/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/040807.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, August 7, 2004, Vol. 8, No. 165 Headlines AVALON DIGITAL: Reports $88,204 Net Loss in April 2004 BURLINGTON INDUSTRIES: Post-Confirmation Quarterly Summary Report ENRON: ENA Examiner's 119th Weekly Report - June 21 to 25, 2004 HAWAIIAN AIRLINES: June 2004 Net Income Widens to $4.7 Million KAISER ALUMINUM: Reports $28.5 Million Net Income in June 2004 NEWPOWER HOLDINGS: Files June 2004 Monthly Operating Report OWENS CORNING: June 2003 Monthly Operating Report OWENS CORNING: July 2003 Monthly Operating Report OWENS CORNING: August 2003 Monthly Operating Report OWENS CORNING: September 2003 Monthly Operating Report OWENS CORNING: October 2003 Monthly Operating Report OWENS CORNING: November 2003 Monthly Operating Report OWENS CORNING: December 2003 Monthly Operating Report OWENS CORNING: January 2004 Monthly Operating Report OWENS CORNING: February 2004 Monthly Operating Report OWENS CORNING: March 2004 Monthly Operating Report OWENS CORNING: April 2004 Monthly Operating Report OWENS CORNING: May 2004 Monthly Operating Report OWENS CORNING: Reports $33 Million Net Income for 2nd Quarter TRENWICK GROUP: Reports $5.2 Million June 2004 Net Loss ********* AVALON DIGITAL: Reports $88,204 Net Loss in April 2004 ------------------------------------------------------ On September 5, 2003, Avalon Digital Marketing Systems, Inc., a Delaware corporation filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court in Salt Lake City, Utah. The case has been assigned to Judge Glen E. Clark and the case is being administered under Case Number 03-35180. For the month ended April 2004, Avalon Digital reported a net loss of $88,204 against $97,137 of gross operating revenue. At April 30, 2004, Avalon Digital's balance sheet showed: Current Assets $ 162,872 Total Assets 516,995 Post-petition Liabilities 612,736 Pre-petition Liabilities 9,495,081 Total Owners' Equity $9,590,822 A full-text copy of Avalon Digital Marketing Systems, Inc.'s April 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1095792/000009631304000186/0000096313-04-000186-index.htm BURLINGTON INDUSTRIES: Post-Confirmation Quarterly Summary Report ----------------------------------------------------------------- Burlington Industries, Inc. Quarterly Summary Report Three months ended June 30, 2004 Beginning Cash Balance $136,873,469 All receipts received by the Debtor: Cash Sales 0 Collection of Accounts Receivable 261,141 Proceeds from Litigation 0 Sale of Debtor's Assets 194,627 Capital Infusion pursuant to the Plan 381,770 Interest Income 168,039 ------------ Total cash received 1,005,577 ------------ Total cash available $137,879,046 ------------ Disbursements or payments made by the Debtor: Disbursements made under the plan, excluding administrative claims of bankruptcy professionals: $2,140,460 Disbursements made pursuant to administrative claims of bankruptcy professionals: 0 All other disbursements made in the ordinary course: 1,813,176 ------------ Total Disbursements 3,953,636 ------------ Ending cash balance $133,925,411 ============ ENRON: ENA Examiner's 119th Weekly Report - June 21 to 25, 2004 --------------------------------------------------------------- Harrison J. Goldin, the Examiner for Enron North America, delivers to the Court his 119th report summarizing the deposits and disbursements into and out of ENA Accounts for the period June 21, 2004 through June 25, 2004. Third Party Deposits and Disbursements: Date Deposits Disbursements ---- -------- ------------- June 21, 2004 $10,167 ($96,514) June 22, 2004 2,175,000 (8,277) June 23, 2004 832,825 0 June 24, 2004 36 0 June 25, 2004 30,000 (30,437) ------------ ------------- Week Total: $3,048,028 ($135,229) Inter-company Deposits and Disbursements: Date Deposits Disbursements ---- -------- ------------- June 21, 2004 $0 $0 June 22, 2004 0 0 June 23, 2004 0 0 June 24, 2004 29,151 (29,420) June 25, 2004 0 (1,000) ------------ ------------- Week Total: $29,151 ($30,420) Total Deposits and Disbursements: Date Deposits Disbursements ---- -------- ------------- June 21, 2004 $10,167 ($96,514) June 22, 2004 2,175,000 (8,277) June 23, 2004 832,825 0 June 24, 2004 29,187 (29,420) June 25, 2004 30,000 (31,437) ------------ ------------- Week Total: $3,077,179 ($165,649) HAWAIIAN AIRLINES: June 2004 Net Income Widens to $4.7 Million -------------------------------------------------------------- On July 21, 2004, Hawaiian Airlines, the sole operating subsidiary of Hawaiian Holdings, Inc., filed its unaudited June 2004 Monthly Operating Report with the United States Bankruptcy Court for the District of Hawaii. The carrier reports earning $4,713,000 on $70,042,000 of revenues compared to $157,000 of earnings on $59.3 million of revenues in May 2004. For the month ending June 30, 2004, Hawaiian Airlines' balance sheet showed: Total Current Assets $280,685,000 Total Assets 406,122,000 Total Current Liabilities 277,959,000 Total Liabilities 465,048,000 Liabilities Subject to Compromise 133,446,000 Shareholder's Deficit $192,372,000 A full-text copy of Hawaiian Airlines' June 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1172222/000095013604002396/file002.txt On March 21, 2003, Hawaiian Airlines, Inc. filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Hawaii (Case No. 03-00827). Joshua Gotbaum serves as the chapter 11 trustee for Hawaiian Airlines, Inc. Mr. Gotbaum is represented by Tom E. Roesser, Esq., and Katherine G. Leonard at Carlsmith Ball LLP and Bruce Bennett, Esq., Sidney P. Levinson, Esq., Joshua D. Morse, Esq., and John L. Jones, II, Esq., at Hennigan, Bennett & Dorman LLP. KAISER ALUMINUM: Reports $28.5 Million Net Income in June 2004 -------------------------------------------------------------- Kaiser Aluminum Corporation -- All Debtors Unaudited Balance Sheets As of June 30, 2004 (In Thousands) ASSETS Cash $25,974 Receivables: Trade 144,153 Other 5,484 --------- Total Receivables 149,637 Inventories 162,645 Prepaid expenses and other current assets 25,797 --------- Total current assets 364,053 Investments in and advances to subsidiaries 347,772 Intercompany receivables/payables, net (84,147) Property, plant, and equipment - net 223,802 Deferred income taxes - Other assets 521,252 --------- Total Assets $1,372,732 ========= LIABILITIES & STOCKHOLDERS' EQUITY Liabilities not subject to compromise: Accounts Payable $78,152 Accrued interest 879 Accrued salaries, wages and related expenses 34,028 Accrued post retirement benefit -- current 8,135 Other accrued liabilities 58,825 Payable to affiliates 54,364 Long term debt - current portion 1,247 --------- Total current liabilities 235,630 Long-term liabilities 76,351 Accrued post-retirement benefit obligation - Long-term debt 2,212 Liabilities subject to compromise 2,823,778 Minority interests 655 Stockholders' equity: Preference stock - Common stock 792 Additional capital 539,086 Accumulated deficit - As of filing date (946,925) Accumulated deficit - Post filing date (1,252,664) Accumulated other comprehensive income (loss) (106,183) Note receivable from parent - --------- Total Liabilities & Stockholders' Equity $1,372,732 ========= Kaiser Aluminum Corporation -- All Debtors Statements of Operations For the Month Ending June 30, 2004 (In Thousands) Net Sales $127,859 Costs and expenses: Cost of products sold 112,670 Depreciation & amortization 1,829 Selling, administrative, R&D and general 5,695 Other operating charges, net (30,370) --------- Total costs and expenses 89,824 --------- Operating income (loss) 38,035 Other income (expense): Interest expenses, net (641) Reorganization items (2,472) Other-net (1,262) --------- Income (loss) before income taxes and minority interest 33,660 (Provision) benefit for income taxes 11,415 Minority interests - Equity in income (loss) of subsidiaries (16,479) --------- Net income (loss) $28,596 ========= Kaiser Aluminum Corporation -- All Debtors Schedule of Consolidated Cash Receipts and Disbursements For the Month Ending June 30, 2004 (In Thousands) Receipts: Trade Receivables KACC Receivables $108,360 KAII Receivables 62,605 --------- Total Trade Receivables 170,965 Asbestos Insurance Recoveries 507 Proceeds from Asset Sales 2,190 --------- Total Receipts 173,662 Disbursements: Repayment of DIP Facility 17,100 Inventory/Raw Materials 37,044 Capital