/raid1/www/Hosts/bankrupt/TCR_Public/050205.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, February 5, 2005, Vol. 9, No. 30
Headlines
AVADO BRANDS: Posts $11.2 Million Net Loss in December 2004
DII INDUSTRIES: Earns $208 Million of Net Income in December 2004
DII/KBR: Mid-Valley's December 2004 Monthly Operating Report
DII/KBR: Kellogg Brown & Root Earns $146 Million in December 2004
DII/KBR: KBR Technical Earns $2.3 Mil. of Net Income in December
DII/KBR: KBR Engineering's December 2004 Monthly Operating Report
DII/KBR: KBR International Posts $1.7 Net Loss in December 2004
DII/KBR: KBR (Panama) Posts $4.5 Million Net Loss in December 2004
DII/KBR: BPM Minerals Earns $212,000 of Net Income in December
DVI INC: Releases November 2004 Cash Receipts & Disbursements Data
FOOTSTAR INC: Earns $16.5 Million of Net Income in December 2004
NEWPOWER HOLDINGS: Files December 2004 Monthly Operating Report
*********
AVADO BRANDS: Posts $11.2 Million Net Loss in December 2004
-----------------------------------------------------------
Avado Brands, Inc., the owner and operator of the Don Pablo's and
Hops restaurant chains, delivered its December 2004 monthly
operating report to the U.S. Bankruptcy Court for the Northern
District of Texas.
For the period ended Jan. 2, 2005, Don Pablo's reported a net loss
of $1,378,000, Hops reported a net loss of $6,114,000, and
$3,742,000 of net loss at the corporate level resulted in a
consolidated net loss of $11,234,000.
A full-text copy of Avado Brands, Inc.'s December 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/849101/000084910105000002/mordec.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 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.
DII INDUSTRIES: Earns $208 Million of Net Income in December 2004
-----------------------------------------------------------------
DII Industries, LLC
Unaudited Balance Sheet
As of December 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $19,415
Escrow - prepetition payments 620
Investment account with Parent 413,000
Trade receivables -
Unbilled work on incomplete contracts -
Other receivables 100
Inventories -
Right to Halliburton Shares -
Insurance for asbestos & silica-related PI claims 974,765
Other current assets 4,284
----------
Total current assets $1,412,184
Net property, plant and equipment -
Investments in consolidated subsidiaries 2,065,606
Equity in related companies -
Intercompany with related companies (210,164)
Goodwill, net -
Non-current deferred income taxes 345,000
Insurance for asbestos & silica-related PI claims 349,505
Other assets 11
----------
Total assets $3,962,142
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
DIP Financing -
Current maturities of long-term debt -
Accounts payable $2,951
Accrued employee compensation and benefits 1
Accrued interest payable 8,810
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims 76,323
Other current liabilities 9,753
----------
Total current liabilities $97,838
Long-term debt -
Employee compensation and benefits -
Asbestos and silica-related PI claims 2,372,020
Minority interest in consolidated subsidiaries -
Other liabilities 8,100
----------
Total liabilities $2,477,958
Total shareholder's equity 1,484,184
----------
Total liabilities and shareholder's equity $3,962,142
==========
DII Industries, LLC
Unaudited Income Statement
Month ended December 31, 2004
(in thousands)
Revenues -
Operating costs and expenses ($32)
----------
Operating income/(loss) $32
Interest expense -
Interest income 5,479
Foreign currency gains (losses) 523
Other non-operating income - net -
Equity in earnings/(loss) of subsidiaries (17,559)
----------
Income/(loss) before taxes & minority interest (11,525)
Income tax benefit/(provision) (5,085)
----------
Income/(loss) from continuing operations (16,610)
----------
Income/(loss) from discontinued operations 224,638
----------
Net Income/(loss) $208,028
==========
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.
The Bankruptcy Court's July 17, 2004, confirmation of the Debtors'
Prepackaged Plan, and the District Court's affirmation order on
July 26, 2004, allowed the Debtors to emerge from bankruptcy
protection on Jan. 3, 2005. (DII & KBR Bankruptcy News, Issue No.
25; Bankruptcy Creditors' Service, Inc., 215/945-7000)
DII/KBR: Mid-Valley's December 2004 Monthly Operating Report
------------------------------------------------------------
Mid-Valley, Inc.
