/raid1/www/Hosts/bankrupt/TCR_Public/050212.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 12, 2005, Vol. 9, No. 36
Headlines
360NETWORKS: Earns $7.8 Million of Net Income in September 2004
AMES DEPT: Monthly Operating Report for Period Ended Nov. 27, 2004
AMES DEPT: October 2004 Monthly Operating Report
ANC RENTAL: Posts $378,112 Net Loss in Fourth Quarter
ANC RENTAL: Restates December 31, 2002 Financial Statements
CATHOLIC CHURCH: Portland Files December 2004 Operating Reports
COVANTA: Post-Confirmation Quarterly Report Ending December 2004
COVANTA WTE: Earns $485,862 of Net Income in November 2004
FOOTSTAR INC: Revised December 2004 Monthly Operating Report
FRESH CHOICE: Posts $722,293 Net Loss for Period Ended Dec. 26
INTERSTATE BAKERIES: Files Financial Statements Ending Dec. 11
KAISER ALUMINUM: Earns $2 Million of Net Income in December 2004
MIRANT CORP: Posts $72.5 Million Net Loss in November 2004
MIRANT: MAGi Earns $59 Million of Net Income in November 2004
OWENS CORNING: Posts $6.6 Million Net Loss in November 2004
PARMALAT: Finanziaria Reports December 2004 Financial Results
PILLOWTEX CORP: Nov. 2004 Cash Receipts & Disbursements Report
SONICBLUE INC: Releases December 2004 Monthly Operating Report
TRINITY ENERGY: Releases December 2004 Operating Report
TRUMP HOTELS: Posts $72.6 Million Net Loss in December 2004
US AIRWAYS: Posts $188.9 Million Net Loss in October 2004
US AIRWAYS: Posts $58.4 Million Net Loss in November 2004
US AIRWAYS: Posts $87.8 Million Net Loss in December 2004
*********
360NETWORKS: Earns $7.8 Million of Net Income in September 2004
---------------------------------------------------------------
360networks Corporation
Consolidated Balance Sheet
As of September 30, 2004
Proforma - Unaudited
Assets
Current Assets
Cash & Deposits $26,002,772
Restricted Cash 521,770
Accounts Receivable 11,346,677
Prepaid & Others 5,373,459
Intercompany -
-----------
Total Current Assets 43,244,678
Fixed Assets 35,318,971
Fixed Assets - Intangibles -
Assets Under Construction 3,190,264
Assets Held for Resale 1,459,827
Deferred Costs 42,437
-----------
TOTAL ASSETS $83,256,177
===========
Liabilities
Current Liabilities
Accounts Payable & Accrued Liabilities $42,640,223
Income Taxes Payable 4,114,427
Deferred Revenue 3,861,144
-----------
Total Current Liabilities $50,615,794
Deferred Revenue 45,969,960
Long-Term Debt -
Other Long-term Liabilities 9,795,391
-----------
Total Liabilities $106,381,145
Shareholders' Equity (Deficit)
Preferred Stock -
Share Capital $137,509,620
Retained Earnings (160,634,588)
-----------
Total Shareholders' Deficit ($23,124,968)
-----------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $83,256,177
===========
360networks Corporation
Consolidated Statement of Operations
(in thousands)
Nine
Month Ended Months Ended
09/30/2004 09/30/2004
----------- ------------
Revenue $16,852 $153,376
Operating costs 3,954 107,930
Selling, general and administration 3,709 39,108
Stock-based compensation 174 2,304
Provision for bad debts (2,702) (516)
Depreciation 2,213 20,184
Accretion expense 172 1,546
Restructuring expense - 487
-------- --------
Operating income (loss) 9,332 (17,667)
Net gain (loss) on sale of assets (24) 1,624
Net gain (loss) on settlements - 3,840
Interest expense (1,403) (11,477)
Interest income 43 544
Other income (loss) (97) (3)
-------- --------
Income (loss) before income taxes 7,851 (23,139)
Provision for income taxes 98 419
-------- --------
NET INCOME (LOSS) $7,753 ($23,558)
======== ========
360networks Corporation
Consolidated Statement of Cash Flows
(in thousands)
Nine
Month Ended Months Ended
09/30/2004 09/30/2004
------------ ------------
Operating activities:
Net income (loss) for the period $7,753 ($23,558)
Add items to reconcile net cash
Stock-based compensation 174 2,304
Provision for bad debts (2,702) (516)
Depreciation 2,213 20,184
Loss (gain) on sale of assets 24 (1,624)
Loss (gain) on settlements - (3,840)
Changes in operating working
capital items (9,399) (18,800)
-------- --------
Cash used by operating activities (1,937) (25,850)
Investing Activities:
Additions to property, equipment and
network capacity (1,472) (10,989)
Proceeds from sale of assets held for
sale - 607
Proceeds from sale of assets not in
service 10 5,641
Change in restricted cash (17) 631
-------- --------
Cash used by investing activities (1,479) (4,110)
Financing activities - -
Net decrease in cash
and cash equivalents (3,416) (29,960)
Cash and cash equivalents
- Beginning of period 29,419 55,963
-------- --------
- End of period $26,003 $26,003
======== ========
Headquartered in Vancouver, British Columbia, 360networks, Inc. --
http://www.360.net/-- is a leading independent provider of fiber
optic communications network products and services worldwide. The
Company and its 22 debtor-affiliates filed for chapter 11
protection on June 28, 2001 (Bankr. S.D.N.Y. Case No. 01-13721),
obtained confirmation of a plan on October 1, 2002, and emerged
from chapter 11 on November 12, 2002. Alan J. Lipkin, Esq., and
Shelley C. Chapman, Esq., at Willkie Farr & Gallagher, represent
the Company before the Bankruptcy Court. When the Debtors filed
for protection from its creditors, they listed $6,326,000,000 in
assets and $3,597,000,000 in liabilities. (360 Bankruptcy News,
Issue No. 80; Bankruptcy Creditors' Service, Inc., 215/945-7000)
AMES DEPT: Monthly Operating Report for Period Ended Nov. 27, 2004
------------------------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheets
At November 27, 2004
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $10,132
Restricted cash 59,384
Receivables 1,084
----------
Total current assets 70,600
----------
Fixed assets -
----------
Total assets $70,600
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable:
Trade $59,698
Other 12,966
----------
Total accounts payable 72,664
Self-insurance reserves 31,145
Accrued expenses 23,741
Liabilities subject to compromise 848,701
----------
Total liabilities 975,701
Stockholders' equity (deficit)
Common stock 295
Additional paid-in capital 533,393
Accumulated deficit (1,437,867)
Treasury stock (922)
----------
Total stockholders' deficit (905,101)
----------
Total liabilities and stockholders' deficit $70,600
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Operations
For Five Weeks Ended October 2, 2004
(In Thousands)
Total revenue $260
Costs and expenses
Wind down expenses and other costs 520
Gain on sale of fixed assets -
Professional fees 75
----------
Loss before income taxes (335)
----------
Net Loss ($335)
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Cash Flows
For Four Weeks Ended November 27, 2004
(In Thousands)
Cash flows from operating activities:
Net Income ($335)
Expenses not requiring the outlay of cash:
Gain on sale of fixed assets -
----------
Cash used by operations (335)
Changes in working capital:
Increase in receivables (70)
Increase in accrued expenses & other liabilities 31
Decrease in accounts payable (833)
Increase in restricted cash (3)
----------
Net cash provided by operating activities (1,210)
Cash flows from financing activities:
Change in liabilities subject to compromise 669
Proceeds from the sale of fixed assets -
Borrowings under DIP Credit Agreement -
----------
Net cash provided by financing activities (669)
Decrease in cash and cash equivalents (541)
Cash and cash equivalents, beginning of period 10,673
----------
Cash and cash equivalents, end of period $10,132
==========
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 DEPT: October 2004 Monthly Operating Report
------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheets
At October 30, 2004
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $10,673
Restricted cash 59,381
Receivables 1,014
----------
Total current assets 71,068
----------
Fixed assets -
----------
Total assets $71,068
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable:
Trade $59,941
Other 13,556
----------
Total accounts payable 73,497
Self-insurance reserves 31,290
Accrued expenses 23,565
Liabilities subject to compromise 848,482
----------
Total liabilities 975,834
Stockholders' equity (deficit)
Common stock 295
Additional paid-in capital 533,393
Accumulated deficit (1,437,532)
Treasury stock (922)
----------
Total stockholders' deficit (904,766)
----------
Total liabilities and stockholders' deficit $71,068
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Operations
For Four Weeks Ended October 30, 2004
(In Thousands)
Total revenue $1,749
Costs and expenses
Wind down expenses and other costs 275
Gain on sale of fixed assets --
Professional fees 75
----------
Income before income taxes 1,399
----------
Net Income $1,399
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Cash Flows
For Four Weeks Ended October 30, 2004
(In Thousands)
Cash flows from operating activities:
Net Income $1,399
Expenses not requiring the outlay of cash:
Gain on sale of fixed assets -
----------
Cash used by operations 1,399
Changes in working capital:
Increase in receivables (63)
Decrease in accrued expenses & other liabilities (206)
Decrease in accounts payable (722)
Increase in restricted cash -
----------
Net cash provided by operating activities 408
Cash flows from financing activities:
Change in liabilities subject to compromise (1,258)
Proceeds from the sale of fixed assets -
Borrowings under DIP Credit Agreement -
----------
Net cash provided by financing activities (1,258)
Decrease in cash and cash equivalents 850
Cash and cash equivalents, beginning of period 11,523
----------
Cash and cash equivalents, end of period $10,673
==========
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.
ANC RENTAL: Posts $378,112 Net Loss in Fourth Quarter
-----------------------------------------------------
ANC Rental Corporation, et al.
Combined Balance Sheet
As of December 31, 2004
ASSETS
Current Assets
Cash -- Operating $481,693
Cash -- ANC Primary Disbursement 10,288
Cash -- Investment 15,048,258
-----------
Total Unrestricted Cash 15,540,239
Restricted Cash -- Tax Fee Escrow 5,134,268
Accounts Receivable Other 232,295
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)
Due to ANC Liquidating Trust (166,615)
-----------
Total Receivables, net 64,909
-----------
Total Current Assets 20,739,416
Other Assets -- Deposits 54,931
-----------
Total Assets $20,794,347
===========
LIABILITIES & CAPITAL
Administrative Liabilities
Accounts Payable $584,889
Reserve for Other Administrative Claims 1,525,000
-----------
Estimated Administrative and
Professional Fee Reserves 2,109,889
Secured Liabilities
Accrued Ad-Valorem Tax Reserve 5,582,187
Priority Liabilities
Accrued Prepetition Personal Property Taxes 2,472,582
Other Priority Creditor Accruals 444,127
General Unsecured Liabilities
Reserves for General Unsecured Claims 458,583,411
-----------
Total Liabilities 469,192,197
Total Capital (448,397,850)
-----------
Total Liabilities & Capital $20,794,347
===========
ANC Rental Corporation, et al.
Statement of Operations
For three months ending December 31, 2004
Total Revenues $470,954
Expenses
Citations 0
Turnback Expense Charges 0
Damage Repair -- Collection (3,170)
Unemployment Taxes -- State 0
Payroll Taxes -- Other (3,998)
Bank Service Charges 0
Consulting Fees 389,467
Accounting -- Auditing Fees 0
Legal Fees 423,668
Data Processing Services 21,798
Printed Forms/Stationery 264
Other Office Supplies 1,465
Courier/Overnight Delivery 44
Rent Expense 0
Utilities 0
Telephone/Communications 0
Personal Property Taxes 0
Non-Property Taxes 14,945
Business Licenses & Bonds 2,896
Environmental Costs 0
Corporate Provision For Bad De 0
Travel -- Airfare 738
Miscellaneous Other Expense (Operating) 0
Interest Exp -- Other Notes 0
Interest Income (15)
-----------
Total Expenses 849,066
-----------
Net Income ($378,112)
===========
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)
ANC RENTAL: Restates December 31, 2002 Financial Statements
-----------------------------------------------------------
ANC Rental Corporation President John W. Chapman discloses in a
recent filing with the Securities and Exchange Commission that
the Company reported certain errors in its Dec. 31, 2002,
Consolidated Financial Statements.
