/raid1/www/Hosts/bankrupt/TCR_Public/040828.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 28, 2004, Vol. 8, No. 183
Headlines
ADELPHIA COMMS: Reports $36.4 Million Net Loss in July 2004
BURLINGTON: BII Trust's April to June 2004 Financial Report
FASTNET CORP: Files April to June 2004 Monthly Operating Reports
GENTEK INC: Second Quarter 2004 Net Income is $185,118
KAISER ALUMINUM: Reports $24.2 Million 2nd Quarter Net Income
LIBERATE TECHNOLOGIES: Posts $2.6 Million Net Loss in July 2004
MIRANT CORP: Reports $49.8 Million Net Income in June 2004
MIRANT: MAGi Reports $47.8 Million Net Income in June 2004
PARMALAT: Farmland Dairies Operating Report Ended July 24, 2004
PARMALAT: Milk Products Operating Report Ended July 24, 2004
PARMALAT USA: Releases Operating Report Ended July 24, 2004
RELIANCE GROUP: Releases July 2004 Monthly Operating Report
USG CORPORATION: Reports $25.2 Million Net Income in July 2004
*********
ADELPHIA COMMS: Reports $36.4 Million Net Loss in July 2004
-----------------------------------------------------------
On August 25, 2004, Adelphia Communications Corporation and
certain other debtor-in-possession subsidiaries of the Company
filed their unaudited consolidated Monthly Operating Report for
the month of July 2004 with the United States Bankruptcy Court for
the Southern District of New York.
The Debtors' July 2004 Monthly Operating Report shows:
Total Assets $52,755,167,000
Total Liabilities
Subject to Compromise 46,071,642,000
Total Liabilities 50,095,410,000
Total stockholders' equity $ 2,121,473,000
Revenue $ 327,205,000
Operating Loss 4,144,000
Net Loss Applicable to
Common Stockholders 36,437,000
Full-text copies of Adelphia's July 2004 Monthly Operating Reports
were delivered to the Securities and Exchange Commission and are
available at no charge at:
http://www.sec.gov/Archives/edgar/data/796486/000104746904027260/a2142684zex-99_1.htm
Adelphia-affiliates Arahova Communications Inc., Frontiervision
Capital Corp., Frontiervision Holdings Capital Corp.,
Frontiervision Holdings Capital II Corp., Frontiervision Holdings
LP, Frontiervision Operating Partners LP, Olympus Capital Corp.,
and Olympus Communications LP, also delivered copies of Adelphia's
consolidated financial statements to the Securities and Exchange
Commission.
Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country. Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks. The Company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002. Those cases are jointly
administered under case number 02-41729. Willkie Farr & Gallagher
represents the ACOM Debtors.
BURLINGTON: BII Trust's April to June 2004 Financial Report
-----------------------------------------------------------
BII Distribution Trust
Unaudited Cash Balance Sheet
As of June 30, 2004
Assets:
Cash $124,618,902
Letters of Credit - Cash Collateral 9,306,509
------------
$133,925,411
============
Liabilities:
BII Distribution Trust Reserve $122,386,047
BII Distribution Trust - Letters of Credit 9,306,509
BII Liquidation Real Estate LLC 2,232,855
BII Dist. Trust - Working Capital Escrow 0
BII Dist. Trust - Working Capital Escrow Interest 0
------------
$133,925,411
============
BII Distribution Trust
Unaudited Cash Receipts and Disbursements
From April 1, 2004 through June 30, 2004
Cash Receipts:
Closing date sale proceeds, net $2,001,738
Post closing working capital adjustment (692,000)
Excluded assets monetized 455,768
Assets monetized due to Buyer (927,968)
Interest income 168,040
------------
1,005,578
Cash Disbursements:
Distributions 0
Secured lender claims 0
Court appointed professionals expense 0
Allowed claims 2,140,460
Trust expenses 1,813,176
------------
3,953,636
------------
Net increase (decrease) in cash (2,948,058)
Cash at beginning of period 136,873,469
------------
Cash at end of period $133,925,411
============
FASTNET CORP: Files April to June 2004 Monthly Operating Reports
----------------------------------------------------------------
Fastnet Corporation (n/k/a FN Estate Inc.) filed its monthly
operating reports for April, May and June, 2004, with the
Bankruptcy Court on August 23, 2004.
The Debtors' Monthly Balance Sheets show:
Apr. 30, 2004 May 31, 2004 June 30, 2004
------------- ------------ -------------
Assets 7,821,584 7,349,200 6,507,283
Post-petition
Liabilities 4,839,416 4,581,368 4,043,625
Pre-petition
Liabilities 16,257,783 16,292,951 16,270,531
Stockholders'
Deficit 25,363,829 25,613,334 25,895,087
Full-text copies of the Debtors' Monthly Operating Reports are
available at no charge at:
April 2004 Monthly Operating Report:
http://www.sec.gov/Archives/edgar/data/1092536/000101968704001911/fastnet_8kex99-1.txt
May 2004 Monthly Operating Report:
http://www.sec.gov/Archives/edgar/data/1092536/000101968704001911/fastnet_8kex99-2.txt
June 2004 Monthly Operating Report:
http://www.sec.gov/Archives/edgar/data/1092536/000101968704001911/fastnet_8kex99-3.txt
On June 10, 2003, Fastnet Corporation (n/k/a FN Estate, Inc.) and
on June 13, 2003, each of its subsidiaries (excluding the
Company's wholly-owned subsidiary "DASLIC", a Delaware Holding
Company) filed respective voluntary petitions for relief under
Chapter 11 of the United States Bankruptcy Code in Jointly
Administered Case No. 03-23143 in the United States Bankruptcy
Court for the Eastern District of Pennsylvania.
As previously reported, on December 15, 2003, FASTNET Corporation
and its debtor subsidiaries completed the sale of substantially
all of their assets, including their Broadband and Dial Up
Internet Access, Co-location, and Managed Hosting business units,
to US LEC Corp. for an estimated $8.5 million, plus the
assumption of certain liabilities. The $8.5 million consisted of
$6 million in cash, $1.5 million in a promissory note and $1
million in Class A common stock of US LEC Corp.
