/raid1/www/Hosts/bankrupt/TCR_Public/041023.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, October 23, 2004, Vol. 8, No. 231
Headlines
COVANTA TAMPA: Reports $151,488 Net Income in March 2004
COVANTA TAMPA: Reports $131,821 Net Loss in April 2004
COVANTA TAMPA: Reports $165,842 Net Loss in May 2004
COVANTA TAMPA: Reports $187,725 Net Loss in June 2004
COVANTA TAMPA: Reports $165,745 Net Loss in July 2004
COVANTA WTE: Reports $995,146 Net Loss in March 2004
COVANTA WTE: Reports $227,946 Net Income in April 2004
COVANTA WTE: Posts $748,407 Net Income for May 2004
COVANTA WTE: Reports $240,726 Net Income in June 2004
COVANTA WTE: Reports $545,909 Net Income in July 2004
ENRON CORP: Releases May 2004 Monthly Operating Report
FGI GROUP: Files September 2004 Monthly Operating Report
RCN CORP: Posts $26.6 Million Net Loss for August 2004
RELIANCE GROUP: Reports $586,000 Net Loss in September 2004
UNIVERSAL ACCESS: Files September 2004 Monthly Operating Report
*********
COVANTA TAMPA: Reports $151,488 Net Income in March 2004
--------------------------------------------------------
Covanta Tampa Bay, Inc., and
Covanta Tampa Construction, Inc.
Consolidated Balance Sheet
As of March 31, 2004
ASSETS
Cash ($19,146)
Inventory -
Account receivable 3,451,253
Machinery, fixtures and equipment 3,301
Restricted funds -
Other current assets 3,032
Other assets -
-----------
Total assets $3,438,440
===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $14,433,260
Accounts payable and other liabilities 208,359
-----------
Total postpetition liabilities 14,641,619
Prepetition Liabilities:
Project Debt -
Advances from parent and affiliates 12,672,565
Billings in excess -
Liabilities Subject to Compromise 2,605,077
Taxes/Others -
-----------
Total Prepetition Liabilities 15,277,642
-----------
Shareholders' Equity:
Capital stock -
Capital surplus -
Retained earnings - prepetition (16,306,346)
Retained earnings - postpetition (10,174,475)
-----------
Total Shareholders' Equity (26,480,821)
-----------
Total Liabilities and Shareholders' Equity $3,438,440
===========
Covanta Tampa Bay, Inc., and
Covanta Tampa Construction, Inc.
Consolidated Statements of Operations
From March 1 to March 31, 2004
INCOME:
Service and construction revenue $479,267
----------
Total Income 479,267
EXPENSES:
Operating and construction costs 297,968
Depreciation and amortization expense 220
Other - Net -
Cost allocation from parent & affiliates 29,591
Gain on sale of businesses -
----------
Total Expenses 327,779
----------
NET OPERATING PROFIT 151,488
Non-Operating Income:
Reorganization costs -
Interest expense -
----------
Total Non-Operating Income (Loss) -
Income Taxes -
----------
NET INCOME $151,488
==========
Covanta Tampa Bay, Inc., and
Covanta Tampa Construction, Inc.
Consolidated Cash Flow Statements
From March 1 to March 31, 2004
Net income $151,488
Depreciation and amortization 220
Receivables (479,268)
Other assets -
Payables and accrued expenses 32,111
Other liabilities (107,326)
Property, plant and equipment expenditures -
Advances from parents & affiliates 501,021
----------
98,246
Cash, beginning balance (117,392)
----------
Cash, ending balance ($19,146)
==========
Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
its creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. (Covanta Bankruptcy News, Issue No.
67; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COVANTA TAMPA: Reports $131,821 Net Loss in April 2004
------------------------------------------------------
Covanta Tampa Bay, Inc., and
Covanta Tampa Construction, Inc.
As of April 30, 2004
ASSETS
Cash $107,990
Inventory -
Account receivable 3,296,554
Land -
Machinery, fixtures and equipment 3,081
Restricted funds -
Other current assets 3,032
Other assets -
-----------
Total assets $3,410,657
===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $14,609,605
Accounts payable and other liabilities 329,545
-----------
Total postpetition liabilities 14,939,150
Prepetition Liabilities:
Project Debt -
Advances from parent and affiliates 12,672,565
Billings in excess -
Liabilities Subject to Compromise 2,411,584
Taxes/Others -
-----------
Total Prepetition Liabilities 15,084,149
-----------
Shareholders' Equity:
Capital stock -
Capital surplus -
Retained earnings - prepetition (16,306,346)
Retained earnings - postpetition (10,306,296)
-----------
Total Shareholders' Equity (26,612,642)
-----------
Total Liabilities and Shareholders' Equity $3,410,657
===========
Covanta Tampa Bay, Inc., and
Covanta Tampa Construction, Inc.