On Feb. 1, 2005, ANC Rental determined to restate the Dec. 31,
2002, Financial Statements to correct those errors:
AS PREVIOUSLY
REPORTED AS RESTATED
SELECTED DATA (in millions) (in millions)
_____________ _____________ _____________
BALANCE SHEET DATA
Liabilities:
Accrued liabilities $235.7 $260.3
Deferred income taxes 253.7 0.0
Total liabilities 4,991.2 4,762.1
Shareholders' Deficit:
Retained deficit (1,133.8) (904.7)
Total shareholders' deficit (285.6) (56.5)
STATEMENT OF OPERATIONS DATA
Revenues $2,393.8 $2,530.6
Direct operating costs 1,104.6 1,241.4
Mr. Chapman relates that ANC Rental reduced certain unreconciled
differences in accrued liability balances totaling $24 million
which relate to December 31, 2001, and prior periods.
Accordingly, the adjustment is reflected as a decrease in accrued
liabilities and a decrease in beginning retained deficit.
ANC Rental also adjusted the deferred income tax and other
liabilities accounts. At December 31, 2002 and 2001, the Company
recorded a valuation allowance in excess of the total net
operating loss deferred tax asset amount. Mr. Chapman says the
Company initially followed this approach because of concerns
regarding its ability to utilize its tax net operating losses to
offset deferred tax liabilities. The Company recently determined
that a valuation allowance should have been recognized to the
extent that the Company's deferred tax assets exceed its deferred
tax liabilities.
Additionally, the Company reclassified certain of its tax
reserves to other liabilities in accordance with FASB No. 5
Accounting for Contingencies. The effect on the consolidated
financial statements at December 31, 2002, is a decrease in the
valuation allowance of $185.5 million, a decrease in the deferred
tax liability of $68.2 million and an increase in accrued
liabilities of $48.6 million and a decrease in beginning retained
deficit of $205.1 million.
ANC Rental previously recorded certain airport-related charges
collected from customers as a reduction in direct operating
costs. The Company has determined that these amounts should be
reflected as revenue, therefore, $136.8 million was reclassified
from directing operating costs to revenues. This
reclassification had no impact on the loss from continuing
operations, net loss or shareholders' deficit.
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. 64; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland Files December 2004 Operating Reports
---------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of December 31, 2004
ASSETS
Cash and cash equivalents $14,546,916
Accounts receivable, net 2,873,692
Notes, estates and other receivables 11,870,971
Loans receivable from Archdiocesan entities, net 11,675,159
Loans receivable from Archdiocesan housing entities 544,016
Interest receivable and other assets 229,935
Inventories 1,393,474
Real Property 226,689
Deposits and prepaid expenses 347,880
Investments 88,665,677
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 8,211,271
------------
Total Assets $142,225,680
============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $777,185
Accrued liabilities 2,249,883
Funds held for others
Second Collections 23,081
Short-term investments payable 20,514,637
Long-term pool investments payable 18,959,863
Reserve for insurance claims 2,343,946
Notes payable 11,302,474
Pre-need liability and reserve 456,268
Accrued port-retirement liability 7,607,264
------------
Total Prepetition Liabilities $64,234,601
------------
Postpetition
Accounts payable 411,174
Accrued liabilities 1,742,587
Funds held for others
Second Collections 224,662
Short-term investments payable 1,418,797
Long-term pool investments 1,758,293
Reserve for insurance claims -
Notes payable -
Pre-need liability and reserve 15,173
Accrued port-retirement liability -
------------
Total Postpetition Liabilities $5,570,686
------------
Total Liabilities $69,805,287
------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets $69,520,682
Other Assets (3,280,248)
------------
Total Prepetition Net Assets $66,240,434
------------
Postpetition Net Assets:
Charitable Trust Assets 1,909,753
Other Assets 4,270,206
------------
Total Postpetition Net Assets $6,179,959
------------
Total Net Assets $72,420,393
------------
Total liabilities & net assets $142,225,680
============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the period ending December 31, 2004
Revenues, gains and other support
Annual Catholic Appeal income $1,201
Gross profit on cemetery sales 54,276
Contributions, gifts, annuities and bequests 152,897
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 508,254
Change in unrealized losses 2,016,732
Insurance premiums, net -
Interest income from loans 42,089
Parish assessments 241,023
Other income 76,041
Departmental revenues 18,624
Net assets released from restrictions -
------------
Total revenues, gains, and other support $3,111,137
------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies $120,829
Clergy Services 42,748
Catholic Schools 45,894
Pastoral Services 40,974
Evangelization Services 54,132
Public Services 8,935
Tribunal Services 20,124
Deposit and loan interest 168,338
Insurance program 198,686
Cemetery operating expenses 73,925
High School grants/charitable annuities (27,895)
Other program expenses 159,602
------------
Total program services $906,292
------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services $46,046
Finance & Administration:
Resource Development 53,807
Business Affairs 9,072
Financial Services 49,395
Human Resources 26,795
Shared Services 23,059
Occupancy and physical plant expenses 9,547
Designated funds expense (509)
Bankruptcy expense 304,194
Depreciation expense -
------------
Total supporting services $521,406
------------
Total expenses and program support $1,427,698
------------
Increase (decrease) in net assets before
transfers and designations of net assets $1,683,439
Fund transfers - in (out) -
Designation of net assets -
------------
Increase (decrease) in net assets $1,683,439
Net assets at beginning of year 70,736,954
------------
Net assets at end of year $72,420,393
============
Archdiocese of Portland in Oregon
Cash Flow
For the period ending December 31, 2004
Total Fixed Asset Expenditures & Development -
Total Contributions to General Fund $10,000
Total Cash Expenses 101,126
------------
Total Cash Outlay $111,126
------------
Total Care withdrawal -
Total Receivable Collection 96,641
------------
Total Cash In $96,641
------------
Investment Gain (Loss) $330,669
------------
Net Cash Flow Gain/(Loss) $316,184
============
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. (Catholic
Church Bankruptcy News, Issue No. 16; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
COVANTA: Post-Confirmation Quarterly Report Ending December 2004
----------------------------------------------------------------
Liquidating Debtors
Post-Confirmation Quarterly Report
For Quarter Ending December 2004
Disbursements Disbursements
Debtor Under the Plan to Professionals Other Total
------ -------------- ---------------- ----- --------
Ogden New York $623,866 $133,675 $49 $759,592
Services, Inc. [sic]
Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. On March 10, 2004, Covanta Energy
Corporation and its core subsidiaries emerged from chapter 11 as a
wholly owned subsidiary of Danielson Holding Corporation. Some of
Covanta's non-core subsidiaries have liquidated under separate
chapter 11 plans. (Covanta Bankruptcy News, Issue No. 74;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
COVANTA WTE: Earns $485,862 of Net Income in November 2004
----------------------------------------------------------
The WTE Debtors are:
-- Covanta Warren Energy Resource Co., L.P.,
-- Covanta Warren Holdings I, Inc.,
-- Covanta Warren Holdings II, Inc., and
-- Covanta Lake II, Inc.
WTE Debtors
Consolidated Balance Sheet
As of November 30, 2004
ASSETS
Cash $1,168,830
Inventory -
Accounts receivable 40,275,214
Land -
Machinery, fixtures and equipment 96,808,955
Restricted funds 9,352,949
Other current assets 6,027
Other assets 3,371,793
-----------
Total assets $150,983,768
===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $17,599,041
Accounts payable and other liabilities 9,423,726
-----------
Total postpetition liabilities 27,022,767
Prepetition Liabilities:
Project Debt 78,966,819
Advances from parent and affiliates 37,185,761
Liabilities Subject to Compromise 3,526,638
Taxes/Others -
-----------
Total Prepetition Liabilities 119,679,218
-----------
Shareholders' Equity:
Capital stock -
Capital surplus 5,820
Retained earnings - prepetition 15,866,416
Retained earnings - postpetition (11,590,453)
-----------
Total Shareholders' Equity 4,281,783
-----------
Total Liabilities and Shareholders' Equity $150,983,768
===========
WTE Debtors
Consolidated Statements of Operations
From November 1 to November 30, 2004
INCOME:
Service, electric and construction revenue $1,553,951
Waste-to-Energy project debt revenue 982,604
-----------
Total Income 2,536,555
EXPENSES:
Operating and construction costs 1,165,022
Waste-to-Energy project debt expense 385,544
Depreciation and amortization expense 337,924
Other - Net -
Cost allocations from parent & affiliates 160,000
Gain on sale of businesses -
-----------
Total Expenses 2,048,490
-----------
NET OPERATING PROFIT/(LOSS) 488,065
Non-Operating Income/(Expense)
Reorganization costs -
Interest expense (2,203)
-----------
Total Non-Operating Income (Expense) (2,203)
Income Taxes -
Income before cumulative effect of accounting
Change 485,862
-----------
NET INCOME $485,862
===========
WTE Debtors
Consolidated Cash Flow Statements
From November 1 to November 30, 2004
Net income $485,862
Depreciation and amortization 316,161
Receivables (2,302,507)
Other assets 22,340
Payables and accrued expenses 1,024,561
Other liabilities -
Property, plant and equipment expenditures (139,952)
Restricted funds, net (589,282)
(Repayments) issuance of debt, net -
Advances from parents & affiliates (165,765)
-----------
(1,348,582)
Cash, beginning balance 2,517,412
-----------
Cash, ending balance $1,168,830
===========
Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. On March 10, 2004, Covanta Energy
Corporation and its core subsidiaries emerged from chapter 11 as a
wholly owned subsidiary of Danielson Holding Corporation. Some of
Covanta's non-core subsidiaries have liquidated under separate
chapter 11 plans. (Covanta Bankruptcy News, Issue No. 74;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
FOOTSTAR INC: Revised December 2004 Monthly Operating Report
------------------------------------------------------------
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.
On Feb. 4, 2005, the Debtors filed certain revised schedules to
the monthly report for the month of December 2004. The Debtors
report a restated net income of $13.8 million from $16.5 million
for the same $90.9 million of net sales for December 2004.
At Jan. 1, 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 $61,100,000
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/1011308/000090951805000054/jd2-4ex_99
.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.
FRESH CHOICE: Posts $722,293 Net Loss for Period Ended Dec. 26
--------------------------------------------------------------
On Feb. 4, 2005, Fresh Choice, Inc., filed with the United States
Bankruptcy Court for the Northern District of California its
monthly operating report for the four-week period ended Dec. 26,
2004.
The Company reported a $722,293 net loss in $4,741,695 of total
revenues for the period from Nov. 29, 2004 through Dec. 26, 2004.
At Dec. 26, 2004, Fresh Choice, Inc.'s balance sheet shows:
Current Assets $6,346,037
Total Assets 21,749,048
Current Liabilities 6,813,563
Total Prepetition Liabilities 12,493,324
Total Liabilities 21,434,041
Total Equity $1,444,273
A full-text copy of Fresh Choice, Inc.'s Monthly Operating Report
for the period ended Dec. 26, 2004, is available at no charge at:
http://www.sec.gov/Archives/edgar/data/893741/000115752305001137/a4816910ex9
91.txt
Headquartered in Morgan Hill, California, Fresh Choice, Inc. --
http://www.freshchoice.com/-- owns and operates a chain of more
than 40 salad bar eateries, mostly located in California. The
company filed for chapter 11 protection on July 12, 2004 (Bankr.
N.D. Calif. Case No. 04-54318). Debra I. Grassgreen, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub represents the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed $29,651,000 in total
assets and $14,348,000 in total debts.