Expenditures 280 Maintenance, Materials, etc. 5,653 Freight 4,069 Utilities/Energy 9,670 Hourly Payroll 7,511 Salaried Payroll 6,441 Hedging Activities 227 VEBA funding 3,100 Medical - Current and Former Employees 7,613 Annual Insurance Premiums 1,113 Workmen's Compensation 527 Corporate General and Administrative 2,520 JV Fundings - Alumina 37,624 JV Fundings - Primary, Net of Minority Interest 20,355 Other Disbursements 11,893 --------- Total Operating and G&A Disbursements 172,740 Reorganization Items 1,589 --------- Total Disbursements 174,329 --------- Net Cash Flow (667) Beginning Bank Cash Balances 25,827 Net Cash Flow (667) --------- Ending Bank Cash Balances 25,160 Reconciling Items 814 --------- Ending Book Cash Balances $25,974 ========= NEWPOWER HOLDINGS: Files June 2004 Monthly Operating Report ----------------------------------------------------------- On July 29, 2004, NewPower Holdings filed its June 2004 Monthly Operating Report with the Bankruptcy Court for the Northern District of Georgia, Newnan Division. The company reports an opening cash balance of $93,739,000 and a closing cash balance of $93,558,000. A full-text copy of NewPower Holdings' June 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1119307/000090514804003414/efc4-1417_5579521exh991.txt On August 15, 2003, the United States Bankruptcy Court for the Northern District of Georgia, Newnan Division confirmed the Second Amended Chapter 11 Plan with respect to NewPower Holdings, Inc. and TNPC Holdings, Inc., a wholly owned subsidiary of the Company. On February 28, 2003, the Bankruptcy Court previously confirmed the Plan, and the Plan has been effective as of March 11, 2003, with respect to The New Power Company, a wholly owned subsidiary of the Company. The Plan became effective on October 9, 2003 with respect to the Company and TNPC. OWENS CORNING: June 2003 Monthly Operating Report ------------------------------------------------- Owens Corning and Subsidiaries Consolidated Balance Sheet As of June 30, 2003 (In Thousands) Current Assets: Cash and cash equivalents $525,862 Receivables 313,530 Receivables-Inter-company 959,199 Inventories 257,793 Insurance for Asbestos Litigation Claims 0 Deferred Income Taxes 484 Income Tax Receivable 3,136 Other Current Assets 27,840 ----------- Total Current Assets $2,087,844 Other Assets: Insurance for Asbestos Litigation Claims 4,220 Restricted Cash 166,010 Restricted cash and securities 0 Deferred Income Taxes 1,304,455 Goodwill 48,568 Investment in Affiliates 15,699 Investment in Subsidiaries 2,026,451 Notes Receivable - Intercompany 5,270 Other Non-current Assets 61,179 ----------- Total Other Assets 3,631,852 Plant & Equipment: Land 35,433 Buildings & Leasehold Improvements 543,465 Machinery & Equipment 2,161,794 Construction in Progress 72,552 Less: Accumulated Depreciation 1,511,031 ----------- Net Plant and Equipment 1,302,213 ----------- TOTAL ASSETS $7,021,909 =========== Liabilities not Subject to Compromise: Accounts Payable & Accrued Liabilities 413,603 Inter-company Liabilities 575,269 Short-term debt 5 Long-term debt - current portion 3,353 ----------- Total Current Liabilities 992,230 Long-Term Debt 6,362 Other Employee Benefits Liability 148,042 Pension Plan Liability 451,650 Other Liability 73,784 ----------- Total Non-Current Liabilities 673,476 ----------- Total Postpetition Liabilities 1,672,068 Prepetition Liabilities: Accounts Payable and Accrued Liabilities 421,611 Other Employee Benefits Liability 252,164 Pension Plan Liability 0 Debt-US Bank Credit Facility 1,450,821 Debt-Bonds & Other 1,445,591 Asbestos-Related Liability 2,731,353 Inter-company 2,519,808 Other 6,282 ----------- Total Prepetition Liabilities 8,827,630 Total Liabilities 10,499,698 Minority Interest 0 Stockholder's Equity: Common Stock 696,638 Retained Earnings(Deficit) (3,879,978) Accumulated Comprehensive Income(Loss) (7,571) Other (286,878) ----------- Net Stockholder's Equity (3,477,789) ----------- TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,021,909 =========== Owens Corning and Subsidiaries Consolidated Statement of Operations For the Month Ended June 30, 2003 (In Thousands) Net sales $287,361 Cost of Sales 239,102 ----------- Gross Margin $48,259 Operating Expenses: Marketing and Administrative Expenses 26,198 Science and Technology Expenses 1,564 Provision for Asbestos Litigation Claims 0 Insider Compensation 797 Restructure Costs (121) Other Expenses 2,469 ----------- Income (Loss) from Operations 17,352 Other Expenses: Cost of Borrowed Funds 218 Other 0 ----------- Income (Loss) Before Reorganization Items 17,134 Reorganization Items: Professional Fees 6,557 U.S. Trustee Quarterly Fees 12 Interest Earned on Accumulated Cash (240) (Gain) Loss from sale of equipment 0 (Gain) Loss from Settlement of Liabilities 0 Other Reorganization Expenses 5,826 ----------- Total Reorganization Expenses 12,155 ----------- Income (Loss) Before Income Taxes 4,979 Provision (credit) for Income Tax 10,401 ----------- Income (Loss) Before Minority Interest and Equity in Net Income (Loss) of Affiliates (5,422) Minority Interest 0 Equity in Net Income (Loss) of Affiliates (727) ----------- Net Income (Loss) ($6,149) =========== Owens Corning and Subsidiaries Consolidated Statement of Cash Receipts & Disbursements For the Month Ended June 30, 2003 (In Thousands) Cash, Beginning of Month $450,338 Receipts: Customer Receipts 299,441 Inter-company Sales 17,305 Loans and Advances 0 Sale of Assets 0 Other Receipts 7,453 Inter-company Transfers 79,247 Transfers from DIP 205,257 ----------- Total Receipts $608,701 Disbursements: Net Payroll 31,644 Payroll Taxes 2 Sales Use & Other Taxes 5,087 Inventory Purchases 100,204 Insurance 313 Administrative & Selling 47,628 Other 69,037 Inter-company Transfers 72,805 Transfers to DIP 205,257 Professional Fees 1,183 U.S. Trustee Quarterly Fees 0 Court costs 0 Adjustment 0 ----------- Total Disbursements 533,178 Net Cash Flow 75,523 ----------- Cash -- End of Month $525,862 =========== OWENS CORNING: July 2003 Monthly Operating Report ------------------------------------------------- The July 2003 Monthly Operating Report is not available as of press time. OWENS CORNING: August 2003 Monthly Operating Report --------------------------------------------------- Owens Corning and Subsidiaries Consolidated Balance Sheet As of August 31, 2003 (In Thousands) Current Assets: Cash and cash equivalents $547,096 Receivables 335,766 Receivables-Inter-company 955,744 Inventories 222,212 Insurance for Asbestos Litigation Claims 0 Deferred Income Taxes 484 Income Tax Receivable 2,490 Other Current Assets 24,834 ----------- Total Current Assets $2,088,626 Other Assets: Insurance for Asbestos Litigation Claims 4,220 Restricted Cash 165,884 Restricted cash and securities 0 Deferred Income Taxes 1,294,183 Goodwill 48,568 Investment in Affiliates 16,853 Investment in Subsidiaries 2,026,451 Notes Receivable - Intercompany 5,270 Other Non-current Assets 58,525 ----------- Total Other Assets 3,619,914 Plant & Equipment: Land 35,433 Buildings & Leasehold Improvements 553,566 Machinery & Equipment 2,184,500 Construction in Progress 79,390 Less: Accumulated Depreciation 1,530,084 ----------- Net Plant and Equipment 1,322,805 ----------- TOTAL ASSETS $7,031,345 =========== Liabilities not Subject to Compromise: Accounts Payable & Accrued Liabilities 391,443 Inter-company Liabilities 595,397 Short-term debt 0 Long-term debt - current portion 3,353 ----------- Total Current Liabilities 990,193 Long-Term Debt 37,460 Other Employee Benefits Liability 159,195 Pension Plan Liability 447,175 Other Liability 71,837 ----------- Total Non-Current Liabilities 678,207 ----------- Total Postpetition Liabilities 1,705,860 Prepetition Liabilities: Accounts Payable and Accrued Liabilities 416,437 Other Employee Benefits Liability 247,098 Pension Plan Liability 0 Debt-US Bank Credit Facility 1,450,821 Debt-Bonds & Other 1,445,539 Asbestos-Related Liability 2,731,353 Inter-company 2,519,808 Other 4,521 ----------- Total Prepetition Liabilities 8,815,577 Total Liabilities 10,521,437 Minority Interest 0 Stockholder's Equity: Common Stock 696,494 Retained Earnings (Deficit) (3,891,655) Accumulated Comprehensive Income (Loss) (8,185) Other (286,746) ----------- Net Stockholder's Equity (3,490,092) ----------- TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,031,345 =========== Owens