Consolidated Statements of Operations
From April 1 to April 30, 2004
INCOME:
Service and construction revenue $250,000
----------
Total Income 250,000
EXPENSES:
Operating and construction costs 351,601
Depreciation and amortization expense 220
Other - Net -
Cost allocation from parent & affiliates 30,000
Gain on sale of businesses -
----------
Total Expenses 381,821
----------
NET OPERATING PROFIT/(LOSS) (131,821)
Non-Operating Income:
Reorganization costs -
Interest expense -
----------
Total Non-Operating Income (Loss) -
Income Taxes -
----------
NET INCOME (NET LOSS) ($131,821)
==========
Covanta Tampa Bay, Inc., and
Covanta Tampa Construction, Inc.
Consolidated Cash Flow Statements
From April 1 to April 30, 2004
Net income ($131,821)
Depreciation and amortization 220
Receivables 154,699
Other assets -
Payables and accrued expenses 121,186
Other liabilities (193,493)
Property, plant and equipment expenditures -
Advances from parents & affiliates 176,345
----------
127,138
Cash, beginning balance (19,146)
----------
Cash, ending balance $107,990
==========
Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
its creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. (Covanta Bankruptcy News, Issue No.
67; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COVANTA TAMPA: Reports $165,842 Net Loss in May 2004
----------------------------------------------------
Covanta Tampa Bay, Inc., and
Covanta Tampa Construction, Inc.
Consolidated Balance Sheet
As of May 31, 2004
ASSETS
Cash $247,222
Inventory -
Account receivable 3,271,554
Land -
Machinery, fixtures and equipment 2,861
Restricted funds -
Other current assets 3,032
Other assets -
-----------
Total assets $3,524,669
===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $14,736,075
Accounts payable and other liabilities 102,013
-----------
Total postpetition liabilities 14,838,088
Prepetition Liabilities:
Project Debt -
Advances from parent and affiliates 12,672,565
Billings in excess -
Liabilities Subject to Compromise 2,792,500
Taxes/Others -
-----------
Total Prepetition Liabilities 15,465,065
-----------
Shareholders' Equity:
Capital stock -
Capital surplus -
Retained earnings - prepetition (16,306,346)
Retained earnings - postpetition (10,472,138)
-----------
Total Shareholders' Equity (26,778,484)
-----------
Total Liabilities and Shareholders' Equity $3,524,669
===========
Covanta Tampa Bay, Inc., and
Covanta Tampa Construction, Inc.
Consolidated Statements of Operations
From May 1 To May 31, 2004
INCOME:
Service and construction revenue $218,044
----------
Total Income 218,044
EXPENSES:
Operating and construction costs 353,666
Depreciation and amortization expense 220
Other - Net -
Cost allocation from parent & affiliates 30,000
Gain on sale of businesses -
----------
Total Expenses 383,886
----------
NET OPERATING PROFIT/(LOSS) (165,842)
Non-Operating Income:
Reorganization costs -
Interest expense -
----------
Total Non-Operating Income (Loss) -
Income Taxes -
----------
NET INCOME (NET LOSS) ($165,842)
==========
Covanta Tampa Bay, Inc., and
Covanta Tampa Construction, Inc.
Consolidated Cash Flow Statements
From May 1 To May 31, 2004
Net income ($165,842)
Depreciation and amortization 220
Receivables 25,000
Other assets -
Payables and accrued expenses (227,532)
Other liabilities 380,916
Property, plant and equipment expenditures -
Advances from parents & affiliates 126,470
----------
139,232
Cash, beginning balance 107,990
----------
Cash, ending balance $247,222
==========
Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
its creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. (Covanta Bankruptcy News, Issue No.
67; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COVANTA TAMPA: Reports $187,725 Net Loss in June 2004
-----------------------------------------------------
Covanta Tampa Bay, Inc., and
Covanta Tampa Construction, Inc.
Consolidated Balance Sheet
As of June 30, 2004
ASSETS
Cash $388,213
Inventory -
Account receivable 3,346,554
Land -
Machinery, fixtures and equipment 2,641
Restricted funds -
Other current assets 3,032
Other assets -
-----------
Total assets $3,740,440
===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $14,940,039
Accounts payable and other liabilities 301,545
-----------
Total postpetition liabilities 15,241,584
Prepetition Liabilities:
Project Debt -
Advances from parent and affiliates 12,672,565
Billings in excess -
Liabilities Subject to Compromise 2,792,500
Taxes/Others -
-----------
Total Prepetition Liabilities 15,465,065
-----------
Shareholders' Equity:
Capital stock -
Capital surplus -
Retained earnings - prepetition (16,306,346)
Retained earnings - postpetition (10,659,863)
-----------
Total Shareholders' Equity (26,966,209)
-----------
Total Liabilities and Shareholders' Equity $3,740,440
===========
Covanta Tampa Bay, Inc., and
Covanta Tampa Construction, Inc.
