/raid1/www/Hosts/bankrupt/TCR_Public/040904.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, September 4, 2004, Vol. 8, No. 189
Headlines
CENTURY/ML: Reports $1.9 Million Net Income for July 2004
DVI INC: Releases July 2004 Cash Receipts & Disbursements Data
ENRON CORP: February 2004 Monthly Operating Report
ENRON: Wind Trust's July 2004 Monthly Cash Report
HAUSER INC: Submits July 2004 Monthly Operating Report
HAWAIIAN AIRLINES: July 2004 Net Income Climbs to $10.1 Million
HAYES LEMMERZ: Reports Second Quarter 2004 Fiscal Results
PARMALAT: Releases Financial Reports Ending December 31, 2003
PG&E NATIONAL: ET Gas May 2004 Monthly Operating Report
PG&E NATIONAL: ET Gas June 2004 Monthly Operating Report
PG&E NATIONAL: ET Holdings May 2004 Monthly Operating Report
PG&E NATIONAL: ET Holdings June 2004 Monthly Operating Report
PG&E NATIONAL: ET Investments May 2004 Monthly Operating Report
PG&E NATIONAL: ET Investments June 2004 Monthly Operating Report
PG&E NATIONAL: ET Power May 2004 Monthly Operating Report
PG&E NATIONAL: ET Power June 2004 Monthly Operating Report
ROUGE INDUSTRIES: Files July 2004 Monthly Operating Report
SK GLOBAL: Reports $706,620 Net Loss in July 2004
SOLUTIA INC: Reports $15 Million Net Loss in July 2004
TOUCH AMERICA: Files Jan. to March 2004 Monthly Operating Reports
UAL CORP: Reports $10.8 Million Net Loss in June 2004
WINSTAR COMMS: Releases May 2004 Monthly Operating Report
WINSTAR COMMS: Releases June 2004 Monthly Operating Report
*********
CENTURY/ML: Reports $1.9 Million Net Income for July 2004
---------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of July 31, 2004
(Dollars in thousands)
ASSETS
Cash and cash equivalents $16,485
Subscriber receivables - net 528
Prepaid expenses 160
Investment in Century-ML Corporation 123,892
Related party receivables 231
Property, plant and equipment - net 6,068
Intangible assets - net 1,528
Other assets - net 108
--------
Total assets $149,000
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Subscriber advance payments and deposits $368
Accrued expenses and other liabilities 1,428
Intercompany payables 2,777
Deferred income taxes 45
--------
$4,618
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,372
Intercompany payables 10,817
--------
Total liabilities subject to compromise 12,209
--------
Total liabilities 16,827
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 75,373
--------
Total partners' equity 132,173
--------
Total liabilities and partners' equity $149,000
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Operations
For the Month Ended July 31, 2004
(Dollars in thousands)
Revenue $1,025
Cost and expenses:
Direct operating and programming 537
Selling, general and administrative 23
Management fees 41
Non-recurring professional fees -
Depreciation 60
--------
Operating income before reorganization
expenses due to bankruptcy 364
Reorganization expenses due to bankruptcy 49
--------
Operating income 315
Interest income - net 11
Equity in net income of Century-ML Cable
Corporation - net of taxes 1,873
--------
Income before income taxes 2,199
Income tax expense (232)
--------
Net income $1,967
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Cash Flows
For the Month Ended July 31, 2004
(Dollars in thousands)
Cash flow from operating activities:
Net income $1,967
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 60
Reorganization expenses due to bankruptcy 49
Non-recurring professional fees -
Equity in net income of Century-ML Cable
Corporation - net of taxes (1,873)
Change in assets and liabilities:
Subscriber receivables - net 14
Prepaid expenses and other assets - net 13
Accounts payable -
Subscriber advance payments and deposits 17
Accrued expenses and other liabilities 5
Intercompany receivables and payables - net 198
--------
Net cash provided by operating activities 450
--------
Cash flows from investing activities:
Expenditures from property, plant and equipment (55)
--------
Net cash used in investing activities (55)
Change in cash and cash equivalents 395
Cash and cash equivalents, beginning of period 16,090
--------
Cash and cash equivalents, end of period $16,485
========
Century/ML Cable Venture is a holder of the cable franchise in
Levittown, Puerto Rico and a New York joint venture between
Century Communications Corp., a wholly owned indirect subsidiary
of Adelphia Communications, and ML Media Partners, L.P. The Debtor
filed for Chapter 11 relief on September 30, 2002 (Bankr. S.D.N.Y.
Case No. 02-14838). Richard S. Toder, Esq., Neil H. Herman, Esq.,
and Ron Baskin, Esq., at Morgan, Lewis & Bockius LLP represent the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed total assets and debts of
more than $100 Million.
DVI INC: Releases July 2004 Cash Receipts & Disbursements Data
--------------------------------------------------------------
On August 25, 2003, DVI, Inc., together with DVI Financial
Services Inc., and DVI Business Credit Corporation filed a
petition for reorganization under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
Delaware.
On August 26, 2004, DVI, DVI FS and DVI BC filed their respective
Monthly Operating Reports with the U.S. Bankruptcy Court and the
U.S. Trustee for the period from July 1, 2004 through July 31,
2004 showing:
Debtor Cash Receipts Cash Disbursements
------ ------------- ------------------
DVI $0 $0
DVI FS $27,900,000 $28,045,000
DVI BC $0 $0
Full-text copies of DVI's July 2004 Monthly Operating Report are
available at no charge at:
DVI Inc:
http://www.sec.gov/Archives/edgar/data/801550/000095012304010395/y01385exv99w1.txt
DVI Financial Services:
http://www.sec.gov/Archives/edgar/data/801550/000095012304010395/y01385exv99w2.txt
DVI Business Credit:
http://www.sec.gov/Archives/edgar/data/801550/000095012304010395/y01385exv99w3.txt
ENRON CORP: February 2004 Monthly Operating Report
--------------------------------------------------
On August 23, 2004, Enron Corp. and certain other debtor-in-
possession subsidiaries of the Company filed their monthly
operating report for February 2004 with the United States
Bankruptcy Court for the Southern District of New York.
A full-text copy of Enron Corp.'s February 2004 Monthly Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1024401/000095012904006466/h17976exv99w1.txt
Enron Corp. et al.
Cash Activity Rollforward
For the Month Ended February 29, 2004
Beginning cash $1,546,000,000
Third party receipts 74,000,000
Third party disbursements (46,000,000)
Net Intercompany (3,000,000)
Transfer from or to Restricted Cash (72,000,000)
----------------
Ending balance $1,499,000,000
Enron Corp. et al.
Tax Rollforward (Non-Payroll)
For the Month Ended February 29, 2004
Beginning Balance $18,000,000
Accruals 1,000,000
Intercompany 0
Payments 0
----------------
Ending Balance $19,000,000
Enron Corp. et al.
Receivables Rollforward - Non-Commodity
For the Month Ended February 29, 2004
Beginning Balance $315,000,000
Billings 3,000,000
Payments Received (3,000,000)
Other Adjustments (23,000,000)
----------------
Ending Balance $292,000,000
Enron Corp. et al.
Commodity Receivables and Payables
For the Month Ended February 29, 2004
Receivables $410,000,000
Payables 654,000,000
Headquartered in Houston, Texas, Enron Corporation is in the midst
of restructuring various businesses for distribution as ongoing
companies to its creditors and liquidating its remaining
operations. Before the company agreed to be acquired, controversy
over accounting procedures had caused Enron's stock price and
credit rating to drop sharply. The Company filed for chapter 11
protection on December 2, 2001 (Bankr. S.D.N.Y. Case No. 01-
16033). Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.
Martin J. Bienenstock, Esq., and Brian S. Rosen, Esq., at Weil,
Gotshal & Manges, LLP, represent the Debtors in their
restructuring efforts. (Enron Bankruptcy News, Issue No. 123;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
ENRON: Wind Trust's July 2004 Monthly Cash Report
-------------------------------------------------
Wind Systems Trust
Combined Summary Report of Cash and Disbursements
For the Period July 1 to 31, 2004
Beginning Cash Balance $41,265,176
Total Cash Receipts 42,617
Total Cash Disbursements (9,636)
----------
Ending Cash Balance $41,298,157
ZWHC, LLC, Consolidated
The Trust and its Subsidiaries
Combined Summary Report of Cash and Disbursements
For the Period July 1 to 31, 2004
Beginning Cash Balance $7,213,991
Total Cash Receipts 12,049
Total Cash Disbursements (8,198)
----------
Ending Cash Balance $7,217,842
Wind Development Trust
Combined Summary Report of Cash and Disbursements
For the Period July 1 to 31, 2004
Beginning Cash Balance $19,824,307
Total Cash Receipts 72,918
Total Cash Disbursements (117,465)
----------
Ending Cash Balance $19,779,760
Headquartered in Houston, Texas, Enron Corporation is in the midst
of restructuring various businesses for distribution as ongoing
companies to its creditors and liquidating its remaining
operations. Before the company agreed to be acquired, controversy
over accounting procedures had caused Enron's stock price and
credit rating to drop sharply. The Company filed for chapter 11
protection on December 2, 2001 (Bankr. S.D.N.Y. Case No. 01-
16033). Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.
Martin J. Bienenstock, Esq., and Brian S. Rosen, Esq., at Weil,
Gotshal & Manges, LLP, represent the Debtors in their
restructuring efforts. (Enron Bankruptcy News, Issue No. 123;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
HAUSER INC: Submits July 2004 Monthly Operating Report
------------------------------------------------------
Kenneth C. Cleveland, President and Chief Executive Officer for
Hauser, Inc. (OTC:HAUSQ) advises that on August 16, 2004, the
Company and its wholly owned subsidiaries filed the monthly
operating report for the month ended July 31, 2004 with the Office
of the United States Trustee pursuant to Bankruptcy Rule 2015 and
the Trustee's Financial Reporting Requirements for Chapter 11
Cases.
Citing Rule 202 of Regulation S-T and the Company's continuing
hardship exemption, Mr. Cleveland explains that it is impossible
to deliver an electronic copy of that financial report to the
Securities and Exchange Commission so the Company has manually
filed a paper copy of the Amended Reports under cover of Form
SE.
