/raid1/www/Hosts/bankrupt/TCR_Public/041204.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, December 4, 2004, Vol. 8, No. 267
Headlines
AVADO BRANDS: Posts $3.7 Million Net Loss in October 2004
COVANTA WTE: Posts $944,818 Net Loss in September 2004
DII/KBR: Posts $355 Million Net Loss for Third Quarter 2004
FINOVA GROUP: Posts $46.6 Million Net Loss in September 2004
FINOVA CAPITAL: Earns $16 Million of Net Income in September 2004
FINOVA CAPITAL plc: Earns $99.3 Million of Net Income in September
FINOVA: Loan Administration's Third Quarter 2004 Results
FINOVA: Mezzanine's Sept. 2004 Net Income Nears $12 Million
HAWAIIAN AIRLINES: Posts $1.3 Million Net Loss in October 2004
INTERSTATE BAKERIES: Schedules of Assets & Liabilities
INTERSTATE BAKERIES: Armour & Main's Schedules of Assets & Debts
INTERSTATE BAKERIES: Baker's Inn Schedules of Assets & Liabilities
INTERSTATE BAKERIES: Interstate Brands Schedules of Assets & Debts
INTERSTATE BAKERIES: N.E. Bakery's Schedules of Assets & Debts
INTERSTATE BAKERIES: IBC Sales' Schedules of Assets & Liabilities
INTERSTATE BAKERIES: IBC Services' Schedules of Assets & Debts
INTERSTATE BAKERIES: IBC Trucking's Schedules of Assets & Debts
MIRANT CORP: Earns $17.8 Million of Net Income in August 2004
MIRANT CORP: Posts $83.9 Million Net Loss in September 2004
MIRANT: MAGi Earns $56.6 Million of Net Income in August 2004
MIRANT: MAGi Posts $106 Million Net Loss in September 2004
PARMALAT USA: Releases Monthly Operating Report Ended Oct. 23
PARMALAT: Milk Products' October 2004 Monthly Operating Report
PARMALAT: Farmland Dairies' October 2004 Monthly Operating Report
RELIANCE GROUP: Posts $84.5 Million Net Loss in October 2004
RELIANCE GROUP: RIC Liquidator's Third Quarter Status Report
TRUMP HOTELS: Trump Casino Funding's Schedules of Assets & Debts
TRUMP HOTELS: Trump Casino Holdings' Schedules of Assets & Debts
TRUMP HOTELS: Trump Indiana Casino's Schedules of Assets & Debts
TRUMP HOTELS: Trump Indiana Realty's Schedules of Assets & Debts
TRUMP HOTELS: Trump Internet Casino's Schedules of Assets & Debts
TRUMP HOTELS: Trump Marina Associates' Schedules of Assets & Debts
TRUMP HOTELS: Trump Plaza Associates' Schedules of Assets & Debts
TRUMP HOTELS: Plaza Funding Inc.'s Schedules of Assets & Debts
TRUMP HOTELS: TAC Associates' Schedules of Assets & Liabilities
TRUMP HOTELS: TAC Funding Inc.'s Schedules of Assets & Debts
TRUMP HOTELS: TAC Funding II's Schedules of Assets & Debts
TRUMP HOTELS: TAC Funding III's Schedules of Assets & Debts
TRUMP HOTELS: TAC Holding Inc.'s Schedules of Assets & Debts
TRUMP HOTELS: Taj Mahal Associates' Schedules of Assets & Debts
TRUMP HOTELS: THCR Development Co.'s Schedules of Assets & Debts
TRUMP HOTELS: THCR Enterprises Inc.'s Schedules of Assets & Debts
TRUMP HOTELS: THCR Enterprises LLC's Schedules of Assets & Debts
TRUMP HOTELS: THCR Funding Inc.'s Schedules of Assets & Debts
TRUMP HOTELS: THCR Holding Corp.'s Schedules of Assets & Debts
TRUMP HOTELS: THCR Holdings LP's Schedules of Assets & Debts
TRUMP HOTELS: THCR Inc.'s Schedules of Assets & Debts
TRUMP HOTELS: THCR LP Corp.'s Schedules Of Assets & Debts
TRUMP HOTELS: THCR Mgt. Holding's Schedules of Assets & Debts
TRUMP HOTELS: THCR Ventures, Inc.'s Schedules of Assets & Debts
TRUMP HOTELS: Trump Atlantic City's Schedules of Assets & Debts
UAL CORPORATION: Posts $114 Million Net Loss in October 2004
WESTPOINT STEVENS: Posts $20.2 Million Net Loss in October 2004
*********
AVADO BRANDS: Posts $3.7 Million Net Loss in October 2004
---------------------------------------------------------
Avado Brands, Inc., the owner and operator of the Don Pablo's and
Hops restaurant chains, delivered its October 2004 monthly
operating report to the U.S. Bankruptcy Court for the Northern
District of Texas.
For the period ended Oct. 24, 2004, Don Pablo's reported
$794,000 of net income, Hops reported a net loss of $930,000
and $3,584,000 of net losses at the corporate level resulted in a
consolidated net loss of $3,720,000.
A full-text copy of Avado Brands, Inc.'s October Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/849101/000084910104000034/moroct.txt
Headquartered in Madison, Georgia, Avado Brands, Inc. --
http://www.avado.com/-- owns and operates two proprietary brands
comprised of 102 Don Pablo's Mexican Kitchens and 37 Hops
Grillhouse & Breweries. The company recently introduced a new
Hops City Grille concept that is currently in test in Florida.
The Company and its debtor-affiliates filed voluntary chapter 11
petitions on Feb. 4, 2004 (Bankr. N.D. Tex. Case No. 04-31555).
Deborah D. Williamson, Esq., and Thomas Rice, Esq., at Cox & Smith
Incorporated, represent the Debtors in their restructuring
efforts. Miller Buckfire Lewis Ying & Co., LLC, is providing
financial advisory services. When the Debtors filed for
protection from its creditors, they listed $228,032,000 in total
assets and $263,497,000 in total debts.
COVANTA WTE: Posts $944,818 Net Loss in September 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 September 30, 2004
ASSETS
Cash $3,668,980
Inventory -
Accounts receivable 36,443,354
Land -
Machinery, fixtures and equipment 97,070,938
Restricted funds 14,223,743
Other current assets 29,939
Other assets 3,415,319
------------
Total assets $154,852,273
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $17,333,915
Accounts payable and other liabilities 7,758,036
------------
Total postpetition liabilities 25,091,951
Prepetition Liabilities:
Project Debt 84,259,526
Advances from parent and affiliates 37,185,761
Liabilities Subject to Compromise 3,525,224
Taxes/Others -
------------
Total Prepetition Liabilities 124,970,511
------------
Shareholders' Equity:
Capital stock -
Capital surplus 5,820
Retained earnings - prepetition 15,866,416
Retained earnings - postpetition (11,082,425)
------------
Total Shareholders' Equity 4,789,811
------------
Total Liabilities and Shareholders' Equity $154,852,273
============
WTE Debtors
Consolidated Statements of Operations
From September 1 to September 30, 2004
INCOME:
Service, electric and construction revenue $1,221,101
Waste-to-Energy project debt revenue 982,604
------------
Total Income 2,203,705
EXPENSES:
Operating and construction costs 2,241,287
Waste-to-Energy project debt expense 407,109
Depreciation and amortization expense 337,924
Other - Net -
Cost allocations from parent & affiliates 160,000
Gain on sale of businesses -
------------
Total Expenses 3,146,320
------------
NET OPERATING PROFIT/(LOSS) (942,615)
Non-Operating Income/(Expense)
Reorganization costs -
Interest expense (2,203)
------------
Total Non-Operating Income (Expense) (2,203)
Income Taxes -
Income before cumulative effect of accounting
Change (944,818)
------------
NET INCOME ($944,818)
============
WTE Debtors
Consolidated Cash Flow Statements
From September 1 to September 30, 2004
Net income ($944,818)
Depreciation and amortization 316,161
Receivables 1,124,869
Other assets (2,305)
Payables and accrued expenses 701,683
Other liabilities -
Property, plant and equipment expenditures (75,520)
Restricted funds, net (1,398,863)
(Repayments) issuance of debt, net -
Advances from parents & affiliates 162,870
------------
(115,923)
Cash, beginning balance 3,784,903
------------
Cash, ending balance $3,668,980
============
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
their creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. On March 10, 2004, Covanta Energy
Corporation and its core subsidiaries emerged from chapter 11 as a
wholly owned subsidiary of Danielson Holding Corporation. Some of
Covanta's non-core subsidiaries have liquidated under separate
chapter 11 plans. (Covanta Bankruptcy News, Issue No. 70;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
DII/KBR: Posts $355 Million Net Loss for Third Quarter 2004
-----------------------------------------------------------
DII Industries, LLC
Debtors-in-Possession
Unaudited Condensed Combined Balance Sheets
As of September 30, 2004
(dollars in millions)
Assets
Current assets:
Cash and equivalents $67
Receivables:
Trade, net 142
Unbilled insurance for asbestos &
silica-related liabilities 873
Intercompany, net 52
Unbilled work on uncompleted contracts 151
Other, net 56
----------
Total receivables, net 1,274
Inventories 20
Right to Halliburton shares 1,547
Restricted cash - prepetition liability payments 144
Other current assets 54
----------
Total current assets 3,106
Property, plant, and equipment, net 94
Goodwill, net 188
Investments in majority-owned subsidiaries 1,223
Insurance for asbestos & silica-related liabilities 488
Non-current deferred income taxes 600
Other assets 326
----------
Total assets $6,025
==========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $270
Accrued employee compensation and benefits 6
Advance billings on uncompleted contracts 67
Prepetition liabilities not subject to compromise 375
Current prepetition asbestos &
silica-related liabilities subject to compromise 2,415
Other current liabilities -
----------
Total current liabilities 3,133
Prepetition liabilities not subject to compromise 128
Non-current prepetition asbestos &
silica-related liabilities subject to compromise 2,029
Other liabilities 26
----------
Total liabilities 5,316
----------
Shareholders' equity 709
----------
Total liabilities and shareholders' equity $6,025
==========
DII Industries, LLC
Debtors-in-Possession
Unaudited Condensed Combined Statement of Operations
Three Months Ended September 30, 2004
(dollars in millions)
Revenues $384
Equity in earnings (losses) of
majority-owned subsidiaries (199)
----------
Total revenues 185
Operating costs and expenses 289
----------
Operating loss (104)
Non-operating income 17
----------
Loss from continuing operations
before income taxes (87)
Income tax (provision) benefit (39)
----------
Loss from continuing operations (126)
Loss from discontinued operations,
net of tax benefit of $73 and $219 (229)
----------
Net loss ($355)
==========
Debtors-in-Possession
Unaudited Condensed Combined Statement of Cash Flows
Nine Months Ended September 30, 2004
(dollars in millions)
Total cash flows from operating activities ($495)
----------
Total cash flows from investing activities (10)
----------
Total cash flows from activities with Halliburton 457
----------
Effect of exchange rate changes on cash 7
Decrease in cash and equivalents (41)
Cash and equivalents at beginning of period 108
----------
Cash and equivalents at end of period $67
==========
A full-text copy of DII Industries, LLC' Third Quarter 2004
Financial Report is available for free at:
http://sec.gov/Archives/edgar/data/45012/000004501204000313/edsept04_final.htm
Headquartered in Houston, Texas, DII Industries, LLC, is the
direct or indirect parent of BPM Minerals, LLC, Kellogg Brown &
Root, Inc., Mid-Valley, Inc., KBR Technical Services, Inc.,
Kellogg Brown & Root Engineering Corporation, Kellogg Brown & Root
International, Inc., (Delaware), and Kellogg Brown & Root
International, Inc., (Panama). KBR and its subsidiaries provide a
wide range of services to energy and industrial customers and
government entities in over 100 countries. DII has no business
operations. DII and its debtor-affiliates filed a prepackaged
chapter 11 petition on December 16, 2003 (Bankr. W.D. Pa. Case No.
02-12152). Jeffrey N. Rich, Esq., Michael G. Zanic, Esq., and
Eric T. Moser, Esq., at Kirkpatrick & Lockhart LLP, represent the
Debtors in their restructuring efforts. On June 30, 2004, the
Debtors listed $6.255 billion in total assets and $5.295 billion
in total liabilities. (DII & KBR Bankruptcy News, Issue No. 22;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
FINOVA GROUP: Posts $46.6 Million Net Loss in September 2004
------------------------------------------------------------
The FINOVA Group, Inc.