Consolidated Statements of Operations
From June 1 to June 30, 2004
INCOME:
Service and construction revenue $320,610
----------
Total Income 320,610
EXPENSES:
Operating and construction costs 478,115
Depreciation and amortization expense 220
Other - Net -
Cost allocation from parent & affiliates 30,000
Gain on sale of businesses -
----------
Total Expenses 508,335
----------
NET OPERATING PROFIT/(LOSS) (187,725)
Non-Operating Income:
Reorganization costs -
Interest expense -
----------
Total Non-Operating Income (Loss) -
Income Taxes -
----------
NET INCOME (NET LOSS) ($187,725)
==========
Covanta Tampa Bay, Inc., and
Covanta Tampa Construction, Inc.
Consolidated Cash Flow Statements
From June 1 to June 30, 2004
Net income ($187,725)
Depreciation and amortization 220
Receivables (75,000)
Other assets -
Payables and accrued expenses 199,532
Other liabilities -
Property, plant and equipment expenditures -
Advances from parents & affiliates 203,964
----------
140,991
Cash, beginning balance 247,222
----------
Cash, ending balance $388,213
==========
Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
its creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. (Covanta Bankruptcy News, Issue No.
67; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COVANTA TAMPA: Reports $165,745 Net Loss in July 2004
-----------------------------------------------------
Covanta Tampa Bay, Inc., and
Covanta Tampa Construction, Inc.
Consolidated Balance Sheet
As of July 31, 2004
ASSETS
Cash $4,944
Inventory -
Account receivable 3,421,554
Land -
Machinery, fixtures and equipment 2,421
Restricted funds -
Other current assets 3,032
Other assets -
-----------
Total assets $3,431,951
===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $14,754,550
Accounts payable and other liabilities 738,589
-----------
Total postpetition liabilities 15,493,139
Prepetition Liabilities:
Project Debt -
Advances from parent and affiliates 12,672,565
Billings in excess -
Liabilities Subject to Compromise 2,398,200
Taxes/Others -
-----------
Total Prepetition Liabilities 15,070,765
-----------
Shareholders' Equity:
Capital stock -
Capital surplus -
Retained earnings - prepetition (16,306,346)
Retained earnings - postpetition (10,825,607)
-----------
Total Shareholders' Equity (27,131,953)
-----------
Total Liabilities and Shareholders' Equity $3,431,951
===========
Covanta Tampa Bay, Inc., and
Covanta Tampa Construction, Inc.
Consolidated Statements of Operations
From July 1 to July 31, 2004
INCOME:
Service and construction revenue $327,582
----------
Total Income 327,582
EXPENSES:
Operating and construction costs 463,107
Depreciation and amortization expense 220
Other - Net -
Cost allocation from parent & affiliates 30,000
Gain on sale of businesses -
----------
Total Expenses 493,327
----------
NET OPERATING PROFIT/(LOSS) (165,745)
Non-Operating Income:
Reorganization costs -
Interest expense -
----------
Total Non-Operating Income (Loss) -
Income Taxes -
----------
NET INCOME (NET LOSS) ($165,745)
==========
Covanta Tampa Bay, Inc., and
Covanta Tampa Construction, Inc.
Consolidated Cash Flow Statements
From July 1 to July 31, 2004
Net income ($165,745)
Depreciation and amortization 220
Receivables (75,000)
Other assets -
Payables and accrued expenses 437,044
Other liabilities (394,300)
Property, plant and equipment expenditures -
Advances from parents & affiliates (185,488)
----------
(383,269)
Cash, beginning balance 388,213
----------
Cash, ending balance $4,944
==========
Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
its creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. (Covanta Bankruptcy News, Issue No.
67; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COVANTA WTE: Reports $995,146 Net Loss in March 2004
----------------------------------------------------
The WTE Debtors are:
-- Covanta Warren Energy Resource Co., L.P.,
-- Covanta Warren Holdings I, Inc.,
-- Covanta Warren Holdings II, Inc., and
-- Covanta Lake II, Inc.