Hauser Inc. filed for chapter 11 protection on April 1, 2003, in
Los Angeles (Bankr. C.D. Calif. Case No. 03-18795). Christine
M. Pajak, Esq., at Stutman, Treister & Glatt, serves as legal
counsel to the Debtors.
HAWAIIAN AIRLINES: July 2004 Net Income Climbs to $10.1 Million
---------------------------------------------------------------
On August 20, 2004, Hawaiian Airlines, the sole operating
subsidiary of Hawaiian Holdings, Inc., filed its unaudited July
2004 Monthly Operating Report with the United States Bankruptcy
Court for the District of Hawaii. The carrier reports earning
$10,131,000 on $80,699,000 of revenues in July 2004.
At July 31, 2004, Hawaiian Airlines' balance sheet showed:
Total Current Assets $289,695,000
Total Assets 413,110,000
Total Current Liabilities 272,868,000
Total Liabilities 461,962,000
Liabilities Subject
to Compromise 133,389,000
Shareholder's Deficit $182,241,000
A full-text copy of Hawaiian Airlines' July 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1172222/000095013604002875/file001.htm
Headquartered in Honolulu, Hawaii, Hawaiian Airlines, Inc., --
http://hawaiianair.com/-- is a subsidiary of Hawaiian Holdings,
Inc. (Amex and PCX: HA). The Company provides primarily scheduled
transportation of passengers, cargo and mail. Flights operate
within the South Pacific and to points on the west coast as well
as Las Vegas. Since the appointment of a bankruptcy trustee in May
2003, Hawaiian Holdings has had no involvement in the management
of Hawaiian Airlines and has had limited access to information
concerning the airline. The Company filed for chapter 11
protection on March 21, 2003 (Bankr. D. Hawaii Case No. 03-00817).
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.
HAYES LEMMERZ: Reports Second Quarter 2004 Fiscal Results
---------------------------------------------------------
HLI Operating Company, Inc.
Unaudited Balance Sheet
As of June 30, 2004
(In Thousands)
ASSETS
Current assets:
Total Cash and Marketable Securities $59,002
Accounts Receivable 347,535
Inventories and Factory Supply 198,744
Prepaid expenses and other 20,538
----------
Total Current Assets 625,819
Property, plant and equipment, net 963,823
Goodwill and Other Assets 692,729
----------
Total Assets $2,282,372
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Unsecured Short-Term Debt $8,455
Long-Term Debt-Due Within One Year 6,575
Short Term Capital Lease Obligations 3,917
Accounts payable and accrued liabilities 374,179
----------
Total Current Liabilities $393,125
Long-Term Debt-Due Beyond One Year 635,478
Long Term Capital Lease Obligations 10,144
Deferred Taxes Payable 90,057
Intercompany accounts (1,755)
Pension and other long-term liabilities 430,355
----------
Total Long Term Liabilities $1,164,279
Minority Interest 25,804
Preferred Stock 10,867
Capital Invested 677,642
Retained Earnings (52,075)
Foreign Currency Translation 62,729
----------
Total Net Worth 688,296
----------
Total Liability and Equity $2,282,372
==========
A full copy of the Post-Confirmation Quarterly Summary Report is
available for free at:
http://bankrupt.com/misc/hayes_post_conf_report.pdf
Hayes Lemmerz International, Inc., is a world leading global
supplier of automotive and commercial highway wheels, brakes,
powertrain, suspension, structural and other lightweight
components. The Company filed for chapter 11 protection on
December 5, 2001 (Bankr. D. Dela. Case No. 01-11490). Eric
Ivester, Esq. at Skadden, Arps, Slate, Meager & Flom and Mark S.
Chehi, Esq. at Skadden, Arps, Slate, Meager & Flom represent the
Debtors' in their restructuring efforts.
PARMALAT: Releases Financial Reports Ending December 31, 2003
-------------------------------------------------------------
Parmalat Finanziaria SpA engaged PricewaterhouseCoopers in March
2004 to conduct the accounting examination of its consolidated
financial statement as of December 31, 2003. On July 12, 2004,
PwC issued its report, which contains specific restrictions to
third parties' use and to distribution to third parties.
In the report, PwC declares that it is not able to express an
opinion on Parmalat Finanziaria's consolidated financial
statements as of December 31, 2003, because of significant scope
limitations to its examination and because of the impacts of the
uncertainties. The limitations PwC indicated are:
(a) Impossibility to get enough elements to ascertain the full
implementation, as well as their right accounting
treatment, in the consolidated financial statements of the
effects of operations carried on prior to the admission to
the Extraordinary Administration procedure which is
currently under review of the Italian prosecutors;
(b) Impossibility to obtain enough elements to determine the
completeness and the extension of the operations realized
with related parties and companies of the Parmalat Group;
(c) Impossibility to ascertain the opening balances as of
January 1, 2003, for the companies included in the
consolidated financial statements and, as a consequence of
that, on the activity occurred during the 2003 fiscal year
in the net equity;
(d) Impossibility to carry out the accounting examination for
the financial statements of a number of Parmalat companies
based in Brazil, Malta, France, Cayman Islands and
Ireland because of actions carried on by the local
prosecutors, which have resulted in the Extraordinary
Commissioner not having the control on these companies;
(e) Existence of companies based in Argentina, Brazil, Cuba,
Spain, Russia and United Kingdom, for which it was not
possible to engage PwC for the audit, with the subsequent
impossibility for PwC to get the necessary elements to
support the accounts included in the consolidated
financial statement;
(f) Impossibility to attend the physical inventories as of
December 31, 2003; and
(g) Lack of direct confirmations from banks and legal advisors
on balances and status of legal actions as of the end of
the fiscal year.
The uncertainties expressed by PwC are:
(i) Lack of enough elements to estimate the result of the
proposals and actions carried out to secure the
on-going concern basis for Parmalat Finanziaria SpA and
for the main subsidiaries, such on-going concern basis
being based on the Restructuring Program implementation
and on the result of the debt re-financing initiatives
being currently under negotiation;
(ii) Investigations being carried on by the Italian
Prosecutors and other legal actions pending against the
Parmalat Group, from which critical circumstances with
impact on the Group's economic and financial situation
may arise; and
(iii) Potential tax liabilities and risks associated to the
possibility to recover receivables towards the revenue
authority.
Parmalat Group
Reclassified Consolidated Balance Sheet
At December 31, 2003
(In thousands of Euros)
Fixed Assets
Intangible EUR831,668
Tangible 1,249,545
Long-term investments 233,916
--------------
2,315,129
Net Working Capital
Inventories 482,896
Trade accounts receivable 1,124,108
Other assets 100,942
Trade accounts payable (-) (1,000,525)
Reserves for risks and charges (-) (584,320)
Other liabilities (-) (556,001)
--------------
(432,899)
--------------
Invested Capital, Net of Operating Liabilities 1,882,230
Reserve for Employee Severance Indemnities
and Other Reserves for Risks (-) (59,120)
Reserves for Extraordinary Risks & Charges (-) (1,433,093)
--------------
(1,492,213)
--------------
Net Invested Capital 390,017
Covered by:
Net Worth (13,140,382)
--------------
Net Borrowings (Financial Availabilities)
Loans payable to banks and other lenders 13,713,683
Loans payable to Group companies 0
Loans receivable from Group companies (-)
Other financial assets (-) (82,810)
Liquid assets (-) (100,474)
--------------
Total Net Borrowings 13,530,399
--------------
Total Coverage Sources EUR390,017
==============
Parmalat Group
Reclassified Consolidated Statement of Income
Fiscal Year Ended December 31, 2003
(In thousands of Euros)
Sales Revenues EUR5,654,838
Other revenues and income 72,033
--------------
Total net revenues 5,726,871
Change in inventory of work in progress,
semi-finished goods and finished goods 15,177
--------------
Production Value 5,742,048
Raw materials and outside services (-) (4,815,718)
Miscellaneous costs(-) (68,321)
Provisions for risks and charges (-) (325,651)
--------------
Value Added 532,358
Labor costs (-) (773,006)
--------------
EBITDA (240,649)
Depreciation, amortization and writedowns (-) (1,571,267)
--------------
EBIT (1,811,916)
Net financial expense (1,152,644)
Dividends and tax credits 40,849
Upward value adjustments (Writedowns)
of financial assets (1,030,241)
--------------
Loss Before Extraordinary Items and Taxes (3,953,952)
Extraordinary income (expense) and
extraordinary provisions for risks (11,397,425)
--------------
Loss Before Taxes (15,351,377)
Income taxes 140,831
--------------
Net Loss (EUR15,210,546)
==============
Parmalat Finanziaria SpA
Reclassified Consolidated Balance Sheet
At December 31, 2003
(In thousands of Euros)
Fixed Assets
Property, plant and equipment EUR14
Long-term investment 108
--------------
122
Net Working Capital
Trade account receivable 39,207
Other assets 198
Trade account payable (-) (827)
Reserves for risk and charges (-) (246)
Other liabilities (-) (423)
--------------
37,909
--------------
Invested Capital, Net of Operating Liabilities 38,031
Reserve for Employee Severances Indemnities (-) (247)
Reserve for Extraordinary Risk & Charges (-) (14,578,292)
--------------
(14,578,539)
Net Invested Capital (14,540,508)
Covered by:
Stockholders Equity (15,673,787)
Net Borrowings (Financial Assets):
Loans payable to bank and other lenders 266,731
Loans payable to Group companies 1,007,942
