researcharchives.com/t/s?3938 Headquartered in Norcross, Georgia, ProxyMed Inc. f/k/a MedUnite, Inc. -- http://www.medavanthealth.com-- facilitates the exchange of medical claim and clinical information. On Sept. 17, 2008, the company filed Articles of Amendment to its Articles of Incorporation to change its name from ProxyMed, Inc. to PM Liquidating Corp. The company and two of its affiliates filed for Chapter 11 protection on July 23, 2008 (Bankr. D. Del. Lead Case No.08- 11551). Kara Hammond Coyle, Esq., and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor, L.L.P., represent the Debtors in their restructuring efforts. The Debtors indicated $40,655,000 in total consolidated assets and $47,640,000 in total consolidated debts as of December 31, 2007. In its petition, ProxyMed Transaction Services, Inc. indicated $10,000,0000 in estimated assets and $10,000,000 in estimated debts. PM LIQUIDATING CORP: Posts $2,191,793 Net Loss in August 2008 ------------------------------------------------------------- PM Liquidating Corp., f/k/a ProxyMed Inc., filed with the U.S. Bankruptcy Court for the District of Delaware on Jan. 9, 2009, reformatted versions of its monthly operating report for the month ended Aug. 31, 2008, so that such monthly operating report was filed in the proper form required by the Court. PM Liquidating Corp. reported a net loss of $2,191,793 on net revenue of $2,142,227 for the month ended Aug. 31, 2008. At Aug. 31, 2008, the company reported total assets of $13,500,145, total liabilities of $28,014,859, and stockholders' deficit of $14,514,714. A full-text copy of the company's monthly operating report for the month ended Aug. 31, 2008, is available for free at: http://researcharchives.com/t/s?3939 Headquartered in Norcross, Georgia, ProxyMed Inc. f/k/a MedUnite, Inc. -- http://www.medavanthealth.com-- facilitates the exchange of medical claim and clinical information. On Sept. 17, 2008, the company filed Articles of Amendment to its Articles of Incorporation to change its name from ProxyMed, Inc. to PM Liquidating Corp. The company and two of its affiliates filed for Chapter 11 protection on July 23, 2008 (Bankr. D. Del. Lead Case No.08- 11551). Kara Hammond Coyle, Esq., and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor, L.L.P., represent the Debtors in their restructuring efforts. The Debtors indicated $40,655,000 in total consolidated assets and $47,640,000 in total consolidated debts as of December 31, 2007. In its petition, ProxyMed Transaction Services, Inc. indicated $10,000,0000 in estimated assets and $10,000,000 in estimated debts. PM LIQUIDATING: Earns $12,548,876 in September 2008 --------------------------------------------------- PM Liquidating Corp., f/k/a ProxyMed Inc., filed with the U.S. Bankruptcy Court for the District of Delaware on Jan. 9, 2009, reformatted versions of its monthly operating report for the month ended Sept. 30, 2008, so that such monthly operating report was filed in the proper form required by the Court. PM Liquidating Corp. reported net income of $12,548,876 on net revenue of $1,193,873 for the month ended Sept. 30, 2008. Net income for the month ended Sept. 30, 2008, included a gain on sale of Disc Ops for $14,972,929. At Sept. 30, 2008, the company reported total assets of $18,811,192, total liabilities of $20,842,049, and stockholders' deficit of $2,030,857. A full-text copy of the company's monthly operating report for September, 2008 is available for free at: http://researcharchives.com/t/s?393a Headquartered in Norcross, Georgia, ProxyMed Inc. f/k/a MedUnite, Inc. -- http://www.medavanthealth.com-- facilitates the exchange of medical claim and clinical information. On Sept. 17, 2008, the company filed Articles of Amendment to its Articles of Incorporation to change its name from ProxyMed, Inc. to PM Liquidating Corp. The company and two of its affiliates filed for Chapter 11 protection on July 23, 2008 (Bankr. D. Del. Lead Case No.08- 11551). Kara Hammond Coyle, Esq., and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor, L.L.P., represent the Debtors in their restructuring efforts. The Debtors indicated $40,655,000 in total consolidated assets and $47,640,000 in total consolidated debts as of December 31, 2007. In its petition, ProxyMed Transaction Services, Inc. indicated $10,000,0000 in estimated assets and $10,000,000 in estimated debts. PM LIQUIDATING: Posts $321,733 Net loss in October 2008 ------------------------------------------------------- PM Liquidating Corp., f/k/a ProxyMed Inc., filed with the U.S. Bankruptcy Court for the District of Delaware on Jan. 9, 2009, its monthly operating report for the month ended Oct. 31, 2008. PM Liquidating Corp. reported