Unaudited Condensed Balance Sheet
As of September 30, 2004
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $0
Financing Assets:
Loans and other financing contracts, net -
Direct Financing leases -
Leverage leases -
---------
Total financing assets -
Reserve for credit losses -
---------
Net Financing assets -
Other Financial Assets:
Operating leases -
Assets held for sale -
Assets held for the production income -
Investments 21,239
Net assets of discontinued operations -
---------
Total other financial assets 21,239
---------
Total Financial Assets 21,239
Other assets 15,235
Due from subsidiaries 24,185
Investment in subsidiaries (793,242)
Intercompany note 2,730,449
---------
Total Assets $1,997,866
=========
Liabilities and Stockholders' Equity
Liabilities:
Berkadia loan -
Intercompany note -
Senior Notes, net - Reorganized Company $1,810,398
Senior debt - Predecessor Company -
---------
Total debt 1,810,398
Accounts payable and accrued expenses 69,927
Deferred income taxes, net -
---------
Total Liabilities 1,880,325
Stockholders' Equity:
Common Stock 1,259
Additional capital 108,256
Accumulated earnings 8,562
Common stock in treasury (536)
---------
Total Stockholders' Equity 117,541
---------
Total Liabilities and Stockholders' Equity $1,997,866
=========
The FINOVA Group, Inc.
Unaudited Condensed Statements of Operations
Nine Months Ended September 30, 2004
(In Thousands)
Revenues:
Interest, fees and other income $118
Intercompany interest income 159,643
Rental income -
Operating leases income -
---------
Total Revenues 159,643
Interest expense (194,486)
Intercompany interest expense -
Operating lease and other depreciation -
---------
Interest Margin (34,843)
Other Revenues and (Expenses):
Reversal of provision for credit losses -
Net (loss) gain on financial assets -
Operating expenses (11,972)
Gain from extinguishments of debt, net -
Net reorganization expense -
---------
Total Other Revenues and (Expenses) (11,972)
---------
Loss from continuing operations before income taxes (46,615)
Income tax expense -
---------
Loss from continuing operations (46,615)
Discontinued operations, net of tax -
Net loss on disposal of operations, net of tax -
---------
Net Loss ($46,615)
=========
Headquartered in Scottsdale, Arizona, The Finova Group, Inc.,
provides commercial financing to small and mid-sized businesses;
other services include factoring, accounts receivable management,
and equipment leasing. The firm has three segments: Commercial
Finance, Specialty Finance, and Capital Markets. FINOVA targets
such markets as transportation, wholesaling, communication, health
care, and manufacturing. Loan write-offs had put the firm on
shaky ground. The Company and its debtor-affiliates and
subsidiaries filed for Chapter 11 protection on March 7, 2001
(U.S. Bankr. Del. 01-00697). Daniel J. DeFranceschi, Esq., at
Richards, Layton & Finger, P.A., represents the Debtors. FINOVA
has since emerged from Chapter 11 bankruptcy. Financial giants
Berkshire Hathaway and Leucadia National Corporation (together
doing business as Berkadia) own FINOVA through the almost
$6 billion lent to the commercial finance company.
FINOVA CAPITAL: Earns $16 Million of Net Income in September 2004
-----------------------------------------------------------------
FINOVA Capital Corporation
Unaudited Condensed Balance Sheet
As of September 30, 2004
(In Thousands)
Current Assets:
Cash and cash equivalents $493,463
Restricted cash 29,679
Financing Assets:
Loans and other financing contracts, net 509,657
Direct Financing Leases 119,516
Leveraged leases -
---------
Total financing assets 629,173
Reserve for credit losses (121,333)
---------
Net Financing assets 507,840
Other Financial assets:
Operating Leases 58,303
Assets held for sale 86,923
Assets held for the production of income 25,155
Investments 4,194
Net assets of discontinued operations -
---------
Total other financial assets 174,575
---------
Total Financial Assets 682,415
Other Assets 3,889
Due from subsidiaries -
Investment in subsidiaries 1,914
Intercompany loans 156,494
---------
Total Assets $1,367,854
=========
Liabilities and Stockholders' Equity
Liabilities:
Berkadia Loan -
Intercompany note $2,818,065
Senior Notes, net -- Reorganized Company -
Senior debt - Predecessor Company -
---------
Total debt 2,818,065
Accounts payable and accrued expenses 41,201
Deferred income taxes, net 4,964
---------
Total liabilities 2,864,230
Stockholders' equity:
Common Stock 25
Additional capital (793,267)
Accumulated deficit (728,036)
Accumulated other comprehensive (loss) income 717
Related party transactions 24,185
---------
Total Stockholders' equity (1,496,376)
---------
Total Liabilities and Stockholders' Equity $1,367,854
=========
FINOVA Capital Corporation
Unaudited Condensed Statements of Operations
Nine Months Ended September 30, 2004
(In Thousands)
Revenues:
Interest, fees and other income $96,173
Intercompany interest income -
Rental income 10,897
Operating lease income 34,054
---------
Total revenues 141,124
Interest Expense (1,530)
Intercompany interest expense (163,493)
Operating lease and other depreciation (10,095)
---------
Interest Margin (33,994)
Other Revenues and (Expenses):
Reversal of provision for credit losses 44,383
Net gain on financial assets 41,135
Operating expenses (35,508)
Gain from extinguishments of debt, net -
Net reorganization expense -
---------
Total other Revenues and (expenses) 50,010
---------
(Loss) income from operations before income taxes 16,016
Income tax expense -
---------
(Loss) income from continuing operations 16,016
Discontinued operations, net of tax -
Net loss on disposal of operations, net of tax -
---------
Net (Loss) income $16,016
=========
Headquartered in Scottsdale, Arizona, The Finova Group, Inc.,
provides commercial financing to small and mid-sized businesses;
other services include factoring, accounts receivable management,
and equipment leasing. The firm has three segments: Commercial
Finance, Specialty Finance, and Capital Markets. FINOVA targets
such markets as transportation, wholesaling, communication, health
care, and manufacturing. Loan write-offs had put the firm on
shaky ground. The Company and its debtor-affiliates and
subsidiaries filed for Chapter 11 protection on March 7, 2001
(U.S. Bankr. Del. 01-00697). Daniel J. DeFranceschi, Esq., at
Richards, Layton & Finger, P.A., represents the Debtors. FINOVA
has since emerged from Chapter 11 bankruptcy. Financial giants
Berkshire Hathaway and Leucadia National Corporation (together
doing business as Berkadia) own FINOVA through the almost
$6 billion lent to the commercial finance company.
FINOVA CAPITAL plc: Earns $99.3 Million of Net Income in September
------------------------------------------------------------------
FINOVA Capital plc
Unaudited Condensed Balance Sheet
As of September 30, 2004
(In Thousands)
Assets:
Cash and cash equivalents $15,858
Financing Assets:
Loans and other financing contracts, net 28,669
Direct financing leases 45,025
Leverage leases -
---------
Total financing assets 73,694
Reserve for credit losses (25,496)
---------
Net financing assets (48,198)
Other Financial Assets:
Assets held for sale -
Operating leases 2,606
Assets held for the production of income 5,635
Investments -
Net assets of discontinued operations -
---------
Total other financial assets 8,241
---------
Total Financial Assets 56,439
Other assets 965
Intercompany loans -
Investment in subsidiaries -
Due from subsidiaries -
---------
Total Assets $73,262
=========
Liabilities and Stockholders' Equity
Liabilities:
Berkadia Loan -
Intercompany note $153,000
Senior Notes, net - Reorganized Company -
Senior debt - Predecessor Company -
---------
Total debt 153,000
Accounts payable and accrued expenses 14,337
Deferred income taxes, net -
---------
Total Liabilities 167,337
Stockholders' Equity:
Common Stock -
Additional capital (18,383)
Accumulated earnings (deficit) (75,555)
Accumulated other comprehensive income (loss) (137)
Related party transactions -
---------
Total Stockholders' Equity (94,075)
---------
Total Liabilities and Stockholders' Equity $73,262
=========
FINOVA Capital plc
Unaudited Condensed Statements of Operations
Nine Months Ended September 30, 2004
(In Thousands)
Revenues:
Interest, fees and other income $16,190
Intercompany interest income -
Rental income 8,782
Operating lease income 2,525
---------
Total Revenues 27,497
Interest Expense (70)
Intercompany interest expense (3,119)
Operating lease and other depreciation (1,032)
---------
Interest Margin 23,276
Other Revenues and (Expenses):
Reversal of provision for credit losses 62,128
Net gain on financial assets 16,846
Operating expenses (2,961)
Gain from extinguishments of debt, net -
---------
Total Other Revenues and (Expenses) 76,013
---------
Income from continuing operations before income taxes 99,289
Income tax expense -
---------
Income from continuing operations 99,289
Discontinued operations, net of tax -
Net loss on disposal of operations, net of tax -
---------
Income (loss) before extraordinary item -
---------
Net Income $99,289
=========
Headquartered in Scottsdale, Arizona, The Finova Group, Inc.,
provides commercial financing to small and mid-sized businesses;
other services include factoring, accounts receivable management,
and equipment leasing. The firm has three segments: Commercial
Finance, Specialty Finance, and Capital Markets. FINOVA targets
such markets as transportation, wholesaling, communication, health
care, and manufacturing. Loan write-offs had put the firm on
shaky ground. The Company and its debtor-affiliates and
subsidiaries filed for Chapter 11 protection on March 7, 2001
(U.S. Bankr. Del. 01-00697). Daniel J. DeFranceschi, Esq., at
Richards, Layton & Finger, P.A., represents the Debtors. FINOVA
has since emerged from Chapter 11 bankruptcy. Financial giants
Berkshire Hathaway and Leucadia National Corporation (together
doing business as Berkadia) own FINOVA through the almost
$6 billion lent to the commercial finance company.
FINOVA: Loan Administration's Third Quarter 2004 Results
--------------------------------------------------------
FINOVA Loan Administration, Inc., reports no asset and liability
at September 30, 2004.
FINOVA Loan Administration, Inc.
Unaudited Condensed Statements of Operations
Nine Months Ended September 30, 2004
(In Thousands)
Revenues:
Interest, fees and other income -
Intercompany interest income -
Rental income -
Operating lease income -
---------
Total revenues -
Interest expense -
Intercompany interest expense ($27)
Operating lease and other depreciation -
---------
Interest Margin (27)
Other Revenues and (Expenses):
Reversal of provision for credit losses -
Net gain (loss) on financial assets -
Operating expenses -
Gain from extinguishments of debt, net -
Net reorganization expense -
---------
Total other Revenues and (expenses) -
---------
Income (loss) from operations before income taxes (27)
Income tax expense -
---------
Loss from continuing operations (27)
Discontinued operations, net of tax -
Net loss on disposal of operations, net of tax -
---------
Net Income (Loss) ($27)
=========
Headquartered in Scottsdale, Arizona, The Finova Group, Inc.,
provides commercial financing to small and mid-sized businesses;
other services include factoring, accounts receivable management,
and equipment leasing. The firm has three segments: Commercial
Finance, Specialty Finance, and Capital Markets. FINOVA targets
such markets as transportation, wholesaling, communication, health
care, and manufacturing. Loan write-offs had put the firm on
shaky ground. The Company and its debtor-affiliates and
subsidiaries filed for Chapter 11 protection on March 7, 2001
(U.S. Bankr. Del. 01-00697). Daniel J. DeFranceschi, Esq., at
Richards, Layton & Finger, P.A., represents the Debtors. FINOVA
has since emerged from Chapter 11 bankruptcy. Financial giants
Berkshire Hathaway and Leucadia National Corporation (together
doing business as Berkadia) own FINOVA through the almost
$6 billion lent to the commercial finance company.
FINOVA: Mezzanine's Sept. 2004 Net Income Nears $12 Million
-----------------------------------------------------------
FINOVA Mezzanine Capital, Inc.
Unaudited Condensed Balance Sheet
As of September 30, 2004
(In Thousands)
Current Assets:
Cash and cash equivalents -
Financing Assets:
Loans and other financing contracts, net $10,869
Direct Financing Leases -
Leveraged leases -
---------
Total financing assets 10,869
Reserve for credit losses 1,477
---------
Net Financing assets 12,346
Other Financial assets:
Operating Leases -
Assets held for sale -
Assets held for the production of income -
Investments 1,120
Net assets of discontinued operations -
---------
Total other financial assets 1,120
---------
Total Financial Assets 13,466
Other Assets -
Due from subsidiaries -
Investment in subsidiaries -
Intercompany loans -
Investment in subsidiaries -
---------
Total Assets $13,466
=========
Liabilities and Stockholders' Equity
Liabilities:
Berkadia Loan -
Intercompany note -
Senior Notes, net - Reorganized Company -
Senior debt - Predecessor Company -
---------
Total debt -
Accounts payable and accrued expenses -
Deferred income taxes, net -
---------
Total liabilities -
Stockholders' equity:
Common Stock $1
Additional capital 18,527
Accumulated (deficit) earnings 78,444
Accumulated other comprehensive income (loss) (584)
Related party transactions - intercompany note (82,922)
---------
Total Stockholders' equity 13,466
---------
Total Liabilities and Stockholders' Equity $13,466
=========
FINOVA Mezzanine Capital, Inc.