Loans receivable from Group companies (-) (140,235)
Other financial assets (-) (1,141)
Liquid assets (-) (18)
--------------
Total Net Borrowings 1,133,279
--------------
Total Coverage Sources (EUR14,540,508)
==============
Parmalat Finanziaria SpA
Reclassified Statement of Income
Fiscal Year Ended December 31, 2003
(In thousands of Euros)
Financial Income and Expense
Income from equity investments
-- From subsidiaries EUR91,967
--------------
91,967
Other financial income
From securities incl. in long term
investments other than equity investments 26
Miscellaneous income from:
-- subsidiaries 56,276
-- other companies 1,699
--------------
58,001
Interest and other financial expense paid to:
-- subsidiaries 40,168
-- controlling companies 222
-- other companies 10,760
--------------
(51,150)
--------------
Total financial income and expense 98,818
Value Adjustments in Financial Assets
--------------
Write downs:
-- Of equity investments 1,612,960
-- Of long term investments other than
equity investments 0
-- Of loans receivable from subsidiaries
carried as current assets 1,165,104
--------------
Total value adjustments of financial assets (2,778,064)
Other Income from Operations
Other revenues and income from subsidiaries 4,170
Miscellaneous revenues and income 6
--------------
Total other income from operation 4,176
Other Operating Expenses
Non-financial services 7,561
Use of property not owned 133
Labor costs 729
Depreciation, amortization and write downs 83
Miscellaneous operating expenses 11
--------------
Total other operating expenses (8,517)
--------------
Loss before extraordinary items (2,683,587)
Extraordinary Income and Expense
Extraordinary income from subsidiaries 591
Extraordinary expenses
-- Replenishment of stockholders' equity
of subsidiaries (13,920,202)
-- Other extraordinary expenses (491)
--------------
Net extraordinary loss (13,920,102)
--------------
Loss before taxes (16,603,689)
Income taxes
Current taxes 0
Prepaid taxes (92)
--------------
Total income taxes (92)
Net Loss (EUR16,603,781)
==============
Parmalat SpA
Reclassified Consolidated Balance Sheet
At December 31, 2003
(In thousands of Euros)
Fixed Assets
Intangibles EUR5,901
Property, plant and equipment 57,129
Long-term investment 331,092
--------------
394,122
Net Working Capital
Inventories 37,450
Trade account receivable 163,914
Other assets 43,865
Trade account payable (-) (627,762)
Reserves for risk and charges (-) (5,167)
Other liabilities (-) (30,126)
--------------
(417,826)
--------------
Invested Capital, Net of Operating Liabilities (23,704)
Reserve for Employee Severances Indemnities (-) (30,347)
Reserve for Extraordinary Risk & Charges (-) (9,739,924)
--------------
(9,770,271)
Net Invested Capital (9,793,975)
Covered by:
Stockholders Equity (13,888,705)
Net Borrowings (Financial Assets):
Loans payable to bank and other lenders 2,882,829
Loans payable to Group companies 1,266,205
Loans receivable from Group companies (-) (28,009)
Other financial assets (-) (19,682)
Liquid assets (-) (6,613)
--------------
Total Net Borrowings 4,094,730
--------------
Total Coverage Sources (EUR9,793,975)
==============
Parmalat SpA
Reclassified Statement of Income
Fiscal Year Ended December 31, 2003
(In thousands of Euros)
Sales Revenues EUR790,081
Other revenues and income 5,643
--------------
Total net revenues 795,724
Change in inventory of work in progress,
semi-finished goods and finished goods (3,629)
--------------
Production Value 792,095
Raw materials and outside services (-) (728,363)
Miscellaneous costs(-) (9,485)
--------------
Value Added 54,247
Labor costs (-) (93,253)
--------------
EBITDA (39,006)
Depreciation, amortization and writedowns (-) (20,720)
--------------
EBIT (59,726)
Net financial expense (152,850)
Dividends and tax credits 3,249
Upward value adjustments (Writedowns)
of financial assets (2,149,350)
--------------
Loss Before Extraordinary Items and Taxes (2,358,677)
Provisions for risks, charges & write downs (-) (135,320)
Net extraordinary expense (12,640,626)
--------------
Loss Before Taxes (15,134,622)
Income taxes (2,000)
--------------
Net Loss (EUR15,136,622)
==============
PG&E NATIONAL: ET Gas May 2004 Monthly Operating Report
-------------------------------------------------------
NEGT Energy Trading-Gas Corporation
Unaudited Balance Sheet
As of May 31, 2004
ASSETS
Current Assets
Cash $10,465,079
Accounts Receivable 37,104,637
Valuation from Unrealized Commodity Contracts Undetermined
Receivables from Officers/Employees/Affiliates Undetermined
Notes Receivable Stocks 0
Inventory 0
Other Current Assets
Deposits 70,075,017
Prepayments 10,036,500
Other Current Assets 3,113,514
--------------
Total Current Assets Undetermined
Fixed Assets
Land 0
Building 0
Equipment, Furniture & Fixtures 21,635,393
Less Accumulated Depreciation (20,634,680)
--------------
Total Fixed Assets 1,000,713
Other Assets
Accrued taxes Undetermined
--------------
Total Other Assets Undetermined
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Postpetition Liabilities
Accounts Payable $0
Accrued Quarterly Fees 250
Notes Payable 0
Rent and Leases Payable 0
Taxes Payable 0
Accrued Interest 0
Other:
Accrued Legal fees 0
Accrued Payroll and Benefits 17,413
--------------
Total Postpetition Liabilities $17,663
Prepetition Liabilities
Priority Claims Undetermined
Secured Debts Undetermined
Unsecured Debts Undetermined
--------------
Total Prepetition Liabilities Undetermined
Owner's Equity (Deficit)
Capital Stock/Owner's Investments -
Paid-In Capital Surplus Undetermined
Retained Earnings (deficit)
Prepetition Undetermined
Postpetition Undetermined
--------------
Total Owner's Equity Undetermined
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
NEGT Energy Trading-Gas Corporation
Unaudited Income Statement
For the Period May 1 to May 31, 2004
Total Sales/Income $736,683
COST OF SALES:
Purchases of Inventory 0
Purchased Services 0
Other: (Identify)
Purchase of Commodities 2,453,665
--------------
Total Cost of Sales 2,453,665
--------------
Gross Profit (1,716,982)
OPERATING EXPENSES:
Bad Debt Expense 0
Bank Charges 1,528
Communications 0
Computer Supplies 0
Credit & Commitment Fees 0
Datafeeds 3,420
Fixed Assets Depreciation 204,277
Indirect Allocations 70,149
Insurance 0
Legal Fees 375,000
Recruiting & Relocation 0
Realized(Gain)/Loss on Foreign Exchange (659)
Rent 464
Unrealized(Gain)/Loss on Foreign Exchange 0
Office Supplies 0
Other 0
Payroll and benefits (78,080)
Professional Fees 7,015
Software Costs 0
Subscriptions 0
Taxes Other than Income 300
Training 0
--------------
Total Operating Expenses 583,414
--------------
Profit/Loss from Operation (2,300,396)
Other Income (Expenses):
Interest Income 175,874
Interest Expense 0
Equity in Subsidiaries 0
Other Income(Expenses) 0
--------------
Total Other Income (Expenses) 175,874
--------------
Income Before Taxes (2,124,523)
Income Taxes Expense (Benefit) Undetermined
--------------
Net Income Undetermined
==============
NEGT Energy Trading-Gas Corporation
Cash Reconciliation Report
For the Period May 1 to May 31, 2004
Cash balance from prior balance sheet $10,464,421
Pre-tax Net income for month (2,124,523)
Income/Expenses Not Requiring Cash:
Depreciation 204,277
Unrealized (Gain) Loss on Foreign Exchange 0
Relief of Allowance for Doubtful Accts 0
--------------
Total Expenses Not Requiring Cash 204,277
--------------
Total Cash from Operations 8,544,175
Other sources/uses of cash:
Decrease (Incr):
Accounts Receivable Non-Affiliate 27,858,506
Accounts Receivable Affiliate 12,032
Inventory 0
Equipment 0
Furniture & Fixtures 0
Prepaids 2,552,388
Deposits 4,500,000
Other Current Assets 0
Increase (Decr):
Accounts Payable Non-Affiliate (20,781,481)
Accounts Payable Affiliate (1,605,029)
Accrued Liabilities (120,654)
Current Deferred Liabilities (10,494,859)
Accrued Interest 0
Accrued P/R Taxes 0
Accrued Salaries 0
Accrued Sales Tax 0
Note Payable Taxes 0
Tax Liability 0
--------------
Total Other Sources & Uses of Cash 1,920,904
--------------
Ending Cash Balance $10,465,079
==============
PG&E NATIONAL: ET Gas June 2004 Monthly Operating Report
--------------------------------------------------------
NEGT Energy Trading-Gas Corporation
Unaudited Balance Sheet
As of June 30, 2004
ASSETS
Current Assets
Cash $10,466,514
Accounts Receivable 32,220,110
Valuation from Unrealized Commodity Contracts Undetermined
Receivables from Officers/Employees/Affiliates Undetermined
Notes Receivable Stocks 0
Inventory 0
Other Current Assets
Deposits 70,075,017
Prepayments 10,036,500
Other Current Assets 3,113,514
--------------
Total Current Assets Undetermined
Fixed Assets
Land 0
Building 0
Equipment, Furniture & Fixtures 21,635,393
Less Accumulated Depreciation (20,838,956)
--------------
Total Fixed Assets 796,436
Other Assets
Accrued taxes Undetermined
--------------
Total Other Assets Undetermined
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Postpetition Liabilities
Accounts Payable $0
Accrued Quarterly Fees 250
Notes Payable 0
Rent and Leases Payable 0
Taxes Payable 0
Accrued Interest 0
Other:
Accrued Legal fees 0
Accrued Payroll and Benefits 23,035
--------------
Total Postpetition Liabilities 23,285
Prepetition Liabilities
Priority Claims Undetermined
Secured Debts Undetermined
Unsecured Debts Undetermined
--------------
Total Prepetition Liabilities Undetermined
Owner's Equity (Deficit)
Capital Stock/Owner's Investments -
Paid-In Capital Surplus Undetermined
Retained Earnings (deficit)
Prepetition Undetermined
Postpetition Undetermined
--------------
Total Owner's Equity Undetermined
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
NEGT Energy Trading-Gas Corporation
