EX-99.1 2 k10965exv99w1.htm MONTHLY OPERATING REPORT exv99w1
 

EXHIBIT 99.1
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
IN RE. TOWER AUTOMOTIVE, INC., ET. AL.
     
DEBTOR(S)
    
TOWER AUTOMOTIVE, INC., ET.AL. 1
  CASE NO. 05-10578 (ALG)
 
  (JOINTLY ADMINISTERED)
 
  CHAPTER 11
TWENTY-SECOND MONTHLY OPERATING STATEMENT FOR
THE MONTH ENDED NOVEMBER 30, 2006
DEBTORS ADDRESS:
27175 HAGGERTY ROAD
NOVI, MICHIGAN 48377
MONTHLY DISBURSEMENTS: $107,316,519
DEBTORS’ ATTORNEY:
RICHARD M. CIERI (RC-6062)
KIRKLAND & ELLIS LLP
CITIGROUP CENTER
153 EAST 53RD STREET
NEW YORK, NEW YORK 10022-4675
TELEPHONE: (212) 446-4800
FACSIMILE: (212) 446-4900
-AND-
ANUP SATHY (AS-4915)
KIRKLAND & ELLIS LLP
200 EAST RANDOLPH DRIVE
CHICAGO, ILLINOIS 60601
TELEPHONE: (312) 861-2000
FACSIMILE: (312) 861-2200
MONTHLY NET INCOME (LOSS): $(16,613,000)
REPORT PREPARER:
JAMES A. MALLAK
CHIEF FINANCIAL OFFICER
TOWER AUTOMOTIVE, INC.
The undersigned, having reviewed the attached report and being familiar with the Debtors’ financial affairs, verifies under the penalty of perjury, that the information contained therein is complete, accurate and truthful to the best of my knowledge.
         
DATE: DECEMBER 22, 2006
  /s/ JAMES A. MALLAK    
 
 
 
JAMES A. MALLAK, CHIEF FINANCIAL OFFICER 		   
 
1   The Debtors in these jointly administered proceedings are: Tower Automotive, Inc.; Algoods, USA, Inc.; R.J. Tower Corporation; Tower Automotive Bardstown, Inc.; Tower Automotive Bowling Green, LLC; Tower Automotive Chicago, LLC; Tower Automotive Finance, Inc.; Tower Automotive Granite City, LLC; Tower Automotive Granite City Services, LLC; Tower Automotive International, Inc.; Tower Automotive International Holdings, Inc.; Tower Automotive International Yorozu Holdings, Inc.; Tower Automotive Lansing, LLC; Tower Automotive Madison, LLC; Tower Automotive Michigan, LLC; Tower Automotive Milwaukee, LLC; Tower Automotive Plymouth, Inc.; Tower Automotive Products Company, Inc.; Tower Automotive Receivables Company, Inc.; Tower Automotive Services and Technology, LLC; Tower Automotive Technology, Inc.; Tower Automotive Technology Products, Inc.;

 

 

Tower Automotive Tool, LLC; Tower Services, Inc.; and Trylon Corporation.

 

 

TOWER AUTOMOTIVE, INC.
INDEX TO MONTHLY OPERATING REPORT
     
Description   Page(s)
Notes
   1-3
Consolidated Debtors in Possession Statement of Operations for the month ended November 30, 2006
   4
Consolidated Debtors in Possession Balance Sheet as of October 31, 2006 and November 30, 2006
   5
Consolidated Debtors in Possession Statement of Cash Flows (indirect method) for the month ended November 30, 2006
   6
Consolidated Debtors in Possession Liabilities Subject to Compromise as of November 30, 2006
   7
Consolidated Debtors in Possession certification regarding payroll, sales, use and property taxes for the month ended November 30, 2006
   8
Detail of Payroll Taxes Withheld and Paid
   8-12
Statement regarding insurance policies
   12
Debtors in Possession disbursements for the month ended November 30, 2006
   13
United States Bankruptcy Court for the Southern District of New York
In re: Tower Automotive, Inc., et.al.
Case No.: 05 B 10578 (ALG)

 

 

