/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/041211.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 11, 2004, Vol. 8, No. 273 Headlines AIR CANADA: ACE Releases Amended Third Quarter Financial Results AMES DEPT: Monthly Operating Report for Period Ended Oct. 2, 2004 ANC RENTAL: Posts $469,429 Net Loss in September 2004 CATHOLIC CHURCH: Spokane Diocese's Schedules of Assets & Debts CENTURY/ML: Earns $3.1 Million of Net Income in October 2004 INTERMET CORP: Posts $8,500,000 Net Loss in October 2004 KAISER ALUMINUM: Posts $142.7 Million Net Loss for Sept. 2004 KAISER ALUMINUM: Earns $1.8 Million of Net Income in Oct. 2004 NEWPOWER HOLDINGS: Files October 2004 Monthly Operating Report RCN CORPORATION: Posts $18.8 Million Net Loss in October 2004 TRENWICK GROUP: Posts $4,362,168 Net Loss in September 2004 TRENWICK GROUP: Earns $13,241,915 of Net Income in October 2004 WESTPOINT STEVENS: WP Stevens I Posts $5 Mil. Net Loss in October WESTPOINT STEVENS: JP Stevens & Co.'s October Operating Report WESTPOINT STEVENS: JP Stevens Enterprises' Oct. Operating Report WESTPOINT STEVENS: WP Stevens Stores' October Operating Report ********* AIR CANADA: ACE Releases Amended Third Quarter Financial Results ---------------------------------------------------------------- For the purposes of providing a reconciliation to generally accepted accounting principles in the United States (U.S. GAAP) and also to provide a separate consolidated statement of cash flow for ACE Aviation Holdings Inc. (ACE), ACE has amended its third quarter 2004 unaudited interim consolidated financial statements and notes, as filed on http://www.sedar.com/on November 12, 2004. The ending cash balance of ACE on September 30, 2004 and the consolidated statement of operations for the third quarter are unchanged. Amendments to Third Quarter 2004 Report Consolidated Statement of No Change Financial Position Consolidated Statement of No Change Operations and Retained Earnings (Deficit) Consolidated Statement of Amended to reflect Cash Flow (Predecessor transactions of Predecessor Company) Company by removing exit financing transactions of the Successor Company. Consolidated Statement of New statement disclosing Cash Flow (Successor exit financing transactions Company) of the Successor Company. Note 17 New note containing reconciliation to U.S. GAAP. The amended consolidated financial statements and notes are available at: http://bankrupt.com/misc/amended_third_quarter_financials.pdf ACE Aviation Holdings Inc. Predecessor Company - Air Canada Amended Unaudited Consolidated Statement of Cash Flow Three months ended September 30, 2004 (dollars in millions) Cash flows from (used for): Operating: Loss for the period (CN$81) Adjustments to reconcile to net cash provided by operations: Reorganization and restructuring items 281 Depreciation, amortization and obsolescence 114 Loss on sale of and provisions on assets 62 Foreign exchange (123) Future income taxes 1 Employee future benefit funding less than expense 23 Decrease (increase) in accounts receivable (15) Decrease (increase) in spare parts, materials and supplies (7) Increase (decrease) in accounts payable and accrued liabilities 49 Increase (decrease) in advance ticket sales, net of restricted cash (138) Aircraft lease payments (in excess of) less than rent expense (3) Other 20 -------- 183 Financing: Drawdown on GE DIP financing - Aircraft related borrowings 116 Credit facility borrowings - Reduction of long-term debt and capital lease obligations (49) DIP financing fees - Other (2) -------- 65 Investing: Additions to property and equipment (142) Proceeds from sale of assets 1 Investments and advances - -------- (141) -------- Increase (decrease) in cash and cash equivalents 107 Cash and cash equivalents, beginning of period 850 Cash and cash equivalents transferred to the Successor Company (957) -------- Cash and cash equivalents, end of period CN$0 ======== ACE Aviation Holdings Inc. Successor Company - ACE Amended Unaudited Consolidated Statement of Cash Flow Three months ended September 30, 2004 (dollars in millions) Cash flows from (used for): Operating: Settlement of lease obligations (CN$290) Rebate on lease settlement 33 Take out fee on notes and warrants (45) Fees conditional on emergence (12) -------- (314) Investing Cash collaterization of lines of credit (21) -------- Financing Drawdown of exit financing 527 Repayment of GE DIP financing (300) Preferred shares issued to Cerberus for cash 238 Shares issued for cash under Rights Offering 852 -------- 1,317 -------- Increase in cash and cash equivalents 982 Cash and cash equivalents transferred from the Predecessor Company 957 -------- Cash and cash equivalents, end of period CN$1,939 ======== Air Canada filed for CCAA protection on April 1, 2003 (Ontario Superior Court of Justice, Case No. 03-4932) and filed a Section 304 petition in the U.S. Bankruptcy Court for the Southern District of New York (Case No. 03-11971). Mr. Justice Farley sanctioned Air Canada's CCAA restructuring plan on Aug. 23, 2004. Sean F. Dunphy, Esq., and Ashley John Taylor, Esq., at Stikeman Elliott LLP, in Toronto, serve as Canadian Counsel to the carrier. Matthew A. Feldman, Esq., and Elizabeth Crispino, Esq., at Willkie Farr & Gallagher serve as the Debtors' U.S. Counsel. When the Debtors filed for protection from its creditors, they listed C$7,816,000,000 in assets and C$9,704,000,000 in liabilities. On September 30, 2004, Air Canada successfully completed its restructuring process and implemented its Plan of Arrangement. The airline exited from CCAA protection raising $1.1 billion of new equity capital and, as of September 30, has approximately $1.9 billion of cash on hand. (Air Canada Bankruptcy News, Issue No. 54; Bankruptcy Creditors' Service, Inc., 215/945-7000) AMES DEPT: Monthly Operating Report for Period Ended Oct. 2, 2004 ----------------------------------------------------------------- Ames Department Stores, Inc., and Subsidiaries Unaudited Consolidated Condensed Balance Sheets At October 2, 2004 (In Thousands) ASSETS Current Assets: Cash and cash equivalents $11,523 Restricted cash 59,381 Receivables 951 ---------- Total current assets 71,855 ---------- Fixed assets - ---------- Total assets $71,855 ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable: Trade $59,928 Other 14,291 ---------- Total accounts payable 74,219 Self-insurance reserves 31,615 Accrued expenses 23,446 Liabilities subject to compromise 848,740 ---------- Total liabilities 978,020 Stockholders' equity (deficit) Common stock 295 Additional paid-in capital 533,393 Accumulated deficit (1,438,931) Treasury stock (922) ---------- Total stockholders' deficit (906,165) ---------- Total liabilities and stockholders' deficit $71,855 ========== Ames Department Stores, Inc., and Subsidiaries Unaudited Consolidated Condensed Statements of Operations For Five Weeks Ended