Unaudited Balance Sheet
As of December 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents -
Escrow - prepetition payments -
Trade receivables -
Unbilled work on uncompleted contracts -
Other receivables -
Inventories -
Other current assets -
---------
Total current assets -
Net property, plant and equipment -
Investments in consolidated subsidiaries -
Equity in related companies -
Intercompany with related companies -
Intercompany with Parent $40,807
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets -
---------
Total assets $40,807
=========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable -
Accrued employee compensation and benefits -
Accrued interest payable -
Advanced billings on uncompleted contracts $187
Asbestos and silica-related PI claims -
Other current liabilities 1,642
---------
Total current liabilities 1,829
Long-term debt -
Employee compensation and benefits -
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities 671
---------
Total liabilities 2,500
Total shareholder's equity 38,307
---------
Total liabilities and shareholder's equity $40,807
=========
Mid-Valley, Inc., reports no income for December 2004.
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.
The Bankruptcy Court's July 17, 2004, confirmation of the Debtors'
Prepackaged Plan, and the District Court's affirmation order on
July 26, 2004, allowed the Debtors to emerge from bankruptcy
protection on Jan. 3, 2005. (DII & KBR Bankruptcy News, Issue No.
25; Bankruptcy Creditors' Service, Inc., 215/945-7000)
DII/KBR: Kellogg Brown & Root Earns $146 Million in December 2004
-----------------------------------------------------------------
Kellogg Brown & Root, Inc.
Unaudited Balance Sheet
As of December 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents ($598,979)
Escrow - prepetition payments -
Trade receivables 102,796
Unbilled work on uncompleted contracts 17,576
Other receivables 29,721
Inventories 11,800
Other current assets 43,494
---------
Total current assets (393,592)
Net property, plant and equipment 33,696
Investments in consolidated subsidiaries 248,679
Equity in related companies 55,741
Intercompany with related companies 344,755
Intercompany with Parent 115,194
Goodwill, net 171,213
Non-current deferred income taxes 255,000
Insurance for asbestos & silica-related PI claims -
Right to Halliburton shares -
Other assets 56,152
---------
Total assets $886,838
=========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $70,664
Accrued employee compensation and benefits 46,082
Accrued interest payable 452
Advanced billings on uncompleted contracts 51,183
Asbestos and silica-related PI claims 74,337
Other current liabilities (465,507)
---------
Total current liabilities (222,789)
Long-term debt -
Employee compensation and benefits 52,837
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities 83,959
---------
Total liabilities (85,993)
Total shareholder's equity 972,831
---------
Total liabilities and shareholder's equity $886,838
=========
Kellogg Brown & Root, Inc.
Unaudited Income Statement
Month ended December 31, 2004
(in thousands)
Revenues $105,476
Operating costs and expenses 86,984
---------
Operating income 18,492
Interest expense (6,869)
Interest income 1,555
Foreign currency gains (losses) (4,228)
Other non-operating income - net -
---------
Income before taxes and minority interest 8,950
Income tax benefit/(provision) 137,205
---------
Income from continuing operations 146,155
Loss from discontinued operations -
---------
Net Income $146,155
=========
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.
The Bankruptcy Court's July 17, 2004, confirmation of the Debtors'
Prepackaged Plan, and the District Court's affirmation order on
July 26, 2004, allowed the Debtors to emerge from bankruptcy
protection on Jan. 3, 2005. (DII & KBR Bankruptcy News, Issue No.
25; Bankruptcy Creditors' Service, Inc., 215/945-7000)
DII/KBR: KBR Technical Earns $2.3 Mil. of Net Income in December
----------------------------------------------------------------
KBR Technical Services, Inc.
Unaudited Balance Sheet
As of December 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $312
Escrow - prepetition payments -
Trade receivables -
Unbilled work on uncompleted contracts -
Other receivables 330
Inventories -
Other current assets -
---------
Total current assets 642
Net property, plant and equipment 26,604
Investments in consolidated subsidiaries 45
Equity in related companies -
Intercompany with related companies 15,185
Intercompany with Parent -
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets -
---------
Total assets $42,476
=========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $1,060
Accrued employee compensation and benefits 26,692
Accrued interest payable -
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims -
Other current liabilities 3,642
---------
Total current liabilities 31,394
Long-term debt -
Employee compensation and benefits 14
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
---------
Total liabilities 31,408
Total shareholder's equity 11,068
---------
Total liabilities and shareholder's equity $42,476
=========
KBR Technical Services, Inc.