a net loss of $321,733 on net revenue of $7,189 for the month ended Oct. 31, 2008. At Oct. 31, 2008, the company reported total assets of $17,800,055, total liabilities of $20,152,645, and stockholders' deficit of $2,352,589. A full-text copy of the company's monthly operating report for October, 2008 is available for free at: http://researcharchives.com/t/s?393b Headquartered in Norcross, Georgia, ProxyMed Inc. f/k/a MedUnite, Inc. -- http://www.medavanthealth.com-- facilitates the exchange of medical claim and clinical information. On Sept. 17, 2008, the company filed Articles of Amendment to its Articles of Incorporation to change its name from ProxyMed, Inc. to PM Liquidating Corp. The company and two of its affiliates filed for Chapter 11 protection on July 23, 2008 (Bankr. D. Del. Lead Case No.08- 11551). Kara Hammond Coyle, Esq., and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor, L.L.P., represent the Debtors in their restructuring efforts. The Debtors indicated $40,655,000 in total consolidated assets and $47,640,000 in total consolidated debts as of December 31, 2007. In its petition, ProxyMed Transaction Services, Inc. indicated $10,000,0000 in estimated assets and $10,000,000 in estimated debts. REFCO INC: Refco LLC's Monthly Operating Report -- November 2008 ---------------------------------------------------------------- Albert Togut, the Chapter 7 Trustee overseeing the liquidation of Refco, LLC's estate, filed with the U.S. Bankruptcy Court for the Southern District of New York a monthly statement of cash receipts and disbursements for the period from November 1 to 30, 2008. The Chapter 7 Trustee reports that Refco LLC's beginning balance in its Money Market account with JPMorgan Chase Bank, N.A., totaled $81,758,000, as of November 1. During the Reporting Period, Refco LLC received $49,000 in interest income. The Debtor held $81,807,000 at the end of the period. Refco, LLC Schedule of Cash Receipts and Disbursements Through JPMorgan Money Market and Checking Accounts November 1 through November 30, 2008 Beginning Balance, November 1, 2008 $81,758,000 RECEIPTS Interest Income 49,000 Man Financial - Return of Erroneous Funds Received 0 Man Financial - Excess Capital return 0 Other Receivables 0 ----------- TOTAL RECEIPTS 49,000 TRANSFERS Money Market Account 0 Checking Account 0 ----------- TOTAL TRANSFERS 0 DISBURSEMENTS Payment on Account of Prepetition Claims 0 Other Professional Fees 0 ----------- TOTAL DISBURSEMENTS 0 ----------- Ending Balance, November 30, 2008 $81,807,000 =========== Headquartered in New York, Refco Inc. -- http://www.refco.com/ -- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The company has operations in Bermuda. The company and 23 of its affiliates filed for Chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its Chapter 11 cases. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its Direct and Indirect Subsidiaries, including Refco Capital Markets, Ltd., and Refco F/X Associates, LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26, 2006. Pursuant to the plan, RJM, LLC, was named plan administrator to reorganized Refco, Inc. and its affiliates, and Marc S. Kirschner as plan administrator to Refco Capital Markets, Ltd. (Refco Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) REFCO INC: Refco LLC's Monthly Operating Report -- December 2008 ---------------------------------------------------------------- Albert Togut, the Chapter 7 Trustee overseeing the liquidation of Refco, LLC's estate, filed with the U.S. Bankruptcy Court for the Southern District of New York a monthly statement of cash receipts and disbursements for the period from December 1 to 31, 2008. The Chapter 7 Trustee reports that Refco LLC's beginning balance in its Money Market account with JPMorgan Chase Bank, N.A., totaled $81,807,000, as of December 1. During the Reporting Period, Refco LLC received $41,000 in interest income. It transferred $1,397,000 from its Money Market Account to its Checking Account, and disbursed $1,601,000 in the aggregate, on account of operating expenses and reorganization costs. The Debtor held $80,247,000 at the end of the period. Refco, LLC Schedule of Cash Receipts and Disbursements Through JPMorgan Money Market and Checking Accounts December 1 through December 31, 2008 Beginning Balance, December 1, 2008 $81,807,000 RECEIPTS Interest Income 41,000 Man Financial - Return of Erroneous Funds Received 0 Man Financial - Excess Capital return 0 Other Receivables 0 ----------- TOTAL RECEIPTS 41,000 TRANSFERS Money Market Account (1,397,000) Checking Account 1,397,000 ----------- TOTAL TRANSFERS 0 DISBURSEMENTS Operating Expenses and Other Disbursements 325,000 Reorganization Expenses: Attorney Fees 966,000 Trustee Bond Premium 300,000 Other Professional Fees 10,000 ----------- TOTAL DISBURSEMENTS 1,601,000 ----------- Ending Balance, December 31, 2008 $80,247,000 =========== Headquartered in New York, Refco Inc. -- http://www.refco.com/ -- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The company has operations in Bermuda. The company and 23 of its affiliates filed for Chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its Chapter 11 cases. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its Direct and Indirect Subsidiaries, including Refco Capital Markets, Ltd., and Refco F/X Associates, LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26, 2006. Pursuant to the plan, RJM, LLC, was named plan administrator to reorganized Refco, Inc. and its affiliates, and Marc S. Kirschner as plan administrator to Refco Capital Markets, Ltd. (Refco Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) REUNION INDUSTRIES: Posts $1,229,000 Net Loss in December 2008 -------------------------------------------------------------- Reunion Industries, Inc., posted a net loss of $1,229,000 on net sales $990,000 for the month of December 2008. As of Dec. 31, 2008, the Debtor had $22,897,000 in total assets, $9,197,000 in total liabilities, and $13,700,000 in total stockholders' equity. A full-text copy of the Debtor's December 2008 monthly operating report is available for free at: http://researcharchives.com/t/s?393c Reunion Industries filed for chapter 11 protection on Nov. 26, 2007, (Bankr. D. Conn. Case No. 07-50727). Two Reunion Industries stockholders, Charles E. Bradley, Sr. Family, L.P., and John Grier Poole Family, L.P., filed separate Chapter 11 petitions on the same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726). Carol A. Felicetta, Esq. at Reid and Riege, P.C.S. represents the Debtors in their restructuring efforts. TOUSA INC: Files Monthly Operating Report -- December 2008 ---------------------------------------------------------- TOUSA, Inc., and Subsidiaries Consolidated Balance Sheet As of December 31, 2008 ASSETS Cash and Cash Equivalents: Cash in bank $277,063,939 Cash equivalents (due from title company 21,610,830 from closings) Inventory: Deposits 41,395,312 Land 432,475,395 Residences completed and under construction 341,298,976 Inventory not owned 25,061,774 --------------- 840,231,457 Property and equipment, net 12,623,076 Investments in unconsolidated joint ventures 11,061,525 Receivables from unconsolidated joint ventures - Accounts receivable 24,690,230 Other assets 38,709,820 Goodwill 11,152,000 --------------- 1,237,142,877 Net Assets of Financial Services 22,066,878 --------------- Total Assets $1,259,209,755 =============== LIABILITIES & STOCKHOLDERS' EQUITY Accounts payable and other liabilities $334,422,563 Customer deposits 13,155,621 Obligations for inventory not owned 27,140,247 Notes payable 1,593,321,594 Bank borrowings 233,244,034 --------------- Total Liabilities 2,201,284,059 Stockholders' Equity: Preferred stock 14,124,915 Common stock 596,042 Additional paid in capital 564,061,499 Retained earnings (1,520,856,760) --------------- Total Stockholders' Equity (942,074,304) --------------- Total liabilities and Stockholders' Equity $1,259,209,755 =============== TOUSA, Inc., and Subsidiaries Consolidated Statement of Operations For the Period December 1 to 31, 2008 Revenues: Home sales $93,666,794 Land sales 6,312,823 --------------- 99,979,617 Cost of Sales: Home sales 55,924,685 Land sales 9,466,127 --------------- 65,390,812 --------------- Gross Profit 7,323,164 Total selling, general and admin expenses 30,108,297 Income (loss) from joint ventures, net - Interest expense, net 10,494,369 Other (income) expense, net 123,016 --------------- Homebuilding pretax income (loss) (33,402,518) Financial services pretax income (loss) (20,458) Income (loss) before income taxes (33,422,976) Provision (benefit) for income taxes - --------------- Net Income (loss) ($33,422,976) =============== TOUSA, Inc. and Subsidiaries Consolidated Schedule of Receipts and Disbursements For the Period December 1 to 31, 2008 Funds at beginning of period $297,358,709 RECEIPTS Cash sales 71,366,275 Accounts receivable 22,500 Other receipts 2,761,343 --------------- Total receipts 74,150,118 --------------- Total funds available for operations 371,508,827 DISBURSEMENTS Advertising 994,063 Bank charges 3,438 Contract labor 64,556 Fixed asset payments 196,231 Insurance 2,162,234 Inventory payments 38,532,410 Leases 450,139 Manufacturing supplies - Office supplies 113,914 Payroll - net 7,196,808 Professional fees (accounting and legal) 14,720,796 Rent 385,515 Repairs & maintenance 462,125 Secured creditor payments 19,562,367 Taxes paid - payroll 59,421 Taxes paid - sales & use 739,145 Taxes paid - other 6,756,101 Telephone 192,798 Travel & entertainment 106,296 U.S. Trustee quarterly fees - Utilities 172,589 Vehicle expenses 39,512 Other operating expenses 1,534,430 --------------- Total disbursements 94,444,888 --------------- Ending Balance $297,358,709 =============== About TOUSA Inc. 