October 2, 2004 (In Thousands) Total revenue $11,998 Costs and expenses Wind down expenses and other costs 480 Write off excess reserves - Gain on sale of fixed assets (7) Professional fees 150 ---------- Income before income taxes 11,375 ---------- Net Income $11,375 ========== Ames Department Stores, Inc., and Subsidiaries Unaudited Consolidated Condensed Statements of Cash Flows For Five Weeks Ended October 2, 2004 (In Thousands) Cash flows from operating activities: Net Income $11,375 Expenses not requiring the outlay of cash: Gain on sale of fixed assets (7) ---------- Cash used by operations 11,368 Changes in working capital: Increase in receivables (224) Decrease in accrued expenses & other liabilities (1,114) Increase in accounts payable 212 Decrease in restricted cash 290 ---------- Net cash provided by operating activities 10,532 Cash flows from financing activities: Proceeds from the sale of fixed assets 7 Borrowings under DIP Credit Agreement - Change in liabilities subject to compromise 121 ---------- Net cash provided by financing activities 128 Decrease in cash and cash equivalents 10,660 Cash and cash equivalents, beginning of period 863 ---------- Cash and cash equivalents, end of period $11,523 ========== Ames Department Stores filed for chapter 11 protection on August 20, 2001 (Bankr. S.D.N.Y. Case No. 01-42217). Albert Togut, Esq., Frank A. Oswald, Esq. at Togut, Segal & Segal LLP and Martin J. Bienenstock, Esq., and Warren T. Buhle, Esq., at Weil, Gotshal & Manges LLP represent the Debtors in their restructuring efforts. When the Company filed for protection from their creditors, they listed $1,901,573,000 in assets and $1,558,410,000 in liabilities. (AMES Bankruptcy News, Issue No. 61; Bankruptcy Creditors' Service, Inc., 215/945-7000) ANC RENTAL: Posts $469,429 Net Loss in September 2004 ----------------------------------------------------- ANC Rental Corporation, et al. Combined Balance Sheet As of September 30, 2004 ASSETS Current Assets Cash -- Investments and Other Cash $14,351,058 Cash -- ANC Primary Disbursement 17,838 --------------- Total Unrestricted Cash 14,368,896 Restricted Cash -- Professional Fee Escrow - California DMV Restricted Cash - Restricted Cash -- Tax Escrow 5,658,732 --------------- Total Restricted Cash 5,658,732 Accounts Receivable Other 65,503 Corporate Accounts 3,639,854 Collision Damage Recovery A/R 2,873,499 Collision Damage Recovery Reserve (2,873,499) Provision -- Trade A/R (3,640,625) --------------- Total Receivables, net 64,732 --------------- Total Current Assets 20,092,360 Other Assets Deposits 93,998 --------------- Total Assets $20,186,359 =============== LIABILITIES & CAPITAL Administrative Liabilities Accounts Payable $946,220 Admin Claim -- Legal and Professional Fee - Accrued Interest on 3rd Party Debt 0 Reserve for Other Admin Claims 1,025,000 --------------- Estimated Admin and Prof Fee Reserves 1,968,220 Secured Liabilities Accrued Ad-Valorem Tax Reserve 6,351,709 Priority Liabilities Accrued Prepetition Personal Property Taxes 2,264,409 Other Priority Creditor Accruals 444,127 General Unsecured Liabilities Reserves for General Unsecured Claims 457,177,632 --------------- Total Liabilities 468,206,097 Total Capital (448,019,738) --------------- Total Liabilities & Capital $20,186,359 =============== ANC Rental Corporation, et al. Statement of Operations For the month ending September 30, 2004 Total Revenues $0 Expenses Citations 0 Turnback Expense Charges 0 Damage Repair -- Collection (1,536) Unemployment Taxes -- State 0 Payroll Taxes -- Other (19,570) Bank Service Charges 235 Consulting Fees 342,307 Accounting -- Auditing Fees 0 Legal Fees 129,608 Data Processing Services 2,298 Printed Forms/Stationery 0 Rent Expense 0 Utilities 0 Telephone/Communications 0 Personal Property Taxes 0 Non-Property Taxes 0 Other Office Supplies 1,676 Interest Exp -- Other Notes 0 Personal Property Taxes 14,093 Non-Property Taxes 318 --------------- Total Expenses 469,429 --------------- Net Income ($469,429) =============== ANC Rental Corporation, et al. Cash Receipts and Disbursements For the month ending September 30, 2004 Cash at Beginning of Period $6,795,611 Receipts: Credit Card and Local Deposits 0 Collections of Accounts Receivable 18,839 Other Receipts 20,023,054 --------------- Total Receipts $20,041,893 Disbursements: US Trustee Fees Paid 0 Fleet Operating Expenses 0 Personnel - Net Cash Payroll 0 Personnel - Payroll Taxes Paid 0 Personnel - Benefits Payments 0 Personnel - Payments of Garnishments Withheld 0 Travel Expenses Paid 0 Fuel Rental Fleet Payments 0 Airport - Agency - Concession Fees Paid 0 Insurance Payments All 0 Facility & Other Fixed Operating Expenses Paid 0 Travel Agency Tour Operator Commission Payments 0 Advertising Payments 0 IT Consulting Payments 0 IT Other Cash Payments 0 Sales Taxes and Other Taxes Paid 1,785 Professional Fees Paid - Ordinary Course 0 Professional Fees Paid - Bankruptcy Prof. 218,761 Other Miscellaneous Operating Expenses Paid 89,329 Capital Expenditures 0 Interest and Financing Fees Paid 0 Vehicle Holding Costs Paid 0 Working Capital Fundings to Subsidiaries 0 Payoff Lehman Superpriority Admin. Claim 6,500,000 Payment to Lehman Bros -- Bridge Loan Facility 0 --------------- Total Disbursements 6,809,876 Net Cash Flow 13,232,018 --------------- Cash at End of Period $20,027,629 =============== Headquartered in Fort Lauderdale, Florida, ANC Rental Corporation, is the world's third-largest publicly traded car rental company. The Company filed for chapter 11 protection on November 13, 2001 (Bankr. Del. Case No. 01-11200). On April 15, 2004, Judge Walrath confirmed the Debtors' 3rd amended Chapter 11 Liquidation Plan, in accordance with Section 1129(a) and (b) of the Bankruptcy Code. Upon confirmation, Blank Rome, LLP, and Fried, Frank, Harris, Shriver & Jacobson, LLP, withdrew as the Debtors' counsel. Gazes & Associates, LLP, and Stevens & Lee, PC, serve as substitute counsel to represent the debtors' post-confirmation interests. When the Company filed for protection from their creditors, they listed $6,497,541,000 in assets and $5,953,612,000 in liabilities. (ANC Rental Bankruptcy News, Issue No. 62; Bankruptcy Creditors' Service, Inc., 215/945-7000) CATHOLIC CHURCH: Spokane Diocese's Schedules of Assets & Debts -------------------------------------------------------------- A. Real Property Pastoral Center at 1023 W. Riverside in Spokane $1,100,000 Other real properties in Spokane 2,288,400 Mattausch Farm in Whitman County, WA Not given B. Personal Property B.1 Cash on Hand 1,780 B.2 Bank Account US Bank 3,979,965 Sterling Pension Account 5,000 Spokane Catholic Investment Trust 76,424 B.3 Security Deposits 0 B.4 Household goods Unknown B.5 Books, art work & collectibles Unknown B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and sporting goods 0 B.9 Interests in insurance policies Unknown B.10 