Teachers' Retirement System, Department of Administration : Financial-Compliance Audit for the Two Fiscal Years Ended June 30 .. 2006 Dec

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Teachers' Retirement System, Department of Administration : Financial-Compliance Audit for the Two Fiscal Years Ended June 30 .. 2006 Dec
Montana. Legislature. Legislative Audit Division
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Due to an increasing senior bank line and declining credit trend, the bond ratings for this issue were downgraded, in May 2001, by the Moody's and Standard & Poor's rating agencies. During fiscal year 2001, the book value of Burlington Industries Inc.
was reduced from the August 31, 2000 book value of $5,609,640 to $2,400,000. Due to the company's filing for Chapter 11 bankruptcy protection on November 11, 2001, the book value was reduced to $1,200,000. In October 2003, Burlington Industries, I
...nc. received court approval to sell its assets. Under the company's recovery plan, the BOI received $1,454,961 in August 2004 for its unsecured claim. This transaction reduced the book value to $0 and generated a gain of $254,961. In February 2005 and May 2005, the BOI received an additional $208,771 and $194,247, respectively, for its unsecured claim. In May 2006, the BOI received an additional payment of $158,278. The BOI is expected to receive the final distribution in September 2006.
As of June 30, 2005, Delta Airlines Corp.


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