Unaudited Condensed Statements of Operations
Nine Months Ended September 30, 2004
(In Thousands)
Revenues:
Interest, fees and other income $4,863
Intercompany interest income 4,203
Rental income -
Operating lease income -
---------
Total revenues 9,066
Interest Expense -
Intercompany interest expense -
Operating lease and other depreciation -
---------
Interest Margin 9,066
Other Revenues and (Expenses):
Reversal of provision for credit losses -
Net gain on financial assets 2,873
Operating expenses 11
Gain from extinguishments of debt, net -
---------
Total other Revenues and (expenses) 2,884
---------
Income from continuing operations before income taxes 11,950
Income tax expense -
---------
Income from continuing operations 11,950
Discontinued operations, net of tax -
Net loss on disposal of operations, net of tax -
---------
Net Income (Loss) $11,950
=========
Headquartered in Scottsdale, Arizona, The Finova Group, Inc.,
provides commercial financing to small and mid-sized businesses;
other services include factoring, accounts receivable management,
and equipment leasing. The firm has three segments: Commercial
Finance, Specialty Finance, and Capital Markets. FINOVA targets
such markets as transportation, wholesaling, communication, health
care, and manufacturing. Loan write-offs had put the firm on
shaky ground. The Company and its debtor-affiliates and
subsidiaries filed for Chapter 11 protection on March 7, 2001
(U.S. Bankr. Del. 01-00697). Daniel J. DeFranceschi, Esq., at
Richards, Layton & Finger, P.A., represents the Debtors. FINOVA
has since emerged from Chapter 11 bankruptcy. Financial giants
Berkshire Hathaway and Leucadia National Corporation (together
doing business as Berkadia) own FINOVA through the almost
$6 billion lent to the commercial finance company.
HAWAIIAN AIRLINES: Posts $1.3 Million Net Loss in October 2004
--------------------------------------------------------------
On Nov. 19, 2004, Hawaiian Airlines, the sole operating subsidiary
of Hawaiian Holdings, Inc., filed its unaudited October 2004
Monthly Operating Report with the United States Bankruptcy Court
for the District of Hawaii.
The carrier reports a $1,254,000 net loss on $58,717,000 of
revenues in October. At Oct. 31, 2004, Hawaiian Airlines' balance
sheet showed:
Total Current Assets $246,156,000
Total Assets 359,686,000
Total Current Liabilities 240,441,000
Total Liabilities 429,929,000
Liabilities Subject to Compromise 216,935,000
Shareholder's Deficit $287,178,000
A full-text copy of Hawaiian Airlines' October 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1172222/000095013604004226/file002.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.
INTERSTATE BAKERIES: Schedules of Assets & Liabilities
------------------------------------------------------
A. Real Property
Alaska -- bakery $1,144,364
California -- depot, store, bakery 58,988,829
Colorado -- depot, bakery 4,656,678
Idaho -- depot, store 2,173,536
Missouri -- corp. office 5,390,363
Montana -- bakery, store 1,622,567
North Dakota -- depot, store 143,379
Nevada -- depot, store, bakery 16,602,299
Oregon -- depot, store 1,024,460
Utah -- depot, store, bakery 5,516,419
Washington -- depot, store, bakery 12,069,431
B. Personal Property
B.1 Cash on Hand 281,243
B.2 Bank Accounts
UMB Concentration 18,307,933
Bank One, NA 3,017,440
People's Bank 1 2,459,629
Bank of America Concentration 2,451,907
Wachovia 1,658,784
First Tennessee 1,605,016
Bank One, NA 1,597,571
Bank of America 1,578,709
Ban One, NA 1,540,075
Sun Trust 1,503,838
Bank of America 1,499,648
Hibernia 1,373,282
Wells Fargo 1,370,403
Bank of America 1,301,919
Bank of America 1,169,370
RBC Centura 929,266
Bank of Oklahoma 884,821
National City Bank of Kentucky 878,751
Bank One, NA 812,248
HSBC 731,004
Bank of America 707,587
AmSouth Bank 617,240
Provident Bank Mail Stop 557,069
Wachovia 552,098
Wells Fargo, NA 543,587
Sun Trust 523,228
Others 5,587,383
B.3 Security
Landlord deposits 294,472
Other deposits 92,403
Petrocard 500,000
B.4 Household goods 0
B.5 Books, art work & collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sporting goods 0
B.9 Interests in insurance policies undetermined
B.10 Annuities 0
B.11 Interests in retirement plans 0
B.12 Stock interests undetermined
B.13 Interests in Partnerships 0
B.14 Bonds 0
B.15 Accounts receivable
Trade receivable 191,596,450
Notes receivable 809,721
Other corporate receivables 4,007,357
B.16 Alimony 0
B.17 Other liquidated debts owed 29,374,541
B.18 Equitable and future interests 0
B.19 Contingent interests 0
B.20 Other contingent & unliquidated claims undetermined
B.21 Patents, copyrights & trademarks 175,793,339
B.22 Other intangibles 4,890,5910
B.23 Automobiles 35,571,204
B.24 Boats 0
B.25 Aircraft 0
B.26 Office equipment and supplies 12,821,967
B.27 Machinery, furniture and fixtures 387,736,223
B.28 Inventory
Ingredients & packaging materials 50,640,596
Finished goods 18,836,025
Inv-FG-scan-meijers 21,963
B.29 Animals 0
B.30 Crops 0
B.31 Farming equipment 0
B.32 Farm supplies 0
B.33 Other personal property
Memberships 70,500
Miscellaneous investments 203,529
Deferred charges 4,412,764
Deferred charges-debt financing 13,032,645
SAP/Kronos software 25,305,110
Distributors 4,868,443
Goodwill 215,346,289
Unrecog PSC cost-benefits 13,858,794
Lease guaranty asset 31,111
Rabbi trust SERP 5,611,247
Investment - Mrs. Cubbisons 6,661,880
TOTAL SCHEDULED ASSETS $1,368,592,766
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claims $652,600,881
E. Unsecured Priority Claims 34,643,953
F. Unsecured Non-Priority Claims
ADM Milling Co. 1,753,807
ADM Specialty 1,778,923
AE Staley Manufacturing Co. 1,060,039
AG Domestic Convertibles Ltd. 4,530,000
AG Offshore Convertibles Ltd. 10,570,000
Bartlett Milling 2,201,128
Bay State Milling Co. 1,002,358
Campbell Mithun Esty Inc. 5,296,536
Cargill, Inc. 2,607,600
Cereal Food Processors 9,911,503
Chicago Display 1,931,911
Ed Miniat, Inc. 1,497,874
Estimate of SERP Accumulated Benefit
Obligation 21,970,221
Fleischmanns Yeast 1,482,889
General Mills Finance Inc. 1,677,177
Highbridge International LLC 35,233,333
Pliant Corp. 1,663,853
Shepherd Investments Int. Ltd. 10,066,667
Agreed disbursements 3,016,958
Outstanding Checks Payable 10,746,928
Others 137,192,030
TOTAL SCHEDULED LIABILITIES $954,436,569
========================================================
The Scheduled Liabilities do not include about $443,000,000 in
accrued liabilities, which include medical and life insurance
benefits plans and programs, workers' compensation plans,
environmental programs and federal, state and local taxes.
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.
The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, 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 $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts. (Interstate Bakeries
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
INTERSTATE BAKERIES: Armour & Main's Schedules of Assets & Debts
----------------------------------------------------------------
Armour and Main Redevelopment Corporation reports no asset and
liability.
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.
The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, 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 $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts. (Interstate Bakeries
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
INTERSTATE BAKERIES: Baker's Inn Schedules of Assets & Liabilities
------------------------------------------------------------------
Baker's Inn Quality Baked Goods, LLC, reports no asset.
C. Property Claimed as Exempt Not Applicable
D. Secured Claims $652,600,881
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims
AG Domestic Convertibles, Ltd. 4,530,000
AG Offshore Convertibles, Ltd. 10,570,000
Highbridge International, LLC 35,233,333
Isotope Limited 35,233,333
Sheperd Investments Int. Ltd. 10,066,667
Stark Trading 5,033,333
TOTAL SCHEDULED LIABILITIES $753,267,547
========================================================
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.
The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, 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 $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts. (Interstate Bakeries
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
INTERSTATE BAKERIES: Interstate Brands Schedules of Assets & Debts
------------------------------------------------------------------
A. Real Property
Alabama -- Depot & Bakery $4,814,775
Arkansas -- Depot & Store 229,952
Colorado -- Depot & Store 76,810
Connecticut -- Depot & Store 431,094
Florida -- Depot, Store, Bakery, Other 18,695,321
Georgia -- Bakery 3,522,477
Iowa -- Depot, Store, Bakery 3,097,311
Illinois -- Depot, Store, Bakery, Other 16,736,778
Indiana -- Depot, Store, Bakery 9,374,761
Kansas -- Depot, Store, Bakery 15,542,104
Kentucky -- Depot & Store 78,539
Louisiana -- Depot, Store, Bakery 4,625,445
Massachusetts -- Depot, Store, Bakery 8,070,856
Maryland -- Depot & Store 2,224,708
Maine -- Depot, Store, Bakery 29,434,605
Michigan -- Depot, Store, Bakery 5,676,049
Minnesota -- Depot & Store 1,399,712
Missouri -- Depot, Store, Bakery, Other 14,604,509
Mississippi -- Depot & Store 388,012
North Carolina -- Depot, Store, Bakery 14,140,965
New Jersey -- Depot, Store, Bakery 16,761,340
New York -- Depot, Store, Bakery 11,010,167
Ohio -- Depot, Store, Bakery 20,059,449
Oklahoma -- Depot, Store, Bakery 3,857,014
Pennsylvania -- Depot, Store, Bakery 6,335,791
Rhode Island -- Depot & Store 932,824
South Carolina -- Depot, Store, Bakery 1,749,716
Tennessee -- Depot, Store, Bakery 9,748,558
Texas -- Depot & Store 1,108,062
Utah -- Depot 183,618
Virginia -- Depot & Store 2,444,040
Vermont -- Depot & Store 560,119
Wisconsin -- Depot, Store, Bakery 948,112
West Virginia -- Depot 141,980
B. Personal Property
B.1 Cash on Hand 281,243
B.2 Bank Accounts 55,759,806
B.3 Security Deposits 886,875
B.9 Interests in insurance policies undetermined
B.12 Stock interests undetermined
B.15 Accounts receivable 196,413,528
B.17 Other liquidated debts owed 29,374,541
B.20 Other contingent & unliquidated claims undetermined
B.21 Patents, copyrights & trademarks 175,793,339
B.22 Other intangibles 4,890,590
B.23 Automobiles 35,571,204
B.26 Office equipment and supplies 12,821,967
B.27 Machinery, furniture and fixtures 387,736,223
B.28 Inventory 69,498,584
B.33 Other personal property 289,402,312
TOTAL SCHEDULED ASSETS $1,487,680,169
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claims $652,600,881
E. Unsecured Priority Claims 34,643,953
F. Unsecured Non-Priority Claims 267,191,735
TOTAL SCHEDULED LIABILITIES $954,436,569
========================================================
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.
The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, 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 $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts. (Interstate Bakeries
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
INTERSTATE BAKERIES: N.E. Bakery's Schedules of Assets & Debts
--------------------------------------------------------------
New England Bakery Distributors, LLC, reports no asset and
liability.
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.
The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, 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 $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts. (Interstate Bakeries
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
INTERSTATE BAKERIES: IBC Sales' Schedules of Assets & Liabilities
-----------------------------------------------------------------
A. Real Property None
B. Personal Property
B.1 Cash on Hand $281,243
B.2 Bank Accounts 55,759,806
B.3 Security Deposits 886,875
B.9 Interests in insurance policies undetermined
B.12 Stock interests undetermined
B.15 Accounts receivable 196,413,528
B.17 Other liquidated debts owed 29,374,541
B.19 Contingent interests undetermined
B.20 Other contingent & unliquidated claims undetermined
B.21 Patents, copyrights & trademarks 175,793,339
B.22 Other intangibles 4,890,590
B.23 Automobiles 35,571,204
B.26 Office equipment and supplies 12,821,967
B.27 Machinery, furniture and fixtures 387,736,223
B.28 Inventory 69,498,584
B.33 Other personal property 289,402,312
TOTAL SCHEDULED ASSETS $1,258,430,212
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claims $652,600,881
E. Unsecured Priority Claims 34,643,953
F. Unsecured Non-Priority Claims 267,191,735
TOTAL SCHEDULED LIABILITIES $954,436,569
========================================================
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.