Corning and Subsidiaries Consolidated Statement of Operations For the Month Ended August 31, 2003 (In Thousands) Net sales $305,956 Cost of Sales 262,699 ----------- Gross Margin 43,257 Operating Expenses: Marketing and Administrative Expenses 24,786 Science and Technology Expenses 1,343 Provision for Asbestos Litigation Claims 0 Insider Compensation 1,050 Restructure Costs 0 Other Expenses 7,038 ----------- Income (Loss) from Operations 9,040 Other Expenses: Cost of Borrowed Funds 232 Other 0 ----------- Income (Loss) Before Reorganization Items 8,808 Reorganization Items: Professional Fees 2,117 U.S. Trustee Quarterly Fees 0 Interest Earned on Accumulated Cash (588) (Gain) Loss from sale of equipment 0 (Gain) Loss from Settlement of Liabilities 0 Other Reorganization Expenses 2,345 ----------- Total Reorganization Expenses 3,874 ----------- Income (Loss) Before Income Taxes 4,934 Provision (credit) for Income Tax 12,885 ----------- Income (Loss) Before Minority Interest and Equity in Net Income (Loss) of Affiliates (7,951) Minority Interest 0 Equity in Net Income (Loss) of Affiliates (105) ----------- Net Income (Loss) ($8,056) =========== Owens Corning and Subsidiaries Consolidated Statement of Cash Receipts & Disbursements For the Month Ended August 31, 2003 (In Thousands) Cash, Beginning of Month $483,786 Receipts: Customer Receipts 306,674 Inter-company Sales 7,016 Loans and Advances 0 Sale of Assets 0 Other Receipts 7,487 Inter-company Transfers 87,860 Transfers from DIP 169,665 ----------- Total Receipts $578,702 Disbursements: Net Payroll 31,200 Payroll Taxes 0 Sales Use & Other Taxes 4,300 Inventory Purchases 105,023 Insurance 325 Administrative & Selling 48,813 Other 74,202 Inter-company Transfers 78,194 Transfers to DIP 169,665 Professional Fees 3,669 U.S. Trustee Quarterly Fees 0 Court costs 0 Adjustment 0 ----------- Total Disbursements 515,392 Net Cash Flow 63,311 ----------- Cash -- End of Month $547,096 =========== OWENS CORNING: September 2003 Monthly Operating Report ------------------------------------------------------ Owens Corning and Subsidiaries Consolidated Balance Sheet As of September 30, 2003 (In Thousands) Current Assets: Cash and cash equivalents $462,706 Receivables 352,769 Receivables-Inter-company 962,105 Inventories 191,423 Insurance for Asbestos Litigation Claims 0 Deferred Income Taxes 484 Income Tax Receivable 2,490 Other Current Assets 28,206 ----------- Total Current Assets $2,000,183 Other Assets: Insurance for Asbestos Litigation Claims 4,220 Restricted Cash 166,455 Restricted cash and securities 0 Deferred Income Taxes 1,275,404 Goodwill 48,568 Investment in Affiliates 16,865 Investment in Subsidiaries 2,026,451 Notes Receivable - Intercompany 5,270 Other Non-current Assets 54,324 ----------- Total Other Assets 3,597,557 Plant & Equipment: Land 35,433 Buildings & Leasehold Improvements 546,917 Machinery & Equipment 2,159,996 Construction in Progress 78,403 Less: Accumulated Depreciation 1,539,129 ----------- Net Plant and Equipment 1,281,620 ----------- TOTAL ASSETS $6,879,360 =========== Liabilities not Subject to Compromise: Accounts Payable & Accrued Liabilities 407,868 Inter-company Liabilities 627,319 Short-term debt 0 Long-term debt - current portion 3,348 ----------- Total Current Liabilities 1,038,535 Long-Term Debt 6,244 Other Employee Benefits Liability 164,247 Pension Plan Liability 285,336 Other Liability 79,444 ----------- Total Non-Current Liabilities 529,027 ----------- Total Postpetition Liabilities 1,573,806 Prepetition Liabilities: Accounts Payable and Accrued Liabilities 417,720 Other Employee Benefits Liability 244,565 Pension Plan Liability 0 Debt-US Bank Credit Facility 1,450,821 Debt-Bonds & Other 1,445,512 Asbestos-Related Liability 2,731,353 Inter-company 2,519,808 Other 3,670 ----------- Total Prepetition Liabilities 8,813,449 Total Liabilities 10,387,255 Minority Interest 0 Stockholder's Equity: Common Stock 696,424 Retained Earnings(Deficit) (3,905,098) Accumulated Comprehensive Income(Loss) (7,307) Other (291,914) ----------- Net Stockholder's Equity (3,507,895) ----------- TOTAL LIABILITIES & STOCKHOLDER'S EQUITY 6,879,360 =========== Owens Corning and Subsidiaries Consolidated Statement of Operations For the Month Ended September 30, 2003 (In Thousands) Net sales $327,959 Cost of Sales 278,521 ----------- Gross Margin 49,438 Operating Expenses: Marketing and Administrative Expenses 27,026 Science and Technology Expenses 1,870 Provision for Asbestos Litigation Claims 0 Insider Compensation 1,050 Restructure Costs 0 Other Expenses (2,222) ----------- Income (Loss) from Operations $21,714 Other Expenses: Cost of Borrowed Funds 131 Other 0 ----------- Income (Loss) Before Reorganization Items 21,583 Reorganization Items: Professional Fees 2,053 U.S. Trustee Quarterly Fees 12 Interest Earned on Accumulated Cash 316 (Gain) Loss from sale of equipment 0 (Gain) Loss from Settlement of Liabilities 0 Other Reorganization Expenses 2,158 ----------- Total Reorganization Expenses 4,539 ----------- Income (Loss) Before Income Taxes 17,044 Provision (credit) for Income Tax 30,500 ----------- Income (Loss) Before Minority Interest and Equity in Net Income (Loss) of Affiliates (13,456) Minority Interest 0 Equity in Net Income (Loss) of Affiliates 13 ----------- Net Income (Loss) ($13,443) =========== Owens Corning and Subsidiaries Consolidated Statement of Cash Receipts & Disbursements For the Month Ended September 30, 2003 (In Thousands) Cash, Beginning of Month $547,096 Receipts: Customer Receipts 305,472 Inter-company Sales 9,230 Loans and Advances 0 Sale of Assets 0 Other Receipts 19,782 Inter-company Transfers 93,019 Transfers from DIP 549,817 ----------- Total Receipts $977,320 Disbursements: Net Payroll 29,302 Payroll Taxes 3 Sales Use & Other Taxes 6,400 Inventory Purchases 102,222 Insurance 4,094 Administrative & Selling 59,361 Other 242,887 Inter-company Transfers 66,056 Transfers to DIP 549,817 Professional Fees 1,568 U.S. Trustee Quarterly Fees 0 Court costs 0 Adjustment 0 ----------- Total Disbursements 1,061,710 Net Cash Flow (84,390) ----------- Cash -- End of Month $462,706 =========== OWENS CORNING: October 2003 Monthly Operating Report ---------------------------------------------------- Owens Corning and Subsidiaries Consolidated Balance Sheet As of October 31, 2003 (In Thousands) Current Assets: Cash and cash equivalents $502,827 Receivables 353,159 Receivables-Inter-company 957,920 Inventories 164,950 Insurance for Asbestos Litigation Claims 0 Deferred Income Taxes 484 Income Tax Receivable 2,490 Other Current Assets 27,742 ----------- Total Current Assets $2,009,572 Other Assets: Insurance for Asbestos Litigation Claims 4,220 Restricted Cash 166,261 Restricted cash and securities 0 Deferred Income Taxes 1,258,784 Goodwill 48,568 Investment in Affiliates 16,878 Investment in Subsidiaries 2,026,451 Notes Receivable - Intercompany 5,270 Other Non-current Assets 295,460 ----------- Total Other Assets 3,821,892 Plant & Equipment: Land 35,433 Buildings & Leasehold Improvements 548,087 Machinery & Equipment 2,179,642 Construction in Progress 70,039 Less: Accumulated Depreciation 1,549,392 ----------- Net Plant and Equipment 1,283,809 ----------- TOTAL ASSETS $7,115,273 =========== Liabilities not Subject to Compromise: Accounts Payable & Accrued Liabilities 402,105 Inter-company Liabilities 633,201 Short-term debt 0 Long-term debt - current portion 3,342 ----------- Total Current Liabilities 1,038,648 Long-Term Debt 6,240 Other Employee Benefits Liability 169,290 Pension Plan Liability 524,756 Other Liability 80,432 ----------- Total Non-Current Liabilities 774,478 ----------- Total Postpetition Liabilities 1,819,366 Prepetition Liabilities: Accounts Payable and Accrued Liabilities 417,749 Other Employee Benefits Liability 242,032 Pension Plan Liability 0 Debt-US Bank Credit Facility 1,450,821 Debt-Bonds & Other 1,445,485 Asbestos-Related Liability 2,731,353 Inter-company 2,519,808 Other 2,759 ----------- Total Prepetition Liabilities 8,810,007 Total Liabilities 10,629,373 Minority Interest 0 Stockholder's Equity: Common Stock 696,076 Retained Earnings(Deficit) (3,911,433) Accumulated Comprehensive Income (Loss) (6,964) Other (291,779) ----------- Net Stockholder's Equity (3,514,100) ----------- TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,115,273 =========== Owens Corning and Subsidiaries Consolidated