Unaudited Income Statement
For the Period June 1 to June 30, 2004
Total Sales/Income $160,370
COST OF SALES:
Purchases of Inventory 0
Purchased Services 0
Other: (Identify)
Purchase of Commodities (57,381)
--------------
Total Cost of Sales (57,381)
--------------
Gross Profit (217,751)
OPERATING EXPENSES:
Bad Debt Expense 0
Bank Charges 424
Communications 80
Computer Supplies 0
Credit & Commitment Fees 0
Datafeeds 0
Fixed Assets Depreciation 204,277
Indirect Allocations 0
Insurance 10,891
Legal Fees 375,000
Recruiting & Relocation 0
Realized(Gain)/Loss on Foreign Exchange (1,435)
Rent 0
Unrealized(Gain)/Loss on Foreign Exchange 0
Office Supplies 0
Other 225
Payroll and benefits 36,264
Professional Fees 6,595
Software Costs 450
Subscriptions (111)
Taxes Other than Income 0
Training (68)
--------------
Total Operating Expenses 632,592
--------------
Profit/Loss from Operation (414,841)
Other Income (Expenses):
Interest Income 184,728
Interest Expense 0
Equity in Subsidiaries 0
Other Income(Expenses) 0
--------------
Total Other Income (Expenses) 184,728
--------------
Income Before Taxes (230,113)
Income Taxes Expense (Benefit) Undetermined
--------------
Net Income Undetermined
==============
NEGT Energy Trading-Gas Corporation
Cash Reconciliation Report
For the Period June 1 to June 30, 2004
Cash balance from prior balance sheet $10,465,079
Pre-tax Net income for month (230,113)
Income/Expenses Not Requiring Cash:
Depreciation 204,277
Unrealized (Gain) Loss on Foreign Exchange 0
Relief of Allowance for Doubtful Accts 0
--------------
Total Expenses Not Requiring Cash 204,277
--------------
Total Cash from Operations 10,439,243
Other sources/uses of cash:
Decrease (Incr):
Accounts Receivable Non-Affiliate 5,343,674
Accounts Receivable Affiliate 0
Inventory 0
Equipment 0
Furniture & Fixtures 0
Prepaids 0
Deposits 0
Other Current Assets 0
Increase (Decr):
Accounts Payable Non-Affiliate (821,106)
Accounts Payable Affiliate (4,495,296)
Accrued Liabilities 0
Current Deferred Liabilities 0
Accrued Interest 0
Accrued P/R Taxes 0
Accrued Salaries 0
Accrued Sales Tax 0
Note Payable Taxes 0
Tax Liability 0
--------------
Total Other Sources & Uses of Cash 27,271
--------------
Ending Cash Balance $10,466,514
==============
PG&E NATIONAL: ET Holdings May 2004 Monthly Operating Report
------------------------------------------------------------
NEGT Energy Trading Holdings Corporation
Unaudited Balance Sheet
As of May 31, 2004
ASSETS
Current Assets
Cash $285,306,748
Accounts Receivable 37,104,637
Receivables from Officers/Employees/Affiliates Undetermined
Notes Receivable Stocks 0
Inventory 0
Other Current Assets
Accrued taxes Undetermined
--------------
Total Current Assets Undetermined
Fixed Assets
Land 0
Building 0
Equipment, Furniture & Fixtures 0
Less Accumulated Depreciation 0
Other Fixed Assets 0
--------------
Total Fixed Assets 0
Other Assets
Investments in Subsidiaries Undetermined
--------------
Total Other Assets Undetermined
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Postpetition Liabilities
Accounts Payable $0
Notes Payable 0
Rent and Leases Payable 0
Taxes Payable 0
Accrued Interest 0
Other:
Accrued Quarterly Fees 8,000
Accrued Legal Fees 2,441,121
Accrued Payroll and Benefits 63,000
--------------
Total Postpetition Liabilities 2,512,121
Prepetition Liabilities
Priority Claims Undetermined
Secured Debts Undetermined
Unsecured Debts Undetermined
--------------
Total Prepetition Liabilities Undetermined
Owner's Equity (Deficit)
Capital Stock/Owner's Investments Undetermined
Paid-In Capital Surplus Undetermined
Retained Earnings
Prepetition Undetermined
Postpetition Undetermined
--------------
Total Owner's Equity Undetermined
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
NEGT Energy Trading Holdings Corporation
Unaudited Income Statement
For the Period May 1 to May 31, 2004
Total Sales/Income $0
COST OF SALES:
Purchases of Inventory -
Purchased Services -
Other -
--------------
Total Cost of Sales 0
--------------
Gross Profit 0
OPERATING EXPENSES:
Bad Debt Expense 0
Communications 289
Computer Supplies 0
Credit/Commitment Fees 0
Datafeeds 4,180
Indirect Allocations (188,747)
Insurance 0
Legal Fees 375,000
Misc. Tax Payments 97
Office Supplies 0
Other 0
Other Business Expenses 259
Payroll and benefits (198,490)
Postage & Delivery 0
Professional Fees 8,296
Recruiting & Relocation 0
Rent 567
Software Costs 4,150
Subscriptions 0
Training 0
Travel 0
US Trustees 0
--------------
Total Operating Expenses 5,602
--------------
Profit/Loss from Operation (5,602)
Other Income (Expenses):
Interest Income 232,498
Interest Expense (201,286)
Equity in Subsidiary:
Investment in ET Power (54,165)
Investment in ET Investment (1,605,029)
Investment in ET Gas Corp. (1,284,274)
Investment in NEGT International 8,810
--------------
Total Other Income (Expenses) (2,903,446)
--------------
Income Before Taxes (2,909,048)
Income Taxes Expense (Benefit) Undetermined
--------------
Net Income Undetermined
==============
NEGT Energy Trading Holdings Corporation
Cash Reconciliation Report
For the Period May 1 to May 31, 2004
Cash balance from prior balance sheet $277,711,953
Pre-tax Net income for month (2,909,048)
Expense Not Requiring Cash:
Depreciation 0
Investment in ET Power 54,165
Investment in ET Investment 1,605,029
Investment in ET Gas Corp. 1,284,274
Investment in NEGT International (8,810)
Relief of Allowance of Doubtful Accounts 0
--------------
Total Expenses Not Requiring Cash 2,934,658
--------------
Total Cash from Operations 277,737,562
Other sources/uses of cash:
Decrease (Incr):
Accounts Receivable Non-Affiliate (9,574)
Accounts Receivable Affiliate 7,873,181
Inventory 0
Equipment 0
Furniture & Fixtures 0
Prepaids 4,150
Increase (Decr):
Accounts Payable - Non-Affiliate (382,229)
Accounts Payable - Affiliate (330,637)
Accrued Liabilities (343,402)
Accrued Interest 0
Accrued P/R Taxes 0
Accrued Professional Fees 757,696
Accrued Salaries 0
Accrued Sales Tax 0
Note Payable Taxes 0
Tax Liability 0
(Less) Unrecorded Bank Service Charges 0
--------------
Total Other Sources & Uses of Cash 7,569,186
--------------
Ending Cash Balance $285,306,748
==============
PG&E NATIONAL: ET Holdings June 2004 Monthly Operating Report
-------------------------------------------------------------
NEGT Energy Trading Holdings Corporation
Unaudited Balance Sheet
As of June 30, 2004
ASSETS
Current Assets
Cash $289,494,834
Accounts Receivable 237,177
Receivables from Officers/Employees/Affiliates Undetermined
Notes Receivable Stocks 0
Inventory 0
Other Current Assets
Accrued taxes Undetermined
--------------
Total Current Assets Undetermined
Fixed Assets
Land 0
Building 0
Equipment, Furniture & Fixtures 0
Less Accumulated Depreciation 0
Other Fixed Assets 0
--------------
Total Fixed Assets 0
Other Assets
Investments in Subsidiaries Undetermined
--------------
Total Other Assets Undetermined
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Postpetition Liabilities
Accounts Payable $960,334
Notes Payable 0
Rent and Leases Payable 0
Taxes Payable 0
Accrued Interest 0
Other:
Accrued Quarterly Fees 10,000
Accrued Legal Fees 1,786,510
Accrued Payroll and Benefits 63,892
--------------
Total Postpetition Liabilities 2,820,736
Prepetition Liabilities
Priority Claims Undetermined
Secured Debts Undetermined
Unsecured Debts Undetermined
--------------
Total Prepetition Liabilities Undetermined
Owner's Equity (Deficit)
Capital Stock/Owner's Investments Undetermined
Paid-In Capital Surplus Undetermined
Retained Earnings
Prepetition Undetermined
Postpetition Undetermined
--------------
Total Owner's Equity Undetermined
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
NEGT Energy Trading Holdings Corporation
Unaudited Income Statement
For the Period June 1 to June 30, 2004
Total Sales/Income $0
COST OF SALES:
Purchases of Inventory -
Purchased Services -
Other -
--------------
Total Cost of Sales 0
--------------
Gross Profit 0
OPERATING EXPENSES:
Bad Debt Expense 0
Communications 49
Computer Supplies 0
Credit/Commitment Fees 0
Datafeeds 50
Indirect Allocations (20,631)
Insurance 13,186
Legal Fees 375,000
Misc. Tax Payments 15
Office Supplies 0
Other 0
Other Business Expenses 0
Payroll and benefits (120,161)
Postage & Delivery 0
Professional Fees 19,649
Recruiting & Relocation 0
Rent 0
Software Costs 7,725
Subscriptions 0
Training 578
Travel 0
US Trustees 2,000
--------------
Total Operating Expenses 277,459
--------------
Profit/Loss from Operation (277,459)
Other Income (Expenses):
Interest Income 237,681
Interest Expense (212,440)
Equity in Subsidiary:
Investment in ET Power (7,553)
Investment in ET Investment (224,348)
Investment in ET Gas Corp. (139,139)
Investment in NEGT International 178,810
--------------
Total Other Income (Expenses) (166,989)
--------------
Income Before Taxes (444,448)
Income Taxes Expense (Benefit) Undetermined
--------------
Net Income Undetermined
==============
NEGT Energy Trading Holdings Corporation
Cash Reconciliation Report
For the Period June 1 to June 30, 2004
Cash balance from prior balance sheet $285,306,748
Pre-tax Net income for month (444,448)
Expense Not Requiring Cash:
Depreciation 0
Investment in ET Power 7,553
Investment in ET Investment 224,348
Investment in ET Gas Corp. 139,139
Investment in NEGT International (178,810)
Relief of Allowance of Doubtful Accounts 0
--------------
Total Expenses Not Requiring Cash 192,230
--------------
Total Cash from Operations 285,054,530
Other sources/uses of cash:
Decrease (Incr):
Accounts Receivable Non-Affiliate (5,397)
Accounts Receivable Affiliate 4,742,768
Inventory 0
Equipment 0
Furniture & Fixtures 0
Prepaids 4,150
Increase (Decr):
Accounts Payable - Non-Affiliate 728,077