Unaudited Income Statement
Month ended December 31, 2004
(in thousands)
Revenues -
Operating costs and expenses $811
---------
Operating income/(loss) (811)
Interest expense (139)
Interest income -
Foreign currency gains (losses) 2
Other non-operating income - net -
---------
Income/(loss) before taxes & minority interest (948)
Income tax benefit 3,219
---------
Net Income/(loss) $2,271
=========
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.
The Bankruptcy Court's July 17, 2004, confirmation of the Debtors'
Prepackaged Plan, and the District Court's affirmation order on
July 26, 2004, allowed the Debtors to emerge from bankruptcy
protection on Jan. 3, 2005. (DII & KBR Bankruptcy News, Issue No.
25; Bankruptcy Creditors' Service, Inc., 215/945-7000)
DII/KBR: KBR Engineering's December 2004 Monthly Operating Report
-----------------------------------------------------------------
KBR Engineering Corp.
Unaudited Balance Sheet
As of December 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents -
Escrow - prepetition payments -
Trade receivables -
Unbilled work on uncompleted contracts -
Other receivables -
Inventories -
Other current assets -
---------
Total current assets -
Net property, plant and equipment -
Investments in consolidated subsidiaries -
Equity in related companies -
Intercompany with related companies $91
Intercompany with Parent -
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets -
---------
Total assets $91
=========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable -
Accrued employee compensation and benefits -
Accrued interest payable -
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims -
Other current liabilities -
---------
Total current liabilities -
Long-term debt -
Employee compensation and benefits -
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
---------
Total liabilities -
Total shareholder's equity 91
---------
Total liabilities and shareholder's equity $91
=========
KBR Technical Services, Inc.
Unaudited Income Statement
Month ended December 31, 2004
(in thousands)
Revenues -
Operating costs and expenses -
---------
Operating income/(loss) -
Interest expense -
Interest income -
Foreign currency gains (losses) -
Other non-operating income - net -
---------
Income before taxes & minority interest -
Provision for income tax $14
---------
Net Income $14
=========
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.
The Bankruptcy Court's July 17, 2004, confirmation of the Debtors'
Prepackaged Plan, and the District Court's affirmation order on
July 26, 2004, allowed the Debtors to emerge from bankruptcy
protection on Jan. 3, 2005. (DII & KBR Bankruptcy News, Issue No.
25; Bankruptcy Creditors' Service, Inc., 215/945-7000)
DII/KBR: KBR International Posts $1.7 Net Loss in December 2004
---------------------------------------------------------------
KBR International, Inc.
Unaudited Balance Sheet
As of December 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $59,709
Escrow - prepetition payments -
Trade receivables 21,990
Unbilled work on uncompleted contracts 17,401
Other receivables 20,491
Inventories -
Other current assets 5,440
---------
Total current assets 125,031
Net property, plant and equipment 272
Investments in consolidated subsidiaries 28,171
Equity in related companies (75)
Intercompany with related companies -
Intercompany with Parent (66,795)
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets 365
---------
Total assets $86,969
=========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $7,976
Accrued employee compensation and benefits 4,183
Accrued interest payable -
Advanced billings on uncompleted contracts 13,775
Asbestos and silica-related PI claims -
Other current liabilities 9,948
---------
Total current liabilities 35,882
Long-term debt -
Employee compensation and benefits 139
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities 500
---------
Total liabilities 36,521
Total shareholder's equity 50,448
---------
Total liabilities and shareholder's equity $86,969
=========
KBR International, Inc.
Unaudited Income Statement
Month ended December 31, 2004
(in thousands)
Revenues $12,165
Operating costs and expenses 13,673
---------
Operating income/(loss) (1,508)
Interest expense (57)
Interest income 344
Foreign currency gains (losses) 627
Other non-operating income - net -
---------
Income/(loss) before taxes & minority interest (594)
Income tax benefit/(provision) (1,096)
---------
Net Income/(loss) ($1,690)
=========
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.