INTERSTATE BAKERIES: Files Financial Statements Ending Dec. 11
--------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Consolidated Balance Sheet
As of December 11, 2004
CURRENT ASSETS
Accounts Receivable at end of period $177,319,079
Inc (Dec) in Accounts Receivable for period (7,300,498)
Inventory at end of period 72,746,491
Increase (Decrease) in Inventory for period (1,293,932)
Cash at end of period 99,480,546
Increase (decrease) in Cash for period 22,236,967
LIABILITIES
Inc (Dec) in Liabilities Not
Subject to Compromise 8,736,946
Inc (Dec) in Liabilities Subject to
Compromise (208,129)
Taxes payable:
Federal Payroll Taxes 13,668,243
State/Local Payroll Taxes 4,124,346
State Sales Taxes 785,784
Real Estate and Personal Property Taxes 10,156,140
Other 5,832,520
------------
Total Taxes Payable $34,567,033
============
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended December 11, 2004
REVENUE
Gross Income $252,622,065
Less Cost of Goods Sold
Ingredients, Packaging, & Outside Purchasing 65,131,703
Direct & Indirect Labor 49,270,960
Overhead & Production Administration 11,802,893
------------
Total Cost of Goods Sold 126,205,556
------------
Gross Profit $126,416,509
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries $63,185,446
Advertising and Marketing 1,929,187
Insurance (Property, Casualty, & Medical) 15,736,900
Payroll Taxes 5,146,533
Lease and Rent 4,660,867
Telephone and Utilities 1,370,944
Corporate Expense (Including Salaries) 7,500,000
Other Expenses 28,512,801
------------
Total Operating Expenses $128,042,678
------------
EBITDA ($1,626,169)
Restructuring Charges 272,018
Reorganization Professional Fees 8,840,174
Depreciation and Amortization 6,879,402
Other Income (2,000)
Interest Expense 3,088,719
------------
Operating Income (Loss) (20,704,482)
Income Tax Expense (Benefit) (6,226,862)
------------
Net Income (Loss) ($14,477,620)
============
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation -- http://www.interstatebakeriescorp.com/-- is a
wholesale baker and distributor of fresh baked bread and sweet
goods, under various national brand names, including Wonder(R),
Hostess(R), Dolly Madison(R), Baker's Inn(R), Merita(R) and
Drake's(R). The Company employs approximately 32,000 in 54
bakeries, more than 1,000 distribution centers and 1,200 thrift
stores throughout the U.S.
The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors
in their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts.
KAISER ALUMINUM: Earns $2 Million of Net Income in December 2004
----------------------------------------------------------------
Kaiser Aluminum Corporation -- All Debtors
Unaudited Balance Sheets
As of December 31, 2004
(In Thousands)
ASSETS
Cash $55,544
Receivables:
Trade 107,324
Other 17,397
----------
Total Receivables 124,721
Inventories 127,892
Prepaid expenses and other current assets 45,429
----------
Total current assets 353,586
Investments in and advances to subsidiaries 59,484
Intercompany receivables/payables, net (4,518)
Property, plant, and equipment - net 214,681
Deferred income taxes -
Other assets 769,324
----------
Total Assets $1,392,557
==========
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities not subject to compromise:
Accounts Payable $56,229
Accrued interest 946
Accrued salaries, wages and related expenses 32,168
Accrued post retirement benefit -- current -
Other accrued liabilities 96,298
Payable to affiliates 47,209
Long term debt - current portion 1,217
----------
Total current liabilities 234,067
Long-term liabilities 22,761
Accrued postretirement benefit obligation -
Long-term debt 2,212
Liabilities subject to compromise 2,876,430
Minority interests 655
Stockholders' equity:
Preference stock -
Common stock 789
Additional capital 538,009
Accumulated deficit - As of filing date (946,930)
Accumulated deficit - Post filing date (1,327,854)
Accumulated other comprehensive income (loss) (7,582)
Note receivable from parent -
----------
Total Liabilities & Stockholders' Equity $1,392,557
==========
Kaiser Aluminum Corporation -- All Debtors
Statements of Operations
For the Month Ending December 31, 2004
(In Thousands)
Net Sales $94,142
Costs and expenses:
Cost of products sold 79,617
Depreciation & amortization 1,684
Selling, administrative, R&D and general 8,407
Other operating charges (benefits), net (2,009)
----------
Total costs and expenses 87,699
----------
Operating income (loss) 6,443
Other income (expense):
Interest expenses, net (1,080)
Reorganization items (1,765)
Other-net (963)
----------
Income (loss) before
income taxes and minority interest 2,635
(Provision) benefit for income taxes (953)
Minority interests -
Equity in income (loss) of subsidiaries 337
----------
Net income (loss) $2,019
==========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ending December 31, 2004
(In Thousands)
Receipts:
Trade Receivables
KACC Receivables $72,044
KAII Receivables 46,210
----------
Total Trade Receivables 118,254
COBRA receipts 659
Proceeds from Hedging Settlement 637
----------
Total Receipts 119,550
Disbursements:
Inventory/Raw Materials 45,467
Capital Expenditures 1,784
Maintenance, Materials, etc. 4,687
Freight 3,448
Utilities/Energy 5,346
Hourly Payroll 7,593
Salaried Payroll 3,708
Hedging Activities 202
VEBA Advances 1,900
Medical - Current and Former Employees 3,806
Annual Insurance Premiums 278
Workmen's Compensation 1,029
Credit Agreement Fees 38
Corporate General and Administrative 2,384
JV Fundings - Alumina 12,362
JV Fundings - Primary, Net of Minority Interest 8,798
Other Disbursements 5,726
----------
Total Operating and G&A Disbursements 108,556
Reorganization Items 6,850
----------
Total Disbursements 115,406
----------
Net Cash Flow 4,144
Beginning Bank Cash Balances 51,479
----------
Ending Bank Cash Balances 55,623
Reconciling Items (79)
----------
Ending Book Cash Balances $55,544
==========
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. 60;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
MIRANT CORP: Posts $72.5 Million Net Loss in November 2004
----------------------------------------------------------
Mirant Corporation and Subsidiaries
Consolidated Balance Sheet
As of November 30, 2004
ASSETS
Cash and cash equivalents $1,483,160,766
Accounts receivable - net 977,739,857
Assets from risk management activities 264,933,568
Derivative hedging instruments -
Inventories 365,996,539
Other 769,246,763
---------------
Total Current Assets 3,861,077,493
Property, plant and equipment 5,164,559,336
Less: accumulated depreciation/depletion 788,418,029
Leasehold interests - net 1,504,580,547
Construction work in progress 110,224,480
Investment in suspended construction 249,739,876
---------------
Total net property, plant and equipment 6,240,686,210
Investments 246,354,837
Long-term accounts receivable - net 36,940,285
Notes receivable - net -
Assets from risk management activities 125,279,416
Goodwill - net 587,304,353
Other intangibles - net 270,509,509
Derivative hedging instruments -
Restricted cash, non-current 209,986,865
Other long-term assets 1
Miscellaneous deferred charges 412,162,768
---------------
Total Non-current Assets 1,888,538,034
---------------
TOTAL ASSETS $11,990,301,737
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,392,700,315
Accounts Payable 681,092,012
Liabilities from risk management activities 480,068,261
Obligations under energy deliveries 42,049,641
Derivative hedging instruments -
Other 407,768,972
Miscellaneous deferred credits 556,938,672
---------------
Total postpetition liabilities 3,560,617,873
Prepetition Liabilities 8,997,368,411
---------------
TOTAL LIABILITIES 12,557,986,284
EQUITY:
Minority interest in subsidiaries 163,905,341
Mandatory redeemable securities -
Common stock 4,056,621
Additional paid-in capital 4,917,963,428
Retained earnings (5,572,983,899)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (78,366,038)
---------------
Total Equity (567,684,547)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $11,990,301,737
===============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending November 30, 2004
REVENUES:
Generation $355,439,979
Net trading revenue 17,772,281
Distribution 51,719,045
Other 581,568
---------------
Net Revenue 425,512,873
OPERATING EXPENSES:
Energy cost 211,576,217
Operations and maintenance 88,075,828
Depreciation and amortization 25,450,420
Gain on sale of property and investment 786,585
Impairment loss 1,969,853
Restructuring costs 287,800
---------------
Total Operating Expenses 328,146,703
---------------
Income before non-operating income
and expense 97,366,170
OTHER INCOME AND EXPENSES:
Interest income 1,562,715
Interest expense (9,524,128)
Equity in income of affiliates 2,739,439
Other 6,531,217
Reorganization items (9,118,163)
Minority interest (1,762,943)
Net income from discontinued operations (94,251)
---------------
Total Other Income (9,666,114)
Provision for income tax (15,176,531)
---------------
NET PROFIT (LOSS) ($72,523,525)
===============
Mirant Corporation
Unconsolidated Cash Receipts and Disbursements
For the month ending November 30, 2004
Cash, beginning of month $229,272,008
Non-Operating Receipts:
Loans & Advances 11,201,755
---------------
Total non-operating receipts 11,201,755
---------------
Total receipts 11,201,755
---------------
Total Cash Available 240,473,763
Operating Disbursements 0
Reorganization Expenses 23,167
---------------
Total disbursements 23,167
---------------
Net Cash Flow 11,178,587
---------------
Cash, end of month $240,450,595
===============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- together with its direct and indirect
subsidiaries, generate, sell and deliver electricity in North
America, the Philippines and the Caribbean. Mirant Corporation
filed for chapter 11 protection on July 14, 2003 (Bankr. N.D.
Tex. 03-46590). Thomas E. Lauria, Esq., at White & Case LLP,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant
Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
MIRANT: MAGi Earns $59 Million of Net Income in November 2004
-------------------------------------------------------------
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheet
As of November 30, 2004
ASSETS
Cash and cash equivalents $531,857,091
Accounts receivable - net 484,593,741
Assets from risk management activities 87,559,992
Derivative hedging instruments -
Inventories 174,219,320
Other 178,891,781
---------------
Total Current Assets 1,457,121,925
Property, plant and equipment 2,200,123,938
Less: accumulated depreciation/depletion 325,143,246
Leasehold interests - net -
Construction work in progress 50,807,326
Investment in suspended construction 174,273,603
---------------
Total net property, plant and equipment 2,100,061,621
Investments 25,000
Long-term accounts receivable - net 92,401,032
Notes receivable - net 223,275,000
Assets from risk management activities 7,372,400
Other intangibles - net 207,588,703
Derivative hedging instruments -
Restricted cash, non-current 5,052,983
Other long-term assets -
Miscellaneous deferred charges 166,907,425
---------------
Total Non-current Assets 702,622,543
---------------
TOTAL ASSETS $4,259,806,089
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $0
Accounts Payable 325,193,516
Liabilities from risk management activities 193,373,011
Obligations under energy deliveries -
Derivative hedging instruments -
Other 144,881,016
Miscellaneous deferred credits 16,335,080
---------------
Total postpetition liabilities 679,782,623
Prepetition Liabilities 3,441,420,956
---------------
TOTAL LIABILITIES 4,121,203,579
EQUITY:
Minority interest in subsidiaries 35,002
Mandatory redeemable securities -
Common stock 1,000
Additional paid-in capital 3,858,859,362
Retained earnings (3,720,292,854)
Treasury stock, at cost -
Accumulated other comprehensive income -
---------------
Total Equity 138,602,510
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,259,806,089
===============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending November 30, 2004
REVENUES:
Generation $243,607,513
Net trading revenue -
Distribution -
Other 38,920
---------------
Net Revenue 243,646,433
OPERATING EXPENSES:
Energy cost 127,590,003
Operations and maintenance 44,828,084
Depreciation and amortization 7,492,273
Gain on sale of property and investment -
Impairment loss 18,249
Restructuring costs 235,368
---------------
Total Operating Expenses 180,163,977
---------------
Income before non-operating income
and expense 63,482,456
OTHER INCOME AND EXPENSES:
Interest income -
Interest expense (720,356)
Equity in income of affiliates -
Other 11,538
Reorganization items (4,193,922)
Minority interest -
Net income from discontinued operations -
---------------
Total Other Income (4,902,740)
Provision for income tax 346,891
---------------
NET PROFIT (LOSS) $58,926,607
===============
Mirant Americas Generation, LLC, and Subsidiaries
Unconsolidated Cash Receipts and Disbursements
For the month ending November 30, 2004
Cash, beginning of month $156,405,582
Non-Operating Receipts:
Loans & Advances (6,360,179)
---------------
Total non-operating receipts (6,360,179)
---------------
Total receipts (6,360,179)
---------------
Total Cash Available 150,045,402
Operating Disbursements 0
Reorganization Expenses 0
---------------
Total disbursements 0
---------------
Net Cash Flow (6,360,179)
---------------
Cash, end of month $150,045,402
===============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- together with its direct and indirect
subsidiaries, generate, sell and deliver electricity in North
America, the Philippines and the Caribbean. Mirant Corporation
filed for chapter 11 protection on July 14, 2003 (Bankr. N.D.