Statement of Operations For the Month Ended October 31, 2003 (In Thousands) Net sales $332,715 Cost of Sales 280,726 ----------- Gross Margin 51,989 Operating Expenses: Marketing and Administrative Expenses 27,338 Science and Technology Expenses 1,331 Provision for Asbestos Litigation Claims 0 Insider Compensation 1,050 Restructure Costs 0 Other Expenses 6,719 ----------- Income (Loss) from Operations 15,551 Other Expenses: Cost of Borrowed Funds 249 Other 0 ----------- Income (Loss) Before Reorganization Items 15,302 Reorganization Items: Professional Fees 3,009 U.S. Trustee Quarterly Fees 0 Interest Earned on Accumulated Cash 89 (Gain) Loss from sale of equipment 0 (Gain) Loss from Settlement of Liabilities 0 Other Reorganization Expenses 1,934 ----------- Total Reorganization Expenses 5,032 ----------- Income (Loss) Before Income Taxes 10,270 Provision (credit) for Income Tax 16,617 ----------- Income (Loss) Before Minority Interest and Equity in Net Income(Loss) of Affiliates ($6,347) Minority Interest 0 Equity in Net Income (Loss) of Affiliates 13 ----------- Net Income (Loss) ($6,334) =========== Owens Corning and Subsidiaries Consolidated Statement of Cash Receipts & Disbursements For the Month Ended October 31, 2003 (In Thousands) Cash, Beginning of Month $462,704 Receipts: Customer Receipts 325,336 Inter-company Sales 2,719 Loans and Advances 0 Sale of Assets 0 Other Receipts 9,959 Inter-company Transfers 100,483 Transfers from DIP 156,474 ----------- Total Receipts $594,971 Disbursements: Net Payroll 28,382 Payroll Taxes 26 Sales Use & Other Taxes 6,885 Inventory Purchases 115,648 Insurance 921 Administrative & Selling 57,185 Other 92,739 Inter-company Transfers 92,928 Transfers to DIP 156,474 Professional Fees 3,648 U.S. Trustee Quarterly Fees 12 Court costs 0 Adjustment 0 ----------- Total Disbursements 554,848 Net Cash Flow 40,123 ----------- Cash -- End of Month $502,827 =========== OWENS CORNING: November 2003 Monthly Operating Report ----------------------------------------------------- Owens Corning and Subsidiaries Consolidated Balance Sheet As of November 30, 2003 (In Thousands) Current Assets: Cash and cash equivalents $558,520 Receivables 309,244 Receivables-Inter-company 961,289 Inventories 172,875 Insurance for Asbestos Litigation Claims 0 Deferred Income Taxes 484 Income Tax Receivable 3,894 Other Current Assets 24,064 ----------- Total Current Assets $2,030,370 Other Assets: Insurance for Asbestos Litigation Claims 4,220 Restricted Cash 166,393 Restricted cash and securities 0 Deferred Income Taxes 1,243,603 Goodwill 48,568 Investment in Affiliates 16,890 Investment in Subsidiaries 2,026,451 Notes Receivable - Intercompany 5,270 Other Non-current Assets 294,774 ----------- Total Other Assets 3,806,169 Plant & Equipment: Land 35,635 Buildings & Leasehold Improvements 546,440 Machinery & Equipment 2,159,584 Construction in Progress 61,846 Less: Accumulated Depreciation 1,519,922 ----------- Net Plant and Equipment 1,283,583 ----------- TOTAL ASSETS $7,120,122 =========== Liabilities not Subject to Compromise: Accounts Payable & Accrued Liabilities 415,439 Inter-company Liabilities 644,038 Short-term debt 0 Long-term debt - current portion 1,082 ----------- Total Current Liabilities 1,060,559 Long-Term Debt 6,235 Other Employee Benefits Liability 174,004 Pension Plan Liability 524,281 Other Liability 79,089 ----------- Total Non-Current Liabilities 777,374 ----------- Total Postpetition Liabilities 1,844,168 Prepetition Liabilities: Accounts Payable and Accrued Liabilities 411,857 Other Employee Benefits Liability 239,499 Pension Plan Liability 0 Debt-US Bank Credit Facility 1,450,821 Debt-Bonds & Other 1,445,457 Asbestos-Related Liability 2,731,353 Inter-company 2,519,808 Other 4,083 ----------- Total Prepetition Liabilities 8,802,878 Total Liabilities 10,647,046 Minority Interest 0 Stockholder's Equity: Common Stock 696,076 Retained Earnings(Deficit) (3,924,544) Accumulated Comprehensive Income (Loss) (6,696) Other (291,760) ----------- Net Stockholder's Equity (3,526,924) ----------- TOTAL LIABILITIES & STOCKHOLDER'S EQUITY 7,120,122 =========== Owens Corning and Subsidiaries Consolidated Statement of Operations For the Month Ended November 30, 2003 (In Thousands) Net sales $263,159 Cost of Sales 218,204 ----------- Gross Margin 44,955 Operating Expenses: Marketing and Administrative Expenses 27,414 Science and Technology Expenses 1,370 Provision for Asbestos Litigation Claims 0 Insider Compensation 1,027 Restructure Costs 0 Other Expenses 10,732 ----------- Income (Loss) from Operations 4,412 Other Expenses: Cost of Borrowed Funds 230 Other 0 ----------- Income (Loss) Before Reorganization Items 4,182 Reorganization Items: Professional Fees 2,098 U.S. Trustee Quarterly Fees 0 Interest Earned on Accumulated Cash (221) (Gain) Loss from sale of equipment 0 (Gain) Loss from Settlement of Liabilities 0 Other Reorganization Expenses 880 ----------- Total Reorganization Expenses 2,757 ----------- Income (Loss) Before Income Taxes 1,425 Provision (credit) for Income Tax 14,841 ----------- Income (Loss) Before Minority Interest and Equity in Net Income (Loss) of Affiliates (13,416) Minority Interest 0 Equity in Net Income (Loss) of Affiliates 305 ----------- Net Income (Loss) ($13,111) =========== Owens Corning and Subsidiaries Consolidated Statement of Cash Receipts & Disbursements For the Month Ended November 30, 2003 (In Thousands) Cash, Beginning of Month $502,828 Receipts: Customer Receipts 300,742 Inter-company Sales 8,786 Loans and Advances 0 Sale of Assets 0 Other Receipts 12,529 Inter-company Transfers 86,136 Transfers from DIP 167,623 ----------- Total Receipts $575,816 Disbursements: Net Payroll 33,736 Payroll Taxes 0 Sales Use & Other Taxes 4,930 Inventory Purchases 104,253 Insurance 580 Administrative & Selling 49,605 Other 80,409 Inter-company Transfers 76,435 Transfers to DIP 167,623 Professional Fees 2,555 U.S. Trustee Quarterly Fees 0 Court costs 0 Adjustment 0 ----------- Total Disbursements 520,124 Net Cash Flow 55,692 ----------- Cash -- End of Month $558,520 =========== OWENS CORNING: December 2003 Monthly Operating Report ----------------------------------------------------- Owens Corning and Subsidiaries Consolidated Balance Sheet As of December 31, 2003 (In Thousands) Current Assets: Cash and cash equivalents $628,231 Receivables 244,176 Receivables-Inter-company 977,185 Inventories 167,409 Insurance for Asbestos Litigation Claims 0 Deferred Income Taxes 484 Income Tax Receivable 3,711 Other Current Assets 19,920 ----------- Total Current Assets $2,041,116 Other Assets: Insurance for Asbestos Litigation Claims 4,220 Restricted Cash 166,422 Restricted cash and securities 0 Deferred Income Taxes 1,246,558 Goodwill 48,426 Investment in Affiliates 25,213 Investment in Subsidiaries 2,022,050 Notes Receivable - Intercompany 5,270 Other Non-current Assets 289,590 ----------- Total Other Assets 3,807,749 Plant & Equipment: Land 35,635 Buildings & Leasehold Improvements 542,294 Machinery & Equipment 2,146,760 Construction in Progress 73,627 Less: Accumulated Depreciation 1,488,388 ----------- Net Plant and Equipment 1,309,928 ----------- TOTAL ASSETS $7,158,793 =========== Liabilities not Subject to Compromise: Accounts Payable & Accrued Liabilities 430,716 Inter-company Liabilities 658,220 Short-term debt 0 Long-term debt - current portion 1,133 ----------- Total Current Liabilities 1,090,069 Long-Term Debt 6,230 Other Employee Benefits Liability 176,444 Pension Plan Liability 580,568 Other Liability 114,242 ----------- Total Non-Current Liabilities 871,254 ----------- Total Postpetition Liabilities 1,967,553 Prepetition Liabilities: Accounts Payable and Accrued Liabilities 413,300 Other Employee Benefits Liability 236,966 Pension Plan Liability 0 Debt-US Bank Credit Facility 1,450,821 Debt-Bonds & Other 1,445,430 Asbestos-Related Liability 2,731,353 Inter-company 2,519,808 Other 725 ----------- Total Prepetition Liabilities 8,798,403 Total Liabilities 10,765,956 Minority Interest 0 Stockholder's Equity: Common Stock 696,076 Retained Earnings(Deficit) (3,963,974) Accumulated Comprehensive Income (Loss) (6,088) Other (333,177) ----------- Net Stockholder's Equity (3,607,163) ----------- TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,158,793 =========== Owens Corning and Subsidiaries Consolidated Statement of Operations For the Month