The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, 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 $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts. (Interstate Bakeries
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
INTERSTATE BAKERIES: IBC Services' Schedules of Assets & Debts
--------------------------------------------------------------
A. Real Property None
B. Personal Property
B.1 Cash on Hand $281,243
B.2 Bank Accounts 55,759,806
B.3 Security Deposits 886,875
B.9 Interests in insurance policies undetermined
B.12 Stock interests undetermined
B.15 Accounts receivable 196,413,528
B.17 Other liquidated debts owed 29,374,541
B.20 Other contingent & unliquidated claims undetermined
B.21 Patents, copyrights & trademarks 175,793,339
B.22 Other intangibles 4,890,590
B.23 Automobiles 35,571,204
B.26 Office equipment and supplies 12,821,967
B.27 Machinery, furniture and fixtures 387,736,223
B.28 Inventory 69,498,584
B.33 Other personal property 289,402,312
TOTAL SCHEDULED ASSETS $1,258,430,212
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claims $652,600,881
E. Unsecured Priority Claims 34,643,953
F. Unsecured Non-Priority Claims 267,191,735
TOTAL SCHEDULED LIABILITIES $954,436,569
========================================================
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.
The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, 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 $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts. (Interstate Bakeries
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
INTERSTATE BAKERIES: IBC Trucking's Schedules of Assets & Debts
---------------------------------------------------------------
A. Real Property None
B. Personal Property
B.1 Cash on Hand $281,243
B.2 Bank Accounts 55,759,806
B.3 Security Deposits 886,875
B.9 Interests in insurance policies undetermined
B.12 Stock interests undetermined
B.15 Accounts receivable 196,413,528
B.17 Other liquidated debts owed 29,374,541
B.20 Other contingent & unliquidated claims undetermined
B.21 Patents, copyrights & trademarks 175,793,339
B.22 Other intangibles 4,890,590
B.23 Automobiles 35,571,204
B.26 Office equipment and supplies 12,821,967
B.27 Machinery, furniture and fixtures 387,736,223
B.28 Inventory 69,498,584
B.33 Other personal property 289,402,312
TOTAL SCHEDULED ASSETS $1,258,430,212
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claims $652,600,881
E. Unsecured Priority Claims 34,643,953
F. Unsecured Non-Priority Claims 267,191,735
TOTAL SCHEDULED LIABILITIES $954,436,569
========================================================
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.
The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, 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 $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts. (Interstate Bakeries
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
MIRANT CORP: Earns $17.8 Million of Net Income in August 2004
-------------------------------------------------------------
Mirant Corporation and Subsidiaries
Consolidated Balance Sheet
As of August 31, 2004
ASSETS
Cash and cash equivalents $1,477,959,678
Accounts receivable - net 1,002,538,538
Assets from risk management activities 252,444,627
Derivative hedging instruments -
Inventories 327,136,551
Other 503,944,078
---------------
Total Current Assets 3,564,023,472
Property, plant and equipment 5,316,975,902
Less: accumulated depreciation/depletion 749,569,574
Leasehold interests - net 1,519,348,884
Construction work in progress 84,661,632
Investment in suspended construction 356,803,097
---------------
Total net property, plant and equipment 6,528,219,941
Investments 245,491,844
Long-term accounts receivable - net 33,964,683
Notes receivable - net -
Assets from risk management activities 187,014,546
Goodwill - net 587,304,353
Other intangibles - net 272,953,373
Derivative hedging instruments -
Restricted cash, non-current 129,933,882
Other long-term assets 1
Miscellaneous deferred charges 378,280,660
---------------
Total Non-current Assets 1,834,943,342
---------------
TOTAL ASSETS $11,927,186,755
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,395,216,672
Accounts Payable 577,949,144
Liabilities from risk management activities 454,415,945
Obligations under energy deliveries 97,158,266
Derivative hedging instruments -
Other 393,598,413
Miscellaneous deferred credits 538,503,605
---------------
Total postpetition liabilities 3,456,842,045
Prepetition Liabilities 8,935,985,016
---------------
TOTAL LIABILITIES 12,392,827,061
EQUITY:
Minority interest in subsidiaries 170,981,368
Mandatory redeemable securities -
Common stock 4,056,621
Additional paid-in capital 4,917,963,428
Retained earnings (5,500,091,232)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (56,290,491)
---------------
Total Equity (465,640,306)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $11,927,186,755
===============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending August 31, 2004
REVENUES:
Generation $342,820,582
Net trading revenue (186,919)
Distribution 51,867,613
Other 388,353
---------------
Net Revenue 394,889,629
OPERATING EXPENSES:
Energy cost 209,788,274
Operations and maintenance 70,494,884
Depreciation and amortization 25,640,297
Gain on sale of property and investment 86,168
Impairment loss 13,024
Restructuring costs 21,764
---------------
Total Operating Expenses 306,044,411
---------------
Income before non-operating income
and expense 88,845,218
OTHER INCOME AND EXPENSES:
Interest income 987,510
Interest expense (10,820,433)
Equity in income of affiliates 1,950,426
Other 5,777,243
Reorganization items (55,523,988)
Minority interest (2,783,724)
Net income from discontinued operations (949,570)
---------------
Total Other Income (61,362,536)
Provision for income tax (9,696,839)
---------------
NET PROFIT (LOSS) $17,785,843
===============
Mirant Corporation
Unconsolidated Cash Receipts and Disbursements
For the month ending August 31, 2004
Cash, beginning of month $320,157,775
Non-Operating Receipts:
Loans & Advances 3,117,644
---------------
Total non-operating receipts 3,117,644
---------------
Total receipts 3,117,644
---------------
Total Cash Available 323,275,419
Operating Disbursements 0
Reorganization Expenses 471,966
---------------
Total disbursements 471,966
---------------
Net Cash Flow 2,645,678
---------------
Cash, end of month $322,803,453
===============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- together with its direct and indirect
subsidiaries, generate, sell and deliver electricity in North
America, the Philippines and the Caribbean. Mirant Corporation
filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex.
03-46590). Thomas E. Lauria, Esq., at White & Case LLP,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant
Bankruptcy News, Issue No. 47; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
MIRANT CORP: Posts $83.9 Million Net Loss in September 2004
-----------------------------------------------------------
Mirant Corporation and Subsidiaries
Consolidated Balance Sheet
As of September 30, 2004
ASSETS
Cash and cash equivalents $1,541,488,478
Accounts receivable - net 987,645,466
Assets from risk management activities 201,265,708
Derivative hedging instruments -
Inventories 284,261,413
Other 686,917,480
---------------
Total Current Assets 3,701,578,545
Property, plant and equipment 5,145,210,673
Less: accumulated depreciation/depletion 754,346,759
Leasehold interests - net 1,517,381,893
Construction work in progress 95,412,652
Investment in suspended construction 249,730,603
---------------
Total net property, plant and equipment 6,253,389,062
Investments 247,221,157
Long-term accounts receivable - net 37,105,412
Notes receivable - net -
Assets from risk management activities 141,982,270
Goodwill - net 587,304,353
Other intangibles - net 272,138,752
Derivative hedging instruments -
Restricted cash, non-current 134,986,836
Other long-term assets 1
Miscellaneous deferred charges 429,664,170
---------------
Total Non-current Assets 1,850,402,951
---------------
TOTAL ASSETS $11,805,370,558
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,390,465,427
Accounts Payable 597,946,466
Liabilities from risk management activities 409,619,028
Obligations under energy deliveries 80,213,617
Derivative hedging instruments -
Other 407,013,375
Miscellaneous deferred credits 543,994,671
---------------
Total postpetition liabilities 3,429,252,584
Prepetition Liabilities 8,933,222,027
---------------
TOTAL LIABILITIES 12,362,474,611
EQUITY:
Minority interest in subsidiaries 168,868,308
Mandatory redeemable securities -
Common stock 4,056,621
Additional paid-in capital 4,917,963,428
Retained earnings (5,583,902,783)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (61,829,627)
---------------
Total Equity (557,104,053)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $11,805,370,558
===============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending September 30, 2004
REVENUES:
Generation $242,687,505
Net trading revenue 3,676,972
Distribution 41,088,600
Other 484,231
---------------
Net Revenue 287,937,308
OPERATING EXPENSES:
Energy cost 157,453,789
Operations and maintenance 88,030,456
Depreciation and amortization 25,473,550
Gain on sale of property and investment 64,744,313
Impairment loss 6,731,606
Restructuring costs 2,150,310
---------------
Total Operating Expenses 344,584,024
---------------
Income before non-operating income
and expense (56,646,716)
OTHER INCOME AND EXPENSES:
Interest income 1,214,121
Interest expense (9,748,929)
Equity in income of affiliates 1,888,939
Other (364,925)
Reorganization items (16,999,143)
Minority interest 894,996
Net income from discontinued operations (3,389,041)
---------------
Total Other Income (26,503,982)
Provision for income tax (732,484)
---------------
NET PROFIT (LOSS) ($83,883,182)
===============
Mirant Corporation
Unconsolidated Cash Receipts and Disbursements
For the month ending September 30, 2004
Cash, beginning of month $322,803,453
Non-Operating Receipts:
Loans & Advances (10,740,306)
---------------
Total non-operating receipts (10,740,306)
---------------
Total receipts (10,740,306)
---------------
Total Cash Available 312,063,147
Operating Disbursements 0
Reorganization Expenses 454,318
---------------
Total disbursements 454,318
---------------
Net Cash Flow (11,194,624)
---------------
Cash, end of month $311,608,829
===============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- together with its direct and indirect
subsidiaries, generate, sell and deliver electricity in North
America, the Philippines and the Caribbean. Mirant Corporation
filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex.
03-46590). Thomas E. Lauria, Esq., at White & Case LLP,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant
Bankruptcy News, Issue No. 47; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
MIRANT: MAGi Earns $56.6 Million of Net Income in August 2004
-------------------------------------------------------------
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheets
As of August 31, 2004
ASSETS
Cash and cash equivalents $467,880,014
Accounts receivable - net 596,549,410
Assets from risk management activities 65,729,109
Derivative hedging instruments -
Inventories 97,381,697
Other 112,282,744
---------------
Total Current Assets 1,339,822,974
Property, plant and equipment 2,195,545,885
Less: accumulated depreciation/depletion 304,847,430
Construction work in progress 31,861,120
Investment in suspended construction 281,336,823
---------------
Total net property, plant and equipment 2,203,896,398
Investments 25,000
Long-term accounts receivable - net 93,900,777
Notes receivable - net 223,275,000
Assets from risk management activities 24,316,153
Goodwill - net -
Other intangibles - net 209,474,924
Derivative hedging instruments -
Restricted cash, non-current -
Other long-term assets -
Miscellaneous deferred charges 189,883,775
---------------
Total Non-current Assets 740,875,630
---------------
TOTAL ASSETS $4,284,595,001
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $0
Accounts Payable 315,871,480
Liabilities from risk management activities 108,865,148
Obligations under energy deliveries -
Derivative hedging instruments -
Other 141,542,233
Miscellaneous deferred credits 15,272,787
---------------
Total postpetition liabilities 581,551,647
Prepetition Liabilities 3,433,279,154
---------------
TOTAL LIABILITIES 4,014,830,801
EQUITY:
Minority interest in subsidiaries 35,002
Mandatory redeemable securities -
Common stock 1,000
Additional paid-in capital 3,858,859,716
Retained earnings (3,589,131,519)
Accumulated other comprehensive income -
---------------
Total Equity 269,764,200
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,284,595,001
===============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending August 31, 2004
REVENUES:
Generation $248,964,553
Net trading revenue -
Other (43,131)
---------------
Net Revenue 248,921,422
OPERATING EXPENSES:
Energy cost 139,111,586
Operations and Maintenance 36,692,386
Depreciation and amortization 7,459,207
Gain on sale of property and investments -
Impairment Loss 13,024
Restructuring costs 10,571
---------------
Total Operating Expenses 183,286,775
---------------
Income before non-operating income
and expense 65,634,647
OTHER INCOME AND EXPENSES:
Interest income -
Interest expense (520,243)
Other 24,871
Reorganization items (2,873,978)
Loss from discontinued operations -
Minority interest -
---------------
Total Other Income (expense) (3,369,349)
Provision for income tax (5,695,833)
---------------
NET PROFIT (LOSS) $56,569,465
===============
Mirant Americas Generation, LLC
Unconsolidated Cash Receipts and Disbursements
For the month ending August 31, 2004
Cash, beginning of month $113,589,035
Non-Operating Receipts:
Loans and advances 16,248,782
Other -
---------------
Total non-operating receipts 16,248,782
---------------
Total receipts 16,248,782
---------------
Total Cash Available 129,837,817
REORGANIZATION EXPENSES:
Professional fees 0
---------------
Total reorganization expenses 0
---------------
Total disbursements 0
---------------
Net Cash Flow 16,248,782
---------------
Cash, end of month $129,837,817
===============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- together with its direct and indirect
subsidiaries, generate, sell and deliver electricity in North
America, the Philippines and the Caribbean. Mirant Corporation
filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex.