Tex. 03-46590). Thomas E. Lauria, Esq., at White & Case LLP,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant
Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
OWENS CORNING: Posts $6.6 Million Net Loss in November 2004
-----------------------------------------------------------
Owens Corning and Subsidiaries
Consolidated Balance Sheets
As of November 30, 2004
(In Thousands)
Current Assets:
Cash and cash equivalents $625,522
Receivables 371,585
Receivables-Inter-company 980,997
Inventories 172,592
Insurance for Asbestos Litigation Claims 0
Deferred Income Taxes 484
Income Tax Receivable 6,476
Other Current Assets 23,967
----------
Total Current Assets $2,181,623
Other Assets:
Insurance for Asbestos Litigation Claims 4,220
Restricted Cash 166,908
Restricted cash and securities 0
Deferred Income Taxes 1,015,215
Goodwill 48,568
Investment in Affiliates 29,539
Investment in Subsidiaries 2,022,050
Notes Receivable - Intercompany 5,270
Other Non-current Assets 539,933
----------
Total Other Assets 3,831,703
Plant & Equipment:
Land 35,665
Buildings & Leasehold Improvements 547,213
Machinery & Equipment 2,160,665
Construction in Progress 72,204
Less: Accumulated Depreciation 1,538,529
----------
Net Plant and Equipment 1,277,218
----------
TOTAL ASSETS $7,290,544
==========
Liabilities not Subject to Compromise:
Accounts Payable & Accrued Liabilities 502,132
Inter-company Liabilities 836,754
Short-term debt 0
Long-term debt - current portion 1,918
----------
Total Current Liabilities 1,340,804
Long-Term Debt 6,177
Other Employee Benefits Liability 210,906
Pension Plan Liability 580,574
Other Liability 154,029
----------
Total Non-Current Liabilities 945,509
----------
Total Postpetition Liabilities 2,292,490
Prepetition Liabilities:
Accounts Payable and Accrued Liabilities 357,373
Other Employee Benefits Liability 210,903
Pension Plan Liability 0
Debt-US Bank Credit Facility 1,450,986
Debt-Bonds & Other 1,507,369
Asbestos-Related Liability 2,731,188
Inter-company 2,452,666
Other 0
----------
Total Prepetition Liabilities 8,710,485
Total Liabilities 11,002,975
Minority Interest 0
Stockholder's Equity:
Common Stock 695,958
Retained Earnings (Deficit) (4,074,924)
Accumulated Comprehensive Income (Loss) (4,943)
Other (328,522)
----------
Net Stockholder's Equity (3,712,431)
----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,290,544
==========
Owens Corning and Subsidiaries
Consolidated Statements of Operations
For the Month Ended November 30, 2004
(In Thousands)
Net sales $337,292
Cost of Sales 271,355
----------
Gross Margin 65,937
Operating Expenses:
Marketing and Administrative Expenses 39,688
Science and Technology Expenses 1,233
Provision for Asbestos Litigation Claims 0
Insider Compensation 804
Restructure Costs 0
Other Expenses 13,834
----------
Income (Loss) from Operations 10,378
Other Expenses:
Cost of Borrowed Funds 276
Other 0
----------
Income (Loss) Before Reorganization Items 10,102
Reorganization Items:
Professional Fees 7,191
U.S. Trustee Quarterly Fees 0
Interest Earned on Accumulated Cash from Chapter 11 (320)
(Gain) Loss from sale of equipment 0
(Gain) Loss from Settlement of Liabilities 0
Other Reorganization Expenses 1,998
----------
Total Reorganization Expenses 8,869
----------
Income (Loss) Before Income Taxes 1,233
Provision (credit) for Income Tax 8,097
----------
Income (Loss) Before Minority Interest and
Equity in Net Income (Loss) of Affiliates (6,864)
Minority interest 0
Equity in net income (loss) of affiliates 267
----------
Net Income (Loss) ($6,597)
==========
Owens Corning and Subsidiaries
Consolidated Statements of Cash Receipts & Disbursements
For the Month Ended November 30, 2004
(In Thousands)
Cash, Beginning of Month $560,082
Receipts:
Customer Receipts 357,274
Inter-company Sales 3,328
Loans and Advances 0
Sale of Assets 0
Other Receipts 2,495
Inter-company Transfers 99,419
Transfers from DIP 395,389
----------
Total Receipts $857,905
Disbursements:
Net Payroll 32,808
Payroll Taxes 14
Sales Use & Other Taxes 6,299
Inventory Purchases 122,523
Insurance 5,462
Administrative & Selling 52,512
Other 92,125
Inter-company Transfers 81,342
Transfers to DIP 395,389
Professional Fees 3,991
U.S. Trustee Quarterly Fees 0
Court costs 0
Adjustment 0
----------
Total Disbursements 792,465
Net Cash Flow 65,440
----------
Cash -- End of Month $625,522
==========
Headquartered in Toledo, Ohio, Owens Corning --
http://www.owenscorning.com/-- manufactures fiberglass
insulation, roofing materials, vinyl windows and siding, patio
doors, rain gutters and downspouts. The Company filed for
chapter 11 protection on October 5, 2000 (Bankr. Del. Case. No.
00-03837). Mark S. Chehi, Esq., at Skadden, Arps, Slate,
Meagher & Flom, represents the Debtors in their restructuring
efforts. At Sept. 30, 2004, the Company's balance sheet shows
$7.5 billion in assets and a $4.2 billion stockholders' deficit.
The company reported $132 million of net income in the
nine-month period ending Sept. 30, 2004. (Owens Corning
Bankruptcy News, Issue No. 99; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
PARMALAT: Finanziaria Reports December 2004 Financial Results
-------------------------------------------------------------
Parmalat Finanziaria SpA in Extraordinary Administration reports
the operating and financial results for the Parmalat Group as at
December 31, 2004.
[The] announcement . . . provides information in a manner
consistent with the quarterly reporting guidelines provided in
Annex 3D to the Consob regulation set out in Resolution No.
11971/99.
Scope of Consolidation
The scope of consolidation has been defined applying principles
consistent with those adopted in preparing the income statement
and balance sheet as at June 30, 2004. Non-Italian operations of
the Group classified as non-core that were consolidated line by
line at December 31, 2003 and which are currently subject to
certain restrictions on their management as a result of local
bankruptcy proceedings that have effectively placed them outside
the control of Parmalat Finanziaria SpA in Extraordinary
Administration, and companies in voluntary liquidation, are no
longer consolidated on a line-by-line basis.
Consequently, pro forma data for the previous year have been
restated to reflect the new scope of the line-by-line
consolidation. [T]he restated data are compared with those for
the current fiscal year.
The results for 2004 do not include the contribution of companies
that were divested during 2004 (Parmalat Chile, Parmalat
Dominicana, Parmalat Argentina, and their subsidiaries) and of
companies that comprised the USA Bakery Division (Mother's
Cake & Cookies, Archway Cookies and three production units in
Canada) which were divested in January 2005.
Financial Highlights
Cumulative Through December
(in EUR millions)
Revenues
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Activities 3,800.9 3,800.9 3,681.9
Non Core Activities 1,853.9 783.6 243.8
-------- ------------- -------
Total 5,654.8 4,584.5 3,925.8
======== ============= =======
EBITDA
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Activities 210.0 210.0 273.2
Non Core Activities (82.8) (45.2) 21.4
-------- ------------- -------
Subtotal 127.2 164.8 294.6
Proceedings costs (90.0)
Writedowns of current
assets & other
provisions (18.2)
Total 127.2 164.8 186.4
======== ============= =======
% of Revenues
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Activities 5.5 5.5 7.4
Non Core Activities (4.5) (5.8) 8.8
-------- ------------- -------
Subtotal 2.2 3.6 7.5
Total 2.2 3.6 4.7[sic]
======== ============= =======
Fourth Quarter
(in EUR millions)
Revenues
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Activities 1,024.5 1,024.5 959.7
Non Core Activities 474.2 202.3 157.7
-------- ------------- -------
Total 1,498.7 1,226.8 1,017.5
======== ============= =======
EBITDA
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Activities 47.9 47.9 80.3
Non Core Activities (16.9) (9.9) (3.4)
-------- ------------- -------
Total 31.0 38.0 76.9
======== ============= =======
% of Revenues
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Activities 4.7 4.7 8.4
Non Core Activities (3.6) (4.9) (5.8)
-------- ------------- -------
Total 2.1 3.1 7.6
======== ============= =======
* The Core Businesses include beverages (milk and fruit
juices) and functional dairy products, focused on
approximately 30 brands (global and strong local brands)
primarily in high-potential countries where there is
sustained demand for wellness products, consumers are
willing to pay a premium price for Parmalat brands, and
where there is access to leading-edge technologies.
** The Non-core Businesses are those that are located in
countries or engaged in activities that are not
strategically significant and have been earmarked for
divestiture.
*** Writedowns of current assets and other provisions
include only adjustments made to items recognized after
the start of the Extraordinary Adminsitration.
Core Businesses
The Group's Core Businesses reported revenues of EUR3,681.9
million at December 31, 2004, down slightly (-3.1%) from the
EUR3,800.9 million booked last year. However, EBITDA increased
to EUR273.2 million, 30.0% higher than the EUR210.0 million
reported at December 31, 2003.
The combined impact of successful marketing initiatives and
efforts to reduce operating costs and overheads, which more than
offset the impact of lower unit sales, explains the markedly
improved operating performance.
Revenues for the fourth quarter of 2004 were EUR959.7 million,
6.3% lower than in the same period last year (EUR1,024.5 million).
However, EBITDA increased 67.6%, rising from EUR47.9 million to
EUR80.3 million.
[Parmalat provides an] analysis of the Group's results in
the main geographic regions in which it operates:
-- Italy
Cumulative 2004 revenues decreased to EUR1,367.1 million,
7.9% less than the EUR1,484.3 million reported at
December 31, 2003. The revenue decrease was, however,
accompanied by an increase in EBITDA, which grew to
EUR90.3 million (6.6% of net revenues), compared with
EUR69.8 million (4.7% of net revenues) at December 31,
2003.
In the fourth quarter of 2004, net revenues totaled
EUR337.9 million and EBITDA came to EUR23.7 million (7.0%
of revenues), compared with EUR357.7 million and EUR4.1
million (1.1% of revenues), respectively, in the last
quarter of 2003. A strong performance by the Milk and
Fresh Dairy Products Divisions (particularly in the
yogurt segment) was the main reason for the improvement
in cumulative results. Despite lower unit sales of UHT
and fresh milk, the Milk Division reported increased
EBITDA thanks to a more favorable sales mix, higher sales
of functional milks (Omega 3 and Zymil, which has become
the fourth brand in its segment in Italy) and lower
spending on promotions and advertising for conventional
products. The strongly positive unit sales and operating
results achieved in the yogurt segment were made possible
by strong demand for Parmalat branded products (whole
milk and 0.1%), which continued in 2004 thanks to their
excellent market position and successful promotional
programmes. The cumulative data for the fruit juice
operations reflect the negative impact of weather
conditions that were less favorable than in 2003.
Demand should improve following the recent launch of a
corporate advertising campaign, which is expected to
produce benefits similar to those generated by the Kyr
and Zymil campaigns.
-- Spain
At December 31, 2004, revenues totaled EUR222.6 million,
or 2.4% less than the EUR228.0 million reported a year
earlier. EBITDA was also lower, down both in absolute
terms (from EUR20.2 million to EUR14.8 million) and as a
percentage of revenues (from 8.9% to 6.7%).
Revenues and EBITDA for the fourth quarter of 2004 were
down year on year, decreasing to EUR49.7 million (EUR50.6
million in 2003) and EUR2.5 million (EUR2.6 million in
2003), respectively. The main reasons for the
contraction in operating results compared with the data
at December 31, 2003 were a rise in the cost of packaging
plastics, higher prices paid for milk (although the
upward trend was less pronounced in December than it was
during the rest of the year) and aggressive promotions
and price competition from competitors with a global
reach in the yogurt (specifically in smoothies) and
dessert segments. Intensive advertising campaigns by
Parmalat's competitors in the flavored milk segment also
had a negative impact on the performance of the Group's
Spanish operations. Moreover, unit sales of seasonal
products (Royne-branded ice creams, shakes and almond
-flavored beverages) were down sharply due to the less
favorable weather that characterised the summer of 2004
compared with 2003.