Accounts Payable - Affiliate (173,954)
Accrued Liabilities (202,729)
Accrued Interest 0
Accrued P/R Taxes 0
Accrued Professional Fees 652,611
Accrued Salaries 0
Accrued Sales Tax 0
Note Payable Taxes 0
Tax Liability 0
(Less) Unrecorded Bank Service Charges 0
--------------
Total Other Sources & Uses of Cash 4,440,304
--------------
Ending Cash Balance $289,494,834
==============
PG&E NATIONAL: ET Investments May 2004 Monthly Operating Report
---------------------------------------------------------------
NEGT ET Investments Corporation
Unaudited Balance Sheet
As of May 31, 2004
ASSETS
Current Assets
Cash $0
Accounts Receivable 0
Receivables from Officers/Employees/Affiliates Undetermined
Notes Receivable Stocks 0
Inventory 0
Other Current Assets -
--------------
Total Current Assets Undetermined
Fixed Assets
Land 0
Building 0
Equipment, Furniture & Fixtures 0
Less Accumulated Depreciation 0
--------------
Total Fixed Assets 0
Other Assets
Investment in Subsidiaries Undetermined
--------------
Total Other Assets Undetermined
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Postpetition Liabilities
Accounts Payable $0
Accrued Quarterly Fees 250
Notes Payable 0
Rent and Leases Payable 0
Taxes Payable 0
Accrued Interest 0
Other 0
--------------
Total Postpetition Liabilities 250
Prepetition Liabilities
Priority Claims Undetermined
Secured Debts Undetermined
Unsecured Debts Undetermined
--------------
Total Prepetition Liabilities Undetermined
Owner's Equity (Deficit)
Capital Stock, Owner's Investments Undetermined
Paid-In Capital Surplus Undetermined
Retained Earnings (deficit)
Prepetition Undetermined
Postpetition Undetermined
--------------
Total Owner's Equity Undetermined
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
NEGT ET Investments Corporation
Unaudited Income Statement
For the Period May 1 to May 31, 2004
Total Sales/Income -
COST OF SALES:
Purchases of Inventory -
Purchased Services -
Other (Identify) -
--------------
Total Cost of Sales $0
--------------
Gross Profit 0
OPERATING EXPENSES:
Bad Debt Expense 0
Officer Salaries -
Other Employee Salaries -
Taxes (Payroll) -
Employee Benefits -
Advertising -
Auto Expenses -
Entertainment -
Insurance (Real Estate) -
Insurance (Other) -
Leases (Other than Rent) -
Outside Services & Contractors -
Professional Fees (Atty. Acct.) -
Rent -
Repairs & Maintenance -
Supplies -
Taxes (Real Property) -
Taxes (Other) -
Telephone -
Travel -
Utilities -
Other 0
--------------
Total Operating Expenses 0
--------------
Profit/Loss from Operation 0
Other Income (Expenses):
Interest Expense (1,047)
Equity in ET Power (2,654,088)
--------------
Total Other Income (Expenses) (2,655,135)
--------------
Income Before Taxes (2,655,135)
Income Taxes Expense (Benefit) Undetermined
--------------
Net Income Undetermined
==============
NEGT ET Investments Corporation
Cash Reconciliation Report
For the Period May 1 to May 31, 2004
Cash balance from prior balance sheet $0
Pre-tax Net income for month (2,655,135)
Expense Not Requiring Cash:
Depreciation 0
Other:
Investment in Subsidiaries 2,654,088
Relief of Allowance of Doubtful Accounts 0
--------------
Total Expenses Not Requiring Cash 2,654,088
--------------
Total Cash from Operations (1,047)
Other sources/uses of cash:
Decrease (Incr):
Accounts Receivable 0
Inventory 0
Equipment 0
Furniture & Fixtures 0
Increase (Decr):
Accounts Payable 0
Accounts Payable - Affiliate 1,047
Accounts Payable - Interest Payable 0
Accrued Interest 0
Accrued P/R Taxes 0
Accrued Professional Fees 0
Accrued Rent 0
Accrued Salaries 0
Accrued Sales Tax 0
Note Payable Taxes 0
Taxes Payable 0
(Less) Unrecorded Bank Service Charges 0
--------------
Total Other Sources & Uses of Cash 1,047
--------------
Ending Cash Balance ($0)
==============
PG&E NATIONAL: ET Investments June 2004 Monthly Operating Report
----------------------------------------------------------------
NEGT ET Investments Corporation
Unaudited Balance Sheet
As of June 30, 2004
ASSETS
Current Assets
Cash $0
Accounts Receivable 0
Receivables from Officers/Employees/Affiliates Undetermined
Notes Receivable Stocks 0
Inventory 0
Other Current Assets -
--------------
Total Current Assets Undetermined
Fixed Assets
Land 0
Building 0
Equipment, Furniture & Fixtures 0
Less Accumulated Depreciation 0
--------------
Total Fixed Assets 0
Other Assets
Investment in Subsidiaries Undetermined
--------------
Total Other Assets Undetermined
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Postpetition Liabilities
Accounts Payable $0
Accrued Quarterly Fees 250
Notes Payable 0
Rent and Leases Payable 0
Taxes Payable 0
Accrued Interest 0
Other 0
--------------
Total Postpetition Liabilities 250
Prepetition Liabilities
Priority Claims Undetermined
Secured Debts Undetermined
Unsecured Debts Undetermined
--------------
Total Prepetition Liabilities Undetermined
Owner's Equity (Deficit)
Capital Stock, Owner's Investments Undetermined
Paid-In Capital Surplus Undetermined
Retained Earnings (deficit)
Prepetition Undetermined
Postpetition Undetermined
--------------
Total Owner's Equity Undetermined
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
NEGT ET Investments Corporation
Unaudited Income Statement
For the Period June 1 to June 30, 2004
Total Sales/Income -
COST OF SALES:
Purchases of Inventory -
Purchased Services -
Other (Identify) -
--------------
Total Cost of Sales $0
--------------
Gross Profit 0
OPERATING EXPENSES:
Bad Debt Expense 0
Officer Salaries -
Other Employee Salaries -
Taxes (Payroll) -
Employee Benefits -
Advertising -
Auto Expenses -
Entertainment -
Insurance (Real Estate) -
Insurance (Other) -
Leases (Other than Rent) -
Outside Services & Contractors -
Professional Fees (Atty. Acct.) -
Rent -
Repairs & Maintenance -
Supplies -
Taxes (Real Property) -
Taxes (Other) -
Telephone -
Travel -
Utilities -
Other 0
--------------
Total Operating Expenses 0
--------------
Profit/Loss from Operation 0
Other Income (Expenses):
Interest Expense (1,044)
Equity in ET Power (370,085)
--------------
Total Other Income (Expenses) (371,129)
--------------
Income Before Taxes (371,129)
Income Taxes Expense (Benefit) Undetermined
--------------
Net Income Undetermined
==============
NEGT ET Investments Corporation
Cash Reconciliation Report
For the Period June 1 to June 30, 2004
Cash balance from prior balance sheet $0
Pre-tax Net income for month (371,129)
Expense Not Requiring Cash:
Depreciation 0
Other:
Investment in Subsidiaries 370,085
Relief of Allowance of Doubtful Accounts 0
--------------
Total Expenses Not Requiring Cash 370,085
--------------
Total Cash from Operations (1,044)
Other sources/uses of cash:
Decrease (Incr):
Accounts Receivable 0
Inventory 0
Equipment 0
Furniture & Fixtures 0
Increase (Decr):
Accounts Payable 0
Accounts Payable - Affiliate 1,044
Accounts Payable - Interest Payable 0
Accrued Interest 0
Accrued P/R Taxes 0
Accrued Professional Fees 0
Accrued Rent 0
Accrued Salaries 0
Accrued Sales Tax 0
Note Payable Taxes 0
Taxes Payable 0
(Less) Unrecorded Bank Service Charges 0
--------------
Total Other Sources & Uses of Cash 1,044
--------------
Ending Cash Balance ($0)
==============
PG&E NATIONAL: ET Power May 2004 Monthly Operating Report
---------------------------------------------------------
NEGT Energy Trading-Power L.P.
Unaudited Balance Sheet
As of May 31, 2004
ASSETS
Current Assets
Cash $27,064,252
Accounts Receivable 191,502,468
Valuation from Unrealized Commodity Contracts Undetermined
Receivables from Officers/Employees/Affiliates Undetermined
Notes Receivable Stocks 0
Inventory 0
Other Current Assets
Deposits 71,487,890
Prepaids 1,027,685
Other Current Assets 0
--------------
Total Current Assets Undetermined
Fixed Assets
Land -
Building -
Equipment, Furniture & Fixtures 3,503,317
Less Accumulated Depreciation (3,068,102)
Other Fixed Assets -
--------------
Total Fixed Assets 435,215
Other Assets -
--------------
Total Other Assets $0
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Postpetition Liabilities
Accounts Payable $0
Accrued Quarterly Fees 250
Notes Payable 0
Rent and Leases Payable 0
Taxes Payable 0
Accrued Interest 0
Other -
--------------
Total Postpetition Liabilities 250
Prepetition Liabilities
Priority Claims Undetermined
Secured Debts Undetermined
Unsecured Debts Undetermined
--------------
Total Prepetition Liabilities Undetermined
Owner's Equity (Deficit)
Capital Stock/ Owner's Investments Undetermined
Paid-In Capital Surplus Undetermined
Retained Earnings (deficit)
Prepetition Undetermined
Postpetition Undetermined
--------------
Total Owner's Equity Undetermined
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
NEGT Energy Trading-Power L.P.
Unaudited Income Statement
For the Period May 1 to May 31, 2004
Total Sales/Income ($2,933,999)
COST OF SALES:
Purchases of Inventory 0
Purchased Services 0
Other: (Identify) 0
Cost of Commodities (262,937)
--------------
Total Cost of Sales (262,937)
--------------
Gross Profit (2,671,062)
OPERATING EXPENSES:
Bank Fee Charges 0
Bad Debt Expense 0
Communications 0
Entertainment 0
Fixed Assets Depreciation 68,228
Indirect Allocations 274,485
Legal Fees 0
Realized(Gain)/Loss on Foreign Exchange (675)
Unrealized(Gain)/Loss on Foreign Exchange 525
Other (111)
Training 0
Travel 0
--------------
Total Operating Expenses 342,453
--------------
Profit/Loss from Operation (3,013,515)
Other Income (Expenses):
Interest Income 305,262
Interest Expense 0
Other Income(Expenses) 0
--------------
Total Other Income (Expenses) 305,262
--------------
Income Before Taxes (2,708,253)
Income Taxes Expense (Benefit) Undetermined
--------------
Net Income Undetermined
==============
NEGT Energy Trading-Power L.P.