TOWER AUTOMOTIVE, INC.
MONTHLY OPERATING REPORT, NOVEMBER 2006
NOTES TO MONTHLY OPERATING REPORT
General
The unaudited financial statements and supplemental information contained herein, represents the consolidated financial information for the debtors only and does not include Tower Automotive, Inc.’s non-debtor subsidiaries. The Debtors are:
     
Tower Automotive, Inc. (the Company)
  Tower Automotive Madison, LLC
Algoods, USA, inc.
  Tower Automotive Michigan, LLC
RJ Tower Corporation
  Tower Automotive Milwaukee, LLC
Tower Automotive Bardstown, Inc.
  Tower Automotive Plymouth, Inc.
Tower Automotive Bowling Green, LLC
  Tower Automotive Products Company, Inc.
Tower Automotive Chicago, LLC
  Tower Automotive Receivables Company, Inc.
Tower Automotive Finance, Inc.
  Tower Automotive Services and Technology, LLC
Tower Automotive Granite City, LLC
  Tower Automotive, s.r.o.
Tower Automotive Granite City Services, LLC
  Tower Automotive Technology, Inc.
Tower Automotive International, Inc.
  Tower Automotive Technology Products, Inc.
Tower Automotive International Holdings, Inc.
  Tower Automotive Tool, LLC
Tower Automotive International Yorozu Holdings, Inc.
  Tower Services, Inc.
Tower Automotive Lansing, LLC
  Trylon Corporation d/b/a Tower Automotive
The information furnished in this report includes primarily normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the requirements of Accounting Principles Board Opinion No. 28 – “Interim Financial Reporting” and should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2005.
The results of operations reflected in this report are not necessarily indicative of the results of operations of Tower Automotive, Inc. and all of its subsidiaries on a consolidated basis, as the consolidated financial statements include both debtors and non-debtors. Please refer to Tower Automotive, Inc.’s Forms 8-K, 10-K and 10-Q as filed with the United States Securities and Exchange Commission for further information.
Chapter 11 Reorganization Proceedings
On February 2, 2005, Tower Automotive, Inc. and its United States subsidiaries (“Debtors”) filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (“Bankruptcy Code”) in the United States Bankruptcy Court Southern District of New York (“the “Court”). The cases were consolidated for the purpose of joint administration. The Debtors are operating their businesses as debtors-in-possession (“DIP”) pursuant to the Bankruptcy Code. An official committee of unsecured creditors has been appointed.
Pursuant to the provisions of the Bankruptcy Code, all actions to collect upon any of the Debtors’ liabilities as of the petition date or to enforce pre-petition date contractual obligations are automatically stayed. Absent approval from the Court, the Debtors are prohibited from paying pre-petition obligations. In addition, as a consequence of the Chapter 11 filing, pending litigation against the Debtors is generally stayed, and no party may take any action to collect pre-petition claims except pursuant to an order of the Court. However, the Debtors have requested that the Court approve certain pre-petition liabilities, such as payments for the retention of certain legal and financial professionals, employee wages and benefits and
United States Bankruptcy Court for the Southern District of New York
In re: Tower Automotive, Inc., et.al.
Case No.: 05 B 10578 (ALG)

-Page 1-

 