Annuities 0 B.11 Interests in retirement plans 0 B.12 Stock interests The Catholic Bishop of Spokane is a member, sole member, shareholder or sole shareholder of a number of non-profit corporations associated with the mission and ministry of the Diocese: Type of Description Current Property of Property Market Value -------- ----------- ------------ Catholic Charities of No shares authorized, 0 the Diocese of Spokane issued or outstanding; Bishop is President Catholic Cemeteries 100 shares authorized, 0 of Spokane issued or outstanding; Bishop is sole shareholder Catholic Foundation No shares authorized, 0 of Spokane issued or outstanding The Spokane Catholic 100,000,000 non-voting 76,424 Investment Trust shares authorized; 76,424 shares held Immaculate Heart No shares authorized, 0 Retreat Foundation of issued or outstanding Spokane, Washington Morning Star Boys' No shares authorized, 0 Ranch issued or outstanding B.13 Interests in partnerships or joint venture 0 B.14 Bonds 0 B.15 Accounts receivable Account Receivable 101,517 Loan Receivable Deposit & Loan Fund 2,915,996 B.16 Alimony 0 B.17 Other liquidated debts owed 0 B.18 Equitable and future interests Bequest from the Estates of Chester Unknown Chastek and Catherine unknown Chastek pursuant to Last Will and Testament of Catherine Chastek dated December 15, 1999 to be used for the "retirement payment to priests and sisters" and "for the expenses of training seminarians to become priests. 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 1996 Nissan Altima Unknown VIN 1N4BU31D2SC207609 1998 Ford Taurus Unknown VIN #1FALP42UZG280255 2000 Nissan Maxima Unknown VIN #JNICA31D5VT531964 B.24 Boats 0 B.25 Aircraft 0 B.26 Office equipment and supplies 484,834 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 Claims have been made by the Diocese with Unknown respect to policies issued by insurers and underlying lawsuits, actions and claims by various plaintiffs for alleged negligent supervision by the Diocese of certain priests. The Insurers have either reserved rights or have denied the claims. There is a dispute between the Diocese and the Insurers as to the existence and extent of insurance coverage. The Diocese reserves all rights it has against the Insurers. Prepaid liability insurance 2,659 Prepaid postage on postage meter 6,362 TOTAL SCHEDULED ASSETS $11,162,938 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims $5,303 E. Unsecured Priority Claims 13,527 F. Unsecured Non-Priority Claims Civil Tort Claimants 75,790,000 All Saints School 206,296 Catholic Cemeteries - Holy Cross 735,520 Our Lady of the Valley 122,062 Sacred Heart - Brewster 212,270 Sacred Heart - Othello 269,550 Sacred Heart - Wilbur 277,865 Sacred Heart Church 133,280 Safeco Specialty Claims 600,000 Self Insurance Fund 314,078 St. Joseph - Colbert 213,894 St. Mary Presentation 973,337 Others 1,497,073 TOTAL SCHEDULED LIABILITIES $81,364,055 ======================================================== The Roman Catholic Church of the Diocese of Spokane filed for chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen, Coffin, Brooke & Miller LLP, represent the Spokane Archdiocese in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $11,162,938 in total assets and $81,364,055 in total debts. The Roman Catholic Church of the Diocese of Tucson filed for chapter 11 protection (Bankr. D. Ariz. Case No. 04-04721) on September 20, 2004, and delivered a plan of reorganization to the Court on the same day. Susan G. Boswell, Esq., and Kasey C. Nye, Esq., at Quarles & Brady Streich Lang LLP, represent the Tucson Diocese. The Archdiocese of Portland in Oregon filed for chapter 11 protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004. Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman Shank LLP, represent the Portland Archdiocese in its restructuring efforts. In its Schedules of Assets and Liabilities filed with the Court on July 30, 2004, the Portland Archdiocese reports $19,251,558 in assets and $373,015,566 in liabilities. CENTURY/ML: Earns $3.1 Million of Net Income in October 2004 ------------------------------------------------------------ Century-ML Cable Venture (Debtor-In-Possession) Unaudited Balance Sheet As of October 31, 2004 (Dollars in thousands) ASSETS Cash and cash equivalents $17,076 Subscriber receivables - net 655 Investment in Century-ML Corporation 131,137 Related party receivables 231 Other current assets 323 -------- Total current assets 149,422 Property, plant and equipment - net 6,025 Intangible assets - net 1,528 -------- Total assets $156,975 ======== LIABILITIES AND STOCKHOLDERS' EQUITY Subscriber advance payments and deposits $347 Accrued expenses and other liabilities 1,660 Intercompany payables 2,147 -------- Total current liabilities 4,154 -------- Long-term accrued and other liabilities 80 Deferred income taxes 45 -------- Total non-current liabilities 125 Liabilities subject to compromise: Accounts payable 20 Accrued expenses and other liabilities 1,375 Intercompany payables 10,919 -------- Total liabilities subject to compromise 12,314 -------- Total liabilities 16,593 -------- Partners' equity: Partners' contributions 56,800 Partners' retained earnings 83,582 -------- Total partners' equity 140,382 -------- Total liabilities and partners' equity $156,975 ======== Century-ML Cable Venture (Debtor-In-Possession) Unaudited Statement of Operations For the Month Ended October 31, 2004 (Dollars in thousands) Revenue $1,159 Cost and expenses: Direct operating and programming 551 Selling, general and administrative 32 Management fees 44 Non-recurring professional fees - Depreciation 69 -------- Operating income before reorganization expenses due to bankruptcy 463 Reorganization expenses due to bankruptcy 82 -------- Operating income 381 Interest income - net 20 Equity in net income of Century-ML Cable Corporation - net of taxes 2,800 -------- Income before income taxes 3,201 Income tax expense (94) -------- Net income $3,107 ======== Century-ML Cable Venture (Debtor-In-Possession) Unaudited Statement of Cash Flows For the Month Ended October 31, 2004 (Dollars in thousands) Cash flow from operating activities: Net income $3,107 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 69 Reorganization expenses due to bankruptcy 82 Non-recurring professional fees - Equity in net income of Century-ML Cable Corporation - net of taxes (2,800) Change in assets and liabilities: Subscriber receivables - net (38) Prepaid expenses and other assets - net 11 Accounts payable - Subscriber advance payments and deposits (35) Accrued expenses and other liabilities 19 Intercompany receivables and payables - net 75 -------- Net cash provided by operating activities 490 -------- Cash flows from investing activities: Expenditures from property, plant and equipment (49) -------- Net cash used in investing activities (49) -------- Change in cash and cash equivalents 