WTE Debtors
Consolidated Balance Sheet
As of March 31, 2004
ASSETS
Cash $1,220,234
Inventory -
Accounts receivable 37,249,496
Land -
Machinery, fixtures and equipment 98,649,116
Restricted funds 13,304,061
Other current assets 173,322
Other assets 3,560,637
-------------
Total assets $154,156,866
=============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $16,134,163
Accounts payable and other liabilities 8,551,948
-----------
Total postpetition liabilities 24,686,111
Prepetition Liabilities:
Project Debt 84,259,526
Advances from parent and affiliates 37,185,761
Liabilities Subject to Compromise 4,197,785
Taxes/Others -
------------
Total Prepetition Liabilities 125,643,072
------------
Shareholders' Equity:
Capital stock -
Capital surplus 5,820
Retained earnings - prepetition 15,866,416
Retained earnings - postpetition (12,044,553)
-------------
Total Shareholders' Equity 3,827,683
-------------
Total Liabilities and Shareholders' Equity $154,156,866
=============
WTE Debtors
Consolidated Statements of Operations
From March 1 to March 31, 2004
INCOME:
Service, electric and construction revenue $1,753,786
Waste-to-Energy project debt revenue 1,003,415
----------
Total Income 2,757,201
EXPENSES:
Operating and construction costs 2,478,788
Waste-to-Energy project debt expense 430,147
Depreciation and amortization expense 316,161
Other - Net -
Cost allocations from parent & affiliates 702,251
Gain on sale of businesses (175,000)
----------
Total Expenses 3,752,347
----------
NET OPERATING PROFIT/(LOSS) (995,146)
Non-Operating Income/(Expense)
Reorganization costs -
Interest expense -
----------
Total Non-Operating Income (Expense) -
Income Taxes -
----------
NET INCOME (NET LOSS) ($995,146)
==========
WTE Debtors
Consolidated Cash Flow Statements
From March 1 to March 31, 2004
Net Income ($995,146)
Depreciation and amortization 316,161
Receivables 1,457,803
Other assets 161,777
Payables and accrued expenses (484,664)
Other liabilities 488,119
Property, plant and equipment expenditures -
Restricted funds, net (757,583)
(Repayments) issuance of debt, net -
Advances from parents & affiliates 1,214,842
----------
1,401,309
Cash, beginning balance (181,075)
-----------
Cash, ending balance $1,220,234
===========
Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
its creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. (Covanta Bankruptcy News, Issue No.
67; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COVANTA WTE: Reports $227,946 Net Income in April 2004
------------------------------------------------------
The WTE Debtors are:
-- Covanta Warren Energy Resource Co., L.P.,
-- Covanta Warren Holdings I, Inc.,
-- Covanta Warren Holdings II, Inc., and
-- Covanta Lake II, Inc.
WTE Debtors
Consolidated Balance Sheet
As of April 30, 2004
ASSETS
Cash $2,121,101
Inventory -
Accounts receivable 36,913,482
Land -
Machinery, fixtures and equipment 98,339,494
Restricted funds 11,930,458
Other current assets 148,562
Other assets 3,524,131
-------------
Total assets $152,977,228
=============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $17,556,672
Accounts payable and other liabilities 6,984,281
------------
Total postpetition liabilities 24,540,953
Prepetition Liabilities:
Project Debt 82,998,263
Advances from parent and affiliates 37,185,761
Liabilities Subject to Compromise 4,196,622
Taxes/Others -
------------
Total Prepetition Liabilities 124,380,646
------------
Shareholders' Equity:
Capital stock -
Capital surplus 5,820
Retained earnings - prepetition 15,866,416
Retained earnings - postpetition (11,816,607)
-------------
Total Shareholders' Equity 4,055,629
-------------
Total Liabilities and Shareholders' Equity $152,977,228
=============
WTE Debtors
Consolidated Statements of Operations
From April 1 to April 30, 2004
INCOME:
Service, electric and construction revenue $2,264,540
Waste-to-Energy project debt revenue 1,003,414
----------
Total Income 3,267,954
EXPENSES:
Operating and construction costs 2,097,720
Waste-to-Energy project debt expense 429,622
Depreciation and amortization expense 352,666
Other - Net -
Cost allocations from parent & affiliates 160,000
Gain on sale of businesses -
----------
Total Expenses 3,040,008
----------
NET OPERATING PROFIT/(LOSS) 227,946
Non-Operating Income/(Expense)
Reorganization costs -
Interest expense -
----------
Total Non-Operating Income (Expense) -
Income Taxes -
----------
NET INCOME $227,946
==========
WTE Debtors
Consolidated Cash Flow Statements
From April 1 to April 30, 2004
Net income $227,946
Depreciation and amortization 316,161
Receivables 336,014
Other assets 61,266
Payables and accrued expenses (1,567,667)
Other liabilities (1,163)
Property, plant and equipment expenditures (6,539)
Restricted funds, net 1,373,603
(Repayments) issuance of debt, net (1,261,263)
Advances from parents & affiliates 1,422,509
----------
900,867
Cash, beginning balance 1,220,234
-----------
Cash, ending balance $2,121,101
===========
Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
its creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. (Covanta Bankruptcy News, Issue No.
67; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COVANTA WTE: Posts $748,407 Net Income for May 2004
---------------------------------------------------
The WTE Debtors are:
-- Covanta Warren Energy Resource Co., L.P.,
-- Covanta Warren Holdings I, Inc.,
-- Covanta Warren Holdings II, Inc., and
-- Covanta Lake II, Inc.