This sale was completed pursuant to the provisions of the United
States Bankruptcy Code, and the sale procedures established by
the Bankruptcy Court, including an auction process. An order
approving such sale was issued by the United States Bankruptcy
Court for the Eastern District of Pennsylvania, Case No. 03-23143,
on December 4, 2003.
This transaction did not include assets associated with the
Companies' Web Development business, upstate New York wireless
business, certain wireline operations in upstate New York,
certain non-operating fixed assets and receivables from former
customers. As a result of this sale, Fastnet Corporation, Inc.
changed its name to FN Estate, Inc.
On January 15, 2004, the Companies completed the sale of
substantially all of their assets associated with their Web
Development business to a group of noteholders of NetReach, Inc.,
a subsidiary of FASTNET Corporation, in exchange for the
surrender and transfer to FASTNET Corporation of promissory notes
of NetReach, Inc. in the aggregate principal amount of $760,000
and in consideration of the assumption of certain liabilities.
This sale was completed pursuant to the provisions of the United
States Bankruptcy Code.
On April 30, 2004, the Companies completed the sale of
substantially all of their assets used or associated with their
wireless Internet access operations located in Rochester, New
York to CBTEK, LLC, a New York limited liability company, for an
estimated $155,000, plus the assumption of certain liabilities.
This sale was completed pursuant to the provisions of the United
States Bankruptcy Code.
On May 4, 2004, FN Estate completed the sale of all of its
information relating to certain customers in connection with FN
Estate's wireline operations in the State of New York to Choice
One Communications of New York, Inc., and agreed to cooperate
during a finite period of time in the migration of such customers
to the Choice One network. Pursuant to the asset purchase
agreement entered into by FN Estate and Choice One, Choice One is
obligated to pay to FN Estate a percentage of the charges
collected by Choice One on or before April 30, 2005 from the
customers that migrate to Choice One on or before June 30, 2004.
This sale was completed pursuant to provisions of the United
States Bankruptcy Code.
The Companies are in the process of selling any remaining non-
operating fixed assets and collecting receivables from former
customers. The Companies anticipate filing a plan of liquidation
with the Bankruptcy Court no later than August 31, 2004, followed
by a winding up of their affairs. It is not anticipated that
there will be any funds available for distribution to shareholders
of FN Estate.
GENTEK INC: Second Quarter 2004 Net Income is $185,118
------------------------------------------------------
GenTek Inc. (OTC Bulletin Board: GETI) reported results for the
second quarter ended June 30, 2004. GenTek's results reflect the
classification of its KRONE communications operating unit as a
discontinued operation due to the sale of that business on
May 18, 2004. In addition, GenTek has applied fresh-start
accounting in conjunction with its emergence from bankruptcy
protection on Nov. 10, 2003, causing the results from the prior-
year period to not be comparable to current period results.
For the second quarter of 2004, GenTek had revenues totaling
$201.6 million and operating profit of $1.0 million. Also for
the quarter, including earnings from discontinued operations, net
income totaled $185.1 million.
For the six months ending June 30, 2004, GenTek had revenues
totaling $394.5 million and operating profit of $23.1 million.
Also for the six-month period, net income was $199.9 million.
Pro Forma Results
To facilitate the comparison of 2004 results against prior
periods, GenTek has presented prior-period results on a pro forma
basis, as if the company had emerged from bankruptcy at the
beginning of such period. In addition, 2004 and 2003 pro forma
results are presented as if the company had completed its sale of
the KRONE communications business at the beginning of such
periods. These pro forma results are based upon certain
important assumptions that are material to the presentation of
such results. In particular, the pro forma results assume a
normalized effective tax rate, which may ultimately be materially
different from GenTek's future effective tax rate. While
management believes that this presentation of pro forma results
may be useful, we caution investors not to rely solely on such
results in making investment decisions.
Pro forma results for the second quarter and first six months of
2004, as well as for the prior-year periods, are summarized in the
attached Schedule 2 and all pro forma adjustments are detailed in
Schedules 3 through 6.
For the second quarter of 2004, GenTek posted revenues of $201.6
million compared with $205.0 million in the corresponding quarter
of 2003. For the second quarter of 2004, GenTek recorded
operating profit of $1.0 million (after restructuring and
impairment charges of $6.1 million) versus a pro forma operating
profit of $7.7 million in the second quarter of 2003. The
company recorded a pro forma net loss of $0.1 million in the
second quarter compared with pro forma net income of $5.5 million
for the same period last year.
Adjusted Pro Forma Results
For further comparison against prior and future periods, GenTek
has also presented 2004 second-quarter results, as well as results
for the comparable prior-year periods, on an adjusted pro forma
basis. The adjusted pro forma results reflect removing the impact
of any restructuring, impairment, reorganization and certain one-
time items. These adjustments are detailed on Schedules 7 and 8.
In addition, the company has presented adjusted earnings before
interest, taxes, depreciation and amortization (adjusted EBITDA)
as a measure of operating results. Adjusted EBITDA reflects
removing the impact of any restructuring, impairment,
reorganization, income from discontinued operations and certain
one-time items. GenTek has presented adjusted EBITDA to enhance
the reader's understanding of operating results, as it is a
measure commonly used to value businesses by investors and
lenders. Adjusted EBITDA is a non-GAAP (Generally Accepted
Accounting Principles) measure, and as such, a reconciliation of
adjusted EBITDA to pro forma net income is provided in
Schedule 9.
During the second quarter of 2004, adjusted EBITDA was $17.8
million compared with $22.0 million in the second quarter of
2003. The majority of the decrease in adjusted EBITDA, or
approximately $3.4 million, is attributable to the effect of
foreign currency gains and losses. On an adjusted pro forma
basis, the company's second-quarter net income totaled $5.0
million compared with $5.5 million for the same period in 2003.