441 Cash and cash equivalents, beginning of period 16,635 -------- Cash and cash equivalents, end of period $17,076 ======== Headquartered in Coudersport, Pennsylvania, Adelphia Communications Corporation (OTC: ADELQ) is the fifth-largest cable television company in the country. Adelphia serves customers in 30 states and Puerto Rico, and offers analog and digital video services, high-speed Internet access and other advanced services over its broadband networks. The Company and its more than 200 affiliates filed for Chapter 11 protection in the Southern District of New York on June 25, 2002. Those cases are jointly administered under case number 02-41729. Willkie Farr & Gallagher represents the ACOM Debtors. (Adelphia Bankruptcy News, Issue No. 75; Bankruptcy Creditors' Service, Inc., 215/945-7000) INTERMET CORP: Posts $8,500,000 Net Loss in October 2004 -------------------------------------------------------- Intermet Corporation and its debtor-affiliates delivered its October 2004 monthly operating report to the U.S. Bankruptcy Court for the Eastern District of Michigan. For the month ending Oct. 31, 2004, Intermet Corporation reported net loss of $8,500,000 against $58,747,000 net sales. At Oct. 31, 2004, Intermet's balance sheet shows: Current Assets $183,569,000 Total Assets 695,946,000 Postpetition Debts 13,970,000 Total Liabilities 587,226,000 Total Stockholders' Equity $108,720,000 A full-text copy of Intermet Corporation's October 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/745287/000095012404006060/k90139exv99w1.txt Headquartered in Troy, Michigan, Intermet Corporation -- http://www.intermet.com/ -- provides machining and tooling services for the automotive and industrial markets specializing in the design and manufacture of highly engineered, cast automotive components for the global light truck, passenger car, light vehicle and heavy-duty vehicle markets. Intermet, along with its debtor-affiliates, filed for chapter 11 protection on Sept. 29, 2004 (Bankr. E.D. Mich. Case Nos. 04-67597 through 04-67614). Salvatore A. Barbatano, Esq., at Foley & Lardner LLP, represents the Debtors. When the Debtors filed for protection from their creditors, they listed $735,821,000 in total assets and $592,816,000 in total debts. KAISER ALUMINUM: Posts $142.7 Million Net Loss for Sept. 2004 ------------------------------------------------------------- Kaiser Aluminum Corporation -- All Debtors Unaudited Balance Sheets As of September 30, 2004 (In Thousands) ASSETS Cash $29,170 Receivables: Trade 129,152 Other 16,081 --------- Total Receivables 145,233 Inventories 157,410 Prepaid expenses and other current assets 35,161 --------- Total current assets 366,974 Investments in and advances to subsidiaries 176,116 Intercompany receivables/payables, net (104,220) Property, plant, and equipment - net 218,878 Deferred income taxes - Other assets 790,741 --------- Total Assets $1,448,489 ========= LIABILITIES & STOCKHOLDERS' EQUITY Liabilities not subject to compromise: Accounts Payable $75,484 Accrued interest 921 Accrued salaries, wages and related expenses 36,609 Accrued post retirement benefit -- current 1,066 Other accrued liabilities 95,365 Payable to affiliates 56,081 Long term debt - current portion 1,232 --------- Total current liabilities 266,758 Long-term liabilities 45,544 Accrued postretirement benefit obligation - Long-term debt 2,212 Liabilities subject to compromise 2,881,935 Minority interests 655 Stockholders' equity: Preference stock - Common stock 791 Additional capital 538,693 Accumulated deficit - As of filing date (946,925) Accumulated deficit - Post filing date (1,333,230) Accumulated other comprehensive income (loss) (7,944) Note receivable from parent - --------- Total Liabilities & Stockholders' Equity $1,448,489 ========= Kaiser Aluminum Corporation -- All Debtors Statements of Operations For the Month Ending September 30, 2004 (In Thousands) Net Sales $120,602 Costs and expenses: Cost of products sold 110,065 Depreciation & amortization 2,283 Selling, administrative, R&D and general 9,092 Other operating charges (benefits), net 135,129 --------- Total costs and expenses 256,569 --------- Operating income (loss) (135,967) Other income (expense): Interest expenses, net (817) Reorganization items (3,410) Other-net (72) --------- Income (loss) before income taxes and minority interest (140,266) (Provision) benefit for income taxes (1,252) Minority interests - Equity in income (loss) of subsidiaries (1,186) --------- Net income (loss) ($142,704) ========= Kaiser Aluminum Corporation -- All Debtors Schedule of Consolidated Cash Receipts and Disbursements For the Month Ending September 30, 2004 (In Thousands) Receipts: Trade Receivables KACC Receivables $84,859 KAII Receivables 39,435 --------- Total Trade Receivables 124,294 COBRA receipts 928 --------- Total Receipts 125,222 Disbursements: Inventory/Raw Materials 36,495 Capital Expenditures 718 QAL-related Transactions Costs 7,680 Payments Related to Gramercy/KJBC Disposition 1,354 Maintenance, Materials, etc. 7,888 Freight 4,047 Utilities/Energy 10,947 Hourly Payroll 8,895 Salaried Payroll 7,670 Hedging Activities 38 VEBA Advances 1,900 Medical - Current and Former Employees 3,953 Annual Insurance Premiums 464 Workmen's Compensation 526 Credit Agreement Fees 750 Corporate General and Administrative 3,435 JV Fundings - Alumina 23,131 JV Fundings - Primary, Net of Minority Interest 10,211 Other Disbursements 3,651 --------- Total Operating and G&A Disbursements 133,753 Reorganization Items 5,761 --------- Total Disbursements 139,514 --------- Net Cash Flow (14,292) Beginning Bank Cash Balances 43,279 --------- Ending Bank Cash Balances 28,987 Reconciling Items 183 --------- Ending Book Cash Balances $29,170 ========= Headquartered in Houston, Texas, Kaiser Aluminum Corporation -- http://www.kaiseral.com/ -- operates in all principal aspects of the aluminum industry, including mining bauxite; refining bauxite into alumina; production of primary aluminum from alumina; and manufacturing fabricated and semi-fabricated aluminum products. The Company filed for chapter 11 protection on February 12, 2002 (Bankr. Del. Case No. 02-10429). Corinne Ball, Esq., at Jones Day, represent the Debtors in their restructuring efforts. On June 30, 2004, the Debtors listed $1.619 billion in assets and $3.396 billion in debts. (Kaiser Bankruptcy News, Issue No. 55; Bankruptcy Creditors' Service, Inc., 215/945-7000) KAISER ALUMINUM: Earns $1.8 Million of Net Income in Oct. 2004 -------------------------------------------------------------- Kaiser Aluminum Corporation -- All Debtors Unaudited Balance Sheets As of October 31, 2004 (In Thousands) ASSETS Cash $31,375 Receivables: Trade 112,377 Other 11,078 --------- Total Receivables 123,455 Inventories 130,142 Prepaid expenses and other current assets 36,771 --------- Total current assets 321,743 Investments