Ended December 31, 2003 (In Thousands) Net sales $261,099 Cost of Sales 227,716 ----------- Gross Margin 33,383 Operating Expenses: Marketing and Administrative Expenses 25,407 Science and Technology Expenses 31 Provision for Asbestos Litigation Claims 0 Insider Compensation 1,132 Restructure Costs (2,932) Other Expenses 15,084 ----------- Income (Loss) from Operations (5,339) Other Expenses: Cost of Borrowed Funds 244 Other 0 ----------- Income (Loss) Before Reorganization Items (5,583) Reorganization Items: Professional Fees 5,455 U.S. Trustee Quarterly Fees 12 Interest Earned on Accumulated Cash (434) (Gain) Loss from sale of equipment 0 (Gain) Loss from Settlement of Liabilities 0 Other Reorganization Expenses (1,895) ----------- Total Reorganization Expenses 3,138 ----------- Income (Loss) Before Income Taxes (8,721) Provision (credit) for Income Tax 30,751 ----------- Income (Loss) Before Minority Interest and Equity in Net Income (Loss) of Affiliates (39,472) Minority Interest 0 Equity in Net Income (Loss) of Affiliates 42 ----------- Net Income (Loss) ($39,430) =========== Owens Corning and Subsidiaries Consolidated Statement of Cash Receipts & Disbursements For the Month Ended December 31, 2003 (In Thousands) Cash, Beginning of Month $558,520 Receipts: Customer Receipts 326,772 Inter-company Sales 11,135 Loans and Advances 0 Sale of Assets 0 Other Receipts 14,106 Inter-company Transfers 93,029 Transfers from DIP 218,929 ----------- Total Receipts $663,921 Disbursements: Net Payroll 30,032 Payroll Taxes 0 Sales Use & Other Taxes 6,346 Inventory Purchases 113,745 Insurance 1,020 Administrative & Selling 56,888 Other 84,748 Inter-company Transfers 75,979 Transfers to DIP 218,929 Professional Fees 6,523 U.S. Trustee Quarterly Fees 0 Court costs 0 Adjustment 0 ----------- Total Disbursements 594,210 Net Cash Flow 69,711 ----------- Cash -- End of Month $628,231 =========== OWENS CORNING: January 2004 Monthly Operating Report ---------------------------------------------------- Owens Corning and Subsidiaries Consolidated Balance Sheet As of January 31, 2004 (In Thousands) Current Assets: Cash and cash equivalents $568,587 Receivables 272,817 Receivables-Inter-company 969,529 Inventories 189,112 Insurance for Asbestos Litigation Claims 0 Deferred Income Taxes 484 Income Tax Receivable 3,657 Other Current Assets 20,541 ----------- Total Current Assets $2,024,727 Other Assets: Insurance for Asbestos Litigation Claims 4,220 Restricted Cash 166,581 Restricted cash and securities 0 Deferred Income Taxes 1,245,173 Goodwill 48,426 Investment in Affiliates 26,475 Investment in Subsidiaries 2,022,050 Notes Receivable - Intercompany 5,270 Other Non-current Assets 295,647 ----------- Total Other Assets 3,813,842 Plant & Equipment: Land 35,635 Buildings & Leasehold Improvements 543,958 Machinery & Equipment 2,141,190 Construction in Progress 69,956 Less: Accumulated Depreciation 1,489,924 ----------- Net Plant and Equipment 1,300,815 ----------- TOTAL ASSETS $7,139,384 =========== Liabilities not Subject to Compromise: Accounts Payable & Accrued Liabilities 405,284 Inter-company Liabilities 671,602 Short-term debt 0 Long-term debt - current portion 1,128 ----------- Total Current Liabilities 1,078,014 Long-Term Debt 6,225 Other Employee Benefits Liability 182,767 Pension Plan Liability 580,669 Other Liability 113,047 ----------- Total Non-Current Liabilities 876,483 ----------- Total Postpetition Liabilities 1,960,722 Prepetition Liabilities: Accounts Payable and Accrued Liabilities 412,951 Other Employee Benefits Liability 234,433 Pension Plan Liability 0 Debt-US Bank Credit Facility 1,450,821 Debt-Bonds & Other 1,445,013 Asbestos-Related Liability 2,731,353 Inter-company 2,519,808 Other 237 ----------- Total Prepetition Liabilities 8,794,616 Total Liabilities 10,755,338 Minority Interest 0 Stockholder's Equity: Common Stock 696,076 Retained Earnings(Deficit) (3,973,161) Accumulated Comprehensive Income (Loss) (5,692) Other (333,177) ----------- Net Stockholder's Equity (3,615,954) ----------- TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,139,384 =========== Owens Corning and Subsidiaries Consolidated Statement of Operations For the Month Ended January 31, 2004 (In Thousands) Net sales $247,131 Cost of Sales 216,801 ----------- Gross Margin 30,330 Operating Expenses: Marketing and Administrative Expenses 25,302 Science and Technology Expenses 1,337 Provision for Asbestos Litigation Claims 0 Insider Compensation 585 Restructure Costs 0 Other Expenses 5,886 ----------- Income (Loss) from Operations (2,780) Other Expenses: Cost of Borrowed Funds 194 Other 0 ----------- Income (Loss) Before Reorganization Items (2,974) Reorganization Items: Professional Fees 4,661 U.S. Trustee Quarterly Fees 0 Interest Earned on Accumulated Cash (207) (Gain) Loss from sale of equipment 0 (Gain) Loss from Settlement of Liabilities 0 Other Reorganization Expenses 389 ----------- Total Reorganization Expenses 4,843 ----------- Income (Loss) Before Income Taxes (7,817) Provision (credit) for Income Tax 1,383 ----------- Income (Loss) Before Minority Interest and Equity in Net Income (Loss) of Affiliates ($9,200) Minority Interest 0 Equity in Net Income (Loss) of Affiliates 13 ----------- Net Income (Loss) ($9,187) =========== Owens Corning and Subsidiaries Consolidated Statement of Cash Receipts & Disbursements For the Month Ended January 31, 2004 (In Thousands) Cash, Beginning of Month $628,231 Receipts: Customer Receipts 215,558 Inter-company Sales 5,413 Loans and Advances 0 Sale of Assets 0 Other Receipts 12,311 Inter-company Transfers 71,316 Transfers from DIP 151,326 ----------- Total Receipts $455,925 Disbursements: Net Payroll 42,769 Payroll Taxes 205 Sales Use & Other Taxes 11,818 Inventory Purchases 80,801 Insurance 1,342 Administrative & Selling 65,238 Other 88,481 Inter-company Transfers 69,418 Transfers to DIP 151,326 Professional Fees 4,157 U.S. Trustee Quarterly Fees 12 Court costs 0 Adjustment 0 ----------- Total Disbursements 515,569 Net Cash Flow (59,644) ----------- Cash -- End of Month $568,587 =========== OWENS CORNING: February 2004 Monthly Operating Report ----------------------------------------------------- Owens Corning and Subsidiaries Consolidated Balance Sheet As of February 29, 2004 (In Thousands) Current Assets: Cash and cash equivalents $490,557 Receivables 309,523 Receivables-Inter-company 974,232 Inventories 195,509 Insurance for Asbestos Litigation Claims 0 Deferred Income Taxes 484 Income Tax Receivable 3,649 Other Current Assets 19,130 ----------- Total Current Assets $1,993,084 Other Assets: Insurance for Asbestos Litigation Claims 4,220 Restricted Cash 167,080 Restricted cash and securities 0 Deferred Income Taxes 1,237,178 Goodwill 48,426 Investment in Affiliates 26,488 Investment in Subsidiaries 2,022,050 Notes Receivable - Intercompany 5,270 Other Non-current Assets 289,911 ----------- Total Other Assets 3,800,623 Plant & Equipment: Land 35,635 Buildings & Leasehold Improvements 548,023 Machinery & Equipment 2,142,146 Construction in Progress 69,772 Less: Accumulated Depreciation 1,501,038 ----------- Net Plant and Equipment 1,294,538 ----------- TOTAL ASSETS $7,088,245 =========== Liabilities not Subject to Compromise: Accounts Payable & Accrued Liabilities 364,502 Inter-company Liabilities 685,070 Short-term debt 0 Long-term debt - current portion 1,122 ----------- Total Current Liabilities 1,050,694 Long-Term Debt 6,221 Other Employee Benefits Liability 189,201 Pension Plan Liability 580,250 Other Liability 112,551 ----------- Total Non-Current Liabilities 882,002 ----------- Total Postpetition Liabilities 1,938,917 Prepetition Liabilities: Accounts Payable and Accrued Liabilities 410,895 Other Employee Benefits Liability 231,900 Pension Plan Liability 0 Debt-US Bank Credit Facility 1,450,821 Debt-Bonds & Other 1,441,983 Asbestos-Related Liability 2,731,353 Inter-company 2,519,808 Other 249 ----------- Total Prepetition Liabilities 8,787,009 Total Liabilities 10,725,926 Minority Interest 0 Stockholder's Equity: Common Stock 696,076 Retained Earnings (Deficit) (3,995,034) Accumulated Comprehensive Income (Loss) (5,584) Other (333,139) ----------- Net Stockholder's Equity (3,637,681) ----------- TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,088,245 =========== Owens Corning and Subsidiaries Consolidated Statement of Operations For the Month Ended February 