03-46590). Thomas E. Lauria, Esq., at White & Case LLP,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant
Bankruptcy News, Issue No. 47; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
MIRANT: MAGi Posts $106 Million Net Loss in September 2004
----------------------------------------------------------
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheets
As of September 30, 2004
ASSETS
Cash and cash equivalents $524,601,900
Accounts receivable - net 579,283,273
Assets from risk management activities 92,456,356
Derivative hedging instruments -
Inventories 95,171,711
Other 169,946,087
---------------
Total Current Assets 1,461,459,327
Property, plant and equipment 2,197,256,916
Less: accumulated depreciation/depletion 311,421,598
Construction work in progress 32,505,805
Investment in suspended construction 174,264,331
---------------
Total net property, plant and equipment 2,092,605,454
Investments 25,000
Long-term accounts receivable - net 93,032,632
Notes receivable - net 223,275,000
Assets from risk management activities 38,574,203
Other intangibles - net 208,846,184
Derivative hedging instruments -
Restricted cash, non-current 5,052,983
Other long-term assets -
Miscellaneous deferred charges 182,167,250
---------------
Total Non-current Assets 750,973,252
---------------
TOTAL ASSETS $4,305,038,033
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $0
Accounts Payable 350,017,662
Liabilities from risk management activities 195,129,225
Obligations under energy deliveries -
Derivative hedging instruments -
Other 144,308,403
Miscellaneous deferred credits 15,543,356
---------------
Total postpetition liabilities 704,998,646
Prepetition Liabilities 3,436,361,398
---------------
TOTAL LIABILITIES 4,141,360,044
EQUITY:
Minority interest in subsidiaries 35,002
Mandatory redeemable securities -
Common stock 1,000
Additional paid-in capital 3,858,859,717
Retained earnings (3,695,217,730)
Accumulated other comprehensive income -
---------------
Total Equity 163,677,989
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,305,038,033
===============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending September 30, 2004
REVENUES:
Generation $106,346,280
Net trading revenue -
Other 60,370
---------------
Net Revenue 106,406,650
OPERATING EXPENSES:
Energy cost 85,675,207
Operations and Maintenance 50,014,113
Depreciation and amortization 7,462,682
Gain on sale of property and investments 64,999,308
Impairment Loss -
Restructuring costs 1,653,721
---------------
Total Operating Expenses 209,805,031
---------------
Income before non-operating income
and expense (103,398,381)
OTHER INCOME AND EXPENSES:
Interest income -
Interest expense (545,030)
Other 200,840
Reorganization items (4,690,556)
Loss from discontinued operations -
Minority interest -
---------------
Total Other Income (expense) (5,034,746)
Provision for income tax 2,346,915
---------------
NET PROFIT (LOSS) ($106,086,212)
===============
Mirant Americas Generation, LLC
Unconsolidated Cash Receipts and Disbursements
For the month ending September 30, 2004
Cash, beginning of month $129,837,817
Non-Operating Receipts:
Loans and advances 15,766,184
Other -
---------------
Total non-operating receipts 15,766,184
---------------
Total receipts 15,766,184
---------------
Total Cash Available 145,604,001
REORGANIZATION EXPENSES:
Professional fees 0
---------------
Total reorganization expenses 0
---------------
Total disbursements 0
---------------
Net Cash Flow 15,766,184
---------------
Cash, end of month $145,604,001
===============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- together with its direct and indirect
subsidiaries, generate, sell and deliver electricity in North
America, the Philippines and the Caribbean. Mirant Corporation
filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex.
03-46590). Thomas E. Lauria, Esq., at White & Case LLP,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant
Bankruptcy News, Issue No. 47; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
PARMALAT USA: Releases Monthly Operating Report Ended Oct. 23
-------------------------------------------------------------
Parmalat USA Corporation
Balance Sheet
As of October 23, 2004
Assets
Cash & Cash Equivalents $0
Accounts Receivable-Net 0
Notes Receivable -Current 0
Inventory 0
Prepaid Expenses 0
Other Current Assets 0
--------------
Total Current Assets 0
Fixed Assets 0
Accumulated Depreciation 0
--------------
Net Fixed Assets 0
Other Assets 326,253,113
Intercompany Receivables 24,965,537
--------------
Total Assets $351,218,650
==============
Liabilities Subject to Compromise
Long Term Debt & Interest $19,836,909
Intercompany payables 212,783,632
--------------
Total Liabilities Subject to Compromise 232,620,541
Liabilities
Accounts Payable 0
Notes & Loans Payable 0
Accrued Expenses 876,709
Intercompany Payables 0
--------------
Total Liabilities 233,497,250
Equity
Common Stock 1,388,356
Paid In Capital 227,962,103
Retained Earnings (110,643,290)
YTD Net Income/(Loss) (985,771)
--------------
Total Equity 117,721,398
--------------
Total Liabilities & Owners' Equity $351,218,648
==============
Parmalat USA Corporation
Income Statement
From September 19, 2004 to October 23, 2004
Revenues
Gross sales -
Less: Returns & discounts -
--------------
Net sales $0
Expenses
Raw Materials & Ingredients -
Packaging -
Direct Labor -
Power -
Freight -
Distribution -
Industrial Depreciation -
Production Overhead -
Warehouse (Cooler) -
Marketing Costs -
Sales Admin Expenses -
General Expenses -
Financial Costs 126,933
Goodwill/trademarks 18,226
Extraordinary -
Corporate Allocation -
Depreciation -
Amortization -
Income Taxes -
--------------
Total Expenses 145,159
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees 250
Other -
--------------
Total Reorganization Expenses 250
--------------
Net Profit (Loss) ($145,409)
==============
Parmalat USA Corporation received no cash nor made disbursements
from September 19, 2004, to October 23, 2004.
Headquartered in Wallington, New Jersey, Parmalat USA Corporation
-- http://www.parmalatusa.com/ -- generates more than 7 billion
euros in annual revenue. The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents. The Company filed for chapter
11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-
11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at
Weil Gotshal & Manges LLP represent the Debtors in their
restructuring efforts. On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 37; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
PARMALAT: Milk Products' October 2004 Monthly Operating Report
--------------------------------------------------------------
Milk Products of Alabama, LLC
Balance Sheet
As of October 23, 2004
Assets
Cash & Cash Equivalents $7,633,384
Accounts Receivable-Net 2,100,489
Inventory 0
Prepaid Expenses 0
Other Current Assets 2,164,521
------------
Total Current Assets 11,898,394
Fixed Assets 0
Accumulated Depreciation 0
------------
Net Fixed Assets 0
Other Assets 0
Intercompany Receivables 0
------------
Total Assets $11,898,394
============
Liabilities Subject to Compromise
Accrued Expenses $45,227
Intercompany payables 8,338,493
------------
Total Liabilities Subject to Compromise 8,383,720
Liabilities
Accounts Payable 48,612
Accrued Expenses 199,526
------------
Total Current Liabilities 248,138
Long Term Notes Payable -- Intercompany -
Other 2,847,993
------------
Total Long Term Liabilities 2,847,993
Intercompany Payables (9,524,361)
------------
Total Liabilities 1,955,490
Equity
Retained Earnings 18,414
YTD Net Income/(Loss) 9,924,490
------------
Total Equity 9,942,904
------------
Total Liabilities & Owners' Equity $11,898,394
============
Milk Products of Alabama, LLC
Income Statement
From September 19, 2004 to October 23, 2004
Revenues
Gross sales $3,014,095
Less: Returns & discounts 2,028
------------
Net sales 3,012,067
Expenses
Raw Materials & Ingredients 2,232,700
Packaging 259,798
Direct Labor 63,179
Power 19,434
Freight 93,221
Industrial Depreciation 13
Production Overhead 14,561
Warehouse (Cooler) 138,814
Marketing Costs 7,290
Sales Admin Expenses 20,961
General Expenses 159,991
Financial Costs 769
Other (Income) Expense (259)
Extraordinary 2,579,466
Corporate Allocation 0
Income Taxes 0
------------
Total Expenses 5,589,938
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other (12,895,738)
------------
Total Reorganization Expenses (12,895,738)
------------
Net Profit (Loss) $10,317,867
============
Milk Products of Alabama, LLC
Cash Receipts and Disbursements
From September 19, 2004 to October 23, 2004
Cash - Beginning of Month $278,837
Receipts From Operations
Cash Sales -
Collection of Accounts Receivable
Prepetition 0
Postpetition 3,697,934
------------
Total Operating Receipts 3,697,934
Non - Operating Receipts
Transfers (3,960,564)
Other 9,440,339
------------
Total Non-Operating Receipts 5,479,775
------------
Total Receipts 9,177,709
------------
Total Cash Available 9,456,546
Operating Disbursements
Bank Charges -
Consulting Fees 1,791,555
Ingredients -
Licenses & Taxes -
Packaging -
Raw Milk -
R & M, Parts, Supplies -
Other 17,704
Warehouse (Cooler) -
Marketing Costs -
Sales Admin Expenses -
General Expenses 4,771
Title Fees 10,785
Goodwill/trademarks -
Extraordinary -
Corporate Allocation -
Income Taxes -
------------
Total expenses 1,824,815
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
------------
Total Reorganization Expenses -
------------
Total Disbursements 1,824,815
------------
Net Cash Flow 7,352,894
------------
Cash - End of Month $7,631,730
============
Headquartered in Wallington, New Jersey, Parmalat USA Corporation
-- http://www.parmalatusa.com/ -- generates more than 7 billion
euros in annual revenue. The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents. The Company filed for chapter
11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-
11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at
Weil Gotshal & Manges LLP represent the Debtors in their
restructuring efforts. On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 37; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
PARMALAT: Farmland Dairies' October 2004 Monthly Operating Report
-----------------------------------------------------------------
Farmland Dairies, LLC
Balance Sheet
As of October 23, 2004
Assets
Cash & Cash Equivalents $6,234,862
Accounts Receivable-Trade 38,847,473
Accounts Rec.-Securitization (36,267,087)
Notes Receivable 261,392
Inventory 15,708,697
Prepaid Expenses 12,239,241
Other Current Assets 6,261,735
------------
Total Current Assets 43,286,313
Fixed Assets 210,390,545
Accumulated Depreciation 116,349,205
------------
Net Fixed Assets 94,041,340
Other Assets 43,808,224
Intercompany Receivables 69,311,953
------------
Total Assets $250,447,830
============
Liabilities Subject to Compromise:
Accounts Payable 14,594,549
Accrued Expenses 3,167,370
Intercompany Payables 25,318,781
Capital Lease 95,000,000
------------
Total Liabilities Subject to Compromise 138,080,700
Liabilities:
Notes & Loans Payable 0
Capital Leases - Short Term 0
Accounts Payable 12,003,350
Accrued Expenses 25,892,926
------------
Total Current Liabilities 37,896,276
Notes & Loans Payable 25,265,341
Capital Leases - Long Term 41,491
Other 8,389,235
------------
Total Long Term Liabilities 33,696,067
Intercompany Payables (82,068,989)
------------
Total Liabilities 127,604,054
Equity
Paid In Capital 161,506,590
Accum Comprehensive Income (7,013,988)
Retained Earnings 11,323,693
YTD Net Income/(Loss) (42,972,519)
------------
Total Equity 122,843,776
------------
Total Liabilities & Owners' Equity $250,447,830
============
Farmland Dairies, LLC
Income Statement
From September 19, 2004 to October 23, 2004
Revenues
Gross sales $42,731,493
Less: Returns & discounts 1,015,421
------------
Net sales 41,716,072
Expenses
Raw Materials & Ingredients 27,482,798
Packaging 2,811,594
Direct Labor 976,650
Power 545,173
Freight 487,605
Distribution 3,135,816
Industrial Depreciation 480,567
Production Overhead 2,885,647
Warehouse (Cooler) 2,009,605
Marketing Costs 786,533
Sales Admin Expenses 493,142
General Expenses 1,286,993
Financial Costs 1,379,963
Goodwill/trademarks 8,445
Extraordinary 85,787
Corporate Allocation 0
Provision for Income Taxes 8,376
------------
Total Expenses 44,864,694
Reorganization Expenses 154,120
------------
Net Profit (Loss) ($3,302,742)
============
Farmland Dairies, LLC
Cash Receipts and Disbursements
From September 19, 2004 to October 23, 2004
Cash - Beginning of Month $7,216,818
Receipts From Operations
Cash Sales 0
Collection of Accounts Receivable
Prepetition 238,168
Postpetition 41,006,727
------------
Total Operating Receipts 41,244,895
Non - Operating Receipts
Payments from/(to) GE Capital 3,400,000
Voided Checks (Prepetition) -
Adjustments (82,851)
Deposits -- Other 335,370
Transfers 3,960,564
------------
Total Non-Operating Receipts 7,613,083
------------
Total Receipts 48,857,978
------------
Total Cash Available 56,074,796
Operating Disbursements
Chemicals 670,191
Commissions 176,536
Consulting/Legal 94,780
Co-packing 750,960
Employee & Employee-related expenses 1,205,969