WTE Debtors
Consolidated Balance Sheet
As of May 31, 2004
ASSETS
Cash $2,329,284
Inventory -
Accounts receivable 38,891,573
Land -
Machinery, fixtures and equipment 98,042,370
Restricted funds 11,791,528
Other current assets 123,801
Other assets 3,502,370
-------------
Total assets $154,680,926
=============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $17,494,254
Accounts payable and other liabilities 7,468,072
------------
Total postpetition liabilities 24,962,326
Prepetition Liabilities:
Project Debt 83,428,441
Advances from parent and affiliates 37,185,761
Liabilities Subject to Compromise 4,300,362
Taxes/Others -
------------
Total Prepetition Liabilities 124,914,564
------------
Shareholders' Equity:
Capital stock -
Capital surplus 5,820
Retained earnings - prepetition 15,866,416
Retained earnings - postpetition (11,068,200)
-------------
Total Shareholders' Equity 4,804,036
-------------
Total Liabilities and Shareholders' Equity $154,680,926
=============
WTE Debtors
Consolidated Statements of Operations
From May 1 to May 31, 2004
INCOME:
Service, electric and construction revenue $1,523,854
Waste-to-Energy project debt revenue 1,003,415
----------
Total Income 2,527,269
EXPENSES:
Operating and construction costs 911,243
Waste-to-Energy project debt expense 369,695
Depreciation and amortization expense 337,924
Other - Net -
Cost allocations from parent & affiliates 160,000
Gain on sale of businesses -
----------
Total Expenses 1,778,862
----------
NET OPERATING PROFIT/(LOSS) 748,407
Non-Operating Income/(Expense)
Reorganization costs -
Interest expense -
----------
Total Non-Operating Income (Expense) -
Income Taxes -
----------
NET INCOME $748,407
==========
WTE Debtors
Consolidated Cash Flow Statements
From May 1 to May 31, 2004
Net income $748,407
Depreciation and amortization 316,161
Receivables (1,978,091)
Other assets 46,522
Payables and accrued expenses 913,969
Other liabilities 103,740
Property, plant and equipment expenditures (19,037)
Restricted funds, net 138,930
(Repayments) issuance of debt, net -
Advances from parents & affiliates (62,418)
----------
208,183
Cash, beginning balance 2,121,101
----------
Cash, ending balance $2,329,284
==========
Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
its creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. (Covanta Bankruptcy News, Issue No.
67; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COVANTA WTE: Reports $240,726 Net Income in June 2004
-----------------------------------------------------
The WTE Debtors are:
-- Covanta Warren Energy Resource Co., L.P.,
-- Covanta Warren Holdings I, Inc.,
-- Covanta Warren Holdings II, Inc., and
-- Covanta Lake II, Inc.
WTE Debtors
Consolidated Balance Sheet
As of June 30, 2004
ASSETS
Cash $3,431,915
Inventory -
Accounts receivable 35,976,596
Land -
Machinery, fixtures and equipment 97,943,901
Restricted funds 12,303,242
Other current assets 99,041
Other assets 3,480,608
-------------
Total assets $153,235,303
=============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $17,133,520
Accounts payable and other liabilities 6,728,999
------------
Total postpetition liabilities 23,862,519
Prepetition Liabilities:
Project Debt 82,968,993
Advances from parent and affiliates 37,185,761
Liabilities Subject to Compromise 4,173,267
Taxes/Others -
------------
Total Prepetition Liabilities 124,328,021
------------
Shareholders' Equity:
Capital stock -
Capital surplus 5,820
Retained earnings - prepetition 15,866,416
Retained earnings - postpetition (10,827,473)
-------------
Total Shareholders' Equity 5,044,763
-------------
Total Liabilities and Shareholders' Equity $153,235,303
=============
WTE Debtors
Consolidated Statements of Operations
From June 1 to June 30, 2004
INCOME:
Service, electric and construction revenue $1,477,482
Waste-to-Energy project debt revenue 1,003,415
----------
Total Income 2,480,897
EXPENSES:
Operating and construction costs 1,321,892
Waste-to-Energy project debt expense 407,137
Depreciation and amortization expense 337,924
Other - Net -
Cost allocations from parent & affiliates 160,000
Gain on sale of businesses -
----------
Total Expenses 2,226,953
----------
NET OPERATING PROFIT/(LOSS) 253,944
Non-Operating Income/(Expense)
Reorganization costs -
Interest expense (13,218)
----------
Total Non-Operating Income (Expense) (13,218)
Income Taxes -
----------
NET INCOME $240,726
==========
WTE Debtors
Consolidated Cash Flow Statements
From June 1 to June 30, 2004
Net income $240,726
Depreciation and amortization 316,161
Receivables 2,914,977
Other assets 46,522
Payables and accrued expenses (308,894)
Other liabilities (127,095)
Property, plant and equipment expenditures (217,692)
Restricted funds, net (511,714)
(Repayments) issuance of debt, net (889,626)
Advances from parents & affiliates (360,734)
----------
1,102,631
Cash, beginning balance 2,329,284
-----------
Cash, ending balance $3,431,915
===========
Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
its creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. (Covanta Bankruptcy News, Issue No.
67; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COVANTA WTE: Reports $545,909 Net Income in July 2004
-----------------------------------------------------
The WTE Debtors are:
-- Covanta Warren Energy Resource Co., L.P.,
-- Covanta Warren Holdings I, Inc.,
-- Covanta Warren Holdings II, Inc., and
-- Covanta Lake II, Inc.
WTE Debtors
Consolidated Balance Sheet
As of July 31, 2004
ASSETS
Cash $3,865,556
Inventory -
Accounts receivable 36,672,100
Land -
Machinery, fixtures and equipment 97,590,457
Restricted funds 12,605,710
Other current assets 83,456
Other assets 3,458,845
-------------
Total assets $154,276,124
=============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $17,528,267
Accounts payable and other liabilities 6,615,389
------------
Total postpetition liabilities 24,143,656
Prepetition Liabilities:
Project Debt 83,399,171
Advances from parent and affiliates 37,185,761
Liabilities Subject to Compromise 3,956,865
Taxes/Others -
------------
Total Prepetition Liabilities 124,541,797
------------
Shareholders' Equity:
Capital stock -
Capital surplus 5,820
Retained earnings - prepetition 15,866,416
Retained earnings - postpetition (10,281,565)
-------------
Total Shareholders' Equity 5,590,671
-------------
Total Liabilities and Shareholders' Equity $154,276,124
=============
WTE Debtors
Consolidated Statements of Operations
From July 1 to July 31, 2004
INCOME:
Service, electric and construction revenue $1,489,487
Waste-to-Energy project debt revenue 1,003,415
----------
Total Income 2,492,902
EXPENSES:
Operating and construction costs 1,039,717
Waste-to-Energy project debt expense 407,149
Depreciation and amortization expense 337,924
Other - Net -
Cost allocations from parent & affiliates 160,000
Gain on sale of businesses -
----------
Total Expenses 1,944,790
----------
NET OPERATING PROFIT/(LOSS) 548,112
Non-Operating Income/(Expense)
Reorganization costs -
Interest expense (2,203)
----------
Total Non-Operating Income (Expense) (2,203)
Income Taxes -
----------
NET INCOME $545,909
==========
WTE Debtors
Consolidated Cash Flow Statements
From July 1 to July 31, 2004
Net income $545,909
Depreciation and amortization 316,161
Receivables (695,504)
Other assets 74,630
Payables and accrued expenses 316,568
Other liabilities (216,402)
Property, plant and equipment expenditures -
Restricted funds, net (302,468)
(Repayments) issuance of debt, net -
Advances from parents & affiliates 394,747
----------
433,641
Cash, beginning balance 3,431,915
-----------
Cash, ending balance $3,865,556
===========
Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
its creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. (Covanta Bankruptcy News, Issue No.
67; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ENRON CORP: Releases May 2004 Monthly Operating Report
------------------------------------------------------
On Oct. 14, 2004, Enron Corporation and certain other debtor-in-
possession subsidiaries of the Company filed their monthly
operating report for May 2004 with the United States Bankruptcy
Court for the Southern District of New York.
A full-text copy of Enron Corp.'s May 2004 Operating Report is
available at:
http://www.sec.gov/Archives/edgar/data/1024401/000095012904007785/h19089exv99w1.txt
Enron Corp. et al.
Cash Activity Rollforward
For the Month Ended May 31, 2004
Beginning cash $1,877,000,000
Third party receipts 213,000,000
Third party disbursements (130,000,000)
Net Intercompany (18,000,000)
Transfer from or to Restricted Cash (2,000,000)
---------------
Ending balance $1,940,000,000
Enron Corp. et al.
Tax Rollforward (Non-Payroll)
For the Month Ended May 31, 2004
Beginning Balance $21,000,000
Accruals 220,000,000
Intercompany (213,000,000)
Payments -
---------------
Ending Balance $28,000,000
Enron Corp. et al.
Receivables Rollforward - Non-Commodity
For the Month Ended May 31, 2004
Beginning Balance $288,000,000
Billings 5,000,000
Payments Received (2,000,000)
Other Adjustments 1,000,000
---------------
Ending Balance $292,000,000
Enron Corp. et al.
Commodity Receivables and Payables
` As of May, 2004
Receivables $218,000,000
Payables 598,000,000
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. 128;
Bankruptcy Creditors' Service, Inc., 15/945-7000)
FGI GROUP: Files September 2004 Monthly Operating Report
--------------------------------------------------------
On Oct. 15, 2004, FGI Group Inc. filed a monthly operating
report for Florsheim Group, Inc., et al., and its debtor-
affiliates covering the period ended Sept. 30, 2004, with the
United States Bankruptcy Court for the Northern District of
Illinois, Eastern Division.