"We are quite pleased with our second quarter results,
particularly in light of the severe raw material price pressure
experienced year-over-year," said Richard R. Russell, GenTek's
president and CEO. "Maintaining the prior-year's adjusted EBITDA
level, excluding the effect of foreign exchange, was accomplished
through improved pass-through of raw material costs and by taking
aggressive action to control other costs. Our continued efforts
to improve cash flow have become even more critical in light of
our expectation that raw material pricing across all of our
businesses will remain challenging for the foreseeable future,"
Mr. Russell noted. "Our initiative to improve trade payable
credit terms are partially reflected in the higher June 30th
payables figure, with additional improvements expected to
contribute favorably to cash flow in the second half of the year."
"GenTek's strong balance sheet provides us with significant
financial flexibility going forward, including the ability to
pursue additional strategic growth opportunities within our core
businesses," Mr. Russell said. "The integration of our most
recent strategic acquisition, Whirlpool's Reynosa wire-harness
business, is proceeding smoothly and according to our planned
timetable."
A full-text copy of GenTek's Form 10-Q is available for free at
the Securities and Exchange Commission at:
http://sec.gov/Archives/edgar/data/1077552/000095011704002980/a38235.htm
GenTek, Inc.
Unaudited Consolidated Balance Sheets
As of June 30, 2004
(In Thousands)
Assets
Current assets:
Cash and cash equivalents $39,064
Receivables, net 119,321
Inventories 67,903
Deferred income taxes 18,948
Other current assets 11,241
---------------
Total current assets 256,477
Property, plant and equipment, net 285,669
Goodwill 154,944
Intangible assets 73,937
Deferred income taxes 3,305
Assets held for sale --
Other assets 34,068
---------------
Total assets $808,400
===============
Liabilities and Equity
Current liabilities:
Accounts payable $35,124
Accrued liabilities 75,781
Current portion of long-term debt 463
---------------
Total current liabilities 111,368
Long-term debt 4,226
Pension and postretirement obligations 138,459
Liabilities of businesses held for sale --
Other liabilities 78,318
---------------
Total liabilities 332,371
---------------
Contingently redeemable warrants --
Equity (deficit):
Preferred Stock, $.01 par value;
authorized 10,000,000 shares;
none issued or outstanding --
Common Stock, no par value;
authorized 100,000,000 shares;
issued: 10,000,000 shares 268,793
Warrants 8,361
Accumulated other comprehensive income 195
Retained earnings 198,680
---------------
Total equity (deficit) 476,029
---------------
Total liabilities and equity (deficit) $808,400
===============
GenTek, Inc.
Unaudited Consolidated Statements of Operations
Three Months Ended June 30, 2004
Net revenues $201,590
Cost of sales 172,262
Selling, general and administrative expense 22,244
Restructuring and impairment charges 6,072
Pension curtailment gain --
---------------
Operating profit (loss) 1,012
Interest expense (contractual interest for
the three-month period was $17,019) 2,686
Interest income 91
Reorganization items --
Other (income) expense, net 564
---------------
Income (loss) before income taxes (2,147)
Income tax provision (benefit) (316)
---------------
Income (loss) from continuing operations (1,831)
Income (loss) from discontinued operations 186,949
---------------
Net income (loss) $185,118
===============
GenTek, Inc.
Consolidated Statements of Cash Flows
Six Months Ended June 30, 2004
Cash flows from operating activities:
Net income (loss) from continuing operations $199,923
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Discontinued operations (190,763)
Depreciation and amortization 21,596
Pension curtailment gain (14,840)
Asset impairment charges --
Reorganization items --
Net loss on disposition of long-term assets (1,176)
Long-term incentive plan costs, net 707
Increase in receivables (15,067)
Increase in inventories (705)
Decrease in deferred tax assets 7,958
Increase (decrease) in accounts payable 6,892
Increase (decrease) in accrued liabilities (32,346)
Increase (decrease) in other
liabilities and assets, net (1,683)
---------------
Net cash provided by (used for) operations (19,504)
Net cash used for discounted operations 8,163
---------------
Net cash provided by (used for)
operating activities (11,341)
---------------
Net cash used for reorganization items --
---------------
Cash flows from investing activities:
Capital expenditures (10,639)
Proceeds from sales or disposals
of long-term assets 5,150
Proceeds from sale of business, net 291,632
Acquisition of business, net of cash acquired (3,649)
Other investing activities (13)
---------------
Net cash provided by (used for)
investing activities 282,481
---------------
Cash flows from financing activities:
Proceeds from long-term debt 23,766
Repayment of long-term debt (274,053)
Redemption of tranche A warrants (8,365)
Debt issuance costs - reorganization --
---------------
Net cash used for financing activities (258,652)
---------------
Effect of exchange rate changes on cash (70)
---------------
Increase (decrease) in
cash and cash equivalents 12,418
Cash and cash equivalents, beginning of period 26,646
---------------
Cash and cash equivalents, end of period $39,064
===============
KAISER ALUMINUM: Reports $24.2 Million 2nd Quarter Net Income
-------------------------------------------------------------
Kaiser Aluminum reported net income of $24.2 million for the
second quarter of 2004, compared to a year-ago net loss of $61.4
million. Net income for the second quarter includes a pre-tax
gain of $23.4 million associated with the sale of the Mead,
Washington, smelter.
For the first six months of 2004, Kaiser reported a net loss
of $39.8 million compared to a net loss of $126.5 million for the
same period of 2003.
Net sales in the second quarter and first six months of 2004 were
$345.1 million and $658.4 million, compared to $296.0 million and
$574.9 million for the same periods of 2003. Kaiser President and
Chief Executive Officer Jack A. Hockema said, "The improvement in
net income in the second quarter of 2004 was due largely to higher
realized prices for alumina and primary aluminum, the gain on the
Mead sale, and higher shipments of fabricated aluminum products.