Equipment Leases 477,785
Freight & Postage 287,292
Fuel 234,446
Transportation 641,587
Ingredients 1,629,158
Insurance 1,118,194
Lab Fees 87,406
Licenses & Taxes 62,029
Marketing 24,553
Other 617,107
Packaging 2,791,413
Pallets/Cases/Bossies 319,017
Milk Producers 24,738,276
Marketing Administrator 706,012
Purchased Products 705,995
R & M, Parts, Supplies 1,214,422
Raw Milk 1,314,997
Rebates 170,188
Rent 199,110
Security 146,561
Temporary Labor 90,736
Travel & Entertainment 43,495
Utilities 1,044,552
Securitization Payments 1,211,516
Payroll 4,137,542
Payroll Taxes 707,729
Voided Checks (Postpetition) 0
------------
Total expenses 47,619,554
Reorganization Expenses
Professional Fees 2,054,715
U.S. Trustee Fees 0
DIP Interest & Fees 195,572
------------
Total Reorganization Expenses 2,250,287
------------
Total Disbursements 49,869,841
------------
Net Cash Flow (1,011,863)
------------
Cash - End of Month $6,204,955
============
Headquartered in Wallington, New Jersey, Parmalat USA Corporation
-- http://www.parmalatusa.com/ -- generates more than 7 billion
euros in annual revenue. The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents. The Company filed for chapter
11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-
11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at
Weil Gotshal & Manges LLP represent the Debtors in their
restructuring efforts. On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 37; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
RELIANCE GROUP: Posts $84.5 Million Net Loss in October 2004
------------------------------------------------------------
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession 31-Oct-2004
_____________________________________ ___________
ASSETS
Cash $55,823,000
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 $69,266,000
================
LIABILITIES & SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise
Postpetition accounts payable $1,788,000
Professional fee holdback payable 2,105,000
PBGC administrative claim 3,000,000
Liabilities subject to compromise 1,106,116,000
----------------
Total liabilities 1,113,009,000
----------------
Shareholders' deficit:
Common stock 11,616,000
Additional paid in capital 558,541,000
Accumulated deficit (1,613,900,000)
----------------
Total shareholders' deficit (1,043,743,000)
----------------
Total liabilities & deficit $69,266,000
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Oct-2004
Operations, excluding subsidiaries to
which are not Debtors-in-Possession 31-Oct-2004
_____________________________________ ___________
Revenues $0
----------------
Costs and expenses:
Operating and administrative 95,000
Pension Plan Actuarial
Adjustments and Expenses 0
Depreciation 0
----------------
Total costs and expenses 95,000
----------------
Loss before reorganization items (95,000)
----------------
Reorganization items:
Professional fees 717,000
PBGC settlement 83,798,000
Interest earned on accumulated
cash resulting from
Chapter 11 proceeding (81,000)
----------------
Total reorganization items 84,434,000
----------------
Income Tax benefits 0
----------------
Net Income ($84,529,000)
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Oct-2004
Cash Flows, excluding subsidiaries to
which are not Debtors-in-Possession 31-Oct-2004
_____________________________________ ___________
Cash flows from operating activities:
Loss from operations before
reorganization items ($95,000)
Adjustments to reconcile loss to
net cash provided by
operating activities:
Income Tax Recovery 0
Depreciation 0
Changes in:
Prepaid expenses 0
Postpetition payables (7,000)
Increase in Liabilities
subject to compromise 0
----------------
Net cash (used) provided by
operating activities before
reorganization items (102,000)
----------------
Operating cash flows from
reorganization items:
Interest earned 81,000
Application of retainer
towards reorganization
professional fees 0
Payment of
reorganization items (1,011,000)
----------------
Net cash used by
reorganization items (930,000)
----------------
Net cash used by
operating activities (1,032,000)
----------------
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 (1,032,000)
Cash at beginning of period 56,855,000
----------------
Cash at end of period $55,823,000
================
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. 64; Bankruptcy Creditors' Service, Inc., 215/945-7000)
RELIANCE GROUP: RIC Liquidator's Third Quarter Status Report
------------------------------------------------------------
M. Diane Koken, Insurance Commissioner of the Commonwealth of
Pennsylvania, issues a Status Report on the Liquidation of
Reliance Insurance Company for the Third Quarter 2004.
In her capacity as RIC Liquidator, Ms. Koken reports that, at the
end of the third quarter 2004, the estate held $5,718,800,000 in
assets. The most significant balance was $3,448,700,000,
relating to reinsurance receivables and future reinsurance
recoverables. This figure was reduced from a $3,600,000,000
estimate in the Second Quarter Report. Total liabilities are
estimated at $8,775,700,000, with the most significant balance,
$5,219,200,000, attributable to loss and loss adjustment expenses
on direct business.
The Statement reflects $1,440,100,000 in losses and loss
adjustment expenses paid by Guaranty Associations. These figures
include data reported to the estate through an automated
interface on a time lag basis. Since not all states were
reporting through this system at the end of the quarter, actual
payments by GAs are higher. This value includes $1,285,000,000
in losses and loss adjustment expenses on assumed reinsurance
business, which are Class C general creditor claims. The net
deficit produced is $3,036,900,000.
Short and intermediate duration marketable investments increased
from $464,300,000 to $692,300,000 at the end of the period.
Reinsurance collections, the primary source of funds, totaled
$242,900,000. The estate paid $38,400,000 in early access
payments to the GAs. Loss adjustment expenses were $2,600,000.
Operating expenses were $88,900,000, including $28,400,000 in GA
reimbursed expenses.
At June 30, 2004, RIC held Symbol Technologies common stock
worth $137,900,000. At November 12, 2004, the market value of
the stock was $15.24 per share. RIC will continue to sell shares
as appropriate, depending on market conditions.
RIC estimates current and future premium receivables at
$123,400,000. This includes receivables arising from large
deductible policies billed in 2003 whose ownership is disputed.
At June 30, 2004, reinsurance receivables and recoverables
totaled $3,448,700,000, down by $200,000,000. RIC holds about
$1,100,000,000 in collateral as security. Total reinsurance
collections in the first six months of 2004 amounted to
$242,900,000. Collections since the date of liquidation total
$829,100,000.
The inventory of billed reinsurance receivables is $793,200,000
as of June 30, 2004. Of this amount, approximately $236,000,000
relates to pre-liquidation balances. This balance consists of
amounts in both formal and informal dispute, amounts available to
reinsurers as legitimate offsets and balances due from insolvent
and financially distressed companies.
Data feeds from the Guaranty Associations providing paid and
outstanding claim information were loaded into RIC's systems in
April 2003. The GA data plus the Notices of Determination
generated about $875,000,000 of post-liquidation billings, of
which $557,000,000 was unpaid at June 30, 2004. The amount
collected will ultimately be much lower due to disputes, offsets
and insolvencies.
RIC is aggressively attempting to collect reinsurance billings
and is in constant contact with its major reinsurers. Formal
dispute resolution actions continue against several of the
reinsurers with substantial overdue balances, including various
Underwriters at Lloyd's and Houston Casualty Company. RIC
expects these disputes to be resolved within the next six to 12
months. The current arbitration with John Hancock Life Insurance
Company was resolved through a commutation now pending approval
by the Commonwealth Court of Pennsylvania. Thus far in 2004, RIC
completed 26 on-site reinsurance audits at various GAs.
Ms. Koken advises that reinsurer financial strength is a problem
and will continue to be a major concern for the duration of the
RIC liquidation proceedings. RIC is monitoring the financial
condition of its major reinsurers and will attempt to settle its
overall exposure with distressed companies through commutation.
However, significant write-offs for uncollectible reinsurance are
expected, Ms. Koken says.
At September 30, 2004, RIC had a total of 373 employees in both
the Philadelphia and New York City offices. Since January 2004,
staff has been reduced in most areas with a net decrease of 59
employees.
The Liquidator has devoted considerable resources to general
asset recovery through numerous plaintiff actions to recover
assets owed to the estate. These include litigation and
arbitration for:
(1) collections from agencies, TPAs, brokers or program
managers -- approximately $27,000,000 sought;
(2) claims in bankruptcy against financially distressed
insureds -- approximately $120,000,000 sought;
(3) subrogation matters -- approximately $30,000,000 sought;
(4) premium and large deductible collections -- approximately
$27,000,000 sought;
(5) reinsurance recoveries -- approximately $175,000,000
sought; and
(6) other litigation -- approximately $9,000,000 sought.
Thus far in 2004, the Liquidator recovered more than $46,200,000
through legal actions.
Through September 30, 2004, RIC received 156,510 proofs of claim,
of which 3,088 were filed after the deadline. The number of
claims declined slightly from the second quarter because
duplicate claims were identified and inactivated. RIC mailed
167,410 status letters and issued 41,618 Notices of
Determination. Some claims have received more than one status
letter as the evaluation of their claim progressed. Through
September 30, 2004, the Liquidator has allowed $217,800,000 for
all NODs issued. The Liquidator has received 372 objections to
the NODs. Of those objections, over 100 have been resolved and
269 are in the objection resolution process. Referees have been
assigned to 229 objections.
The Liquidator has established a process to review requests for
the release of collateral held to secure obligations for direct
insureds, reinsurers and premium receivables. As of June 30,
2004, RIC held collateral of approximately $2,000,000,000 to
secure current and future obligations. For the nine months ended
June 30, 2004, 160 accounts were reviewed, resulting in the
release of $106,900,000 in collateral for 110 accounts, denials
issued for 18 accounts, and other resolutions for 32 accounts.
A committee was established to review and recommend action for
cut-through requests. Since implementation of the guidelines, 26
cut-through requests have been submitted to the Liquidator. Of
these, 15 have been approved, 8 were disapproved, 2 were
withdrawn and 1 is pending.
Reliance Insurance Company (In Liquidation)
Special Purpose Balance Sheet
At June 30, 2004
Assets
Short-term Investments $692,300,000
Symbol Technologies Common Stock 137,900,000
Non-liquid Investments 19,100,000
Investments in Trust - Secured Creditors 308,200,000
Real Estate Investments 27,300,000
---------------
Invested Assets 1,184,800,000
Investments in Affiliates 83,000,000
---------------
Total Invested Assets 1,267,800,000
Premium Balances 123,400,000
Reinsurance Receivable 793,200,000
Reinsurance Recoverable 2,655,500,000
Early Access to Guaranty Associations 831,300,000
Other Assets 47,600,000
---------------
Total Assets $5,718,800,000
===============
Liabilities
Loss & Loss Adjustment Expenses - GAs 1,440,100,000
Loss & Loss Adjustment Expenses - Direct 5,219,200,000
Loss & Loss Adjustment Expenses - Assumed 1,285,000,000
Funds Held 430,200,000
Other Liabilities 381,200,000
---------------
Total Liabilities 8,755,700,000
---------------
Net Deficit ($3,036,900,000)
===============
Reliance Insurance Company (In Liquidation)
Statement of Cash Flow
January 1, 2004 to June 30, 2004
Beginning Balance $464,300,000
Sources:
Reinsurance Collections 242,900,000
Premium Collections 12,600,000
Subrogation Recoveries 9,200,000
Sale Proceeds from RCG Moody Int'l 48,000,000
RGH Settlement 45,300,000
Released From Trust 12,500,000
Symbol Technologies Stock Sales 18,200,000
Investment Appreciation 2,400,000
Other 1,900,000
---------------
Total Sources 393,000,000
---------------
Uses:
Early Access to GAs (38,400,000)
Loss & Loss Adjustment Expenses (2,600,000)
Operating Expenses (88,900,000)
Net Checks Cashed But Issued (35,100,000)
---------------
Total Uses (165,000,000)
---------------
Net Increase in Funds 228,000,000
Ending Balance $692,300,000
===============
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. 64; Bankruptcy Creditors' Service, Inc., 215/945-7000)
TRUMP HOTELS: Trump Casino Funding's Schedules of Assets & Debts
----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.2 Bank Account 822
TOTAL SCHEDULED ASSETS $822
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
U.S. Bank, N.A.