Cash Reconciliation Report
For the Period May 1 to May 31, 2004
Cash balance from prior balance sheet $27,063,577
Pre-tax Net income for month (2,708,253)
Expense Not Requiring Cash:
Depreciation 68,228
(Gain) Loss on sale of fixed assets 0
Unrealized (Gain) loss on foreign exchange 525
Relief of Allowance for Doubtful Accounts 0
--------------
Total Expenses Not Requiring Cash 68,754
--------------
Total Cash from Operations 24,424,077
Other sources/uses of cash:
Decrease (Incr):
Accounts Receivable Non-Affiliate (2,712,994)
Accounts Receivable Affiliate (279,849)
Inventory 0
Equipment 0
Furniture & Fixtures 0
Prepaids 12,685
Deposits 17,331,750
Other Current Assets 0
Increase (Decr):
Accounts Payable Non-Affiliates (8,045,596)
Accounts Payable Affiliates (3,410,144)
Current Deferred Liabilities (255,678)
Accrued Liabilities 0
Accrued Interest 0
Accrued P/R Taxes 0
Accrued Professional Fees 0
Accrued Salaries 0
Accrued Sales Tax 0
Note Payable Taxes 0
--------------
Total Other Sources & Uses of Cash 2,640,174
Total Cash from Investing - Sale of Fixed Assets 0
--------------
Ending Cash Balance $27,064,252
==============
PG&E NATIONAL: ET Power June 2004 Monthly Operating Report
----------------------------------------------------------
NEGT Energy Trading-Power L.P.
Unaudited Balance Sheet
As of June 30, 2004
ASSETS
Current Assets
Cash $27,090,489
Accounts Receivable 191,506,417
Valuation from Unrealized Commodity Contracts Undetermined
Receivables from Officers/Employees/Affiliates Undetermined
Notes Receivable Stocks 0
Inventory 0
Other Current Assets
Deposits 71,100,770
Prepaids 1,015,000
Other Current Assets 0
--------------
Total Current Assets Undetermined
Fixed Assets
Land -
Building -
Equipment, Furniture & Fixtures 3,503,317
Less Accumulated Depreciation (3,132,985)
Other Fixed Assets -
--------------
Total Fixed Assets 370,332
Other Assets -
--------------
Total Other Assets 0
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Postpetition Liabilities
Accounts Payable $0
Accrued Quarterly Fees 250
Notes Payable 0
Rent and Leases Payable 0
Taxes Payable 0
Accrued Interest 0
Other -
--------------
Total Postpetition Liabilities 250
Prepetition Liabilities
Priority Claims Undetermined
Secured Debts Undetermined
Unsecured Debts Undetermined
--------------
Total Prepetition Liabilities Undetermined
Owner's Equity (Deficit)
Capital Stock/ Owner's Investments Undetermined
Paid-In Capital Surplus Undetermined
Retained Earnings (deficit)
Prepetition Undetermined
Postpetition Undetermined
--------------
Total Owner's Equity Undetermined
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
NEGT Energy Trading-Power L.P.
Unaudited Income Statement
For the Period June 1 to June 30, 2004
Total Sales/Income $18,265
COST OF SALES:
Purchases of Inventory 0
Purchased Services 0
Other: (Identify) 0
Cost of Commodities 646,591
--------------
Total Cost of Sales (646,591)
--------------
Gross Profit (628,326)
OPERATING EXPENSES:
Bank Fee Charges 148
Bad Debt Expense 0
Communications 0
Entertainment 0
Fixed Assets Depreciation 64,883
Indirect Allocations (4,230)
Legal Fees 0
Realized(Gain)/Loss on Foreign Exchange (1,470)
Unrealized(Gain)/Loss on Foreign Exchange 1,144
Other 0
Training 0
Travel 0
--------------
Total Operating Expenses 60,474
--------------
Profit/Loss from Operation (688,800)
Other Income (Expenses):
Interest Income 311,162
Interest Expense 0
Other Income(Expenses) 0
--------------
Total Other Income (Expenses) 311,162
--------------
Income Before Taxes (377,638)
Income Taxes Expense (Benefit) Undetermined
--------------
Net Income Undetermined
==============
NEGT Energy Trading-Power L.P.
Cash Reconciliation Report
For the Period June 1 to June 30, 2004
Cash balance from prior balance sheet $27,064,252
Pre-tax Net income for month (377,638)
Expense Not Requiring Cash:
Depreciation 64,883
(Gain) Loss on sale of fixed assets 0
Unrealized (Gain) loss on foreign exchange 1,144
Relief of Allowance for Doubtful Accounts 0
--------------
Total Expenses Not Requiring Cash 66,027
--------------
Total Cash from Operations 26,752,640
Other sources/uses of cash:
Decrease (Incr):
Accounts Receivable Non-Affiliate 219,062
Accounts Receivable Affiliate (270,822)
Inventory 0
Equipment 0
Furniture & Fixtures 0
Prepaids 12,685
Deposits 387,121
Other Current Assets 0
Increase (Decr):
Accounts Payable Non-Affiliates 222,955
Accounts Payable Affiliates (233,152)
Current Deferred Liabilities 0
Accrued Liabilities 0
Accrued Interest 0
Accrued P/R Taxes 0
Accrued Professional Fees 0
Accrued Salaries 0
Accrued Sales Tax 0
Note Payable Taxes 0
--------------
Total Other Sources & Uses of Cash 337,848
Total Cash from Investing - Sale of Fixed Assets 0
--------------
Ending Cash Balance $27,090,489
==============
ROUGE INDUSTRIES: Files July 2004 Monthly Operating Report
----------------------------------------------------------
On August 23, 2004, Rouge Industries, Inc., and its wholly owned
subsidiaries, Rouge Steel Company, QS Steel, Inc., and Eveleth
Taconite Company, filed its July 2004 monthly operating report
with the United States Bankruptcy Court for the District of
Delaware in Wilmington.
Substantially all of the Debtors' assets were acquired on January
30, 2004, by SeverStal N.A. in exchange for cash and other
consideration pursuant to the terms of the Asset Purchase
Agreement. The APA was authorized by an order of the Court on
December 2, 2003, subsequently amended and executed on January 30,
2004. As of July 31, 2004, the Company saw an ending cash balance
of $98,661,923.
A full-text copy of Rouge Industries, Inc.'s July 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/918577/000095012304010225/y01112exv99w1.htm
Headquartered in Dearborn, Michigan, Rouge Industries, Inc., an
integrated producer of flat-rolled steel, filed for chapter 11
protection on October 23, 2003 (Bankr. Del. Case No. 03-13272).
Donna L. Harris, Esq., Robert J. Dehney, Esq., at Morris, Nichols,
Arsht & Tunnell represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed total assets of $558,131,000 and total
debts of $558,131,000.
SK GLOBAL: Reports $706,620 Net Loss in July 2004
-------------------------------------------------
SK Global America, Inc.
Unaudited Balance Sheet
As of July 31, 2004
ASSETS
Unrestricted Cash and cash equivalents $128,538,626
Restricted Cash and cash equivalents -
Accounts receivable - net 216,989,243
Interest receivables 960,945
Commission receivables 4,689,417
Other receivables 4,214,345
Suspense payment 1,760,455
Payment in advance 10,000
Inventories 11,470,684
Prepaid expenses 413,371
Other Current Assets -
---------------
Total Current Assets 369,047,086
Real Property and improvements 10,447
Machinery and equipment -
Furniture, fixtures and office equipment 2,307,992
Leasehold improvements 2,210,702
Vehicles 87,641
Less Accumulated Depreciation (3,373,446)
---------------
Total Property & Equipment 1,243,336
Loans to Insiders
Other Assets 64,762,032
---------------
Total Other Assets 64,762,032
---------------
TOTAL ASSETS $435,052,454
===============
LIABILITIES AND OWNER EQUITY
Liabilities not subject to compromise:
Accounts Payable $968,713
---------------
Total Prepetition Liabilities 968,713
Liabilities subject to compromise:
Secured debt 133,669,769
Priority debt 38,726
Unsecured debt 2,899,691,812
---------------
Total Prepetition Liabilities 3,033,400,307
---------------
Total Liabilities 3,034,369,020
Owner Equity:
Capital Stock 20,000,000
Additional paid-in capital 70,000,000
Owner's Equity Account -
Retained earnings - prepetition (2,679,352,128)
Retained earnings - postpetition (9,964,438)
---------------
Net Owner Equity (2,599,316,566)
---------------
T0TAL LIABILITIES & OWNERS' EQUITY $435,052,454
===============
SK Global America, Inc.
Unaudited Statement of Operations
July 1 to July 31, 2004
Revenues
Gross Revenues $4,429,386
Less: Returns and Allowances 32,020
---------------
Net Revenue 4,397,365
Cost of Goods Sold
Beginning Inventory 7,372,314
Add: Purchases 8,452,389
Add: Cost of Labor 0
Add: Other Costs 0
Less: Ending Inventory 11,470,684
---------------
Cost of Goods Sold 4,354,019
---------------
Gross Profit 43,346
Operating Expenses
Salaries and employee benefits 367,615
Travel and Related Expenses 16,319
Utilities 127
Materials and supplies -
Advertising & Promotions -
Communications 10,073
Delivery 22,664
Rentals and Royalties 48,661
Property & Bus License taxes 174
Insurance 159,684
Direct & Indirect selling expenses 187,578
Repairs & Maintenance 875
Other 29,910
---------------
Total Operating Expenses before
depreciation 843,679
Depreciation/Depletion/Amortization 38,703
---------------
Net Profit (Loss) before
Other income and expenses (839,036)
Other Income and Expenses
Other Income 146,141
Interest Expense 13,138
Other Expense -
---------------
Net Profit (Loss) Before Reorg Items (706,033)
Reorganization Items
Professional fees -
U.S. Trustee Quarterly fees -
Interest earned on accum. cash from Chap. 11 -
Gain (Loss) from sale of equipment (587)
Other Reorganization expenses -
Income Taxes -
---------------
NET PROFIT (LOSS) ($706,620)
===============
SK Global America, Inc.