29, 2004 (In Thousands) Net sales $268,970 Cost of Sales 235,791 ----------- Gross Margin 33,180 Operating Expenses: Marketing and Administrative Expenses 27,155 Science and Technology Expenses 1,995 Provision for Asbestos Litigation Claims 0 Insider Compensation 1,464 Restructure Costs 0 Other Expenses 12,299 ----------- Income (Loss) from Operations (9,732) Other Expenses: Cost of Borrowed Funds 224 Other 0 ----------- Income (Loss) Before Reorganization Items (9,956) Reorganization Items: Professional Fees 4,308 U.S. Trustee Quarterly Fees 0 Interest Earned on Accumulated Cash (835) (Gain) Loss from sale of equipment 0 (Gain) Loss from Settlement of Liabilities 0 Other Reorganization Expenses 463 ----------- Total Reorganization Expenses 3,936 ----------- Income (Loss) Before Income Taxes (13,892) Provision (credit) for Income Tax 7,994 ----------- Income (Loss) Before Minority Interest and Equity in Net Income (Loss) of Affiliates (21,886) Minority Interest 0 Equity in Net Income (Loss) of Affiliates 13 ----------- Net Income (Loss) ($21,873) =========== Owens Corning and Subsidiaries Consolidated Statement of Cash Receipts & Disbursements For the Month Ended February 29, 2004 (In Thousands) Cash, Beginning of Month $568,587 Receipts: Customer Receipts 225,654 Inter-company Sales 3,505 Loans and Advances 0 Sale of Assets 1 Other Receipts 12,198 Inter-company Transfers 70,834 Transfers from DIP 273,695 ----------- Total Receipts $585,888 Disbursements: Net Payroll 65,538 Payroll Taxes 13 Sales Use & Other Taxes 5,298 Inventory Purchases 98,986 Insurance 1,363 Administrative & Selling 63,267 Other 93,065 Inter-company Transfers 59,833 Transfers to DIP 273,695 Professional Fees 2,860 U.S. Trustee Quarterly Fees 0 Court costs 0 Adjustment 0 ----------- Total Disbursements 663,918 Net Cash Flow (78,030) ----------- Cash -- End of Month $490,557 =========== OWENS CORNING: March 2004 Monthly Operating Report -------------------------------------------------- Owens Corning and Subsidiaries Consolidated Balance Sheet As of March 31, 2004 (In Thousands) Current Assets: Cash and cash equivalents $482,277 Receivables 333,682 Receivables-Inter-company 978,475 Inventories 191,787 Insurance for Asbestos Litigation Claims 0 Deferred Income Taxes 484 Income Tax Receivable 3,438 Other Current Assets 18,425 ----------- Total Current Assets $2,008,568 Other Assets: Insurance for Asbestos Litigation Claims 4,220 Restricted Cash 166,778 Restricted cash and securities 0 Deferred Income Taxes 1,237,356 Goodwill 48,568 Investment in Affiliates 26,294 Investment in Subsidiaries 2,022,050 Notes Receivable - Intercompany 5,270 Other Non-current Assets 283,770 ----------- Total Other Assets 3,794,306 Plant & Equipment: Land 35,635 Buildings & Leasehold Improvements 550,015 Machinery & Equipment 2,154,121 Construction in Progress 74,036 Less: Accumulated Depreciation 1,501,600 ----------- Net Plant and Equipment 1,312,207 ----------- TOTAL ASSETS $7,115,081 =========== Liabilities not Subject to Compromise: Accounts Payable & Accrued Liabilities 387,315 Inter-company Liabilities 701,874 Short-term debt 0 Long-term debt - current portion 1,117 ----------- Total Current Liabilities 1,090,306 Long-Term Debt 6,216 Other Employee Benefits Liability 188,538 Pension Plan Liability 580,320 Other Liability 126,870 ----------- Total Non-Current Liabilities 895,728 ----------- Total Postpetition Liabilities 1,992,250 Prepetition Liabilities: Accounts Payable and Accrued Liabilities 409,003 Other Employee Benefits Liability 229,367 Pension Plan Liability 0 Debt-US Bank Credit Facility 1,450,821 Debt-Bonds & Other 1,441,952 Asbestos-Related Liability 2,731,353 Inter-company 2,519,808 Other 0 ----------- Total Prepetition Liabilities 8,782,304 Total Liabilities 10,774,554 Minority Interest 0 Stockholder's Equity: Common Stock 696,076 Retained Earnings (Deficit) (4,018,364) Accumulated Comprehensive Income (Loss) (5,480) Other (331,705) ----------- Net Stockholder's Equity (3,659,473) ----------- TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,115,081 =========== Owens Corning and Subsidiaries Consolidated Statement of Operations For the Month Ended March 31, 2004 (In Thousands) Net sales $315,841 Cost of Sales 272,576 ----------- Gross Margin 43,265 Operating Expenses: Marketing and Administrative Expenses 27,262 Science and Technology Expenses 1,884 Provision for Asbestos Litigation Claims 0 Insider Compensation 1,048 Restructure Costs 0 Other Expenses 9,679 ----------- Income (Loss) from Operations 3,392 Other Expenses: Cost of Borrowed Funds 125 Other 0 ----------- Income (Loss) Before Reorganization Items 3,267 Reorganization Items: Professional Fees 6,727 U.S. Trustee Quarterly Fees 12 Interest Earned on Accumulated Cash 47 (Gain) Loss from sale of equipment 0 (Gain) Loss from Settlement of Liabilities 0 Other Reorganization Expenses 5,378 ----------- Total Reorganization Expenses 12,164 ----------- Income (Loss) Before Income Taxes (8,897) Provision (credit) for Income Tax 14,376 ----------- Income (Loss) Before Minority Interest and Equity in Net Income (Loss) of Affiliates (23,273) Minority Interest 0 Equity in Net Income (Loss) of Affiliates (57) ----------- Net Income (Loss) ($23,330) =========== Owens Corning and Subsidiaries Consolidated Statement of Cash Receipts & Disbursements For the Month Ended March 31, 2004 (In Thousands) Cash, Beginning of Month $490,557 Receipts: Customer Receipts 289,777 Inter-company Sales 9,710 Loans and Advances 0 Sale of Assets 0 Other Receipts 6,182 Inter-company Transfers 86,375 Transfers from DIP 195,064 ----------- Total Receipts $587,108 Disbursements: Net Payroll 31,268 Payroll Taxes 0 Sales Use & Other Taxes 8,217 Inventory Purchases 103,218 Insurance 1,067 Administrative & Selling 72,510 Other 111,641 Inter-company Transfers 67,967 Transfers to DIP 195,064 Professional Fees 4,435 U.S. Trustee Quarterly Fees 0 Court costs 0 Adjustment 0 ----------- Total Disbursements 595,387 Net Cash Flow (8,279) ----------- Cash -- End of Month $482,277 =========== OWENS CORNING: April 2004 Monthly Operating Report -------------------------------------------------- Owens Corning and Subsidiaries Consolidated Balance Sheet As of April 30, 2004 (In Thousands) Current Assets: Cash and cash equivalents $426,495 Receivables 375,046 Receivables-Inter-company 975,681 Inventories 196,143 Insurance for asbestos litigation claims 0 Deferred Income Taxes 484 Income Tax Receivable 3,387 Other Current Assets 26,718 ----------- Total Current Assets $2,003,954 Other Assets: Insurance for Asbestos Litigation Claims 4,220 Restricted Cash 166,177 Restricted cash and securities 0 Deferred Income Taxes 1,234,396 Goodwill 48,568 Investment in Affiliates 26,277 Investment in Subsidiaries 2,022,050 Notes Receivable - Intercompany 5,270 Other Non-current Assets 281,721 ----------- Total Other Assets 3,788,679 Plant & Equipment: Land 35,635 Buildings & Leasehold Improvements 550,790 Machinery & Equipment 2,163,417 Construction in Progress 69,318 Less: Accumulated Depreciation 1,512,119 ----------- Net Plant and Equipment 1,307,041 ----------- TOTAL ASSETS $7,099,674 =========== Liabilities not Subject to Compromise: Accounts Payable & Accrued Liabilities 370,421 Inter-company Liabilities 711,165 Short-term debt 0 Long-term debt - current portion 1,112 ----------- Total Current Liabilities 1,082,698 Long-Term Debt 6,211 Other Employee Benefits Liability 192,734 Pension Plan Liability 580,412 Other Liability 126,777 ----------- Total Non-Current Liabilities 899,923 ----------- Total Postpetition Liabilities 1,988,832 Prepetition Liabilities: Accounts Payable and Accrued Liabilities 408,992 Other Employee Benefits Liability 226,834 Pension Plan Liability 0 Debt-US Bank Credit Facility 1,450,821 Debt-Bonds & Other 1,441,921 Asbestos-Related Liability 2,731,353 Inter-company 2,519,808 Other 0 ----------- Total Prepetition Liabilities 8,779,729 Total Liabilities 10,768,561 Minority Interest 0 Stockholder's Equity: Common Stock 696,076 Retained Earnings (Deficit) (4,026,892) Accumulated Comprehensive Income (Loss) (6,384) Other (331,687) ----------- Net Stockholder's Equity (3,668,887) ----------- TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,099,674 =========== Owens Corning and Subsidiaries Consolidated Statement of Operations For the Month Ended April 30, 2004 (In Thousands) Net sales $309,138 