Trump Casino Holdings $425 million 425,000,000
11-5/8% First Priority Notes
Due 2010
Trump Casino Holdings $65 million 68,800,000
17-5/8% Second Priority Mortgage
Notes Due 2010
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims Unknown
TOTAL SCHEDULED LIABILITIES $495,922,307
========================================================
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: Trump Casino Holdings' Schedules of Assets & Debts
----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.2 Bank Account
Credit Suisse First Boston -- Investment 3,142,130
Other 58,790
B.12 Stock interests Unknown
B.13 Interests in partnerships or joint venture Unknown
B.15 Accounts receivable
Intercompany Receivables
Trump Indiana, Inc. 50,557,550
Trump Marina Associates, L.P. 340,469,746
Other 53,808
B.33 Other personal property 913
TOTAL SCHEDULED ASSETS $343,701,072
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
U.S. Bank, N.A.
Trump Casino Holdings $425 million 425,000,000
11-5/8% First Priority Notes
Due 2010
Trump Casino Holdings $65 million 70,922,307
17-5/8% Second Priority Mortgage
Notes Due 2010
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims 82,062
TOTAL SCHEDULED LIABILITIES $496,004,369
========================================================
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: Trump Indiana Casino's Schedules of Assets & Debts
----------------------------------------------------------------
Trump Indiana Casino Management, LLC, reports no asset and
liability.
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: Trump Indiana Realty's Schedules of Assets & Debts
----------------------------------------------------------------
A. Real Property $0
B. Personal Property 0
TOTAL SCHEDULED ASSETS $0
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claim
U.S. Bank, N.A.
Guaranty of Trump Casino Holdings $425,000,000
$425 million 11-5/8% First Priority
Notes Due 2010
Guaranty of Trump Casino Holdings $70,922,307
$65 million 17-5/8% Second Priority
Mortgage Notes Due 2010
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims Unknown
TOTAL SCHEDULED LIABILITIES $495,922,307
========================================================
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: Trump Internet Casino's Schedules of Assets & Debts
-----------------------------------------------------------------
Trump Internet Casino, LLC, does not own any real or personal
property. Trump Internet Casino reports no liability.
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: Trump Marina Associates' Schedules of Assets & Debts
------------------------------------------------------------------
A. Real Property
Trump Marina Hotel Casino $406,030,000
Trump Marina Hotel Casino Parking Lot 4,687,900
B. Personal Property
B.1 Cash on Hand
House Funds - Hotel 357,649
House Funds - Casino 11,905,257
House Funds - Other 5,734,198
B.2 Bank Account
Bank of America (83,479)
Commerce Bank, NA
Main Operating Account 6,470,853
Investment Sweep 1,920,216
Casino Deposits 3,440,199
Other (336,649)
B.3 Security Deposits
Repairs & Dock Maintenance Escrow 1,211,300
per Lease Agreement -- New Jersey
Security Deposit, Interest --
PDS Gaming Corporation 1,437,229
Other 443,849
B.4 Household goods 0
B.5 Books, art work & collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sporting goods 0
B.9 Interests in insurance policies
Prepaid Insurance Accounts 774,294
Insurance Collateral Accounts 1,552,819
B.10 Annuities 0
B.11 Interests in retirement plans 0
B.12 Stock interests 0
B.13 Interests in partnerships or joint venture 0
B.14 Bonds
CRDA Bonds 3,792,759
Deposits with CRDA 6,437,914
Valuation Allowance on Bonds/Deposits (3,726,641)
B.15 Accounts receivable
Casino Receivables, net 6,027,564
Hotel Receivables, net 1,103,335
Other Receivables 1,254,235
Intercompany Receivables 24,310
B.16 Alimony 0
B.17 Other liquidated debts owed 0
B.18 Equitable and future interests 0
B.19 Contingent interests 0
B.20 Other contingent & unliquidated claims 0
B.21 Patents, copyrights & trademarks Unknown
B.22 Other intangibles Unknown
B.23 Automobiles 29,890
B.24 Boats 0
B.25 Aircraft 0
B.26 Office equipment and supplies 29,494,021
B.27 Machinery, furniture and fixtures
B.28 Inventory 3,172,076
B.29 Animals 0
B.30 Crops 0
B.31 Farming equipment 0
B.32 Farm supplies 0
B.33 Other personal property
Prepaid expenses 3,955,988
TOTAL SCHEDULED ASSETS $497,111,087
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
IGT, Inc. 1,026,966
PDS Gaming Corporation 12,842,932
U.S. Bank, N.A.
Guaranty of Trump Casino Holdings 425,000,000
$425 million 11-5/8% First
Priority Notes Due 2010
Guaranty of Trump Casino Holdings 68,800,000
$65 million 17-5/8% Second
Priority Mortgage Notes Due 2010
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims
IGT, Inc. 1,219,338
Trump Casino Holdings, LLC 340,469,746
Trump Taj Mahal Associates 5,957,643
Other Trade and Unsecured Claims 9,312,543
TOTAL SCHEDULED LIABILITIES $865,102,418
========================================================
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: Trump Plaza Associates' Schedules of Assets & Debts
-----------------------------------------------------------------
A. Real Property
Properties in New Jersey $98,809,091
Trump Plaza Hotel & Casino Building 264,391,139
B. Personal Property
B.1 Cash on hand
Cash on Floor-Bill Changers 4,116,921
Window Banks Charge 11,357,643
Other 379,519
B.2 Bank Accounts
Fleet Bank (43,238)
Commerce Bank
Main Operating Account 11,211,421
Payroll (4,092,845)
Casino Deposits 2,225,735
Other (189,004)
B.3 Security Deposits 1,164,110
B.5 Collectibles 309,356
B.9 Interests in Insurance Policies
Various Prepaid Insurance Accounts 1,668,994
Insurance Collateral Account 1,439,150
B.13 Interests in partnerships or joint venture Unknown
B.14 Government and Corporate Bonds
CRDA Bonds 5,753,178
Deposits with CRDA 12,971,419
Valuation Allowance (8,079,061)
B.15 Accounts Receivable
Casino Receivables, net 6,846,073
Hotel Receivables 641,454
Credit Card Receivables 224,490
Other Accounts Receivable 1,264,215
Intercompany Receivables 969
B.20 Other Contingent & Unliquidated Claims
Real Estate Tax Claim - Atlantic City 8,013,817
B.21 Intellectual Property Unknown
B.22 Other Intangibles Unknown
B.23 Vehicles 503,454
B.26 Office Equipment 23,907,240
B.28 Inventory
Inventory at hotel and casino 1,852,804
Inventory at warehouse 290,213
B.33 Other Personal Property
Prepaid Licenses and Taxes 3,381,853
Prepaid Sewerage Costs 256,753
Prepaid Marketing 1,917,494
Other Prepayments 121,245
TOTAL SCHEDULED ASSETS $452,614,633
========================================================
C. Property Claimed as Exempt Not Applicable
D. Creditors Holding Secured Claim
IGT, Inc. 1,086,232
PDS Gaming Corporation 18,733,850
U.S. Bank National Association 1,300,000,000
Others 2,053,799
E. Unsecured Priority Claims 529,458
F. Unsecured Non-Priority Claims
Thermal Energy Limited 1,528,204
Trump Atlantic City Associates 471,928,445
Trump Plaza Funding, Inc. 3,822,005
Trump Taj Mahal Associates 4,705,407
Other 15,192,370
TOTAL SCHEDULED LIABILITIES $1,819,692,119
========================================================
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: Plaza Funding Inc.'s Schedules of Assets & Debts
--------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.2 Bank Account 2,000
B.15 Accounts Receivable -- Trump Taj Mahal 3,822,005
TOTAL SCHEDULED ASSETS $3,824,005
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claim $0
E. Unsecured Priority Claims Unknown
F. Unsecured Non-priority Claims 0
TOTAL SCHEDULED LIABILITIES $0
========================================================
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: TAC Associates' Schedules of Assets & Liabilities
---------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.2 Bank Account
Credit Suisse First Boston -- Investment 1,458,404
Other 6,720
B.12 Stock interests Unknown
B.13 Interests in partnerships or joint venture Unknown
B.15 Accounts receivable
Intercompany Receivables
Trump Plaza Associates 471,928,446
Trump Taj Mahal Associates 847,007,111
B.33 Other personal property 18,254
TOTAL SCHEDULED ASSETS $1,320,418,936
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
U.S. Bank, N.A.
TAC Associates $1.2 billion 1,200,000,000
11-1/4% First Mortgage
Priority Notes Due 2006
TAC Associates $75 million 75,000,000
11-1/4% First Mortgage
Notes Due 2006
TAC Associates $25 million 25,000,000
11-1/4% First Mortgage
Notes Due 2006
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims
Trump Hotels & Casino Resorts, Inc. 7,323,922
Trump Taj Mahal Associates 10,257,112
TOTAL SCHEDULED LIABILITIES $1,317,581,034
========================================================
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: TAC Funding Inc.'s Schedules of Assets & Debts
------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.2 Bank account 1,971
TOTAL SCHEDULED ASSETS $1,971
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claim
US Bank NA -- TAC Associates $1,200,000,000
$1.2 billion 11-1/4% First Mtg
Priority Notes due 2006
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims Unknown
TOTAL SCHEDULED LIABILITIES $1,200,000,000
========================================================
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: TAC Funding II's Schedules of Assets & Debts
----------------------------------------------------------
A. Real Property 0
B. Personal Property
B.2 Bank Accounts $177
TOTAL SCHEDULED ASSETS $177
========================================================
C. Property Claimed as Exempt Not Applicable
D. Creditors Holding Secured Claim
U.S. Bank, N.A. -- Guaranty of TAC $75,000,000
Associates $75 million 11-1/4% First
Mortgage Notes due 2006
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims Unknown
TOTAL SCHEDULED LIABILITIES $75,000,000
========================================================
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: TAC Funding III's Schedules of Assets & Debts
-----------------------------------------------------------
A. Real Property 0
B. Personal Property
B.2 Bank Accounts $49
TOTAL SCHEDULED ASSETS $49
========================================================
C. Property Claimed as Exempt Not Applicable
D. Creditors Holding Secured Claim
U.S. Bank, N.A. -- Guaranty of TAC $25,000,000
Associates $25 million 11-1/4% First
Mortgage Notes due 2006
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims Unknown
TOTAL SCHEDULED LIABILITIES $25,000,000
========================================================
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: TAC Holding Inc.'s Schedules of Assets & Debts
------------------------------------------------------------
Trump Atlantic City Holding, Inc., has no real property. Trump
Atlantic City Holding has a $1,194 account at Commerce Bank.
TAC Holding has a 1% general partnership interest in Trump
Atlantic City Associates. The value of the interest is unknown.
TAC Holding reports zero liability.
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: Taj Mahal Associates' Schedules of Assets & Debts
---------------------------------------------------------------
A. Real Property
Trump Taj Mahal Casino Resort $697,296,878
Taj Mahal Warehouse 785,906
B. Personal Property
B.1 Cash on hand
Hotel Cashiering 390,605
Casino Cage 15,562,275
Master Coin Bank 13,399,251
Slot Hoppers 1,055,150
Bill Changers 5,881,958
B.2 Bank Accounts
Commerce National Bank
Concentration 2,165,713
Reinvestment 26,817,811
Casino Depository 1,121,361
Cage Disbursements (1,406,250)
Concentration Ad 1,335,888
Accounts Payable (21,676,376)
Others (510,113)
Fleet National Bank (382,359)
Sun National Bank 67,511
B.3 Security Deposits
Slot Lease Deposits -- PDS Gaming Corp. 2,139,878
Other 1,217,180
B.9 Interests in Insurance Policies
Various Prepaid Insurance Accounts 1,476,460
Insurance Collateral Accounts
American Insurance Services Group 640,519
CNA Insurance Companies 1,604,373
Chubb Group of Insurance Co. 168,280
Zurich Insurance Co. 468,185
B.14 Government and Corporate Bonds
CRDA Investment Bonds 4,191,847
Deposits with CRDA 22,046,533
Retail Entertainment Project Commitment (5,526,803)
Valuation Allowance (7,147,033)
B.15 Accounts Receivable
Casino Patron Markers 12,489,117
Other Accounts Receivable 2,610,355
Intercompany Receivables
Trump Atlantic Associate 10,257,112
Trump Organization 1,974
Trump Plaza Associates 4,705,903
Trump Marina Associates 6,139,096
B.21 Intellectual Property Unknown
B.22 Other Intangibles Unknown
B.23 Vehicles 105,757
B.26 Office Equipment 50,661,405
B.28 Inventory
Inventory at hotel and casino 3,035,186
Inventory at warehouse 1,714,660
B.33 Other Personal Property
Prepaid Slot Machine License Fee 1,473,000
Prepaid Real Estate Taxes 3,909,921
New Jersey Horseracing Tax 498,704
Other Prepaid Expenses 2,380,569
TOTAL SCHEDULED ASSETS $863,167,387
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claim
Avaya Financial $1,012,314
IGT, Inc. 1,079,514
Par-4, Inc. 2,069,605
PDS Gaming Corporation 27,963,323
U.S. Bank National Association 1,300,000,000
Others 2,520,463
E. Unsecured Priority Claims 1,575,827
F. Unsecured Non-priority Claims
Thermal Energy Limited 1,142,888
Trump Atlantic City Associates 826,492,888
Trump Hotels & Casino Resorts 3,741,274
Others 15,101,272
TOTAL SCHEDULED LIABILITIES $2,182,699,368
========================================================
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: THCR Development Co.'s Schedules of Assets & Debts
----------------------------------------------------------------
Trump Hotels & Casino Resorts Development Company, LLC, does not
own any real or personal property. THCR Development Company
reports no liability.