TOWER AUTOMOTIVE, INC.
MONTHLY OPERATING REPORT, NOVEMBER 2006
NOTES TO MONTHLY OPERATING REPORT (CONTINUED)
certain other pre-petition obligations. Since the filing, all orders sufficient to enable the Debtors to conduct normal business activities, including approval of the Debtors’ DIP financing have been entered by the Court. While the Debtors are subject to Chapter 11, all transactions of the Debtors outside the ordinary course of business will require the prior approval of the Court.
The provisions in Statement of Position 90-7, “Financial Reporting by Entities in Reorganization Under the Bankruptcy Code” (“SOP 90-7”) apply to the Debtors’ financial statements while the Debtors operate under the provisions of Chapter 11. SOP 90-7 does not change the application of generally accepted accounting principles in the preparation of financial statements. However, SOP 90-7 does require that the financial statements for periods including and subsequent to the filing of the Chapter 11 petition distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business.
Petition Date Financial Information
The financial information filed as of the petition date is subject to change. Tower Automotive may, at a future date, amend its schedules for updated financial information.
Intercompany Transactions
Intercompany transactions between the Debtors have been eliminated in this financial information. Intercompany transactions with the Company’s non-debtor subsidiaries have not been eliminated in these financial statements and are reflected as intercompany receivables and payables.
Income Taxes
Tower Automotive accounts for income taxes on a consolidated basis. Accordingly, income tax expense/benefit and income tax assets and liabilities in the accompanying statements of operations and balance sheets, respectively, do not necessarily reflect the entities current income tax position for the periods presented.
DIP Financing
In February 2005, the Court approved a Revolving Credit, Term Loan and Guaranty Agreement (“DIP Agreement”) with a national banking institution as agent for the lenders (“Lenders”) and each of the Lenders.
The DIP Agreement provides for a $725 million commitment of debtor-in-possession financing comprised of a revolving credit and letter of credit facility in an aggregate principal amount not to exceed $300 million and a term loan in the aggregate principal amount of $425 million. The proceeds of the term loan have been used to refinance the Debtors’ obligation amounting to $425 million under the Credit Agreement. The proceeds of the revolving credit loans shall be used to fund the working capital requirements of the Debtors during the Chapter 11 proceedings. Obligations under the DIP Agreement are secured by a lien on the assets of the Debtors (which lien shall have first priority with respect to a significant portion of the Debtors’ assets) and by a super-priority administrative expense claim in each of the bankruptcy cases.
United States Bankruptcy Court for the Southern District of New York
In re: Tower Automotive, Inc., et.al.
Case No.: 05 B 10578 (ALG)

-Page 2-

 

TOWER AUTOMOTIVE, INC.
MONTHLY OPERATING REPORT, NOVEMBER 2006
NOTES TO MONTHLY OPERATING REPORT (CONTINUED)
Advances under the DIP Agreement will bear interest at a fixed rate per annum equal to (x) the greatest (as of the date the advance is made) of the prime rate, the Base CD Rate (as defined in the DIP Agreement) plus 1%, or the Federal Funds Effective Rate (as defined in the DIP Agreement) plus 0.5%, plus (y) 1.75% prior to the amendment and 2.0%, as amended, in the case of a loan under the revolving facility, or 2.25% prior to the amendment and 2.5%, as amended in the case of the term loan. Alternatively, the Debtors may request that advances be made at a variable rate equal to (x) the Adjusted LIBO Rate (as defined in the DIP Agreement), for a one-month, three-month, six-month, or nine-month period, at the election of Debtors, plus (y) 2.75% prior to the amendment and 3.0%, as amended, in the case of a loan under the revolving facility, or 3.25% prior to the amendment and 3.5%, as amended in the case of the term loan. In addition, the DIP Agreement obligates the Debtors to pay certain fees to the Lenders as described in the DIP Agreement.
The DIP Agreement contains various representations, warranties and covenants by the Debtors that are customary for transactions of this nature, including (without limitation) reporting requirements and maintenance of financial covenants. The DIP Agreement was amended by the lenders on October 6, 2006 and was effective September 29, 2006. Such amendment amends certain covenants contained in the DIP Agreement. In addition, the facility amends certain provisions to allow for dividends to be declared and paid by less than wholly-owned subsidiaries of the Company and waives any existing covenant technical breaches related to previously declared and paid dividends by less than wholly-owned subsidiaries of the Company. The DIP agreement also amended adjustments of certain interest rates based on the current economic environment.
The Debtors’ obligations under the DIP Agreement may be accelerated following certain events of default, including (without limitation) any breach by the Debtors of any of the representations, warranties, or covenants made in the DIP Agreement or the conversion of any of the bankruptcy cases to a case under Chapter 7 of the Bankruptcy Code or the appointment of a trustee pursuant to Chapter 7 of the Bankruptcy Code.
The DIP Agreement matures on February 2, 2007; however, the Debtors are obligated to repay all borrowings made pursuant to the DIP Agreement upon substantial consummation of a plan of reorganization of the Debtors that is confirmed pursuant to an order of the Bankruptcy Court.
United States Bankruptcy Court for the Southern District of New York
In re: Tower Automotive, Inc., et.al.
Case No.: 05 B 10578 (ALG)

-Page 3-

 