We were particularly pleased by the improvements in our fabricated
products business, which we expect to be the core business on
which Kaiser focuses in its reorganization."
In accordance with applicable accounting standards, the gain on
the sale of Mead, as well as the operating results for the 65%-
owned Alpart alumina refinery in Jamaica, have been reported
as discontinued operations in the company's Statements of
Consolidated Income for the quarter and six-month periods of 2004
and 2003. The company expects to apply similar treatment to
material asset sales that may be completed in the future.
In commenting on the company's restructuring efforts, Mr. Hockema
said, "Kaiser continues to make progress in its Chapter 11 case.
The completion of the sale of the company's interests in and
related to Alpart on July 1, 2004 was an important step, and we
expect to complete the sale of our interests in Gramercy, Kaiser
Jamaica Bauxite Company, and Valco in the third quarter of this
year. However, the company now believes that it is not likely
that it will emerge from Chapter 11 until sometime in the first
half of 2005 due to, among other things, longer than expected
negotiations in respect of the Intercompany Settlement Agreement
and the fact that the commodity asset sales process has taken
longer than previously expected. In advance of this, we are
pushing for an aggressive pace that would enable us to file a
Disclosure Statement that proposes a Plan of Reorganization by
the end of 2004."
Mr. Hockema said, "To reach that goal, the company and its
advisors are focused on resolving a number of remaining issues."
In particular, Mr. Hockema cited the company's ongoing discussions
with the Pension Benefit Guaranty Corporation (PBGC); negotiations
on the Intercompany Settlement Agreement; a planned amendment to
the Post-Petition Credit Agreement; and the status of the QAL sale
process. These and other issues are described more fully in
Kaiser's Form 10-Q for the second quarter of 2004.
Kaiser ended the second quarter of 2004 with liquidity of
approximately $170 million and no borrowings under its Post-
Petition Credit Agreement.
A full-text copy of Kaiser's Second Quarter 2004 Report on Form
10-Q is available for free at the Securities and Exchange
Commission at:
http://sec.gov/Archives/edgar/data/811596/000095012904006155/h17524e10vq.txt
Kaiser Aluminum Corporation and Subsidiary Companies
Condensed Consolidated Balance Sheet
June 30, 2004
(In millions of dollars)
Assets
Current assets:
Cash and cash equivalents $26.5
Receivables:
Trade, less allowance for doubtful receivables 128.2
Other 20.7
Inventories 176.8
Prepaid expenses and other current assets 28.1
Discontinued operations' current assets 84.6
---------
Total current assets 464.9
Investments in and advances to
unconsolidated affiliates 61.5
Property, plant, and equipment - net 270.0
Other assets 522.9
Discontinued operations' long-term assets 300.6
---------
Total Assets $1,619.9
=========
Liabilities & Stockholder's Equity (Deficit)
Liabilities not subject to compromise
Current liabilities:
Accounts payable $122.8
Accrued interest .9
Accrued salaries, wages, and related expenses 35.5
Accrued postretirement medical benefit
obligation - current portion 8.1
Other accrued liabilities 77.6
Payable to affiliates 54.3
Long-term debt - current portion 1.2
Discontinued operations' current liabilities 47.0
---------
Total current liabilities 347.4
Long-term liabilities 58.9
Long-term debt 2.2
Discontinued operations' long-term liabilities,
including minority interests 139.9
---------
Total liabilities not subject to compromise 548.4
Liabilities subject to compromise 2,833.4
Minority interests 15.0
Commitments and contingencies
Stockholders' equity (deficit):
Common stock 0.8
Additional capital 539.1
Accumulated deficit (2,210.5)
Accumulated other comprehensive income (loss) (106.3)
---------
Total stockholders' equity (deficit) (1,776.9)
---------
Total Liabilities & Stockholder's Equity (Deficit) $1,619.9
=========
Kaiser Aluminum Corporation and Subsidiary Companies
Unaudited Statement of Consolidated Income
Three Months Ended June 30, 2004
(In millions of dollars)
Net Sales $345.1
Cost and expenses:
Cost of products sold 318.5
Depreciation and amortization 6.7
Selling, administrative, R&D, & general 21.8
Other operating charges (benefits), net 0.4
---------
Total Cost and expenses 347.4
Operating loss (2.3)
Other income (expense):
Interest expense (2.2)
Reorganization items (10.3)
Other - net 4.3
---------
Loss before taxes and minority interests and
discontinued operations (10.5)
(Provision) benefit for income taxes (9.3)
Minority interests 0.6
---------
Loss from continuing operations (19.2)
---------
Discontinued operations:
Income (loss) from discontinued operations,
net of income taxes 20.0
Gain from sale of Mead facility 23.4
---------
Income (loss) from discontinued operations 43.4
---------
Net income (loss) $24.2
=========
Kaiser Aluminum Corporation and Subsidiary Companies
Unaudited Statement of Consolidated Cash Flows
Six Months Ended June 30, 2004
(In millions of dollars)
Cash flows from operating activities:
Net loss ($39.8)
Deduct income (loss) from discontinued operations 45.4
---------
Loss from continuing operations (85.2)
Adjustments to reconcile loss from continuing
operations to net cash (used) provided by
continuing operations:
Depreciation and amortization 15.9
Non-cash charges: impairment charge in 2004 33.0
Gain on sale of Tacoma facility --
Equity in earnings of unconsolidated affiliates,
net of distributions (4.5)
Minority interests (1.0)
Decrease (increase) in trade & other receivables (10.8)
(Increase) decrease in inventories (28.2)
Decrease (increase) in prepaid expenses
and other current assets 2.7
Increase in accounts payable & accrued interest 19.1
(Decrease) Increase in other accrued liabilities (4.4)
Increase in payable to affiliates 2.0
Increase (decrease) in accrued and
deferred income taxes 8.6
Net cash impact of changes in long-term assets
and liabilities 9.6
Net cash provided (used) by
discontinued operations 23.3
Other 2.7
---------
Net cash used by operating activities (17.2)
---------
Cash flows from investing activities:
Net proceeds from dispositions:
primarily Tacoma facility and interests in
office building complex in 2003 --
Capital expenditures (2.9)
Net cash provided (used) by
discontinued operations: primary proceeds from
sale of Mead properties and
Alpart-related capital expenditures 11.2
---------
Net cash provided by investing activities 8.3
---------
Cash flows from financing activities:
Financing costs, primarily DIP Facility related (0.2)
---------
Net cash used by financing activities (0.2)
---------
Net (decrease) increase in cash & cash equivalents
during the period (9.1)
Cash and cash equivalents at beginning of period 35.6
---------
Cash and cash equivalents at end of period $26.5
=========
LIBERATE TECHNOLOGIES: Posts $2.6 Million Net Loss in July 2004
---------------------------------------------------------------
On August 20, 2004, Liberate Technologies filed its monthly
operating report for the month of July 2004 with the United
States Bankruptcy Court for the Northern District of California
in connection with Liberate's voluntary petition for
reorganization under Chapter 11 of the United States Bankruptcy
Code in Case No. 04-31394. The Company reports a net loss of
$2,621,630 on $46,380 of net sales in July 2004.