Cost of Sales 260,713 ----------- Gross Margin 48,425 Operating Expenses: Marketing and Administrative Expenses 33,588 Science and Technology Expenses 1,709 Provision for Asbestos Litigation Claims 0 Insider Compensation 1,047 Restructure Costs 0 Other Expenses 9,030 ----------- Income (Loss) from Operations 3,051 Other Expenses: Cost of Borrowed Funds 250 Other 0 ----------- Income (Loss) Before Reorganization Items 2,801 Reorganization Items: Professional Fees 3,566 U.S. Trustee Quarterly Fees 0 Interest Earned on Accumulated Cash 464 (Gain)Loss from Sale of Equipment 0 (Gain)Loss from Settlement of Liabilities 0 Other Reorganization Expenses 4,326 ----------- Total Reorganization Expenses 8,356 ----------- Income (Loss) Before Income Taxes (5,555) Provision (credit) for Income Tax 2,968 ----------- Income (Loss) Before Minority Interest and Equity in Net Income (Loss) of Affiliates (8,523) Minority Interest 0 Equity in Net Income (Loss) of Affiliates (5) ----------- Net Income (Loss) ($8,528) =========== Owens Corning and Subsidiaries Consolidated Statement of Cash Receipts & Disbursements For the Month Ended April 30, 2004 (In Thousands) Cash, Beginning of Month $482,277 Receipts: Customer Receipts 257,225 Inter-company Sales 7,749 Loans and Advances 0 Sale of Assets 0 Other Receipts 8,265 Inter-company Transfers 87,916 Transfers from DIP 164,437 ----------- Total Receipts $525,592 Disbursements: Net Payroll 29,202 Payroll Taxes 364 Sales Use & Other Taxes 7,856 Inventory Purchases 130,557 Insurance 2,324 Administrative & Selling 71,731 Other 87,941 Inter-company Transfers 82,000 Transfers to DIP 164,437 Professional Fees 4,952 U.S. Trustee Quarterly Fees 12 Court costs 0 Adjustment 0 ----------- Total Disbursements 581,374 Net Cash Flow (55,783) ----------- Cash -- End of Month $426,495 =========== OWENS CORNING: May 2004 Monthly Operating Report ------------------------------------------------- Owens Corning and Subsidiaries Consolidated Balance Sheet As of May 31, 2004 (In Thousands) Current Assets: Cash and cash equivalents $462,734 Receivables 392,359 Receivables-Inter-company 973,569 Inventories 188,748 Insurance for Asbestos Litigation Claims 0 Deferred Income Taxes 484 Income Tax Receivable 3,387 Other Current Assets 28,870 ----------- Total Current Assets $2,050,151 Other Assets: Insurance for Asbestos Litigation Claims 4,220 Restricted Cash 165,976 Restricted cash and securities 0 Deferred Income Taxes 1,221,833 Goodwill 48,568 Investment in Affiliates 26,261 Investment in Subsidiaries 2,022,050 Notes Receivable - Intercompany 5,270 Other Non-current Assets 273,700 ----------- Total Other Assets 3,767,878 Plant & Equipment: Land 35,635 Buildings & Leasehold Improvements 550,184 Machinery & Equipment 2,161,514 Construction in Progress 71,028 Less: Accumulated Depreciation 1,516,590 ----------- Net Plant and Equipment 1,301,771 ----------- TOTAL ASSETS $7,119,800 =========== Liabilities not Subject to Compromise: Accounts Payable & Accrued Liabilities 386,619 Inter-company Liabilities 723,900 Short-term debt 0 Long-term debt - current portion 1,107 ----------- Total Current Liabilities 1,111,626 Long-Term Debt 6,206 Other Employee Benefits Liability 197,499 Pension Plan Liability 580,372 Other Liability 126,720 ----------- Total Non-Current Liabilities 904,591 ----------- Total Postpetition Liabilities 2,022,423 Prepetition Liabilities: Accounts Payable and Accrued Liabilities 408,374 Other Employee Benefits Liability 224,301 Pension Plan Liability 0 Debt-US Bank Credit Facility 1,450,821 Debt-Bonds & Other 1,441,890 Asbestos-Related Liability 2,731,353 Inter-company 2,519,808 Other 0 ----------- Total Prepetition Liabilities 3,776,547 Total Liabilities 10,798,970 Minority Interest 0 Stockholder's Equity: Common Stock 696,004 Retained Earnings (Deficit) (4,037,756) Accumulated Comprehensive Income (Loss) (5,893) Other (331,525) ----------- Net Stockholder's Equity (3,679,170) ----------- TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,119,800 =========== Owens Corning and Subsidiaries Consolidated Statement of Operations For the Month Ended May 31, 2004 (In Thousands) Net sales $310,362 Cost of Sales 261,948 ----------- Gross Margin 48,414 Operating Expenses: Marketing and Administrative Expenses 30,748 Science and Technology Expenses 1,561 Provision for Asbestos Litigation Claims 0 Insider Compensation 742 Restructure Costs 0 Other Expenses 9,363 ----------- Income (Loss) from Operations 6,000 Other Expenses: Cost of Borrowed Funds 233 Other 0 ----------- Income (Loss) Before Reorganization Items 5,767 Reorganization Items: Professional Fees 3,740 U.S. Trustee Quarterly Fees 0 Interest Earned on Accumulated Cash (111) (Gain) Loss from sale of equipment 0 (Gain) Loss from Settlement of Liabilities 0 Other Reorganization Expenses 424 ----------- Total Reorganization Expenses 4,053 ----------- Income (Loss) Before Income Taxes 1,714 Provision (credit) for Income Tax 12,573 ----------- Income (Loss) Before Minority Interest and (10,859) Minority Interest 0 Equity in Net Income (Loss) of Affiliates (5) ----------- Net Income (Loss) ($10,864) =========== Owens Corning and Subsidiaries Consolidated Statement of Cash Receipts & Disbursements For the Month Ended May 31, 2004 (In Thousands) Cash, Beginning of Month $426,495 Receipts: Customer Receipts 284,811 Inter-company Sales 10,155 Loans and Advances 0 Sale of Assets 0 Other Receipts 9,142 Inter-company Transfers 94,144 Transfers from DIP 187,971 ----------- Total Receipts $586,223 Disbursements: Net Payroll 31,872 Payroll Taxes 0 Sales Use & Other Taxes 5,233 Inventory Purchases 104,556 Insurance 1,551 Administrative & Selling 53,314 Other 80,638 Inter-company Transfers 80,480 Transfers to DIP 187,971 Professional Fees 4,369 U.S. Trustee Quarterly Fees 0 Court costs 0 Adjustment 0 ----------- Total Disbursements 549,984 Net Cash Flow 36,239 ----------- Cash -- End of Month $462,734 =========== OWENS CORNING: Reports $33 Million Net Income for 2nd Quarter ------------------------------------------------------------- Owens Corning (OTC: OWENQ) reported financial results for the quarter ended June 30, 2004. For the second quarter, the company had net sales of $1.441 billion, compared to net sales of $1.239 billion for the same period in the prior year. For the quarter, the company had net income of $33 million. This compares to net income of $18 million for the second quarter of 2003. Owens Corning reported income from operations of $94 million for the quarter, which included $28 million of Chapter 11-related charges. For the second quarter of 2003, the company reported income from operations of $43 million, including $38 million of Chapter 11-related charges, $13 million for restructuring and other charges and $4 million of income from asbestos-related insurance recoveries. Owens Corning ended the quarter with a cash balance of $874 million. "Sales for the quarter were the highest in our 65-year history, as we experienced strong demand in all our major markets," said Dave Brown, Owens Corning's chief executive officer. "As we evaluate our results, excluding the charges related to our Chapter 11 process and other restructuring costs, we are pleased with the progress we are making in our operations, especially in the face of high energy and raw material costs." Owens Corning is a world leader in building materials systems and composite systems. Founded in 1938, the company had sales of $5 billion in 2003. Additional information is available on Owens Corning's Web site at http://www.owenscorning.com/or by calling the company's toll-free General Information line: 1-800-GETPINK. On October 5, 2000, Owens Corning and 17 United States subsidiaries filed voluntary petitions for relief under Chapter 11 of the U. S. Bankruptcy Code in the U. S. Bankruptcy Court for the District of Delaware. The Debtors are currently operating their businesses as debtors-in-possession in accordance with provisions of the Bankruptcy Code. The Chapter 11 cases of the Debtors are being jointly administered under Case No. 00-3837 (JKF). The Chapter 11 cases do not include other U.S. subsidiaries of Owens Corning or any of its foreign subsidiaries. The Debtors filed for relief under Chapter 11 to address the growing demands on Owens Corning's cash flow resulting from the substantial costs of asbestos personal injury liability. On October 24, 