The Bankruptcy Court's July 17, 2004, confirmation of the Debtors'
Prepackaged Plan, and the District Court's affirmation order on
July 26, 2004, allowed the Debtors to emerge from bankruptcy
protection on Jan. 3, 2005. (DII & KBR Bankruptcy News, Issue No.
25; Bankruptcy Creditors' Service, Inc., 215/945-7000)
DII/KBR: KBR (Panama) Posts $4.5 Million Net Loss in December 2004
------------------------------------------------------------------
KBR International, Inc. (Panama)
Unaudited Balance Sheet
As of December 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $42,934
Escrow - prepetition payments -
Trade receivables 1,115
Unbilled work on uncompleted contracts 2,888
Other receivables 804
Inventories -
Other current assets 6,482
---------
Total current assets 54,223
Net property, plant and equipment 977
Investments in consolidated subsidiaries 23,865
Equity in related companies -
Intercompany with related companies -
Intercompany with Parent (36,861)
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets 13
---------
Total assets $42,217
=========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $4,858
Accrued employee compensation and benefits 3,066
Accrued interest payable -
Advanced billings on uncompleted contracts 218
Asbestos and silica-related PI claims -
Other current liabilities 43
---------
Total current liabilities 8,185
Long-term debt -
Employee compensation and benefits 701
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
---------
Total liabilities 8,886
Total shareholder's equity 33,331
---------
Total liabilities and shareholder's equity $42,217
=========
KBR International, Inc. (Panama)
Unaudited Income Statement
Month ended December 31, 2004
(in thousands)
Revenues $3,082
Operating costs and expenses 7,407
---------
Operating income/(loss) (4,325)
Interest expense (47)
Interest income 44
Foreign currency gains (losses) (172)
Other non-operating income - net -
---------
Income/(loss) before taxes & minority interest (4,500)
Income tax benefit/(provision) -
---------
Net Income/(loss) ($4,500)
=========
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.
The Bankruptcy Court's July 17, 2004, confirmation of the Debtors'
Prepackaged Plan, and the District Court's affirmation order on
July 26, 2004, allowed the Debtors to emerge from bankruptcy
protection on Jan. 3, 2005. (DII & KBR Bankruptcy News, Issue No.
25; Bankruptcy Creditors' Service, Inc., 215/945-7000)
DII/KBR: BPM Minerals Earns $212,000 of Net Income in December
--------------------------------------------------------------
BPM Minerals, LLC
Unaudited Balance Sheet
As of December 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents ($358)
Escrow - prepetition payments -
Trade receivables 5,076
Unbilled work on uncompleted contracts -
Other receivables 1,507
Inventories 6,105
Other current assets 600
---------
Total current assets 12,931
Net property, plant and equipment 9,412
Investments in consolidated subsidiaries -
Equity in related companies -
Intercompany with related companies -
Intercompany with Parent 50,597
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets -
---------
Total assets $72,939
=========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $1,711
Accrued employee compensation and benefits -
Accrued interest payable -
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims 42,000
Other current liabilities 48
---------
Total current liabilities 43,760
Long-term debt -
Employee compensation and benefits 211
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
---------
Total liabilities 43,971
Total shareholder's equity 28,968
---------
Total liabilities and shareholder's equity $72,939
=========
BPM Minerals, LLC
Unaudited Income Statement
Month ended December 31, 2004
(in thousands)
Revenues $3,878
Operating costs and expenses 3,666
---------
Operating income 212
Interest expense -
Interest income -
Foreign currency gains (losses) -
Other non-operating income - net -
---------
Income before taxes and minority interest 212
Provision for income tax -
---------
Net Income $212
=========
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.
The Bankruptcy Court's July 17, 2004, confirmation of the Debtors'
Prepackaged Plan, and the District Court's affirmation order on
July 26, 2004, allowed the Debtors to emerge from bankruptcy
protection on Jan. 3, 2005. (DII & KBR Bankruptcy News, Issue No.