in and advances to subsidiaries 59,069 Intercompany receivables/payables, net (4,582) Property, plant, and equipment - net 215,748 Deferred income taxes - Other assets 796,411 --------- Total Assets $1,388,389 ========= LIABILITIES & STOCKHOLDERS' EQUITY Liabilities not subject to compromise: Accounts Payable $68,693 Accrued interest 915 Accrued salaries, wages and related expenses 32,993 Accrued post retirement benefit -- current 602 Other accrued liabilities 93,188 Payable to affiliates 45,397 Long term debt - current portion 1,227 --------- Total current liabilities 243,015 Long-term liabilities 21,586 Accrued postretirement benefit obligation - Long-term debt 2,212 Liabilities subject to compromise 2,868,454 Minority interests 655 Stockholders' equity: Preference stock - Common stock 791 Additional capital 538,693 Accumulated deficit - As of filing date (946,927) Accumulated deficit - Post filing date (1,331,461) Accumulated other comprehensive income (loss) (8,629) Note receivable from parent - --------- Total Liabilities & Stockholders' Equity $1,388,389 ========= Kaiser Aluminum Corporation -- All Debtors Statements of Operations For the Month Ending October 31, 2004 (In Thousands) Net Sales $98,743 Costs and expenses: Cost of products sold 82,809 Depreciation & amortization 1,811 Selling, administrative, R&D and general 8,425 Other operating charges (benefits), net (841) --------- Total costs and expenses 92,204 --------- Operating income (loss) 6,539 Other income (expense): Interest expenses, net (946) Reorganization items (2,996) Other-net (227) --------- Income (loss) before income taxes and minority interest 2,370 (Provision) benefit for income taxes (1,373) Minority interests - Equity in income (loss) of subsidiaries 772 --------- Net income (loss) $1,769 ========= Kaiser Aluminum Corporation -- All Debtors Schedule of Consolidated Cash Receipts and Disbursements For the Month Ending October 31, 2004 (In Thousands) Receipts: Trade Receivables KACC Receivables $91,116 KAII Receivables 28,373 --------- Total Trade Receivables 119,489 COBRA receipts 622 Proceeds from: Hedging Settlement 414 Claim Settlement 9,575 Sale of Gramercy/KJBC, net 7,551 Sale of Valco 12,208 --------- Total Receipts 149,859 Disbursements: Inventory/Raw Materials 35,498 Capital Expenditures 771 Environmental Settlement Payments 27,326 Maintenance, Materials, etc. 4,439 Freight 3,668 Utilities/Energy 11,281 Hourly Payroll 7,093 Salaried Payroll 3,490 Hedging Activities 104 VEBA Advances 1,900 Medical - Current and Former Employees 3,538 Annual Insurance Premiums 750 Workmen's Compensation 623 Credit Agreement Fees 750 Corporate General and Administrative 2,354 JV Fundings - Alumina 10,961 JV Fundings - Primary, Net of Minority Interest 9,687 JV Fundings - Valco End of Service Benefit 9,958 Other Disbursements 9,977 --------- Total Operating and G&A Disbursements 144,168 Reorganization Items 3,427 --------- Total Disbursements 147,595 --------- Net Cash Flow 2,264 Beginning Bank Cash Balances 28,987 --------- Ending Bank Cash Balances 31,251 Reconciling Items 124 --------- Ending Book Cash Balances $31,375 ========= Headquartered in Houston, Texas, Kaiser Aluminum Corporation -- http://www.kaiseral.com/ -- operates in all principal aspects of the aluminum industry, including mining bauxite; refining bauxite into alumina; production of primary aluminum from alumina; and manufacturing fabricated and semi-fabricated aluminum products. The Company filed for chapter 11 protection on February 12, 2002 (Bankr. Del. Case No. 02-10429). Corinne Ball, Esq., at Jones Day, represent the Debtors in their restructuring efforts. On June 30, 2004, the Debtors listed $1.619 billion in assets and $3.396 billion in debts. (Kaiser Bankruptcy News, Issue No. 55; Bankruptcy Creditors' Service, Inc., 215/945-7000) NEWPOWER HOLDINGS: Files October 2004 Monthly Operating Report -------------------------------------------------------------- On Dec. 2, 2004, NewPower Holdings, Inc., filed its October 2004 Monthly Operating Report with the U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division. The company reports an opening cash balance of $92,407,000 and a closing cash balance of $57,062,000. A full-text copy of NewPower Holdings' October 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1119307/000090514804005151/efc4-2155_exh991.txt The Company filed for chapter 11 protection on June 11, 2002 (Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King & Spalding and William M. Goldman, Esq., at Sidley Austin Brown & Wood LLP represent the Debtors. When the Debtors filed for chapter 11 protection, it reported asset amounting to $231,837,000 and debts at $87,936,000. On August 15, 2003, the United States Bankruptcy Court for the Northern District of Georgia, Newnan Division, confirmed the Second Amended Chapter 11 Plan with respect to NewPower Holdings, Inc. and TNPC Holdings, Inc., a wholly owned subsidiary of the Company. On February 28, 2003, the Bankruptcy Court previously confirmed the Plan, and the Plan has been effective as of March 11, 2003, with respect to The New Power Company, a wholly owned subsidiary of the Company. The Plan became effective on October 9, 2003 with respect to the Company and TNPC. RCN CORPORATION: Posts $18.8 Million Net Loss in October 2004 ------------------------------------------------------------- RCN Corporation, Hot Spots Production, Inc., RCN Finance, LLC, RLH Property Corporation, TEC Air, Inc., RCN Cable TV of Chicago, Inc., RCN Entertainment, Inc., ON TV, Inc., and 21st Century Telecom Services, Inc. (Debtors-in-Possession) Unaudited Condensed Combined Consolidated Balance Sheets As of October 31, 2004 (In Thousands) ASSETS Current Assets: Cash and temporary cash investments $815 Other current assets 4,329 ----------- Total current assets 5,144 Accounts receivable from non-combined subsidiaries 237,678 Investment in and advances to non-combined subsidiaries 1,447,632 Deferred charges and other assets 249,854 ----------- Total assets $1,940,308 =========== LIABILITIES AND SHAREHOLDERS' DEFICIT Current Liabilities: Current maturities of long-term debt $438,928 Accounts payable and accrued expenses 6,149 ----------- Total current liabilities 445,077 Accounts payable to non-combined subsidiaries 829,103 Prepetition liabilities subject to compromise Liabilities subject to compromise 1,205,165 Series A redeemable Preferred stock 350,362 Series B redeemable Preferred stock 1,474,850 Shareholders' deficit: Common stock 123,588 Additional paid in capital 2,153,942 Cumulative translation adjustment (17,288) Unearned compensation expense (61) Treasury stock (10,168) Unrealized appreciation on investments (103) Accumulated deficit (4,614,159) ----------- Total shareholders' deficit (2,364,249) ----------- Total liabilities and shareholders' deficit $1,940,308 =========== RCN Corporation, Hot Spots