At July 31, 2004, Liberate Technologies' balance sheet shows:
Total Current Assets $ 216,401,927
Total Assets 224,743,928
Total Current Liabilities 9,638,996
Total Pre-petition Liabilities 19,677,117
Total Liabilities 29,316,113
Total Equity $ 195,427,815
A full-text copy of Liberate Technologies' July 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1085776/000110465904025338/a04-9865_1ex99d01.htm
MIRANT CORP: Reports $49.8 Million Net Income in June 2004
----------------------------------------------------------
Mirant Corporation and Subsidiaries
Consolidated Balance Sheet
As of June 30, 2004
ASSETS
Cash and cash equivalents $1,273,755,862
Accounts receivable - net 1,092,386,946
Assets from risk management activities 150,689,582
Derivative hedging instruments 0
Inventories 300,385,618
Other 569,235,556
---------------
Total Current Assets 3,386,453,564
Property, plant and equipment 5,305,400,593
Less: accumulated depreciation 716,128,408
Leasehold interests - net 1,536,300,535
Construction work in progress 84,349,637
Investment in suspended construction 356,905,901
---------------
Total net property, plant and equipment 6,566,828,258
Investments 244,706,118
Long-term accounts receivable - net 32,455,165
Notes receivable - net 0
Assets from risk management activities 131,643,541
Goodwill - net 587,304,353
Other intangibles - net 274,582,616
Derivative hedging instruments 0
Restricted cash, non-current 46,566,603
Other long-term assets 1
Miscellaneous deferred charges 384,752,891
---------------
Total Non-current Assets 1,702,011,287
---------------
TOTAL ASSETS $11,655,293,109
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,487,562,958
Accounts Payable 487,667,901
Liabilities from risk management activities 371,296,330
Obligations under energy deliveries 132,558,004
Derivative hedging instruments 0
Other 449,461,341
Miscellaneous deferred credits 497,682,354
---------------
Total postpetition liabilities 3,426,228,888
Prepetition Liabilities 8,815,832,954
---------------
TOTAL LIABILITIES 12,242,061,842
EQUITY:
Minority interest in subsidiaries 165,503,751
Mandatory redeemable securities 0
Common stock 4,056,621
Additional paid-in capital 4,917,963,428
Retained earnings (5,615,923,591)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (56,108,943)
---------------
Total Equity (586,768,733)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $11,655,293,109
===============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending June 30, 2004
REVENUES:
Generation $490,189,475
Net trading revenue (3,398,855)
Distribution 45,659,116
Other 973,084
---------------
Gross Margin 533,422,820
OPERATING EXPENSES:
Energy cost 290,203,597
Operations and maintenance 75,767,973
Depreciation and amortization 26,119,979
Gain on sale of property and investment 181,033
Impairment loss 48,644,766
Restructuring costs 3,130,675
---------------
Total Operating Expenses 444,048,024
---------------
Income before non-operating income
and expense 89,374,797
OTHER INCOME AND EXPENSES:
Interest income 1,305,207
Interest expense (11,257,738)
Equity in income of affiliates 2,613,535
Other 35,179,702
Reorganization items (64,231,494)
Minority interest (3,144,460)
Net income from discontinued operations 0
---------------
Total Other Income (39,535,249)
Provision for income tax (32,129)
---------------
NET PROFIT (LOSS) $49,807,418
===============
Mirant Corporation
Unconsolidated Cash Receipts and Disbursements
For the month ending June 30, 2004
Cash, beginning of month $205,664,219
Non-Operating Receipts:
Total non-operating receipts 90,652,372
---------------
Total receipts 90,652,372
---------------
Total Cash Available 296,316,591
Operating Disbursements 0
Reorganization Expenses 22,885
---------------
Total disbursements 22,885
---------------
Net Cash Flow 90,629,487
---------------
Cash, end of month $296,293,707
===============
MIRANT: MAGi Reports $47.8 Million Net Income in June 2004
----------------------------------------------------------
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheets
As of June 30, 2004
ASSETS
Cash and cash equivalents $332,504,664
Accounts receivable - net 593,692,226
Assets from risk management activities 53,512,984
Derivative hedging instruments 0
Inventories 97,104,894
Other 107,726,496
---------------
Total Current Assets 1,184,541,264
Property, plant and equipment 2,196,122,511
Less: accumulated depreciation 295,520,830
Construction work in progress 29,563,645
Investment in suspended construction 281,204,657
---------------
Total net property, plant and equipment 2,211,369,983
Investments 25,000
Long-term accounts receivable - net 94,412,675
Notes receivable - net 223,275,000
Assets from risk management activities 25,684,748
Goodwill - net 0
Other intangibles - net 210,732,404
Derivative hedging instruments 0
Restricted cash, non-current 0
Other long-term assets 0
Miscellaneous deferred charges 203,700,695
---------------
Total Non-current Assets 757,830,522
---------------
TOTAL ASSETS $4,153,741,769
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $0
Accounts Payable 297,848,897
Liabilities from risk management activities 154,956,478
Obligations under energy deliveries 0
Derivative hedging instruments 0
Other 127,098,108
Miscellaneous deferred credits 12,519,709
---------------
Total postpetition liabilities 592,423,191
Prepetition Liabilities 3,417,981,404