2003, the Debtors, together with the Official Committee of Asbestos Claimants and the Legal Representative for future asbestos personal injury claimants, filed an amended Joint Plan of Reorganization in the U. S. Bankruptcy Court for the District of Delaware. On June 7, 2004, Owens Corning announced that an agreement in principle had been reached with the Official Committee of Asbestos Claimants, the Legal Representative for the class of future asbestos claimants, and the official representatives of Owens Corning's prepetition bondholders and trade creditors. As a result of the agreement in principle, Owens Corning has now gained support for the Plan from all of its major creditor groups with the exception of the holders of debt under its $1.8 billion pre-petition bank credit facility, who continue to oppose the Plan. It is expected that the Plan will be amended to reflect the terms of the agreement in principle. The Plan is subject to confirmation by the Bankruptcy Court. The current Plan, as amended to reflect the agreement in principle, provides for payment of 38.5 percent of the face amount of all unsecured creditors' claims, in the form of new common stock and notes of the restructured company, and cash. However, the percentage recovery and the value of the payments ultimately made under the Plan to each class of creditors will depend upon a number of factors. Additional distributions from potential insurance and other third-party claims may also be paid to certain classes of creditors, but it is expected that all classes of pre-petition unsecured creditors will be impaired. Therefore, the Plan also provides that the existing common stock of Owens Corning will be cancelled, and that current shareholders will receive no distribution or other consideration in exchange for their shares. It is impossible to predict at this time the terms and provisions of any plan of reorganization that may ultimately be confirmed or the treatment of creditors thereunder. A full-text copy of Owens Corning's Form 10-Q report is available for free at the Securities and Exchange Commission at: http://www.sec.gov/Archives/edgar/data/75234/000119312504131427/d10q.htm Owens Corning And Subsidiaries Consolidated Balance Sheet As of June 30, 2004 (In millions of dollars) ASSETS Current Assets: Cash and cash equivalents $874 Receivables 625 Inventories 445 Other current assets 44 --------- Total Current Assets 1,988 Other Assets: Restricted cash - asbestos and insurance-related 166 Restricted cash, securities and other - Fibreboard 1,392 Deferred income taxes 1,152 Pension-related assets 302 Goodwill 187 Investments in affiliates 63 Other non-current assets 157 --------- Total other 3,419 Plant and Equipment: Land 77 Buildings and leasehold improvements 785 Machinery and equipment 3,213 Construction in progress 104 --------- 4,179 Less - Accumulated depreciation (2,213) --------- Net plant and equipment 1,966 --------- Total Assets $7,373 ========= LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued liabilities $782 Short-term debt 45 Long-term debt - current portion 47 --------- Total Current Liabilities 874 Long-term debt 64 Other employee benefits liability 700 Pension plan liability 406 Other Liabilities 186 --------- Total Other Liabilities 1,292 Liabilities subject to compromise 9,202 Company-Obligated Securities of Entities Holding Solely Parent Debentures 200 Minority Interest 45 Stockholders' Deficit: Common stock 6 Additional paid-in capital 690 Deficit (4,613) Accumulated other comprehensive loss (386) Other (1) --------- Total stockholders' deficit (4,304) --------- Total Liabilities And Stockholders' Deficit $7,373 ========= Owens Corning And Subsidiaries Consolidated Statement of Income (Loss) Three Months Ended June 30, 2004 (In millions of dollars) Net Sales $1,441 Cost Of Sales 1,178 --------- Gross margin 263 Operating Expenses: Marketing and administrative expenses 129 Science and technology expenses 11 Restructure costs - Chapter 11 related reorganization items 28 Credit for asbestos litigation - Other 1 --------- Total operating expenses 169 Income (Loss) From Operations 94 Interest expense 1 --------- Income (Loss) Before Income Tax Expense 93 Income tax expense 56 --------- Income (Loss) Before Equity in Income (Loss) of Affiliates 37 Minority interest (1) Equity in net income of affiliates (3) --------- NET INCOME (LOSS) $33 ========= Owens Corning And Subsidiaries Consolidated Statement of Cash Flows Six Months Ended June 30, 2004 (In millions of dollars) Net Cash Flow From Operations Net income (loss) $38 Reconciliation of net cash used in operations Non-cash items: Provision for depreciation and amortization 111 Provision (credit) for impairment of fixed assets -- Provision for deferred income taxes 42 Provision for pension and other employee benefits 58 Other 13 Increase in receivables (153) Increase (decrease) in inventories (49) Decrease in accounts payable 10 Pension fund contribution (3) Payments for other employee benefits liability (13) Increase in restricted cash, securities and other - Proceeds from insurance for asbestos litigation claims 3 Other (1) --------- Net cash flow from operations 56 Net Cash Flow From Investing: Additions to plant and equipment (99) Investments in subsidiaries, net of cash acquired (74) Proceeds from the sale of affiliate or business 6 Other - --------- Net cash flow from investing (167) Net Cash Flow From Financing: Other additions to long-term debt - Other reductions to long-term debt (13) Net increase in short-term debt 1 Subject to compromise (5) Other 2 --------- Net cash flow from financing (15) Effect of exchange rate changes on cash (5) Net decrease in cash and cash equivalents (131) --------- Cash and cash equivalents at beginning of period 1,005 --------- Cash and cash equivalents at end of period $874 ========= TRENWICK GROUP: Reports $5.2 Million June 2004 Net Loss ------------------------------------------------------- On July 20, 2004, Trenwick America Corporation, Trenwick Group Ltd. (in provisional liquidation) and LaSalle Re Holdings Limited (in provisional liquidation) filed monthly operating reports for the month ended June 30, 2004 and the period from August 20, 2003 to June 30, 2004 with the United States Bankruptcy Court for the District of Delaware. Trenwick Group Ltd. (Bankr. D. Del. Case No. 03-12636), reports a $5,246,430 net loss for the month ended June 2004, and a cumulative $86,867,439 loss for the period from August 20, 2003 to June 30, 2004. A full-text copy of Trenwick Group Ltd.'s June 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1122211/000116923204003873/d60259_ex99-1.txt Trenwick America Corporation (Bankr. D. Del. Case No. 03-12635) reports a $4,557,886 net loss in June 2004 and a cumulative $61,324,902 loss during the course of its chapter 11 restructuring. A full-text copy of Trenwick America's June 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1122211/000116923204003873/d60259_ex99-2.txt LaSalle Re Holdings Limited (Bankr. D. Del. Case No. 03-12637) reports a $51,759 net loss in June 2004 and a cumulative $3,839,082 post-petition loss. A full-text copy of LaSalle's June 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1122211/000116923204003873/d60259_ex99-3.txt On August 20, 2003, TGL and LaSalle Re Holdings Limited (in provisional liquidation) filed insolvency proceedings in the Supreme Court of Bermuda. On August 22, 2003, the Bermuda Court granted an order appointing Michael Morrison and John Wardrop, partners of KPMG in Bermuda and KPMG LLP in the United Kingdom, respectfully, as Joint Provisional Liquidators in respect of TGL and LaSalle. The Bermuda Court granted the JPLs the power to oversee the continuation and reorganization of these companies' businesses under the control of their boards of directors and under the supervision of the Bankruptcy Court and the Bermuda Court. The JPLs have not audited the contents of this report. ********* 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. 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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. 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. Yvonne L. Metzler, Emi Rose S.R. Parcon, Bernadette C. de Roda, Rizande B. Delos Santos, Jazel P. Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon and Peter A. 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