TOWER AUTOMOTIVE, INC.
MONTHLY OPERATING REPORT, NOVEMBER 2006
CONSOLIDATED DEBTORS IN POSSESSION
STATEMENTS OF OPERATIONS
(Amounts in thousands of U.S. Dollars — unaudited)
         
    November 1, 2006 to  
    November 30, 2006  
Revenues
   $ 116,471  
Cost of sales
     115,064  
 
      
Gross profit
     1,407  
Selling, general and administrative expenses
     6,114  
Restructuring and asset impairment charges, net
     7,622  
Other operating income
     (248 )
 
      
Operating income (loss)
     (12,081 )
Interest expense
     8,891  
Interest income
     (104 )
Intercompany interest (income)/expense
     (2,448 )
Chapter 11 and related reorganization items
     (2,037 )
 
      
Income (loss) before provision for income taxes, equity in earnings of joint ventures, and minority interest
     (16,383 )
Provision (benefit) for income taxes
     213  
 
      
Income (loss) before equity in earnings of joint ventures
     (16,596 )
Equity in earnings of joint ventures, net of tax
     (17 )
 
      
Net income/(loss)
   $ (16,613 )
 
      
The accompanying notes are an integral part of this financial information.
United States Bankruptcy Court for the Southern District of New York
In re: Tower Automotive, Inc., et.al.
Case No.: 05 B 10578 (ALG)

-Page 4-

 

TOWER AUTOMOTIVE, INC.
MONTHLY OPERATING REPORT, NOVEMBER 2006
CONSOLIDATED DEBTORS IN POSSESSION
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of U.S. dollars — unaudited)
                 
    October 31, 2006     November 30, 2006  
Current Assets:
                
 
Cash and cash equivalents
   $ 470     $ 4,377  
Accounts receivable
     143,223       140,912  
Inventories
     53,632       51,312  
Prepaid tooling and other
     22,320       14,453  
 
            
Total current assets
     219,645       211,054  
Property, plant and equipment, net
     507,436       494,254  
Investment in and advances to affiliates
     761,905       778,621  
Other assets, net
     51,590       49,539  
 
            
Total assets
   $ 1,540,576     $ 1,533,468  
 
            
 
                
Current Liabilities Not Subject to Compromise:
                
Current maturities of long-term debt and capital lease obligations
   $ 14,251     $ 14,250  
Current maturities of debtor-in-possession borrowings
     607,000       605,000  
Accounts payable
     123,025       126,184  
Accrued liabilities
     102,863       104,440  
 
            
Total current liabilities
     847,139       849,874  
 
                
Liabilities subject to compromise:
     1,399,944       1,401,922  
 
                
Non-Current Liabilities Not Subject to Compromise:
                
Long-term debt, net of current maturities
     84,751       84,751  
Other noncurrent liabilities
     18,740       18,638  
Total liabilities
     2,350,574       2,355,185  
 
            
 
                
Stockholders’ Deficit:
     (809,998 )     (821,717 )
 
            
 
                
Total liabilities and stockholders’ deficit:
   $ 1,540,576     $ 1,533,468  
 
            
The accompanying notes are an integral part of this financial information.
United States Bankruptcy Court for the Southern District of New York
In re: Tower Automotive, Inc., et.al.
Case No.: 05 B 10578 (ALG)

-Page 5-

 

TOWER AUTOMOTIVE, INC.
MONTHLY OPERATING REPORT, NOVEMBER 2006
CONSOLIDATED DEBTORS IN POSSESSION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of U.S. Dollars — unaudited)
         
    November 1, 2006 to  
    November 30, 2006  
OPERATING ACTIVITIES:
        
Net loss
   $ (16,613 )
 
Adjustments required to reconcile net loss to net cash provided by (used in) operating activities:
        
Chapter 11 and related reorganization items, net
     (4,575 )
Restructuring and asset impairment, net
     6,662  
Depreciation
     9,097  
Equity in earnings of joint ventures, net
     17  
Change in working capital and other operating items
     14,645  
 
      
Net cash provided by (used in) operating activities
     9,233  
 
      
 
        
INVESTING ACTIVITIES:
        
Cash disbursed for purchase of property, plant and equipment
     (3,325 )
Net cash used for investing activities
     (3,325 )
 