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: THCR Enterprises Inc.'s Schedules of Assets & Debts
-----------------------------------------------------------------
THCR Enterprises, Inc. has no real property. THCR Enterprises,
Inc., holds a 1% membership interest in THCR Enterprises, LLC.
The value of that interest is unknown.
THCR Enterprises, Inc., reports no liability.
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: THCR Enterprises LLC's Schedules of Assets & Debts
----------------------------------------------------------------
THCR Enterprises, LLC, has no real property. THCR Enterprises,
LLC, owns investment accounts, aggregating $3,419, at Credit
Suisse First Boston.
THCR Enterprises, LLC, also holds 3% treasury stock in Trump
Hotels & Casino Resorts, Inc. The value of the Debtor's interest
in the stock is unknown.
THCR Enterprises, LLC, reports no liability.
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: THCR Funding Inc.'s Schedules of Assets & Debts
-------------------------------------------------------------
Trump Hotels & Casino Resorts Funding, Inc.'s assets consist of a
$100 depository account at Chase Manhattan Bank and a $604
interest-bearing escrow account for Senior Secured Notes due
2005, which it holds jointly with Trump Hotels & Casino Resorts
Holdings, L.P.
THCR Funding Inc. reports zero liability.
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: THCR Holding Corp.'s Schedules of Assets & Debts
--------------------------------------------------------------
THCR Holding Corporation's assets consist of a $100 account at
Commerce Bank and a 100% ownership interest in THCR/LP
Corporation. The current market value of that interest is
unknown.
THCR Holding Corporation reports no liabilities.
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: THCR Holdings LP's Schedules of Assets & Debts
------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.2 Bank account 3,914
B.12 Stock Interests Unknown
B.13 Interests in partnership and joint ventures Unknown
B.15 Accounts receivable
Trump Casino Services 5,730,235
Trump Atlantic City Associates 7,323,992
Trump Casino Holdings, LLC 82,063
B.21 Intellectual property Unknown
TOTAL SCHEDULED ASSETS $13,140,204
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claim $0
E. Unsecured Priority Claims Unknown
F. Unsecured Non-priority Claims 25,223
TOTAL SCHEDULED LIABILITIES $25,223
========================================================
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: THCR Inc.'s Schedules of Assets & Debts
-----------------------------------------------------
A. Real Property $0
B. Personal Property
B.2 Bank account
Chase Manhattan Bank, NA 13,923
Commerce Bank 25,250
Credit Suisse First Boston 19,569
US Bank 604
B.9 Interests in insurance policies 29,367
B.12 Stock Interests Unknown
B.13 Interests in partnership and joint ventures Unknown
B.15 Accounts receivable
Trump Taj Mahal Associates 3,741,274
Trump Marina Associates, LP 187,500
Intercompany Receivables 415,964
B.25 Aircraft and accessories 628,672
B.26 Office equipment and supplies 24,032
B.33 Other personal property 149,021
TOTAL SCHEDULED ASSETS $5,235,176
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claim $0
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims 0
TOTAL SCHEDULED LIABILITIES $0
========================================================
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: THCR LP Corp.'s Schedules Of Assets & Debts
---------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on Hand 0
B.2 Bank Account 2
B.3 Security Deposits 0
B.4 Household goods 0
B.5 Books, art work & collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sporting goods 0
B.9 Interests in insurance policies 0
B.10 Annuities 0
B.11 Interests in retirement plans 0
B.12 Stock interests 0
B.13 Interests in partnerships or joint venture unknown
B.14 Bonds 0
B.15 Accounts receivable 0
B.16 Alimony 0
B.17 Other liquidated debts owed 0
B.18 Equitable and future interests 0
B.19 Contingent interests 0
B.20 Other contingent & unliquidated claims 0
B.21 Patents, copyrights & trademarks 0
B.22 Other intangibles 0
B.23 Automobiles 0
B.24 Boats 0
B.25 Aircraft 0
B.26 Office equipment and supplies 0
B.27 Machinery, furniture and fixtures 0
B.28 Inventory 0
B.29 Animals 0
B.30 Crops 0
B.31 Farming equipment 0
B.32 Farm supplies 0
B.33 Other personal property 0
TOTAL SCHEDULED ASSETS $2
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claims 0
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims 0
TOTAL SCHEDULED LIABILITIES $0
========================================================
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: THCR Mgt. Holding's Schedules of Assets & Debts
-------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.12 Stock Interests Unknown
TOTAL SCHEDULED ASSETS $0
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claim
U.S. Bank, N.A.
Guaranty of Trump Casino $425,000,000
$425 million 11-5/8% First
Priority Notes due 2010
Guaranty of Trump Casino 70,922,307
$65 million 17-5/8% Second
Priority Mortgage Notes
due 2010
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims Unknown
TOTAL SCHEDULED LIABILITIES $495,922,307
========================================================
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: THCR Ventures, Inc.'s Schedules of Assets & Debts
---------------------------------------------------------------
THCR Ventures, Inc.'s asset consists of a 1% membership interests
in Trump Hotels & Casino Resorts Development Company, LLC, and
Trump Internet Casino, LLC. The value of those interests is
unknown.
THCR Ventures reports zero liability.
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
TRUMP HOTELS: Trump Atlantic City's Schedules of Assets & Debts
---------------------------------------------------------------
A. Real Property 0
B. Personal Property
B.2 Bank Accounts $27,023
B.13 Interests in Partnerships Unknown
TOTAL SCHEDULED ASSETS $27,023
========================================================
C. Property Claimed as Exempt Not Applicable
D. Creditors Holding Secured Claim
U.S. Bank, N.A.
Guaranty of TAC Associates $1,200,000,000
$1.2 billion 11-1/4% First
Mortgage Priority Notes due 2006
Guaranty of TAC Associates 75,000,000
$75 million 11-1/4% First
Mortgage Notes due 2006
Guaranty of TAC Associates 25,000,000
$25 million 11-1/4% First
Mortgage Notes due 2006
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims Unknown
TOTAL SCHEDULED LIABILITIES $1,300,000,000
========================================================
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
UAL CORPORATION: Posts $114 Million Net Loss in October 2004
------------------------------------------------------------
UAL Corporation (OTCBB: UALAQ.OB), the holding company whose
primary subsidiary is United Airlines, filed its October Monthly
Operating Report with the United States Bankruptcy Court for the
Northern District of Illinois. The company reported an operating
loss of $65 million for October 2004. Mainline passenger unit
revenue was flat year-over-year. Unit costs were up 9% over last
year. Excluding fuel, unit costs improved 1% year-over-year. The
company reported a net loss of $114 million, including $14 million
in reorganization expenses.
United continued to deliver strong operational results in October,
with an on-time: 14 arrival performance rate of 83.2% and a load
factor of 77.8%. Employees also exceeded the company's goals for
October for customer satisfaction, as measured by definite intent
to repurchase.
"We are continuing to do the hard work that is necessary to
prepare United for a successful exit from bankruptcy and
operational performance remains high despite the challenges.
However, United's urgent need to further reduce costs is unchanged
as we continue to face fares at 12-year lows, oil at record highs
and no pricing power," said Jake Brace, executive vice president
and chief financial officer. "We are actively reducing costs
across the business to ensure that the company continues to
maintain adequate liquidity. United has also set in motion the
Section 1113 process and we are working with our unions to reach
consensual agreements on fair and equitable reductions in labor
costs."
UAL ended October with a cash balance of about $2.3 billion, which
included $837 million in restricted cash (filing entities only).
The cash balance decreased approximately $77 million during the
month of October, driven by the final quarterly retroactive wage
payment to International Association of Machinists members of
$63 million and a quarterly Success Sharing reward to employees of
$26 million. As anticipated, the company did not meet its October
EBITDAR covenant; however, the company received a waiver from its
DIP lenders for the monthly EBITDAR covenants during the fourth
quarter 2004.
A full-text copy of UAL Corporation's October 2004 monthly
operating report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/100517/000010051704000040/novmor.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.
WESTPOINT STEVENS: Posts $20.2 Million Net Loss in October 2004
---------------------------------------------------------------
WESTPOINT STEVENS, INC.
Balance Sheet
At October 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $1,772
Short-term investments -
Accounts receivable, net 222,501
Inventories 330,737
Prepaid expenses and other current assets 12,349
----------
Total current assets 567,359
Total investments and other assets 119,961
Goodwill -
Property, Plant and Equipment, net 521,792
----------
TOTAL ASSETS $1,209,112
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Senior Credit Facility $438,240
DIP Credit Agreement 100,637
Second lien facility 165,000
Accrued interest payable 728
Accounts payable - trade 49,909
Accounts payable - intercompany 179,243
Other accrued liabilities 108,954
Deferred income taxes 474
Pension and other liabilities 137,536
----------
Total liabilities not subject to compromise 1,180,247
Liabilities Subject to Compromise
Senior notes 1,000,000
Deferred financing fees (5,066)
Accrued interest payable on Senior Notes 36,130
Accounts payable 26,604
Other payables and accrued liabilities 8,237
Pension and other liabilities 18,807
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Total liabilities not subject to compromise 1,084,712
----------
Total Liabilities 2,264,959
Shareholders' Equity (Deficit)
Equity of subsidiaries (123,757)
Common stock 711
Capital surplus/Treasury Stock 51,436
Retained earnings (deficit) (871,030)
Minimum pension liability adjustment (101,921)
Other adjustments (11,286)
Unearned compensation -
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Stockholders' Equity (Deficit) (1,055,847)
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TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $1,209,112
==========
WESTPOINT STEVENS, INC.
Statement of Operations
Month Ended October 31, 2004
(in thousands)
Total sales $147,154
Cost of sales 140,114
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Gross profit 7,040
Selling and administrative expenses
Selling expenses 3,431
Warehousing and shipping 6,631
Advertising 512
Division administrative expense 1,175
MIS expense 1,551
Corporate administrative expense 1,763
----------
Total selling and administrative expense 15,063
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Profit (loss) from operations (8,023)
Interest expense
Interest expense - outside 7,827
Capitalized interest expense -
Interest expense - intercompany 396
Interest income 18
Interest income - intercompany -
----------
Net interest expense 8,205
Other expense
Miscellaneous 1,132
Royalties - intercompany 3,686
Transaction gain/loss -
----------
Total other expense 4,818
Other income
Royalties - intercompany -
Dividends -
Sale of assets -
Miscellaneous 8
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Total other income 8
----------
Net other expense 4,810
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items (21,038)
Chapter 11 reorganization expenses 2,316
Income tax expense (benefit) (3,122)
Extraordinary item - net of taxes -
----------
Net Income (loss) ($20,232)
==========
WESTPOINT STEVENS, INC.
Statement of Cash Flows
Month Ended October 31, 2004
(in thousands)
Cash flows from operations:
Net income (loss) ($20,232)
Restructuring -
Equity adjustments 646
Depreciation and amortization expense 14,714
Fixed asset impairment charge -
Working Capital Changes
Decrease/(increase) - accounts receivable 15,412
Decrease/(increase) - inventories 5,385
Decrease/(increase) - other current assets 2,508
Decrease/(increase) - other non-current
assets & debts 1,138
Increase/(decrease) - accounts payable (trade) (3,397)
Increase/(decrease) - a/p (intercompany) 10,143
Increase/(decrease) - accrued liabilities (3,976)
Increase/(decrease) - accrued interest payable (4,838)
Increase/(decrease) - pension and other liabilities (1,798)
Increase/(decrease) - deferred federal income tax (474)
----------
Total cash flows from operations 15,231
Cash flows from investing activities:
Capital expenditures (653)
Transfers -
Net proceeds from sale of assets 786
----------
Total cash flows from investing 133
Cash flows from financing activities:
Increase/(decrease)- DIP Credit Agreement (18,320)
----------
Total cash flows from financing (18,320)
Beginning cash balance 4,728
Change in cash (2,956)
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Ending cash balance $1,772
==========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores. Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens. The Company filed for chapter 11 protection on
June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts. (WestPoint Bankruptcy
News, Issue No. 33; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
*********
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