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. Bankruptcy Creditors' Service, Inc., publishes TOUSA Bankruptcy News. The newsletter tracks the chapter 11 proceeding undertaken by TOUSA Inc. and its affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) TRICOM SA: Debtors' Monthly Operating Report -- December 2008 ------------------------------------------------------------- Tricom S.A., et al. Consolidated Balance Sheet (Unaudited) As of December 31, 2008 ASSETS Current Assets: Cash and Cash Equivalents $13,036,078 Accounts Receivable 25,791,658 Inventories, Net 2,403,750 Prepaid Expenses 6,190,145 Deferred Income Taxes 133,141 ------------ Total Current Assets 47,554,772 Property And Equipment, Net 242,323,241 Pledged Securities 144,368 Intangible Assets 2,664,641 Other Assets 4,509,114 ------------ TOTAL ASSETS $297,196,136 ============ LIABILITIES & SHAREHOLDERS' EQUITY Liabilities Subject To Compromise (Prepetition) Short Term Obligations (Bank Overdraft) $121,070 Accounts Payable - Long Term Debt 441,330,511 Other Liabilities 1,416,290 Interest Payable 278,067,313 Accrued Expenses - ------------ 720,935,184 Liabilities Not Subject To Compromise (Post-Petition) Short Term Obligations (Bank Overdraft) - Accounts Payable 23,010,090 Restructuring Related Items 4,624,215 Interest Payable 131,904 Accrued Expenses 12,253,364 Other Liabilities 625,571 Deferred Revenues 2,324,665 ------------ 42,969,809 ------------ Total Current Liabilities 763,904,993 Reserve For Severance Indemnities 233,192 Deferred Income Tax 133,141 ------------ Total Liabilities 764,271,326 Shareholder's Equity: Common Stock-Class A 24,951,270 Common Stock-Class B 12,595,095 Additional Paid In Capital 275,496,988 Legal Reserve 2,189,281 Retained Earnings (Losses) (28,924,188) Retained Earnings (Loss) Prior Years (751,359,874) Equity Adjustment From Foreign Currency Translation (2,023,762) ------------ Shareholder's Equity, Net (467,075,190) TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $297,196,136 ============ Tricom S.A., et al. Consolidated Statements of Operations (Unaudited) For the Month Ended December 31, 2008 Operating Revenues $17,849,160 Operating Costs And Administrative Expenses (16,925,678) Restructuring Related Items (1,642,000) ------------ Operating Income (718,518) Interest Expenses (379,958) Interest Income 9,306 Foreign Currency Exchange (195,189) Other (11,120) ------------ Total Other Income (Expenses) (576,961) ------------ Net Earnings (Loss) Pre-Tax (1,295,479) Income Tax (Net Of Deferred Taxes) (2,206,706) ------------ Net Earnings (Loss) ($3,502,185) ============ Tricom S.A., et al. Statement of Cash Flows (Unaudited) For the Month Ended December 31, 2008 Cash Flows Provided By Operating Activities: Net Loss From Continuing Operations ($3,502,185) Adjustments To Reconcile Net Earnings (Loss) And Net Cash Provided By (Used In) Operating Activities: Depreciation 3,517,202 Allowance For Doubtful Accounts 451,798 Amortizations Issue Cost 18,077 Increase (Decrease) In: Accounts Receivable (1,643,798) Inventories 105,519 Prepaid Expenses 189,220 Other Assets 63,416 Accounts Payable 2,641,790 Interest Payable 207,495 Restructuring Related Payable (64,582) Accrued Expenses 742,162 Other Liabilities (27,044) Capex Adjustment 354,730 ------------ Total Adjustment 6,555,985 Net Cash Used In Operating Activities 3,053,800 Cash Flows From Investing Activities: Acquisition Of Property And Equipment (3,890,292) Pledged Securities (587) ------------ Net Cash Used In Investing Activities (3,890,879) Cash Flows From Financing Activities: Bank Overdraft - Borrowed Funds (Paid To) From Banks 79,339 ------------ Net Cash Provided (Used) By Financing Activities 79,339 Increase (Decrease) Of Cash and Cash Equivalents (757,740) Cash and Cash Equivalents, Beginning 13,793,818 Cash and Cash Equivalents, End $13,036,078 ============ For the month ended December 31, 2008, the Debtors made total disbursements of $20,932,317: Tricom, S.A $17,128,189 Tricom USA, Inc. $1,067,060 TCN Dominicana, S.A. $2,737,067 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. 18; Bankruptcy Creditors' Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during 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, 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. *** End of Transmission ***