Production, Inc., RCN Finance, LLC, RLH Property Corporation, TEC Air, Inc., RCN Cable TV of Chicago, Inc., RCN Entertainment, Inc., ON TV, Inc., and 21st Century Telecom Services, Inc. (Debtors-in-Possession) Unaudited Condensed Combined Statement of Operations For the period October 1, 2004 through October 31, 2004 (In Thousands) Revenues $146 Costs and expenses 490 Non-cash stock based compensation 356 Depreciation and amortization - Reorganization items 2,583 ----------- Operating loss (3,283) Interest expense 3,586 Other expense 340 ----------- Loss before income taxes (7,209) (Benefit)/provisions for income taxes 68 Equity in the income of non-combined subsidiaries (11,510) ----------- Net loss ($18,787) =========== RCN Corporation, Hot Spots Production, Inc., RCN Finance, LLC, RLH Property Corporation, TEC Air, Inc., RCN Cable TV of Chicago, Inc., RCN Entertainment, Inc., ON TV, Inc., and 21st Century Telecom Services, Inc. (Debtors-in-Possession) Unaudited Condensed Combined Statement of Cash Flows For the period October 1, 2004 through October 31, 2004 (In Thousands) Cash flows from operating activities: Net loss ($18,787) Non-cash stock based compensation 356 Depreciation and amortization - Equity loss of non-combined subsidiaries 11,510 Accretion of discounted debt 349 Amortization of financing costs 537 ----------- Net cash used in operating activities (6,035) Cash flows from financing activities: Payment of long-term debt - Investments from non-combined subsidiaries 6,034 ----------- Net cash provided by financing activities 6,034 ----------- Net increase (decrease) in cash and temporary cash investments (1) ----------- Beginning cash & temporary cash investments 816 ----------- Ending cash & temporary cash investments $815 =========== Headquartered in Princeton, New Jersey, RCN Corporation -- http://www.rcn.com/ -- provides bundled Telecommunications services. The Company, along with its affiliates, filed for chapter 11 protection (Bankr. S.D.N.Y. Case No. 04-13638) on May 27, 2004. Frederick D. Morris, Esq., and Jay M. Goffman, Esq., at Skadden Arps Slate Meagher & Flom LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,486,782,000 in assets and $1,820,323,000 in liabilities. (RCN Corp. Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service, Inc., 215/945-7000) TRENWICK GROUP: Posts $4,362,168 Net Loss in September 2004 ----------------------------------------------------------- On Oct. 20, 2004, Trenwick America Corporation, Trenwick Group Ltd. and LaSalle Re Holdings Limited filed monthly operating reports for the month ended Sept. 30, 2004, and the period from Aug. 20, 2003 to Sept. 30, 2004, with the United States Bankruptcy Court for the District of Delaware. Trenwick Group Ltd. (Bankr. D. Del. Case No. 03-12636), reports a $4,362,168 net loss for the month ended September 2004, and a cumulative $98,109,747 loss for the period from August 20, 2003 to September 30, 2004. A full-text copy of Trenwick Group Ltd.'s September 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1122211/000116923204005969/d61525_ex99-1.txt Trenwick America Corporation (Bankr. D. Del. Case No. 03-12635) reports a $5,329,257 net loss in September 2004 and a cumulative $71,457,466 loss during the course of its chapter 11 restructuring. A full-text copy of Trenwick America's September 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1127783/000116923204005971/d61526_ex99-1.txt LaSalle Re Holdings Limited (Bankr. D. Del. Case No. 03-12637) reports a $1,111,069 net profit in September 2004 and a cumulative $4,923,338 post-petition loss. A full-text copy of LaSalle's September 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1001384/000116923204005972/d61527_ex99-1.txt On August 20, 2003, TGL and LaSalle Re Holdings Limited filed insolvency proceedings in the Supreme Court of Bermuda. On Aug. 22, 2003, the Bermuda Court granted an order appointing Michael Morrison and John Wardrop, partners of KPMG in Bermuda and KPMG LLP in the United Kingdom, respectfully, as Joint Provisional Liquidators in respect of TGL and LaSalle. The Bermuda Court granted the JPLs the power to oversee the continuation and reorganization of these companies' businesses under the control of their boards of directors and under the supervision of the Bankruptcy Court and the Bermuda Court. The JPLs have not audited the contents of this report. As reported in the Troubled Company Reporter on Nov. 23, 2004, the Honorable Mary F. Walrath of the United States Bankruptcy Court for the District of Delaware entered an order dismissing Trenwick Group Ltd. and LaSalle Re Holdings' chapter 11 case, jointly administered under Trenwick America Corporation. The Order will not take effect until the joint provisional liquidators assume full control of the Debtors' business. TRENWICK GROUP: Earns $13,241,915 of Net Income in October 2004 --------------------------------------------------------------- On Nov. 22, 2004, Trenwick America Corporation, Trenwick Group Ltd. and LaSalle Re Holdings Limited filed monthly operating reports for the month ended Oct. 31, 2004, and the period from Aug. 20, 2003 to Oct. 31, 2004, with the United States Bankruptcy Court for the District of Delaware. Trenwick Group Ltd. (Bankr. D. Del. Case No. 03-12636), reports a $13,241,915 net income for the month ended October 2004, and a cumulative $84,867,832 loss for the period from August 20, 2003 to October 31, 2004. A full-text copy of Trenwick Group Ltd.'s October 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1122211/000116923204005984/d61530_ex99-1.txt Trenwick America Corporation (Bankr. D. Del. Case No. 03-12635) reports a $12,622,523 net income in October 2004 and a cumulative $58,834,943 loss during the course of its chapter 11 restructuring. A full-text copy of Trenwick America's October 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1127783/000116923204005985/d61531_ex99-1.txt LaSalle Re Holdings Limited (Bankr. D. Del. Case No. 03-12637) reports a $730,916 net profit in October 2004 and a cumulative $4,192,422 post-petition loss. A full-text copy of LaSalle's October 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1001384/000116923204005986/d61532_ex99-1.txt On August 20, 2003, TGL and LaSalle Re Holdings Limited filed insolvency proceedings in the Supreme Court of Bermuda. On Aug. 22, 2003, the Bermuda Court granted an order appointing Michael Morrison and John Wardrop, partners of KPMG in Bermuda and KPMG LLP in the United Kingdom, respectfully, as Joint Provisional Liquidators in respect of TGL and LaSalle. The Bermuda Court granted the JPLs the power to oversee the continuation and reorganization of these companies' businesses under the control of their boards of directors and under the supervision of the Bankruptcy Court and the Bermuda Court. The JPLs have not audited the contents of this report. As reported in the Troubled