      
 
        
FINANCING ACTIVITIES:
        
Proceeds from non-Debtor in possession borrowings
     —  
Repayments of non-Debtor in possession borrowings
     (1 )
Borrowings from DIP credit facility
     69,500  
Repayments of borrowings from DIP credit facility
     (71,500 )
 
      
Net cash provided by (used in) financing activities
     (2,001 )
 
      
 
        
Net change in cash and cash equivalents:
     3,907  
 
      
 
        
Cash and Cash Equivalents, beginning of period
   $ 470  
Cash and Cash Equivalents, end of period
   $ 4,377  
The accompanying notes are an integral part of this financial information.
United States Bankruptcy Court for the Southern District of New York
In re: Tower Automotive, Inc., et.al.
Case No.: 05 B 10578 (ALG)

-Page 6-

 

TOWER AUTOMOTIVE, INC.
MONTHLY OPERATING REPORT, NOVEMBER 2006
CONSOLIDATED DEBTORS IN POSSESSION
LIABILITIES SUBJECT TO COMPROMISE
(Amounts in thousands of U.S. Dollars — unaudited)
         
    November 30, 2006  
Liabilities subject to compromise:
        
Debt:
        
5.75% Convertible senior debentures
   $ 124,999  
Due to Tower Automotive Capital Trust
     258,750  
9.25% Senior Euro notes
     198,600  
12% Senior notes
     258,000  
 
      
Total debt
     840,349  
Pension and other post employment benefits
     238,985  
Pre-petition accounts payable and accruals
     169,176  
Accrued interest on debt subject to compromise
     21,343  
Executory Contracts
     115,706  
Intercompany payable balances to non-Debtor subsidiaries
     16,363  
Total
   $ 1,401,922  
 
      
The accompanying notes are an integral part of this financial information.
United States Bankruptcy Court for the Southern District of New York
In re: Tower Automotive, Inc., et.al.
Case No.: 05 B 10578 (ALG)

-Page 7-

 

TOWER AUTOMOTIVE, INC.
MONTHLY OPERATING REPORT, NOVEMBER 2006
TAX PAYMENT CERTIFICATION
Tower Automotive’s US subsidiaries and Debtors have paid post petition tax payments as due. Tax bills which straddle the bankruptcy filing date have been split and accrued separately as pre petition and post petition amounts. The post petition amounts have been paid. Sales and payroll taxes for both pre petition and post petition periods have been paid in accordance with the Debtors’ first day motions.
Any exceptions to this certification (amounts under dispute, ongoing audits for post petition periods etc.) are listed below.
  §   We are currently under audit by several states for sales and use tax. Such audits may result in additional amounts due to various state agencies for sales and use tax. However, it is not possible to predict the outcome of such audits at the date of this report.
 
  §   The State of Kentucky has notified us regarding failure to file certain sales and use tax returns as due. As a result of this notification from the State of Kentucky, we have undergone a review of all of our location’s filing of sales and use tax returns. As a result of this review, we have determined that certain other locations are not filing sales and use tax returns. We intend to file these returns as soon as practicable. We believe that some of these returns will be filed with no amounts due.
Payroll Taxes withheld and paid
All payroll taxes have been paid when due. Amounts shown as not paid (differences) are not due as of the date of this information or reflect payments of taxes withheld in previous periods, which became due in the current period. We periodically withhold and remit payroll taxes in various other state and local jurisdictions which are not listed in this schedule as no amounts were withheld or due during the period.
         
Federal Income Tax Withholding
        
Taxes
   $ 2,232,983.41  
Social Security — employee
        
Taxes
   $ 1,058,078.53  
Social Security — employer
        
Taxes
   $ 1,058,600.31  
Medicare — employee
        
Taxes
   $ 263,934.53  
Medicare — employer
        
Taxes
   $ 264,056.38  
Total Taxes Withheld
   $ 4,877,653.16  
Total Taxes Paid
   $ 5,526,222.61  
Difference
   $ (648,569.45 )
 
        
FUTA
        
Taxes
   $ 5,343.41  
Paid
   $ —  
Difference
   $ 5,343.41  
 
        
Illinois Unemployment Insurance
        
Taxes
   $ 3,116.79  
Paid
   $ —  
Difference
   $ 3,116.79  
United States Bankruptcy Court for the Southern District of New York
In re: Tower Automotive, Inc., et.al.
Case No.: 05 B 10578 (ALG)