Unaudited Schedule of Cash Receipts and Disbursements
July 1 to July 31, 2004
CASH -- BEGINNING OF MONTH $109,251,724
---------------
Receipts
Accounts Receivable 5,592,013
Sale of Assets 110
Other 23,121,167
Transfers (from DIP accounts) -
---------------
Total Receipts 28,713,290
Disbursements
Payroll 172,512
Payroll Taxes 60,780
Other Taxes -
Inventory purchases 8,690,941
Rental/leases 48,661
Insurance -
Administrative -
Selling -
Other 453,494
Professional Fees
U.S. Trustee Quarterly Fees -
---------------
Total Disbursements 9,426,387
Net cash flow 19,286,903
---------------
CASH -- END OF MONTH $128,538,626
===============
Headquartered in Fort Lee, New Jersey, SK Global America,
Inc., is a subsidiary of SK Global Co., Ltd., one of the world's
leading trading companies. The Debtors file for chapter 11
protection on July 21, 2003 (Bankr. S.D.N.Y. Case No. 03-14625).
Albert Togut, Esq., and Scott E. Ratner, Esq., at Togut, Segal &
Segal, LLP, represent the Debtors in their restructuring efforts.
When they filed for bankruptcy, the Debtors reported
$3,268,611,000 in assets and $3,167,800,000 of liabilities.
(SK Global Bankruptcy News, Issue No. 22; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
SOLUTIA INC: Reports $15 Million Net Loss in July 2004
------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of July 31, 2004
ASSETS
Current Assets:
Cash $98,000,000
Trade Receivables, net 327,000,000
Inventories 251,000,000
Other Current Assets 113,000,000
--------------
Total Current Assets 789,000,000
Property, Plant and Equipment, net 852,000,000
Investments in Affiliates 196,000,000
Intangible Assets, net 139,000,000
Other Assets 197,000,000
--------------
TOTAL ASSETS $2,173,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts Payable $159,000,000
Other Current Liabilities 255,000,000
--------------
Total Current Liabilities 414,000,000
Long-Term Debt 597,000,000
Other Long-Term Liabilities 285,000,000
--------------
Total Liabilities Not Subject to Compromise 1,296,000,000
Liabilities Subject to Compromise 2,193,000,000
Shareholders' Deficit (1,316,000,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $2,173,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended July 31, 2004
Total Net Sales $178,000,000
Total Cost Of Goods Sold 169,000,000
--------------
Gross Profit 9,000,000
Total MAT Expense 18,000,000
--------------
Operating Loss (9,000,000)
Equity Earnings from Affiliates 3,000,000
Interest Expense, net (6,000,000)
Other Income, net 2,000,000
Reorganization Items:
Professional fees (5,000,000)
--------------
Loss Before Taxes (15,000,000)
Income Taxes -
--------------
NET LOSS ($15,000,000)
==============
Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/-- with its subsidiaries, make and sell a
variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection
from their creditors, they listed $2,854,000,000 in assets and
$3,223,000,000 in debts. (Solutia Bankruptcy News, Issue No. 22;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
TOUCH AMERICA: Files Jan. to March 2004 Monthly Operating Reports
-----------------------------------------------------------------
On June 19, 2003, Touch America Holdings, Inc. and subsidiaries
Touch America, Inc., Touch America Intangible Holding Company,
LLC, Touch America Purchasing Company, LLC, Entech, LLC, American
Fiber Touch, LLC, and Sierra Touch America, LLC filed for Chapter
11 bankruptcy protection in the United States Bankruptcy Court,
District of Delaware. These cases are jointly administered under
Touch America Holdings, Inc. case number 03-11915.
The Debtors' Monthly Balance Sheets show:
Jan. 31, 2004 Feb. 29, 2004 Mar. 31, 2004
-------------- -------------- --------------
Cur. Assets $664,460,609.93 $678,500,540.52 $678,545,537.74
Total Assets 623,500,768.74 628,346,158.97 621,875,553.64
Postpetition
Debts 14,240,355.37 28,240,355.37 28,242,355.37
Pre-petition
Debts 252,752,914.51 252,752,914.51 252,752,914.51
Total
Liabilities 266,993,269.88 280,993,269.88 280,995,269.88
Net Owner
Equity 356,507,498.86 347,352,889.09 340,880,283.76
Full-text copies of the Debtors' Monthly Operating Reports are
available at no charge at:
January 2004 Monthly Operating Report:
http://www.sec.gov/Archives/edgar/data/1144835/000110465904025416/a04-9790_1ex99df.htm
February 2004 Monthly Operating Report:
http://www.sec.gov/Archives/edgar/data/1144835/000110465904025418/a04-9790_2ex99df.htm
March 2004 Monthly Operating Report:
http://www.sec.gov/Archives/edgar/data/1144835/000110465904025419/a04-9790_3ex99df.htm
On December 23, 2003, Touch America sold substantially all of its
Internet services, private line, and dark fiber assets to
360networks, a Vancouver, Canada based corporation for
$28,000,000. On December 23, 2003, Touch America also sold certain
dark fiber assets to Qwest Communications, Inc. for $8,000,000.
With the exception of certain wireless services, Touch America
ceased operations as of February 29, 2004.
Touch America had the exclusive right to file a Chapter 11
Liquidating Plan through April 14, 2004, and on that date, filed a
motion to extend the exclusivity period for an additional 45
days. On June 7, 2004, an order was entered by the Bankruptcy
Court granting the extension of the exclusive right to file a plan
until July 12, 2004 and the exclusive right to solicit acceptances
thereto until September 10, 2004.
On February 25, 2004, an order was entered by the Bankruptcy Court
denying a motion of certain shareholders directing the United
States Trustee to appoint an Official Committee of Equity Security
Holders. It is contemplated that funds will be available for
distribution to unsecured creditors, however the estimated amount
to be distributed and percentage of recovery to unsecured
creditors has not yet been determined. Touch America estimates
that the claims of creditors and costs of administration of its
bankruptcy will exceed the total amount of funds available to
Touch America's bankruptcy estate.
UAL CORP: Reports $10.8 Million Net Loss in June 2004
-----------------------------------------------------
UAL Corporation and Subsidiary Companies
Condensed Consolidating Statement of Operations
For The Month Ended June 30, 2004
(In Thousands)
Total operating revenues $1,587,211
Total operating expenses 1,509,953
Earnings (loss) from operations 77,258
Non-operating income (expenses):
Net interest expense (34,785)
Other income (expenses), net 5,611
----------
Total non-operating income (expenses) (29,174)
Net Earnings (loss) before Reorganization items 48,084
Reorganization items (58,974)
----------
Net earnings (loss) ($10,890)
==========
A full-text copy of UAL Corporation's June 2004 Operating Report
is available for free at the Securities and Exchange Commission
at:
http://www.sec.gov/Archives/edgar/data/100517/000010051704000027/junmor.htm
Headquartered in Chicago, Illinois, UAL Corporation --
http://www.united.com/-- through United Air Lines, Inc., is the
holding company for United Airlines -- the world's second largest
air carrier. The Company filed for chapter 11 protection on
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the
Debtors in their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $24,190,000,000 in
assets and $22,787,000,000 in debts. (United Airlines Bankruptcy
News, Issue No. 58; Bankruptcy Creditors' Service, Inc., 215/945-
7000)
WINSTAR COMMS: Releases May 2004 Monthly Operating Report
---------------------------------------------------------
Winstar Communications, Inc.
Balance Sheet
As of May 31, 2004
ASSETS
Unrestricted Cash and Equivalents $23,830,549
Restricted Cash and Cash Equivalents -
Accounts Receivable (Net) -
Notes Receivable -
Inventories -
Prepaid Expenses -
Professional Retainers -
Other Current Assets -
------------
Total Current Assets 23,830,549
------------
Real Property and Improvements
Machinery & Equipment -
Furniture, Fixtures & Office Equipment -
Leasehold Improvements -
Vehicles -
Less: Accumulated Depreciation -
------------
Total Property & Equipment -
------------
Loans to Insiders
Other Assets -
------------
Total Other Assets -
------------
TOTAL ASSETS $23,830,549
============
LIABILITIES & SHAREHOLDER'S EQUITY
Accounts Payable -
Taxes Payable -
Wages Payable -
Notes Payable -
Rent/Leases - Building/Equipment -
Secured Debt/Adequate Protection Payments -
Professional Fees -
Amounts Due to Insiders -
Other Post Conversion Liabilities -
------------
Total Post Conversion Liabilities -
------------
Secured Debt -
Priority Debt -
Unsecured Debt -
------------
Total Pre-Conversion Liabilities -
------------
Owners' Equity
Capital Stock -
Additional Paid In Capital -
Partners' Capital Account -
Owners' Equity Account $57,559,619
Retained Earnings - Pre-Conversion -
Retained Earnings - Post-Conversion (33,729,070)
Adjustments to Owner Equity -
Postpetition Contributions (Distributions)
(Draws) -
------------
Net Owners' Equity 23,830,549
------------
TOTAL LIABILITIES & SHAREHOLDER'S EQUITY $23,830,549
============
Winstar Communications, Inc.