However, increased production of generic-brand yogurt and
the 4.0% increase in retail milk prices that came into
effect in October, coupled with a reduction in
advertising expenses, has begun to reverse the trend that
characterized operating results in the earlier part of
the year.
-- South Africa
Annual revenues grew to EUR252.7 million this year, up
22.9% compared with the EUR205.6 million reported in
2003.
EBITDA showed the same positive trend, rising from
EUR20.1 million to EUR22.8 million (+13.4%). The
improvement in cumulative revenues and EBITDA over 2003
was made possible by the appreciation of the South
African rand versus the euro compared with December 2003
(the average exchange rate was up 6.0% compared with
2003) and by a sharp rise in unit sales of low-margin
products (bulk cheese in particular), which provided
better coverage for fixed production costs and helped
reduce the excess inventory that had existed in South
Africa. At the same time, increased shipments of
products such as fruit juices, desserts, yogurt and
premium cheeses (the recent Simonsberg and Melrose
acquisitions were a factor) helped boost EBITDA.
The principal negative factors that affected the Group's
operations in South Africa included higher transportation
and distribution costs and the inability to raise the
retail prices of dairy products.
Fourth quarter revenues totaled EUR74.4 million (EUR68.2
million in 2003). At EUR8.6 million, EBITDA were
slightly higher than the EUR8.2 million earned in the
last three months of 2003.
-- Venezuela
In December, the Bolivar continued to lose value against
the euro (-27.6% compared with the average exchange rate
for the same month in 2003). Against this backdrop
cumulative revenues decreased to EUR145.0 million in
2004, 26.9% lower than the EUR198.3 million booked in
2003. The same was true for EBITDA, which fell both in
absolute terms (down from EUR20.9 million to EUR6.8
million) and as a percentage of net revenues (from 10.6%
to 4.7%).
The financial difficulties experienced by the Group's
Venezuelan operations, which resulted in a halt in the
importation of numerous raw materials, the decision by
the Venezuelan Government to regulate the markets for
"basic" powdered milk, increases in the price paid for
raw materials (especially milk) and packaging plastics
were the principal negative factors underlying the
deterioration in operating performance.
On a more positive note, the sales data for the closing
months of the year point to the beginnings of a recovery
for the Venezuelan companies, made possible by the
implementation of reorganization and refocusing programs.
The product categories that enjoyed unit sales increases
include pasteurized milk, fruit juices, yogurt and
fermented milk.
In the fourth quarter of 2004, revenues totaled EUR34.2
million (EUR48.6 million in 2003) and EBITDA amounted to
EUR3.0 million (EUR2.7 million in 2003).
-- Canada
Revenues totaled EUR1,187.2 million in 2004, up from
EUR1,172.1 million in 2003. The increase in net revenues
produced a significant gain in EBITDA, which rose both in
absolute terms (EUR86.8 million, up 29.0% from EUR67.3
million at December 31, 2003) and as a percentage of net
revenues (from 5.7% to 7.3%).
These improvements were largely the result of a strong
performance in the core ingredients, cheese and yogurt
segments. All three posted higher sales than in 2003.
In the fruit juice segment, unit sales were relatively
flat, but margins increased. Additional factors that
contributed to the positive operating results include
reduced marketing expenses and lower overheads and the
rapid implementation of some of the initiatives outlined
in the Group's industrial plan. These initiatives
include: renegotiation of contracts with certain
suppliers, expansion of the contract with Canada's
largest retail chain, a reduction in distribution costs,
reorganization of manufacturing processes and a
streamlining of the product portfolio. These positive
factors more than offset the negative impact of a slight
decrease in the value of the Canadian dollar versus the
euro (-2.2% compared with the average exchange rate in
December 2003).
In the fourth quarter of 2004, revenues totaled EUR337.9
million (EUR330.4 million in 2003) and EBITDA increased
to EUR30.9 million (EUR18.8 million in 2003).
-- Australia
Helped in part by the appreciation of the Australian
dollar versus the euro (+2.8% compared with the average
rate through December 2003), revenues for 2004 grew to
EUR384.7 million, up from EUR381.2 million in 2003.
EBITDA totaled EUR33.0 million, or 0.6% less than the
EUR33.2 million earned last year.
Higher unit sales of pasteurized milk made possible by
increased production for private labels, the start of a
supply contract with a large local distributor and rising
shipments of yogurt account for most of the revenue
gain. Additional positive factors include the
containment of overhead and promotional and
transportation expenses, a more effective raw materials
procurement policy, and the streamlining of production
facilities.
In the fourth quarter of 2004, revenues totaled EUR107.1
million (EUR111.7 million in 2003). EBITDA amounted to
EUR10.4 million, compared with EUR14.0 million in the
last three months of 2003.
Non-core Businesses
In 2004, the Group's Non-core Businesses reported revenues of
EUR243.8 million, down 68.9% on the EUR783.6 million booked in
2003.
The favorable trend that started the year continued in December
with EBITDA remaining positive despite the decrease in net
revenues. EBITDA totaled EUR21.4 million (negative EBITDA of
EUR45.2 million in 2003), due mainly to a change in the treatment
of certain items attributed to Parma F.C. that relate to the sale
of some of the team's players.
Revenues for the fourth quarter of 2004 decreased to EUR57.7
million (EUR202.3 million in 2003), but EBITDA improved to a
negative EUR3.4 million (negative EUR9.9 million in 2003).
Foreign companies that were divested in 2004 and are no longer
consolidated line by line had revenues of EUR439.0 million
and negative EBITDA of EUR20.8 million in 2003.
The year-on-year improvement in cumulative EBITDA is
attributable primarily to the success of programs implemented by
certain Italian businesses.
Italy
The operations of Parmalat SpA designated as Non-core Businesses
had lower revenues than at December 31, 2003. Nevertheless,
EBITDA improved, rising from a negative EUR16.5 million to a
negative EUR3.0 million. The decision to discontinue the water
business and the implementation of deep cuts in promotional and
advertising spends for bakery goods and fruit juices mainly
explain the improved results.
Divestitures
During 2004, the Group divested its investments in MCC Spa,
Capitalia Spa, Fondo di Investimento Alfieri, Parmalat Thailand
Ltd, Parmalat Trading Thailand Ltd, Parmalat Chile SA, Parmalat
Dominicana SA and Parmalat Argentina SA (99.99%), and their
subsidiaries; it sold the assets of Parmalat de Mexico SA and, in
January 2005, the companies that comprised the USA Bakery
Division (Mother's Cake & Cookies, Archway Cookies and three
production units in Canada). It also disposed of certain real
estate assets and sold the Coca-Cola bottling franchise owned by
Parmalat Australia Ltd.
These divestitures enabled the Group to generate proceeds
amounting to EUR53.0 million and to deconsolidate indebtedness
totaling about EUR121.0 million.
The Group is currently in the process of divesting the
following assets: the Italy Bakery Division, Streglio Spa
in Extraordinary Administration, Parma F.C. Spa, companies in
Uruguay and China, a building owned by Eurolat, and an equity
investment in NOM AG.
NET FINANCIAL POSITION
Highlights (in EUR millions)
Balance
Balance as at Balance Balance Balance
as at 12/31/03 as at as at as at
12/31/03 Pro-Forma 06/30/04 11/30/04 12/31/04
-------- --------- -------- -------- --------
Short term
financial
assets (121.4) (104.7) (130.5) (356.8) (368.2)
broken down as:
Financial
assets not
held as
fixed
assets (20.9) (20.9) (5.4) (0.4) (0.4)
Liquid
assets (100.5) (83.8) (125.1) (356.4) (367.7)
Financial
accrued
income and
prepaid
expenses
(incl.
intra-Group) (61.9) (57.2) (55.0) (25.0) (25.6)
------- -------- ------- ------- -------
Total
short-term
financial
assets (183.3) (161.9) (185.5) (381.9) (393.8)
======= ======== ======= ======= =======
Financial
debts 13,457.5 11,402.6 11,408.0 11,480.8 11,386.7
Financial
accrued
expenses &
deferred
income 256.2 200.8 246.6 231.2 231.2
------- -------- ------- ------- -------
Total
financial
liabilities 13,713.7 11,603.4 11,654.6 11,712.0 11,617.9
Indebtedness
owed to
lenders
outside
the Group/
(Financial
assets) of
companies
consolidated
line-by-line 13,530.4 11,441.5 11,469.1 11,330.2 11,224.1
Indebtedness
owed by
companies
consolidated
line-by-line
to companies
that are
parties to
local
composition-
with-
creditors
proceedings - 745.8 745.8 745.8 728.0
Indebtedness/
(Financial
assets)
of companies
consolidated
line-by-line 13,530.4 12,187.3 12,214.9 12,076.0 11,952.2
Indebtedness/
(Financial
assets) of
companies not
consolidated
line-by-line 49.4 4.3 4.3 4.3 6.9
------- -------- ------- ------- -------
Total
indebtedness/
(financial
assets) 13,579.8 12,191.6 12,219.2 12,080.3 11,959.0
======== ======== ======== ======== ========
At December 31, 2004, the Group's total indebtedness had fallen to
EUR11,959.0 million, or EUR121.3 million less than the EUR12,080.3
million it owed at November 30, 2004. The deconsolidation of
divested businesses (Parmalat Argentina and its subsidiaries and
the companies that comprised the USA Bakery Division), an increase
in liquid assets, a reduction in indebtedness and the impact of
foreign exchange differences account for this improvement.
The combined indebtedness owed to lenders outside the Group by
subsidiaries that are parties to local composition-with-creditors
proceedings and, consequently, have been deconsolidated, is not
reflected in the net financial position. At December 31, 2004,
these borrowings totaled EUR2,484.4 million (EUR2,437.3 million at
June 30, 2004). Because some of these borrowings are secured by
guarantees provided Parmalat SpA and Parmalat Finanziaria SpA to
the amount of EUR1,668.1 million (EUR1,753.4 million at June 30,
2004), a reserve for risks of an amount equal to the guaranteed
indebtedness (EUR1,675.2 million) was established in the
consolidated financial statements at June 30, 2004. Based on
currently available information, it is considered reasonable to
adjust the reserve amount to an amount of EUR1,657.1 million. The
consolidated financial statements also show that indebtedness owed
by the Group to companies in special proceedings that are not
consolidated line by line amounted to EUR728.0 million (EUR745.8
million at June 30, 2004).
As of today, no amount has been drawn down from the EUR105.8-
million line of credit provided to Parmalat SpA by a pool of banks
on March 4, 2004.
A breakdown of the net indebtedness owed to lenders outside
the Group by companies consolidated line by line:
(in EUR millions)
Balance
as at Balance Balance Balance
12/31/03 as at as at as at
Pro-Forma 06/30/04 11/30/04 12/31/04
--------- -------- -------- --------
Companies in EA
subject to proposed
composition with
creditors 10,055.3 10,084.0 9,011.0 9,928.8
Other companies in EA 56.9 42.8 67.3 106.7
Other companies 1,329.3 1,342.3 1,351.9 1,188.6
--------- -------- -------- --------
Total indebtedness/
(financial assets) 11,441.5 11,469.1 11,330.2 11,224.1
========= ======== ======== ========
Companies Under Extraordinary Administration
The net indebtedness incurred by companies under Extraordinary
Administration towards lenders outside the Group prior to their
becoming eligible for Extraordinary Administration is all short-
term, since all of these companies are in default of the
covenants of the respective loan agreements.
A noteworthy development is the increase in liquid assets held
by the companies included in the Proposal of Composition with
Creditors. These assets rose from EUR24.0 million at
December 31, 2003 to EUR235.3 million at December 31, 2004. The
main reason for this improvement is the inflow of EUR160.0
million received under a settlement agreement with Nextra
Investment Management - Societa di Gestione del Risparmio S.p.A.
The decrease in liquid assets compared with November 30, 2004
(EUR248.5 million) reflects primarily the disbursement of loans
to Group companies that are not under Extraordinary
Administration and unusually high payments to suppliers and
consultants.