-Page 8-

 

TOWER AUTOMOTIVE, INC.
MONTHLY OPERATING REPORT, NOVEMBER 2006
         
Payroll taxes withheld and paid (continued)
        
Illinois Withholding
        
Taxes
   $ 48,999.38  
Paid
   $ 56,247.05  
Difference
   $ (7,247.67 )
 
        
Indiana Unemployment Insurance
        
Taxes
   $ 465.66  
Paid
   $ —  
Difference
   $ 465.66  
 
        
Indiana Withholding(also local withholdings)
        
Taxes
   $ 41,500.39  
Paid
   $ 46,849.85  
Difference
   $ (5,349.46 )
 
        
Kentucky Unemployment Insurance
        
Taxes
   $ 2,659.77  
Paid
   $ —  
Difference
   $ 2,659.77  
 
        
Kentucky Withholding
        
Taxes
   $ 12,763.36  
Paid
   $ 12,387.18  
Difference
   $ 376.18  
 
        
Kentucky, Bardstown
        
Taxes
   $ 7,073.94  
Paid
   $ 7,746.81  
Difference
   $ (672.87 )
 
        
Kentucky, Nelson County
        
Taxes
   $ 910.24  
Paid
   $ 1,094.32  
Difference
   $ (184.08 )
 
        
Kentucky, KREDA
        
Taxes
   $ 66,766.35  
Paid
   $ —  
Difference
   $ 66,766.35  
 
        
Michigan Unemployment Insurance
        
Taxes
   $ 23,008.24  
Paid
   $ —  
Difference
   $ 23,008.24  
United States Bankruptcy Court for the Southern District of New York
In re: Tower Automotive, Inc., et.al.
Case No.: 05 B 10578 (ALG)

-Page 9-

 

TOWER AUTOMOTIVE, INC.
MONTHLY OPERATING REPORT, NOVEMBER 2006
         
Payroll taxes withheld and paid (continued)
        
Michigan Withholding
        
Taxes
   $ 337,877.47  
Paid
   $ 351,419.96  
Difference
   $ (13,542.49 )
 
        
Michigan, Detroit
        
Taxes
   $ 6,878.95  
Paid
   $ 5,742.86  
Difference
   $ 1,136.09  
 
        
Michigan, Grand Rapids
        
Taxes
   $ 1,482.99  
Paid
   $ 1,317.59  
Difference
   $ 165.40  
 
        
Michigan, Pontiac
        
Taxes
   $ 55.12  
Paid
   $ 51.35  
Difference
   $ 3.77  
 
        
Michigan, Port Huron
        
Taxes
   $ 83.56  
Paid
   $ —  
Difference
   $ 83.56  
 
        
Missouri Withholding
        
Taxes
   $ 25.00  
Paid
   $ 20.00  
Difference
   $ 5.00  
 
        
Mississippi Unemployment Insurance
        
Taxes
   $ 3,067.14  
Paid
   $ —  
Difference
   $ 3,067.14  
 
        
Mississippi Withholding
        
Taxes
   $ 35,588.00  
Paid
   $ 34,105.00  
Difference
   $ 1,483.00  
 
        
Ohio School Districts
        
Taxes
   $ 7,742.34  
Paid
   $ 7,950.32  
Difference
   $ (207.98 )
United States Bankruptcy Court for the Southern District of New York
In re: Tower Automotive, Inc., et.al.
Case No.: 05 B 10578 (ALG)

-Page 10-

 

TOWER AUTOMOTIVE, INC.
MONTHLY OPERATING REPORT, NOVEMBER 2006
         
Payroll taxes withheld and paid (continued)
        