Statement of Operations
For the Month Ended May 31, 2004
Gross Revenues -
Les: Returns and Allowances -
------------
Net Revenue -
Beginning Inventory -
Add: Purchases -
Add: Cost of Labor -
Add: Other Costs -
Less: Ending Inventory -
Cost of Goods Sold -
------------
Gross Profit -
Advertising -
Auto and Truck Expense -
Bad Debts -
Contributions -
Employee Benefits Programs -
Insider Compensation -
Insurance -
Management Fees/Bonuses -
Office Expense -
Pension & Profit-Sharing Plans -
Repairs and Maintenance -
Rent and Lease Expenses -
Salaries/Commissions/Fees -
Supplies -
Taxes - Payroll -
Taxes - Real Estate -
Taxes - Other -
Travel and Entertainment -
Utilities -
Other -
Total Operating Expenses before Depreciation -
Depreciation/Depletion/Amortization -
------------
Net Profit (Loss) before other income
and expenses -
Other Income $341,755
Worker's Comp Refund -
Tax Refund 5,871
Leasehold Buyback -
Interest Expense -
Other Expense 3,958,756
Pmt from Sale of Assets - Tera -
Compensation as Director per Court Order -
Payment Per Stipulation -
Pmt from Sale of Assets - American Communications -
Return of DIP Loan Disbursement -
Pmt from Sale of Del Telecom International Stock -
Pmt per NW Nexus Sale Order -
Pmt per 1/7 Order and APA Agreement -
Payment per 2/10/03 Court Order -
Pmt PTO Employment Contract -
Turnover of Funds to IDT -
Turnover of Bank Account -
Insurance Expense 1,023
Reimbursement of Expenses 166,715
Payroll -
Sale of Assets -
------------
Net Profit (Loss) before reorganization items (3,796,240)
Professional Fees -
U.S. Trustee Quarterly Fees -
Interest Earned on Accumulated Cash from Chapter 11 -
Gain (Loss) from Sale of Equipment -
Other Reorganization Expenses -
Income Taxes -
------------
Net Profit (Loss) ($3,796,240)
============
Winstar Communications, Inc.
Cash Receipts and Disbursements
For the Month Ended May 31, 2004
Cash Beginning of Month $27,626,790
Receipts:
Cash Sales -
Accounts Receivable -
Return of DIP Loan Disbursement -
Sale of ISP Northwest Nexus -
Holdings Funds -
Insurance Refund Dividend -
Final Settlement -
Liquidation of Well's Fargo Acct -
Liquidation of Fleet Account per stipulation -
Transfer from AON -
Leasehold Buyback -
Closing of Bank Account -
Pmt from Sales of Assets - Tera -
Pmt from Sales of Assets - American
Communications -
Pmt from Sale of Del Telecom International
Stock -
Transfers -
Claim Settlement -
Refund of Overpayment -
Tax Refund 5,871
Worker's Comp Refund -
Collection on Preferences 326,699
Turnover of Bank Account -
Reimbursement - Moving Expenses -
Interest 15,056
Payment from Sale of Assets -
------------
Total Receipts 347,626
Disbursements:
Employee Benefits -
Net Payroll -
Payroll Taxes -
Sales, Use, & Other Taxes -
Chapter 11 Quarterly Fees -
Chapter 11 Administrative Claims -
Insurance 1,023
Additional Payment of Funds - CTG Revised
Accounting -
Pmt per NW Nexus Sale Order -
Pmt per 1/7 Order and APA Agreement -
Advertising Fees -
License Fees -
Legal Fees per Court Order -
Administrative 143
Telephone -
Compensation as Director per Court Order -
Distribution Per Orders of 12/12/02 -
Payment per 2/10/03 Court Order -
Pmt PTO Employment Contract -
Owner Draw -
Reimbursement of Check from SF Interactive -
Reimbursement of Expenses 166,715
Reimbursement of Expenses per Order of 5/13/03 -
Turnover of Funds to IDT -
Trustee Bond -
Professional Fees -
Trustee Expense 1,555
Trustee Commission 761,606
Bankruptcy Service Payments -
Rent -
Moving Expenses -
Payment per Stipulation -
Payment of Carve Out per order of 12/11/02 -
Payment per stipulation and order of
4/15/03 - per carve out -
Per Order of 4/15/03 - payment of
chapter 11 carve out -
Pmt per order of 4/15/03 - pmt of
carve out chapter 11 fees -
Attorney's Fees for Counsel for Trustee 2,028,031
Accounting Fees for acct. for Chapter 7 Trustee 1,166,346
Tax Consultant Fees per order of 5/13/03 -
Payment - Summary Judgment -
Payment of Claims 1,076
------------
Total Disbursements 4,143,866
------------
Net Cash Flow 3,796,240
------------
Cash - End of Month $23,830,549
============
WINSTAR COMMS: Releases June 2004 Monthly Operating Report
----------------------------------------------------------
Winstar Communications, Inc.
Balance Sheet
As of June 30, 2004
ASSETS
Unrestricted Cash and Equivalents $24,140,471
Restricted Cash and Cash Equivalents -
Accounts Receivable (Net) -
Notes Receivable -
Inventories -
Prepaid Expenses -
Professional Retainers -
Other Current Assets -
------------
Total Current Assets 24,140,471
------------
Real Property and Improvements
Machinery & Equipment -
Furniture, Fixtures & Office Equipment -
Leasehold Improvements -
Vehicles -
Less: Accumulated Depreciation -
------------
Total Property & Equipment -
------------
Loans to Insiders
Other Assets -
------------
Total Other Assets -
------------
TOTAL ASSETS $24,140,471
============
LIABILITIES & SHAREHOLDER'S EQUITY
Accounts Payable -
Taxes Payable -
Wages Payable -
Notes Payable -
Rent/Leases - Building/Equipment -
Secured Debt/Adequate Protection Payments -
Professional Fees -
Amounts Due to Insiders -
Other Post Conversion Liabilities -
------------
Total Post Conversion Liabilities -
------------
Secured Debt -
Priority Debt -
Unsecured Debt -
------------
Total Pre-Conversion Liabilities -
------------
Owners' Equity
Capital Stock -
Additional Paid In Capital -
Partners' Capital Account -
Owners' Equity Account $57,559,619
Retained Earnings - Pre-Conversion -
Retained Earnings - Post-Conversion (33,419,148)
Adjustments to Owner Equity -
Postpetition Contributions (Distributions)
(Draws) -
------------
Net Owners' Equity 24,140,471
------------
TOTAL LIABILITIES & SHAREHOLDER'S EQUITY $24,140,471
============
Winstar Communications, Inc.
Statement of Operations
For the Month Ended June 30, 2004
Gross Revenues
Les: Returns and Allowances -
------------
Net Revenue -
Beginning Inventory -
Add: Purchases -
Add: Cost of Labor -
Add: Other Costs -
Less: Ending Inventory -
Cost of Goods Sold -
------------
Gross Profit -
Advertising -
Auto and Truck Expense -
Bad Debts -
Contributions -
Employee Benefits Programs -
Insider Compensation -
Insurance -
Management Fees/Bonuses -
Office Expense -
Pension & Profit-Sharing Plans -
Repairs and Maintenance -
Rent and Lease Expenses -
Salaries/Commissions/Fees -
Supplies -
Taxes - Payroll -
Taxes - Real Estate -
Taxes - Other -
Travel and Entertainment -
Utilities -
Other -
Total Operating Expenses before Depreciation -
Depreciation/Depletion/Amortization -
------------
Net Profit (Loss) before other income
and expenses 416,043
Other Income -
Worker's Comp Refund -
Tax Refund -
Leasehold Buyback -
Interest Expense -
Other Expense 89,568
Pmt from Sale of Assets - Tera -
Compensation as Director per Court Order -
Payment Per Stipulation -
Pmt from Sale of Assets - American Communications -
Return of DIP Loan Disbursement -
Pmt from Sale of Del Telecom International Stock -
Pmt per NW Nexus Sale Order -
Pmt per 1/7 Order and APA Agreement -
Payment per 2/10/03 Court Order -
Pmt PTO Employment Contract -
Turnover of Funds to IDT -
Turnover of Bank Account -
Insurance Expense 1,505
Reimbursement of Expenses -
Payroll 15,049
Sale of Assets -
------------
Net Profit (Loss) before reorganization items 309,922
Professional Fees -
U.S. Trustee Quarterly Fees -
Interest Earned on Accumulated Cash from Chapter 11 -
Gain (Loss) from Sale of Equipment -
Other Reorganization Expenses -
Income Taxes -
------------
Net Profit (Loss) $309,922
============
Winstar Communications, Inc.
Cash Receipts and Disbursements
For the Month Ended June 30, 2004
Cash Beginning of Month $23,830,549
Receipts:
Cash Sales -
Accounts Receivable -
Return of DIP Loan Disbursement -
Sale of ISP Northwest Nexus -
Holdings Funds -
Insurance Refund Dividend -
Final Settlement -
Liquidation of Well's Fargo Acct -
Liquidation of Fleet Account per stipulation -
Transfer from AON -
Leasehold Buyback -
Closing of Bank Account -
Pmt from Sales of Assets - Tera -
Pmt from Sales of Assets - American
Communications -
Pmt from Sale of Del Telecom International
Stock -
Transfers -
Claim Settlement -
Refund of Overpayment -
Worker's Comp Refund -
Collection on Preferences 401,721
Turnover of Bank Account -
Reimbursement - Moving Expenses -
Interest 14,322
Payment from Sale of Assets -
------------
Total Receipts 416,043
Disbursements:
Employee Benefits -
Net Payroll 15,049
Payroll Taxes -
Sales, Use, & Other Taxes -
Chapter 11 Quarterly Fees -
Chapter 11 Administrative Claims -
Insurance 1,505
Additional Payment of Funds - CTG Revised
Accounting -
Pmt per NW Nexus Sale Order -
Pmt per 1/7 Order and APA Agreement -
Advertising Fees -
License Fees -
Legal Fees per Court Order -
Administrative 169
Telephone -
Compensation as Director per Court Order -
Distribution Per Orders of 12/12/02 -
Payment per 2/10/03 Court Order -
Pmt PTO Employment Contract -
Owner Draw -
Reimbursement of Check from SF Interactive -
Reimbursement of Expenses -
Reimbursement of Expenses per Order of 5/13/03 -
Turnover of Funds to IDT -
Trustee Bond -
Professional Fees -
Trustee Expense -
Trustee Commission -
Bankruptcy Service Payments -
Rent -
Moving Expenses -
Payment per Stipulation -
Payment of Carve Out per order of 12/11/02 -
Payment per stipulation and order of
4/15/03 - per carve out -
Per Order of 4/15/03 - payment of
chapter 11 carve out -
Pmt per order of 4/15/03 - pmt of
carve out chapter 11 fees -
Attorney's Fees for Counsel for Trustee -
Accounting Fees for acct. for Chapter 7 Trustee -
Tax Consultant Fees 89,400
Payment - Summary Judgment -
Payment of Claims -
------------
Total Disbursements 109,122
------------
Net Cash Flow 309,921
------------
Cash - End of Month $24,140,471
============
*********
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
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. Chapman, Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $675 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
*** End of Transmission ***