The increase in total indebtedness owed to lenders outside the
Group by other companies under Extraordinary Administration
is due to the following additional companies becoming eligible
for Extraordinary Administration proceedings: Emmegi Agro
Industriale S.r.l., Parmalat Malta Holding Limited, Parmalat
Trading Limited and Boschi Luigi e Figli S.p.A.
Other Companies
The net indebtedness owed to lenders outside the Group by the
remaining operating and financial companies consolidated line
by line that are not included in the Extraordinary Administration
proceedings fell from EUR1,329.3 million at December 31, 2003 to
EUR1,188.6 million (including EUR669.0 million in long-term debt)
at December 31, 2004. The reasons for the decrease of EUR163.3
million compared with the balance at the end of the previous
month (EUR1,351.9 million) include: reclassifications of the debt
positions of companies declared eligible for Extraordinary
Administration amounting to EUR38.4 milliion; deconsolidation of
EUR32.9 million in indebtedness owed by divested Argentinian
companies; deconsolidation of EUR25.5 million in indebtedness
owed by divested companies that comprised the USA Bakery
Division; and liquid asset increases, reductions in indebtedness
and foreign exchange differences totaling EUR66.5 million.
Some Group companies are currently in the process of
renegotiating their indebtedness in order to restructure it.
Principal Companies Under Extraordinary Administration
Financial highlights of the principal Italian companies under
extraordinary administration:
Parmalat Finanziaria SpA
(Amounts in millions of Euros)
(in EUR millions)
Balance Balance Balance Balance
as at as at as at as at
12/31/03 06/30/04 11/30/04 12/31/04
-------- -------- -------- --------
Short-term
financial assets (140.8) (140.0) (18.1) (17.8)
broken down as:
Intra-Group loans
receivable (138.8) (138.8) (17.1) (17.1)
Financial assets
not held as
fixed assets (2.0) (0.0) - -
Liquid assets (0.0) (1.1) (1.0) (0.7)
Financial accrued income
and prepaid expenses
(including intra-Group) (0.6) - (0.1) (0.1)
-------- -------- -------- --------
Total short-term
financial assets (141.4) (140.0) (18.2) (18.0)
======== ======== ======== ========
Financial liabilities
(including intra-Group) 1,269.9 1,272.9 1,278.9 1,278.8
broken down as:
Intra-Group
loans payable 1,007.8 1,010.9 1,016.9 1,016.8
Other financial
liabilities 262.1 262.0 262.0 262.0
Financial accrued expenses
and deferred income
(including intra-Group) 4.8 4.7 4.7 4.7
-------- -------- -------- --------
Total financial
liabilities 1,274.7 1,277.6 1,283.6 1,283.5
-------- -------- -------- --------
Total indebtedness/
(financial assets) 1,133.3 1,137.6 1,265.3 1,265.6
======== ======== ======== ========
The indebtedness of Parmalat Finanziaria SpA at December 31, 2004
was unchanged compared with that reported for the previous
month.
Parmalat SpA
(Amounts in millions of Euros)
(in EUR millions)
Balance Balance Balance Balance
as at as at as at as at
12/31/03 06/30/04 11/30/04 12/31/04
-------- -------- -------- --------
Short-term
financial assets (54.3) (61.7) (216.7) (155.7)
broken down as:
Intra-Group
loans receivable (28.0) (38.6) (38.2) (36.5)
Financial assets not
held as fixed assets (19.7) - - -
Liquid assets (6.6) (23.2) (178.5) (119.2)
Financial accrued income
and prepaid expenses
(including intra-Group) 0.0 - (0.1) (0.1)
-------- -------- -------- --------
Total short-term
financial assets (54.3) (61.7) (216.8) (155.8)
======== ======== ======== ========
Financial liabilities
(including intra-Group) 4,149.0 4,144.1 3,887.2 3,891.6
broken down as:
Intra-Group
loans payable 1,266.2 1,266.2 1,007.3 1,007.0
Other financial
liabilities 2,882.8 2,877.9 2,879.9 2,884.6
Financial accrued expenses
and deferred income
(including intra-Group) 0.0 - - -
-------- -------- -------- --------
Total financial
liabilities 4,149.0 4,144.1 3,887.2 3,891.6
-------- -------- -------- --------
Total indebtedness/
(financial assets) 4,094.7 4,082.4 3,670.4 3,735.7
======== ======== ======== ========
The change in indebtedness at December 31, 2004 compared with the
previous month is due mainly to the decrease in liquid assets
caused by the reallocation of the EUR160.0 million settlement
received from Nextra Investment Management - Societa di Gestione
del Risparmio S.p.A. Originally, the full amount had been
collected by Parmalat SpA in Extraordinary Administration
acting on behalf of all Group companies that were parties to the
settlement.
In December 2004 certain intra-Group loans receivable were
written down by EUR1.7 million. Indebtedness owed to lenders
outside the Group increased due to adjustments made following a
review of verified claims.
Eurolat SpA
(Amounts in millions of Euros)
(in EUR millions)
Balance Balance Balance Balance
as at as at as at as at
12/31/03 06/30/04 11/30/04 12/31/04
-------- -------- -------- --------
Short-term
financial assets (13.6) (23.2) (22.8) (8.7)
broken down as:
Intra-Group
loans receivable - - - -
Financial assets not
held as fixed assets - - - -
Liquid assets (13.6) (23.2) (22.8) (6.5)
Financial accrued income
and prepaid expenses
(including intra-Group) - - (0.1) (0.1)
-------- -------- -------- --------
Total short-term
financial assets (13.6) (23.2) (22.9) (8.8)
======== ======== ======== ========
Financial liabilities
(including intra-Group) 191.9 189.3 188.2 188.2
broken down as:
Intra-Group
loans payable 45.8 45.8 43.8 43.8
Other financial
liabilities 146.1 143.5 144.4 144.4
Financial accrued expenses
and deferred income
(including intra-Group) 1.5 0.7 - -
-------- -------- -------- --------
Total financial
liabilities 193.4 190.0 188.2 188.2
-------- -------- -------- --------
Total indebtedness/
(financial assets) 179.7 166.8 165.3 179.4
======== ======== ======== ========
The indebtedness of Eurolat SpA increased in December 2004, due
mainly to a payment of EUR10.5 million made to Parmalat SpA to
cover costs related to the Extraordinary Administration
proceedings that were attributable to Eurolat SpA. In addition,
financing totaling EUR2.2 million was provided to the subsidiary
Centrale del Latte di Roma S.p.A.
Lactis SpA
(Amounts in millions of Euros)
(in EUR millions)
Balance Balance Balance Balance
as at as at as at as at
12/31/03 06/30/04 08/31/04 09/30/04
-------- -------- -------- --------
Short-term
financial assets (0.4) (3.7) (4.4) (4.4)
broken down as:
Intra-Group
loans receivable - - - -
Financial assets not
held as fixed assets - - - -
Liquid assets (0.4) (3.7) (4.4) (4.4)
Financial accrued income
and prepaid expenses
(including intra-Group) (0.0) (0.0) (0.0) (0.0)
-------- -------- -------- --------
Total short-term
financial assets (0.4) (3.7) (4.4) (4.4)
======== ======== ======== ========
Financial liabilities
(including intra-Group) 20.5 19.1 19.1 19.1
broken down as:
Intra-Group
loans payable 8.6 8.6 8.6 8.6
Other financial
liabilities 11.9 10.5 10.5 10.5
Financial accrued expenses
and deferred income
(including intra-Group) 0.0 - 0.0 0.0
-------- -------- -------- --------
Total financial
liabilities 20.5 19.1 19.1 19.1
-------- -------- -------- --------
Total indebtedness/
(financial assets) 20.2 15.4 14.7 14.7
======== ======== ======== ========
The indebtedness of Lactis SpA at December 31, 2004 was unchanged
compared with that reported in the previous month.
Significant Events
October 7 Extraordinary Commissioner filed a complaint
with the United States District Court for the
Western District of North Carolina asking it
to order Bank of America and certain of its
subsidiaries to pay damages on various
grounds.
October 14 Following approval by the Italian Ministry of
Production Activities, acting with the input
of the Oversight Committee of the
Extraordinary Administration proceedings, the
settlement proposal put forth on October 6,
2004 by Nextra Investment Management -
Societa di gestione del risparmio S.p.A. was
accepted and the settlement amount collected.
December 2 By decree of Italy's Minister of Production
Activities, Emmegi Agro Industriale S.r.l.
was declared eligible for Extraordinary
Administration Proceedings and Dr. Enrico
Bondi was appointed Extraordinary
Commissioner of the company. On November 11,
2004, Emmegi Agro Industriale S.r.l. filed an
application for insolvency status with the
Civil Court of Parma. The Court accepted the
request on December 17, 2004, declaring the
company to be insolvent.
December 2 By decree of Italy's Minister of Production
Activities, Parmalat Malta Holding Limited
and Parmalat Trading Limited were declared
eligible for Extraordinary Administration
Proceedings and Dr. Enrico Bondi was
appointed Extraordinary Commissioner of these
companies. On November 19, 2004, Parmalat
Malta Holding Limited and Parmalat Trading
Limited filed an application for insolvency
status with the Civil Court of Parma. The
Court accepted the request on December 17,
2004, declaring the company to be insolvent.
December 16 The Extraordinary Commissioner filed an
action to void pursuant to Article 67 of the
Italian Bankruptcy Law against 45 credit
institutions. Additional actions are being
prepared. The purpose of these actions is to
render null and void payments made during the
year before the date when the plaintiffs were
declared insolvent, when permitted under the
Italian Bankruptcy Law.
December 16 The enforceable lists of creditors with
verified, conditional and contested claims
against the companies included in the
Proposal of Composition with Creditors was
filed with the Office of the Clerk of the
Bankruptcy Court of Parma. The lists were
available to be viewed at the Office of the
Clerk of the Court of Parma or by accessing
the Web site http://web.ltt.it/tribunale/home.htm
as from December 23, 2004. On December 20,
2004, a notice of this filing was published
in certain Italian and international
newspapers, together with an announcement
indicating that the lists could be viewed and
inviting creditors and the insolvent
enterprises to view the lists. The same
notice was also published in the Official
Gazette of the Italian Republic. With regard
to creditor bondholders, only the claims of
holders of the bonds and debt issues included
in the list published by the Court of Parma
constitute verified liabilities of the
Company. Starting from the date of
publication in the Official Gazette of the
Italian Republic of the notice of the filing
of the enforceable lists, creditors residing
in Italy had 15 days and creditors residing
abroad had 30 days (election of domicile in
Italy is irrelevant in this case) within
which (i) creditors with partially or fully
contested claims or conditional claims could
object to such classifications by petitioning
one of the Italian bankruptcy judges (Giudici
Delegati) and (ii) creditors with verified
claims could challenge the classification of
other creditors with verified claims.
December 22 Parmalat SpA in Extraordinary Administration
sold a 99.99% interest in the capital stock
of Parmalat Argentina SA. The parties also
signed a five-year licensing agreement that
covered the use of trademarks owned by
Parmalat. This transaction, which was
authorized by the Ministry of Production
Activities, in consultation with the
Oversight Committee, will provide Parmalat
SpA in Amministrazione Straordinaria with a
stream of future revenues.
December 28 A notice that the enforceable lists of
creditors with verified, conditional and
contested claims against the companies
included in the Proposal of Composition with
Creditors had been filed with the Office of
the Clerk of the Bankruptcy Court of Parma
was published and these lists, in their
entirety, were published in the Official
Gazette of the Italian Republic.
December 31 By decree of Italy's Minister of Production
Activities, Boschi Luigi e Figli S.p.A. was
declared eligible for Extraordinary
Administration proceedings and Dr. Enrico
Bondi was appointed Extraordinary
Commissioner of the company. On December 17,
2004, Boschi Luigi e Figli S.p.A. filed an
application for insolvency status with the
Civil Court of Parma.
2005:
January 13 Boschi Luigi e Figli S.p.A. was declared
insolvent by the Court of Parma.
January 28 The Canadian subsidiary Parmalat Dairy &
Bakery sold its USA Bakery Division (Mother's
Cake & Cookies, Archway Cookies and three
production units in Canada). It also signed
a licensing agreement that will allow the
disposal of its remaining inventory. This
transaction, which was authorized by the
Italian Ministry of Production Activities, in
consultation with the Oversight Committee,
allows full repayment of a loan that Parmalat
SpA in Amministrazione Straordinaria provided
at the beginning of 2004 and will furnish the
Canadian subsidiary with a stream of future
revenues.