Company Reporter on Nov. 23, 2004, the Honorable Mary F. Walrath of the United States Bankruptcy Court for the District of Delaware entered an order dismissing Trenwick Group Ltd. and LaSalle Re Holdings' chapter 11 case, jointly administered under Trenwick America Corporation. The Order will not take effect until the joint provisional liquidators assume full control of the Debtors' business. WESTPOINT STEVENS: WP Stevens I Posts $5 Mil. Net Loss in October ----------------------------------------------------------------- WESTPOINT STEVENS, INC., I Balance Sheet At October 31, 2004 (in thousands) Assets Current Assets Cash and cash equivalents $326 Accounts receivable - intercompany 25,535 Inventories 7,649 Prepaid expenses and other current assets - ---------- Total current assets 33,510 Total investments and other assets 124,052 Property, Plant and Equipment, net 12,257 Goodwill - ---------- TOTAL ASSETS $169,819 ========== Liabilities and Stockholders' Equity (Deficit) Liabilities Not Subject to Compromise Senior Credit Facility - DIP Credit Agreement - Long-term debt classified as current - Accrued interest payable - Accounts payable - trade $717 Accounts payable - intercompany - Other accrued liabilities 14,683 Deferred income taxes - Pension and other liabilities - ---------- Total Liabilities Not Subject to Compromise 15,400 Liabilities Subject to Compromise Senior notes - Deferred financing fees - Accrued interest payable on Senior Notes - Accounts payable 1,437 Other payables and accrued liabilities - Pension and other liabilities - ---------- Total Liabilities Subject to Compromise 1,437 ---------- Total Liabilities 16,837 Shareholders' Equity (Deficit) Equity of subsidiaries - Common stock 1 Capital surplus/Treasury Stock 70,559 Retained earnings (deficit) 82,422 Minimum pension liability adjustment - Other adjustments - Unearned compensation - ---------- Shareholders' Equity (Deficit) 152,982 ---------- TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $169,819 ========== WESTPOINT STEVENS, INC., I Statement of Operations Month Ended October 31, 2004 (in thousands) Net sales $11,544 Cost of goods sold 7,640 ---------- Gross earnings 3,904 Selling and administrative expenses Selling expenses 8 Warehousing and shipping 271 Advertising - Division administrative expense - MIS expense - Corporate administrative expense 170 ---------- Total selling and administrative expense 449 Restructuring and impairment charge - Goodwill impairment charge - ---------- Operating earnings (loss) 3,455 Interest expense Interest expense - outside - Capitalized interest expense - Interest expense - intercompany - Interest income - Interest income - intercompany 472 ---------- Net interest expense (472) Other expense Miscellaneous - Royalties - intercompany 190 Transaction gain/loss - ---------- Total other expense 190 Other income Royalties - intercompany 4,045 Dividends - Sale of assets - Miscellaneous - ---------- Total other income 4,045 ---------- Net other expense (3,855) ---------- Income (loss) before Chapter 11 reorganization expenses and income taxes (benefit) and extraordinary items 7,782 Chapter 11 reorganization expenses - Income tax expense (benefit) 2,728 Extraordinary item - net of taxes - ---------- Net Income (loss) $5,054 ========== WESTPOINT STEVENS, INC., I Statement of Cash Flows Month Ended October 31, 2004 (in thousands) Cash flows from operations: Net income (loss) $5,054 Non-cash items Depreciation and amortization 93 Working Capital Changes Decrease/(increase) - a/r (customers) - Decrease/(increase) - a/r (intercompany) (10,481) Decrease/(increase) - inventories 2,634 Decrease/(increase) - other current assets Decrease/(increase) - other non-current assets - Increase/(decrease) - accounts payable (trade) (142) Increase/(decrease) - a/p (intercompany) - Increase/(decrease) - accrued liabilities 3,244 Increase/(decrease) - accrued interest payable - Increase/(decrease) - pension & other liabilities - Increase/(decrease) - deferred federal income tax - ---------- Total cash flows from operations 402 Cash flows from investing activities: Capital expenditures (111) Transfers - Net proceeds from sale of assets - ---------- Total cash flows from investing (111) Cash flows from financing activities: Increase/(decrease)- DIP Credit Agreement - ---------- Total cash flows from financing - Beginning cash balance 35 Change in cash 291 ---------- Ending cash balance $326 ========== 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. 34; Bankruptcy Creditors' Service, Inc., 215/945-7000) WESTPOINT STEVENS: JP Stevens & Co.'s October Operating Report -------------------------------------------------------------- J.P. STEVENS & CO., INC. Balance Sheet At October 31, 2004 (in thousands) Assets Current Assets Cash and cash equivalents - Accounts receivable - intercompany $110,749 Prepaid expenses and other current assets - ---------- Total current assets 110,749 Total investments & other assets 2,697 Goodwill - ---------- TOTAL ASSETS $113,446 ========== Liabilities and Stockholders' Equity (Deficit) Liabilities Not Subject to Compromise Accounts payable - intercompany - Other accrued liabilities - Deferred income taxes - Pension and other liabilities - ---------- Total Liabilities Not Subject to Compromise - Liabilities Subject to Compromise - Shareholders' Equity (Deficit) Equity of subsidiaries $10,503 Common stock - Capital surplus/Treasury Stock - Retained earnings (deficit) 102,943 Minimum pension liability adjustment - Other adjustments - Unearned compensation - ---------- Stockholders' Equity (Deficit) 113,446 ---------- TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $113,446 ========== J.P. Stevens & Co., Inc., reports no income and cash flow for October 2004. 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. 34; Bankruptcy Creditors' Service, Inc., 215/945-7000) WESTPOINT STEVENS: JP Stevens Enterprises' Oct. Operating Report ---------------------------------------------------------------- J.P. STEVENS ENTERPRISES, INC. Balance Sheet At October 31, 2004 (in thousands) Assets Current Assets Cash and cash equivalents $18 Accounts receivable - intercompany 16,851 Prepaid expenses and other current assets - ---------- Total current assets 16,869 Total investments & other assets - Goodwill - ---------- TOTAL ASSETS $16,869 ========== Liabilities and Stockholders' Equity (Deficit) Liabilities Not Subject to Compromise: Accounts payable - intercompany - Other accrued liabilities $277 Deferred income taxes - Pension and other liabilities - ---------- Total Liabilities Not Subject to Compromise 277 Liabilities Subject to Compromise - ---------- Total Liabilities 277 Shareholders' Equity (Deficit) Equity of subsidiaries - Common stock 2 Capital surplus/Treasury Stock - Retained earnings (deficit) 16,590 Minimum pension liability adjustment - Other adjustments - Unearned compensation - ---------- Stockholders' Equity (Deficit) 16,592 ---------- TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $16,869 ========== J.P. STEVENS ENTERPRISES, INC. Statement of Operations Month Ended October 31, 2004 (in thousands) Net sales - Cost of goods sold - ---------- Gross earnings - Selling and administrative expenses Selling expenses $3 Warehousing and shipping - Advertising - Division administrative expense - MIS expense - Corporate administrative expense - ---------- Total selling and administrative expense 3 Restructuring and impairment charge - Goodwill impairment charge - ---------- Operating earnings (loss) (3) Interest expense Interest expense - outside - Capitalized interest expense - Interest expense - intercompany - Interest income - Interest income - intercompany 87 ---------- Net interest expense (87) Other expense Miscellaneous - Royalties - intercompany - Transaction gain/loss - ---------- Total other expense - Other income Royalties - intercompany 190 Dividends - Sale of assets - Miscellaneous - ---------- Total other income 190 ---------- Net other expense (190) ---------- Income (loss) before Chapter 11 reorganization expenses and income taxes (benefit) and extraordinary items 274 Chapter 11 reorganization expenses - Income tax expense (benefit) 96 Extraordinary item - net of taxes - ---------- Net Income (loss) $178 ========== J.P. STEVENS ENTERPRISES, INC. Statement of Cash Flows Month Ended October 31, 2004 (in thousands) Cash flows from operations: Net income (loss) $178 Non-cash items Depreciation and amortization - Working Capital Changes Decrease/(increase) - a/r (intercompany) (271) Decrease/(increase) - inventories - Decrease/(increase) - other current assets - Decrease/(increase) - other non-current assets - Increase/(decrease) - accounts payable (trade) - Increase/(decrease) - a/p (intercompany) - Increase/(decrease) - accrued liabilities 96 Increase/(decrease) - accrued interest payable - Increase/(decrease) - pension & other liabilities - Increase/(decrease) - deferred federal income tax - ---------- Total cash flows from operations 3 Cash flows from investing activities Capital expenditures - Net proceeds from sale of assets - ---------- Total cash flows from investing - Cash flows from financing activities Increase/(decrease)- DIP Credit Agreement - ---------- Total cash flows from financing - Beginning cash balance 15 Change in cash 3 ---------- Ending cash balance $18 ========== 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. 34; Bankruptcy Creditors' Service, Inc., 215/945-7000) WESTPOINT STEVENS: WP Stevens Stores' October Operating Report -------------------------------------------------------------- WESTPOINT STEVENS STORES, INC. Balance Sheet At October 31, 2004 (in thousands) Assets Current Assets Cash and cash equivalents $1,550 Accounts receivable - customers 208 Accounts receivable - intercompany 5,014 Total Inventories 21,940 Prepaid expenses and other current assets 894 ---------- Total current assets 29,606 Total investments & other assets - Goodwill - Property, plant and equipment, net 2,279 ---------- TOTAL ASSETS $31,885 ========== Liabilities and Stockholders' Equity (Deficit) Liabilities Not Subject to Compromise Accounts payable - trade $631 Accounts payable -intercompany - Other accrued liabilities 6,183 Deferred income taxes - Pension and other liabilities - ---------- Total Liabilities Not Subject to Compromise 6,814 ---------- Liabilities Subject to Compromise Accounts payable 1,675 ---------- Total Liabilities 8,489 Shareholders' Equity (Deficit) Equity of subsidiaries - Common stock 1 Capital surplus/Treasury Stock 15,955 Retained earnings (deficit) 7,440 Minimum pension liability adjustment - Other adjustments - Unearned compensation - ---------- Stockholders' Equity (Deficit) 23,396 ---------- TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $31,885 ========== WESTPOINT STEVENS STORES, INC. Statement of Operations Month Ended October 31, 2004 (in thousands) Net sales $7,681 Cost of goods sold 4,542 ---------- Gross earnings 3,139 Selling and administrative expenses Selling expenses 2,268 Warehousing and shipping 238 Advertising 222 Division administrative expense 298 MIS expense 69 Corporate administrative expense 103 ---------- Total selling and administrative expense 3,198 Restructuring and impairment charge - Goodwill impairment charge - ---------- Operating earnings (loss) (59) Interest expense Interest expense - outside - Capitalized interest expense - Interest expense - intercompany 193 Interest income - Interest income - intercompany - ---------- Net interest expense 193 Other expense Miscellaneous - Royalties - intercompany - Transaction gain/loss - ---------- Total other expense - Other income Royalties Intercompany - Dividends - Sale of assets - Miscellaneous - ---------- Total other income - ---------- Net other expense - ---------- Income (loss) before Chapter 11 reorganization expenses and income taxes (benefit) and extraordinary items (252) Chapter 11 reorganization expenses - Income tax expense (benefit) (88) Extraordinary item - net of taxes - ---------- Net Income (loss) ($164) ========== WESTPOINT STEVENS STORES, INC. Statement of Cash Flows Month Ended October 31, 2004 (in thousands) Cash flows from operations: Net income (loss) ($164) Non-cash items Depreciation and amortization 67 Gain on sale of assets - Working Capital Changes Decrease/(increase) - a/r (customers) (37) Decrease/(increase) - a/r (intercompany) 678 Decrease/(increase) - inventories (676) Decrease/(increase) - other current assets (146) Decrease/(increase) - other non-current assets - Increase/(decrease) - accounts payable (trade) (6) Increase/(decrease) - a/p (intercompany) - Increase/(decrease) - accrued liabilities 740 Increase/(decrease) - accrued interest payable - Increase/(decrease) - pension & other liabilities - Increase/(decrease) - deferred federal income tax - ---------- Total cash flows from operations 456 Cash flows from investing activities Capital expenditures 27 Transfers - Net proceeds from sale of assets - ---------- Total cash flows from investing 27 Cash flows from financing activities Increase/(decrease)- DIP Credit Agreement - ---------- Total cash flows from financing - Beginning cash balance 1,067 Change in cash 483 ---------- Ending cash balance $1,550 ========== 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. 34; Bankruptcy Creditors' Service, Inc., 215/945-7000) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. 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For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L. Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P. Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick F. Casquejo and Peter A. Chapman, Editors. Copyright 2004. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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