---------------
TOTAL LIABILITIES 4,010,404,595
EQUITY:
Minority interest in subsidiaries 0
Mandatory redeemable securities 0
Common stock 1,000
Additional paid-in capital 3,858,859,362
Retained earnings (3,715,523,188)
Accumulated other comprehensive income 0
---------------
Total Equity 143,337,174
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,153,741,769
===============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending June 30, 2004
REVENUES:
Generation $257,849,721
Net trading revenue 19,211
Other 106,055
---------------
Gross Margin 257,974,987
OPERATING EXPENSES:
Energy cost 133,659,840
Maintenance 46,707,158
Depreciation and amortization 7,362,151
Selling, general & administrative 0
Gain on sale of property and investments 2,243
Restructuring costs 1,187,852
---------------
Total Operating Expenses 188,919,244
---------------
Income before non-operating income
and expense 69,055,743
OTHER INCOME AND EXPENSES:
Interest income 0
Interest expense (494,779)
Other income (expense) 302
Reorganization items (25,054,420)
Loss from discontinued operations 0
Minority interest 0
---------------
Total Other Income (expense) (25,548,896)
Provision for income tax 4,359,172
---------------
NET PROFIT (LOSS) $47,866,019
===============
Mirant Americas Generation, LLC
Unconsolidated Cash Receipts and Disbursements
For the month ending June 30, 2004
Cash, beginning of month $113,951,430
Non-Operating Receipts:
Loans and advances (14,599,614)
Other 0
---------------
Total non-operating receipts (14,599,614)
---------------
Total receipts (14,599,614)
---------------
Total Cash Available 99,351,816
REORGANIZATION EXPENSES:
Professional fees 0
---------------
Total reorganization expenses 0
---------------
Total disbursements 0
---------------
Net Cash Flow (14,599,614)
---------------
Cash, end of month $99,351,816
===============
PARMALAT: Farmland Dairies Operating Report Ended July 24, 2004
---------------------------------------------------------------
Farmland Dairies, LLC
Balance Sheet
As of July 24, 2004
Assets
Cash & Cash Equivalents $6,779,640
Accounts Receivable-Trade 46,369,855
Accounts Rec.-Securitization (44,678,656)
Notes Receivable 236,236
Inventory 16,903,377
Prepaid Expenses 15,667,383
Other Current Assets 536,527
------------
Total Current Assets 41,814,362
Fixed Assets 215,172,309
Accumulated Depreciation 116,124,973
------------
Net Fixed Assets 99,047,336
Other Assets 44,004,040
Intercompany Receivables 80,244,589
------------
Total Assets $265,110,327
============
Liabilities Subject to Compromise:
Accounts Payable 14,369,174
Accrued Expenses 3,328,328
Intercompany Payables 25,318,781
Capital Lease 95,000,000
------------
Total Liabilities Subject to Compromise 138,016,283
Liabilities:
Notes & Loans Payable 0
Capital Leases - Short Term 345
Accounts Payable 14,510,584
Accrued Expenses 23,581,760
------------
Total Current Liabilities 38,092,689
Notes & Loans Payable 30,502,074
Capital Leases - Long Term 47,142
Other 8,389,235
------------
Total Long Term Liabilities 38,938,451
Intercompany Payables (82,068,989)
------------
Total Liabilities 132,978,434
Equity
Paid In Capital 161,506,590
Accum Comprehensive Income (7,013,988)
Retained Earnings 11,323,693
YTD Net Income/(Loss) (33,684,402)
------------
Total Equity 132,131,893
------------
Total Liabilities & Owners' Equity $265,110,327
============
Farmland Dairies, LLC
Income Statement
From June 20, 2004 to July 24, 2004
Revenues
Gross sales $44,779,367
Less: Returns & discounts 1,118,324
------------
Net sales 43,661,043
Expenses
Raw Materials & Ingredients 30,000,967
Packaging 2,860,080
Direct Labor 948,391
Power 583,193
Freight 375,831
Distribution 3,083,297
Industrial Depreciation 499,602
Production Overhead 2,824,258
Warehouse (Cooler) 1,950,102
Marketing Costs 785,266
Sales Admin Expenses 501,656
General Expenses 1,008,478
Financial Costs 953,257
Goodwill/trademarks 8,445
Extraordinary 97,033
Corporate Allocation (62,500)
Income Taxes 0
------------
Total Expenses 46,417,356
Reorganization Expenses 3,707,293
------------
Net Profit (Loss) ($6,463,606)
============
Farmland Dairies, LLC
Cash Receipts and Disbursements
From June 20, 2004 to July 24, 2004
Cash - Beginning of Month $3,636,498
Receipts From Operations
Cash Sales 0
Collection of Accounts Receivable
Prepetition 315,089
Postpetition 44,490,091
------------
Total Operating Receipts 44,805,180
Non - Operating Receipts
Proceeds from GE Capital 13,700,000
Voided Checks (Prepetition) -
Adjustments (9,227)
Deposits -- Other 888,132
Transfers 6,340,000
------------
Total Non-Operating Receipts 20,918,905
------------
Total Receipts 65,724,085
------------
Total Cash Available 69,360,583
Operating Disbursements
Chemicals 725,810
Commissions 109,019
Consulting/Legal 59,542
Co-packing 617,852
Employee & Employee-related expenses 1,174,374
Equipment Leases 626,373
Freight & Postage 297,994
Fuel 159,783
Transportation 607,616
Ingredients 2,352,496
Insurance 1,430,434
Lab Fees 126,279
Licenses & Taxes 1,766,348
Marketing 6,102,517
Other 527,838
Packaging 2,405,775
Pallets/Cases/Bossies 288,766
Milk Producers 26,942,082
Marketing Administrator 2,283,642
Purchased Products 1,065,157
R & M, Parts, Supplies 1,285,867
Raw Milk 1,007,037
Rebates 32,445
Rent (401,103)
Security 127,251
Temporary Labor 52,944
Travel & Entertainment 33,372
Utilities 1,147,933