January 31 The Italian Antitrust Agency notified its
decisions in the two investigative
proceedings it launched against Parmalat in
matters involving the Group's status with
respect to Carnini S.p.A. and Newlat S.r.l.
February 1 The Extraordinary Commissioner filed an
action to void pursuant to Article 67 of the
Italian Bankruptcy Law against Morgan Stanley
Limited and Morgan Stanley Bank.
Headquartered in Wallington, New Jersey, Parmalat USA Corporation
-- http://www.parmalatusa.com/-- generates more than 7 billion
euros in annual revenue. The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents. The Company filed for chapter
11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No.
04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at
Weil Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts. When the U.S. Debtors filed for bankruptcy
protection, they reported more than $200 million in assets and
debts. (Parmalat Bankruptcy News, Issue No. 43; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
PILLOWTEX CORP: Nov. 2004 Cash Receipts & Disbursements Report
--------------------------------------------------------------
Pillowtex Corporation and its debtor-affiliates did not file
their Consolidated Balance Sheets and Consolidated Statements of
Operations for the period ended November 30, 2004. Per agreement
with the Office of the United States Trustee, both financial
reports will be provided quarterly.
Pillowtex, et al.
Actual Cash Flow
For the Month of November 2004
Accounts Receivable Collections $6,000
Brown & Joseph/Atwell Fees (6,000)
Accounts Receivable Personnel (16,000)
Inventory Bulk Sales 160,000
Property Tax Related to Asset Sale -
Property (Net) (7,000)
Miscellaneous Proceeds (5,000)
----------
Total Proceeds 132,000
Prepetition Cure Cost of Capital Leases -
Balance of 2003 Personal Property Tax -
Alliance Street Production -
Interest Expense (Term and Revolver) -
Idle Facility Cost (89,000)
Electric Demand Charge -
Retail Store Operating Costs -
Warehousing, Shipping & Billing -
Freight & Duty -
Manufacturing -
Inventory Cleanup -
Accrued Employee Expenses -
Critical Vendor Payments -
Continuing Medical -
Terminated Medical -
Product Liability/D&O/Workers Comp. Insurance 22,000
Corporate 78,000
Severance/Retention -
Warehouse Vacation Pay -
SB Capital Estate Charge Back -
Early Termination Fee -
DIP Fees -
Professional Fees 362,000
Miscellaneous Expenses (37,000)
----------
Total Expenses 336,000
----------
Net Cash Flow ($204,000)
==========
Pillowtex, et al.
Disbursement Report
For the Month of November 2004
Net Payroll & Payroll Taxes Paid $160,447
Sales, Use & Other Taxes Paid -
Inventory Purchases -
Interest on Long Term Debt -
Secured/Rental/Lease 500
Utilities 8,452
Insurance 52,173
Administrative 15,515
Professional Fees 373,589
U.S. Trustee's Fees -
Others 19,526
-----------
Total for U.S. Trustee Fees $630,202
===========
Headquartered in Dallas, Texas, Pillowtex Corporation --
http://www.pillowtex.com/-- sold top-of-the-bed products to
virtually every major retailer in the U.S. and Canada. The
Company filed for Chapter 11 protection on November 14, 2000
(Bankr. Del. Case No. 00-4211), emerged from bankruptcy under a
chapter 11 plan, and filed a second time on July 30, 2003 (Bankr.
Del. Case No. 03-12339). The second chapter 11 filing triggered
sales of substantially all of the Company's assets. David G.
Heiman, Esq., at Jones Day, and William H. Sudell, Jr., Esq., at
Morris Nichols Arsht & Tunnel, represent the Debtors. On
July 30, 2003, the Company listed $548,003,000 in assets and
$475,859,000 in debts. (Pillowtex Bankruptcy News, Issue No. 75;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
SONICBLUE INC: Releases December 2004 Monthly Operating Report
--------------------------------------------------------------
At Dec. 31, 2004, SONICblue Incorporated reports that it is
sitting on $79,533,514 of cash, has accrued $634,115 in
postpetition liabilities and faces a $236,904,166 mountain of
prepetition debts.
A full-text copy of SONICblue Inc.'s December 2004 Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/850519/000095013405002278/f05439exv99
w1.txt
Headquartered in Santa Clara, California, SONICblue Incorporated
is involved in the converging Internet, digital media,
entertainment and consumer electronics markets. The Company,
together with three of its wholly owned subsidiaries, Diamond
Multimedia Systems, Inc., ReplayTV, Inc., and Sensory Science
Corporation, filed voluntary petitions for bankruptcy under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Northern District of California,
San Jose Division (Case No. 03-51775).
TRINITY ENERGY: Releases December 2004 Operating Report
-------------------------------------------------------
On Jan. 26, 2005, Trinity Energy Resources, Inc., filed its
monthly operating report for the month ended December 2004 with
the United States Bankruptcy Court for the Southern District of
Texas, Houston Division.
At Dec. 31, 2004, the Debtor's balance sheet showed:
Total Current Assets $ 410,060
Total Assets 1,240,381
Total Liabilities 1,794,150
Total Owner's Equity $ (553,769)
A full-text copy of Trinity Energy's December 2004 monthly
operating report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1082292/000101540205000466/ex99_1.htm
Headquartered in Houston, Texas, Trinity Energy Resources, Inc.,
develops and operates proven oil and gas reserves in the Rocky
Mountains, Texas, and Louisiana, with international interests in
the African Republic of Chad. The Company filed for chapter 11
protection on Jan. 31, 2003 (Bankr. S.D. Tex. Case No. 03-31453).
John William Mahoney, Esq., at Williams Birnberg & Andersen
represents the Debtor in its restructuring efforts. When the
Debtor filed for protection from its creditors, it listed
$1,009,626 in total assets and $1,619,031 in total debts as of
Sept. 30, 2002. On April 23, 2003, the Bankruptcy Court appointed
Elizabeth M. Guffy as the Chapter 11 Trustee.
TRUMP HOTELS: Posts $72.6 Million Net Loss in December 2004
-----------------------------------------------------------
Trump Hotels & Casino Resorts, Inc., et al.
Consolidated Balance Sheet
December 31, 2004
(In Thousands)
ASSETS
Current Assets
Cash & cash equivalents $105,266
Trade receivables, net 28,693
Accounts receivables, other 13,326
Inventories 11,226
Prepaid & other current 13,072
Advances to affiliates -
Mortgage notes receivable -
----------
171,583
Investment in affiliates 28,599
Land and improvements 266,095
Building and improvements 1,738,848
Riverboat and improvements 36,089
Furniture, fixtures & equipment 466,237
Leasehold improvements 11,346
Construction in progress 14,262
----------
2,532,877
Less: Accumulated depreciation (816,679)
----------
Property & Equipment, net 1,716,198
Due from affiliates -
Deferred loan costs 4
Other assets 75,386
----------
Total Assets $1,991,770
==========
LIABILITIES & EQUITY
Current Liabilities
Current portion of long-term debt $68,554
Accounts payable 20,098
Accrued payroll 25,563
Self insurance reserves 11,027
Accrued interest 103,894
Accrued federal/state tax 35,436
Accrued real estate tax 7,490
Due to City of Gary 3,704
Other current liabilities 37,726
Due to (from) affiliates 4,488
----------
Total current liabilities 317,980
Mortgage Notes Payable 1,779,555
Mortgage Notes Payable - DJT 16,367
Long-term debt, others net of discount 33,282
Deferred income taxes -
Other long term liabilities 23,622
----------
Total Liabilities 2,170,806
Common stock 321
Common stock - class B -
Preferred stock -
Treasury stock (20,200)
Contributed capital - June 1995 48,925
Contributed capital - pre June 12,1995 3,214
Phantom stock 933
Contributed capital - Taj merger 405,740
Contributed capital - TCA merger -
Contributed capital - TCH -
Contributed capital - THCR preferred 14,921
Additional contributions - 2002 -
Contribution from THCR Holdings -
Contribution TACA discount -
Distributions to THCR -
Partnership distribution -
DJT note writedown (3,167)
Accumulated earnings (deficit) (445,110)
Current year net income (loss) (184,613)
Accumulated other comp. Income (loss) -
----------
Total equity (179,036)
----------
Total liabilities & equity $1,991,770
==========
Trump Hotels & Casino Resorts, Inc., et al.
Consolidated Operating Results
For the Month Ended December 31, 2004
(In Thousands)
Revenue
Tables $22,119
Slots 63,483
Other 2,647
----------
Total Casino 88,249
Rooms 5,521
Food & beverage 8,978
Entertainment 159
Other 3,922
----------
Gross Revenues 106,829
Less: Promotional allowance 10,937
----------
Net Revenues 95,892
Expenses
Payroll 32,471
Cost of goods sold 3,199
Coin/table coupons 12,180
Promotional expenses 4,171
Advertising 880
Marketing/entertainment 5,089
Gaming tax & regulatory fees 10,353
Property tax, rent & insurance 5,833
Utilities 3,276
Allowance - doubtful accounts 316
General admin & other expenses 68,280
----------
Total Operating Expenses 146,048
----------
Gross Operating Income (50,156)
Interest income 261
Interest expense (18,259)
Depreciation & amortization (8,264)
Loss in joint venture (196)
Other non-operating income (expense) 5,593
Income tax provision (1,562)
----------
Net Income (Loss) ($72,583)
==========
Trump Hotels & Casino Resorts, Inc., et al.
Consolidated Statement of Cash Flows
For the Month Ended December 31, 2004
(In Thousands)
EBITDA before corporate expenses $12,145
Capital expenditures (2,277)
Debt service:
DIP financing 10,008
Mortgage interest (13,414)
Payment of DIP interest/fees 8
Capital lease repayments (3,245)
Other BHPA debt, Plaza warehouse -
Debt renegotiation costs (146)
Non-operating charges:
CRDA, WF utilities -
Corporate charges (591)
Timing differences:
Rea estate, state taxes 953
Other (44,355)
Advances (to) from affiliates:
THCR working capital -
TAC interest payment -
TCH interest payment -
Other -
Other interest income 261
----------
Increase (decrease) in cash (40,653)
Beginning cash - working capital 62,463
----------
Ending cash - working capital $21,810
==========
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc. -- http://www.thcrrecap.com/-- through its
subsidiaries, owns and operates four properties and manages one
property under the Trump brand name. The Company and its debtor-
affiliates filed for chapter 11 protection on Nov. 21, 2004
(Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A.
Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at
Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey
T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia,
Stanziale, Sedita & Campisano, P.A., represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed more than
$500 million in total assets and more than $1 billion in total
debts.
US AIRWAYS: Posts $188.9 Million Net Loss in October 2004
---------------------------------------------------------
US Airways Group, Inc.
Consolidated Balance Sheet
At October 31, 2004
(in thousands)
Current Assets:
Cash and cash equivalents $790,965
Restricted cash 119,168
Receivables, net 346,992
Materials and supplies, net 181,551
Prepaid expenses and other 181,818
----------
Total Current Assets $1,620,494
Property and Equipment:
Flight equipment 3,178,537
Ground property and equipment 378,588
Less accumulated depreciation and amortization (289,189)
----------
$3,267,936
Purchase deposits for flight equipment 138,010
----------
Total Property and Equipment $3,405,946
Other Assets:
Goodwill 2,489,638
Other intangibles, net 536,546
Restricted cash 657,931
Other assets, net 42,424
----------
Total Other Assets $3,726,539
----------
Total Assets $8,752,979
==========
Current Liabilities:
Current maturities of long-term debt
and capital lease obligations $700,820
Accounts payable 278,962
Traffic balances payable and unused tickets 952,022
Accrued aircraft rent 75,459
Accrued salaries, wages and vacation 170,363
Other accrued expenses 275,685
----------
Total Current Liabilities $2,453,311
Noncurrent Liabilities and Deferred Credits:
Long-term debt and capital lease
obligations, net of current maturities 0
Deferred gains and credits, net 45,061
Postretirement benefits other than pensions 1,592
Employee benefit liabilities and other 245,958
----------
Total Noncurrent Liabilities and Deferred Credits $292,611
Liabilities Subject to Compromise 6,231,305
Commitments and Contingencies:
Stockholders' Deficit:
Class A Common Stock 50,614
Class B Common Stock 5,000
Paid-in capital 409,508
Accumulated deficit (638,889)
Common stock held in treasury, at cost (2,815)
Deferred compensation (19,199)
Accumulated other comprehensive loss (28,467)
----------
Total Stockholders' Deficit ($224,248)
----------
Total Liabilities & Stockholders' Equity (Deficit) $8,752,979
==========
US Airways Group, Inc.