25; Bankruptcy Creditors' Service, Inc., 215/945-7000)
DVI INC: Releases November 2004 Cash Receipts & Disbursements Data
------------------------------------------------------------------
On Jan. 25, 2005, DVI, Inc., DVI Financial Services, Inc., and DVI
Business Credit Corp., filed their respective Monthly Operating
Reports with the U.S. Bankruptcy Court for the District of
Delaware and the U.S. Trustee for the period from Nov. 1, 2004,
through Dec. 10, 2004 showing:
Debtor Cash Receipts Cash Disbursements
------ ------------- ------------------
DVI $0 $0
DVI FS $37,580,000 ($37,705,000)
DVI BC $1,000 ($36,000)
Full-text copies of DVI's November 2004 Monthly Operating Report
are available at no charge at:
DVI Inc:
http://www.sec.gov/Archives/edgar/data/801550/000095012305001093/y05042aexv9
9w01.txt
DVI Financial Services:
http://www.sec.gov/Archives/edgar/data/801550/000095012305001093/y05042aexv9
9w02.txt
DVI Business Credit:
http://www.sec.gov/Archives/edgar/data/801550/000095012305001093/y05042aexv9
9w03.txt
DVI, Inc., the parent company of DVI Financial Services, Inc., and
DVI Business Credit Corporation, provides lease or loan financing
to healthcare providers for the acquisition or lease of
sophisticated medical equipment. The Company, along with its
affiliates, filed for chapter 11 protection (Bankr. Del. Lead Case
No.: 03-12656) on Aug. 25, 2003, before the Honorable Mary F.
Walrath. Bradford J. Sandler, Esq., of Adelman Lavine Gold and
Levin, PC, represents the debtors in their restructuring efforts.
When the Company filed for protection from its creditors, it
listed $1,866,116,300 in total assets and $1,618,751,400 in total
debts. On Nov. 24, 2004, Judge Walrath confirmed the Amended
Joint Plan of Liquidation filed by DVI, Inc., and its debtor-
affiliates.
FOOTSTAR INC: Earns $16.5 Million of Net Income in December 2004
----------------------------------------------------------------
On Jan. 31, 2005, Footstar, Inc., and its debtor-affiliates filed
with the U.S. Bankruptcy Court for the Southern District of New
York their monthly operating report for the month of December
2004. The Debtors report a $16.5 million net income in
$90.9 million of net sales for December 2004.
At Dec. 31, 2004, Footstar, Inc.'s consolidated balance sheet
shows:
Total Current Assets $345,200,000
Total Assets 394,300,000
Current Liabilities 102,700,000
Total Liabilities Subject to Compromise 174,300,000
Shareholders' Equity $63,800,000
A full-text copy of Footstar, Inc.'s December 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1011308/000090951805000049/jd1-31ex_9
9.txt
Headquartered in West Nyack, New York, Footstar Inc., retails
family and athletic footwear. As of August 28, 2004, the Company
operated 2,373 Meldisco licensed footwear departments nationwide
in Kmart, Rite Aid and Federated Department Stores. The Company
also distributes its own Thom McAn brand of quality leather
footwear through Kmart, Wal-Mart and Shoe Zone stores. The
Company and its debtor-affiliates filed for chapter 11 protection
on March 3, 2004 (Bankr. S.D.N.Y. Case No. 04-22350). Paul M.
Basta, Esq., at Weil Gotshal & Manges represents the Debtors in
their restructuring efforts. When the Debtor filed for
protection, it listed $762,500,000 in total assets and
$302,200,000 in total debts. The Debtors remain in possession of
their assets and properties, and continue to operate their
businesses and manage their properties as debtors-in-possession
pursuant to sections 1107(a) and 1108 of the Bankruptcy Code.
NEWPOWER HOLDINGS: Files December 2004 Monthly Operating Report
---------------------------------------------------------------
On Jan. 26, 2005, NewPower Holdings, Inc., filed its December 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 $56,922,000 and a closing cash
balance of $56,299,000.
A full-text copy of NewPower Holdings' December 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1119307/000090514805000697/efc5-0260_
exhibit991.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 Aug. 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
Oct. 9, 2003, with respect to the Company and TNPC.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Dylan
Carlo L. Gallegos, Jazel P. Laureno, Cherry Soriano-Baaclo,
Marjorie Sabijon, Terence Patrick F. Casquejo and Peter A.
Chapman, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***