Securitization Payments 203,601
Payroll 4,403,217
Payroll Taxes 600,768
Voided Checks (Postpetition) (3,965)
------------
Total expenses 58,961,271
Reorganization Expenses
Professional Fees 3,629,839
U.S. Trustee Fees -
DIP Interest & Fees 101,636
------------
Total Reorganization Expenses 3,731,475
------------
Total Disbursements 62,692,746
------------
Net Cash Flow 3,031,339
------------
Cash - End of Month $6,667,837
============
PARMALAT: Milk Products Operating Report Ended July 24, 2004
------------------------------------------------------------
Milk Products of Alabama, LLC
Balance Sheet
As of July 24, 2004
Assets
Cash & Cash Equivalents $505,140
Accounts Receivable-Net 4,078,859
Inventory 1,198,997
Prepaid Expenses 301,748
Other Current Assets 4,521
--------------
Total Current Assets 6,089,265
Fixed Assets 10,926,223
Accumulated Depreciation 6,662,263
--------------
Net Fixed Assets 4,263,960
Other Assets 885,023
Intercompany Receivables 0
--------------
Total Assets $11,238,248
==============
Liabilities Subject to Compromise
Accrued Expenses $45,227
Intercompany payables 8,338,493
--------------
Total Liabilities Subject to Compromise 8,383,720
Liabilities
Accounts Payable 195,278
Accrued Expenses 34,197
--------------
Total Current Liabilities 229,475
Long Term Notes Payable -- Intercompany -
Other 221,860
--------------
Total Long Term Liabilities 221,860
Intercompany Payables 1,673,600
--------------
Total Liabilities 10,508,655
Equity
Retained Earnings 18,414
YTD Net Income/(Loss) 711,179
--------------
Total Equity 729,593
--------------
Total Liabilities & Owners' Equity $11,238,248
==============
Milk Products of Alabama, LLC
Income Statement
From June 20, 2004 to July 24, 2004
Revenues
Gross sales $5,566,833
Less: Returns & discounts 898
------------
Net sales 5,565,935
Expenses
Raw Materials & Ingredients 3,755,790
Packaging 450,779
Direct Labor 109,872
Power 92,111
Freight 201,408
Industrial Depreciation 35,392
Production Overhead 252,375
Warehouse (Cooler) 10,837
Marketing Costs 0
Sales Admin Expenses 39,879
General Expenses 71,127
Financial Costs 26,712
Other (Income) Expense (663)
Extraordinary 91,563
Corporate Allocation 62,500
Income Taxes 0
------------
Total Expenses 5,199,682
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
------------
Total Reorganization Expenses -
------------
Net Profit (Loss) $366,253
============
Milk Products of Alabama, LLC
Cash Receipts and Disbursements
From June 20, 2004 to July 24, 2004
Cash - Beginning of Month $1,766,234
Receipts From Operations
Cash Sales -
Collection of Accounts Receivable
Prepetition 0
Postpetition 5,078,459
------------
Total Operating Receipts 5,078,459
Non - Operating Receipts
Transfers (6,340,000)
Other 88
------------
Total Non-Operating Receipts (6,339,912)
------------
Total Receipts (1,261,453)
------------
Total Cash Available 504,782
Operating Disbursements
Bank Charges -
Freight -
Ingredients -
Licenses & Taxes -
Packaging -
Raw Milk -
R & M, Parts, Supplies -
Other -
Warehouse (Cooler) -
Marketing Costs -
Sales Admin Expenses -
General Expenses 2,142
Financial Costs -
Goodwill/trademarks -
Extraordinary -
Corporate Allocation -
Income Taxes -
------------
Total expenses 2,142
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
------------
Total Reorganization Expenses -
------------
Total Disbursements 2,142
------------
Net Cash Flow (1,263,594)
------------
Cash - End of Month $502,640
============
PARMALAT USA: Releases Operating Report Ended July 24, 2004
-----------------------------------------------------------
Parmalat USA Corporation
Balance Sheet
As of July 24, 2004
Assets
Cash & Cash Equivalents $0
Accounts Receivable-Net 0
Notes Receivable -Current 0
Inventory 0
Prepaid Expenses 0
Other Current Assets 0
--------------
Total Current Assets 0
Fixed Assets 0
Accumulated Depreciation 0
--------------
Net Fixed Assets 0
Other Assets 325,973,635
Intercompany Receivables 25,256,888
--------------
Total Assets $351,230,523
==============
Liabilities Subject To Compromise
Long Term Debt & Interest $19,836,909
Intercompany payables 212,783,632
--------------
Total Liabilities Subject to Compromise 232,620,541
Liabilities
Accounts Payable 0
Notes & Loans Payable 0
Accrued Expenses 548,176
Intercompany Payables 0
--------------
Total Liabilities 233,168,717
Equity
Common Stock 1,388,356
Paid In Capital 227,962,103
Retained Earnings (110,643,290)
YTD Net Income/(Loss) (645,365)
--------------
Total Equity 118,061,804
--------------
Total Liabilities & Owners' Equity $351,230,521
==============
Parmalat USA Corporation
Income Statement
From June 20, 2004 to July 24, 2004
Revenues
Gross sales $0
Less: Returns & discounts 0
------------
Net sales 0
Expenses
Raw Materials & Ingredients 0
Packaging 0
Direct Labor 0
Power 0
Freight 0
Distribution 0
Industrial Depreciation 0
Production Overhead 0
Warehouse (Cooler) 0
Marketing Costs 0
Sales Admin Expenses 0
General Expenses 0
Financial Costs 100,901
Goodwill/trademarks 18,226
Extraordinary -
Corporate Allocation -
Depreciation -
Amortization -
Income Taxes -
------------
Total Expenses 119,127
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
------------
Total Reorganization Expenses -
------------
Net Profit (Loss) ($119,127)
============
Parmalat USA Corporation received no cash nor made disbursements
from June 20, 2004 to July 24, 2004.