Consolidated Statement of Operations
September 12, 2004 to October 31, 2004
(in thousands)
Operating Revenues:
Passenger transportation $812,447
Cargo and freight 16,598
Other 90,323
----------
Total Operating Revenues $919,368
Operating Expenses:
Personnel costs 342,066
Aviation fuel 165,851
US Airways Express capacity purchases 117,447
Aircraft rent 62,936
Other rent and landing fees 56,277
Selling expenses 54,439
Aircraft maintenance 35,926
Depreciation and amortization 37,222
Other 191,207
----------
Total Operating Expenses $1,063,371
Operating Loss (144,003)
Other Income (Expense):
Interest income 2,801
Interest expense, net (38,363)
Reorganization items, net (12,063)
Other, net (4,657)
----------
Other Income (Expense), Net ($52,282)
Loss Before Income Taxes (196,285)
Income Tax Benefit 7,347
----------
Net Loss ($188,938)
==========
US Airways Group, Inc.
Consolidated Statement of Cash Flows
Month ended October 31, 2004
(in thousands)
Net cash from operating activities
before reorganization items $79,343
Reorganization items, net 0
----------
Net cash provided by operating activities $79,343
Cash flows from investing activities:
Capital expenditures and purchase deposits
for flight equipment, net (2,893)
Proceeds from dispositions of property 832
Decrease in short-term investments 79,983
Increase in restricted cash (43,753)
----------
Net cash provided by investing activities $34,169
Cash flows from financing activities:
Proceeds from issuance of long-term debt 0
Principal payments on long-term debt
and capital lease obligations 0
----------
Net cash provided by financing activities 0
Net increase in Cash and cash equivalents 113,512
----------
Cash and cash equivalents at beginning of period $677,453
----------
Cash and cash equivalents at end of period $790,965
==========
Headquartered in Arlington, Virginia, US Airways' primary business
activity is the ownership of the common stock of:
* US Airways, Inc.,
* Allegheny Airlines, Inc.,
* Piedmont Airlines, Inc.,
* PSA Airlines, Inc.,
* MidAtlantic Airways, Inc.,
* US Airways Leasing and Sales, Inc.,
* Material Services Company, Inc., and
* Airways Assurance Limited, LLC.
Under a chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for $240 million infusion of new capital.
US Airways and its subsidiaries filed another chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820). Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors
in their restructuring efforts. In the Company's second
bankruptcy filing, it lists $8,805,972,000 in total assets and
$8,702,437,000 in total debts. (US Airways Bankruptcy News, Issue
No. 81; Bankruptcy Creditors' Service, Inc., 215/945-7000)
US AIRWAYS: Posts $58.4 Million Net Loss in November 2004
---------------------------------------------------------
US Airways Group, Inc.
Consolidated Balance Sheet
At November 30, 2004
(in thousands)
Current Assets:
Cash and cash equivalents $822,869
Restricted cash 104,169
Receivables, net 294,502
Materials and supplies, net 168,398
Prepaid expenses and other 127,421
----------
Total Current Assets $1,517,359
Property and Equipment:
Flight equipment 3,179,214
Ground property and equipment 380,662
Less accumulated depreciation and amortization (304,997)
----------
$3,392,879
Purchase deposits for flight equipment 138,010
----------
Total Property and Equipment $3,392,889
Other Assets:
Goodwill 2,489,638
Other intangibles, net 534,145
Restricted cash 653,250
Other assets, net 43,761
----------
Total Other Assets $3,720,794
----------
Total Assets $8,631,042
==========
Current Liabilities:
Current maturities of long-term debt
and capital lease obligations $701,104
Accounts payable 349,862
Traffic balances payable and unused tickets 916,409
Accrued aircraft rent 59,894
Accrued salaries, wages and vacation 169,091
Other accrued expenses 276,667
----------
Total Current Liabilities $2,473,027
Noncurrent Liabilities and Deferred Credits:
Long-term debt and capital lease
obligations, net of current maturities 0
Deferred gains and credits, net 44,537
Postretirement benefits other than pensions 1,592
Employee benefit liabilities and other 245,298
----------
Total Noncurrent Liabilities and Deferred Credits $291,427
Liabilities Subject to Compromise 6,164,627
Commitments and Contingencies:
Stockholders' Deficit:
Class A Common Stock 50,615
Class B Common Stock 5,000
Paid-in capital 410,050
Accumulated deficit (697,262)
Common stock held in treasury, at cost (2,815)
Deferred compensation (16,670)
Accumulated other comprehensive loss (46,957)
----------
Total Stockholders' Deficit (298,039)
----------
Total Liabilities & Stockholders' Equity (Deficit) $8,631,042
==========
US Airways Group, Inc.
Consolidated Statement of Operations
November 1, to November 30, 2004
(in thousands)
Operating Revenues:
Passenger transportation $494,724
Cargo and freight 11,368
Other 49,652
----------
Total Operating Revenues $555,744
Operating Expenses:
Personnel costs 167,569
Aviation fuel 108,105
US Airways Express capacity purchases 62,322
Aircraft rent 37,703
Other rent and landing fees 34,469
Selling expenses 28,484
Aircraft maintenance 30,429
Depreciation and amortization 18,411
Other 95,641
----------
Total Operating Expenses $583,133
Operating Loss (27,389)
Other Income (Expense):
Interest income 1,543
Interest expense, net (23,591)
Reorganization items, net (10,372)
Other, net 1,436
----------
Other Income (Expense), Net ($30,984)
Loss Before Income Taxes (58,373)
Income Tax Benefit 0
----------
Net Loss ($58,373)
==========
US Airways Group, Inc.
Consolidated Statement of Cash Flows
For Month ended November 30, 2004
(in thousands)
Net cash from operating activities
before reorganization items $17,756
Reorganization items, net (665)
----------
Net cash provided by operating activities $17,091
Cash flows from investing activities:
Capital expenditures and purchase deposits
for flight equipment, net (2,842)
Proceeds from dispositions of property 67
Decrease in restricted cash 19,680
----------
Net cash provided by investing activities $16,905
Cash flows from financing activities:
Principal payments on long-term debt
and capital lease obligations (2,092)
----------
Net cash provided by financing activities ($2,092)
Net increase in Cash and cash equivalents 31,904
----------
Cash and cash equivalents at beginning of period $790,965
----------
Cash and cash equivalents at end of period $822,869
==========
Headquartered in Arlington, Virginia, US Airways' primary business
activity is the ownership of the common stock of:
* US Airways, Inc.,
* Allegheny Airlines, Inc.,
* Piedmont Airlines, Inc.,
* PSA Airlines, Inc.,
* MidAtlantic Airways, Inc.,
* US Airways Leasing and Sales, Inc.,
* Material Services Company, Inc., and
* Airways Assurance Limited, LLC.
Under a chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for $240 million infusion of new capital.
US Airways and its subsidiaries filed another chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820). Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors
in their restructuring efforts. In the Company's second
bankruptcy filing, it lists $8,805,972,000 in total assets and
$8,702,437,000 in total debts. (US Airways Bankruptcy News, Issue
No. 81; Bankruptcy Creditors' Service, Inc., 215/945-7000)
US AIRWAYS: Posts $87.8 Million Net Loss in December 2004
---------------------------------------------------------
US Airways Group, Inc.
Consolidated Balance Sheet
At December 31, 2004
(in thousands)
Current Assets:
Cash and cash equivalents $738,032
Restricted cash 99,227
Receivables, net 252,172
Materials and supplies, net 176,540
Prepaid expenses and other 146,742
----------
Total Current Assets $1,142,713
Property and Equipment:
Flight equipment 3,175,836
Ground property and equipment 371,796
Less accumulated depreciation and amortization (315,539)
----------
$3,232,093
Purchase deposits for flight equipment 138,010
----------
Total Property and Equipment $3,370,103
Other Assets:
Goodwill 2,489,638
Other intangibles, net 531,478
Restricted cash 527,208
Other assets, net 90,179
----------
Total Other Assets $3,631,699
----------
Total Assets $8,421,589
==========
Current Liabilities:
Current maturities of long-term debt
and capital lease obligations $721,306
Accounts payable 352,760
Traffic balances payable and unused tickets 820,464
Accrued aircraft rent 51,237
Accrued salaries, wages and vacation 162,479
Other accrued expenses 274,888
----------
Total Current Liabilities $2,383,134
Noncurrent Liabilities and Deferred Credits:
Long-term debt and capital lease
obligations, net of current maturities 0
Deferred gains and credits, net 43,809
Postretirement benefits other than pensions 1,906
Employee benefit liabilities and other 248,184
----------
Total Noncurrent Liabilities and Deferred Credits $293,899
Liabilities Subject to Compromise 6,178,818
Commitments and Contingencies:
Stockholders' Deficit:
Class A Common Stock 50,616
Class B Common Stock 5,000
Paid-in capital 409,954
Accumulated deficit (785,094)
Common stock held in treasury, at cost (2,815)
Deferred compensation (14,141)
Accumulated other comprehensive loss (97,782)
----------
Total Stockholders' Deficit ($434,426)
----------
Total Liabilities & Stockholders' Equity (Deficit) $8,421,589
==========
US Airways Group, Inc.
Consolidated Statement of Operations
December 1, to December 31, 2004
(in thousands)
Operating Revenues:
Passenger transportation $460,447
Cargo and freight 11,039
Other 54,720
----------
Total Operating Revenues $526,206
Operating Expenses:
Personnel costs 161,521
Aviation fuel 98,821
US Airways Express capacity purchases 69,669
Aircraft rent 38,015
Other rent and landing fees 35.035
Selling expenses 23,470
Aircraft maintenance 35,611
Depreciation and amortization 23,285
Other 99,494
----------
Total Operating Expenses $584,921
Operating Loss (58,715)
Other Income (Expense):
Interest income 1,965
Interest expense, net (25,807)
Reorganization items, net (5,917)
Other, net 2,429
----------
Other Income (Expense), Net (31,260)
Loss Before Income Taxes (89,975)
Income Tax Benefit (2,143)
----------
Net Loss ($87,832)
==========
US Airways Group, Inc.
Consolidated Statement of Cash Flows
Month ended December 31, 2004
(in thousands)
Net cash from operating activities
before reorganization items ($173,770)
Reorganization items, net (1,139)
----------
Net cash provided by operating activities ($174,909)
Cash flows from investing activities:
Capital expenditures and purchase deposits
for flight equipment, net (3,147)
Proceeds from dispositions of property 1,455
Decrease in restricted cash 73,611
Other 407
----------
Net cash provided by investing activities $72,326
Cash flows from financing activities:
Proceeds from issuance of long-term debt 19,919
Principal payments on long-term debt
and capital lease obligations (2,173)
----------
Net cash provided by financing activities $17,746
Net decrease in Cash and cash equivalents (84,837)
----------
Cash and cash equivalents at beginning of period $822,869
----------
Cash and cash equivalents at end of period $738,032
==========
Headquartered in Arlington, Virginia, US Airways' primary business
activity is the ownership of the common stock of:
* US Airways, Inc.,
* Allegheny Airlines, Inc.,
* Piedmont Airlines, Inc.,
* PSA Airlines, Inc.,
* MidAtlantic Airways, Inc.,
* US Airways Leasing and Sales, Inc.,
* Material Services Company, Inc., and
* Airways Assurance Limited, LLC.
Under a chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for $240 million infusion of new capital.
US Airways and its subsidiaries filed another chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820). Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors
in their restructuring efforts. In the Company's second
bankruptcy filing, it lists $8,805,972,000 in total assets and
$8,702,437,000 in total debts. (US Airways Bankruptcy News, Issue
No. 81; Bankruptcy Creditors' Service, Inc., 215/945-7000)
*********
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