FGI Group reports a $707,574.86 cash balance at Sept. 30, 2004,
and provides a summary of cash accounts; receipts listings;
disbursements listings; loan account; statement of aged
receivables and accounts payable aging; tax questionnaire; and
declaration.
Full-text copies of FGI Group's September 2004 Operating Reports
are available at no charge at:
http://www.sec.gov/Archives/edgar/data/928908/000095013704008635/c88861exv99w1.txt
Florsheim Group, Inc. (OTC BB: FLSC.OB), filed for chapter 11
protection on March 4, 2002 (Bankr. N.D. Ill. Case No. 02 B 08209)
to facilitate a sale of its U.S. wholesale business and 23 retail
stores to its U.S. assets to the Weyco Group, Inc. (NASDAQ: WEYS)
for $45.6 million in cash, subject to post closing adjustment.
RCN CORP: Posts $26.6 Million Net Loss for August 2004
------------------------------------------------------
RCN Corporation, Hot Spots Production, Inc.,
RCN Finance, LLC, RLH Property Corporation and TEC Air, Inc.
(Debtors-in-Possession)
Unaudited Condensed Combined Consolidated Balance Sheets
As of August 31, 2004
(In Thousands)
ASSETS
Current Assets:
Cash and temporary cash investments $808
Other current assets 941
--------------
Total current assets 1,749
Accounts receivable from non-combined subsidiaries 235,998
Investment in and advances to
non-combined subsidiaries 1,482,295
Deferred charges and other assets 250,884
--------------
Total assets $1,970,926
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities:
Current maturities of long-term debt $452,340
Accounts payable and accrued expenses 5,433
--------------
Total current liabilities 457,773
Accounts payable to non-combined subsidiaries 803,762
Prepetition liabilities subject to compromise
Liabilities subject to compromise 1,204,387
Series A redeemable Preferred stock 350,362
Series B redeemable Preferred stock 1,474,850
Shareholders' deficit:
Common stock 123,588
Additional paid in capital 2,153,287
Cumulative translation adjustment (17,288)
Unearned compensation expense (119)
Treasury stock (10,166)
Unrealized appreciation on investments (61)
Accumulated deficit (4,569,449)
--------------
Total shareholders' deficit (2,320,208)
--------------
Total liabilities and shareholders' deficit $1,970,926
==============
RCN Corporation, Hot Spots Production, Inc.,
RCN Finance, LLC, RLH Property Corporation and TEC Air, Inc.
(Debtors-in-Possession)
Unaudited Condensed Combined Statement of Operations
For the period August 1, 2004 through August 31, 2004
(In Thousands)
Revenues $794
Costs and expenses 994
Non-cash stock based compensation 356
Depreciation and amortization 6
Reorganization items 7,023
--------------
Operating loss (7,585)
Interest expense 8,476
Other expense 14
--------------
Loss before income taxes (16,075)
Equity in the income of non-combined subsidiaries (10,551)
--------------
Net loss ($26,626)
==============
RCN Corporation, Hot Spots Production, Inc.,
RCN Finance, LLC, RLH Property Corporation and TEC Air, Inc.
(Debtors-in-Possession)
Unaudited Condensed Combined Statement of Cash Flows
For the period August 1, 2004 through August 31, 2004
(In Thousands)
Cash flows from operating activities:
Net loss ($26,626)
Non-cash stock based compensation 356
Depreciation and amortization 6
Equity loss of non-combined subsidiaries 10,551
Accretion of discounted debt 338
Amortization of financing costs 537
--------------
Net cash used in operating activities (14,838)
Cash flows from financing activities:
Payment of long-term debt -
Investments from non-combined subsidiaries 14,297
--------------
Net cash provided by financing activities 14,297
--------------
Net increase (decrease) in cash and
temporary cash investments (541)
--------------
Beginning cash & temporary cash investments 1,349
--------------
Ending cash & temporary cash investments $808
==============
Headquartered in Princeton, New Jersey, RCN Corporation --
http://www.rcn.com/-- provides bundled Telecommunications
services. The Company, along with its affiliates, filed for
chapter 11 protection (Bankr. S.D.N.Y. Case No. 04-13638) on
May 27, 2004. Frederick D. Morris, Esq., and Jay M. Goffman,
Esq., at Skadden Arps Slate Meagher & Flom LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $1,486,782,000 in
assets and $1,820,323,000 in liabilities. (RCN Corp. Bankruptcy
News, Issue No. 13; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
RELIANCE GROUP: Reports $586,000 Net Loss in September 2004
-----------------------------------------------------------
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession 30-Sept-2004
_____________________________________ ____________
ASSETS
Unrestricted Funds $56,855,000
----------------
Total 56,855,000
Accounts and Notes Receivable 13,090,000
Prepaid expenses and deposits 353,000
Due from Reliance Development Group,
less allowance of $59,334,000 0
Plant, property & equipment -
----------------
Total Assets $70,298,000
================
LIABILITIES & SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise
Postpetition accounts payable $1,896,000
Professional fee holdback payable 2,298,000
Liabilities subject to compromise 1,025,318,000
----------------
Total liabilities 1,029,512,000
----------------
Shareholders' deficit:
Common stock 11,616,000
Additional paid in capital 558,541,000
Accumulated deficit (1,529,371,000)
----------------
Total shareholders' deficit (959,214,000)
----------------
Total liabilities & deficit $70,298,000
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Sept-2004
Operations, excluding subsidiaries to
which are not Debtors-in-Possession 30-Sept-2004
_____________________________________ ____________
Revenues $0
----------------
Costs and expenses:
Operating and administrative 90,000
Pension Plan Actuarial
adjustments and expenses 0
Depreciation 0
----------------
Total costs and expenses 90,000
----------------
Loss before reorganization items (90,000)
----------------
Reorganization items:
Professional fees 569,000
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 (73,000)
----------------
Total reorganization items 496,000
----------------
Income Tax benefits 0
----------------
Net Income ($586,000)
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Sept-2004
Cash Flows, excluding subsidiaries to
which are not Debtors-in-Possession 30-Sept-2004
_____________________________________ ____________
Cash flows from operating activities:
Loss from operations before
reorganization items ($90,000)
Adjustments to reconcile loss to
net cash provided by
operating activities:
Income Tax Recovery 0
Depreciation 0
Changes in:
Prepaid expenses 200,000
Postpetition payables (172,000)
Increase in Liabilities
subject to compromise 0
----------------
Net cash (used) provided by
operating activities before
reorganization items (62,000)
----------------
Operating cash flows from
reorganization items:
Interest earned 73,000
Application of retainer
towards reorganization
professional fees 0
Payment of
reorganization items (628,000)
Distribution to Reliance
Insurance Company
(in liquidation) 0
----------------
Net cash used by
reorganization items (555,000)
----------------
Net cash used by
operating activities (617,000)
----------------
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 (617,000)
Cash at beginning of period 57,472,000
----------------
Cash at end of period $56,855,000
================
Headquartered in New York, New York, Reliance Group Holdings, Inc.
-- http://www.rgh.com/-- is a holding company that owns 100% of
Reliance Financial Services Corporation. Reliance Financial, in
turn, owns 100% of Reliance Insurance Company. The holding and
intermediate finance companies filed for chapter 11 protection on
June 12, 2001 (Bankr. S.D.N.Y. Case No. 01-13403) listing
$12,598,054,000 in assets and $12,877,472,000 in debts. The
insurance unit is being liquidated by the Insurance Commissioner
of the Commonwealth of Pennsylvania. (Reliance Bankruptcy News,
Issue No. 62; Bankruptcy Creditors' Service, Inc., 215/945-7000)
UNIVERSAL ACCESS: Files September 2004 Monthly Operating Report
---------------------------------------------------------------
Universal Access Global Holdings, Inc., filed its September 2004
monthly operating report with the United States Bankruptcy Court
for the Northern District of Illinois, Eastern Division. The
Debtor's summary of cash receipts and disbursements shows:
Beginning Cash Balance $9,701,848
Total Receipts 3,301,371
Total Disbursements 4,546,387
Ending Cash Balance $8,456,832
A full-text copy of Universal Access' September Monthly Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1070699/000110465904031032/a04-11777_1ex99d1.htm
On Oct. 15, 2004, Universal Access, Inc., a subsidiary of
Universal Access Global Holdings, Inc. (UAXSQ.PK), entered into a
letter agreement with AT&T Corp. The letter agreement provides
that until Oct. 29, 2004, the parties' purchase and receipt of
certain telecommunications data services will continue to be
governed by the terms of the Data Services Terms and Pricing
Attachment between AT&T Corporation and UAI. The Data Attachment
is a part of the parties' Amended and Restated AT&T Master Carrier
Agreement executed by UAI on June 19, 2001.
Headquartered in Chicago, Illinois, Universal Access Global
Holdings, Inc. -- http://www.universalaccess.com/-- provides
network infrastructure services and facilitates the buying and
selling of capacity on communications networks. The company, and
its debtor-affiliates, filed for a chapter 11 protection on
August 4, 2004 (Bankr. N.D. Ill. Case No. 04-28747). John Collen,
Esq., and Rosanne Ciambrone, Esq., at Duane Morris LLC, represent
the Company. When the Debtor filed for protection from its
creditors, it listed $22,047,000 in total assets and $24,054,000
in total debts.
*********
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
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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.
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Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
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Monthly Operating Reports are summarized in every Saturday edition
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For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
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of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
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