RELIANCE GROUP: Releases July 2004 Monthly Operating Report
-----------------------------------------------------------
Reliance Group Holdings, Inc., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession 31-Jul-2004
_____________________________________ ___________
ASSETS
Unrestricted Funds $57,972,000
----------------
Total 57,972,000
Accounts and Notes Receivable 13,090,000
Prepaid expenses and deposits 553,000
Due from Reliance Development Group,
less allowance of $59,334,000 0
Plant, property & equipment -
----------------
Total Assets $71,615,000
================
LIABILITIES & SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise
Postpetition accounts payable $2,255,000
Professional fee holdback payable 1,978,000
Liabilities subject to compromise 1,025,318,000
----------------
Total liabilities 1,029,551,000
----------------
Shareholders' deficit:
Common stock 11,616,000
Additional paid in capital 558,541,000
Accumulated deficit (1,528,093,000)
----------------
Total shareholders' deficit (957,936,000)
----------------
Total liabilities & deficit $71,615,000
================
Reliance Group Holdings, Inc., et al.
Unaudited Consolidated Statement of 1-Jul-2004
Operations, excluding subsidiaries to
which are not Debtors-in-Possession 31-Jul-2004
_____________________________________ ___________
Revenues $0
----------------
Costs and expenses:
Operating and administrative 41,000
Pension Plan Actuarial
Adjustments and Expenses 0
Depreciation 0
----------------
Total costs and expenses 41,000
----------------
Loss before reorganization items (41,000)
----------------
Reorganization items:
Professional fees 635,000
Increase in allowance on balance
due from Reliance Development
Group, Inc. 0
Reduction of balance due Reliance
Insurance Company per settlement -
Interest earned on accumulated
cash resulting from
Chapter 11 proceeding (60,000)
----------------
Total reorganization items 575,000
----------------
Income Tax benefits 0
----------------
Net Income ($616,000)
================
Reliance Group Holdings, Inc., et al.
Unaudited Consolidated Statement of 1-Jul-2004
Cash Flows, excluding subsidiaries to
which are not Debtors-in-Possession 31-Jul-2004
_____________________________________ ___________
Cash flows from operating activities:
Loss from operations before
reorganization items ($41,000)
Adjustments to reconcile loss to
net cash provided by
operating activities:
Income Tax Recovery 0
Depreciation 0
Changes in:
Prepaid expenses 0
Postpetition payables (11,000)
Increase in Liabilities
subject to compromise 0
----------------
Net cash (used) provided by
operating activities before
reorganization items (52,000)
----------------
Operating cash flows from
reorganization items:
Interest earned 60,000
Application of retainer
towards reorganization
professional fees 0
Payment of
reorganization items (578,000)
Distribution to Reliance
Insurance Company
(in liquidation) 0
----------------
Net cash used by
reorganization items (518,000)
----------------
Net cash used by
operating activities (570,000)
----------------
Cash flows from investing activities:
Receipt from Reliance
Development Group 0
----------------
Net cash provided by
investing activities 0
----------------
Cash flow from financing activities:
Proceeds of split dollar policies 0
----------------
Net cash provided by
financing activities 0
----------------
Net increase in cash (570,000)
Cash at beginning of period 58,542,000
----------------
Cash at end of period $57,972,000
================
USG CORPORATION: Reports $25.2 Million Net Income in July 2004
--------------------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet 31-July-2004
__________________________ ____________
Assets:
Cash and cash equivalents $415,554,000
Marketable Securities 80,432,000
Restricted Cash 22,603,000
Receivables 409,816,000
Inventories 311,404,000
Income taxes receivable 19,600,000
Deferred income taxes 42,586,000
Other current assets 54,085,000
-------------
Total current assets 1,356,080,000
Property, plant and equipment, net 1,571,300,000
Marketable Securities 238,660,000
Deferred income taxes 143,581,000
Goodwill 41,201,000
Other assets 360,660,000
-------------
Total Assets $3,711,482,000
=============
Liabilities and Stockholders' Equity:
Accounts payable $222,014,000
Accrued expenses 167,171,000
Taxes on income 40,745,000
-------------
Total current liabilities 429,930,000
Other liabilities 415,487,000
Liabilities subject to compromise 2,238,572,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (257,993,000)
Capital received in excess of par value 101,603,000
Accumulated other comprehensive income/(loss) 16,987,000
Retained earnings 761,898,000
-------------
Total stockholders' equity 627,493,000
-------------
Total Liabilities and Stockholders' Equity $3,711,482,000
=============
USG Corporation, et al. Month Ending
Consolidated Income Statement 31-July-2004
_____________________________ ____________
Net sales $351,370,000
Cost of products sold 284,592,000
Selling and administrative expenses 23,519,000
Chapter 11 reorganization expenses (384,000)
Interest expense 273,000
Interest income (164,000)
Other (income)/expense, net (186,000)
-------------
Earnings/(loss) before income taxes 43,720,000
Income taxes (benefit) 18,481,000
-------------
Net Earnings/(loss) $25,239,000
=============
Headquartered in Chicago, Illinois, USG Corporation --
http://www.usg.com/-- through its subsidiaries, is a leading
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes. The Company filed
for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No.
01-02094). David G. Heiman, Esq., and Paul E. Harner, Esq., at
Jones, Day, Reavis & Pogue represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed $3,252,000,000 in assets and
$2,739,000,000 in debts. (USG Bankruptcy News, Issue No. 71;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com.
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
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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. Chapman, Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***