Ohio Unemployment Insurance
        
Taxes
   $ 171.03  
Paid
   $ —  
Difference
   $ 171.03  
 
        
Ohio Withholding
        
Taxes
   $ 52,573.61  
Paid
   $ 52,292.83  
Difference
   $ 280.78  
 
        
Ohio, Bellevue
        
Taxes
   $ 8,483.28  
Paid
   $ —  
Difference
   $ 8,483.28  
 
        
Ohio, Bluffton
        
Taxes
   $ 6,871.57  
Paid
   $ —  
Difference
   $ 6,871.57  
 
        
Ohio, Toledo
        
Taxes
   $ 56.73  
Paid
   $ 50.79  
Difference
   $ 5.94  
 
        
Ohio, Carey
        
Taxes
   $ 42.49  
Paid
   $ —  
Difference
   $ 42.49  
 
        
Ohio, Tiffin
        
Taxes
   $ 151.33  
Paid
   $ 67.06  
Difference
   $ 84.27  
 
        
Ohio, Fostoria
        
Taxes
   $ 27.52  
Paid
   $ 25.32  
Difference
   $ 2.20  
 
        
Ohio, Upper Sandusky
        
Taxes
   $ 3,607.28  
Paid
   $ —  
Difference
   $ 3,607.28  
United States Bankruptcy Court for the Southern District of New York
In re: Tower Automotive, Inc., et.al.
Case No.: 05 B 10578 (ALG)

-Page 11-

 

TOWER AUTOMOTIVE, INC.
MONTHLY OPERATING REPORT, NOVEMBER 2006
         
Payroll taxes withheld and paid (continued)
        
Ohio, Hicksville
        
Taxes
   $ 158.26  
Paid
   $ —  
Difference
   $ 158.26  
 
        
Tennessee Unemployment Insurance
        
Taxes
   $ 1,367.46  
Paid
   $ —  
Difference
   $ 1,367.46  
 
        
Wisconsin Withholding
        
Taxes
   $ 7,350.68  
Paid
   $ 8,547.06  
Difference
   $ (1,196.38 )
STATEMENT REGARDING INSURANCE POLICES
All insurance policies for the Debtors have been fully paid or financed by methods acceptable under the DIP Agreement for the period covered by this report, including workers’ compensation and disability insurance.
United States Bankruptcy Court for the Southern District of New York
In re: Tower Automotive, Inc., et.al.
Case No.: 05 B 10578 (ALG)

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TOWER AUTOMOTIVE, INC.
MONTHLY OPERATING REPORT, NOVEMBER 2006
DISBURSEMENTS FOR THE MONTH ENDED NOVEMBER 30, 2006
         
Legal Entity   Monthly Disbursements  
Tower Automotive, Inc.
   $ 0  
Algoods, USA, Inc.
   $ 0  
RJ Tower Corporation
   $ 10,214,264  
Tower Automotive Bardstown, Inc.
   $ 8,905,079  
Tower Automotive Bowling Green, LLC
   $ 2,232  
Tower Automotive Chicago, LLC
   $ 2,477,625  
Tower Automotive Finance, Inc.
   $ 0  
Tower Automotive Granite City, LLC
   $ 622,663  
Tower Automotive Granite City Services, LLC
   $ 1,051,549  
Tower Automotive International, Inc.
   $ 0  
Tower Automotive International Holdings, Inc.
   $ 0  
Tower Automotive International Yorozu Holdings, Inc.
   $ 0  
Tower Automotive Lansing, LLC
   $ 22,310,821  
Tower Automotive Madison, LLC
   $ 0  
Tower Automotive Michigan, LLC
   $ 1,215,366  
Tower Automotive Milwaukee, LLC
   $ 748,273  
Tower Automotive Plymouth, Inc.
   $ 2,929,248  
Tower Automotive Products Company, Inc.
   $ 25,726,885  
Tower Automotive Receivables Company, Inc.
   $ 0  
Tower Automotive Services and Technology, LLC
   $ 0  
Tower Automotive, s.r.o.
   $ 0  
Tower Automotive Technology, Inc.
   $ 14,542,381  
Tower Automotive Technology Products, Inc
   $ 0  
Tower Automotive Tool, LLC
   $ 9,119,034  
Tower Services, Inc.
   $ 1,345,946  
Trylon Corporation d/b/a/ Tower Automotive
   $ 6,105,153  
 
      
Total Disbursements
   $ 107,316,519  
United States Bankruptcy Court for the Southern District of New York
In re: Tower Automotive, Inc., et.al.
Case No.: 05 B 10578 (ALG)

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